Document:

EX-4.1

THIS CONVERTIBLE DEBENTURE AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE

SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE

WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION

OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY (AS DEFINED BELOW) THAT SUCH REGISTRATION IS

NOT REQUIRED UNDER THE ACT.

LIFEVANTAGE CORPORATION

FORM OF CONVERTIBLE DEBENTURE

$     , 2007

Greenwood Village, Colorado

For value received, LifeVantage Corporation, a Colorado corporation (the
“Company”), unconditionally promises to pay to       or its assigns (the
“Holder”) the principal sum of $     with interest on the outstanding principal amount at the
rate of eight percent (8%) per annum (subject to adjustment as set forth below), or the maximum
rate permissible by law, whichever is less, simple interest, and calculated on the basis of a 360
day year for the actual number of days elapsed. Interest shall commence with the date hereof and
shall be due and payable on the dates and in the manner set forth below. The principal balance of
this Debenture, together with the accrued interest thereon shall be due and payable on the dates
and in the manner set forth below.

This Debenture is one of the convertible debentures (collectively, the “Debentures”) referred
to in, and is executed and delivered in connection with, those certain Unit Subscription
Agreements, dated on or about           , 2007 and executed by the Company and the Holder, among
others (as the same may from time to time be amended, modified or supplemented or restated, the
“Subscription Agreements”). Additional rights and obligations of the Holder and the Company are
set forth in the Subscription Agreement. Capitalized terms not otherwise defined herein shall have
the meanings set forth in the Subscription Agreement.

1. Interest; Maturity; Payments; Prepayment; Waiver of Presentment.

(a) Interest. Interest shall commence with the date hereof and shall be due and
payable on the last day of each calendar quarter. Interest due hereunder shall be payable in
shares of the Company’s Common Stock valued at the Market Price (as defined below) on the last day
of such quarter provided, however, that interest may be paid in Common Stock only if the Equity
Conditions have been met on such quarter-end date or, upon the election of the Company in its
discretion, in lawful money of the United States of America to the Holder at the address set forth
in the Subscription Agreement. “Market Price” shall mean the ten (10) day average of (i) the last
reported closing sale price for the Common Stock as officially reported by the OTC Bulletin Board,
if the Common Stock is then traded on the OTC Bulletin Board; or (ii) the last reported closing
sale price on the Nasdaq SmallCap or National Market or a national securities exchange, if the
Common Stock is then traded on the Nasdaq SmallCap or National Market or a national securities
exchange, in each case as officially reported by the Nasdaq SmallCap or National Market or such
national securities exchange; or (iii) if the Common Stock is not then traded on the OTC Bulletin
Board, the Nasdaq SmallCap Market, the Nasdaq National Market or a national securities exchange,
but is then traded in the over-the-counter market, then the average of the last reported bid and
asked prices of the Common Stock reported by the National Quotation Bureau, Inc. or similar bureau
if the National Quotation Bureau, Inc. is no longer reporting such information.

	 	 	 	"Equity Conditions” means the following:

	 	•	 	The Company shall have converted to Common Stock all Debentures from Holders
thereof who have properly requested such conversion;

	 	•	 	There will be an effective Registration Statement with respect to the Common
Stock underlying the Debentures and any warrants issued by the Company and any
Common Stock to be paid as interest hereunder;

	 	•	 	The Common Stock is listed for trading on the American Stock Exchange, the New
York Stock Exchange, the NASDAQ National Market, the NASDAQ Small Cap Market or the
OTC Bulletin Board (a “Principal Market”);

	 	•	 	The Company shall have a sufficient number of authorized but unissued and
otherwise unreserved Common Stock to satisfy all potential conversions of Debentures
to Common Stock; and

	 	•	 	The payment of interest in Common Stock has been approved by the Company’s
shareholders, if required by the applicable rules of the Principal Market.

(b) Maturity Date. At any time on or after      , 2010 (the “Maturity Date”)
and prior to delivery of an Automatic Conversion Notice (as defined in Section 2(b) below), if this
Debenture has not been paid in full or converted in accordance with the terms of Section 2 below,
the Holder may demand payment of the entire outstanding principal balance and all unpaid accrued
interest in cash (a “Payment Demand”).

(c) Payments. All payments of principal and interest shall be in shares of Common
Stock as provided herein or in lawful money of the United States of America and shall be payable at
the address of the Holder set forth in the Subscription Agreement, unless another place of payment
shall be specified in writing by the Holder. All payments shall be applied first to any fees or
expenses due to the Holder, then to accrued interest, including any interest that accrues after the
commencement of a proceeding by or against the Company under Title 11 of the United States Code,
and thereafter to the outstanding principal balance hereof. If any payments on this Debenture
become due on a Saturday, Sunday, or a public holiday under the laws of the State of Colorado, such
payment shall be made on the next succeeding business day and such extension of time shall be
included in computing interest in connection with such payment.

(d) Prepayment. Subject to Section 2(c) below, at any time on or prior to the
Maturity Date, the Company may pay this Debenture, in whole or in part, by giving Holder and the
holders of all other Debentures then outstanding, at least fifteen (15) business days irrevocable
written notice prior to such prepayment (the “Prepayment Notice”), and the Company shall pay this
Debenture and all other Debentures, in whole or in part, (the “Prepayment Amount”) in accordance
with the Company’s notice.

(e) Waiver. The Company hereby waives demand, notice, presentment, protest and
notice of dishonor.

2. Conversion.

(a) At Maturity Date by Company. At any time on or after the Maturity Date, if all
principal and interest outstanding under this Debenture has not been paid in full, then the Company
may, in its discretion, cause the conversion of the entire principal balance of this Debenture and
all unpaid interest hereon into shares of the Company’s Common Stock at a rate equal to the
lower of the 10 day average closing price for the 10 previous business days or $0.20 per share
of Common Stock (the “Conversion Price”), subject to adjustment as set forth herein. The Company
shall notify the Holder of such automatic conversion in writing at least five (5) days prior to
such conversion (an “Automatic Conversion Notice”).

(b) Optional Conversion by Holder. At any time from the date hereof through the
date that this Debenture is paid in full, including at any time after receiving a Prepayment Notice
but before receiving the Prepayment Amount, Holder shall have the right, in its sole discretion, to
convert the principal balance of this Debenture then outstanding plus accrued but unpaid interest,
in whole or in part, into shares of Common Stock at the Conversion Price by delivering to the
Company written notice of such conversion as set forth on Appendix A hereto (an “Optional
Conversion Notice”).

(c) Conversion Procedures. Upon conversion of this Debenture pursuant to Section
2(a) or 2(b) above, the Holder shall surrender this Debenture, duly endorsed, at the principal
office of the Company, and the Company shall, at its expense, following receipt of this Debenture,
duly endorsed, promptly deliver or cause to be delivered to the Holder a certificate or
certificates (bearing such legends as may be required) representing that number of fully paid and
non-assessable shares of Common Stock into which this Debenture may be converted. The conversion
of this Debenture shall be deemed to have been made on the date of (i) the Maturity Date pursuant
to Section 2(a) above, or (ii) the date of the Optional Conversion Notice pursuant to Section 2(b)
above, as applicable, and the Holder shall be treated for all purposes as the record holder of such
shares of equity securities as of such applicable date.

(d) Reservation of Shares. The Company covenants and agrees that the shares of
Common Stock that may be issued upon the exercise of the rights represented by this Debenture will,
upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all
taxes, liens and charges with respect to the issuance thereof. The Company further covenants and
agrees that the Company will at all times during the time that principal or interest is owed
pursuant to this Debenture, have authorized and reserved, free from preemptive rights, a sufficient
number of shares of its Common Stock to provide for the conversion rights set forth herein. If at
any time during the time that this Debenture is outstanding, the number of authorized but unissued
shares of Common Stock shall not be sufficient to permit conversion of amounts owed hereunder, the
Company will take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Common Stock to such number of shares as shall be
sufficient for such purposes.

(e) No Fractional Shares. Upon a conversion hereunder, the Company shall not be
required to issue stock certificates representing fractions of shares of Common Stock, and in lieu
of any fractional shares which would otherwise be issuable, the Company shall issue the next lowest
whole number of shares of Common Stock.

3. Mandatory Redemption. If prior to conversion or payment of this Debenture, (i)
the Company fails to remain subject to the reporting requirement under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) for a period of at least 45 consecutive days, (ii) the
Company fails to materially comply with the reporting requirements under the Exchange Act for a
period of 45 consecutive days, (iii) the Company’s Common Stock is no longer quoted on the OTC
Bulletin Board or listed or quoted on a securities exchange, or (iv) a Change of Control is
consummated (each a “Mandatory Redemption Event”), the Company will be required to redeem this
Debenture in an amount equal to 150% of principal amount hereof plus any accrued but unpaid
interest hereon within fifteen (15) days of such Mandatory Redemption Event. “Change of Control”
means the existence or occurrence of any of the following: (a) the sale, conveyance or disposition
of all or substantially all of the assets of the Company; (b) the effectuation of a transaction or
series of related transactions by the Company in which more than 50% of the voting power of the
Company is disposed of (other than as a direct result of the issuance of securities by the Company
in a capital raising transaction); (c) the consolidation, merger or other business combination of
the Company with or into any other entity, immediately following which the prior stockholders of
the Company fail to own, directly or indirectly, at least 50% of the voting equity of the surviving
entity; (d) a transaction or series of transactions in which any person or “group” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) acquires more than 50% of the voting equity
of the Company (other than the issuance of securities by the Company in a capital raising
transaction); or (e) a transaction or series of transactions that constitutes or results in a
“going private transaction” (as defined in Section 13(e) of the Exchange Act and the regulations
thereunder).

4. Adjustments of Conversion Price.

(a) In the event of changes in the outstanding Common Stock of the Company by reason
of stock dividends, splits, recapitalizations, reclassifications, combinations or exchanges of
shares, separations, reorganizations, liquidations, or the like, the Conversion Price shall be
correspondingly adjusted to give the Holder of the Debenture, on exercise for the same aggregate
Conversion Price, the total number, class, and kind of shares as the Holder would have owned had
the Debenture been exercised prior to the event and had the Holder continued to hold such shares
until after the event requiring adjustment. The form of this Debenture need not be changed because
of any adjustment in the Conversion Price.

(b) If during the time that principal or interest is owed pursuant to this
Debenture, the Company issues or sells Additional Shares of Common Stock (as defined below) other
than pursuant to 4(a) above for a price (the “Effective Price”) less than the then effective
Conversion Price, then and in each such case, the then existing Conversion Price shall be reduced,
as of the opening of business on the date of such issue or sale, to a price equal to such Effective
Price. “Additional Shares of Common Stock” shall mean all shares of Common Stock, or options,
warrants or other rights to acquire Common Stock, issued by the Company, other than (i) options,
warrants or shares of Common Stock issued to employees, directors and consultants as a part of an
equity incentive plan or agreement approved by the Company’s Board of Directors, (ii) shares of
Common Stock issued as a consideration for a merger, acquisition or other business combination
approved by the Company’s Board of Directors, (iii) options, warrants or shares issued pursuant to
any equipment loan or leasing arrangement, real property leasing arrangement or debt financing from
a bank or similar financial institution approved by the Company’s Board of Directors; (iv) shares
issued upon the exercise of an option, warrant or other right to acquire Common Stock pursuant to
which an adjustment of the Conversion Price under this Section 4(b) has already been made; and (v)
options, warrants or shares issued with respect to which the holders of a majority of the
outstanding Debentures waive their antidilution rights under this Section 4(b).

5. Default.

(a) Each of the following events shall be an “Event of Default” hereunder:

(i) the Company engages in any liquidation, dissolution or winding up of the
Company;

(ii) the Company files any petition or action for relief under any bankruptcy,
reorganization, insolvency or moratorium law or any other law for the relief of, or relating to,
debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes
any corporate action in furtherance of any of the foregoing;

(iii) an involuntary petition is filed against the Company under any bankruptcy
statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of
creditors (or other similar official) is appointed to take possession, custody or control of any
property of the Company;

(iv) the Company executes an assignment with respect to a majority of its assets;

(v) the Company fails to pay, within ten (10) business days of the Maturity Date,
any and all unpaid principal, accrued interest and other amounts owing hereunder if not otherwise
converted into Common Stock pursuant to Section 2 hereof;

(vi) the Company fails to pay, within ten (10) business days of an interest payment
due date, accrued interest due on such date if not otherwise converted into Common Stock pursuant
to Section 1 hereof, and such failure is not cured within ten (10) business days of receipt of
notice thereof; or

(vii) the Company fails to redeem the Debenture pursuant to Section 3 hereof within
ten (10) business days of a Mandatory Redemption Event.

(b) Upon the occurrence of any Event of Default hereunder, all unpaid principal,
accrued interest and other amounts owing hereunder shall, at the option of the Holder, and, in the
case of an Event of Default pursuant to Section 5(a)(ii) or (iii) above, automatically, be
immediately due, payable and collectible by the Holder pursuant to applicable law.

(c) In the event of any Event of Default hereunder, the Company shall pay all
reasonable attorneys’ fees and court costs incurred by the Holder in enforcing and collecting this
Debenture.

6. Miscellaneous.

(a) Registration Rights. The Holder is entitled to certain registration rights with
respect to the Common Stock issuable upon conversion of this Debenture as set forth in the
Subscription Agreement.

(b) Restrictions on Dividends. The Company further covenants and agrees that during
the time that principal or interest is owed pursuant to this Debenture the Company will not declare
or pay any dividends on its outstanding capital stock, provided that the Company may repurchase
shares of capital stock in connection with the termination of employment or consulting
relationships pursuant to such agreements as are approved by the Board of Directors.

(c) Restrictions on Transfer. This Debenture and the rights granted hereunder are
subject to restrictions on transfer under Federal and state securities laws as further described in
the Subscription Agreement.

(d) Successors and Assigns. Subject to applicable law, the terms and conditions of
this Debenture shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties.

(e) Acceptance. Receipt of this Debenture by the Holder shall constitute acceptance
of and agreement to all of the terms and conditions contained herein.

(f) Governing Law. This Debenture shall be governed by and construed under the laws
of the State of Colorado as applied to agreements among Colorado residents, made and to be
performed entirely within the State of Colorado.

(g) Titles and Subtitles. The titles and subtitles used in this Debenture are used
for convenience only and are not to be considered in construing or interpreting this Debenture.

(h) Amendment and Waiver. This Debenture may be amended, together with all similar
Debentures purchased pursuant to the Subscription Agreements, as provided in Section O(4) of the
Subscription Agreements.

1

	 
	LifeVantage Corporation

By:     

Name:      

Title:      

[Signature Page to Convertible Debenture]

Appendix A

Optional Conversion Notice

TO: LifeVantage Corporation

(1) The undersigned hereby elects to convert $     in principal amount of that certain
Convertible Debenture dated on or about      , 2007 and any accrued but unpaid interest
thereon into shares of Common Stock of LifeVantage Corporation (the “Company”) at the Conversion
Price pursuant to the terms of the attached Convertible Debenture, and tenders herewith payment of
in full by delivery of Convertible Debenture.

(2) Please issue a certificate or certificates representing said shares of Common Stock in the
name of the undersigned or in such other name as is specified below:

(Name)

(Address)

(3) The undersigned represents that (i) the aforesaid shares of Common Stock are being
acquired for the account of the undersigned for investment and not with a view to, or for resale in
connection with, the distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business
affairs and financial condition and has acquired sufficient information about the Company to reach
an informed and knowledgeable decision regarding its investment in the Company; (iii) the
undersigned is experienced in making investments of this type and has such knowledge and background
in financial and business matters that the undersigned is capable of evaluating the merits and
risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned
understands that the shares of Common Stock have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Securities Act, which exemption depends upon, among other things, the bona fide
nature of the investment intent as expressed herein, and, because such securities have not been
registered under the Securities Act, they must be held indefinitely unless subsequently registered
under the Securities Act or an exemption from such registration is available; (v) the undersigned
is aware that the aforesaid shares of Common Stock may not be sold pursuant to Rule 144 adopted
under the Securities Act unless certain conditions are met and until the undersigned has held the
shares for the number of years prescribed by Rule 144, that among the conditions for use of the
Rule is the availability of current information to the public about the Company and the Company has
not made such information available and has no present plans to do so; and (vi) the undersigned
agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock
unless and until there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with said registration
statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to
the Company, stating that such registration is not required.

	 	 	 
	     

(Date)

	 	     

(Signature)

     

(Print name)

2EX-10.1

AGREEMENT OF PURCHASE AND SALE

1

THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is made and entered into as of
this        day of September, 2007 (the “Contract Date”) by and between FIRSTCAL INDUSTRIAL 2
ACQUISITION, LLC, a Delaware limited liability company (“Seller”), and HINES REIT MINNEAPOLIS
INDUSTRIAL LLC, a Delaware limited liability company (“Purchaser”).

1. SALE.

Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase from Seller,
for the purchase price set forth below and on the terms and conditions set forth in this Agreement,
all of the following:

(a) those certain tracts or parcels of land which are described on Exhibit A attached
hereto and made a part hereof, together with all rights, easements and interests thereon or
appurtenant thereto including, but not limited to, any streets or other public ways adjacent to
said tract or parcel and any water or mineral rights owned by, or leased to, Seller, (collectively,
the “Land”);

(b) all of the buildings, structures, fixtures and other improvements located on the Land,
including, but not limited to, the buildings commonly known by the street addresses: 2200
University Ave. West, St. Paul; 5900 Golden Hills Drive, Golden Valley; 6100-6190 Golden Hills
Drive, Golden Valley; 6105 Golden Hills Drive, Golden Valley; 10900 Hampshire Ave. S., Bloomington;
800 South Fifth Street, Hopkins; 7600-7688 Executive Drive, Eden Prairie; and 10025 Valley View
Road, Eden Prairie, Minnesota (each such address being a “Building”, and all other on-site
structures, systems, and utilities associated with the buildings (all such improvements being
referred to herein as the “Improvements”), but excluding improvements, if any, owned by any
tenant(s) located therein;

(c) Seller’s right, title and interest in all leases and other agreements to occupy all or any
portion of any or all of the Land and the Improvements that are in effect on the Contract Date or
into which Seller enters prior to Closing (as hereinafter defined) pursuant to the terms of this
Agreement (collectively, the “Leases”);

(d) all of Seller’s right, title and interest in and to all tangible personal property upon
the Land or within the Improvements, including, without limitation, heating, ventilation and air
conditioning systems, equipment, fixtures, appliances, furniture, artwork, tools and supplies,
owned by Seller and used by Seller in connection with the ownership and operation of the Land and
the Improvements (collectively, the “Personal Property”), but excluding any and all items of
tangible personal property owned by the tenants;

(e) all of Seller’s right, title and interest in and to all assignable contracts and
agreements to which Seller is party (other than Leases) relating to the upkeep, repair,
maintenance, leasing or operation of any or all of the Land, Improvements and the Personal
Property, and all comparable contracts, agreements or arrangements into which Seller enters prior
to Closing pursuant to this Agreement (collectively, the “Contracts”), except that Purchaser shall
not assume and accept at Closing those Contracts which constitute Rejected Contracts (as
hereinafter defined); and

(f) to the extent transferable, all of Seller’s right, title and interest (if any) in and to
all intangible assets of any nature relating to any or all of the Land, the Improvements and the
Personal Property, including, but not limited to, (i) all guaranties and warranties issued with
respect to the Personal Property or the Improvements; (ii) all plans and specifications, drawings
and prints describing the Improvements; (iii) trademarks or trade names associated with the
Improvements; and (iv) all licenses, permits, approvals, certificates of occupancy, dedications,
subdivision maps, development rights and entitlements now or hereafter issued, approved or granted
by any governmental authority in connection with the Land or the Improvements (collectively, the
“Intangibles”).

The Land, the Improvements, the Personal Property, the Contracts, the Leases and the Intangibles
are hereinafter referred to collectively as the “Property.”

2. PURCHASE PRICE.

The total purchase price to be paid to Seller by Purchaser for the Property shall be
EIGHTY-SEVEN MILLION AND NO/100 DOLLARS ($87,000,000.00) (the “Purchase Price”), plus or minus
prorations as hereinafter provided and subject to adjustment as provided in Section 3 below.

3. CLOSING.

The purchase and sale contemplated herein shall be consummated at a closing (“Closing”) to
take place by mail or at the offices of the Title Company (defined below). The Closing shall occur
on September 27, 2007, or as otherwise agreed by the parties (the “Closing Date”).

4. DEPOSIT.

Not later than three (3) business days after the execution and delivery of this Agreement by
Purchaser and Seller, Purchaser shall deposit, as its earnest money deposit, the sum of
$4,300,000.00 (the “Earnest Money”) in an escrow with the Title Company (the “Escrow”) pursuant to
escrow instructions in the form attached hereto as Exhibit B. The Earnest Money and all
interest earned thereon are herein collectively referred to as the “Deposit.” Except as otherwise
expressly set forth herein, the Deposit shall be applied against the Purchase Price at Closing.

5. SELLER’S DELIVERIES.

Prior to the execution of this Agreement, Seller, to Seller’s knowledge, has delivered to
Purchaser, all of the documents and agreements described on Exhibit C attached hereto and
made a part hereof that are in Seller’s possession or reasonable control (the “Documents”), except
for the Documents described in item (c) on Exhibit C which have been delivered to Purchaser
only to the extent such Documents are in Seller’s actual possession. The Documents that are
furnished to Purchaser pursuant to this Section 5 are being furnished to Purchaser for information
purposes only and without any representation or warranty by Seller with respect thereto, express or
implied, except as may otherwise be expressly set forth in this Section 5 or Section 8.1 below, in
either case as limited by Sections 8.2 and 8.3 below. Seller hereby represents and warrants to
Purchaser that, to Seller’s knowledge, Seller has not failed to deliver true and complete copies of
any Documents in Seller’s possession or reasonable control (except for the Documents described in
item (c) on Exhibit C which have been delivered to Purchaser only to the extent such
Documents are in Seller’s actual possession).

6. INSPECTION PERIOD.

6.1. Basic Project Inspection. At all times prior to Closing, including times
following the “Inspection Period” (which Inspection Period is defined to be the period commencing
with the Contract Date and continuing through and including 3:00 p.m. (Chicago time) on September
24, 2007), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers,
accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to
conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter
upon the Land and Improvements, at reasonable times, to perform inspections and tests of the Land
and the Improvements, (ii) make investigations with regard to the environmental condition of the
Land and the Improvements and the compliance by the Land and the Improvements with all applicable
laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv)
interview any tenant at the Improvements with respect to its current and prospective occupancy of
the Improvements as long as a representative of Seller is notified in advance of such interview.
Purchaser shall provide not less than one (1) business day’s prior notice to Seller before
conducting any investigations, study, interview or test to or at the Land and the Improvements. If
Purchaser determines that the results of any inspection, test, examination or review do not meet
Purchaser’s criteria, in its sole discretion, for the purchase, financing or operation of the
Property in the manner contemplated by Purchaser, or for any other reason then Purchaser may
terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered not
later than 5:00 p.m. (Chicago time) on the last day of the Inspection Period (as the same may be
extended as provided above) (the “Approval Date”), whereupon the Deposit shall be returned to
Purchaser and neither party shall have any further liabilities or obligations hereunder, except for
those liabilities and obligations that expressly survive a termination of this Agreement. If
Purchaser fails to timely deliver a Termination Notice to Seller on or prior to 5:00 p.m. Chicago
time on the Approval Date, Purchaser shall be automatically deemed to have forever waived its right
to terminate this Agreement pursuant to this Section 6.1, and the Property shall be deemed
acceptable to Purchaser.

6.2. Purchaser’s Undertaking. Purchaser hereby covenants and agrees that it shall
cause all studies, investigations and inspections performed at the Land or the Improvements to be
performed in a manner that does not unreasonably disturb or disrupt the tenancies or business
operations of the tenant(s) at the Improvements. Purchaser shall not conduct (or cause to be
conducted) any physically intrusive investigation, examination or study of the Land or the
Improvements (any such investigation, examination or study, an “Intrusive Investigation”) as part
of its Basic Project Inspection or otherwise without obtaining the prior written consent of Seller.
In the event Purchaser desires to conduct (or cause to be conducted) any Intrusive Investigation
of the Land or the Improvements, such as sampling of soils, other media, building materials, or the
other comparable investigation (but excluding air quality sampling), Purchaser will provide a
written scope of work to Seller describing exactly what procedures Purchaser desires to perform.
Seller shall not unreasonably withhold, condition or delay its consent to any Intrusive
Investigation of the Land or the Improvements proposed by Purchaser. Purchaser and Purchaser’s
Representatives shall, in performing its Basic Project Inspection, comply with the procedures set
forth in this Section 6.2 and any and all applicable laws, ordinances, rules, and regulations.
Neither Purchaser nor Purchaser’s Representatives shall report the results of the Basic Project
Inspection to any governmental or quasi-governmental authority under any circumstances without
obtaining Seller’s express written consent, which consent may be withheld in Seller’s sole
discretion, except as may be required by law or court order. Purchaser shall provide Seller with
copies of any and all final, third party reports prepared on behalf of Purchaser as part of the
Basic Project Inspection promptly after Purchaser’s receipt of such reports. Purchaser or
Purchaser’s Representatives conducting inspection activities on site at the Property shall: (a)
maintain commercial general liability (occurrence) insurance in an amount of not less than
$2,000,000 covering any accident arising in connection with the presence of Purchaser and
Purchaser’s Representatives at the Land and the Improvements and the performance of any
investigations, examinations or studies thereon, and shall deliver a certificate of insurance (in
form and substance reasonably satisfactory to Seller), naming Seller as an additional insured
thereunder, verifying the existence of such coverage to Seller prior to entry upon the Land or the
Improvements; and (b) promptly pay when due any third party costs associated with its Basic Project
Inspection. Purchaser shall, at Purchaser’s sole cost, repair any damage to the Land or the
Improvements resulting from the Basic Project Inspection, and, to the extent Purchaser or
Purchaser’s Representatives alter, modify, disturb or change the condition of the Land or the
Improvements as part of the Basic Project Inspection or otherwise, Purchaser shall, at Purchaser’s
sole cost, restore the Land and the Improvements to the condition in which the same were found
before such alteration, modification, disturbance or change. Purchaser hereby indemnifies,
protects, defends and holds Seller, Seller’s affiliates, their respective partners, shareholders,
officers and directors, and all of their respective successors and assigns (collectively, the
“Seller Indemnified Parties”) harmless from and against any and all losses, damages, claims, causes
of action, judgments, costs and expenses (including reasonable attorneys’ fees and court costs)
(collectively, “Losses”) that Seller or any Seller Indemnified Party suffers or incurs as a result
of, or in connection with Purchaser’s Basic Project Inspection or Purchaser’s or Purchaser’s
Representatives entry upon the Land or the Improvements hereunder (provided that Purchaser shall
have no liability for merely discovering pre-existing conditions). Purchaser’s undertakings
pursuant to this Section 6.2 shall survive a termination of this Agreement or the Closing for a
period of two (2) years and shall not be merged into any instrument of conveyance delivered at
Closing.

6.3. Confidentiality. Purchaser agrees to maintain in confidence the information and
terms contained in the Evaluation Materials (defined below) and this Agreement (collectively, the
“Transaction Information”). Purchaser shall not, under any circumstances, disclose all or any
portion of the Transaction Information to any person or entity and shall maintain the Transaction
Information in the strictest confidence; provided, however, that Purchaser may disclose the
Transaction Information: (a) to Purchaser’s Representatives to the extent that Purchaser’s
Representatives reasonably need to know such Transaction Information in order to assist, and
perform services on behalf of, Purchaser or to otherwise evaluate the Property; (b) to the extent
required by any applicable statute, law, regulation or governmental authority; and (c) in
connection with any litigation that may arise between the parties in connection with the
transactions contemplated by this Agreement. Purchaser shall advise Purchaser’s Representatives of
the provisions of this Section 6.3 and cause such parties to maintain the Transaction Information
as confidential information and otherwise comply with the terms of this Section 6.3. For purposes
of this Agreement, the term “Evaluation Materials” shall mean the Documents and any other materials
or information delivered or made available by Seller or its agents to Purchaser or Purchaser’s
Representatives together with (i) all analyses, compilations, studies or other documents prepared
by (or on behalf of) Purchaser, which contain or otherwise reflect such information or materials
and (ii) the results of any studies, analysis or investigation of the Property undertaken by or on
behalf of Purchaser. Purchaser agrees that the Evaluation Materials shall be used solely for
purposes of evaluating the acquisition, financing and potential ownership and operation of the
Property. Notwithstanding anything contained herein to the contrary, it is understood and agreed
that money damages would not be a sufficient remedy for any breach of this Section 6.3 by Purchaser
or Purchaser’s Representatives and that Seller shall be entitled to specific performance and
injunctive or other equitable relief as a remedy for any such breach of this Section 6.3 by
Purchaser or Purchaser’s Representatives. Purchaser further agrees to waive any requirement for
the security or posting of any bond in connection with such remedy. Such remedy shall not be
deemed to be the exclusive remedy for breach of this Section 6.3 but shall be in addition to all
other remedies available at law or in equity to Seller. In the event this Agreement is terminated
for any reason whatsoever, Purchaser shall promptly (and in any event within three (3) business
days after the effective date of termination) return to Seller the Documents and any and all copies
of the Documents and destroy any and all other Evaluation Materials. The undertakings of Purchaser
pursuant to this Section 6.3 shall survive the termination of this Agreement. Notwithstanding the
foregoing, Purchaser (its affiliates or any entity advised by Purchaser’s affiliates) shall be
permitted to disclose this transaction and/or the terms of this transaction and any such
information relating to the Property (excluding such Evaluation Materials relating to the
environmental condition of the Property) in any document as may be necessary to comply with any
applicable federal or state securities laws, rules, or regulations or to comply with the
requirements of the Securities and Exchange Commission.

6.4. Rejection of Contracts. Seller, at Seller’s sole cost and expense, shall
terminate at Closing all of the Contracts, including the Brokerage Agreements (as hereinafter
defined) (the “Rejected Contracts”).

7. TITLE AND SURVEY MATTERS.

7.1. Conveyance of Title. At Closing, Seller agrees to deliver to Purchaser deeds in
the form attached hereto as Exhibit K (the “Deeds”), in recordable form, conveying the Land and the
Improvements to Purchaser, free and clear of all liens, claims and encumbrances except for the
following items (the “Permitted Exceptions”): (1) taxes not yet due and payable; (2) those matters
that may be approved (or deemed approved) by Purchaser pursuant to Section 7.4 or Section 10.1; (3)
the rights of tenants, as tenants only (without any rights or options to purchase), pursuant to the
Leases; (4) matters arising out of any act of Purchaser or Purchaser’s Representatives; and (5)
local, state and federal laws, ordinances, rules and regulations, including, but not limited to,
zoning ordinances (those liens, claims, encumbrances and matters referred to in items (1) and (3) -
(5) above, the “Existing Permitted Exceptions”).

7.2. Title Commitment. Promptly after the receipt of the same (and in any events
within ten (10) business days after the Contract Date), Purchaser shall deliver to Seller a
commitment (the “Title Commitment”) issued by First American Title Insurance Company (the “Title
Company”), for an owner’s ALTA title insurance policy with respect to the Land (the “Title
Policy”), in the full amount of the Purchase Price, together with copies of all recorded documents
evidencing title exceptions raised in “Schedule B, Section II” of such Title Commitment. It shall
be a condition precedent to Purchaser’s obligation to proceed to Closing that, at Closing, the
Title Company shall issue the Title Policy (or a “marked” Title Commitment pursuant to which the
Title Company is irrevocably bound to issue the Title Policy) insuring, in the full amount of the
Purchase Price, Purchaser as the fee simple owner of the Land and the Improvements, subject only to
the Permitted Exceptions. If the foregoing condition precedent fails for any reason other than the
actions or omissions of Purchaser, Purchaser may elect to either (i) proceed to Closing and waive
the failure of such condition or (ii) terminate this Agreement by delivery of written notice to
Seller on or prior to Closing, in which event (i) the Deposit shall be returned to Purchaser, and
(ii) neither party shall have any further liabilities or obligations hereunder except for those
liabilities and obligations that expressly survive a termination of this Agreement.

7.3. Survey. Seller has delivered or made available to Purchaser a copy of the
existing surveys of the Land and the Improvements (the “Surveys”) together with the Documents. The
costs associated with any updates of the Surveys, including, but not limited to recertification
thereof, or any new surveys (any such new or updated surveys, collectively, the “Updated Survey”)
shall be the sole responsibility of Purchaser.

7.4. Defects and Cure.

7.4.1. Purchaser’s Defect Notices. Purchaser shall accept title to the Land and the
Improvements subject to all of the Existing Permitted Exceptions. If the Surveys, the Updated
Survey or the Title Commitment discloses exceptions to title other than the Existing Permitted
Exceptions (such exceptions to title being referred to as the “Disclosed Exceptions”), then
Purchaser shall have until 5:00 p.m. (Chicago time) on the Approval Date, within which to notify
Seller of any such Disclosed Exceptions to which Purchaser objects (any such notice, a “Defect
Notice”). Any exceptions to title (other than the Existing Permitted Exceptions and the Disclosed
Exceptions) that arise between the effective date of the Title Commitment or the Updated Survey, as
the case may be, and the Closing are referred to herein as “New Defects.” Purchaser shall have
five (5) business days after its receipt of written notice or updated title evidence reflecting any
New Defects within which to notify Seller in writing of any such New Defects to which Purchaser
objects.

7.4.2. Seller’s Response Notices. Seller shall be obligated to cure and remove (or
procure title insurance over) on or before Closing all of the following classes of New Defects and
Disclosed Exceptions (“Mandatory Cure Items”), if any: (i) the liens of any mortgage, trust deed
or deed of trust or other financing document evidencing or providing security for any indebtedness
owed by Seller; (ii) tax liens for delinquent ad valorem real estate taxes or assessments; (iii)
mechanics liens pursuant to a written agreement either between (x) the claimant (the “Contract
Claimant”) and Seller or its employees, officers or managing agents (the “Seller Parties”) or (y)
the Contract Claimant and any other contractor, materialman or supplier with which Seller or the
Seller Parties have a written agreement; and (iv) broker’s liens pursuant to a written agreement
between the broker and Seller or any Seller Parties. In addition to the Mandatory Cure Items,
Seller may elect, in its sole discretion, to cure and remove any Disclosed Exception or New Defect
identified by Purchaser in a Defect Notice by delivering written notice to Purchaser (a “Seller’s
Response Notice”) indicating that Seller has elected to cure and remove any such matters (any such
matters that Seller elects to cure and remove, “Seller Cure Items”) not later than the sooner to
occur of (i) five (5) business days after Seller’s receipt of the applicable Defect Notice; or (ii)
Closing. Seller shall have until Closing to cure and remove (or procure title insurance, in form
and substance satisfactory to Purchaser, over) any Seller Cure Items, and, Seller may delay Closing
by up to ten (10) business days in order to cure and remove (or procure such title insurance over)
any such Seller Cure Items. If Seller fails to provide a Seller’s Response Notice, Seller shall be
deemed to have delivered a Seller’s Response Notice electing not to cure and remove any New Defects
or Disclosed Exceptions identified by Purchaser in the applicable Defect Notice. If Seller elects
(or is deemed to elect) not to cure and remove any Disclosed Exceptions or New Defects, Purchaser
may elect, in its sole discretion and as its sole remedy hereunder, at law or in equity, by
delivery of written notice to Seller not later than the first to occur of (i) the date that is five
(5) business days after Purchaser’s receipt (or deemed receipt) of a Seller’s Response Notice; or
(ii) Closing, to either (a) proceed to Closing and accept title to the Land and the Improvements,
subject to those Disclosed Exceptions or New Defects, as the case may be, that Seller has refused
(or is deemed to have refused) to cure or remove, without deduction or offset against the Purchase
Price or (b) terminate this Agreement, in which event the Deposit shall be returned to Purchaser
and neither party shall have any further liabilities or obligations pursuant to this Agreement
except those liabilities or obligations that expressly survive termination of this Agreement. If
Purchaser fails to timely notify Seller of its election pursuant to the preceding sentence,
Purchaser shall be deemed to have elected alternative (a).

7.4.3. Title Cure Provisions. If, on or prior to Closing, Seller fails to cure and
remove (or procure title insurance, in form and substance satisfactory to Purchaser, over) each
Disclosed Exception or New Defect (other than Mandatory Cure Items), as the case may be, that
Seller agreed to cure (pursuant to a Seller’s Response Notice), Purchaser may, at its option and as
its sole remedy hereunder, at law or in equity, either (i) terminate this Agreement by written
notice to Seller on or prior to Closing, in which event the Deposit shall be returned to Purchaser
and this Agreement, without further action of the parties, shall become null and void and neither
party shall have any further liabilities or obligations under this Agreement except for those
liabilities or obligations which expressly survive termination of this Agreement; or (ii) elect to
consummate the Closing and accept title to the Land and Improvements subject to all those Disclosed
Exceptions or New Defects that Seller has failed to cure or remove (in which event, all such
exceptions to title shall be deemed Permitted Exceptions), without deduction or offset against the
Purchase Price. If Purchaser fails to make either such election, Purchaser shall be deemed to have
elected option (ii). If Seller fails to cure and remove (whether by endorsement or otherwise) any
Mandatory Cure Items on or prior to Closing, Purchaser may, at its option and by delivery of
written notice to Seller on or prior to Closing, either (A) terminate this Agreement, in which
event the Deposit shall be returned to Purchaser and this Agreement, without further action of the
parties, shall become null and void and neither party shall have any further liabilities or
obligations under this Agreement except for those liabilities and obligations which expressly
survive a termination of this Agreement, or (B) proceed to close with title to the Land and
Improvements as it then is with the right to deduct from the Purchase Price the liquidated amount
reasonably necessary to cure and remove (by endorsement or otherwise), as reasonably determined by
Purchaser, those Mandatory Cure Items that Seller fails to cure and remove.

8. SELLER’S REPRESENTATIONS.

8.1. Seller’s Representations. Seller represents and warrants to Purchaser that the
following matters are true as of the Contract Date, in all respects, except as set forth on
Exhibit D attached hereto and made a part hereof.

8.1.1. Litigation. Except as may otherwise be provided in the Documents delivered to
Purchaser pursuant hereto, there is no pending or, to Seller’s knowledge, threatened litigation or
governmental proceedings against Seller or the Property.

8.1.2. United States Person. Seller is a “United States Person” within the meaning of
Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, and shall execute and deliver
an “Entity Transferor” certification at Closing.

8.1.3. Condemnation. Except as may otherwise be provided in the Documents delivered
to Purchaser pursuant hereto, there is no pending or to Seller’s knowledge, contemplated
condemnation or other governmental taking proceedings affecting all or any part of the Land and the
Improvements.

8.1.4. Environmental Matters. Except as may otherwise be provided in the Documents
delivered to Purchaser pursuant hereto, Seller has not received any written notification from any
governmental authority or, to Seller’s knowledge, any other third party that (x) all or some
portion of the Land and the Improvements violates any Environmental Laws (as hereinafter defined);
or (y) any Hazardous Substances (as hereinafter defined) have been stored or generated at, released
or discharged from or are present upon the Land and the Improvements, except in the ordinary course
of business and in compliance with all Environmental Laws. As used herein, “Hazardous Substances”
means all hazardous or toxic materials, substances, pollutants, contaminants, or wastes currently
identified as a hazardous substance or waste in the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (commonly known as “CERCLA”), as amended, the Superfund
Amendments and Reauthorization Act (commonly known as “SARA”), the Resource Conservation and
Recovery Act (commonly known as “RCRA”), or any other federal, state or local legislation or
ordinances applicable to the Land or the Improvements. As used herein, the term “Environmental
Laws” shall mean all federal, state and local environmental laws, rules, statutes, directives,
binding written interpretations, binding written policies, ordinances and regulations issued by any
governmental authority and in effect as of the date of this Agreement with respect to or which
otherwise pertain to or affect the Land or the Improvements, or any portion thereof, the use,
ownership, occupancy or operation of the Land or the Improvements, or any portion thereof, or any
owner of the Land, and as same have been amended, modified or supplemented from time to time prior
to the date of this Agreement, including but not limited to CERCLA, the Hazardous Substances
Transportation Act (49 U.S.C. § 1802 et seq.), RCRA, the Water Pollution Control Act (33 U.S.C. §
1251 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42 U.S.C.
§ 7401 et seq.), the Solid Waste Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of
1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401
note, et seq.), SARA, comparable state and local laws, and any and all rules and regulations which
have become effective prior to the date of this Agreement under any and all of the aforementioned
laws.

8.1.5. Due Authorization; Conflict. Seller is a limited liability company, duly
organized, validly existing and in good standing under the laws of the State of Delaware, and is
qualified to do business in and is in good standing under the laws of the State of Minnesota.
Seller has full power to execute, deliver and carry out the terms and provisions of this Agreement
and each of the other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto, and has taken all necessary action to authorize the execution, delivery
and performance of this Agreement and such other agreements, instruments and documents. The
individuals executing this Agreement and all other agreements, instruments and documents herein
required to be made or delivered by Seller pursuant hereto on behalf of Seller are and shall be
duly authorized to sign the same on Seller’s behalf and to bind Seller thereto. The execution and
delivery of, and consummation of the transactions contemplated by, this Agreement are not
prohibited by, and will not conflict with, constitute grounds for termination of, or result in the
breach of, any of the agreements or instruments to which Seller is now party or by which it is
bound, or any order, rule or regulation of any court or other governmental agency or official.

8.1.6. Enforceability. This Agreement has been, and each and all of the other
agreements, instruments and documents herein required to be made by Seller pursuant hereto have
been, or on the Closing Date will have been, executed by or on behalf of Seller, and when so
executed, are and shall be legal, valid and binding obligations of Seller enforceable against
Seller in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the rights of creditors generally and,
as to enforceability, the general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).

8.1.7. Leases. Copies of all Leases in effect as of the Contract Date (the “Existing
Leases”), and all amendments thereto and guaranties thereof, if any, have been furnished by Seller
to Purchaser and the copies so provided are true and complete. The Existing Leases have not been
amended, modified or terminated (except for any amendments delivered to Purchaser pursuant to the
preceding sentence). To Seller’s knowledge, as of the date of this Agreement, (a) other than the
Existing Leases, there are no Leases affecting the Property under which the owner of the Property
is landlord and (b) other than as set forth in the Leases and/or the Brokerage Agreements
(hereinafter defined), there are no agreements pursuant to which leasing commissions and tenant
improvement allowances or concessions are currently outstanding and currently payable by the
landlord under such Leases. To Seller’s knowledge, (i) the Existing Leases are presently in full
force and effect without any default thereunder by the applicable tenant; (ii) no tenant has
prepaid rent by more than 30 days in advance; (iii) all tenant improvements that Seller, as
landlord, is obligated to complete, prior to the date hereof and pursuant to any Existing Lease,
have been completed and accepted by the applicable tenant; (iv) no tenant improvement allowances,
free rent or other tenant inducements remain outstanding and unpaid; and (v) no tenant has notified
Seller, as landlord, in writing, of any default by Seller pursuant to an Existing Lease that
remains uncured.

8.1.8. Contracts. Seller is not party to any service contracts, management contracts
or other comparable agreements that are binding upon the Land and the Improvements other than the
Contracts.

8.1.9. Bankruptcy Matters. Seller has not made a general assignment for the benefit
of creditors, filed any voluntary petition in bankruptcy or suffered the filing of an involuntary
petition by its creditors, suffered the appointment of a receiver to take possession of
substantially all of its assets, suffered the attachment or other judicial seizure of substantially
all of its assets, admitted its inability to pay its debts as they come due, or made an offer of
settlement, extension or composition to its creditors generally.

8.1.10. No Brokers. Seller has delivered or made available as Documents true and
complete copies of any and all listing agreements, brokerage agreements or other comparable
agreements (collectively, “Brokerage Agreements”) into which Seller has entered in connection with
the Property, and pursuant to which a leasing commission or finder’s fee may be payable subsequent
to Closing, all of which Brokerage Agreements are listed on Exhibit J attached hereto.

8.1.11. Employees. Seller has no employees at the Property.

8.1.12. ERISA. Seller is not a “governmental plan” within the meaning of section
3(32) of the Employee Retirement Income Security Act of 1974, as amended, and the execution of this
Agreement and the sale of the Property by Seller is not, as a result of the structure and ownership
of Seller, subject to state statutes regulating investments of and fiduciary obligations with
respect to governmental plans.

8.1.13. Options. Except for this Agreement, Seller has not entered into any recorded
or unrecorded contracts or agreements granting to any person any option to purchase all or any part
of the Property which contracts or agreements could prevent the consummation of the transactions
contemplated herein or the terms of which would be violated by Seller’s execution of this
Agreement.

8.1.14. Net Worth. Seller has a tangible net worth in excess of $50,000,000.00.

8.1.15. Executive Order.

8.1.15.1. Seller hereby represents and warrants that Seller is in compliance with the
requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 23, 2001) (the “Order”) and
other similar requirements contained in the rules and regulations of the office of Foreign Assets
Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive
Orders or regulations in respect therefor (the Order and such other rules, regulations,
legislation, or orders are collectively called the “Orders”).

8.1.15.2. Seller hereby represents and warrants that, to Seller’s knowledge, Seller: (i) is
not listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC
pursuant to the Order 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;
and (ii) is not a person who has been determined by competent authority to be subject to the
prohibitions contained in the Orders.

8.1.16. Minnesota Statutory Warranties.

8.1.16.1. To Seller’s actual knowledge, there is no “well” (as defined in Minnesota Statutes
§ 103I.005, Subd. 21) located about the Land.

8.1.16.2. To Seller’s actual knowledge, there is no “individual sewage treatment system” (as
defined in Minnesota Statutes § 115.55, Subd. 1(g)) located about the Land.

8.1.16.3. To Seller’s actual knowledge, there are no underground or aboveground storage tanks
on the Land nor has the Land contained any such tank that had any release.

8.1.16.4. To Seller’s actual knowledge, there has been no methamphetamine production on or
about any portion of the Property. This disclosure is made pursuant to Minnesota Statutes
§ 152.0275, Subd. 2.

8.2. Seller’s Knowledge. All references in this Agreement to “Seller’s knowledge,”
“Seller’s actual knowledge” or words of similar import shall refer only to the actual (as opposed
to deemed, imputed or constructive) knowledge of Joe David, the Investment Officer of Seller
responsible for the disposition of the Property, Chris Willson, the Senior Regional Director of
Seller responsible for the Property, Darlene Personius, a Senior Property Manager of Seller, and
Jeffrey Tuchtenhagen, Facilities Maintenance Manager for the Property, without inquiry and,
notwithstanding any fact or circumstance to the contrary, shall not be construed to refer to the
knowledge of any other person or entity.

8.3. Limitations. The representations and warranties of Seller to Purchaser contained
in Section 8.1 hereof, as modified by the Approval Date Certificate (as hereinafter defined) and
the Closing Date Certificate (as hereinafter defined) (the “Seller Representations”), shall survive
the Closing Date and the delivery of the Deed for a period of nine (9) months. No claim for a
breach of any Seller Representation, or the failure or default of a covenant or agreement of Seller
that survives Closing, excluding Seller’s covenants contained in Sections 14, 19 and 22, shall be
actionable or payable unless (a) the breach in question results from, or is based on, a condition,
state of facts or other matter which was not disclosed to, or known by, Purchaser prior to Closing,
(b) the valid claims for all such breaches collectively aggregate more than $50,000.00, in which
event the full amount of such claims shall be actionable, and (c) written notice containing a
description of the specific nature of such breach shall have been delivered by Purchaser to Seller
prior to the expiration of said nine (9) month survival period, and an action with respect to such
breach(es) shall have been commenced by Purchaser against Seller within one (1) year after Closing.
Notwithstanding anything contained herein to the contrary, the maximum amount that Purchaser shall
be entitled to collect from Seller in connection with all suits, litigation or administrative
proceedings resulting from all breaches by Seller of any Seller Representations or any covenants of
Seller, excluding Seller’s covenants contained in Sections 14, 19 and 22, shall in no event exceed
$2,000,000.00 in the aggregate. Notwithstanding anything to the contrary contained herein, if
Purchaser is notified in any Document (actually delivered to Purchaser prior to the Closing), or in
writing by Seller, or otherwise becomes aware prior to Closing, that any Seller Representation made
by Seller is not true or correct as of the Contract Date, or that such Seller Representation is not
true or correct on or before the Closing, or is notified in any Document (actually delivered to
Purchaser prior to the Closing), or in writing by Seller, or otherwise becomes aware prior to
Closing, that Seller has failed to perform any covenant and agreement herein contained and
Purchaser shall nevertheless acquire the Property notwithstanding such fact, Purchaser shall not be
entitled to commence any action after Closing to recover damages from Seller due to such Seller
Representation(s) failing to be true or correct (and Purchaser shall not be entitled to rely on
such Seller Representation), or such covenant(s) and agreement(s) having failed to be performed by
Seller. Notwithstanding the foregoing, the Seller Representations contained in Section 8.1.16
shall in no event survive Closing and no claim for a breach of any such Seller Representations
shall be actionable or payable from and after Closing.

8.4. Representation Condition. It shall be a condition precedent to Purchaser’s
obligation to proceed to Closing that all of the Seller Representations that were true and correct,
in all material respects, as of the Approval Date remain true and correct in all material respects
as of the Closing Date (the “Representation Condition”). For purposes of determining those Seller
Representations that remain true and correct, in all material respects, as of the Approval Date,
Seller shall deliver to Purchaser, prior to the Approval Date, a certificate (the “Approval Date
Certificate”) certifying that all of the Seller Representations made as of the Contract Date remain
true and correct as of the Approval Date, in all material respects, except for changes and
qualifications specified by Seller in such Approval Date Certificate such that the Approval Date
Certificate is not untrue in any material respect. If Seller fails to provide an Approval Date
Certificate, Seller shall be deemed to have certified (subject to the limitations hereinafter set
forth) that all of the Seller Representations hereunder remain true and correct, in all material
respects, as of the Approval Date. The representations, warranties and certifications contained in
such Approval Date Certificate, whether provided or deemed provided, shall be made by Seller to the
standard of knowledge, if any, contained herein for the applicable representations, warranties or
certifications and subject to all of the terms, conditions and limitations contained in Sections
8.2 and 8.3 of this Agreement. Notwithstanding anything contained herein to the contrary, if the
Approval Date Certificate indicates that any Seller Representations are not true and correct, in
all material respects, as of the Approval Date (or were not true and correct, in all material
respects, as of the Contract Date), or if Purchaser otherwise determines or becomes aware, prior to
the Approval Date, that any Seller Representations are untrue or inaccurate, in all material
respects, Purchaser may, in its sole discretion and as its sole and exclusive remedy hereunder, at
law or in equity, elect either to (aa) terminate this Agreement by delivery of written notice to
Seller not later than 5:00 p.m. Chicago time on the Approval Date, whereupon the Deposit shall be
promptly returned to Purchaser and neither party shall have any further liability hereunder, except
for those liabilities that expressly survive a termination of this Agreement; or (bb) proceed to
Closing and accept the untruth or inaccuracy of the applicable Seller Representations with no
further right to terminate the Agreement (or pursue any other right or remedy) on the basis of the
untruth or inaccuracy thereof.

9. PURCHASER’S COVENANTS AND REPRESENTATIONS.

Effective as of the execution of this Agreement, Purchaser hereby covenants with Seller, and
represents and warrants to Seller, as follows:

9.1. 1031 Exchange. Purchaser recognizes and understands that this transaction may be
part of a contemplated “like kind” exchange for Seller under §1031 of the Internal Revenue Code
(the “Exchange”). As such, Purchaser agrees to cooperate reasonably with Seller in effectuating
the Exchange, which cooperation may include the execution of documents and the taking of other
reasonable action, as is necessary in the reasonable opinion of Seller, to accomplish the Exchange;
provided that such Exchange shall not (i) require Purchaser to take title or contract to take title
to any exchange property, (ii) cause Purchaser to incur any additional cost, liability or expense
or increase any of Purchaser’s obligations or liabilities hereunder, or (iii) diminish or release
Seller from any of its obligations, liabilities or indemnities hereunder or delay the Closing. The
covenant contained in this Section 9.1 shall survive the Closing and shall not be merged into any
instrument of conveyance delivered at Closing.

9.2. Due Authorization. Purchaser is a limited partnership duly organized, validly
existing and in good standing under the laws of the State of Delaware. Purchaser has full power to
execute, deliver and carry out the terms and provisions of this Agreement and each of the other
agreements, instruments and documents herein required to be made or delivered by Purchaser pursuant
hereto, and has taken all necessary action to authorize the execution, delivery and performance of
this Agreement and such other agreements, instruments and documents. The individuals executing
this Agreement and all other agreements, instruments and documents herein required to be made or
delivered by Purchaser pursuant hereto on behalf of Purchaser are and shall be duly authorized to
sign the same on Purchaser’s behalf and to bind Purchaser thereto.

9.3. Enforceability. This Agreement has been, and each and all of the other
agreements, instruments and documents herein required to be made by Purchaser pursuant hereto have
been, or on the Closing Date will have been, executed by Purchaser or on behalf of Purchaser, and
when so executed, are and shall be legal, valid, and binding obligations of Purchaser enforceable
against Purchaser in accordance with their respective terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, and other similar laws affecting the rights of creditors
generally and, as to enforceability, the general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law).

9.4. No Conflict. The execution and delivery of, and consummation of the transactions
contemplated by this Agreement is not prohibited by, and will not conflict with or result in the
breach of any of the agreements or instruments to which Purchaser is now party or by which it is
bound, or any order, rule or regulation of any court or other governmental agency or official,
which conflict or breach would have a material adverse affect on Purchaser or adversely effects its
ability to consummate the transaction contemplated hereby.

10. ACTIONS AFTER THE CONTRACT DATE. The parties covenant to do the following through
the Closing Date:

10.1. Title. From and after the Contract Date, Seller shall not make any change to
the condition of title to either or both of the Land and the Improvements that would change the
condition of title approved or deemed approved by Purchaser pursuant to Section 7.4, except as
required by law or by Section 7.4, or with Purchaser’s advance written consent, which consent may
be withheld in Purchaser’s sole and absolute discretion. From and after the Contract Date, and
except with respect to normal leasing activities at the Land and the Improvements (in accordance
with Section 10.3 below), Seller shall not sell, or assign or create any right, title or interest
in, any or all of the Land, the Improvements and any part of either of them, or create any lien,
encumbrance or charge thereon, without the prior written consent of Purchaser, which consent may be
withheld in Purchaser’s sole and absolute discretion.

10.2. Maintenance and Operation of Property. Seller shall maintain the Land and the
Improvements in substantially its current condition (normal wear and tear and damage by casualty
excepted); shall maintain existing insurance coverage in full force and effect; and shall operate
and maintain the Land and the Improvements in the ordinary course of Seller’s business. From and
after the Contract Date, and except with respect to normal leasing activities at the Land and the
Improvements (in accordance with Section 10.3 below), Seller shall not enter into any new contract
or agreement with respect to the ownership and operation of the Land and the Improvements that
would be binding on Purchaser or the Property after Closing, without Purchaser’s prior written
approval (which approval may be withheld in Purchaser’s sole and absolute discretion).

10.3. Leasing Activities. From and after the Contract Date, Seller shall not enter
into any new lease, license or occupancy agreement for all or some portion of the Land and the
Improvements, including, without limitation, any amendment, renewal, expansion or modification to,
or termination of, any Existing Lease (all of the foregoing, a “New Lease”) unless Seller obtains
Purchaser’s advance written consent to such New Lease, which consent may be withheld in Purchaser’s
sole and absolute discretion, but which consent shall be deemed automatically given if Purchaser
fails to respond within five (5) business days after Seller makes a written request for same. New
Leases shall not include, and Seller shall be free to execute and enter into at any time, any
amendments which simply confirm the exercise of renewals or expansions of any Existing Lease
required pursuant to the terms of such Existing Lease.

10.4. Leasing Expenses. At Closing, Purchaser shall reimburse Seller for any and all
New Lease Expenses (as hereinafter defined) to the extent that the same have been paid by Seller
prior to Closing. In addition, at Closing, Purchaser shall expressly assume and accept, in
writing, Seller’s obligations to pay when due any New Lease Expenses unpaid as of the Closing.
“New Lease Expenses” shall mean, collectively, any and all commissions and fees or costs and
expenses (including tenant improvement costs) arising out of or in connection with either or both
of (i) any extension, renewal or expansion of any Existing Lease exercised between the Contract
Date and the Closing Date and (ii) any New Lease in each case to the extent approved or deemed
approved by Purchaser in accordance with Section 10.3 above. New Lease Expenses shall include,
without limitation, (a) brokerage commissions and fees to effect any such leasing transaction, (b)
expenses incurred for repairs and tenant improvements, and (c) reasonable legal fees for services
in connection with the preparation of documents and other services rendered in connection with the
effectuation of the leasing transaction. Commissions of leasing and rental agents and tenant
improvement allowances for any Existing Leases relating to the base lease term or any renewal term
or expansion right that is elected or with respect to which an option is exercised, as the case may
be, prior to the Contract Date (including, without limitation, commissions arising under the
Brokerage Agreements) shall be paid in full at or prior to Closing by Seller, without contribution
or proration from Purchaser (any such commissions or tenant improvements allowances, “Seller’s
Commissions”). Commissions of leasing and rental agents and tenant improvement allowances for (x)
any renewals (other than renewals elected or with respect to which an option is exercised prior to
the Contract Date) or expansions of any Existing Lease (except those exercised prior to the
Contract Date), and (y) any New Leases which are approved or deemed approved by Purchaser in
accordance with Section 10.3 above shall be the sole responsibility of Purchaser, without
contribution or proration from Seller (any such commissions or tenant improvements allowances,
“Purchaser’s Commissions”). Seller hereby indemnifies, protects, defends and holds Purchaser, and
its successors and assigns (the “Purchaser’s Indemnified Parties”), harmless from and against any
and all Losses that any or all of Purchaser and any Purchaser’s Indemnified Parties actually suffer
and incur as a result of the failure by Seller to timely pay or discharge any of the Seller’s
Commissions. From and after the Closing, Purchaser hereby indemnifies, protects, defends and holds
Seller and the Seller Indemnified Parties harmless from and against all Losses that any or all of
Seller and the Seller Indemnified Parties actually suffer or incur as a result of the failure by
Purchaser to timely pay or discharge any of the Purchaser’s Commissions or any New Lease Expenses.
The terms of this Section 10.4 shall survive the Closing and the delivery of any conveyance
documentation.

10.5. Lease Enforcement. Prior to the Closing Date, subject to Section 10.3, Seller
shall have the right, but not the obligation, to enforce the rights and remedies of the landlord
under any Existing Lease or New Lease, by summary proceedings or otherwise, and to apply all or any
portion of any security deposit then held by Seller toward any loss or damage incurred by Seller by
reason of any defaults by tenants, and the exercise of any such rights or remedies shall not affect
the obligations of Purchaser under this Agreement in any manner.

10.6. Estoppel Certificates. Seller shall use commercially reasonable efforts to
obtain and deliver to Purchaser estoppel certificates from the tenants of the Land and the
Improvements, which estoppel certificates shall be without material and adverse modification to the
form of estoppel certificate attached as Exhibit E hereto or such form as is required by
the applicable tenant’s lease (each estoppel certificate satisfying such criteria, a “Conforming
Estoppel”). It shall be a condition precedent to Purchaser’s obligation to proceed to close
hereunder that, on or prior to the Closing, Seller delivers to Purchaser a Conforming Estoppel from
tenants that account for at least eighty percent (80%) of the gross minimum rental income from the
Leases, including, with respect to each Building, Conforming Estoppels from tenants that account
for at least forty percent (40%) of the gross minimum rental income from the Leases encumbering
each Building (collectively, the “Required Estoppel Amount”). Seller and Purchaser hereby
acknowledge and agree that (A) the State of Minnesota form of estoppel certificate shall constitute
a Conforming Estoppel with respect to the Lease with the State of Minnesota at the 2200 University
Avenue Building and (B) the Conforming Estoppel from General Dynamics (as tenant of the 10900
Hampshire Avenue Building) shall account for thirteen percent (13%) of the gross minimum rental
income with respect to all Leases and sixty-three percent (63%) of the gross minimum rental income
with respect to all Leases at the 10900 Hampshire Avenue Building. If Seller fails to timely
deliver to Purchaser Conforming Estoppels from a sufficient number of tenants to satisfy the
Required Estoppel Amount, Purchaser may either (i) proceed to Closing and waive the condition
precedent related to the delivery of a sufficient number of Confirming Estoppels or (ii) terminate
this Agreement by delivery of written notice to Seller on or before the Closing, in which event the
Deposit shall be returned to Purchaser, and neither party shall have any further liabilities or
obligations hereunder except those liabilities and obligations that expressly survive a termination
of this Agreement. If Seller delivers to Purchaser, or Purchaser otherwise receives, an estoppel
certificate from a tenant under a Lease more than three (3) business days prior to Approval Date,
but Purchaser fails to notify Seller, in writing and on or before the Approval Date, that such
estoppel certificate does not constitute a Conforming Estoppel, Purchaser shall be deemed to have
accepted such estoppel certificate as a Conforming Estoppel for all relevant purposes under this
Agreement.

11. PROPERTY SOLD “AS IS”.

11.1. Except as is otherwise expressly provided in this Agreement, Seller hereby specifically
disclaims any warranty (oral or written) concerning: (i) the nature and condition of the Property
and the suitability thereof for any and all activities and uses that Purchaser elects to conduct
thereon; (ii) the manner, construction, condition and state of repair or lack of repair of the
Improvements; (iii) the compliance of the Land and the Improvements or their operation with any
laws, rules, ordinances or regulations of any government or other body; and (iv) any other matter
whatsoever except as expressly set forth in this Agreement. EXCEPT AS IS OTHERWISE EXPRESSLY
PROVIDED IN THIS AGREEMENT, THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON A STRICTLY
“AS IS” “WHERE IS” BASIS AS OF THE CLOSING DATE, AND SELLER MAKES NO WARRANTY OR REPRESENTATION,
EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY
WARRANTY OF QUANTITY, QUALITY, CONDITION, HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR
A PARTICULAR PURPOSE OF THE PROPERTY, ANY IMPROVEMENTS LOCATED THEREON OR ANY SOIL CONDITIONS
RELATED THERETO.

11.2. PURCHASER SPECIFICALLY ACKNOWLEDGES THAT PURCHASER IS NOT RELYING ON (AND SELLER
HEREBY DISCLAIMS AND RENOUNCES) ANY REPRESENTATIONS OR WARRANTIES MADE BY OR ON BEHALF OF SELLER OF
ANY KIND OR NATURE WHATSOEVER, EXCEPT FOR THOSE PARTICULAR REPRESENTATIONS AND WARRANTIES EXPRESSLY
PROVIDED IN THIS AGREEMENT. FURTHER, PURCHASER, FOR PURCHASER AND PURCHASER’S SUCCESSORS AND
ASSIGNS, HEREBY RELEASES SELLER FROM, AND WAIVES, ANY AND ALL CLAIMS AND LIABILITIES AGAINST SELLER
FOR, RELATED TO, OR IN CONNECTION WITH, ANY ENVIRONMENTAL OR PHYSICAL CONDITION AT THE PROPERTY (OR
THE PRESENCE OF ANY MATTER OR SUBSTANCE RELATING TO THE ENVIRONMENTAL CONDITION OF THE PROPERTY),
INCLUDING, BUT NOT LIMITED TO, CLAIMS AND/OR LIABILITIES RELATING TO (IN ANY MANNER WHATSOEVER) ANY
HAZARDOUS, TOXIC OR DANGEROUS MATERIALS OR SUBSTANCES LOCATED IN, AT, ABOUT OR UNDER THE PROPERTY,
OR FOR ANY AND ALL CLAIMS OR CAUSES OF ACTION (ACTUAL OR THREATENED) BASED UPON, IN CONNECTION
WITH, OR ARISING OUT OF, CERCLA, AS AMENDED BY SARA, AND AS MAY BE FURTHER AMENDED FROM TIME TO
TIME, RCRA, OR ANY OTHER CLAIM OR CAUSE OF ACTION (INCLUDING ANY FEDERAL OR STATE BASED STATUTORY,
REGULATORY OR COMMON LAW CAUSE OF ACTION) RELATED TO ENVIRONMENTAL MATTERS OR LIABILITY WITH
RESPECT TO, OR AFFECTING, THE PROPERTY. PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS
CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT
LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO
SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF, OR
CURATIVE ACTION TO BE TAKEN WITH RESPECT TO, ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED
FROM THE LAND OR THE IMPROVEMENTS, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION
PROVIDED BY, OR ON BEHALF OF, SELLER, ITS AGENTS AND EMPLOYEES WITH RESPECT THERETO, OTHER THAN
SUCH REPRESENTATIONS AND WARRANTIES OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON
CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO,
CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED
BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED,
RELINQUISHED AND RELEASED SELLER FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION
(INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING
ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH
PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER, AT ANY TIME BY REASON OF OR ARISING OUT OF
ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS
(INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS,
EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY. NOTWITHSTANDING ANYTHING TO THE CONTRARY
HEREIN, THIS RELEASE SHALL NOT PRECLUDE PURCHASER FROM JOINING OR INTERPLEADING SELLER IN ANY
ACTION BASED ON THE FOREGOING BROUGHT AGAINST PURCHASER OR ITS SUCCESSORS, ASSIGNS, AGENTS OR
AFFILIATES BY UNAFFILIATED THIRD PARTIES (INCLUDING GOVERNMENTAL AUTHORITIES).

11.3. PURCHASER ACKNOWLEDGES AND AGREES THAT THE WAIVERS, RELEASES AND OTHER PROVISIONS
CONTAINED IN THIS SECTION 11 WERE A MATERIAL FACTOR IN SELLER’S ACCEPTANCE OF THE PURCHASE PRICE
AND THAT SELLER IS UNWILLING TO SELL THE PROPERTY TO PURCHASER UNLESS SELLER IS RELEASED AS
EXPRESSLY SET FORTH ABOVE. PURCHASER, WITH PURCHASER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS
AND WAIVERS SET FORTH IN THIS AGREEMENT, AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. THE
TERMS AND CONDITIONS OF THIS SECTION 11 WILL EXPRESSLY SURVIVE THE CLOSING, WILL NOT MERGE WITH THE
PROVISIONS OF ANY CLOSING DOCUMENTS, AND WILL BE INCORPORATED INTO THE DEED.

12. SELLER’S CLOSING DELIVERIES.

At Closing (or such other times as may be specified below), Seller shall deliver or cause to
be delivered to Purchaser the following:

12.1. Deeds. The Deeds, executed and acknowledged by Seller, and in the form attached
hereto as Exhibit K, conveying the Land and Improvements to Purchaser, subject to the
Permitted Exceptions.

12.2. Assignment of Leases. Two (2) duly executed counterparts of an Assignment and
Assumption of Leases (the “Assignment of Leases”) in the form attached hereto as Exhibit G.

12.3. Assignment of Contracts. Two (2) duly executed counterparts of an Assignment
and Assumption of Contracts and Intangibles (an “Assignment of Contracts”) in the form attached
hereto as Exhibit H.

12.4. Bill of Sale. Two (2) duly executed originals of a Bill of Sale (the “Bill of
Sale”) in the form attached hereto as Exhibit I.

12.5. Keys. Keys to all locks located in the Improvements.

12.6. Affidavit of Title. An affidavit of title (or comparable “no lien” statement),
in form and substance reasonably acceptable to the Title Company and sufficient to cause the Title
Company to provided “gap” and extended coverage under the Title Policy.

12.7. Closing Statement. Two (2) duly executed counterparts of a closing statement
(the “Closing Statement”) conforming to the proration and other relevant provisions of this
Agreement, which Closing Statement shall be in a form mutually and reasonably agreed upon by Seller
and Purchaser.

12.8. Entity Transfer Certificate. Entity Transfer Certification confirming that
Seller is a “United States Person” within the meaning of Section 1445 of the Internal Revenue Code
of 1986, as amended.

12.9. Letter of Credit. If applicable, with respect to any security deposits that are
letters of credit, Seller at Seller’s cost and expenses, shall (a) deliver to Purchaser at the
Closing such letters of credit, (b) execute and deliver such other instruments as the issuers of
such letters of credit shall reasonably require, and (c) cooperate with Purchaser to change the
named beneficiary under such letters of credit to Purchaser.

12.10. Notices to Tenants. Notices to each of the tenants under the Leases, notifying
them of the sale of the Land and Improvements and directing them to pay all future rent as
Purchaser may direct.

12.11. Estoppel Certificates. The Conforming Estoppels received by Seller pursuant to
Section 10.6 above.

12.12. Leases. Originals or certified copies of the Leases, which certification shall
be made, to Seller’s knowledge, subject to all of the terms, conditions and limitations of Sections
8.2 and 8.3.

12.13. Closing Date Certificate. For purposes of determining whether the
Representation Condition has been satisfied, Seller shall deliver to Purchaser at Closing a
certificate (the “Closing Date Certificate”) certifying that all of the Seller Representations that
were true and correct, in all material respects, as of the Approval Date (as reflected in the
Approval Date Certificate) remain true and correct, as of the Closing Date and in all material
respects, except for changes and qualifications specified in such Closing Date Certificate, such
that the Closing Date Certificate is true and accurate in all material respects. The
representations, warranties and certifications contained in the Closing Date Certificate shall be
made by Seller to the standard of knowledge, if any, contained herein for the applicable
representations, warranties or certifications and subject to all of the terms, conditions and
limitations contained in Sections 8.2 and 8.3 of this Agreement. Notwithstanding anything
contained herein to the contrary, if, as of the Closing, the Representation Condition is not
fulfilled for any reason or any Seller Representations are not true and correct, in any material
respect, Purchaser may, in its sole discretion and as its sole remedy, hereunder, at law or in
equity, elect either to (aa) terminate this Agreement by delivery of written notice to Seller not
later than the Closing Date, whereupon the Deposit shall be returned to Purchaser and neither party
shall have any further liability hereunder except for those liabilities that expressly survive a
termination of this Agreement; or (bb) proceed to Closing and waive the failure of the
Representation Condition.

12.14. Seller’s Authority. Evidence reasonably acceptable to the Title Company
authorizing consummation by Seller of the purchase and sale transaction contemplated by this
Agreement and the execution and delivery of the Deed and other closing documents.

12.15. Master Lease and Master Lease Escrow Agreement. Two (2) originals of (i) the
Master Lease and (ii) the Master Lease Escrow Agreement, as required by Section 14.10.

12.16. Termination of Property Management Agreements. Letter(s) executed by Seller
notifying providers under any property management agreements affecting the Property of the
termination of such agreements.

12.17. Certificate of Real Estate Value. A Certificate of Real Estate Value in
accordance with Minnesota law.

12.18. Additional Documents. Such additional documents and instruments as in the
reasonable opinion of the Title Company and Purchaser are necessary to the proper consummation of
the purchase and sale transaction contemplated by this Agreement.

12.19. Possession of Property. Possession of the Property, subject only to the
Permitted Exceptions.

12.20. Promissory Note. An Alonge Endorsement to Note assigning to Buyer Seller’s
interest in that certain promissory note in the maximum principal amount of $101,847.86 dated
February 24, 2007 made by The Loge Group, LLC.

13. PURCHASER’S CLOSING DELIVERIES.

At Closing (or at such other times as may be specified below), Purchaser shall deliver or
cause to be delivered to Seller the following:

13.1. Closing Statement. Two (2) Closing Statements executed in counterpart by
Purchaser.

13.2. Assignment of Leases. Two (2) Assignment of Leases executed in counterpart by
Purchaser.

13.3. Assignment of Contracts. Two (2) Assignment of Contracts executed in
counterpart by Purchaser.

13.4. Purchaser’s Authority. Evidence reasonably acceptable to the Title Company
authorizing consummation by Purchaser of the purchase and sale transaction contemplated by this
Agreement and the execution and delivery of the closing documents described in Sections 13.1
through 13.3 above.

14. PRORATIONS AND ADJUSTMENTS.

Prorations shall be made as of 12:01 a.m. on the Closing Date as if Purchaser were in title
for the entire Closing Date provided that no later than 2:00 p.m. Chicago time on the Closing Date,
the Purchase Price, plus or minus the prorations and other adjustments hereunder, shall be received
by the Title Company from Purchaser for disbursement to Seller by Federal Reserve wire transfer of
immediately available funds to an account designated by Seller. If the net proceeds of the
Purchase Price payable to Seller (after adjustments and prorations) are not sent by Federal Reserve
wire transfer in immediately available funds and received by the Title Company from Purchaser for
disbursement to Seller on or prior to 2:00 p.m. Chicago time on the Closing Date, prorations shall
be made as of the Closing Date as if Seller remained in title as of the entire Closing Date, except
that, to the extent such delay results from Seller’s failure to provide deliveries or default,
prorations shall be made pursuant to the preceding sentence. The following items of income, cost
and expense with respect to the Property shall be prorated and adjusted between Seller and
Purchaser:

14.1. Security Deposits. The amount of all cash security and any other cash tenant
deposits actually held by Seller, and interest due thereon, if any, shall be credited to Purchaser.

14.2. Utilities and Operating Expenses. To the extent not billed directly to tenants,
or paid as part of Additional Rent (as hereinafter defined) or otherwise paid directly by tenants,
water, electricity, sewer, gas, telephone and other utility charges based, to the extent
practicable, on final meter readings and final invoices. Any operating expenses that are not paid
by the tenants as Additional Rent or otherwise shall be prorated between Purchaser and Seller, with
Seller receiving a credit for any operating expenses paid by Seller and related to the period from
and after Closing and Purchaser receiving a credit for any operating expenses due after the Closing
and related to periods prior thereto.

14.3. Contracts. Amounts paid or payable under the Contracts other than any Rejected
Contracts shall be prorated.

14.4. Assessments. To the extent not paid by tenants as a component of Additional
Rent or otherwise paid directly by the tenants, all assessments, general or special, shall be
prorated as of the Closing Date, with Seller being responsible for any installments of assessments
that are due and payable prior to the Closing Date and Purchaser being responsible for any
installments of assessments that are due and payable on or after the Closing Date.

14.5. Base Rent. Purchaser will receive a credit at Closing for the prorated amount
of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively,
“Rent”) previously paid to, or collected by, Seller and attributable to any period following the
Closing Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment
thereof has not been made on or before the Closing Date. Delinquent Rent shall not be prorated at
Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be
applied as follows: (i) first, to any accrued Rents owing to Purchaser, (ii) second, to Delinquent
Rent owed for the month in which the Closing Date occurs (the “Closing Month”), and (iii) third, to
Delinquent Rents owing to Seller for the period prior to the Closing Month. Any Rent collected by
Purchaser and due Seller hereunder will be promptly remitted to Seller. Any Rent collected by
Seller and due Purchaser hereunder shall be promptly remitted to Purchaser. Purchaser shall use
reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course of its
business. “Additional Rents” shall mean any and all amounts due from tenants for operating
expenses, common area maintenance charges, taxes, shared utility charges, management fees,
insurance costs, other comparable expenses and pass-through charges and any other tenant charges in
accordance with the Leases. The provisions of this Section 14.5 shall survive the Closing and the
delivery of any conveyance documentation for a period of one (1) year.

14.6. Taxes. To the extent not paid by the tenants directly or payable by tenants as
Additional Rent pursuant to the Leases, all ad valorem real estate and personal property taxes with
respect to the Land and the Improvements shall be prorated as of the Closing Date, based on the
most currently available tax bill (subject to adjustment as provided in Section 14.8) and on a cash
basis for the calendar year in which the Closing occurs, regardless of the year for which such
taxes are assessed.

14.7. Other. Such other items as are customarily prorated in transactions of this
nature shall be ratably prorated.

14.8. Adjustments. In the event any prorations made pursuant hereto shall prove
incorrect for any reason whatsoever, or in the event the prorations set forth above are estimated
on the most currently available (rather than based on the actual final) bills, either party shall
be entitled to an adjustment to correct the same provided that it makes written demand on the other
within twelve (12) months after the Closing Date. The provisions of this Section 14.8 shall
survive Closing.

14.9. Master Lease Escrow. At Closing, Seller shall deposit the amount of
$1,000,000.00 (which amount may be deposited out of the Purchase Price) (such amount, together with
any and all interest earned thereon from and after Closing, the “Escrow Deposit”) into such escrow
account as Purchaser shall direct by notice to Seller given on or before the Closing Date to
provide a source of rent under the Master Lease (as defined below) for the Property and the full
amount of the Escrow Deposit shall, at Closing, become the sole property of Purchaser and be
distributed to Purchaser in twelve (12) equal monthly installments, or as otherwise directed by
Purchaser. At Closing Seller, Purchaser and the escrow agent named therein (the “Escrow Agent”)
shall enter into an escrow agreement (the “Master Lease Escrow Agreement”), governing the
disbursement of the Escrow Deposit, the form of which agreement shall be agreed upon by Seller and
Purchaser prior to the Closing. In connection therewith, at Closing Purchaser and Seller shall
enter into a “Master Lease Agreement” covering certain space at the Property, as determined by
Purchaser, the form of which will be agreed upon by Purchaser and Seller prior to the Closing.

15. CLOSING EXPENSES.

Seller shall pay for any deed or transfer taxes and one-half of the cost of any escrows
hereunder. Purchaser shall pay for one-half of any escrow costs hereunder, the cost of recording
the Deeds, the basic premium for the Title Policy, the cost of “extended form coverage” and any
endorsements to the Title Policy, the cost of the Updated Survey, and any mortgage recording taxes.

16. DESTRUCTION, LOSS OR DIMINUTION OF PROPERTY.

If, prior to Closing, all or any portion of any or all of the Land and the Improvements is
damaged by fire or other casualty (collectively “Damage”), or is taken or made subject to
condemnation, eminent domain or other governmental acquisition proceedings (collectively “Eminent
Domain”), then:

16.1. If the aggregate cost of repair or replacement or the value of the Eminent Domain
(collectively, “repair and/or replacement”) is $100,000.00 or less per Building, in the opinion of
Purchaser’s and Seller’s respective engineering consultants, Purchaser shall close and take the
Property as diminished by such events, with an assignment by Seller of (a) any casualty insurance
proceeds (together with a credit from Seller to Purchaser of the full amount of any deductible or
self-insured retention amount) or (b) condemnation proceeds, and in the case of either (a) or (b),
less any amounts reasonably incurred by Seller to repair the Property and collect the insurance
proceeds or condemnation award.

16.2. If the aggregate cost of repair and/or replacement or the value of the Eminent Domain is
greater than $100,000.00 per Building, in the opinion of Purchaser’s and Seller’s respective
engineering consultants, or if such event would allow any tenant to terminate its lease or result
in the loss of net rentable space or parking, or would diminish or impair access, then Purchaser,
at its sole option, may elect either to (i) terminate this Agreement by written notice to Seller
delivered within ten (10) days after Purchaser is notified of such Damage or Eminent Domain, in
which event the Deposit shall be returned to Purchaser and neither party shall have any further
liability to the other hereunder, except for those liabilities that expressly survive a termination
of this Agreement; or (ii) proceed to close and take the Property as diminished by such events,
together with an assignment of the proceeds of Seller’s casualty insurance (together with a credit
from Seller to Purchaser of the full amount of any deductible or self-insured retention amount) for
all Damage (or condemnation awards for any Eminent Domain), less any amounts reasonably incurred by
Seller to repair the Property and collect the insurance proceeds or condemnation award.

16.3. In the event of a dispute between Seller and Purchaser with respect to the cost of
repair and/or replacement with respect to the matters set forth in this Section 16, an engineer
designated by Seller and an engineer designated by Purchaser shall select an independent engineer
licensed to practice in the jurisdiction where the Property is located who shall resolve such
dispute. All fees, costs and expenses of such third engineer so selected shall be shared equally
by Purchaser and Seller.

17. DEFAULT.

17.1. Default by Seller. If Seller is in material default under any of the covenants
and agreements of Seller hereunder, Purchaser may either (i) terminate Purchaser’s obligations
under this Agreement by written notice to Seller, in which event (a) the Deposit shall be returned
to Purchaser and (b) upon Purchaser’s receipt of the Deposit, this Agreement shall terminate and
neither party shall have any further liability hereunder except for those liabilities that
expressly survive a termination of this Agreement; or (ii) Purchaser may file an action for
specific performance. Purchaser shall have no other remedy for any default by Seller. In the
event of the failure of any condition precedent to Purchaser’s obligation to close expressly herein
set forth, or in the event of the untruth or inaccuracy, in any material respect, of any Seller
Representation as of the Contract Date (subject to the limitations contained in Sections 8.3 and
12.13) that is discovered by Purchaser prior to Closing, Purchaser’s sole remedy hereunder, at law
or in equity, shall be to terminate this Agreement by delivery of written notice to Seller on or
prior to Closing (or such sooner date as may be herein specified), in which event the Deposit shall
be returned to Purchaser, and neither party shall have any further liability hereunder except for
those liabilities that expressly survive a termination of this Agreement. All of the foregoing
shall be without limitation upon the rights and remedies of Purchaser under Section 8.3 or, at law
or in equity, in the event of a default by Seller pursuant to Sections 19 or 22 or any other
covenant or agreement of Seller that survives the Closing or the termination of this Agreement
(collectively, “Surviving Covenants”); provided, however, Purchaser’s rights and remedies against
Seller in the event of a default by Seller with respect to any Surviving Covenants (other than
those contained in Sections 14, 19 and 22) shall be subject to the terms, conditions and
limitations set forth in Sections 8.3 and 12.13 of this Agreement.

17.2. Default by Purchaser. In the event Purchaser defaults in its obligations to
close the purchase of the Property in accordance with the provisions of this Agreement, then (i)
Seller shall be entitled to (and shall) receive the Deposit as fixed and liquidated damages, this
Agreement shall terminate and neither party shall have any further liability hereunder, except for
those liabilities which expressly survive the termination of this Agreement and (ii) Purchaser
shall immediately direct the Title Company, in writing, to pay the Deposit to Seller. Seller shall
have no other remedy for any default by Purchaser, including any right to damages, Seller hereby
expressly waiving any and all such other remedies. PURCHASER AND SELLER ACKNOWLEDGE AND AGREE
THAT: (1) THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF AND BEARS A REASONABLE
RELATIONSHIP TO THE DAMAGES THAT WOULD BE SUFFERED AND COSTS INCURRED BY SELLER AS A RESULT OF
HAVING WITHDRAWN THE PROPERTY FROM SALE AND THE FAILURE OF CLOSING TO HAVE OCCURRED DUE TO A
DEFAULT OF PURCHASER UNDER THIS AGREEMENT; (2) THE ACTUAL DAMAGES SUFFERED AND COSTS INCURRED BY
SELLER AS A RESULT OF SUCH WITHDRAWAL AND FAILURE TO CLOSE DUE TO A DEFAULT OF PURCHASER UNDER THIS
AGREEMENT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE; (3) PURCHASER SEEKS TO LIMIT
ITS LIABILITY UNDER THIS AGREEMENT TO THE AMOUNT OF THE DEPOSIT IN THE EVENT THIS AGREEMENT IS
TERMINATED AND THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT DOES NOT CLOSE DUE TO A DEFAULT OF
PURCHASER UNDER THIS AGREEMENT; AND (4) THE AMOUNT OF THE DEPOSIT SHALL BE AND CONSTITUTE VALID
LIQUIDATED DAMAGES. All of the foregoing shall be without limitation upon the rights and remedies
of Seller hereunder, at law or in equity, in the event of a default by Purchaser pursuant to
Sections 6.2, 6.3, 19 or 22 or any covenant, agreement, indemnity, representation or warranty of
Purchaser that survives the Closing or the termination of this Agreement.

18. SUCCESSORS AND ASSIGNS.

Neither party shall assign this Agreement without the prior written consent of the other,
except that Seller may assign its interest in and obligations under this Agreement to a so-called
“Qualified Intermediary” in order to accomplish the Exchange in accordance with the provisions of
Section 9.1. Notwithstanding the foregoing, Purchaser may assign all of its rights, title,
liability, interest and obligation pursuant to this Agreement to one or more entities affiliated
with Purchaser provided that (i) no such assignment shall act to release Purchaser hereunder and
(ii) Purchaser provides Seller with a copy of a written assignment agreement between Purchaser and
its affiliate, which instrument shall be in form reasonably acceptable to Seller.

19. LITIGATION.

In the event of litigation between the parties with respect to the Property, this Agreement,
the performance of their respective obligations hereunder or the effect of a termination under this
Agreement, the losing party shall pay all costs and expenses incurred by the prevailing party in
connection with such litigation, including, but not limited to, reasonable attorneys’ fees of
counsel selected by the prevailing party. Notwithstanding any provision of this Agreement to the
contrary, the obligations of the parties under this Section 19 shall survive termination of this
Agreement or the Closing and the delivery of any conveyance documentation.

20. NOTICES.

Any notice, demand or request which may be permitted, required or desired to be given in
connection therewith shall be given in writing and directed to Seller and Purchaser as follows:

	 	 	 	 	 	 	 	 	 
	Seller:	 	First Industrial Realty Trust, Inc.
	 	 	311 South Wacker Drive, Suite 4000
	 	 	Chicago, Illinois 60606
	 
	 	Attn:	 	Joe David

Facsimile: (312) 922-6826

	 	 	 	 	 	 	 	 	 
	With a copy to
	 	 	 	 	 	 	 	 
	its attorneys:	 	Barack Ferrazzano Kirschbaum & Nagelberg LLP
	 	 	200 West Madison Street, Suite 3900
	 
	 	Chicago, Illinois  60606	 	 	 	 
	 
	 	Attn:	 	Jeremy T. Bunnow, Esq.

Facsimile: (312) 984-3150

	 	 	 
	Purchaser:

	 	Hines REIT Minneapolis Industrial LLC

c/o Hines Interests Limited Partnership

2800 Post Oak Boulevard, Suite 5000

Houston, Texas 77056-6118

Attn: Charles N. Hazen

Facsimile: (713) 966-7851
	With a copy to

its attorneys:

	 	

Hines REIT Minneapolis Industrial LLC

c/o Hines Advisors Limited Partnership

2800 Post Oak Boulevard, Suite 5000

Houston, Texas 77056-6118

Attn: Jason P. Maxwell — Legal

Facsimile: (713) 966-2705
	
 
	 	and

Baker Botts L.L.P.

2001 Ross Avenue, Suite 600

Dallas, Texas 75201-2980

Attention: Joel M. Overton, Jr.

Facsimile: 214-661-4938

Notices shall be deemed properly delivered and received: (i) when and if personally
delivered; or (ii) one (1) business day after deposit with Federal Express or other comparable
commercial overnight courier; or (iii) the same day when sent by confirmed facsimile before 5:00
p.m. (Chicago time). Notices may be delivered on behalf of the parties by their respective
attorneys.

21. BENEFIT.

This Agreement is for the benefit only of the parties hereto and no other person or entity
shall be entitled to rely hereon, receive any benefit herefrom or enforce against any party hereto
any provision hereof.

22. BROKERAGE.

Each party hereto represents and warrants to the other that it has dealt with no brokers or
finders in connection with this transaction, except for CB Richard Ellis (“Broker”). Seller shall
pay any brokers’ commission due to Broker pursuant to the terms of a separate agreement between
Seller and Broker. Seller hereby indemnifies, protects, defends and holds Purchaser and the
Purchaser’s Indemnified Parties harmless from and against all Losses suffered or incurred by any or
all of Purchaser and the Purchaser’s Indemnified Parties resulting from the claims of any broker,
finder or other such party (including Broker) in connection with the transactions contemplated by
this Agreement claiming by, through or under the acts or agreements of Seller. Purchaser hereby
indemnifies, protects, defends and holds Seller and the Seller Indemnified Parties harmless from
and against all Losses suffered or incurred by any or all of Seller and the Seller Indemnified
Parties resulting from the claims of any broker, finder or other such party (excluding Broker) in
connection with the transactions contemplated by this Agreement claiming by, through or under the
acts or agreements of Purchaser. The obligations of the parties pursuant to this Section 22 shall
survive any termination of this Agreement.

23. MISCELLANEOUS.

23.1. Entire Agreement. This Agreement constitutes the entire understanding between
the parties with respect to the transaction contemplated herein, and all prior or contemporaneous
oral agreements, understandings, representations and statements, and all prior written agreements,
understandings, letters of intent and proposals are merged into this Agreement. Neither this
Agreement nor any provisions hereof may be waived, modified, amended, discharged or terminated
except by an instrument in writing signed by the party against which the enforcement of such
waiver, modification, amendment, discharge or termination is sought, and then only to the extent
set forth in such instrument.

23.2. Time of the Essence. Time is of the essence of this Agreement. If any date
herein set forth for the performance of any obligations by Seller or Purchaser or for the delivery
of any instrument or notice as herein provided should be on a Saturday, Sunday or legal holiday,
the compliance with such obligations or delivery shall be deemed acceptable on the next business
day following such Saturday, Sunday or legal holiday. As used herein, the term “legal holiday”
means any state or federal holiday for which financial institutions or post offices are required by
law to be closed in the State of Minnesota for observance thereof.

23.3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Minnesota.

23.4. Partial Invalidity. The provisions hereof shall be deemed independent and
severable, and the invalidity or partial invalidity or enforceability of any one provision shall
not affect the validity of enforceability of any other provision hereof.

23.5. No Recording. Neither this Agreement nor any memorandum thereof shall be
recorded in the real property records of the counties in which the Land is located and the act of
recording by Purchaser shall be deemed a default by Purchaser hereunder.

23.6. Counterparts; Facsimile. This Agreement may be executed in multiple
counterparts and shall be valid and binding with the same force and effect as if all parties had
executed the same Agreement. A fully executed facsimile copy of this Agreement shall be effective
as an original.

23.7. Construction of Agreement. In construing this Agreement, all headings and
titles are for the convenience of the parties only and shall not be considered a part of this
Agreement. Whenever required by the context, the singular shall include the plural and the
masculine shall include the feminine and vice versa. This Agreement shall not be construed as if
prepared by one of the parties, but rather according to its fair meaning as a whole, as if both
parties had prepared it. All Exhibits attached hereto are incorporated in this Agreement by
reference thereto.

23.8. No Oral Modification or Waiver. This Agreement may not be changed or amended
orally, but only by an agreement in writing. No waiver shall be effective hereunder unless given
in writing, and waiver shall not be inferred from any conduct of either party.

23.9. Survival. Only those covenants, agreements, indemnities, undertakings and
representations and warranties of Seller that expressly survive Closing pursuant to the terms of
the Agreement shall survive Closing and the delivery of any conveyance documentation for the period
herein set forth (and if no specific survival period is specified herein, such covenants,
agreements, indemnities, undertakings, representations and warranties of Seller shall only survive
Closing for the period in which the Seller Representations survive Closing in accordance with
Section 8.3) and all of the other covenants, agreements, indemnities, undertakings and
representations and warranties of Seller contained herein shall not survive Closing and shall merge
into the conveyance documentation delivered at Closing.

23.10. No Reliance. This Agreement (including the Exhibits attached hereto)
represents the full and complete agreement between Seller and Purchaser. Any representations,
warranties, promises or conditions, whether written or oral, not specifically incorporated (by
reference or otherwise) into this Agreement shall not be binding upon either of the parties hereto,
and each of the parties hereto acknowledges that it has not relied upon, in entering into this
Agreement, any representation, warranty, promise or condition not specifically set forth in this
Agreement. All discussions, negotiations and writings have been and are merged into this Agreement
(and/or the documents that are contemplated to be executed at Closing, the forms of which are
attached hereto as Exhibits).

23.11. Cooperation with Purchaser’s Auditors and SEC Filing Requirements. For a
period of one (1) year following the Closing, Seller shall provide to Purchaser (at Purchaser’s
expense) copies of, or shall provide Purchaser access to, the Documents in the possession or
reasonable control of Seller to enable Purchaser’s auditor (Deloitte & Touche LLP or any successor
auditor selected by Purchaser) to conduct an audit of the Operating Statements of the Property for
the year to date of the year in which the Closing occurs plus up to the last three (3) years or any
shorter period of Seller’s ownership of the Property and any additional information concerning the
revenue and operating expense information in the possession of Seller reasonably necessary to
complete such audit. Purchaser shall be responsible for all out-of-pocket costs associated with
this audit. Seller shall reasonably cooperate (at no cost to Seller) with Purchaser’s auditor in
the conduct of such audit. Without limiting the foregoing, (i) Purchaser or its designated
independent or other auditor may audit Seller’s Operating Statements of the Property, at
Purchaser’s expense, and Seller shall provide such Operating Statements as Purchaser or its auditor
may reasonably request in order to complete such audit together with any additional information
concerning the revenue and operating expense information in the possession of Seller reasonably
necessary to complete such audit, and (ii) Seller shall furnish to Purchaser such Documents as may
be reasonably required by Purchaser or any affiliate of Purchaser to make any required filings with
the Securities and Exchange Commission or other governmental authority; provided, however, that the
foregoing obligations of Seller shall be limited to providing such existing Documents as may be in
the possession or reasonable control of Seller. All of the foregoing shall be subject to the terms
and conditions of Section 6.3 hereof. Seller’s undertaking pursuant to this Section 23.11 shall
survive the Closing for a period of one (1) year and shall not be merged into any instrument of
conveyance delivered at Closing.

23.12. Net Worth Covenant. Seller shall maintain a tangible net worth equal to at
least Ten Million Dollars ($10,000,000.00) for a period of fifteen (15) months from and after the
Closing Date. Seller’s undertaking pursuant to this Section 23.12 shall survive the Closing for a
period of fifteen (15) months and shall not be merged into any instrument of conveyance delivered
at Closing.

[Signature Page to Follow]

2

IN WITNESS WHEREOF, the parties hereto have executed this Agreement of Purchase and
Sale on the date first above written.

SELLER:

FIRSTCAL INDUSTRIAL 2 ACQUISITION, LLC, a Delaware
limited liability company

	 	 	 	By:
FirstCal Industrial 2, LLC, a Delaware limited
liability company, its sole member

	 	 	 	By:
FR FirstCal 2, LLC, a Delaware limited liability
company, its managing member

	 	 	 	By:
First Industrial Investment, Inc., a Maryland
corporation, its sole member

By:

Name:

Its:

3

PURCHASER:

HINES REIT MINNEAPOLIS INDUSTRIAL LLC, a Delaware

limited liability company

By:

Name:

Its:

4

SCHEDULE OF EXHIBITS

	 	 	 
	A

B

C

D

E

F

G

H

I

J

K

	 	Legal Description of the Land

Earnest Money Escrow Instructions

Documents

Disclosure Items

Estoppel Certificate

Intentionally Omitted

Assignment and Assumption of Leases

Assignment and Assumption of Contracts and Intangibles

Bill of Sale

Brokerage Agreements

Deed

5

EXHIBIT A

LEGAL DESCRIPTION OF THE LAND

5900 Golden Hills Drive, Golden Valley, Minnesota

Parcel 1:

Lot 2, Block 1, Golden Hills West P.U.D. No. 78, according to the recorded plat thereof, Hennepin
County, Minnesota.

Parcel 2:

Non-exclusive easement for storm water runoff and signage purposes over part of Lot 1, Block 2,
Golden Hills West 3rd Addition, Hennepin County, Minnesota, as contained and described in the
instrument recorded as Document No. 6771060 in the office of the County Recorder and recorded as
Document No. 2835274 in the office of the Registrar of Titles, Hennepin County, Minnesota.

Parcel 3:

Non-exclusive easement to connect to and use the storm water retention pond located on Lot 1, Block
2, Golden Hills West 3rd Addition, Hennepin County, Minnesota, as contained and described in the
Pond Easement Agreement recorded as Document No. 6995577 in the office of the County Recorder and
recorded as Document No. 3077426 in the office of the Registrar of Title, Hennepin County,
Minnesota.

(Torrens property: Part of certificate of title number 1165548).

10900 Hampshire Avenue South, Bloomington, Minnesota

Parcel A:

Lot 1, Block 1, Noble Addition, Hennepin County, Minnesota.

Torrens Property

Torrens Certificate No. 1165546

Parcel B:

Non-exclusive easements for ponding and conversation purposes over parts of Outlot A, Noble
Addition, as contained in the Drainage Pond/Wetland Agreement and Easement dated February 9, 1998,
recorded February 20, 1998 in the office of the Hennepin County Registrar of Titles as Doc. No.
2889549.

10025 Valley View Road, Bloomington, Minnesota

Parcel 1:

Lot 1, Block 1, Norseman Industrial Park 6th Addition, Hennepin County, Minnesota.

Parcel 2:

Non-exclusive easements for drainage and driveway purposes over part of Lot 2. Block 1, Norseman
Industrial Park 6th Addition, as contained and described in the Warranty Deed recorded
as Document No. 5046619 in the office of the Hennepin County Recorder.

6105 Golden Hills Drive, Golden Valley, Minnesota

Parcel 1:

Lot 1, Block 2, Golden Hills West 4th Addition, according to the recorded plat thereof,
Hennepin County, Minnesota.

Parcel 2:

Non-exclusive easement to connect to and use the storm water retention pond located on Lot 1, Block
2, Golden Hills West 3rd Addition, Hennepin County, Minnesota, as contained in the Pond
Easement Agreement recorded as Document No. 6995577 in the office of the County Recorder and
recorded as Document No. 3077426 in the office of the Registrar of Titles, Hennepin County,
Minnesota.

7630 Executive Drive, Eden Prairie, Minnesota

Lot 1, Block 1, Edenvale Executive Center, Hennepin County, Minnesota.

(Certificate of Title No. 1165420)

2200 University Avenue West, St. Paul, Minnesota

Parcel 1:

Lots 88, 89, 90 and 91, and the Southeasterly 20.00 feet of vacated Pillsbury Street lying
Southwesterly of the Northwesterly extension of the Northeasterly line of said Lot 88, and lying
Northeasterly of the Northwesterly extension of the Southwesterly line of said Lot 88, all being in
“Hewitts Out Lots First Division”, according to the recorded plat thereof, Ramsey County,
Minnesota, excepting therefrom the Southwesterly 27.00 feet of the Southeasterly 279.00 feet.

Parcel 2:

Lot 87, “Hewitts Out Lots First Division”, according to the recorded plat thereof, together with
those parts of vacated Pillsbury Street and Myrtle Avenue accruing thereto by reason of the
vacation thereof.

Parcel 3:

Lot 86 of “Hewitts Out Lots First Division”, according to the recorded plat thereof on file and of
record in the Office of the Register of Deeds of Ramsey County, together with that part of vacated
Myrtle Avenue accruing thereto by reason of the vacation thereof.

Parcel 4:

Lot 85, “Hewitts Out Lots First Division”, according to the recorded plat thereof, together with
that part of vacated Myrtle Avenue accruing thereto by reason of the vacation thereof.

Parcel 5:

That part of vacated Myrtle Avenue accruing to Lot 84, “Hewitts Out Lots First Division”, according
to the recorded plat thereof, by reason of the vacation thereof.

Parcel 6:

That part of vacated Pillsbury Street accruing to Lot 88 except the Southeasterly 20.00 feet
thereof lying Southwesterly of the Northwesterly extension of the Northeasterly line of said Lot
88, and lying Northeasterly of the Northwesterly extension of the Southwesterly line of said Lot
88, located in “Hewitts Out Lots First Division”, according to the recorded plat thereof, Ramsey
County, Minnesota.

Parcel 7:

Subject to and together with the benefits and burdens of Mutual Easement and Operating Agreement
dated March 9, 1994, filed of record March 22, 1994 as Document No. 2794418.

800 South Fifth Street, Hopkins, Minnesota

Parcel 1:

Lots 5, 6, 7, 8, 9, 10, 11, 14, 15, and 16, Block 52, West Minneapolis, except that part of said
Lots 5, 6, 7, 8, 9, 14, 15, and 16 embraced within the plat of Supervalu Second Addition;

Lot 12, Block 52, West Minneapolis, except that part of said Lot 12 lying Southwesterly of Line A
described below;

Lot 13, Block 52, West Minneapolis, except that part of said Lot 13 embraced within the plat of
Supervalu Second Addition, and further excepting that part of said Lot 13 lying southwesterly of
Line A described below and southeasterly of the following described line: Beginning at the point
of termination of Line A; thence southwesterly along a curve parallel with and 30.00 feet
southeasterly of the curved southeasterly line of Supervalu Second Addition to the southerly line
of said Lot 13 and there terminating;

That part of the vacated alley in said Block 52 lying southerly of the plat of Supervalu Seconded
Addition and northerly of Line A described below;

That part of the west half of vacated 9th Avenue lying northerly of the extension across it of the
south line of said Block 52 and southerly of the plat of Supervalu Second Addition;

Line A: Commencing at the southeast corner of said Lot 12; thence North 89 degrees 21 minutes 26
seconds West, assumed bearing, along the south line of said Lot 12 a distance of 82.65 feet to the
actual point of beginning of the line to be described; thence northwesterly a distance of 65.25
feet along a tangential curve concave to the northeast having a radius of 89.50 feet and a central
angle of 41 degrees 46 minutes 08 seconds; thence North 47 degrees 35 minutes 18 seconds West,
tangent to last described curve, a distance of 32.53 feet to the intersection with a line drawn
parallel with and 30.00 feet southeasterly of the curved southeasterly line of Supervalu Second
Addition and there terminating.

Torrens property: Certificate of Title No. 1165549.

Parcel 2:

That part of Lot 7, Auditor’s Subdivision Number 195, and the East 1/2 of vacated 9th Avenue
adjacent to said Lot 7, which lies southerly and southeasterly of a line described as follows:
Beginning at the intersection of the center line of 5th Street South and the center line of 7th
Avenue as dedicated in the recorded plat of West Minneapolis, thence Westerly, along the westerly
extension of the center line of said 5th Street South, a distance of 127.00 feet; thence Westerly a
distance of 576.03 feet along a tangential curve concave to the South having a radius of 835.19
feet and a central angle of 39 degrees 31 minutes 00 seconds; thence Southwesterly, a distance of
255.54 feet, along a compound curve concave to the Southeast having a radius of 563.48 feet and a
central angle of 25 degrees 59 minutes 00 seconds; thence Southwesterly, tangent to the last
described curve, a distance of 176.85 feet; thence Southwesterly a distance of 209.78 feet, along a
tangential curve concave to the Northwest having a radius of 183.69 feet and a central angle of 65
degrees 26 minutes 00 seconds and said line there terminating.

6100-6190 Golden Hills Drive, Golden Valley, Minnesota

Parcel 1:

Lot 1, Block 1, Golden Hills West P.U.D. No. 78, according to the recorded plat thereof, Hennepin
County, Minnesota.

Parcel 2:

Non-exclusive easement to connect to and use the storm water retention pond located on Lot 1, Block
2, Golden Hills West 3rd Addition, Hennepin County, Minnesota, as contained and described in the
Pond Easement Agreement recorded as Document No. 6995577 in the office of the County Recorder and
recorded as Document No. 3077426 in the office of the Registrar of Titles, Hennepin County,
Minnesota.

Abstract and Torrens property: part of Certificate of Title No. 1165548.

6

EXHIBIT B

EARNEST MONEY ESCROW INSTRUCTIONS

These Earnest Money Escrow Instructions (“Instructions”) are entered into as of this      
day of      , 2007 by and among FIRSTCAL INDUSTRIAL 2 ACQUISITION, LLC, a Delaware limited
liability company (“Seller”), and HINES REIT MINNEAPOLIS INDUSTRIAL LLC, a Delaware limited
liability company (“Purchaser”), and FIRST AMERICAN TITLE INSURANCE COMPANY (“Escrowee”).

WHEREAS, Purchaser and Seller entered into an Agreement of Purchase and Sale, dated September
     , 2007 (the “Agreement”), for the purchase and sale of the Property (as defined in the
Agreement); and

WHEREAS, the parties desire to enter into escrow instructions with Escrowee pursuant to which
Purchaser shall deposit earnest money, as required under the Agreement (the “Escrow”).

NOW THEREFORE, in consideration of the mutual covenants contained in these Instructions, and
other good and valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties agree as follows:

1. Deposit.

1.1. Earnest Money. Pursuant to the terms and provisions of the Agreement, Purchaser
has deposited (or shall deposit) with Escrowee earnest money in the sum of FOUR MILLION THREE
HUNDRED THOUSAND and No/100 Dollars ($4,300,000.00) (the “Earnest Money”).

1.2. Investment of Earnest Money. Escrowee shall invest the Earnest Money in
interest-bearing securities, bank deposits and/or so-called “money market funds” established and
managed by nationally recognized firms, as selected by Purchaser. All interest earned on the
Earnest Money shall be paid as specifically provided in these Instructions.

2. Application of Earnest Money at Closing and Upon Termination of Agreement.

2.1. At Closing. At Closing (as defined in the Agreement), (i) the Earnest Money
shall be delivered by Escrowee to Seller and credited against the payment of the Purchase Price,
and (ii) all interest earned thereon shall be delivered by Escrowee to Purchaser, whereupon the
Escrow shall terminate.

2.2. Upon Termination of the Agreement. Except as otherwise provided in this Section
2.2 or in Section 3 below, in the event of any termination of the Agreement, the Earnest Money
(together with all interest earned thereon) shall be distributed by Escrowee only pursuant to the
joint written direction of Purchaser and Seller. Notwithstanding anything to the contrary
contained herein, in the event Purchaser timely and properly exercises its right to terminate the
Agreement pursuant to Section 6.1 of the Agreement and delivers written notice of such termination
to Seller and Escrowee (pursuant to the terms or the Agreement and these Instructions), Escrowee
shall immediately disburse the Earnest Money, together with all interest earned thereon, to
Purchaser, and Seller shall have no right to object to such disbursement (by delivery of an
Objection Notice or otherwise), Seller hereby irrevocably authorizing and directing Escrowee to
make such disbursement to Purchaser pursuant to the provisions of this sentence; provided, however,
Seller shall be permitted to deliver an Objection Notice on the basis of Purchaser’s failure to
deliver such notice timely and properly in accordance with the terms and conditions of the
Agreement.

3. Default.

3.1. Purchaser’s Default. In the event that Purchaser defaults in its obligation to
close the purchase and sale transaction under, and in accordance with the terms and conditions of,
the Agreement, and Seller desires to obtain the Earnest Money from Escrowee (pursuant to the terms
of the Agreement), Seller shall be required to present to Escrowee: Seller’s affidavit of default
(the “Default Affidavit”), executed under penalty of perjury by an authorized representative of
Seller, certifying to Purchaser and Escrowee that Purchaser is in default of such obligation under
the Agreement and, therefore, Seller is entitled to the Earnest Money proceeds. Upon receipt of
the Default Affidavit from Seller, Escrowee shall (i) deliver a copy of the Default Affidavit to
Purchaser, in the manner as provided in Section 5 below and (ii) if, within five (5) business days
after the date on which the Default Affidavit is deemed to be delivered to Purchaser (pursuant to
Section 5 below), Escrowee has not received from Purchaser a notice (“Objection Notice”) objecting
to Escrowee’s compliance with the Default Affidavit, Escrowee shall deliver the Earnest Money,
together with all interest earned thereon, to Seller.

3.2. Seller’s Default. In the event that Seller breaches or defaults under the
obligations imposed on it under the Agreement, and Purchaser desires the return of the Earnest
Money from Escrowee (pursuant to the terms of the Agreement), Purchaser shall be required to
present to Escrowee: its own Default Affidavit executed under penalty of perjury by an authorized
representative of Purchaser certifying to Seller and Escrowee that Seller is in default under the
Agreement and, therefore, Purchaser is entitled to return of the Earnest Money proceeds. Upon
receipt of the Default Affidavit from Purchaser, Escrowee shall (i) deliver a copy of the Default
Affidavit to Seller as provided in Section 5 below, and (ii) if, within five (5) business days
after the date on which the Default Affidavit is deemed to be delivered to Seller (pursuant to
Section 5 below), Escrowee has not received from Seller an Objection Notice, objecting to
Escrowee’s compliance with the Default Affidavit, Escrowee shall deliver the Earnest Money,
together with all interest earned thereon, to Purchaser.

4. Objection Notices. If Escrowee receives an Objection Notice from either Seller or
Purchaser within the time period set forth in Section 3 above, then Escrowee shall refuse to comply
with the Default Affidavit then in question (“Objectionable Default Affidavit”) until Escrowee
receives (a) joint written instructions executed by both Purchaser and Seller, or (b) a final
non-appealable order with respect to the disposition of the Earnest Money from a federal or state
court of competent jurisdiction (“Court Order”), in either of which events Escrowee shall then
disburse the Earnest Money and all interest earned thereon, in accordance with such direction or
Court Order, as the case may be. Notwithstanding the immediately preceding sentence, if the party
that delivers the Objection Notice does not (i) commence litigation with respect to the Earnest
Money by filing a complaint or action for a declaratory judgment in an appropriate court of
competent jurisdiction (“Litigation”), and (ii) provide notice and a file-stamped copy of such
complaint or action for declaratory judgment to Escrowee and the other party to these Instructions
within thirty (30) days after delivery of the then-applicable Objection Notice, then Escrowee shall
disburse the Earnest Money in accordance with the Objectionable Default Affidavit.

Notwithstanding anything to the contrary in the Agreement or these Instructions, Seller and
Purchaser hereby agree that in the event that (A) either or both of them delivers a Default
Affidavit pursuant to Section 3; (B) the recipient of a Default Affidavit delivers an Objection
Notice in response thereto; (C) the party delivering an Objection Notice commences Litigation; (D)
the Litigation is ultimately resolved by the issuance of a Court Order; and (E) the Court Order
authorizes the disbursement of the Earnest Money to the party that delivered the Default Affidavit
that gave rise to the Objection Notice and ensuing Litigation (the “Initiating Party”), then the
party that delivered such Objection Notice shall be required to pay to the Initiating Party
interest on the Earnest Money, from the date on which the Initiating Party delivered its Default
Affidavit through the date on which the Escrowee disburses the Earnest Money (and all interest
accrued thereon) to the Initiating Party, which interest shall be at the per annum rate of five
percent (5.0%) in excess of the per annum rate publicly announced, from time to time, by Bank of
America, N.A. (or its successor) as its “prime” or “base” or “reference” rate of interest.

5. Notices. Any notice, demand or request which may be permitted, required or desired
to be given in connection therewith shall be given in writing and directed to the parties hereto as
follows:

	 	 	 	Seller: First Industrial Realty Trust, Inc.

	 	 	 	 	 	 	 	 	 
	311 South Wacker Drive, Suite 4000
	 	 	 	 
	Chicago, Illinois 60606
Attn:
	 	Joe David	 	 	 	 
	Facsimile: (312) 922-6826
With a copy to
	 	 	 	 	 	 	 	 
	its attorneys:	 	Barack Ferrazzano Kirschbaum & Nagelberg LLP
	 	 	200 West Madison Street, Suite 3900
	 
	 	Chicago, Illinois  60606	 	 	 	 
	 
	 	Attn:	 	Jeremy T. Bunnow, Esq.

	 	 	 	 	 
	 
	 	Facsimile: (312) 984-3150
	Purchaser:
	 	REIT Minneapolis Industrial LLC
	 
	 	c/o Hines Interests Limited Partnership
	 
	 	2800 Post Oak Boulevard, Suite 5000
	 
	 	Houston, Texas 77056-6118
	 
	 	Attn:  Charles N. Hazen
	 
	 	Facsimile:  (713) 966-7851
	With a copy to
its attorneys:
	 	REIT Minneapolis Industrial LLC
	 
	 	c/o Hines Advisors Limited Partnership
	 
	 	2800 Post Oak Boulevard, Suite 5000
	 
	 	Houston, Texas 77056-6118
	 
	 	Attn:  Jason P. Maxwell - Legal
	 
	 	Facsimile:  (713) 966-2705
	 
	 	and
	 
	 	Baker Botts L.L.P.
	 
	 	2001 Ross Avenue, Suite 600
	 
	 	Dallas, Texas 75201-2980
	 
	 	Attention:  Joel M. Overton, Jr.
	 
	 	Facsimile:  214-661-4938
	Escrowee:
	 	First American Title Insurance Company

Attn:

Facsimile:

Notices shall be deemed properly delivered and received when and if either (i) the same day
when personally delivered prior to 5:00 p.m. (Chicago time); or (ii) one (1) business day after
deposits with Federal Express or other overnight courier; or (iii) the same day when sent by
confirmed facsimile at or prior to 5:00 p.m. (Chicago time).

6. Escrowee Obligations. The parties agree that, except as otherwise expressly
provided in Section 4, the actions of, and the relationship between, Purchaser and Seller shall be
governed by the terms of the Agreement. In all events and under all circumstances (except as
otherwise expressly provided in Section 4), the ultimate rights and obligations of Seller and
Purchaser shall be strictly governed and controlled by the terms and provisions of the Agreement,
rather than these Instructions. In the event of any conflict between the terms and provisions of
the Agreement and these Instructions, the terms and provisions of the Agreement shall control in
all events and circumstances except as otherwise expressly provided in Section 4. Notwithstanding
the existence of the Agreement or any references herein to the Agreement, the parties agree that
Escrowee (but not Seller and Purchaser) shall be governed solely by the terms and provisions of
these Instructions. The parties furthermore agree that, except as otherwise specifically provided
in Section 4 above, Escrowee is hereby expressly authorized to regard, comply with, and obey any
and all orders, judgments or decrees entered or issued by any court, and, in case Escrowee obeys
and complies with any such order, judgment or decree of any court, it shall not be liable to either
of the parties hereto or to any other person, firm or corporation by reason of such compliance.

7. Litigation. In the event of litigation between the parties with respect to these
Instructions, the performance of their respective obligations hereunder, or the effect of a
termination under the Agreement or these Instructions, the losing party shall pay all costs and
expenses incurred by the prevailing party in connection with such litigation, including, but not
limited to, court costs and reasonable fees of counsel selected by the prevailing party.
Notwithstanding any provision of the Agreement or these Instructions to the contrary, the
obligations of the parties under this Section 7 shall survive a termination of either or both of
the Agreement and these Instructions.

8. Time of the Essence. Time is of the essence of these Instructions. If any date
herein set forth for the performance of any obligations by Seller, Escrowee or Purchaser or for the
delivery of any instrument or notice as herein provided should be on a Saturday, Sunday or legal
holiday, the compliance with such obligations or delivery shall be deemed acceptable on the next
business day following such Saturday, Sunday or legal holiday.

7

9. Counterparts. These Instructions may be executed in counterparts, each of
which shall constitute an original, but all of which together shall constitute one and the same
instrument.

SELLER:

FIRSTCAL INDUSTRIAL 2 ACQUISITION, LLC, a Delaware
limited liability company

	 	 	 	By:
FirstCal Industrial 2, LLC, a Delaware limited
liability company, its sole member

	 	 	 	By:
FR FirstCal 2, LLC, a Delaware limited liability
company, its managing member

	 	 	 	By:
First Industrial Investment, Inc., a Maryland
corporation, its sole member

By:

Name:

Its:

PURCHASER:

HINES REIT MINNEAPOLIS INDUSTRIAL LLC, a Delaware

limited liability company

By:

Name:

Its:

ACCEPTED BY ESCROWEE:

FIRST AMERICAN TITLE INSURANCE COMPANY

By:

Name:

Its:

8

EXHIBIT C

DOCUMENTS

Each to the extent in the Seller’s possession or reasonable control, except for item (c) below
which shall be delivered only to the extent in Seller’s actual possession:

(a) Leases. Copies of all Existing Leases and copies of any agreements with respect
to any commissions due or to become due from Seller in connection with any such Existing Leases,
together with Seller’s tenant files with respect to the Property and with a copy of the most
current rent roll prepared by Seller in the ordinary course of Seller’s business as well as all
FASB 13 schedules.

(b) Books and Records. Copies of the income and expense statements for the Property
prepared by Seller in the ordinary course of Seller’s business for the last three (3) years or any
shorter period of Seller’s ownership of the Property (the “Operating Statements”), including the
Operating Statement to the extent prepared for the current year to date.

(c) Approvals. Copies of all, if any, of the following in Seller’s actual possession:
any development approvals which have been obtained (or which have been applied for by Seller or on
behalf of Seller and are pending) in connection with the Property; reports, licenses and permits
for the Property as required by any applicable zoning or environmental laws; copies of any
subdivision plans or plats, and certifications, rezonings, general plan amendments, parcel maps and
development agreements, as such materials relate to the Property and the development and operation
thereof; and copies of all other valid permits, licenses, franchises, certifications,
authorizations, approvals and permits issued by any governmental or quasi-governmental authorities
having jurisdiction over the Property to or for Seller for the construction, ownership, operation,
use and occupancy of the Land or the Improvements, or any part thereof.

(d) Existing Title Policy and Survey. A copy of the most recent owner’s title
insurance policy issued to Seller for the Land and the Improvements, and a copy of the Survey.

(e) Contracts. Copies of all Contracts. Without limiting the foregoing, this list
should include Contracts relating to the snow removal, lot sweeping, HVAC, window cleaning, fire
suppression and fire monitoring systems. In addition, copies of all roof warranties and any other
warranties.

9

EXHIBIT D

DISCLOSURE ITEMS

None.

10

EXHIBIT E

ESTOPPEL CERTIFICATE

	 	 	 
	To:

	 	Hines REIT Properties, L.P.

and its affiliates, subsidiaries, successors and/or assigns

c/o Hines Interests Limited Partnership

2800 Post Oak Blvd., Suite 5000

Houston, Texas 77056

(Lease to be Attached)

ESTOPPEL CERTIFICATE

The undersigned,      (“Tenant”), hereby certifies to the
above addressees and to any lender of financing made in connection with the acquisition and/or
operation of the Building by the above addressees (including any such lender’s respective
successors and assigns) that:

1. Tenant is party to that certain lease agreement (“Lease”), dated as of the      day
of      , 20     , by and between the undersigned, as tenant (“Tenant”), and
     as landlord (“Landlord”), covering certain [insert
type of property] space (“Premises”) in the building located at      (“Building”).
The net rentable square footage of the Premises is      .

2. The Lease is valid and in full force and effect on the date hereof. The term of the Lease
commenced on      , 20     , and the termination date of the present term of the Lease,
excluding renewals, is      , 20     .

3. There are no other agreements between Landlord and Tenant with respect to the Premises.
Except for      , Tenant has not sub-letting or encumbered the Premises.

4. There are no uncured defaults on the part of Tenant or on the part of Landlord under the
Lease, and, to Tenant’s actual knowledge, no event has occurred and no condition exists which, with
the giving of notice or the lapse of time, or both, will constitute a default under the Lease.

5. Fixed or base rent payable by Tenant presently is $    per month and no such
rent has been paid more than 30 days in advance of its due date. Tenant’s security deposit is
$     .

6. Additional rent (including Tenant’s share of tax increases and cost of living increases)
payable by Tenant presently is $    per month and no such rent has been paid more than
30 days in advance of its due date. Tenant has fully paid all fixed or base rent, all additional
rent and all other sums due and payable under the Lease on or before the date of this Estoppel
Certificate.

7. Tenant claims no present charge, lien or claim of offset under the Lease or otherwise,
against rents or other charges due or to become due thereunder.

8. Tenant has accepted possession of the Premises and any improvements required by the terms
of the Lease to be made by the lessor thereunder have been completed to the satisfaction of Tenant.

9. The address for notices to be sent to Tenant is as set forth in the Lease.

10. This Estoppel Certificate may be relied upon by any prospective purchaser or encumbrance
of the Building.

11. Except as set forth in the Lease, Tenant has no right of first refusal, option or other
right to purchase the Premises or the Building, nor does Tenant have any right to unilaterally
cancel the Lease. Except as set forth in the Lease, Tenant has no renewal options or expansion
options.

IN WITNESS WHEREOF, the undersigned has executed and delivered this Estoppel Certificate on
the      day of      , 20     .

     

(Tenant)

By:

Title:

11

EXHIBIT F

Intentionally Omitted

12

EXHIBIT G

ASSIGNMENT AND ASSUMPTION OF LEASES

THIS ASSIGNMENT AND ASSUMPTION OF LEASES AND SECURITY DEPOSITS (the “Assignment”) is made and
entered into this      day of      , 20     by and between (“Assignor”), and (“Assignee”).

R E C I T A L S:

WHEREAS, Assignor and Assignee entered into that certain Agreement of Purchase and Sale, dated
     , 20     , and as amended from time to time (as amended, the “Agreement”), for the
purchase and sale of the building commonly known by the street address (the “Premises”); and

WHEREAS, in connection with the consummation of the transaction contemplated under the
Agreement, Assignor and Assignee desire to execute this Assignment.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Recitals. The foregoing recitals are hereby incorporated in the body of this
Assignment as if fully rewritten and restated herein.

2. Assignment of Leases. Assignor hereby sells, transfers and assigns to Assignee all
of its right, title and interest in and to those certain leases presently existing and described in
Exhibit A attached hereto (collectively, the “Leases”) and any and all guaranties made in
connection with the Leases, subject, however, to the terms, covenants and conditions of the Leases
and this Assignment. Notwithstanding the foregoing, however, Assignor nevertheless retains, on a
nonexclusive basis (and only to the extent that such retention by Assignor in no way prejudices,
limits or restricts any rights, remedies, recourses or indemnities otherwise available to
Assignee), the benefit and protection of any indemnity(ies) provided by the tenants under the
Leases for the benefit of the landlord.

3. Assignment of Security Deposits. Assignor hereby sells, transfers and assigns to
Assignee all of its right, title and interest in and to those security deposits required pursuant
to the Leases, and identified on Exhibit B attached hereto and made a part hereof (collectively,
the “Security Deposits”).

4. Assumption of Obligations. Assignee hereby accepts the assignment of the Leases,
the rents due thereunder and the Security Deposits subject to the terms and conditions hereof, and
from and after the date hereof, Assignee hereby assumes and shall be responsible for and shall
perform all of those obligations imposed on the lessor or landlord under the Leases, which
obligations first arise or accrue after the date hereof (the “Closing”).

5. Assignee’s Indemnification. Assignee hereby indemnifies, protects, defends and
holds Assignor, Assignor’s      , the partners, officers, directors and shareholders of
Assignor’s      , and their respective successors, and assigns, harmless from any and all
claims, damages, losses, suits, proceedings, costs and expenses, including, without limitation,
reasonable attorneys’ fees (collectively, “Losses”), both known or unknown, present and
future, at law or in equity, arising out of, by virtue of or in any way related to the breach by
Assignee of (or Assignee’s failure to timely perform) any or all of the obligations imposed on the
lessor or the landlord under the Leases, which obligations accrue from and after the date of the
Closing.

6. Assignor’s Indemnification. Assignor hereby indemnifies, protects, defends and
holds Assignee, Assignee’s      , the partners, officers, directors and shareholders of
Assignee’s      and all of their respective successors and assigns harmless from any and
all Losses, both known and unknown, present and future, at law or in equity and arising out of, by
virtue of, or related in any way to, the breach by Assignor of (or Assignor’s failure to timely
perform) any or all of the obligations imposed on the lessor or the landlord under the Leases,
which obligations accrue prior to the date of the Closing.

7. Counterparts. This Assignment may be executed in one or more identical
counterparts, all of which, when taken together shall constitute one and the same instrument.

8. Governing Law. This Assignment shall be governed by and construed in accordance
with the laws of the State of Minnesota.

9. Partial Invalidity. The provisions hereof shall be deemed independent and
severable, and the invalidity or enforceability of any one provision shall not affect the validity
or enforceability of any other provision hereof.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

13

IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment on the date
first above written.

ASSIGNOR:

By:

Name:

Its:

ASSIGNEE:

By:

Name:

Its:

14

EXHIBIT H

ASSIGNMENT AND ASSUMPTION OF CONTRACTS AND INTANGIBLES

THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS AND INTANGIBLES (the “Assignment”) is made and
entered into this      day of      , 20     , by and between (“Assignor”), and (“Assignee”).

R E C I T A L S:

WHEREAS, Assignor and Assignee entered into that certain Agreement of Purchase and Sale, dated
     , 20     , and as amended from time to time (as amended, the “Agreement”), for the
purchase and sale of (the “Premises”); and

WHEREAS, in connection with the consummation of the transactions contemplated under the
Agreement, Assignor and Assignee desire to execute this Assignment.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Recitals; Defined Terms. The foregoing recitals are hereby incorporated into this
Agreement as if fully rewritten and restated in the body of this Assignment. Capitalized terms
used herein and not otherwise defined shall have the meanings respectively ascribed to them in the
Agreement.

2. Assignment of Contracts and Intangibles. Assignor hereby sells, transfers, conveys
and assigns to Assignee all of its right, title and interest in and to the contracts and agreements
relating to the management, leasing, operation, maintenance and repair of the Premises, as set
forth on Exhibit A attached hereto and made a part hereof (collectively, the “Contracts”),
subject, however, to the terms and covenants of the Contracts and this Assignment. Assignor hereby
quitclaims unto Assignee, without recourse, representation or warranty of any kind whatsoever, all
of Assignor’s right, title and interest (if any) in and to all, if any, Intangibles relating to the
Premises. Such Intangibles are quitclaimed by Assignor to Assignee on an “AS-IS,” “WHERE-IS,”
“WITH ALL FAULTS” basis, and without any warranties, representations or guaranties, either express
or implied, of any kind, nature or type whatsoever, except the foregoing shall be without
limitation upon any representations and warranties expressly contained in the Agreement.

3. Assumption of Obligations. Assignee hereby accepts the assignment of the Contracts
and the Intangibles subject to the terms and conditions hereof, and from and after the date hereof,
Assignee hereby assumes and shall be responsible for and shall perform, discharge and fulfill all
of the obligations imposed on Assignee, as the owner of the Premises and the successor-in-interest
to Assignor, under the Contracts, which obligations accrue after the date hereof.

4. Assignee’s Indemnification. Assignee hereby indemnifies, protects, defends and
holds Assignor, Assignor’s      , the partners, officers, directors and shareholders of
Assignor’s      , and all of their respective successors and assigns harmless from any and
all claims, damages, losses, suits, proceedings, costs and expenses, including, without limitation,
reasonable attorneys’ fees (“Losses”), both known or unknown, present and future, at law or in
equity, arising out of, by virtue of, or in any way related to, the breach by Assignee of (or
Assignee’s failure to timely perform) any or all of the obligations imposed on Assignee, as the
owner of the Premises and the successor-in-interest to Assignor, under the Contracts, which
obligations accrue after the date hereof.

5. Assignor’s Indemnification. Assignor hereby indemnifies, protects, defends and
holds Assignee, Assignee’s      , the partners, officers, directors and shareholders of
Assignee’s      and all of their respective successors and assigns harmless from any and
all Losses, both known and unknown, present and future, at law or in equity and arising out of, by
virtue of, or related in any way to, the breach by Assignor of (or Assignor’s failure to timely
perform) any or all of the obligations imposed upon Assignor, as the owner of the Premises prior to
the date hereof, under the Contracts, which obligations accrued on or prior to the date hereof.

6. Counterparts. This Assignment may be executed in one or more multiple
counterparts, all of which, when taken together shall constitute one and the same instrument.

7. Governing Law. This Assignment shall be governed by and construed in accordance
with the laws of the State of Minnesota.

8. Partial Invalidity. The provisions hereof shall be deemed independent and
severable, and the invalidity or enforceability of any one provision shall not affect the validity
or enforceability of any other provision hereof.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

15

IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment on the date
first above written.

ASSIGNOR:

By:

Name:

Its:

ASSIGNEE:

By:

Name:

Its:

16

EXHIBIT I

BILL OF SALE

QUITCLAIM

BILL OF SALE

FOR VALUE RECEIVED, (“Seller”), hereby quitclaims unto (“Purchaser”), all of Seller’s right,
title and interest, if any, in and to all Personal Property [as defined in that certain Agreement
of Purchase and Sale, dated      , 20     , by and between Seller and Purchaser]. The
Personal Property is quitclaimed by Seller to Purchaser on an “AS IS,” “WHERE IS,” “WITH ALL
FAULTS” basis, and without any warranties, representations or guarantees, either express or
implied, of any kind, nature, or type whatsoever, including, but not limited to, any warranty as to
the fitness for a particular purpose or merchantability of the Personal Property, except the
foregoing shall be without limitation upon any representations and warranties expressly contained
in the Agreement.

IN WITNESS WHEREOF, Seller has executed this Bill of Sale as of      , 20     .

SELLER:

By:

Name:

Its:

17

EXHIBIT J

BROKERAGE AGREEMENTS

1. Exclusive Authorization to Lease dated October 20, 2005 between CB Richard Ellis, Inc. and
FirstCal 2 Industrial Leasing Manager, LLC for 7600-7688 Executive Drive, Eden Prairie, MN, as
extended by letter dated June 26, 2006.

2. Exclusive Authorization to Lease dated October 19, 2005 between United Properties
Brokerage, LLC and FirstCal 2 Industrial Leasing Manager, LLC for 10900 Hampshire Avenue,
Bloomington, MN, as extended by letter dated October 19, 2006.

3. Exclusive Authorization to Lease dated October 19, 2006 between Paramount Real Estate
Corporation and FirstCal 2 Industrial Leasing Manager, LLC for 10025 Valley View Road, Eden
Prairie, MN, as extended by letter dated October 19, 2006.

4. Exclusive Authorization to Lease dated October 19, 2005 between United Properties
Brokerage, LLC and FirstCal 2 Industrial Leasing Manager, LLC for 800 South Fifth Street, Hopkins,
MN, as extended by letter dated February 5, 2007.

5. Exclusive Authorization to Lease dated January 15, 2007 between United Properties
Brokerage, LLC and FirstCal 2 Industrial Leasing Manager, LLC for 2200 University Avenue West, St.
Paul.

6. Exclusive Authorization to Lease dated April 21, 2006 between CB Richard Ellis, Inc. and
FirstCal 2 Industrial Leasing Manager, LLC for Golden Hills 1, 5900 Golden Hills Drive, Golden
Valley, MN, as extended by letter dated June 29, 2007.

7. Exclusive Authorization to Lease dated December 29, 2005 between CB Richard Ellis, Inc. and
FirstCal 2 Industrial Leasing Manager, LLC for Golden Hills 2, 6100 Golden Hills Drive, Golden
Valley, MN, as extended by letters dated June 13, 2006 and May 29, 2007.

The Brokerage Agreements described in Nos. 1-4 of this Exhibit J have, by their own terms, expired.
The Brokerage Agreements described in Nos. 5-7 of this Exhibit J will, by their own terms,
terminate at Closing. Therefore, no Brokerage Agreements will be assigned to Purchaser from Seller
at Closing.

Furthermore, the commissions set forth on the following page shall constitute Purchaser’s
Commissions.

18

EXHIBIT K

DEED

SPECIAL WARRANTY DEED

(reserved for recording data)

STATE DEED TAX DUE HEREON: $   

Date:      , 20     

FOR VALUABLE CONSIDERATION, FIRSTCAL INDUSTRIAL 2 ACQUISITION, LLC, a limited liability
company existing under and by virtue of the laws of the State of Delaware, Grantor, hereby conveys
and quitclaims to      , a(n)   existing under the laws of the      ,
Grantee, real property in      County, Minnesota, described as follows:

See Exhibit A attached hereto and made a part hereof for legal description.

Subject to: Permitted Exceptions listed on Exhibit B attached hereto and made a part
hereof, together with all hereditaments and appurtenances belonging thereto, or in anywise
appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits
thereof, and all of the estate, right, title, interest, claim or demand whatsoever, of the Grantor,
either in law or equity, of, in and to the above described premises, with the hereditaments and
appurtenances: TO HAVE AND TO HOLD the said premises as above described, with the appurtenances,
unto the Grantee, its heirs and assigns forever.

Grantor certifies that Grantor does not know of any wells on the described property.

And the Grantor, for itself, and its successors, does covenant, promise and agree, to and with
the Grantee, its heirs and assigns, that it has not done or suffered to be done, anything whereby
the said premises hereby granted are, or may be, in any manner encumbered or charged, except as
herein recited; and that the said premises, against all persons lawfully claiming, or to claim the
same, by, through or under it, it WILL WARRANT AND DEFEND, subject to the following exceptions:
See Exhibit B

[signature page follows]

19

FIRSTCAL INDUSTRIAL 2 ACQUISITION, LLC, a Delaware
limited liability company

	 	 	 	By:
FirstCal Industrial 2, LLC, a Delaware limited
liability company, its sole member

	 	 	 	By:
FR FirstCal 2, LLC, a Delaware limited liability
company, its managing member

	 	 	 	By:
First Industrial Investment, Inc., a Maryland
corporation, its sole member

By:

Name:

Its:

Affix Deed Tax Stamps Here

Its:

20

	 	 	 	 	 
	STATE OF      

COUNTY OF      

	 	)

)

)
	 	

SS.

The foregoing was acknowledged before me this      day of      ,      , by
     an Authorized Signatory of      .

NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK)

NOTARY PUBLIC

THIS INSTRUMENT WAS DRAFTED BY:

WHEN RECORDED RETURN TO:

TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO:

21

EXHIBIT A

22

EXHIBIT B

23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]