Document:

Exhibit
10.6

February
18, 2005

Mr.
William Hecht

Chief Executive Officer

Dear
Bill,

I am pleased to advise you that the Board of
Directors has authorized a special early retirement offer to certain long term
officers of the Bank.  In each case, the
offer has been customized to reflect the specific circumstances of the
individual, so the terms of the offer communicated herein must remain
confidential.

In consideration of your agreement to request early
retirement on or about May 1, 2005, which request will be approved by the
Board, the Bank agrees to provide the following supplemental benefits:

1.                                       Maintain $300,000 in life insurance coverage
till age 85.

2.                                       Until age 66 the Bank will provide you and
your wife with the same medical coverage that is provided for employees
(including family coverage if applicable) at no cost to you.  Should you subsequently obtain other employment
which provides similar medical coverage you agree to substitute that coverage
and the bank’s obligation will be limited to reimbursing you for any required
employee contribution toward the premiums.

3.                                       During any period of time when you occupy the
position of Chairman of the Board of Directors the Bank will continue to
provide you with your present company car plus repairs and insurance, as well
as reimbursement for dues and bank related expenses at  Chester Valley Golf Club.  Additionally, the Bank will provide you with
an office at the Bank’s headquarters, wherever located, and reimburse you for
expenses associated with maintaining a virtual private network to facilitate
connection to the bank’s systems from a home office.  Finally, the Bank agrees to reimburse you for
the expense of continuing professional education as well as related travel and
entertainment.

All other aspects of retirement, including your rights under the Bank’s
various benefit plans will be governed by the applicable plan documents.  This offer will remain open till March 3,
2005.  Please notify me of your decision
by signing and dating the appropriate line below and returning the copy to me
while retaining the original for your file.

Sincerely,

 

	
  I accept the offer

  	
   

  
	
   

  	
   

  
	
  /s/ William E.
  HechtExhibit 10.116

 

AGREEMENT OF PURCHASE AND SALE

 

between

 

80 SOUTH EIGHTH, L.L.C., a Delaware limited
liability company,

 

as SELLER,

 

and

 

INLAND REAL ESTATE ACQUISITIONS, INC., an
Illinois corporation

 

as BUYER

 

Dated: June 29, 2006

 

 

AGREEMENT
OF PURCHASE AND SALE

 

This Agreement, dated as of June 29,
2006, is between 80 South Eighth, L.L.C., a Delaware limited liability company
(“Seller”), and Inland Real Estate
Acquisitions, Inc., an Illinois corporation (“Buyer”).

 

ARTICLE I

 

PURCHASE AND
SALE OF PROPERTY

 

Section 1.1                                   Sale.

 

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

 

(a)                                  Real Property. The land and vertical space legally
described in Exhibit A attached hereto and
made a part hereof located in the City of Minneapolis, State of Minnesota,
together with (1) all improvements located thereon or therein (the “Improvements”), (2) all rights, benefits, privileges,
easements, tenements, hereditaments, rights-of-way and other appurtenances
thereto, including all development and air rights, and (3) all of Seller’s
interest in all strips and gores and any land lying in the bed of any street,
road or alley, open or proposed, adjoining such land (all of the foregoing
being hereinafter collectively referred to as the “Real Property”).
For purposes of greater clarity, Seller and Buyer acknowledge that: (i) the
Real Property constitutes a portion of the mixed-use project commonly known as “IDS
Center,” including certain office and retail space, the Crystal Court, and a
portion of the parking garage; and (ii) the Property does not include the
portion of IDS Center currently operated as the Marquette Hotel (the “Hotel Portion”) by Eighth Street Hotel Corporation, which
owns the Hotel Portion (the “Hotel Owner”),
all as more fully described and delineated in the Amended and Restated
Agreement of Easements and Covenants dated December 31, 2002 (the “REA”) between Seller’s Predecessor and the Hotel Owner;

 

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

 

(c)                                  Tangible Personal Property. All of the equipment, machinery, furniture, furnishings,
supplies and other tangible personal property, if any, owned by Seller and now
or hereafter located on and used exclusively in the operation, ownership or
maintenance of the Real Property (collectively, the “Tangible
Personal Property”), but specifically excluding from, and not
considered part of, the Tangible Personal Property (I) any items of
personal property owned by tenants of the Property, (2) any items of
personal property listed in Schedule 1
attached hereto and made a part hereof, (3) any items of personal
property owned by third parties and leased to Seller listed on Exhibit H, and (4) proprietary computer software,
systems and equipment and related licenses used in connection with the
operation or management of the Property; and

 

 

(d)                                 Intangible Personal Property. To the extent assignable at no cost to
Seller, all intangible personal property, if any, owned by Seller and related
to the Real Property and the Improvements, including, without limitation: any
trade names and trademarks associated with the Real Property and the
Improvements (including Seller’s right to use the name “IDS Center”); any plans
and specifications and other architectural and engineering drawings for the
Improvements; any warranties; any Service Contracts (as defined in Section 2.l(b) below)
and other contract rights related to the Property (but only to the extent
Seller’s obligations thereunder are expressly assumed by Buyer pursuant to the
Assignment of Leases as defined in Section 8.3(a)(3) below); and any
governmental permits, approvals and licenses (including any pending
applications) (collectively, the “Intangible Personal
Property”).

 

Section 1.2                                   Purchase Price.

 

(a)                                  The purchase price of the Property is Two
Hundred Eighty Seven Million Five Hundred Thousand Dollars ($287,500,000.00)
(the “Purchase Price”).

 

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

 

(1)                                 Within one (1) business day after the
Effective Date, Buyer shall deposit in escrow, in the form of Exhibit H attached hereto, with Chicago Title Insurance
Company Attn: Nancy Castro (the “Title Company”)
cash or other immediately available funds in the amount of One Million Dollars
($1,000,000.00), which sum shall be increased to Four Million Five Hundred
Thousand Dollars ($4,500,000.00) within one (1) business day after the
expiration of the Contingency Period, provided this Agreement has not been
terminated prior to the end of the Contingency Period (the “Deposit”). In the event Buyer waives or is deemed to have
waived Buyer’s right to terminate this Agreement pursuant to Section 2.2
below, the entire Deposit shall be non-refundable to Buyer for any reason
whatsoever except as otherwise expressly provided
herein.

 

The Deposit shall be held in an interest bearing
account and all interest thereon, less investment fees, if any, shall be deemed
a part of the Deposit. If the sale of the Property as contemplated
hereunder is consummated, then the Deposit shall be paid to Seller at the
Closing (as defined in Section 1.2(b)(2) below) and credited against
the Purchase Price. IF THE SALE OF THE
PROPERTY IS NOT CONSUMMATED DUE TO SELLER’S DEFAULT HEREUNDER, THEN BUYER MAY ELECT,
AS BUYER’S SOLE AND EXCLUSIVE REMEDY, EITHER TO: (1) TERMINATE THIS
AGREEMENT AND RECEIVE A REFUND OF THE DEPOSIT, IN WHICH EVENT NEITHER PARTY
SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER EXCEPT AS PROVIDED IN
SECTIONS 6.1, 9.3 AND 9.9 BELOW, OR (2) ENFORCE SPECIFIC PERFORMANCE OF
SELLER’S OBLIGATION TO EXECUTE THE DOCUMENTS REQUIRED TO CONVEY THE PROPERTY TO
BUYER, IT BEING UNDERSTOOD AND AGREED THAT THE REMEDY OF SPECIFIC PERFORMANCE
SHALL NOT BE AVAILABLE TO ENFORCE ANY OTHER OBLIGATION OF SELLER HEREUNDER
(PROVIDED, HOWEVER, THAT BUYER MAY IN SUCH EVENT DEDUCT FROM THE PURCHASE
PRICE ANY AMOUNTS TO BE CREDITED OR PAID BY SELLER UNDER THE TERMS OF THIS
AGREEMENT AT CLOSING, SUCH AS PRORATIONS AND SIMILAR ITEMS AND PAYMENTS UNDER

 

2

 

ARTICLE VIII, BUT NOT ANY CLAIMS RESULTING FROM SELLER’S DEFAULT
HEREUNDER). BUYER EXPRESSLY WAIVES ITS RIGHTS TO SEEK DAMAGES IN THE EVENT OF
SELLER’S DEFAULT HEREUNDER PRIOR TO CLOSING. BUYER SHALL BE DEEMED TO HAVE
ELECTED TO TERMINATE THIS AGREEMENT AND RECEIVE BACK THE DEPOSIT IF BUYER FAILS
TO FILE SUIT FOR SPECIFIC PERFORMANCE AGAINST SELLER IN A COURT HAVING
JURISDICTION IN THE COUNTY AND STATE IN WHICH THE PROPERTY IS LOCATED, ON OR
BEFORE NINETY (90) DAYS FOLLOWING THE DATE UPON WHICH CLOSING WAS TO HAVE
OCCURRED. IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY BUYER HEREUNDER,
THEN SELLER SHALL RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES AS SELLER’S SOLE AND
EXCLUSIVE REMEDY IN WHICH EVENT NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR
OBLIGATIONS HEREUNDER EXCEPT AS PROVIDED IN SECTIONS 6.1, 9.3 AND 9.9 BELOW.
THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE
TO CONSUMMATE THIS SALE DUE TO BUYER’S DEFAULT PRIOR TO CLOSING, WOULD BE
EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE
PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE
DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF
THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS
BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE
ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT
THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES
PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT BUYER’S OBLIGATIONS UNDER
SECTIONS 6.1, 9.3 AND 9.9.

 

	
  INITIALS:

  	
   

  	
  SELLER

  	
   

  	
  BUYER

  

 

(2)                                 Assumption by Buyer or Buyer’s assignee of
Seller’s existing first priority mortgage loan in the current principal balance
of $161,000,000.00, an interest rate of five percent (5%) per annum maturing on
January 1, 2010 and providing for interest only payments of $670,833.33
monthly plus required impounds, if any (the “First Mortgage Loan”).

 

(3)                                 The balance of the Purchase Price (not in
excess of $126,500,000.00) (plus or minus the prorations and Closing Costs
pursuant to Section 8.5 hereof) shall be paid to Seller through an escrow
with the Title Company, in cash or by wire transfer of other immediately
available funds at the consummation of the purchase and sale contemplated
hereunder (the “Closing”).

 

3

 

ARTICLE II

 

CONDITIONS

 

Section 2.1                                   Buyer’s Conditions Precedent.

 

On or before the fifth (5th) business day after the Effective Date
Seller, subject to Section 3(c), shall deliver to Buyer the Due Diligence
Materials described on Schedule 2.1
(delivery electronically or pursuant to an election posting, which Purchaser
can access shall satisfy such requirement), including copies of the Leases
(including all amendments thereto) the documents evidencing and securing the
First Mortgage Loan (the “First Mortgage Documents”) shall make available for
inspection and copying all other documents relevant to Buyer’s due diligence.
Seller shall provide Buyer with copies of any material notices or other
material information received from or sent to any tenant during the Contingency
Period, under any of the Leases and any leases subsequently entered into by
Seller during the Contingency Period and subject to Section 2.1(c) provide
access to Buyer and its agents, employees and contractors, upon reasonable
prior notice and during normal business hours, to review all other files and
records relating to the Property and the operation, use, leasing and condition
thereof which are in Seller possession either at the office of the property
manager at the Property or at Seller’s office. To Seller’s knowledge, all
material information in Seller’s possession relating to the Property and its
use, condition, leasing and operation shall be made available to Buyer in such
files and records. Seller shall make a copier available for copying any such
files and records at such location by Buyer.

 

Subject to the provisions of Section 9.3 hereof, Seller has
provided and/or shall provide Buyer and its consultants and other agents and
representatives with access to the Property to perform Buyer’s inspections
and review and determine the present condition of the Property. Seller will
make available for review and copying to Buyer, at Seller’s offices or at the
Property, all Due Diligence Materials (as defined in this Section 2.1) in
Seller’s possession or reasonably accessible to Seller, other than those
described on Schedule 2.1, which shall be
delivered to Buyer, except as otherwise specifically provided herein.
Notwithstanding anything to the contrary contained herein, the Due Diligence
Materials shall expressly exclude (i) those portions of the Due Diligence
Materials that would disclose Seller’s cost of acquisition of the Real
Property, or cost of construction of the Improvements and related soft costs,
or any estimates of costs to repair, replace, remediate or maintain the Real
Property, (ii) any reports, presentations, summaries and the like prepared
for any of Seller’s boards, committees, partners or investors in connection
with its consideration of the acquisition of the Real Property, construction of
the Improvements or sale of the Property, (iii) any proposals, letters of
intent, draft contracts or the like prepared by or for other prospective
purchasers of the Property or any part thereof, (iv) Seller’s
internal memoranda, financial projections, budgets, attorney-client privileged
materials, structural or physical inspection reports, (v) internal
appraisals, or annual appraisals prepared by Mardell Partners for internal
review, (vi) accounting records, income tax returns and tax records
(provided Seller shall cooperate as reasonably required in an audit of the
Building, to be performed by KPMG, provided Seller’s warranty obligations or
any other obligations hereunder shall not increase as a result thereof), and (vii) any
information which is the subject of a confidentiality agreement between Seller
and a third party (the items described in clauses (i), (ii) (iii) and
(iv) being collectively referred to as the “Confidential
Information”). The “Delivery

 

4

 

Period” shall
mean the period which ends on the fifth (5th) business day after the Effective
Date (as defined in Section 9.14 below). Buyer’s obligation to purchase
the Property is conditioned upon Buyer’s review and approval of the following,
within the applicable time periods described in Sections 2.2 and 4.1 hereof:

 

(a)                                  Title to the Property and survey matters in
accordance with Article IV below.

 

(b)                                  The Due Diligence Materials, including, but
not limited to, the tenant leases, any guaranties thereof and any other
occupancy agreements, and all amendments and modifications thereof
(collectively, the “Leases”)
affecting the Property, the other materials listed on Schedule 2.1
attached hereto, and of all contracts pertaining to the operation of the Property,
including all management, leasing, service and maintenance agreements listed on
Exhibit H, equipment leases listed
on Exhibit H and all warranties
pertaining to the Property (collectively, the “Service
Contracts”). The term “Leases” shall include, without limitation,
the existing lease agreement with Broadcast Services, Inc. dated January 1,
2003 pertaining to the leasing of the rooftop area for antennas (the “Rooftop Lease”) and the existing lease with Central Parking
System, Inc. dated January 1, 2004 pertaining to the leasing of the
parking facilities (the “Parking Lease”),
but excluding the Confidential Information.

 

(c)                                  Buyer understands and agrees that any on-site
inspections or testing of the Property shall be conducted upon at least
twenty-four (24) hours’ prior oral or written notice to Seller and in the
presence of Seller or its representative. Any such inspections and testing
shall be performed by companies selected by Buyer and approved by Seller, which
approval shall not be unreasonably withheld or delayed and provided further
that no intrusive testing, boring, removal of soil samples or removal of core
samples shall be done without the prior written approval of Seller, in its sole
and absolute discretion and in accordance with Section 9.3. Buyer and/or
its agents shall not contact any tenant at the Property, by any means of
communication, without first notifying Seller of its intention to do so and
providing Seller or its representatives with a reasonable opportunity to be present
on any such phone call or communication at a time and location mutually and
reasonably agreed upon by all parties. Buyer agrees to repair any damage to the
Property caused by Buyer and/or its agents and to indemnify Seller against and hold
Seller harmless from any claim for liabilities, costs, expenses (including
reasonable attorneys’ fees actually incurred) damages or injuries arising out
of or resulting from the inspection or testing of the Property by Buyer or its
consultants or agents, and notwithstanding anything to the contrary in this
Agreement, such obligation to repair and to indemnify and hold harmless Seller
shall survive Closing or any termination of this Agreement. Buyer shall maintain
and shall ensure that Buyer’s consultants maintain public liability and
property damage insurance in the amount of One Million Dollars ($1,000,000) and
in form and substance adequate to insure against all liability of Buyer
and its consultants, respectively, and each of its agents, employees or
contractors, arising out of the inspections or testing. All inspections and
testing shall occur at reasonable times agreed upon by Seller and Buyer and
shall be conducted so as not to interfere unreasonably with use of the Property
by Seller or its tenants.

 

(d)                                  The zoning, land use, building, environmental
and other statutes, rules, or regulations applicable to the Property.

 

5

 

(e)                                  The tenant correspondence files, operating
statements and books and records pertaining to the operation of the Property in
each case for each of the three (3) most recent years during which the
Property has been owned by Seller and for the current year (to the extent
available), current real estate tax bills, any warranties, licenses, permits,
certificates of occupancy, plans and specifications, and any current rent roll,
current accounts receivable schedule and list of Tangible Personal
Property in such form as Seller shall have in its possession for the
Property, and other agreements or documents pertaining to the Property which
will be binding on Buyer after Closing.

 

(f)                                    Any other matters Buyer deems relevant to the
Property.

 

Section 2.2                                   Contingency Period.

 

Buyer shall have until 5:00 p.m. (Central time) on July 25,
2006 (such period being referred to herein as the “Contingency
Period”) to review and approve the matters described in Sections
2.1(b)-(f) above in Buyer’s sole discretion (title and survey review and
approval shall be governed by the provisions of Section 4.1 below). If
Buyer disapproves of any such matters or the Property or for any reason or no
reason whatsoever, then Buyer may terminate this Agreement by notifying
Seller thereof in writing before the end of the Contingency Period. In the
event Buyer fails to provide Seller with notice of termination prior to the
expiration of the Contingency Period, Buyer shall be deemed to have approved
all of the matters described in Sections 2.l(a)-(f) above (subject to the
provisions of Section 4.1 below as to title and survey matters),
including, without limitation, all documents, Service Contracts and other
contracts, agreements, Leases, reports and other items and materials related to
the Property prepared by or on behalf of Seller (collectively, the “Due Diligence Materials”), and the entire Deposit shall
become nonrefundable except as expressly provided herein.

 

If Buyer gives such notice of termination within the Contingency Period,
this Agreement shall terminate and neither party shall have any further rights
or obligations hereunder except as provided in Sections 6.1, 9.3 and 9.9 below,
and the Earnest Money shall be returned to Buyer, less One Hundred Dollars
($100.00), which shall be paid to Seller as consideration for Buyer’s right to
inspect the Property. Time is of the essence with respect to the provisions of
this Section 2.2. If Buyer fails to give Seller a notice of termination
prior to the expiration of the Contingency Period, Buyer shall no longer have
any right to terminate this Agreement under this Section 2.2 and shall be
bound to proceed to Closing and consummate the transaction contemplated hereby
pursuant to the terms of this Agreement.

 

Section 2.3                                   Copies of Reports.

 

In the event that Buyer terminates this Agreement pursuant to Section 2.2
or the transaction is not consummated other than as a result of Seller’s Default,
Buyer shall furnish to Seller copies of any reports received by Buyer in
connection with any inspection for Hazardous Materials and copies of any other
reports received by Buyer relating to any other inspections of the Property
conducted on Buyer’s behalf, if any (including, specifically, without
limitation, any reports analyzing compliance of the Property with the
provisions of the Americans with Disabilities Act (“ADA”),
42 U.S.C. §12101, et seq., if
applicable).

 

6

 

ARTICLE III

 

BUYER’S EXAMINATION

 

Section 3.1                                   Representations and Warranties of
Seller.

 

Subject to the disclosures contained in Schedule 2
attached hereto and made a part hereof (the “Disclosure
Items”), matters contained in the Due Diligence Materials, and any
matters of public record where the Property is located, Seller hereby makes the
following representations and warranties with respect to the Property.
Notwithstanding anything to the contrary contained herein or in any document
delivered in connection herewith, Seller shall have no liability with respect
to the Disclosure Items.

 

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

 

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

 

(c)                                  This Agreement (i) has been, and all
documents executed by Seller which are to be delivered to Buyer at Closing will
be, duly authorized, executed and delivered by Seller, and (ii) does not,
and such other documents will not, violate any provision of any agreement or
judicial order to which Seller is a party or to which Seller or, to the best of
Seller’s knowledge, the Property is subject, provided the consent of the holder
of the First Mortgage Loan is required for Seller to perform this
Agreement.

 

(d)                                  The only Leases (including any modifications
or amendments thereof) in force for the Property are set forth in a tenant list
attached hereto as Exhibit B
and made a part hereof and to the best of Seller’s knowledge Seller has received
no written notice of any default by Seller with respect to such Leases which
has not been cured. Seller has delivered or will promptly deliver to Buyer true
and complete copies of each Lease. Except as provided in Schedule 2,
the tenants under such leases have leased premises, and are in occupancy
thereof and have commenced paying rent. To Seller’s knowledge, there is no
material default by the tenant or landlord under any Lease. It is anticipated
that Exhibit B shall be updated at
Closing to reflect interim changes in the ordinary course of business.

 

(e)                                  The only Service Contracts that will be in
effect for the Property at Closing are set forth in a list of Service Contracts
attached hereto as Exhibit H
and made a part hereof. Seller has delivered or will promptly deliver to
Buyer true and complete copies of each Service Contract. To Seller’s knowledge,
there is no material default under any Service Contract by any party thereto. It
is anticipated that Exhibit H
shall be updated at Closing to reflect interim changes in the ordinary course
of business.

 

7

 

(f)                                    Seller has not been served or received notice
of any litigation or governmental proceeding (including, but not limited to any
condemnation proceeding) and, to the best of Seller’s knowledge, no litigation
or governmental proceeding is threatened with respect to the Property, or with
respect to Seller which impairs Seller’s ability to perform its obligations
under this Agreement, except for any personal injury or property damage action
for which there is adequate insurance coverage.

 

(g)                                 Seller does not know of any and has not
received any written notice from any governmental authority of any violation of
any law, code, regulation, statute, ordinance, condition, or restriction of
record applicable to the Property (including, without limitation, any Environmental
Law as defined in Section 3.7(a)(2) below) that has not been
corrected.

 

(h)                                 Seller has no employees.

 

(i)                                    Seller has been duly organized, is validly
existing, and is in good standing in the state of Minnesota, and has the full
right, power, and authority, without the joinder of any other person or entity,
to enter into, execute and deliver this Agreement, and to perform all
duties and obligations imposed on Seller under this Agreement, except the
consent of the holder of the First Mortgage Loan is required for Seller to perform this
Agreement to the limited extent, if any, specifically and expressly set forth
in this Agreement.

 

(j)                                    Seller has delivered or will promptly deliver
to Buyer a true and complete copy of the REA and, to Seller’s knowledge, there
is no material default by any party thereto or any existing material disputes
with respect thereto that Seller has been notified of in writing.

 

(k)                                Seller has received no notice from any federal,
state, county or municipal authority as to the existence of any Hazardous
Materials (as defined in Section 3.7(a)(2) below) at the
Property or as to any other environmental problem or hazardous materials issues
in any way related to the Property. Except as disclosed in the Due Diligence
Information, Seller has no direct knowledge of the presence or release of
Hazardous Materials on or from the Property during the time of Seller’s
ownership thereof.

 

(l)                                    No party, entity or person has a right of
first refusal, right of first offer or option to purchase the Property or any
portion thereof.

 

Each of the representations and warranties of Seller contained in this Section 3.1:
(1) shall be true in all material respects as of the date of Closing, subject
in each case to (A) any Exception Matters (as defined below), (B) the
Disclosure Items, and (C) other matters expressly permitted in this
Agreement or otherwise specifically approved in writing; and (2) shall
survive the Closing as provided in Section 3.4 below.

 

Section 3.2                                   No Liability for Exception Matters.

 

As used herein, the term “Exception Matter”
shall refer to a matter which would make a representation or warranty of Seller
contained in this Agreement untrue or incorrect and which is disclosed to Buyer
in the Due Diligence Materials, the Disclosure Items, or otherwise, or by
written notice, or is otherwise discovered by Buyer before the Closing,
including, without limitation, matters disclosed in any tenant estoppel
certificate or from interviews with tenants,

 

8

 

property managers or any other person. If Buyer first obtains knowledge
of any material Exception Matter after the close of the Contingency Period and
prior to Closing and such Exception Matter was not contained in the Due
Diligence Materials or the Disclosure Items, Buyer’s sole remedy shall be to
terminate this Agreement on the basis thereof, upon written notice to Seller
within the earlier of (a) five (5) days following Buyer’s discovery
of such Exception Matter or (b) the Closing, which ever occurs first, in
which event the Deposit shall be returned to Buyer, unless within five (5) days
after receipt of such notice or by the Closing, as the case may be, Seller
notifies Buyer in writing that it elects to attempt to cure or remedy such
Exception Matter or Disclosure Item, in which event there shall be no return of
the Deposit unless and until Seller is unable to so cure or remedy within the
time period set forth below. Seller shall be entitled to extend the Closing
Date (as defined in Section 8.2 below) for up to fifteen (15) business
days in order to attempt to cure or remedy any Exception Matter. Buyer’s
failure to give notice within five (5) days after it has obtained
knowledge of a material Exception Matter shall be deemed a waiver by Buyer of
such Exception Matter. Seller shall have no obligation to cure or remedy any
Exception Matter, even if Seller has notified Buyer of Seller’s election to
attempt to cure or remedy any Exception Matter (except as specifically provided
in Section 4.1(c) hereof), and, subject to Buyer’s right to terminate
this Agreement as set forth above, Seller shall have no liability whatsoever to
Buyer with respect to any Exception Matters. Upon any termination of this
Agreement, neither party shall have any further rights nor obligations
hereunder, except as provided in Sections 6.1, 9.3 and 9.9 below. If Buyer
obtains knowledge of any Exception Matter before the Closing, but nonetheless
elects to proceed with the acquisition of the Property, Seller shall have no
liability with respect to such Exception Matter, notwithstanding any contrary
provision, covenant, representation or warranty contained in this Agreement or
in any Other Documents (as defined in Section 9.19 below).

 

Section 3.3                                   No Reliance on Documents.

 

Except as expressly stated herein, Seller makes no representation or
warranty as to the truth, accuracy or completeness of any materials, data or
information delivered by Seller to Buyer in connection with the transaction
contemplated hereby other than that Seller has not knowingly delivered any of
the foregoing which it actually knows to be false or misleading. Buyer
acknowledges and agrees that all materials, data and information delivered by
Seller to Buyer in connection with the transaction contemplated hereby are
provided to Buyer as a convenience only and that any reliance on or use of such
materials, data or information by Buyer shall be at the sole risk of Buyer,
except as otherwise expressly stated herein. Without limiting the generality of
the foregoing provisions, Buyer acknowledges and agrees that (a) any
environmental or other report with respect to the Property which is delivered
by Seller to Buyer shall be for general informational purposes only, (b) Buyer
shall not have any right to rely on any such report delivered by Seller to
Buyer, but rather will rely on its own inspections and investigations of the
Property and any reports commissioned by Buyer with respect thereto, and (c) neither
Seller, any affiliate of Seller nor the person or entity which prepared any
such report delivered by Seller to Buyer shall have any liability to Buyer for
any inaccuracy in or omission from any such report.

 

9

 

Section 3.4                                   Survival of Seller’s
Representations and Warranties of Sale.

 

The representations and warranties of Seller contained herein or in any
Other Documents shall survive for a period of nine (9) months after the
Closing during which time Seller shall maintain a minimum net worth of
$2,500,000.00. Any claim which Buyer may have against Seller for a breach of any such representation
or warranty, whether such breach is known or unknown, which is not specifically
asserted by written notice to Seller within such six (6) month period
shall not be valid or effective, and Seller shall have no liability with respect
thereto.

 

Section 3.5                                   Seller’s Knowledge.

 

For purposes of this Agreement and any document delivered at Closing,
whenever the phrase “to the best of Seller’s
knowledge” or the “knowledge” of
Seller or words of similar import are used, they shall be deemed to mean and
are limited to the current actual knowledge only of Charles Beaver and Paul C.
Heinen, at the times indicated only, and not any implied, imputed or
constructive knowledge of such individual(s) or of Seller or any Seller Related
Parties (as defined in Section 3.8 below), and without any independent
investigation or inquiry having been made or any implied duty to investigate,
make any inquiries or review the Due Diligence Materials. The knowledge of
James Durda shall not be imputed to Seller. Seller further represents that Mr. Beaver,
Mr. Durda and Mr. Heinen are the three individuals most knowledgeable
concerning the subject matter to which such knowledge qualifiers apply.
Furthermore, it is understood and agreed that such individual(s) shall have no
personal liability in any manner whatsoever hereunder or otherwise related to
the transactions contemplated hereby.

 

Section 3.6                                   Representations and
Warranties of Buyer.

 

Buyer represents and warrants to Seller as follows:

 

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

 

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

 

(c)                                  Buyer has been duly organized, is validly
existing and is in good standing in the state in which it was formed. If
required to do so, on or before Closing, Buyer or its assignee permitted hereby
will be qualified to do business in the state in which the Real Property is
located. This Agreement has been, and all documents executed by Buyer which are
to be delivered to Seller at Closing will be, duly authorized, executed and
delivered by Buyer.

 

(d)                                  Buyer is not acquiring the Property with the
assets of an employee benefit plan as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as

 

10

 

amended (“ERISA”). Buyer is not a party in
interest with respect to any employee benefit or other plan within the meaning
of Section 3(3) of ERISA, or of Section 4975(e)(l) of the Code,
which is subject to ERISA or Section 4975 of the Code and which is an
investor in Seller. MB Minneapolis (as hereinafter defined) is directly or
indirectly controlled by Inland American Real Estate Trust, Inc.

 

(e)                                  Other than the Broker (as defined in Section 6.1
below), Buyer has had no contact with any broker or finder with respect to the
Property.

 

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

 

Section 3.7                                   Buyer’s Independent
Investigation.

 

(a)                                  By Buyer electing to proceed (and not
terminating the Agreement) under Section 2.2 (or under Section 4.1
with respect to matters of title and survey, taxes, assessments and easements),
Buyer will be deemed to have acknowledged and agreed that it has been given a
full opportunity to inspect and investigate each and every aspect of the
Property, either independently or through agents of Buyer’s choosing,
including, without limitation:

 

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

 

(2)                                 The physical condition and aspects of the
Property, including, without limitation, the interior, the exterior, the square
footage within the improvements on the Real Property and within each tenant
space therein, the structure, seismic aspects of the Property, the foundation,
roof, paving, parking facilities, utilities, and all other physical and
functional aspects of the Property. Such examination of the physical condition
of the Property shall include an examination for the presence or absence of
Hazardous Materials, as defined below, which shall be performed or arranged by
Buyer (subject to the provisions of Section 9.3 hereof) at Buyer’s sole
expense. For purposes of this Agreement, “Hazardous Materials” shall mean inflammable explosives, radioactive
materials, asbestos, asbestos-containing materials, polychlorinated biphenyls,
lead, lead-based paint, radon, mold, under and/or above ground tanks, hazardous
materials, hazardous wastes, hazardous substances, oil, or related materials,
which are listed or regulated in the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (42 U.S.C. Sections 6901, et
seq.), the Resources Conservation and Recovery Act of 1976 (42 U.S.C. Section 6901,
et seq.), the Clean Water Act (33 U.S.C. Section 1251, et seq.), the Safe
Drinking Water Act (14 U.S.C. Section 1401, et seq.), the Hazardous Materials
Transportation Act (49 U.S.C. Section 1801, et seq.), and the Toxic
Substance Control Act (15 U.S.C. Section 2601, et seq.), and any other
applicable federal, state or local laws (collectively, “Environmental
Laws”). Buyer acknowledges that the Property contains asbestos and/or
asbestos containing materials, and is only partially sprinklered and, without
intending to limit any other exceptions, disclosures or limitations set forth
in this Agreement, Buyer fully accepts such conditions.

 

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

 

11

 

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

 

(5)                                 The Service Contracts and any other documents
or agreements of significance affecting the Property.

 

(6)                                 All other matters of material significance
affecting the Property, including, but not limited to, the financial condition
of the Property, as set forth in the Due Diligence Materials or otherwise.

 

(b)                                  EXCEPT AS EXPRESSLY SET FORTH IN SECTION 3.1
ABOVE AND ELSEWHERE IN THIS AGREEMENT, IT IS UNDERSTOOD AND AGREED THAT SELLER
IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF
ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO
HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ZONING,
TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION,
UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS,
THE COMPLIANCE OF THE PROPERTY WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR
COMPLETENESS OF THE DISCLOSURE DOCUMENTS OR ANY OTHER INFORMATION PROVIDED BY
OR ON BEHALF OF SELLER TO BUYER, OR ANY OTHER MATTER OR THING REGARDING THE
PROPERTY. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND
CONVEY TO BUYER AND BUYER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL
FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT.
BUYER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR
BOUND BY, ANY EXPRESSED OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS,
REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO
(INCLUDING SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION PACKAGES
DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, THE
MANAGER OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR
PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR
INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT.
BUYER REPRESENTS TO SELLER THAT BUYER 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 BUYER DEEMS NECESSARY TO
SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR
NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR
TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON
SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS
AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS,
WARRANTIES AND COVENANTS OF SELLER AS ARE

 

12

 

EXPRESSLY
SET FORTH IN THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL
REPORT OR OTHER REPORTS WITH RESPECT TO THE PROPERTY DELIVERED BY SELLER TO
BUYER OR PREPARED FOR SELLER. UPON CLOSING, EXCEPT TO THE EXTENT SUCH MATTERS
ARE THE SUBJECT OF THE EXPRESS REPRESENTATIONS OR WARRANTIES OF SELLER AS SET
FORTH IN THIS AGREEMENT, BUYER 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 BUYER’S
INVESTIGATIONS, AND BUYER, UPON CLOSING, EXCEPT AS OTHERWISE PROVIDED HEREIN
SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S
PARTNERS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND
AGENTS) 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 BUYER MIGHT HAVE ASSERTED OR ALLEGED AGAINST
SELLER (AND SELLER’S PARTNERS AND THEIR RESPECTIVE OFFICERS, DIRECTORS,
SHAREHOLDERS, EMPLOYEES AND AGENTS) 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, INCLUDING WITHOUT LIMITATION: (I) THE QUALITY, NATURE, ADEQUACY
AND PHYSICAL CONDITION AND ASPECTS OF THE PROPERTY, INCLUDING, BUT NOT LIMITED
TO, THE STRUCTURAL ELEMENTS, SEISMIC ASPECTS OF THE PROPERTY, FOUNDATION, ROOF,
APPURTENANCES, ACCESS, LANDSCAPING, PARKING FACILITIES AND THE ELECTRICAL,
MECHANICAL, HVAC, PLUMBING, FIRE SAFETY, SEWAGE, AND UTILITY SYSTEMS,
FACILITIES AND APPLIANCES, THE SQUARE FOOTAGE WITHIN THE IMPROVEMENTS ON THE
REAL PROPERTY AND WITHIN EACH TENANT SPACE THEREIN, (II) THE QUALITY, NATURE,
ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY GROUNDWATER, (III)
THE EXISTENCE, QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES
SERVING THE PROPERTY, (IV) THE DEVELOPMENT POTENTIAL OF THE PROPERTY, AND THE
PROPERTY’S USE, HABITABILITY, MERCHANTABILITY, OR FITNESS, SUITABILITY, VALUE
OR ADEQUACY OF THE PROPERTY FOR ANY PARTICULAR PURPOSE, (V) THE ZONING OR OTHER
LEGAL STATUS OF THE PROPERTY OR ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE
OF THE PROPERTY, (VI) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH ANY
APPLICABLE CODES, LAWS, REGULATIONS, STATUTES, ORDINANCES, COVENANTS,
CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR
OF ANY OTHER PERSON OR ENTITY, (VII) THE PRESENCE OF ASBESTOS AND OTHER
HAZARDOUS MATERIALS ON, UNDER OR ABOUT THE PROPERTY OR THE ADJOINING OR
NEIGHBORING PROPERTY, (VIII) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY
IMPROVEMENTS ON THE REAL PROPERTY, (IX) THE CONDITION OF TITLE TO THE

 

13

 

PROPERTY,
(X) THE LEASES, SERVICE CONTRACTS, OR OTHER DOCUMENTS OR AGREEMENTS AFFECTING
THE PROPERTY, OR ANY INFORMATION CONTAINED IN ANY RENT ROLL FURNISHED TO BUYER FOR
THE PROPERTY, (XI) THE VALUE, ECONOMICS OF THE OPERATION OR INCOME POTENTIAL OF
THE PROPERTY, OR (X) ANY OTHER FACT OR CONDITION WHICH MAY AFFECT THE
PROPERTY, INCLUDING WITHOUT LIMITATION, THE PHYSICAL CONDITION, VALUE,
ECONOMICS OF OPERATION OR INCOME POTENTIAL OF THE PROPERTY. IN ADDITION, SELLER
SHALL HAVE NO LEGAL OBLIGATION TO APPRISE BUYER REGARDING ANY EVENT OR OTHER
MATTER INVOLVING THE PROPERTY WHICH OCCURS AFTER THE EFFECTIVE DATE OR TO
OTHERWISE UPDATE THE DUE DILIGENCE ITEMS, UNLESS AND UNTIL AN EVENT OR OTHER
MATTER OCCURS WHICH WOULD CAUSE SELLER TO BE UNABLE TO REMAKE ANY OF ITS
REPRESENTATIONS OR WARRANTIES CONTAINED IN THIS AGREEMENT. BUYER AGREES THAT
SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS SUBSTANCES OR OTHER
ENVIRONMENTAL CONDITIONS ON THE PROPERTY BE REQUIRED AFTER THE DATE OF CLOSING,
SUCH CLEAN-UP, REMOVAL OR REMEDIATION SHALL BE THE RESPONSIBILITY OF AND SHALL
BE PERFORMED AT THE SOLE COST AND EXPENSE OF BUYER, SUBJECT TO ANY BREACH OF AN
EXPRESS REPRESENTATION OR WARRANTY AND ACCOMPANYING LIABILITY ON THE PART OF
SELLER.

 

Section 3.8                                   Release.

 

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

 

Section 3.9                                   Survival.

 

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

 

14

 

ARTICLE IV

 

TITLE

 

Section 4.1                                   Conditions of Title.

 

(a)                                  Within two (2) business days after the
Effective Date, Seller will deliver to Buyer a copy of Seller’s most recent
title commitment, Within ten (10) days after the Effective Date, Seller
will deliver to Buyer a title commitment (the “Title
Commitment”) from the Title Company and copies of all underlying
documents relating to title exceptions referred to therein (which may be
delivered electronically or made available to Buyer electronically). Within two
(2) business days after the Effective Date, Seller will deliver to Buyer a
copy of that certain As-Built Survey: IDS Center/Marquette Hotel dated December 10,
2004 (the “Existing Survey”) prepared by C.
E. Coulter & Associates.
Seller has ordered from the surveyor that prepared the Existing Survey an
ALTA/ACSM Survey of the Real Property (the “Survey”).
The Survey shall be a current ALTA/ACSM survey prepared in accordance with the
minimum standard detail requirements for ALTA/ACSM Land Title surveys
established and adopted by ALTA and NSPS in 2005 and complying with Table A
requirements 1, 2, 3, 4, 6 (setback restrictions only), 7(a), 7(b)(l), 7(c), 8,
9, 10, 11(a), 13, 14 and 18. Seller shall provide Buyer a copy of the Survey promptly
upon receipt. The Survey shall be certified to the Title Company, Buyer, Buyer’s
Lender and Seller and shall otherwise be sufficient to ensure that the Title
Company may issue the Title Policy without any standard survey exception.
Buyer and Seller shall share the cost of the Survey equally.

 

(b)                                  No later than ten (10) business days
after the delivery of the Title Commitment, all of the underlying documents
referenced therein and the Survey (the “Title Review Date”),
Buyer shall furnish Seller with a written statement of objections, if any, to
the Title Commitment and the Existing Survey (collectively, “Objections”). All Objections (whether to the Title
Commitment, the Existing Survey, or a Title Commitment Update) must be made in
good faith and be reasonable given the context of the size, scope and nature of
the transaction contemplated by this Agreement. Upon Buyer’s receipt of the
Survey, and/or in the event the Title Company amends or updates the Title
Commitment after the Title Review Date (a “Title Commitment Update”),
Buyer shall furnish Seller with a written statement of Objections to any matter
first raised in the Survey and/or in the Title Commitment Update within five (5) business
days after its receipt of the Survey or such Title Commitment Update, as the
case may be (each, an “Update Review Period”),
provided that Buyer may not object to any matter shown on the Survey
unless it was not disclosed on the Existing Survey. Should Buyer fail to notify
Seller in writing of its Objection to any matter in the Title Commitment or on
the Survey prior to the Title Review Date, or to any matter first disclosed in
a Title Commitment Update prior to the Update Review Period, as applicable,
Buyer shall be deemed to have approved all such matters which shall be
considered to be “Conditions of Title”
as defined in Section 4.1(e) below.

 

(c)                                  If Seller receives a timely Objection in
accordance with Section 4.1(b) (“Buyer’s Notice”),
Seller shall have the right, but not the obligation, within five (5) business
days after receipt of Buyer’s Notice (“Seller’s Response Period”),
to elect to attempt to cure any such matter upon written notice to Buyer (“Seller’s Response”), and may extend the Closing Date
for up to fifteen (15) business days to allow such cure. If Seller does not
give any Seller’s

 

15

 

Response, Seller shall be deemed to have elected not to attempt to cure
any such matters. Notwithstanding the foregoing, Seller shall in any event be
obligated to cure all matters or items (i) that are mortgage or deed of
trust liens or security interests against the Property, in each case granted by
Seller other than the documents evidencing or securing the First Mortgage Loan,
(and not tenants of the Property or other third parties), (ii) that are
real estate tax liens, other than liens for taxes and assessments not yet
delinquent, (iii) that have been voluntarily placed against the Property
by Seller (and not tenants of the Property or other third parties) after the
date of this Agreement and that are not otherwise permitted pursuant to the
provisions hereof, and (iv) that are mechanic’s liens encumbering any
portion of the Property and for which Seller engaged the contractor or supplier
claiming the lien, or any subcontractor working under a contractor engaged by
Seller. Seller shall be entitled to apply the Purchase Price towards the
payment or satisfaction of such liens, other than the documents evidencing or
securing the First Mortgage Loan, and may cure any Objection by causing
the Title Company to insure against collection of the same out of the Property.

 

(d)                                  If Seller elects (or is deemed to have
elected) not to attempt to cure any Objections raised in any Buyer’s Notice
timely delivered by Buyer to Seller pursuant to Section 4.1(b), or if
Seller notifies Buyer that it elects to attempt to cure any such Objection but
then does not for any reason effect such cure on or before the Closing Date as
it may be extended hereunder, then Buyer, as its sole and exclusive
remedy, shall have the option of terminating this Agreement by delivering
written notice thereof to Seller (i) within three (3) business days
after (as applicable) its receipt of Seller’s Response stating that Seller will
not attempt to cure any such Objection or (ii) the expiration of Seller’s
Response Period if Seller does not deliver a Seller’s Response in no event
later than the Closing Date (as it may be extended hereunder), or (iii) prior
to Closing, in the event Seller fails to cure at Closing any Objection which
Seller has previously elected to attempt to cure pursuant to a Seller’s
Response. In the event of such a termination, the Deposit shall be returned to
Buyer, and neither party shall have any further rights or obligations hereunder
except as provided in Sections 6.1, 9.3 and 9.9 below. If no such termination
notice is timely received by Seller hereunder, Buyer shall be deemed to have
waived all such Objections in which event those Objections shall become “Conditions of Title”
under Section 4.1(e). If the Closing is not consummated for any reason
other than Seller’s default hereunder, Buyer shall be responsible for any title
or escrow cancellation charges.

 

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

 

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

 

(2)                                 Matters created by, or with the written
consent of, Buyer;

 

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

 

(4)                                 All existing laws and other governmental
requirements;

 

(5)                                 Any monetary lien or encumbrance affecting all
or any portion of a tenant’s leasehold interest;

 

16

 

(6)                                 The lien created by the First Mortgage
Documents; and

 

(7)                                 Any exceptions disclosed by the Title
Commitment and any Title Commitment Update which is approved or deemed approved
by Buyer in accordance with this Article IV above, and any other
exceptions to title disclosed by the public records or which would be disclosed
by an inspection and/or survey of the Property.

 

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

 

Section 4.2                                   Evidence of Title.

 

Delivery of title in accordance with the foregoing shall be evidenced by
the willingness of the Title Company to issue, at Closing, its Owner’s ALTA
Policy of Title Insurance in the amount of the Purchase Price showing title to
the Real Property vested in Buyer, subject to the Conditions of Title and
containing the following endorsements: Zoning Endorsement 3.1 (amended to
include parking and loading dock coverage), owner’s comprehensive, access,
survey (legal description equivalency), P.I.N., contiguity (if applicable),
encroachment (if applicable), utility facility, subdivision, location,
environmental lien and deletion of the arbitration and creditors’ rights
provisions (the “Title Policy”).

 

ARTICLE V

 

RISK OF LOSS AND INSURANCE
PROCEEDS

 

Section 5.1                                   Minor Loss.

 

Buyer shall be bound to purchase the Property for the full Purchase
Price as required by the terms hereof, without regard to the occurrence or
effect of any damage to the Property or destruction of any improvements
thereon, provided that: (a) the cost to repair any such damage or
destruction does not exceed One Million Dollars ($1,000,000) in the estimate of
an architect or contractor selected by Seller and reasonably acceptable to
Buyer and (b) upon the Closing, there shall be a credit against the
Purchase Price due hereunder equal to the amount of any insurance proceeds
collected by Seller as a result of any such damage or destruction or
condemnation, plus the amount of any insurance deductible, less any sums
expended by Seller toward the restoration or repair of the Property (the nature
of which restoration or repairs, but not the right of Seller to effect such
restoration or repairs, shall be subject to the approval of Buyer, which
approval shall not be unreasonably withheld, conditioned or delayed). If the
proceeds have not been collected as of the Closing, then such proceeds shall be
assigned to Buyer, except to the extent needed to reimburse Seller for sums
expended to collect such proceeds or to repair or restore the Property, and
Seller shall retain the rights to such proceeds to such extent.

 

17

 

Section 5.2                                   Major Loss.

 

If the cost to repair the damage or destruction as specified above
exceeds One Million Dollars ($1,000,000) in the estimate of an architect or
contractor selected by Seller and reasonably acceptable to Buyer or such damage
or destruction causes any so called “national retailer” or Major Tenant to
exercise any right to terminate the lease, or in the event of a condemnation or
threatened condemnation, then Buyer or Seller may, at its option to be
exercised within five (5) days of Seller’s notice (which notice shall
include a copy of the estimate of cost to repair in accordance with Section 5.1(a))
of the occurrence of the damage or destruction or the commencement or threat of
condemnation proceedings (but not later than the Closing Date), either
terminate this Agreement or consummate the purchase for the full Purchase Price
as required by the terms hereof. If Buyer or Seller elects to terminate this
Agreement by delivering written notice thereof to the other, then this
Agreement shall terminate, the Deposit shall be returned to Buyer and neither
party shall have any further rights or obligations hereunder except as provided
in Sections 6.1, 9.3 and 9.9 below. If this Agreement is not so terminated,
then upon the Closing, there shall be a credit against the Purchase Price due
hereunder equal to the amount of any insurance proceeds or condemnation awards
collected by Seller as a result of any such damage or destruction or
condemnation, plus the amount of any insurance deductible, less any sums
expended by Seller toward the restoration or repair of the Property (the nature
of which restoration or repairs, but not the right of Seller to effect such
restoration or repairs, shall be subject to the approval of Buyer, which
approval shall not be unreasonably withheld, conditioned or delayed). If the
proceeds or awards have not been collected as of the Closing, then such
proceeds or awards shall be assigned to Buyer, except to the extent needed to
reimburse Seller for sums expended to repair or restore the Property, and
Seller shall retain the rights to such proceeds and awards to such extent.

 

ARTICLE VI

 

BROKERS AND EXPENSES

 

Section 6.1                                   Brokers.

 

The parties represent and warrant to each other that no broker or finder
was instrumental in arranging or bringing about this transaction except for
Eastdil Secured (“Broker”). At
Closing, Seller shall pay the commission due, if any, to Broker, which shall be
paid pursuant to a separate agreement between Seller and Broker. If any other
person brings a claim for a commission or finder’s fee based upon any contact,
dealings or communication with Buyer or Seller, then the party with whom such
contact, dealings, or communication was made shall defend the other party (the “Indemnified Party”) from such claim, and shall indemnify the
Indemnified Party and hold the Indemnified Party harmless from any and all
costs, damages, claims, liabilities or expenses (including without limitation,
court costs and reasonable attorneys’ fees and disbursements) incurred by the
Indemnified Party in defending against the claim. The provisions of this Section 6.1
shall survive the Closing or, if the purchase and sale is not consummated, any
termination of this Agreement.

 

18

 

Section 6.2                                   Expenses.

 

Except as expressly provided in this Agreement, each party hereto shall
pay its own expenses incurred in connection with this Agreement and the
transactions contemplated hereby.

 

ARTICLE VII

 

LEASES AND
OTHER AGREEMENTS

 

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

 

After the Effective Date and prior to the end of the Contingency Period,
Seller shall have the right to lease the Property in the same manner as before
the making of this Agreement, the same as though Seller were retaining the
Property, provided before entering into a new lease or modifying or terminating
an existing lease, or other agreement affecting the Property which will be
binding on the Property after Closing, Seller shall notify Buyer of the terms
thereof for Buyer’s review; provided however, that if any such notification is
made within the last three (3) days of the Contingency Period, the
Contingency Period shall be extended for three (3) days with respect to
that notice and that notice only. After the Contingency Period and prior to the
Closing, Seller shall continue to have the right to lease the Property in the
same manner as before the making of this Agreement, the same as though Seller
were retaining the Property, provided that if this Agreement has not been
terminated, Seller shall not enter into any new Lease or other agreement
affecting the Property, or modify or terminate any existing Lease or other
agreement affecting the Property, which will be binding on the Property after
Closing, except as permitted or required under any Lease and except for other
agreements which are terminable on no more than thirty (30) days’ notice
without payment of any penalty or fee or other cost to Seller, without first
obtaining Buyer’s approval of the proposed action, which approval will not be
unreasonably withheld, conditioned or delayed. In such case, Buyer shall
specify in detail the reasons for its disapproval of any such proposed action.
If Buyer fails to give Seller notice of its approval or disapproval of any such
proposed action requiring its approval under this Section 7.1 within three
(3) business days after Seller notifies Buyer of Seller’s desire to take such
action, then Buyer shall be deemed to have given its approval. Notwithstanding
anything set forth herein to the contrary: (a) Buyer hereby approves the
leasing transactions described in Schedule 3
attached hereto, and (b) Buyer agrees that Seller may execute leases
with such prospective tenants on terms consistent with those described in Schedule 3 in all material respects. Any new Lease or
other agreement or amendment shall be on Seller’s standard forms for such
documents with such revisions negotiated by Seller in good faith and consistent
with the economic terms approved by Buyer. Buyer agrees to cooperate with
Seller in enabling Seller to complete any such proposed transaction requiring
Buyer’s approval.

 

Section 7.2                                   Mortgage Assumption.

 

Closing shall be subject to approval by the holder of the First Mortgage
Loan to the extent required by the documents for the First Mortgage Loan (a) of
MB Minneapolis 8th Street, LLC (“MB Minneapolis”)
the special purpose entity proposed by Buyer, to hold title to the Property; (b) the
ownership by Inland American Real Estate Trust, Inc. or a sub-REIT thereof
of

 

19

 

the
equity in MB Minneapolis; (c) the assumption by MB Minneapolis of the debt
secured by the Mortgage, without recourse, except for the environmental
indemnity, the exceptions to limited recourse provisions of the Note and the
Mortgage, and the guaranty of Borrower’s recourse liability (the “Recourse Obligations”); (d) the guaranty by Inland
American Real Estate Trust, Inc. or a sub-REIT, with a net worth of not
less than Three Hundred Million Dollars ($300,000,000) of such Recourse
Obligations; (e) the release of Seller and JBC Opportunity Fund II of
their obligations under the Loan Documents for the First Mortgage Loan; and (f) an
appropriate amendment of the Loan Documents for the First Mortgage Loan, as may be
required to permit the public trading of shares of Inland American Real Estate
Trust, Inc. and, if applicable, the transfer of shares of the sub-REIT
guarantor. At Closing, said Mortgage shall be current and without default, and
the existing impounds for taxes under the Mortgage shall be assigned to Buyer
and appropriately credited to Seller at Closing. Buyer and Seller shall
cooperate as reasonably requested, to obtain such approval on or prior to the
Contingency Date. All documents evidencing such approval and assumption shall
be subject to the reasonable approval of Seller and Buyer and their respective
counsel.

 

Section 7.3                                   Tenant Improvement Costs, Leasing
Commissions and Concessions.

 

With respect to any new Lease for currently vacant space fully executed
on or after the Effective Date (the “Lease Cut-Off Date”)
and approved or deemed approved or accepted by Buyer[, and with
respect to any renewal or extension of any Lease, whether through the exercise
of an option or otherwise], fully executed on or after the Lease Cut
Off Date, all tenant improvement work, leasing commissions, legal fees or other
expenses (collectively, “Leasing Costs”)
payable with respect to such transactions shall be paid or reimbursed to Seller
by Buyer at Closing. Buyer shall reimburse Seller at Closing (or thereafter if
paid by Seller after Closing) for all such Leasing Costs incurred by Seller to
the extent Buyer is obligated therefor pursuant to the provisions hereof.
Pursuant to the Assignment of Leases, Buyer shall assume any then outstanding
obligations with respect to Leasing Costs and all subsequent concessions after
Closing. Seller shall be responsible for all Leasing Costs for all other
Leases. The provisions of this Section 7.3 shall survive the Closing,

 

Section 7.4                                   Tenant and Vendor Notices.

 

At the Closing, Seller shall furnish Buyer with a signed notice to be
given to each tenant of the Property and signed notices to be given to each
vendor under Service Contracts to be assumed by Buyer under Section 7.6
below. Notices to tenant shall disclose that the Property has been sold to
Buyer, that, after the Closing, all rents should be paid to Buyer. Buyer shall
deliver to each and every tenant of the Property under a Lease thereof a signed
statement acknowledging Buyer’s receipt and responsibility for each tenant’s
security deposit (to the extent delivered by Seller to Buyer at Closing), if
any, if and only if required pursuant to the applicable provisions of applicable
law. To the extent received from Seller, Buyer shall be responsible for all the
tenants’ security deposits. Notices to vendors shall disclose that the Property
has been sold to Buyer and that Buyer has assumed Seller’s obligations under
each such Service Contract assumed by Purchaser. The forms of the notices shall
be otherwise reasonably acceptable to the parties. Buyer covenants to deliver
said notices to each tenant and vendor as soon as reasonably possible after
Closing. This provision shall expressly survive Closing.

 

20

 

Section 7.5                                   Maintenance of Improvements and
Operation of Property; Removal of Tangible Personal Property.

 

Seller agrees to keep its customary property insurance covering the
Property in effect until the Closing (provided, however, that the terms of any
such coverage maintained in blanket form may be modified as Seller
deems necessary). Seller shall maintain all Improvements substantially in their
present condition (ordinary wear and tear, casualty and condemnation excepted),
and shall operate and manage the Property in a manner consistent with Seller’s
practices in effect prior to the Effective Date, provided that Seller shall in
no event be obligated to make any capital expenditures or repairs. Seller shall
not remove any Tangible Personal Property, except as may be required for
necessary repair or replacement, and replacement shall be of approximately
equal quality and quantity as the removed item of Tangible Personal Property.

 

Section 7.6                                   Service Contracts.

 

Seller shall terminate any terminable Service Contract promptly after
receiving written notice from Buyer requesting such termination; provided,
however, that Buyer acknowledges and agrees that: (i) any such termination
may be conditioned on the completion of the Closing; and (ii) any
such termination shall be effective only after expiration of any notice or
grace period specified in the provisions of the applicable Service Contract
(which may not occur until after the Closing). Any and all Service
Contracts not fully and effectively terminated as of Closing shall be assumed
by Buyer at Closing as contemplated under subsection 8.3(a)(3) below.
Buyer acknowledges that none of the equipment leases are terminable in
connection with the transaction contemplated hereby and that certain other
Service Contracts may not be terminable. Notwithstanding anything set
forth herein to the contrary, all property management agreements and/or leasing
agreements relating to the Property shall be terminated at Closing, Buyer shall
have no obligations or liabilities with respect thereto (except as otherwise
provided in Section 7.1 and Section 7.3) and Seller shall deliver to
Buyer at Closing evidence of such termination. The agreements set forth in this
Section 7.6 shall survive the Closing.

 

Section 7.7                                   Certain Employees.

 

Seller currently employs Cory Whitbeck and James Durda at the Property.
Seller agrees not to terminate their services at the Property or relocate them
prior to Closing and to allow Buyer to enter into negotiations to employ them
subsequent to Closing. Seller agrees not to interfere with or obstruct such
negotiations, and Seller will not “counter” any offers of employment that Buyer
may make.

 

Section 7.8                                   Environmental Report.

 

Buyer shall be deemed to have accepted all matters described in any
Environmental Report obtained by Buyer or delivered to Buyer by Seller provided
this Agreement is not cancelled on or prior to the end of the Contingency
Period. Buyer acknowledges that it has been informed that certain floors of the
building require sprinklers and/or asbestos abatement and if this Agreement is
not terminated prior to the end of the Contingency Period, all such conditions
shall be deemed approved by Buyer.

 

21

 

ARTICLE VIII

 

CLOSING AND ESCROW

 

Section 8.1                                   Escrow Instructions.

 

Seller and Buyer agree to execute such reasonable additional and
supplementary escrow instructions, including additional and supplementary
instructions (the “Escrow Instructions”)
as may be appropriate to enable the Title Company to comply with the terms
of this Agreement.

 

Section 8.2                                   Closing.

 

The Closing hereunder shall be held and delivery of all items to be made
at the Closing under the terms of this Agreement shall be made at the offices
of the Title Company (Nancy Castro) or as otherwise mutually agreed on August 17,
2006, and the Closing shall be completed and all funds disbursed before 11:00 a.m.
local time, or such other earlier date and time as Buyer and Seller may mutually
agree upon in writing (the “Closing Date”).
Except as expressly provided herein, such date and time may not be
extended without the prior written approval of both Seller and Buyer.

 

Section 8.3                                   Deposit of Documents.

 

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

 

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

 

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

 

(3)                                 four (4) duly executed counterparts of an
Assignment and Assumption of Leases, Service Contracts, Warranties and Other
Intangible Property in the form attached hereto as Exhibit E
pursuant to the terms of which Buyer shall assume all of Seller’s obligations
under the Leases, Service Contracts, and other documents and agreements
affecting the Property (the “Assignment of Leases”);

 

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

 

(5)                                 a termination of Seller’s existing property
management and leasing agreement with Buck Management Group (Minnesota) LLC and
any other agreements providing for leasing commissions to Buck Management Group
(Minnesota) which would otherwise be payable by Buyer, and a termination of
Seller’s existing leasing agreement with Cambridge Commercial Realty, Inc.

 

22

 

(6)                                 a certificate, dated as of the date of Closing
and executed on behalf of Seller by a duly authorized signatory thereof,
stating that the representations and warranties of Seller contained in this
Agreement are true and correct in all material respects as of the date of Closing
(with appropriate modifications of those representations and warranties made in
Section 3.1 hereof to reflect any Exception Matters) or identifying any
representation or warranty which is not, or no longer is, true and correct and
explaining the state of facts giving rise to the change. In no event shall
Seller be liable to Buyer for, or be deemed to be in default hereunder by
reason of, any breach of representation or warranty which results from any
change that (i) occurs between the
Effective Date and the date of Closing and (ii) is expressly
permitted under the terms of this Agreement or is beyond the reasonable control
of Seller to prevent; provided, however, that the occurrence of a change which
is not permitted hereunder or is beyond the reasonable control of Seller to
prevent shall, if materially adverse to Buyer, constitute the non-fulfillment
of the condition set forth in Section 3.1; if, despite changes or other
matters described in such certificate, the Closing occurs, Seller’s
representations and warranties set forth in this Agreement shall be deemed to
have been modified by all statements made in such certificate;

 

(7)                                 an affidavit duly executed by Seller stating
that Seller is not a “foreign person” as defined in the Federal Foreign
Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act;

 

(8)                                 an Audit Letter in the form of Exhibit J attached hereto;

 

(9)                                 a written undertaking to pay to Buyer the
following (secured by an instrument or instruments reasonably acceptable to
Buyer): (i) an income supplement of $225,000 per month for 24 months
(total: $5,400,000); (ii) a capital improvement contribution of $50,000
per month for 48 months (total $2,400,000); and (iii) the payments under
clauses (i) and (ii) above shall begin the first day of the month
next following the Closing; and (b) Seller shall be responsible for all
costs required to be paid as Landlord to place Schwebel Goetz and Dady &
Garner into their respective spaces on the 51st Floor and LaSalle Bank into its
space on the 35th Floor.

 

(10)                          deliver or make available at the Property the
original Leases and Operating Agreements, to the extent in Seller’s possession
(or to the extent identified by Buyer during the Contingency Period as copies,
Seller shall certify such copies) and licenses and permits, if any, in the
possession of Seller or Seller’s agents, together with such leasing and property
files and records which are material in connection with the continued operation,
leasing and maintenance of the Property, which may be delivered by leaving
same in the offices of the property manager; and

 

(11)                          with respect to any security deposits which
are letters of credit, (i) deliver to Buyer such letters of credit, (ii) execute
and deliver assignments thereof (if applicable) and such other instruments as
the issuers of such letters of credit shall reasonably require to make Buyer
the beneficiary of the letter of credit, and (iii) cooperate with Buyer to
change the named beneficiary under such letters of credit to Buyer, at Seller’s
expense, and (iv) if any letter of credit is not assignable, agree that,
until a new letter of credit is issued for the benefit of Buyer, at the request
of Buyer, Seller shall draw on said letter of credit in the event of a default
of the tenant and pay the amount of the draw to Buyer, so long as Buyer
indemnifies Seller for any and

 

23

 

all damages, losses, costs, claims, liabilities, expenses, demands and
obligations, of any kind or nature whatsoever (including attorneys fees and
costs) arising out of or resulting from any such draw made by Seller at the
request of Buyer;

 

(12)                          any documentation reasonably acceptable to
Buyer, Seller and their respective counsel for the assumption of the First
Mortgage Loan and the releases of liability provided above.

 

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

 

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

 

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

 

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

 

(4)                                 such assumption documents reasonably
acceptable to Buyer, Seller and their respective counsel, as may be
required for the assumption of the First Mortgage Loan and the releases of
liability provided above.

 

(c)                                  Seller and Buyer shall each execute and
deposit a closing statement, counterparts of an Assignment and Assumption of
Seller’s right, title and interest in the REA, and such transfer tax
declarations and such other instruments as are reasonably required by the Title
Company or otherwise required to close the escrow and consummate the
acquisition of the Property in accordance with the terms hereof. Seller and
Buyer hereby designate Title Company as the “Reporting
Person” for the transaction pursuant to Section 6045(e) of
the Code and the regulations promulgated thereunder and agree to execute such
documentation as is reasonably necessary to effectuate such designation.

 

(d)                                  On the Closing Date, to the extent Seller has
not delivered or made available original Leases, Seller shall deliver copies of
such Leases together with an affidavit from Seller as to such copies being true
and complete copies of the applicable Lease(s), copies of the tenant
correspondence files (for the period of Seller’s ownership of the Property
only), and originals of any other items which Seller was required to furnish
Buyer copies of or make available at the Property pursuant to Sections 2.l(b) or
(e) above, to the extent in Seller’s possession, except for Seller’s
general ledger and other internal books or records which shall be retained by
Seller. Seller shall deliver possession of the Property to Buyer as required
hereunder and shall deliver to Buyer or make available at the Property a set of
keys to the Property on the Closing Date.

 

Section 8.4                                   Estoppel Certificates.

 

(a)                                  Seller shall use commercially reasonable
efforts to obtain estoppel certificates from each tenant of the Property
substantially (1) in the form attached hereto as

 

24

 

Exhibit F
or (2) if a tenant’s lease requires a different form, in the form required
by the tenant’s lease, or (3) with respect to any so-called “national
retailer,” “credit tenant” or other Major Tenant, in the form customarily
provided by such retailer or other tenant, or as otherwise provided in this
paragraph below. It shall be a condition to Buyer’s obligation to close the
sale and purchase of the Property that on or before the Closing, Buyer receives
an estoppel certificate substantially in one of such forms from (i) the
tenants under the Parking Lease and the Rooftop Lease, (ii) all of the
Major Tenants (defined as any tenant occupying over twenty thousand (20,000)
square feet of the Property, specifically excluding, however, the tenants under
the Parking Lease and the Rooftop Lease), and (iii) tenants (including
Major Tenants, Parking Tenants and Rooftop Tenants) occupying, in the
aggregate, at least seventy five percent (75%) of the area of the Property
(excluding the parking garage) actually rented to all tenants (the “Estoppel Threshold”). All estoppel certificates shall be
dated no more than forty-five (45) days prior to the originally scheduled
Closing Date. An estoppel certificate, even though not in one of the required
estoppel forms, will be deemed reasonably acceptable to Buyer if it contains
the following information: confirming rent, security deposit, and termination
date; the date through which rent is paid; that no rent has been paid more than
one month in advance; that the Lease is in full force and effect and that a
true and correct copy of the Lease with all amendments and modifications is
attached or referenced; and that all work to be performed by landlord has been
performed and that the tenant has no knowledge of any landlord default.

 

(b)                                  Seller shall use commercially reasonable
efforts to obtain an estoppel certificate from the Hotel Owner (the “REA Estoppel”) certifying that (i) the REA has not been
amended (except as otherwise disclosed in such certificate), (ii) the REA
is in full force and effect, and (iii) to its knowledge, no party to the
REA is in default thereunder. The REA Estoppel, in the form of Exhibit G attached hereto, shall be acceptable to
Buyer.

 

(c)                                  If Seller is unable to obtain and deliver
sufficient tenant estoppel certificates as required under Section 8.4(a) and
the REA Estoppel under Section 8.4(b), or if the certificates received
contain material adverse information or omissions of which Buyer was not aware
prior to the end of the Contingency Period and which are unacceptable to Buyer
in its reasonable discretion and Buyer objects thereto by written notice to
Seller within ten (10) business days after receipt by Buyer of the
objectionable estoppel, but in any event on or before the Closing Date, then
Seller will not be in default by reason thereof, and Seller may elect to
extend the Closing Date by up to thirty (30) days in order to satisfy the
requirement. If Seller still cannot satisfy the requirement at the end of such
extended period, then Seller still will not be in default by reason thereof,
but Buyer may, by written notice given to Seller before the Closing, elect to
terminate this Agreement and receive a refund of the Deposit or waive said
condition. If Buyer so elects to terminate this Agreement, neither party shall
have any further rights or obligations hereunder except as provided in Section 6.1
above and Sections 9.3 and 9.9 below. If no such notice is delivered by Buyer,
Buyer shall be deemed to have waived such condition.

 

Section 8.5                                   Prorations.

 

(a)                                  Rents, including, without limitation,
percentage rents, if any, and any additional charges and expenses payable by
tenants under Leases (including, without limitation, the Rooftop Lease and the
Parking Lease), all as and when actually collected, real property taxes and
assessments due and payable in the year in which the closing occurs (without
regard to the

 

25

 

date
levied, assessed or accrued and without regard to any fiscal year; and real
property taxes, and assessments for annual taxes (but not special assessments)
shall be prorated based upon 110% of the most recent ascertainable bill and
promptly reprorated upon receipt of an actual bill); water, sewer and utility
charges; amounts payable under any Service Contracts or other agreements or
documents; annual permits and/or inspection fees (calculated on the basis of
the period covered); common area maintenance charges and amounts payable to the
Hotel Owner or received from the Hotel Owner under the REA and other recorded
documents; vending machine and paper recycling income, the current payment of
the Nicollet Mall Special Assessment; and any other income and expenses of the
operation and maintenance of the Property (including, without limitation,
expenses prepaid by Seller with respect to which Seller shall receive a credit
at Closing in the amount of the prepaid portion thereof), shall all be prorated
as of 11:59 p.m. on the day immediately prior to Closing (i.e., Buyer is
entitled to the income and responsible for the expenses of the day of Closing),
on the basis of a three hundred sixty-five (365) day year; provided, however,
that any real estate taxes, including the current payments of the Nicollet Mall
Special Assessment, payable directly by tenants to the governing taxing
authorities or reimbursable by tenants after Closing shall not be prorated.
Buyer shall reimburse Seller for the tenant improvement costs, leasing
commissions, legal fees and other expenses, and free rent and other
concessions, as provided in Section 7.3.

 

All rents and other sums collected after the Closing shall be applied
and paid as provided in this Section 8.5(a). Any payment received after
Closing shall be deemed a payment due after the Closing until the tenant or
other payor is current in its post-Closing obligations, and then such payments
shall be paid to Seller to the extent of any rent or other sums owing to Seller
for periods prior to Closing. Buyer shall use reasonable efforts to collect
such rents and other sums owing to Seller. Seller retains the right to collect
any such rents and other sums from tenants and other payors after Closing;
provided, however, that Seller shall have no right to evict any tenant or to
exercise any other landlord-tenant remedy other than to sue for collection.
Without intending to limit the generality of the foregoing, Buyer and Seller
acknowledge and agree that certain rental payments by the tenants under the
Parking Lease and Rooftop Lease are collected monthly in arrears and, upon
receipt of such payments after Closing, such sums shall be applied toward the
period to which they properly pertain, and shall be prorated between Seller and
Buyer, with the party receiving same promptly paying to the other party such
other party’s share thereof.

 

Reconciliations of taxes, insurance charges and other expenses owed by
tenants under Leases for the calendar year in which the Closing occurs shall be
prepared by Buyer with the cooperation of Seller within ninety (90) days
following the end of such year in accordance with the requirements set forth in
the Leases and as provided in this Section 8.5(a). For those Leases in
which tenants pay a proportionate share of taxes (including the current
payments of the Nicollet Mall Special Assessment), insurance charges or other
expenses over a base year amount or expense stop, the proration between the
parties of the income received from tenants over such base year amount or
expense stop shall be calculated based on the total amount of such expenses for
the Property incurred by both Seller and Buyer for the entire calendar year,
rather than on the amount of such expenses actually incurred by each party for
such year, in order to enable the parties to determine if the base year amount
or expense stop for such year is exceeded. Such income as so calculated shall
be prorated between the parties based on the number of days each party owned
the Property during such year and otherwise in accordance with this Section 8.5(a).

 

26

 

By way of illustration but without limiting the foregoing, if: (i) the
Closing was to occur on June 1, 2006, (ii) during Seller’s period of
ownership of the Property during the year 2006 (151 days), Seller incurred
expenses of $450,000, (iii) during Buyer’s period of ownership of the
Property during the year 2006 (214 days), Buyer incurred expenses of $500,000, (iv) total
expenses for such year recovered from tenants under Leases is $400,000 (e.g.,
$950,000 total expenses minus a total base year amount of $550,000), then
Seller would be entitled to $165,479.45 of such income ($400,000/365 days =
$1,095.89 per diem multiplied by 151 days) and Buyer would be entitled to
$234,520.55 of such income ($1,095.89 per diem multiplied by 214 days),
regardless of the actual amount of expenses actually incurred by each party
(which would have instead resulted in Seller receiving $189,473.68 of such
income and Buyer receiving $210,526.32 of such income). For Leases which do not
have a base year amount or expense stop, the proration between the parties of
income received from tenants from reconciliations of expenses under the Leases
shall be calculated based on the expenses actually incurred by each party for
such year and each party’s period of ownership of the Property, and otherwise
in accordance with this Section 8.5(a). In addition to the foregoing, on
or before the end of the ninety (90) day period described in this paragraph
above, Buyer also shall prepare with the cooperation of Seller all other annual
reconciliations required in connection with the Property including, without
limitation, annual reconciliations under the Parking Lease, Rooftop Lease and
REA, as required thereby, and the parties shall reprorate the amounts payable
thereunder (a) with respect to the REA, in the same manner as the
reproration of rent under the Leases, based on the expenses actually incurred
by Seller and Buyer under the REA for such year and each party’s respective
period of ownership of the Property, and (b) with respect to the Parking
Lease and the Rooftop Lease, based on the actual gross revenue of the tenants
collected by the tenants during the Seller’s and Buyer’s respective periods of
Ownership of the Property.

 

Buyer shall promptly reimburse Seller for Seller’s prorated share of all
expenses that are prepaid by Seller before Closing for which Buyer receives
reimbursement from a third party after Closing. As an example (and without
limitation), Seller incurs obligations each month and then bills the Hotel
Owner for the Hotel Owner’s share; the Hotel Owner then reimburses Seller. In
the event Buyer receives payment(s) from the Hotel Owner after Closing
attributable to expenses incurred and paid by Seller prior to Closing, Buyer
shall promptly forward to Seller such amounts received from the Hotel Owner.

 

The amount of any cash security deposits held by Seller under Leases
(plus any interest thereon accrued prior to the date of Closing, if required by
law or contract) shall be credited against the Purchase Price (and Seller shall
be entitled to retain such cash security deposits). Seller shall receive
credits at Closing for the amount of any utility or other deposits with respect
to the Property to the extent such deposits are assignable to Buyer and are so
assigned or credited to Buyer at Closing. Buyer shall cause all utilities to be
transferred into Buyer’s name and account at the time of Closing. As soon as
reasonably practicable after Closing, Seller shall transfer to Buyer all
non-cash security deposits and deliver to Buyer all necessary consents to such
transfers. Between the date of Closing and until such transfer takes place,
Seller agrees to hold any such non-cash security deposit in trust for the
benefit of Buyer.

 

Seller and Buyer hereby agree that if any of the aforesaid prorations
and credits cannot be calculated accurately on the Closing Date or in the case
of rents or other charges that are paid in arrears or are otherwise not yet
ascertainable or payable as of the Closing Date, then the same

 

27

 

shall be calculated as soon as reasonably practicable after the Closing
Date or the date such amounts have been collected, and either party owing the
other party a sum of money based on such subsequent proration(s) or credits
shall pay said sum to the other party within thirty (30) days thereafter. Any
amounts not paid within such thirty (30) day period shall bear interest from
the date actually received by the payor until paid at the rate of ten percent
(10%) per annum. Upon request of either party, the parties shall provide a
detailed and accurate written statement signed by such party certifying as to
the payments received by such party from tenants and other payors from and
after Closing and to the manner in which such payments were applied, and shall
make their books and records available for inspection by the other party during
ordinary business hours upon reasonable advance notice.

 

Any tax refund received by Buyer or Seller after Closing (net of third
party costs incurred in obtaining such refund) shall be paid to the party(ies)
who previously paid or were responsible for such taxes, whether it be Seller,
Buyer, or tenants under the Leases, and shall be prorated appropriately.

 

(b)                                  The cost of the Title Policy shall be split
equally between Buyer and Seller. Payment of all transfer taxes payable in
connection with recording the deed shall be split equally between Buyer and
Seller; Buyer shall pay all other recording fees. Any closing escrow fees and
other closing charges of the Title Company for the sale transactions shall be
split equally between Seller and Buyer. Seller shall be solely responsible for
any and all costs and expenses pertaining to the assumption of the First
Mortgage Loan including, without limitation, loan title policies, lender’s
legal fees, lender’s escrow and closing fees and all intangibles and mortgage
taxes. The parties will execute and deliver any required transfer or other
similar tax declarations to the appropriate governmental entity at Closing. At
Closing, Seller shall reimburse Buyer for the cost of a Phase I environmental
report in an amount not to exceed $3,000.00.

 

(c)                                  The total annual percentage rent payable under
each Lease for the lease year in which the Closing occurs shall be prorated
between Seller and Buyer based solely on the respective number of days of
ownership of the Property by Seller and Buyer during such year, regardless of
what portion of sales occur during the different parts of such year. At Closing,
the parties shall estimate the total percentage rent payable under each Lease
for the applicable lease year based on the percentage rent paid under such
Lease for the prior year, and Seller shall receive a credit at Closing for its
prorata share thereof. Once the final amount of percentage rent is determined,
the parties shall reprorate, and the party owing the other shall promptly remit
the amount owed no later than fifteen (15) days after the reproration is
determined.

 

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

 

(e)                                  The obligations of Buyer under this Agreement
are subject to satisfaction or written waiver of Buyer of each of the following
conditions or requirements on or before Closing:

 

(1)                                 Seller shall have delivered all documents
required to be delivered at Closing under Article VIII;

 

28

 

(2)                                 Buyer shall not have terminated this Agreement
pursuant to Section 3.2, Section 4.1(c), Article VI or Section 8.4(c);

 

(3)                                 The Title Policy shall have been issued and
marked down to Closing, subject only to Conditions of Title in a so-called “New
York” style closing;

 

(4)                                 Purchaser shall have received the REA
Estoppel; and

 

(5)                                 The Lender under the First Mortgage Loan shall
have approved, in writing, to the extent consent is required, the assumption of
the First Mortgage Loan, pursuant to documents reasonably acceptable to Seller,
Buyer and their respective counsel, provided Buyer has performed all of its
obligations hereunder with respect thereto.

 

In the event that all of the foregoing provisions of this Section 8.5(e) are
not satisfied in all material respects unless otherwise waiver by Buyer, and
Seller does not request an adjournment of the Closing to comply such
adjournment not to exceed ten (10) days, and Buyer elects in writing to
terminate this Agreement, then the Deposit shall be promptly delivered to Buyer
by Title Company and, upon receipt thereof by Buyer, neither party shall have
any further claim against the other by reason of this Agreement, except as
otherwise specifically provided herein.

 

Section 8.6                                   Assumed Tenant Payment.

 

Buyer shall pay when due the refurbishment allowance in the amount of
$651,276 when due in January 2010 pursuant to the Lease to Lindquist and
Vennum.

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1                                   Notices.

 

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

 

	
  To
  Seller:

  	
  80
  South Eighth, L.L.C.

  
	
   

  	
  One
  North Wacker, Suite 2400

  
	
   

  	
  Chicago,
  Illinois 60606

  
	
   

  	
  Attention:
  Paul C. Heinen

  
	
   

  	
  Fax
  No.: (312) 993-0857

  
	
   

  	
   

  
	
  with
  a copy to:

  	
  Pedersen &
  Houpt

  
	
   

  	
  161
  North Clark Street, Suite 3100

  
	
   

  	
  Chicago,
  Illinois 60601-3242

  

 

29

 

	
   

  	
  Attention:
  Thomas J. Kelly, Esq.

  
	
   

  	
  Fax
  No.: (312) 261-1103

  
	
   

  	
   

  
	
  with
  a copy to:

  	
  McMorgan
  Company

  
	
   

  	
  One
  Bush Street, Suite 800

  
	
   

  	
  San
  Francisco, California 94104

  
	
   

  	
  Attention:
  Brian Seaman

  
	
   

  	
  Fax
  No.: (415) 616-9399

  
	
   

  	
   

  
	
  To
  Buyer:

  	
  G.
  Joseph Cosenza

  
	
   

  	
  Inland
  Real Estate Acquisitions, Inc.

  
	
   

  	
  2901
  Butterfield Road

  
	
   

  	
  Oak
  Brook, Illinois 60523

  
	
   

  	
  Fax
  No.: (630) 218-4935

  
	
   

  	
   

  
	
  with
  a copy to:

  	
  Dennis
  K. Holland

  
	
   

  	
  The
  Inland Real Estate Group, Inc.

  
	
   

  	
  2901
  Butterfield Road

  
	
   

  	
  Oak
  Brook, IL 60523

  
	
   

  	
  Fax
  No.: (630) 218-4900

  

 

or
to such other address as either party may from time to time specify in
writing to the other party. Any notice or other communication sent as
hereinabove provided shall be deemed effectively given (a) on the date of
delivery, if delivered in person; (b) three (3) business days after
mailing if sent by certified mail, postage prepaid, return receipt requested; (c) one
(1) business day after being sent by a commercial overnight courier; or (d) on
the date of transmission, if sent by facsimile with confirmation of receipt.
Any notice send by the attorney representing a party, shall qualify as notice
under this Agreement.

 

Section 9.2                                   Entire Agreement.

 

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

 

Section 9.3                                   Entry and Indemnity.

 

In connection with any entry by Buyer, or its agents, employees or
contractors onto the Property, Buyer shall give Seller reasonable advance
notice of such entry and shall conduct such entry and any inspections in connection
therewith (a) during normal business hours, (b) so as to minimize, to
the greatest extent possible, interference with Seller’s business and the
business of Seller’s tenants, (c) in compliance with all applicable laws,
and (d) otherwise in a manner reasonably acceptable to Seller. Without
limiting the foregoing, prior to any entry to perform any intrusive
on-site testing, including but not limited to any borings, drillings or
samplings, Buyer shall give Seller written notice thereof, including the
identity of the company or persons

 

30

 

who
will perform such testing and the proposed scope and methodology of the
testing. Seller shall approve or disapprove, in Seller’s sole discretion, any
proposed intrusive testing within two (2) business days after receipt of
such notice. If Seller fails to respond within such two (2) business day
period, Seller shall be deemed to have disapproved the proposed testing. If
Buyer or its agents, employees or contractors take any sample from the Property
in connection with any such approved testing, Buyer shall provide to Seller a
portion of such sample being tested to allow Seller, if it so chooses, to perform its
own testing. Buyer shall permit Seller or its representative to be present to
observe any tenant interview or any testing, inspection, or due diligence
review performed with respect to the Property. Upon the request of Seller, if
the transaction contemplated hereby is terminated or does not close, Buyer
shall promptly deliver to Seller copies of any reports relating to any testing
or other inspection of the Property performed by Buyer or its agents,
representatives, employees, contractors or consultants. Notwithstanding
anything to the contrary contained herein, Buyer shall not contact any
governmental authority or any tenant without first obtaining the prior written
consent of Seller, which shall not be unreasonably withheld or delayed, and
Seller, at Seller’s election, shall be entitled to have a representative participate
in any telephone or other contact made by Buyer to a governmental authority or
tenant and present at any meeting by Buyer with a governmental authority or
tenant. Notwithstanding the foregoing, Buyer is permitted to contact
appropriate governmental authorities to verify the zoning of the Property and
the absence of building code violations. Buyer shall maintain, and shall assure
that its contractors maintain, public liability and property damage insurance
in amounts and in form and substance adequate to insure against all
liability of Buyer and its agents, employees or contractors, arising out of any
entry or inspections of the Property pursuant to the provisions hereof, and
Buyer shall provide Seller with evidence of such insurance coverage upon request
by Seller. Buyer shall indemnify and hold Seller harmless from and against any
costs, damages, liabilities, losses, expenses, liens or claims (including,
without limitation, court costs and reasonable attorneys’ fees and
disbursements) arising out of or relating to any entry on the Property by
Buyer, its agents, employees or contractors in the course of performing the
inspections, testings or inquiries provided for in this Agreement, including,
without limitation, any release of Hazardous Materials or any damage to the
Property; provided that Buyer shall not be liable to Seller solely as a result
of the discovery by Buyer of a preexisting condition on the Property to the
extent the activities of Buyer, its agents, representatives, employees, contractors
or consultants do not exacerbate the condition, and in such event Buyer’s
liability shall be limited to the extent of such exacerbation. The provisions
of this Section 9.3 shall be in addition to any access or indemnity
agreement previously executed by Buyer in connection with the Property;
provided that in the event of any inconsistency between this Section 9.3
and such other agreement, the provisions of this Section 9.3 shall govern.
The foregoing indemnity shall survive beyond the Closing, or, if the sale is
not consummated, beyond the termination of this Agreement. Buyer’s right of
entry, as provided in this Section 9.3, shall continue up through the date
of Closing.

 

Section 9.4                                   Time.

 

Time is of the essence in the performance of each of the parties’
respective obligations contained herein. If the Closing Date or any other date
described in this Agreement by which one party hereto must give notice to the
other party hereto or must fulfill an obligation is a Saturday, Sunday or a day
observed by the Federal government or by the State of Illinois

 

31

 

government as a legal holiday, then such Closing Date or such other date
shall be automatically extended to the next succeeding day which is not a
Saturday, Sunday or legal holiday.

 

Section 9.5                                   Attorneys’ Fees.

 

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

 

Section 9.6                                   Assignment.

 

Buyer may not assign its rights under this Agreement or direct a
nominee to receive title other than to MB Minneapolis, a special purpose entity
owned by Buyer or a REIT sponsored by an affiliate of Buyer which MB
Minneapolis will comply with the requirements of a Borrower under the First
Mortgage Loan and provided the Recourse Obligations are guaranteed by Inland
American Real Estate Trust, Inc., or a sub-REIT thereof with a net worth
in excess of Three Hundred Million Dollars ($300,000,000), sponsored by an
affiliate of Buyer; provided such assignment does not adversely affect the
approval of the assumption of the Mortgage and the representations under Section 3.1
(a) as applied to the assignee are true and correct, without first
obtaining Seller’s written approval, which approval may be given or
withheld in Seller’s sole discretion. Buyer shall identify the guarantor not
less than fifteen (15) days prior to the expiration of the Contingency Period.
Under no circumstances shall Buyer have the right to assign this Agreement to
any person or entity owned or controlled by an employee benefit plan if Seller’s
sale of the Property to such person or entity would, in the reasonable opinion
of Seller’s ERISA advisor, create or otherwise cause a “prohibited transaction”
under ERISA. In the event Buyer assigns this Agreement or transfers any
ownership interest in Buyer, and such assignment or transfer would make the
consummation of the transaction hereunder a “prohibited transaction” under
ERISA and necessitate the termination of this Agreement then, notwithstanding
any contrary provision which may be contained herein, Seller shall have
the right to pursue any remedy available at law or in equity as a result of
such assignment or transfer. Any transfer, directly or indirectly, of a
controlling interest in the beneficial ownership interests in Buyer without
Seller’s written approval, which approval may be given or withheld in
Seller’s sole discretion, shall constitute a default by Buyer under this
Agreement.

 

If this Agreement is assigned as permitted hereunder or otherwise with
Seller’s consent, Buyer shall in no event be released from any of its
obligations or liabilities hereunder in connection with any assignment. In no
event shall Buyer have the right to assign its rights or obligations hereunder
to any party which could not truthfully make all of the representations and
warranties contained in Section 3.6 above, and in connection with any
assignment pursuant to the terms hereof, the assignee shall reconfirm in a
written instrument acceptable to Seller and delivered to Seller prior to the
effective date of the assignment said representations and warranties as applied
to the assignee and that all other terms and conditions of this Agreement

 

32

 

shall apply to such assignee. Subject to the provisions of this Section, this Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective
successors and assigns.

 

Section 9.7                                   Counterparts.

 

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

 

Section 9.8                                   Governing Law.

 

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

 

Section 9.9                                   Confidentiality and Return of
Documents.

 

Buyer and Seller shall each maintain as confidential any and all
material obtained about the other or, in the case of Buyer, about the Property,
this Agreement or the transactions contemplated hereby, and shall not disclose
such information to any third party. Except as may be required by law,
Buyer will not divulge any such information to other persons or entities
including, without limitation, appraisers, real estate brokers, or competitors
of Seller. Notwithstanding the foregoing, Buyer shall have the right to
disclose information with respect to the Property to its officers, directors,
employees, attorneys, accountants, environmental auditors, engineers, and
potential lenders to the extent necessary for Buyer to evaluate its acquisition
of the Property provided that all such persons are told that such information
is confidential and agree (in writing for any third party engineers, environmental
auditors or other consultants) to keep such information confidential. If Buyer
acquires the Property from Seller, Seller shall have the right, subsequent to
the Closing of such acquisition, to publicize the transaction (other than the
parties to or the specific economics of the transaction) in whatever manner it
deems appropriate; provided that any press release or other public disclosure
regarding this Agreement or the transactions contemplated herein, and the
wording of same, must be approved in advance by both parties. The provisions of
this paragraph shall survive the Closing or any termination of this Agreement.
In the event the transaction contemplated by this Agreement does not close as
provided herein, upon the request of Seller, Buyer shall promptly return to
Seller all Due Diligence Materials and other documents and copies obtained by
Buyer in connection with the purchase of the Property hereunder.

 

Section 9.10                            Interpretation of Agreement.

 

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

 

33

 

Section 9.11                            Limited Liability.

 

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

 

Section 9.12                            Amendments.

 

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

 

Section 9.13                            No Recording.

 

Neither this Agreement or any memorandum or short form thereof may be
recorded by Buyer.

 

Section 9.14                            Offer to Enter into a Legally
Binding Contract.

 

This Agreement, when duly executed by all of the parties hereto, shall
be binding upon and inure to the benefit of the parties hereto and their
respective permitted successors and assigns. The date on which both Seller and
Buyer have fully executed and delivered to each other a counterpart of
this Agreement (or a copy by facsimile transmission) shall be the “Effective Date”.

 

Section 9.15                            Intentionally Deleted.

 

Section 9.16                            No Partnership.

 

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

 

Section 9.17                            No Third Party Beneficiary.

 

The provisions of this Agreement are not intended to benefit any third
parties. Without limiting the generality of the foregoing, the parties hereto
expressly acknowledge and agree that none of Seller’s representations,
warranties, or covenants herein may be relied on by the Title Company,
whether by subrogation or otherwise.

 

Section 9.18                            Buyer’s Cooperation.

 

Buyer shall cooperate with Seller for a period of seven (7) years
after Closing in case of Seller’s need in response to any legal requirement, a
tax audit, tax return preparation or litigation threatened or brought against
Seller, by allowing Seller and its agents or representatives access, upon
reasonable advance notice (which notice shall identify the nature of the
information sought by Seller), at all reasonable times to examine and make
copies of any and all instruments, files and records, which right shall survive
the Closing.

 

34

 

Section 9.19                            Limitation on Liability.

 

Notwithstanding anything to the contrary contained herein, after the
Closing, the maximum aggregate liability of Seller, and the maximum aggregate
amount which may be awarded to and collected by Buyer (including, without
limitation, for any breach of any representation, warranty and/or covenant by
Seller) under this Agreement or any documents executed pursuant hereto or in connection
herewith, including, without limitation, the Deed, the Bill of Sale, any Seller
estoppel, and the Assignment of Leases (collectively, the “Other
Documents”, shall under no circumstances whatsoever, except as
provided below, exceed Two Million, Five Hundred Thousand Dollars ($2,500,000),
provided that such limitation shall not be applicable to Seller’s intentional
or willful misrepresentation or Seller’s fraud.

 

Section 9.20                            Survival.

 

Except as expressly set forth to the contrary herein, no representations,
warranties, covenants or agreements of Seller contained herein shall survive
the Closing.

 

Section 9.21                            Survival of Article IX.

 

The provisions of this Article IX shall survive the Closing.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK; SIGNATURES ON FOLLOWING PAGE]

 

35

 

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

 

	
   

  	
  Buyer:

  	
  Inland
  Real Estate Acquisitions, Inc.

  
	
   

  	
   

  	
  an
  Illinois corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Seller:

  	
  80
  SOUTH EIGHTH, L.L.C.,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  JBC
  OPPORTUNITY FUND II, L.P.,

  a Delaware limited partnership,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Buck
  Investors II, L.L.C., a

  
	
   

  	
   

  	
   

  	
   

  	
  Delaware
  limited liability company

  
	
   

  	
   

  	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Charles R. Beaver

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Charles R. Beaver

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its:

  	
  Authorized
  Person

  	
   

  

 

36

 

FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

 

THIS FIRST AMENDMENT, dated as of July 24, 2006 is between 80 South Eighth, L.L.C., a
Delaware limited liability company (“Seller”) and Inland Real Estate
Acquisitions, Inc., an Illinois corporation (“Buyer”).

 

RECITALS

 

A.                                   Buyer and Seller have entered into a certain
Agreement of Purchase and Sale dated June 29, 2006 (the “Purchase
Agreement”) providing for the purchase and sale of the IDS Center (all as more
particularly described in the Purchase Agreement).

 

B.                                     Buyer and Seller desire to amend certain terms
and provisions of the Purchase Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.                                       Contingency Period. Section 2.2 of the Purchase Agreement is
hereby amended by changing the words set forth in the first sentence thereof
from “5:00 p.m. (Central Time) on July 25, 2006” to “12:00 p.m.
(Central Time) on July 28, 2006”.

 

2.                                       Conflicts. In the event of a conflict between the terms and conditions of this
first amendment on the terms and conditions of the Purchase Agreement, the
terms and conditions of this First Amendment shall control and prevail. In all
other respects, the terms and conditions of the Purchase Agreement shall remain
unchanged and in full force and effect.

 

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

 

[Signatures Appear on Next Page]

 

 

	
   

  	
  Buyer:

  	
  Inland
  Real Estate Acquisition, Inc.,

  an Illinois corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Seller:

  	
  80
  South Eighth, L.L.C.,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  JBC
  Opportunity Fund II, L.L.P.,

  
	
   

  	
   

  	
  a
  Delaware limited liability partnership,

  
	
   

  	
   

  	
  its
  managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Buck
  Investors II, L.L.C.,

  
	
   

  	
   

  	
  a
  Delaware limited liability

  
	
   

  	
   

  	
  Company,
  its general partner:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul C. Heinen

  	
   

  
	
   

  	
  Name:

  	
  Paul C. Heinen

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Authorized Signatory

  	
   

  
						

 

 

SECOND AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

 

THIS SECOND AMENDMENT, dated as of July 27, 2006 is between 80
South Eighth, L.L.C., a Delaware limited liability company (“Seller”) and
Inland Real Estate Acquisitions, Inc., an Illinois corporation (“Buyer”).

 

R E C I T A L S:

 

WHEREAS, Buyer and Seller have entered into a certain Agreement of
Purchase and Sale dated June 29, 2006, as amended by a First Amendment
dated July 24, 2006 (collectively, the “Purchase Agreement”) providing for
the purchase and sale of the IDS Center (all as more particularly described in
the Purchase Agreement); and

 

WHEREAS, Buyer and Seller desire to amend certain terms and provisions
of the Purchase Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.                                       Section 1.2.  The
Purchase Price is reduced from Two Hundred Eighty Seven Million, Five Hundred
Thousand Dollars ($287,500,000) to Two Hundred Seventy-Seven Million, Nine
Hundred Thirty-Two Thousand Dollars ($277,932,000).

 

2.                                       Section 2.2.  Buyer
waives its rights to terminate the Purchase Agreement pursuant to Section 2.2,
and the Contingency Period shall be deemed to have expired.

 

3.                                       Section 4.1.

 

(a)                                  Buyer approves the Survey heretofore
delivered, and waives any rights to object with respect to the Survey.

 

(b)                                 Buyer approves Seller’s Response with respect
to matters of title and waives any right to object thereto.

 

4.                                       Section 8.3.  Subsections
8.3(a)(9) is hereby deleted in its entirety and replaced with the
following;

 

“(9)                            A written undertaking of Seller to be
responsible for all costs
required to be paid as Landlord to place Schwebel Goetz and Dady & Garner into their respective spaces on the
51st Floor and LaSalle Bank into its space on the 35th Floor.”

 

5.                                       Conflicts.  In the event of a conflict
between the terms and conditions of this Second Amendment and the terms and
conditions of the Purchase Agreement, the terms and conditions of this Second
Amendment shall control and prevail. In all other respects, the terms and
conditions of the Purchase Agreement shall remain unchanged and in full force
and effect.

 

 

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

 

	
   

  	
  Buyer:

  
	
   

  	
   

  
	
   

  	
  INLAND
  REAL ESTATE ACQUISITION, INC., an Illinois

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [ILLEGIBLE]

  	
   

  
	
   

  	
  Its:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Seller:

  
	
   

  	
   

  
	
   

  	
  80
  SOUTH EIGHTH, L.L.C., a Delaware limited

  
	
   

  	
  liability
  company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  JBC
  Opportunity Fund II, L.L.P., a

  
	
   

  	
   

  	
  Delaware
  limited liability partnership, its

  
	
   

  	
   

  	
  managing
  member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Buck
  Investors II, L.L.C., a

  
	
   

  	
   

  	
   

  	
  a
  Delaware limited liability company,

  
	
   

  	
   

  	
   

  	
  its
  general partner:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Paul C. Heinen

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Paul C. Heinen

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Authorized Signatory

  	
   

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]