Document:

Exhibit 10.11

                           PURCHASE AND SALE AGREEMENT

     This Purchase And Sale Agreement (the "Agreement") is entered into and
shall be effective as of July 1, 2000 (the "Effective Date") between Sheridan
Realty Partners, L.P., a Delaware limited partnership ("Seller"), AmeriVest
Inverness Inc., a Colorado corporation ("Purchaser"), and Sheridan Investments,
LLC, a Colorado limited liability company (the "LLC"). For purposes of this
Agreement, each of Seller, Purchaser and the LLC may be referred to individually
as a "Party", and all of Seller, Purchaser and the LLC may be referred to
collectively as the "Parties".

                                    Recitals

     A. Seller owns a 9.639% preferred limited liability company membership
interest (the "LLC Interest") in the LLC. The Operating Agreement of the LLC is
attached to this Agreement as Exhibit A. The LLC owns all the ownership
interests of Sheridan Plaza at Inverness LLC, a Colorado limited liability
company ("Inverness LLC") whose sole asset is a fee simple interest in two
multi-tenant office buildings located at 383 and 385 Inverness Drive South in
Englewood Colorado, consisting of approximately 118,000 total rentable square
feet on approximately 6.7 acres of land with 403 total parking spaces, including
78 underground parking spaces that is known as Sheridan Plaza at Inverness (the
"Property"). The Operating Agreement of Inverness LLC is attached to this
Agreement as Exhibit B. The Property is more particularly described in Exhibit C
attached to and made a part of this Agreement.

     B. Purchaser desires to purchase from Seller, and Seller desires to sell to
Purchaser, the LLC Interest pursuant to the terms of this Agreement.

                                    Agreement

     In consideration of the premises and of the mutual covenants contained in
this Agreement, the Parties agree as follows:

     1. Purchase And Sale Of LLC Interest.

          1.1 Purchase And Sale. Subject to the terms and conditions of this
     Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to
     purchase from Seller, the LLC Interest.

          1.2 Purchase Price. The purchase price (the "Purchase Price") for the
     LLC Interest shall be $658,918, payable in the form of 65,892 units (the
     "Units"), with each unit consisting of two shares of the $.001 par value
     common stock (the "Purchaser Common Stock") of Purchaser and one redeemable
     common stock purchase warrant (a "Warrant") to purchase one share of
     Purchaser Common Stock for $5.00 per share until July 10, 2005. The Warrant
     shall be in the form of Exhibit D attached to and made a part of this
     Agreement.

          1.3 Adjustment to Purchase Price. If, on or before October 31, 2000, a
     member of the LLC sells a preferred limited liability company membership
     interest at a price less than the Purchase Price or the LLC issues
     additional preferred limited liability company membership interests with
     substantially the same terms as the LLC Interest at a price less than the
     Purchase Price, the Purchase Price shall be reduced to an amount calculated
     using the price at which the preferred limited liability company membership
     interests are transferred or issued and Seller immediately shall return to
     Purchaser the number of Units determined by dividing the difference between
     the Purchase Price and the purchase price as adjusted by $10.00.

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     2. Title. Seller shall cause Inverness, LLC to furnish to Purchaser a copy
of the A.L.T.A. owner's extended coverage title insurance policy (with
preprinted exceptions to be deleted) dated September 22, 1999 issued by Chicago
Title Insurance Company (the "Title Company"), for the Property in the amount of
$14,200,000 together with an updated commitment dated September __, 2000. Seller
shall also make available to Purchaser for review, true, correct, and legible
copies of all documents listed in the schedule of exceptions in the commitment.
The title commitment and the underlying exception documents are hereinafter
collectively referred to as the "Title Commitment".

     3. Environmental Audit. Inverness LLC has provided Purchaser with a Phase I
Environmental Site Assessment (including asbestos investigation) dated October
18, 1999 for the Property in conformity with the 1993 standards set by the
American Society for Testing and Materials prepared by ATEC Associates, Inc.
(the "Phase I Report").

     4. Survey. Inverness LLC has provided Purchaser with an ALTA/ACSM land
title survey for the Property dated October 1, 1999 prepared by Bell Surveying
Company (the "Survey"). The Survey reflects all exceptions to title (where
applicable) as reflected on the Title Commitment. The Survey provides that
physical inspections at the Property revealed no improvements situated upon or
adjacent to the Property which are the subject of any encroachments, and that no
easements or rights-of-way have been physically violated in any respect, except
as shown in the Survey.

     5. Warranty As To Leases. Each of Seller, based solely on information
provided by Inverness LLC, and Inverness LLC warrants that the attached Exhibit
E is a complete list of all leases, tenancies, rental agreements, and concession
agreements presently encumbering the Property; and that:

          5.1 No person, firm, or corporation has any title, interest, or right
     to possession of the Property or any portion of the Property as a lessee,
     tenant, or concessionaire of Seller except as shown on Exhibit E and the
     names as set forth in Exhibit E are the names of all tenants, lessees and
     concessionaires which have a right of possession at the Property, whether
     or not under a written instrument (which shall be specified) as of June 30,
     2000; the date set forth for each tenant, lessee and concessionaire is the
     date of the lease, tenancy, rental or concessionaire agreement pursuant to
     which the tenant, lessee or concessionaire occupied the Property as of June
     30, 2000.

          5.2 All the leases, tenancies, rental agreements, and concession
     agreements shown on Exhibit E are now in full force and effect; except as
     set forth on Exhibit E, none of Seller nor Inverness LLC nor any of the
     tenants, lessees or concessionaires set forth on Exhibit E is in default in
     the performance of any such instrument or agreement; and, no tenant,
     lessee, or concessionaire is entitled to any rebate, concession, or other
     benefit except as set forth in the leases and agreements referred to in
     Exhibit E.

          5.3 The rentals and other sums due or to become due under the leases
     and agreements referred to in Exhibit E have not been assigned or
     encumbered by Seller or Inverness LLC except as additional security under
     the Mortgage against the Property, and will not be further assigned,
     encumbered, or subjected to any liens by Seller or Inverness LLC prior to
     the Closing pursuant to this Agreement.

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     6. Warranty As To Insurance. Each of Seller, based solely on information
provided by Inverness LLC, and Inverness LLC warrants that that there is
adequate insurance covering the Property and that Inverness LLC shall keep all
such insurance policies in full force and effect while it owns the Property.

     7. Corporate Resolutions Regarding Sale. At the Closing, Purchaser shall
provide to Seller a copy of resolutions of the Board of Directors of Purchaser
authorizing the execution and performance of this Agreement, including the
authorization of issuance of the Units to Seller in payment of the Purchase
Price, which resolutions shall be certified by the secretary of Purchaser.

     8. Contingencies. This Agreement is contingent upon each of the following:

          8.1 Management Records. Approval by Purchaser of true and complete
     copies of the Income and Operating Expense Statements and Statements of
     Assets and Liabilities relating to the Property and/or Inverness LLC and/or
     the Seller as of and for the years ended December 31, 1998 and 1999.,
     Copies of said financial and lease documents have been delivered to and
     reviewed by Purchaser prior to the execution of this Agreement.

          8.2 LLC Approval. The receipt by Seller of all approvals necessary
     from the manager and members of Seller and Inverness LLC as may be required
     under their respective operating agreements.

     In the event any of the foregoing contingencies are not met at or before
the Closing, and absent an agreement of the Parties to resolve an unsatisfied
contingency, this Agreement shall terminate.

     9. Deliveries At Closing.

          9.1 At Closing, Seller shall deliver to Purchaser the following:

               9.1.1 A certificate representing the LLC Interest registered in
          Purchaser's name in a form reasonably acceptable to Purchaser and
          Seller.

               9.1.2 The Title Commitment.

               9.1.3 The consent of the manager of the Inverness LLC to the
          transfer of the LLC Interest to Purchaser and the admission of
          Purchaser to the Inverness LLC as a substituted member entitled to a
          9.639% Preferred Equity Investor.

               9.1.4 Any other documents required to be delivered pursuant to
          this Agreement.

               9.1.5 At and after Closing, such additional and customary
          documents necessary to carry out or complete the transaction set forth
          in this Agreement.

          9.2 At Closing, Purchaser shall deliver to Seller the following:

               9.2.1 Stock and warrant certificates representing Purchaser
          Common Stock and Warrants included in the Units constituting the
          Purchase Price registered in the name of Seller, provided Seller has
          executed and delivered to Purchaser a subscription and registration
          rights agreement in the form of Exhibit F attached to this Agreement.

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               9.2.2 At and after Closing, such additional and customary
          documents necessary to carry out or complete the transaction set forth
          in this Agreement.

     10. Closing Date. Closing shall take place at a time to be established by
Purchaser and Seller but not later than September 28, 2000 (the "Closing" or
"Closing Date") to be effective as of the Effective Date. The Closing shall take
place at the offices of Purchaser or at the offices of Purchaser's counsel, as
determined by Purchaser.

     11. Purchase Price Adjustments And Closing Costs. At Closing, the following
items shall be adjusted against the Purchase Price:

          11.1 The amount of all distributions received by or payable to Seller
     from the LLC with respect to the LLC Interest prior to the Effective Date
     shall be deducted from the Purchase Price.

          11.2 Any expenses charged to Purchaser by the LLC with respect to the
     transfer of the LLC Interest shall be deducted from the Purchase Price.

     Seller shall be responsible for the cost of the updated title insurance
commitment. Seller and Purchaser shall each pay the fees and disbursements of
its respective counsel and any inspecting architects, engineering or other
consultants hired by such party.

     12. Casualty Loss. If, prior to Closing, the Property shall be damaged or
destroyed by fire, explosion, disaster, earthquake, accident, disturbance or act
of God (except any damage or destruction caused by Purchaser or its agents,
servants or employees), within five days of becoming aware of such damage or
destruction, Inverness LLC shall deliver to Purchaser and Seller written notice
thereof and the estimated cost of repair, based upon Inverness LLC's reasonable
good faith business judgment. If the Property is "substantially damaged" i.e.
(1) the estimated cost of repairing such damage or destruction exceeds in the
aggregate $100,000, or (2) the casualty materially and adversely affects access
to the Property, or (3) the casualty would give one or more tenants with an
aggregate total rental square footage of more than 10,000 square feet, the right
to terminate their respective leases, or (4) the casualty would cause the rent
of any one or more tenants to abate for any period of time unless Seller is
willing to credit Purchaser for the full amount of the abated rent, this
Agreement shall automatically terminate unless Purchaser delivers to Seller
written notice waiving the right to terminate within five days following
delivery to Purchaser of Inverness LLC's notice of such damage.

     13. Representations And Warranties By Seller And Inverness LLC. Each of
Seller and Inverness LLC hereby represents and warrants to Purchaser that the
following are true and correct as of the date of the execution of this Agreement
and that the following shall be true and correct as of the Closing:

          13.1 Seller is duly organized, validly existing, and in good standing
     under the laws of the State of Delaware and has the power and authority to
     carry on its business and to enter into this Agreement and the transactions
     contemplated hereby. The LLC is duly organized, validly existing, and in
     good standing under the laws of the State of Colorado and has the power and
     authority to carry on its business and own and dispose of the Inverness
     LLC. The Inverness LLC is duly organized, validly existing, and in good
     standing under the laws of the State of Colorado and has the power and
     authority to carry on its business and own and operate the Property.

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          13.2 The improvements situated on the Property are connected to all
     public utility systems (including without limitation the sewer system) and,
     to the best of Seller's knowledge, all utility systems are operational and
     in compliance with all applicable public and private requirements.

          13.3 Except as previously disclosed to Purchaser, to the best of each
     of Seller's, the LLC's and Inverness LLC's knowledge, there are no actions,
     suits, investigations, or proceedings at law or in equity by or before any
     court, governmental instrumentality, commission, or other agency now
     pending or threatened or against or affecting Seller, the LLC or Inverness
     LLC or any of their respective properties or rights, before any court,
     arbitrator, or administrative or governmental body which may result in an
     adverse change in their respective businesses or any of their respective
     conditions, financial or otherwise. Further, neither Seller, the LLC nor
     Inverness LLC is in default with respect to any order, writ, injunction, or
     decree of any court or any governmental agency or department.

          13.4 Except for the requirement that the sale of the LLC Interest and
     the admission of Purchaser as a substituted member of the LLC be approved
     by the Manager of the LLC as contemplated by Section 8.2 of this Agreement,
     each of Seller and the LLC and their respective appointed representatives
     have full power, authority and legal right to execute and deliver and to
     perform and observe the provisions hereof and of the transactions
     contemplated hereby. Neither Seller nor the LLC is in default in the
     performance of any obligation, covenant or condition in any agreement,
     decree, or order to which Seller or the LLC is party or by which Seller or
     the LLC is bound or to which any of Seller's or the LLC's properties are
     subject, including this Agreement. Neither Seller nor the LLC is a party to
     a contract or agreement or subject to any restriction which adversely
     affects Seller's or the LLC's business, property, assets or financial
     condition. Neither Seller nor the LLC is a party to or otherwise subject to
     any contract or agreement which restricts or otherwise affects Seller's
     right or ability to undertake the transactions contemplated hereby or the
     performance of any of its respective terms.

          13.5 Neither of Seller's nor the LLC's execution of this Agreement
     will violate any provision of law or any agreement previously entered into,
     other than those for which Seller and/or the LLC shall obtain all required
     consents or waivers prior to Closing.

          13.6 No tax liability, including without limitation, income tax
     liability, of any nature is now past due or has been asserted against
     Seller, the LLC, the LLC Interest or the Property by any taxing authority.

          13.7 Neither this Agreement nor any other document, certificate, or
     statement furnished to Purchaser by Seller or the LLC or any partner,
     employee, or affiliate of Seller or the LLC or, to the best knowledge of
     Seller and the LLC, by any third party in connection with the transactions
     contemplated hereby, contains any untrue statement of material fact or
     omits to state a material fact necessary in order to make the statements
     contained herein and therein not misleading. All of Seller's, the LLC's and
     the Property's financial statements submitted to Purchaser have been
     prepared in accordance with generally accepted accounting principles
     consistently applied, unless otherwise expressly noted.

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          13.8 To the best of each of Seller's and the LLC's knowledge, no
     consent, approval, authorization, permit or license from any federal,
     state, or local regulatory authority is required in connection with the
     transactions contemplated herein.

          13.9 Other than as previously disclosed to Purchaser, to the best
     knowledge of each of Seller and the LLC, the improvements situated on the
     Property are complete and structurally sound and all mechanical systems
     contained therein are adequate for their intended use and in proper working
     condition. Other than as previously disclosed to Purchaser, the Property
     does not require any major repairs or further work.

          13.10 Each of Seller and the LLC represents and warrants that based on
     its respective review of the Phase I Report and its respective indirect
     ownership and management of the Property since the date of such report,
     neither the Property nor Seller nor the LLC nor Inverness LLC, nor, to the
     best of each of Seller's and the LLC's knowledge, any previous owner of the
     Property, is in violation of or subject to any existing, pending or
     threatened investigation or inquiry by any governmental authority or any
     remedial obligations under any applicable laws, rules or regulations
     pertaining to health or the environment, including, without limitation, the
     Comprehensive Environmental Response, Compensation and Liability Act of
     1980, as amended ("CERCLA") and the Resource Conservation and Recovery Act
     of 1976, as amended ("RCRA"), and each of Seller and the LLC further
     represents and warrants that there are no facts, conditions or
     circumstances known to Seller or the LLC which could result in any such
     investigation or inquiry if such facts, conditions and circumstances, if
     any, were fully disclosed to the applicable governmental authority. Each of
     Seller and the LLC represents and warrants that neither Seller nor the LLC
     has obtained and neither Seller nor the LLC is required to obtain any
     permits, licenses, or similar authorizations to construct, occupy, operate
     or use any buildings, improvements, fixtures or equipment in connection
     with the Property constructed or to be constructed by reason of any
     applicable environmental laws, rules or regulations. Each of Seller and the
     LLC represents and warrants that each of them has no knowledge of any oil,
     toxic or hazardous substances or solid wastes having been disposed of or
     released on the Property other than in connection with the normal
     operations of an office building in a manner that is in compliance with all
     applicable laws, rules or regulations pertaining to health or the
     environment, or any asbestos within the improvements.

          13.11 The address set forth below is Seller's true and correct
     residence, and Seller has no present intention of becoming a resident of
     any other state or jurisdiction.

          13.12 Seller is the sole beneficial, legal, and record owner of the
     LLC Interest.

          13.13 Except as otherwise set forth herein, Seller has full power,
     authority, and legal right to sell the LLC Interest.

          13.14 There are no claims, liens, or other encumbrances on the LLC
     Interest. There are no claims, liens, or other encumbrances on the Property
     except for Permitted Title Exceptions and the Mortgage.

          13.15 This Agreement constitutes a legal and binding obligation of
     each of Seller and the LLC, and is valid and enforceable against each of
     Seller and the LLC in accordance with its terms.

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          13.16 There are no other restrictions on Seller's right or ability to
     sell the LLC Interest to Purchaser.

          13.17 Seller has furnished Purchaser with true and complete copies of
     the audited Statement of Assets and Liabilities for the LLC and the
     Property as of each of December 31, 1998 and 1999 and the Property's
     audited statement of operations for the year ended each of December 31,
     1998 and 1999 (the "Financial Statements"). The Financial Statements were
     prepared in accordance with Seller's and the LLC's and the Property's books
     and records and in accordance with generally accepted accounting principles
     applied on a consistent basis throughout the periods indicated and fairly
     present the financial position of the each of the LLC and the Property as
     of the dates and for the periods indicated.

          On or before the Closing Date, Seller shall furnish Purchaser with an
     unaudited Statement of Assets and Liabilities for the LLC and the Property
     as of July 31, 2000 and an unaudited income statement for the period
     beginning on January 1, 2000 and ending on July 31, 2000 (the "Updated
     Financial Statements"). The Updated Financial Statements have been or will
     be prepared in accordance with Seller's and the LLC's and the Property's
     books and records and in accordance with generally accepted accounting
     principles applied on a consistent basis throughout the periods indicated,
     subject to normal year-end adjustments. Each of Seller and the LLC has no
     reason to believe that such adjustments, other than normal year-end
     adjustments to depreciation and amortization, will be substantially in
     excess of adjustments in prior years relative to the volume and nature of
     operations for each of those years. The Updated Financial Statements in all
     material respects fairly present the financial position of the LLC and the
     Property, as of the dates and for the periods indicated. There are no
     material liabilities known to Seller or the LLC (whether accrued, absolute,
     contingent or otherwise) which are not described, shown or provided for in
     the financial statements referred to in this section or otherwise in this
     Agreement except those arising since the respective dates of the Financial
     Statements in the ordinary course of Seller's business. Seller further
     represents that as of the Closing, the Financial Statements will not vary
     from the Financial Statements in any material respect. If there is a
     material change in the Updated Financial Statements from the Financial
     Statements, this Agreement may be terminated by Purchaser by notice to
     Seller.

          13.18 Seller understands that Units and the Purchaser Common Stock
     included in the Units and issuable upon the exercise of the Warrants have
     not been registered under federal or state securities laws and are
     "restricted" securities as defined in Rule 144 under the Securities Act of
     1933, as amended (the "Act"). Seller understands that Seller may not sell,
     offer for sale, transfer, pledge or hypothecate Purchaser Shares in the
     absence of an effective registration statement covering that transaction,
     under all applicable federal and state securities laws, unless that
     transaction is exempt from registration under all applicable federal and
     state securities laws, including an exemption under Rule 144 promulgated
     under the Act. Seller acknowledges that any distribution of the Purchase
     Common Stock or Warrants to its members will comply with all such
     applicable federal and state securities laws. Seller shall sign and deliver
     to Purchaser a Subscription Agreement and Registration Rights Agreement in
     the form of Exhibit G attached to and made a part of this Agreement
     concerning Seller's acquisition of the Units.

The foregoing representations and warranties are true and accurate as of the
date hereof, shall be true and accurate as of the Closing except for the
representations and warranties set forth in Sections 13.1, 13.4 and 13.5, which
shall survive. Each of Seller and the Inverness LLC further agrees to notify
Purchaser immediately in writing if any of the foregoing representations or
warranties herein are breached or are no longer accurate at any time prior to
and including Closing.

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     14. Representations And Warranties By Purchaser. Purchaser hereby
represents and warrants to each of Seller and the LLC that the following are
true and correct as of the date of the execution of this Agreement and that the
following shall be true and correct as of the Closing:

          14.1 Purchaser is duly organized, validly existing, and in good
     standing under the laws of the state of Colorado and has the power and
     authority to carry on its business, and to enter into this Agreement and
     the transactions contemplated hereby.

          14.2 The authorized capital stock of Purchaser consists of 10,000,000
     common shares, of which 2,828,850 shares are issued and outstanding. All of
     the Purchaser Shares are validly authorized and, upon issuance to Seller
     and Seller's partners, will be validly issued, fully paid and
     non-assessable. Except for the above shares and as disclosed in the Annual
     Report on Form 10-KSB for the year ended December 31, 1999, and the
     Quarterly Reports for the Period ended March 31, 2000 and June 30, 2000,
     there is no outstanding capital stock, and there are no outstanding rights,
     options, calls, subscriptions, warrants, agreements or commitments of any
     character relating to, nor any outstanding securities convertible into, the
     issued or unissued capital stock of Purchaser. No holder of Purchaser's
     shares is entitled to preemptive rights. Other than the quarterly dividends
     previously declared and paid, and the quarterly dividend declared and to be
     paid in October, 2000, Seller has not declared or paid any dividend on, or
     declared or made any distribution of, or authorized the creation or
     issuance of, or authorized or effected any split or any recapitalization
     of, any of its capital stock, or directly or indirectly redeemed, purchased
     or otherwise acquired any of its shares. There are no outstanding
     contractual obligations of Purchaser to repurchase, redeem or otherwise
     acquire any shares of Purchaser's capital stock.

          14.3 Except as previously disclosed to Seller, there are no actions,
     suits, investigations, or proceedings at law or in equity by or before any
     court, governmental instrumentality, commission, or other agency now
     pending or threatened or against or affecting Purchaser (or any of its
     subsidiaries or related entities) or any of Purchaser's properties or
     rights, before any court, arbitrator, or administrative or governmental
     body which may result in an adverse change in Purchaser's business or its
     condition, financial or otherwise. Further, Purchaser is not in default
     with respect to any order, writ, injunction, or decree of any court or any
     governmental agency or department.

          14.4 Purchaser has full power, authority and legal right to execute
     and deliver and to perform and observe the provisions hereof and of the
     transactions contemplated hereby. Purchaser is not in default in the
     performance of any obligation, covenant or condition in any agreement,
     decree, or order to which Purchaser is party or by which Purchaser is bound
     or to which any of Purchaser's property is subject. Purchaser is not a
     party to a contract or agreement or subject to any articles of
     incorporation or other corporate restriction which adversely affects
     Purchaser's business, property, assets or financial condition. Purchaser is
     not a party to or otherwise subject to any contract or agreement which
     restricts or otherwise affects Purchaser's right or ability to undertake
     the transactions contemplated hereby or the performance of any of its
     respective terms.

          14.5 The Purchaser's execution of this Agreement has been duly
     authorized and will not violate any provision of law or articles of
     incorporation or corporate bylaws or any other agreement previously entered
     into.

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          14.6 Neither this Agreement nor any other document, certificate, or
     statement furnished to Seller by Purchaser or any director, officer,
     employee, or affiliate of Purchaser, or to the best knowledge of Purchaser,
     by any third party, in connection with the transactions contemplated
     hereby, contains any untrue statement of material fact or omits to state a
     material fact necessary in order to make the statements contained herein
     and therein not misleading.

          14.7 No consent, approval, authorization, permit or license from any
     federal, state, or local regulatory authority is required in connection
     with the transactions contemplated herein.

          14.8 To the best knowledge of Purchaser, there are no existing
     violations of any applicable provision of (i) federal laws or regulations
     applicable to the business of Purchaser such as, but not limited to, those
     relating to government contracting, employment practices, occupational
     safety and health, environmental protection, toxic substances, securities
     regulation or otherwise, or (ii) any provision of any comparable state,
     local or foreign laws or regulations. During the past three years,
     Purchaser has not been charged with any violation of any law or regulation
     relating to its business practices, employment practices, safety or working
     conditions or other federal or state regulation.

          14.9 Except as otherwise provided in this Agreement or in the
     Corporate Information, from the date of the filing with the SEC of
     Purchaser's latest periodic report pursuant to the Exchange Act through the
     execution date of this Agreement, there has been no material adverse change
     in the condition of Purchaser or in the business, results of operations,
     assets, net worth, prospects, properties, litigation or the manner of
     conducting the business of Purchaser ("business and operations"), other
     than changes in the ordinary course of business and other than changes that
     might result from general business or economic conditions, such as internet
     rate levels, that are in the public domain. At all times from and after the
     execution date of this Agreement and through the Closing and Closing Date,
     Seller shall be kept fully advised with respect to the business and
     operations of Purchaser. Seller has and shall continue to have access (in
     the manner and subject to the limitations herein provided) to the books and
     records of Purchaser and all material changes, if any, in the business and
     operations of Purchaser have been and shall have been reviewed with Seller.

          14.10 Each director and officer of Purchaser shall represent and
     warrant that he is not aware of any action taken individually or by
     Purchaser which could cause any of Purchaser's representations or
     warranties herein to be untrue as of the date of the Closing or the Closing
     Date.

     The foregoing representations and warranties are true and accurate as of
the date hereof, shall be true and accurate as of the Closing, and shall survive
the Closing. Purchaser further agrees to notify Seller immediately in writing if
any of the representations or warranties herein are breached or are no longer
accurate at any time prior to and including the Closing.

     15. Default. If Seller fails to comply with this Agreement for any reason,
Purchaser may either enforce specific performance, terminate this Agreement or
seek such other relief as may be provided by law. If Purchaser fails to comply
with this Agreement for any reason, Seller may terminate this Agreement or seek
such other relief as may be provided by law. In any action to enforce this
Agreement or for other relief provided by law, the prevailing Party shall be
entitled to such attorneys' fees and expenses as may be allowed by the court,
arbitrator or other judicial body.

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     16. Commission. Seller agrees and represents that no sales fees or sales
commissions will be due or payable to anyone by Seller with respect to the
transaction contemplated by this Agreement. Purchaser agrees and represents that
no sales fees or sales commissions will be due or payable to anyone by Purchaser
with respect to the transaction contemplated by this Agreement.

     17. Indemnity Agreements. Purchaser hereby agrees to indemnify and hold
harmless Seller and Seller's members, employees and agents against any loss,
injury, damage, claim, lien, cost or expense, including reasonable attorneys'
fees, arising because of a breach by Purchaser of of this Agreement or of any
representations or warranties included in this Agreement, a claim by any broker
that it represented Purchaser or is otherwise entitled to compensation in
connection with this Agreement or with the sale of the LLC Interest, or any
other matter related to the LLC Interest which occurs after the Closing. Seller
hereby agrees to indemnify and hold harmless Purchaser and its officers,
directors, employees and agents against any loss, damage, claim, lien, cost or
expense, including reasonable attorneys' fees, arising out of a breach by Seller
of this Agreement or of any representations or warranties included in this
Agreement or the breach by Seller of any agreement, representation or warranty
included in any document delivered by or on behalf of Seller in connection with
this Agreement, a claim by any broker that it represented Seller or is otherwise
entitled to compensation in connection with this Agreement or with the sale of
the LLC Interest, or any other matter related to the LLC Interest or the
Property which occurs prior to the Closing.

     18. Additional Agreements.

          18.1 Registration Rights.

               18.1.1 (a) Definition. For purposes of this Section 18.1,
          "Registrable Securities" shall be defined as the Purchaser Common
          Stock included in the Units and the Purchaser Common Stock issuable
          upon the exercise of the Warrants included in the Units.

                      (b) Demand Registration Rights. Except as provided for in
               Section 18.1.1(d), if at any time after one year from the Closing
               Date, holders of at least 50 percent of the Registrable
               Securities request that the Purchaser file a registration
               statement under the Securities Act of 1933, as amended (the "1933
               Act") covering at least 20 percent of the Registrable Securities
               (or a lesser percentage if the anticipated aggregate offering
               price would exceed $1,000,000), the Purchaser will, as soon as
               practicable, use its best efforts to cause such shares to be
               registered under the 1933 Act. The Purchaser shall not be
               obligated to effect more than one registration under this Section
               18.1.1(b).

                      (c) Piggy-back Registration Rights. If at any time prior
               to the second anniversary of the Closing Date, the Purchaser
               shall determine to register any Purchaser Shares for its own
               account or for the account of any of its stockholders other than
               a registration relating solely to employee benefit plans or a
               registration relating to solely to a Securities And Exchange
               Commission Rule 145 transaction or any rule adopted by the
               Securities And Exchange Commission in substitution therefor or in
               amendment thereto, or a registration on any registration form
               which does not include substantially the same information as
               would be required to be included in a registration statement
               under the 1933 Act covering the sale of the Registrable
               Securities, the Purchaser will do the following: (i) promptly
               give the holders of the Registrable Securities written notice
               thereof; and (ii) subject to the limitations set forth in this
               Section 18.1.1(c) and in 18.1.2, include in such registration all

                                       10
<PAGE>

               of the Registrable Securities that are specified in a written
               request from the holders of the Registrable Securities, provided
               that such request is received by the Purchaser within 20 days
               after the Purchaser has given its written notice. If the
               registration involves an underwritten public offering and the
               holders of the Registrable Securities exercise their registration
               rights hereunder, each holder so exercising shall become a party
               to any underwriting agreement for that public offering.
               Notwithstanding any other provision of this Section 18.1.1(c),
               the managing underwriter of the public offering may determine in
               view of market conditions to exclude part of the Registrable
               Securities from the underwritten public offering. In that event,
               the Purchaser shall advise the holders of the quantity of
               Registrable Securities to be excluded from the underwritten
               public offering to an aggregate total of not less than 20 percent
               of the total number of shares of the Purchaser's common stock
               included in the offering. The Purchaser may at any time withdraw
               or abandon any registration statement that triggers the
               provisions of this Section 18.1.1(c). The registration rights as
               set forth in this subsection are subject to the right of the
               Purchaser and its underwriters to reduce in view of market
               conditions the number of shares the Investors propose to be
               registered to not less than one-fifth of the total number of
               Registrable Securities in the offering.

               18.1.2 As to the registration statement, Purchaser's obligations
          contained in this Section 18.1 shall be conditioned upon timely
          receipt by Purchaser in writing of information as to the terms of the
          contemplated transfer to be registered furnished by and on behalf of
          the Selling Stockholders and such other information as Purchaser or
          the managing underwriter, if any, reasonably may require from such
          person or any underwriter for any shares of the Common Stock for
          inclusion in the registration statement. Such information shall be
          provided to Purchaser in writing within 10 days after the request for
          that information by Purchaser.

               18.1.3 All registration expenses incurred by Purchaser in
          connection with the registration, qualification or compliance pursuant
          to this Section 18.1, including reasonable printing expenses, fees and
          disbursements of Purchaser's counsel, and registration and filing fees
          relating to shares of Common Stock to be registered on behalf of
          Purchaser or Selling Stockholders pursuant to the registration
          statement required to be filed by Purchaser on behalf of the Selling
          Stockholders pursuant to this Section 18.1, shall be borne by
          Purchaser. All selling expenses, including commissions and brokers' or
          investment bankers' expense allowances allocable to Purchaser Shares
          and Adjustment Shares and the costs of counsel, if any, for the
          Selling Stockholders pursuant to the registration, shall be borne by
          the Selling Stockholders.

               18.1.4 In the case of the registration, qualification or
          compliance effected by Purchaser on behalf of the Selling Stockholders
          pursuant to this Section 18.1, Purchaser shall keep the Selling
          Stockholders advised in writing as to the initiation of such
          registration, qualification, and compliance and as to the completion
          thereof. At its expense, Purchaser will keep such registration,
          qualification or compliance effective for a period ending two years
          after the Closing Date or until the Selling Stockholders have
          completed the distribution described in the registration statement
          relating thereto, whichever first occurs. At its expense, Purchaser
          shall furnish such number of prospectuses and other documents incident
          thereto as the Selling Stockholders from time to time may reasonably
          request.

                                       11
<PAGE>

               18.1.5 In connection with the registration, qualification or
          compliance effected by Purchaser on behalf of the Selling Stockholders
          pursuant to this Section 18.1, Purchaser shall use its best efforts to
          register and qualify the securities covered by such registration
          statement under such other securities or blue sky laws of such
          jurisdictions as Seller or the Selling Stockholders may reasonably
          request that allow registration by coordination and to do any and all
          other acts and things which may be necessary or advisable to enable
          the Selling Stockholders to complete such proposed sale or other
          distribution of Purchaser Shares and Adjustment Shares in any such
          jurisdiction; provided however, that in no event shall Purchaser be
          obligated to register or qualify under the blue sky laws of any
          jurisdiction which would require Purchaser to qualify to do business
          or to file a general consent to service of process in any jurisdiction
          where it shall not then be qualified.

               18.1.6 In connection with any registration, qualification or
          compliance pursuant to this Section 18.1, Purchaser and Seller agree
          to the following indemnification terms:

                    (a) Without limitation of any other indemnity provided to
               Seller, to the extent permitted by law, Purchaser shall indemnify
               and hold harmless Seller and each Selling Stockholder, Seller's
               affiliates, employees, partners and counsel, any underwriter (as
               defined in the U.S. Securities Act of 1933, as amended (the
               "Securities Act")) for the Selling Stockholders, and each person,
               if any, who controls the underwriter (within the meaning of the
               Securities Act or the U.S. Securities Exchange Act of 1934 (the
               "Exchange Act")), against any losses, claims, damages or
               liabilities (joint or several) to which they may become subject
               under the Securities Act, the Exchange Act or other federal or
               state law, insofar as such losses, claims, damages or liabilities
               (or actions in respect thereof) arise out of or are based upon
               any of the following statements, omissions or violations
               (collectively a "Violation"): (i) any untrue statement or alleged
               untrue statement of a material fact contained in such
               registration statement including any preliminary prospectus or
               final prospectus contained therein or any amendments or
               supplements thereto, (ii) the omission or alleged omission to
               state therein a material fact required to be stated therein, or
               necessary to make the statements therein in light of the
               circumstances in which they were made not misleading, (iii) any
               violation or alleged violation by Purchaser of the Securities
               Act, the Exchange Act, or any state securities law or any rule or
               regulation promulgated under the Securities Act, the Exchange Act
               or any state securities law, and Purchaser shall reimburse Seller
               and each Selling Stockholder and each affiliate, employee,
               partner, counsel of Seller, underwriter or controlling person for
               any legal or other expenses incurred by them in connection with
               investigating or defending any such loss, claim, damage,
               liability or action; provided, however, that Purchaser shall not
               be liable hereunder in any such case for any such loss, claim,
               damage, liability or action to the extent that it arises out of,
               or is based upon, a violation which occurs in reliance upon and
               in conformity with information furnished expressly for use in
               connection with such registration by Seller or any Selling
               Stockholder or any other affiliate, employee, partner, counsel or
               controlling person thereof. Individual Selling Stockholders shall
               be liable solely for information provided by them and not for
               information provided by other Selling Stockholders.

                    (b) Insofar as such losses, claims, damages or liabilities
               (or actions in respect thereof) arise out of or are based upon
               any untrue statements of a material fact contained in any such

                                       12
<PAGE>

               registration statement based upon (i) information provided by
               such person to Purchaser specifically for inclusion therein in
               connection with the offer or sale of Purchaser Shares and
               Adjustment Shares, or (ii) any violation or alleged violation by
               such person of any federal or state securities law or any
               regulation promulgated under any federal or state securities law,
               each Selling Stockholder shall, if securities held by such
               Selling Stockholder pursuant to the registration statement are
               included in such registration, to the extent permitted by law,
               indemnify and hold harmless Purchaser, its affiliates, its
               counsel, officers, directors, shareholders, any underwriter (as
               defined in the Securities Act) and each person, if any, who
               controls Purchaser or the underwriter (within the meaning of the
               Securities Act) against any losses, claims, damages or
               liabilities to which they may become subject under the Securities
               Act, the Exchange Act or any state securities law, and each
               Selling Stockholder shall reimburse each of Purchaser and such
               affiliate, officer or director or partner, underwriter or
               controlling person for any legal or other expenses reasonably
               incurred by them in connection with investigating or defending
               any such loss, claim, damage, liability or action.

                    (c) Promptly after receipt by an indemnified party under
               this Section 18.1.6 of notice of the commencement of any action
               (including any governmental action), such indemnified party
               shall, if a claim in respect thereof is to be made against any
               indemnifying party under this Section 18.1.6, deliver to the
               indemnifying party a written notice of the commencement thereof
               and the indemnifying party shall have the right to participate in
               the defense thereof, and if the indemnifying party agrees in
               writing that it will be responsible for any costs, expenses,
               judgments, damages and losses incurred by the indemnified party
               with respect to such claim, jointly with any other indemnifying
               party similarly noticed, to assume the defense thereof with
               counsel mutually satisfactory to the parties; provided, however,
               that an indemnified party shall have the right to retain its own
               counsel, with the reasonable fees and expenses to be paid by the
               indemnifying party, if the indemnified party reasonably believes
               that representation of such indemnified party by the counsel
               retained by the indemnifying party would be inappropriate due to
               actual or potential differing interests between such indemnified
               party and any other party represented by such counsel in such
               proceeding. The failure to deliver written notice to the
               indemnifying party within a reasonable time of the commencement
               of any such action shall relieve such indemnifying party of any
               liability to the indemnified party under this Agreement only if
               and to the extent that such failure is materially prejudicial to
               its ability to defend such action, and the omission so to deliver
               written notice to the indemnifying party will not relieve it of
               any liability that it may have to any indemnified party otherwise
               than under this Agreement.

                    (d) If the indemnification provided for in this Agreement is
               held by a court of competent jurisdiction to be unavailable to an
               indemnified party with respect to any loss, liability, claim,
               damage or expense referred to therein, then the indemnifying
               party, in lieu of indemnifying such indemnified party thereunder,
               shall contribute to the amount paid or payable by such
               indemnified party as a result of such loss, liability, claim,
               damage or expense in such proportion as is appropriate to reflect
               the relevant fault of the indemnifying party on the one hand and
               the indemnified party on the other hand in connection with the
               statements or omissions which resulted in such loss, liability,
               claim, damage or expenses as well as any other relevant equitable

                                       13
<PAGE>

               considerations. The relevant fault of the indemnifying party and
               the indemnified party shall be determined by reference to, among
               other things, whether the untrue or alleged untrue statement of a
               material fact or the omission to state a material fact relates to
               information supplied by the indemnifying party or by the
               indemnified party and the parties' relative intent, knowledge,
               access to information and opportunity to correct or prevent such
               statement or omission.

                    (e) The indemnification provided by this Agreement shall be
               a continuing right to indemnification and shall survive the
               registration and sale of Purchaser Shares and Adjustment Shares
               by any person entitled to indemnification hereunder and the
               expiration or termination of this Agreement.

               18.1.7 With a view to making available to the Selling
          Stockholders the benefits of Rule 144 and any other rule or regulation
          of the SEC that may at any time permit a Selling Stockholder to sell
          securities of Purchaser to the public without registration, Purchaser
          agrees to use its best efforts to: (i) make and keep public
          information available, as those terms are understood and defined in
          Rule 144, at all time subsequent to the Closing Date; (ii) file with
          the SEC in a timely manner all reports and other documents required of
          Purchaser under the Securities Act and the Exchange Act; (iii) furnish
          to any Selling Stockholder so long as such person owns any of
          Purchaser Shares or Adjustment Shares forthwith upon request a copy of
          the most recent annual or quarterly report of Purchaser, and such
          other reports and documents so filed by Purchaser as may be reasonably
          requested in availing the holder of any rule or regulation of the SEC
          permitting the selling of any such securities without registration.

          18.2 Additional Documents; Further Assurances. In addition to the
     schedules and other items specifically required to be furnished hereunder,
     the Parties hereby agree that each will promptly furnish to the other such
     further schedules, certificates and other instruments and take such other
     action as may reasonably be requested in order to effectuate the purposes
     of this Agreement.

          18.3 Transfer Of Shares. Purchaser Common Stock included in the Units
     and issuable upon the exercise of the Warrants included in the Units to be
     issued as payment of the Purchase Price may be transferred to the members
     of Seller subject to the requirements of all applicable federal and state
     securities laws. This transfer will be structured to result in compliance
     by Seller and by all members of Seller with Article V, Section 9 of
     Purchaser's Bylaws, as amended, with respect to the number of shares of
     Purchaser's stock that are deemed to be owned by any person or entity.
     Prior to transferring Purchaser Common Stock on Purchaser's stock transfer
     records, Purchaser may require evidence of compliance with applicable
     federal and state securities laws and Purchaser's Bylaws, including
     appropriate representation or subscription agreements signed by each
     transferee of Purchaser Common Stock, which subscription agreements shall
     be substantially in the form of Exhibit G attached to and made a part of
     this Agreement.

     19. Notices. All notices, requests, demands, directions and other
communications ("Notices") concerning this Agreement shall be in writing and
shall be mailed or delivered personally or sent by telecopier or facsimile to
the applicable Party at the address of such Party set forth below in this
Section 19. When mailed, each such Notice shall be sent by first class by first
class, certified mail, return receipt requested, enclosed in a postage prepaid
wrapper, and shall be effective on the fifth business day after it has been
deposited in the mail. When delivered personally, each such Notice shall be
effective when delivered to the address for the respective Party set forth in
this Section 19, provided that it is delivered on a business day and further

                                       14
<PAGE>

provided that it is delivered prior to 5:00 p.m., local time of the Party to
whom the notice is being delivered, on that business day; otherwise, each such
Notice shall be effective on the first business day occurring after the Notice
is delivered. When sent by telecopier or facsimile, each such Notice shall be
effective on the day on which it is sent provided that it is sent on a business
day and further provided that it is sent prior to 5:00 p.m., local time of the
Party to whom the Notice is being sent, on that business day; otherwise, each
such Notice shall be effective on the first business day occurring after the
Notice is sent. Each such Notice shall be addressed to the Party to be notified
as shown below:

                  To Purchaser:
                           AmeriVest Inverness, Inc.
                           c/o Charles K. Knight
                           1800 Glenarm Place, Suite 500
                           Denver, Colorado 80202
                           Facsimile: (303) 296-7353

                  To Seller:
                           Sheridan Realty Partners, L.P.
                           c/o Sheridan Realty Corp., General Partner
                           1800 Glenarm Place, Suite 500
                           Denver, Colorado 80202
                           Facsimile: (303) 296-7353
                           Attn:  D. Scott Ikenberry

     Either Party may change its respective address for purposes of this Section
19 by giving the other Party Notice of the new address in the manner set forth
above.

     20. Entire Agreement. This Agreement, together with the exhibits attached
hereto, all of which are incorporated by reference, is the entire agreement
between the parties with respect to the subject matter hereof, and no
alteration, modification or interpretation hereof shall be binding unless in
writing and signed by both parties.

     21. Severability. If any provision of this Agreement or application to any
party or circumstances shall be determined by any court of competent
jurisdiction to be invalid and unenforceable to any extent, the remainder of
this Agreement or the application of such provision to such person or
circumstances, other than those as to which it is so determined invalid or
unenforceable, shall not be affected thereby, and each provision hereof shall be
valid and shall be enforced to the fullest extent permitted by law.

     22. Captions. The captions in this Agreement are inserted only as a matter
of convenience and for reference and in no way define, limit or describe the
scope of this Agreement or the scope or content of any of its provisions.

     23. Time Of Essence. Time is of the essence in this Agreement.

     24. Counterparts; Facsimile Signatures. This Agreement may be executed and
delivered in any number of counterparts, each of which so executed and delivered
shall be deemed to be an original and all of which shall constitute one and the
same instrument. Facsimile signatures shall be as binding as original
signatures.

     25. Recordation. Seller and Purchaser agree not to record this Agreement or
any memorandum hereof.

     26. Parties In Interest; Survival; Assignment. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the respective
successors and assigns of Seller and Purchaser. All representations, covenants,
and agreements in this Agreement or any statement, certificate, or other
document delivered in connection with this Agreement or pursuant hereto shall

                                       15
<PAGE>

survive the Closing except as specifically limited herein. This Agreement may
not be assigned by either Party without the prior written consent of the other
Party hereto, except that Purchaser may assign this Agreement to a wholly-owned
subsidiary of the Purchaser in which event Purchaser shall continue to be
obligated to issue the Purchaser Shares and Adjustment Shares, if any are
required to be issued, and to register the Registrable Securities in accordance
with the terms of this Agreement.

     IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
by their duly authorized officers or representatives on the dates set forth
below to be effective as of the date set forth on the first page of this
Agreement.

SHERIDAN REALTY PARTNERS, L.P               AMERIVEST INVERNESS, INC.
  a Delaware limited partnership              a Colorado corporation

By: Sheridan Realty Corp., General Partner

By: /s/ William Atkins                      By: /s/ Charles K. Knight
----------------------------------          ------------------------------------
William Atkins, President                   Charles K. Knight, President

SHERIDAN INVESTMENTS, LLC
  a Colorado limited liability company,

By: Sheridan Development, LLC,
  a Colorado limited liability company, Manager

By: /s/ William Atkins
----------------------------------
William Atkins, Manager of Sheridan
Development, LLC

By: /s/ Alexander S. Hewitt
-----------------------------------
Alexander S. Hewitt, Manager of Sheridan
Development, LLC

                                       16
<PAGE>

                           PURCHASE AND SALE AGREEMENT
                               Dated July 1, 2000
                   Between Sheridan Realty Partners, L.P. and
                            AmeriVest Inverness, Inc.

                                  EXHIBIT INDEX

Exhibit              Description
-------              -----------

A                    Operating Agreement of Sheridan Investments, LLC
B                    Operating Agreement of Sheridan Plaza at Inverness, LLC
C                    Legal Description of the Property

D                    Form of Warrant Agreement

E                    Rent Roll as of June 30, 2000

F                    Subscription and Registration Rights AgreementExhibit 10.12

                                  AGREEMENT FOR

                                PURCHASE AND SALE

This Agreement For Purchase And Sale (this "Agreement") is made by and among WCD
ASSOCIATES, LLC, a Colorado limited liability company ("WCD") and EBD
ASSOCIATES, LLC, a Colorado limited liability company ("EBD") (collectively
referred to as "Sellers"), and SHERIDAN INVESTMENTS, LLC, a Colorado limited
liability company ("Buyer"), effective as of this 2nd day of June, 2000 (the
"Agreement Date").

                                    Recitals

     1. WCD owns those certain parcels of land located in the City and County of
Denver as more particularly described on attached Exhibit "A" (the "WCD Land")
on which two (2) buildings have been constructed that are known as the Writer's
Buildings I and II, 1777 and 1780 South Bellaire Street, Denver, Colorado (the
"WCD Buildings").

     2. EBD owns that certain parcel of land located in the City and County of
Denver as more particularly described on attached Exhibit "A" (the "EBD Land")
on which one (1) building has been constructed that is known as the Writer's
Building III, 1805 South Bellaire Street, Denver, Colorado, (the "EBD
Building"). The WCD Land and the EBD Land are sometimes referred to collectively
herein as the "Land"; the WCD Buildings and the EBD Building are sometimes
referred to collectively herein as the "Buildings."

     3. Sellers or Sellers' agents lease portions of the Land and Buildings to
commercial tenants ("Tenants") pursuant to written leases ("Leases") and collect
rents from the Tenants pursuant to the Leases ("Rents").

     4. Under the terms and conditions stated in this Agreement, Buyer has
offered to purchase from Sellers all but not less than all of Sellers' interest
in: (i) the Land and Buildings and all estates, rights, titles, privileges,
liberties, easements and appurtenances to and for the benefit of the Land and
Buildings, (ii) any transferable development rights or other entitlements, and
(iii) the Leases and Rents and any contracts, licenses, permits, warranties,
surveys, plans, leasing materials or other personal property of Sellers that is
located on the Land or Buildings and is used in connection with the operation
and maintenance of same (collectively referred to herein as the "Property") and
Sellers have accepted such offer and agreed to sell all but not less than all
the Property to Buyer. The transaction set forth herein shall be completed on or
before the date identified in Section 4.1 hereof (the "Closing Date").

     NOW, THEREFORE, in consideration of the covenants, representations and
warranties of the parties stated herein, the performances of the parties
required hereby and the benefits accruing to the parties hereunder, Sellers and
Buyer each agree to be legally bound as follows:

Section 1. Conveyance of Property.
----------------------------------

     1.1 Agreement to Convey. Under the terms and conditions stated in this
Agreement, Sellers hereby agrees to convey their respective title to the
Property to Buyer and Buyer hereby agrees to purchase the Property from Sellers,
all on or before the Closing Date.

     1.2 Conveyance Instruments. The Property shall be conveyed by Sellers'
execution, delivery and recordation if applicable of the following documents by
each of the Sellers:

<PAGE>

          1.2.1 General Warranty Deeds in the forms of Exhibit "B" attached
     hereto and incorporated herein (the "Deeds").

          1.2.2 Assignment and Assumption of Leases in the forms of Exhibit "C"
     attached hereto and incorporated herein (the "Assignment of Leases").

          1.2.3 Bills of Sale transferring Sellers' interest in any personal
     property in its "As-Is" and "Where Is" condition located on the Property in
     the forms of Exhibit "D" attached hereto and incorporated herein (the "Bill
     of Sale").

          1.2.4 All contracts relating to the Property as described in Exhibit
     "E" attached hereto (the "Contracts") shall be conveyed by Sellers'
     execution and delivery of Assignment and Assumption of Contracts in the
     forms of Exhibit "F" attached hereto and incorporated herein (the
     "Assignment of Contracts").

          1.2.5 All intangible personal property relating to the Land and
     Buildings other than the Contracts and Leases shall be conveyed by Sellers'
     execution and delivery of Assignment of Intangibles in the form of Exhibit
     "G" attached hereto and incorporated herein (the "Assignment of
     Intangibles").

          1.2.6 At any time on or after the Closing Date, Sellers shall execute
     and deliver any and all other documents and take any other actions
     reasonably required from time to time to convey the Property to Buyer in
     accordance with this Agreement.

     1.3 Assumption of Obligations. Buyer shall assume the rights and
obligations of Sellers arising after Closing by execution and delivery of the
Assignment of Leases, Assignment of Contracts and Assignment of Intangibles. At
any time on or after the Closing Date, Buyer shall execute and deliver any and
all other documents and take any other actions reasonably required from time to
time to assume the obligations related to the Property in accordance with this
Agreement.

Section 2. Purchase Price and Payment.
--------------------------------------

     2.1 Purchase Price. Buyer shall pay to Sellers the total purchase price for
Sellers' interest in the Property of Nine Million Six Hundred Thousand Dollars
($9,600,000.00) (the "Purchase Price").

     2.2 Payment. The Purchase Price shall be paid by Buyer to Seller by Buyer's
payment of the Earnest Money and Contingency Deposit required by Section 2.2.1
and payment of the Cash Balance required by Section 2.2.2. Sellers shall
determine the allocation of the Purchase Price for the Property among themselves
and such allocation shall be reflected on the Closing Statements prepared by the
Title Company.

          2.2.1 Earnest Money. Upon the execution of this Agreement, Buyer shall
     deliver to Chicago Title of Colorado (the "Title Company") the sum of
     Seventy-Five Thousand Dollars ($75,000.00) as an earnest money deposit
     which shall be placed in an interest bearing trust account (the cash
     deposit and all interest thereon is referred to herein as the "Earnest
     Money"). Upon acceptance of the Property at the expiration of the Review
     Period as set forth in Section 3.3, the Buyer shall immediately deposit
     with the Title Company an additional Seventy-Five Thousand Dollars
     ($75,000.00), which shall also be placed in an interest bearing trust
     account (this deposit and all interest thereon is referred to herein as the
     "Contingency Deposit") at which time the Earnest Money and Contingency
     Deposit shall become non-refundable to Buyer except as otherwise
     specifically provided herein. If this Agreement is terminated by Buyer
     pursuant to any provision of this Agreement that expressly authorizes Buyer
     to terminate this Agreement and Buyer is entitled to a refund of the
     Earnest Money and/or the Contingency Deposit, then Title Company shall
     refund the same to Buyer.

                                       2
<PAGE>

          2.2.2 Cash Balance. The balance of the Purchase Price, after
     application of the Earnest Money and the Contingency Deposit, including any
     interest earned thereon, (the "Cash Balance") shall be paid in immediately
     available funds delivered to Title Company on or before the Closing Date.

Section 3. Inspections, Contingencies.
--------------------------------------

     3.1 Delivery of Information. If not previously delivered to Buyer, then
within five (5) days after the Agreement Date, Sellers shall order or deliver to
Buyer as much of the information, documents and materials described in this
Section 3.1 which is in the possession of or under the control of Sellers
(collectively, the "Information").

          3.1.1 A preliminary title report (the "Title Report") and legible
     copies of all exception documents referred to therein.

          3.1.2 Sellers' annual operating statements for 1997, 1998, 1999, and a
     year to date statement for 2000, including property tax bills, for the
     Property.

          3.1.3 Plans, specifications, governmental notices, permits and
     approvals, and certificates of occupancy for the Property.

          3.1.4 A Current Rent Roll and copies of the Leases and any amendments
     thereto.

          3.1.5 Copies of all service contracts for the Property.

          3.1.6 Environmental Reports.

          3.1.7 Personal Property Schedule.

          3.1.8 Utility Bills for 1999 and year to date 2000.

          3.1.9 Most recent CAM/Expense pass-through reconciliation.

          3.1.10 Tenant Certificates of Insurance.

          3.1.11 Within five (5) days of the Agreement Date, Sellers shall
     deliver to Buyer a copy of the existing survey(s) for the Property. Seller
     shall, within 5 days of the Agreement Date order the survey(s) to be
     updated at Seller's expense. The survey(s) shall be performed so as to
     comply with the ALTA survey requirements including, legal description,
     flood plain, location of all improvements, property lines, set backs,
     easements, rights of way, encroachments and encumbrances. Upon receipt of
     the updated survey(s), Sellers shall promptly deliver a copy to Buyer.

     3.2 Inspection of the Property. During the Review Period, Buyer may inspect
the Property, investigate all matters relating to the Property, and conduct any
and all testing, sampling, inspections and investigations of the Property that
Buyer reasonably requires (the "Inspection"). Buyer shall indemnify, defend and
hold Sellers harmless for all liability, claims and expenses, including
reasonable attorney's fees, incurred by Sellers as a result of Buyer's
Inspection of the Property excluding damages resulting from latent defects and
hazardous materials not placed on the Property by Buyer. If Buyer does not
purchase the Property, Buyer shall, at Sellers' request, repair any damages
caused by the Inspection and restore the Property to its prior condition.

     3.3 Review Period. Buyer shall have until 5:00 p.m. Mountain Time, July 14,
2000 (the "Review Period"), to review the Information, conduct the Inspection,
and determine, in Buyer's sole discretion, whether to (a) reject the Property,
(b) accept the Property, or (c) accept the Property subject to Seller's
correction of certain objections. On or before expiration of the Review Period,
Buyer shall take one of the following actions:

                                       3
<PAGE>

          3.3.1 Deliver to Sellers and Title Company written notice of Buyer's
     rejection of the Property, in which event this Agreement shall be
     terminated and the Earnest Money shall be returned to Buyer.

          3.3.2 Deliver to Sellers and Title Company written notice of Buyer's
     acceptance of the Property and tender the Contingency Deposit to the Title
     Company, in which event the Earnest Money and Contingency Deposit shall be
     non-refundable to Buyer except as expressly provided in this Agreement .

          3.3.3 Deliver to Sellers and Title Company written notice of Buyer's
     acceptance of the Property, subject to Buyer's objections to the Property
     ("Objections"), which notice shall identify and describe the Objections and
     the actions required to satisfy or cure the Objections to Buyer's
     reasonable satisfaction. If Buyer gives notice of Objections, then within
     two (2) business days of receipt of the notice of Objections ("Cure
     Period"), Sellers shall deliver to Buyer and Title Company written notice
     of Sellers' election to not resolve the Objections or to resolve the
     Objections on or before the Closing Date. If Sellers fail to deliver notice
     of Sellers' election to resolve the Objections or if Sellers elect not to
     resolve the Objections this Agreement shall automatically terminate and the
     Earnest Money shall be returned to Buyer, unless within two (2) days of the
     Cure Period or receipt of written notice of Sellers' election, Buyer shall
     deliver written notice to Sellers and Title Company of Buyer's election to
     waive the Objections and accept the Property. If Sellers elect to resolve
     the Objections, Buyer shall immediately deliver the Contingency Deposit to
     the Title Company. If Sellers elect to resolve the Objections and then fail
     to resolve the Objections on or before the Closing Date, then Buyer shall
     be deemed to have rejected the Property, in which event this Agreement
     shall be terminated and the Earnest Money and the Contingency Deposit shall
     be immediately returned to Buyer; unless within two (2) days after the date
     upon which the Closing Date was scheduled to occur, but for Sellers'
     failure to resolve the Objections, Buyer notifies Sellers in writing that
     Buyer has elected to waive the Objections and accept the Property without
     Sellers resolving the Objections, in which event this Agreement shall be
     reinstated and the sale shall be consummated as provided herein.

          3.3.4 If on or before the expiration of the Review Period, Buyer fails
     to deliver the required written notices set forth in Sections 3.3.1 through
     3.3.3, then Buyer shall be deemed to have taken the action described in
     Section 3.3.1 the Agreement shall terminate and the Earnest Money shall be
     returned to Buyer.

Section 4. Closing Matters.
---------------------------

     4.1 Closing Date. Unless otherwise modified as provided in Section 4.1.1,
the "Closing Date" (herein so called) shall be on or before August 14, 2000, by
which date the parties shall complete the purchase and sale of the Property.

     4.2 Title Company. Sellers and Buyer hereby retain Title Company as their
mutual agent for closing the conveyance of the Property pursuant to this
Agreement. This Agreement shall constitute the mutual instructions of the
parties to Title Company and such instructions cannot be modified without the
written consent of both parties. Title Company shall prepare statements of the
closing of the transactions described herein for review and approval by the
parties prior to the Closing Date (the "Closing Statements"). Title Company
shall also insure the transfer of the Property by the issuance of the Title
Policy. Title Company shall prepare and file all informational returns,
including without limitation, IRS Form 1099-S and shall otherwise comply with
the provisions of Internal Revenue Code Section 6045(e).

     4.3 Sellers' Closing Documents. On or before the Closing Date, Sellers
shall deliver to Title Company the following, duly executed and acknowledged by
Sellers for each of Sellers' respective properties:

                                       4
<PAGE>

          4.3.1 Deed.

          4.3.2 Assignment of Leases.

          4.3.3 Bill of Sale.

          4.3.4 Assignment of Contracts.

          4.3.5 Assignment of Intangibles.

          4.3.6 Tenant estoppel certificates required under Section 4.10.

          4.3.7 An affidavit that Seller is not a "foreign person" within the
     meaning of Section 1445 of the Internal Revenue Code.

          4.3.8 Certified copies of resolutions or other authorizing
     documentation approving the execution, delivery and performance of all
     obligations of Seller under the Agreement and such certificates of good
     standing or other evidence of organization as may be required by the Title
     Company.

          4.3.9 Any bonds, warranties or guarantees which are applicable to the
     Property or personal property and all keys and security codes for the
     Property.

          4.3.10 The most current Rent Roll for the Property, certified by
     Seller.

          4.3.11 A certificate of the accuracy of the representations and
     warranties set forth in Section 5.

          4.3.12 All other documents reasonably required for Sellers and/or
     Title Company to perform their respective obligations hereunder.

     4.4 Buyer's Closing Documents. On or before the Closing Date, Buyer shall
deliver to Title Company the following, duly executed and acknowledged by Buyer
as required:

          4.4.1 Cash Balance.

          4.4.2 The Assignment of Leases.

          4.4.3 The Assignment of Contracts.

          4.4.4 The Assignment of Intangibles

          4.4.5 A certification of the accuracy of the representations and
     warranties of Section 6.

          4.4.6 All other documents reasonably required for Buyer and/or Title
     Company to perform their respective obligations hereunder.

     4.5 Prorations. All rents, expense pass-throughs, real property taxes,
assessments and association dues, if any, assessed on the Property and all
expenses of operation of the Property shall be prorated as of the Closing Date
with all income and expenses allocated to Sellers for the Closing Date and prior
thereto. To the extent possible, proration of utilities shall be made by meter
readings on the Closing Date. Real estate taxes, assessments and association
dues shall be prorated at the Closing Date based on the latest available
information but once the actual tax, assessment and association dues bills are
received the parties shall promptly make such payments to each other as required
to prorate actual taxes, assessments and association dues. Any payments due
between Sellers and Buyer shall be made within thirty (30) days after demand by
the party to whom funds are owed. All tenant improvements and real estate
commissions for new leases or lease renewals which are entered into after the
Agreement Date shall be prorated at Closing.

                                       5
<PAGE>

     4.6 Costs.

          4.6.1 Sellers. Sellers shall pay the premium for a standard ALTA
     owner's Title Policy. Sellers shall also pay one-half of all charges of
     Title Company for performing the services required by this Agreement. All
     costs payable by Sellers shall be identified in the Closing Statements.

          4.6.2 Buyer. Buyer shall pay the additional premium for an extended
     owner's Title Policy, if requested by Buyer, and the cost of any
     endorsements to the Title Policy requested by Buyer or Buyer's lender.
     Buyer shall also pay one-half of all charges of Title Company for
     performing the services required by this Agreement and shall pay any and
     all transfer taxes, recording and filing fees. All costs payable by Buyer
     shall be identified in the Closing Statements. Buyer shall also pay all
     costs of its Inspection of the Property conducted by Buyer or its agents,
     but such costs shall not be identified in the Closing Statements.

          4.6.3 Commissions. Neither party shall be required to pay to the other
     party any real estate brokerage sales commissions for this transaction.
     Sellers shall pay a real estate brokerage commission to Seller's brokers,
     Trammell Crow, in the amount of 3.5% of the Purchase Price, upon the
     conveyance of the Property, which payment shall be governed by separate
     agreement. Any commissions due to Triumph Real Estate Corporation, agents
     for Buyer, shall be made pursuant to separate agreement between Trammell
     Crow and Triumph Real Estate Corporation. Each party shall indemnify and
     hold the other party harmless from all loss, cost and expense (including
     reasonable attorneys' fees) arising out of a breach of the representation
     or undertaking under this Section 4.6.3.

     4.7 Possession and Risk of Loss. Possession of the Property shall be
delivered to Buyer on the Closing Date after completion of the transactions
described herein. All risk of loss to the Property shall be retained by Sellers
prior to the Closing Date and shall be assumed by Buyer as of the Closing Date
upon completion of the transaction described herein. All existing property,
casualty and liability insurance relating to the Property shall not be canceled
until after the Closing Date.

     4.8 1031 Exchanges. If either Sellers or Buyer seeks to sell or purchase
the Property as part of an exchange pursuant to Internal Revenue Code Section
1031, the other parties shall cooperate therein, provided such exchange does not
change the terms and conditions of this Agreement and does not impose any
additional expense or liability on the other parties. No party represents or
warrants to any other party that this transaction will, in fact, qualify for
favorable Section 1031 treatment.

     4.9 Operation, Maintenance. Until the Closing Date Sellers shall operate
and maintain the Property in the same manner as currently operated and
maintained and Seller shall continue all existing services to the Property until
the Closing Date.

     4.10 Estoppel Certificates. It shall be a condition precedent to Buyer's
obligation to purchase the Property that Sellers deliver to Buyer at least ten
(10) days prior to the Closing Date, estoppel certificates, dated not more than
thirty (30) days prior to the Closing Date, substantially in the form attached
hereto as Exhibit "I" from 100% of the Tenants leasing 4,000 or more square feet
of space at the Property, 95% of the Tenants leasing from 1,000 to 3, 999 square
feet of space at the Property and 75% of Tenants leasing less than 1,000 square
feet of space at the Property (the "Required Estoppels"). Sellers shall use
their commercially reasonable efforts to obtain the Required Estoppels from the
Tenants. If, despite Sellers' commercially reasonable efforts, Sellers are
unable to obtain the Required Estoppels from the Tenants within said time frame,
Sellers may deliver to Buyer estoppel certificates executed by Seller (Sellers
Estoppels") which shall be deemed Required Estoppels. If Sellers fail to deliver
the Required Estoppels (including any necessary Seller estoppels) within the
time frame set forth above, Buyer shall have as its sole and exclusive remedy
the option to either (i) consummate the purchase of the Property, or (ii)
terminate this Agreement and receive a refund of the Earnest Money and the
Contingency Deposit. If the Required Estoppels or Sellers Estoppels show
material tenant or landlord defaults or are materially inconsistent with the
lease information contained in the rent roll attached hereto as Exhibit "J"
Buyer shall have three (3) business days from receipt of any estoppel
certificate to object in writing to Sellers and terminate this Agreement under
Section 4.10 (ii). If Buyer fails to object in writing to any estoppel
certificate within said three (3) day period, the estoppel certificate shall be
deemed acceptable to Buyer.

                                       6
<PAGE>

     4.11 Post Closing Collections. Buyer shall use reasonable efforts for a
period of one hundred eighty (180) days following the Closing Date to collect
and promptly remit to Sellers any rents or other amounts due for any period
prior to the Closing Date. Buyer shall apply amounts received from tenants,
first towards amounts currently due to Buyer for the periods after the Closing
Date, second, to amounts due to Sellers prior to the Closing Date; and the
balance shall be retained by Buyer. In connection with such collection efforts,
Buyer shall have no obligation to terminate any of the Leases. Sellers
specifically waive any right of termination of Leases after Closing.

Section 5. Representations, Warranties and Indemnification by Sellers.
----------------------------------------------------------------------

     On the Agreement Date and on the Closing Date, EBD and WCD each make the
following representations, warranties and covenants with respect to themselves
and their respective properties only:

     5.1 Authority. Seller is duly organized, validly existing and in good
standing under the laws of the State of Colorado, and Seller has full power,
authority and legal right to enter into this Agreement and to perform all
covenants, obligations and agreements of Seller hereunder. Seller has taken all
necessary action to authorize the execution, delivery and performance by Seller
of this Agreement and all other documents or instruments required in connection
with this Agreement, and upon execution and delivery of this Agreement and such
other documents and instruments by Seller and the other parties thereto, this
Agreement and each of such documents and instruments will have been duly
authorized, executed and delivered by Seller and will constitute the legal,
valid and binding obligation of Seller enforceable in accordance with its terms.
Seller is not a foreign entity and no withholdings of the proceeds of the sale
of the Property is required under Section 1445 of the Internal Revenue Code.

     5.2 Legal Actions. To the best of Seller's knowledge, there are no pending
condemnation, claims or proceedings, at law or in equity, affecting all or any
portion of the Property or in which Seller is a party by reason of Seller's
ownership of the Property and Seller has received no written notices of any
violations of any laws or regulations of any federal, state, city or other
governmental authorities with respect to the Property.

     5.3 Contracts and Liens. Sellers each represent that the copies of the
Contracts attached as Exhibit K are true, correct and complete copies of said
Contracts and that they have not been modified except by written modifications
included in the Contracts. Sellers have not entered into any other contracts for
the sale of the Property which would affect Sellers' ability to convey the
Property to Buyer. Sellers will not, without the prior written consent of Buyer,
subject the Property to any additional liens, encumbrances, covenants,
conditions, easements, rights-of-way, or similar matters after the Agreement
Date which will not be eliminated on or prior to the Closing Date. From the
Agreement Date until the expiration of Review Period, Sellers agree that they
will keep Buyer informed regarding the status and terms of contract renewals and
any new contracts for the Property. Notwithstanding such notice, unless such
Contracts are not similar to others entered in the ordinary course of business,
Buyer shall not have any right to approve or disapprove the actions of Sellers
with respect to any contract negotiations or terms except as otherwise set forth
in Section 3.3.1. After the expiration of the Review Period, Sellers shall not
execute any new Contracts without Buyer's prior written approval, which approval
shall not be unreasonably withheld, conditioned or delayed. Buyer agrees to pay
the costs of any new contracts executed after the Agreement Date, commissions
for new contracts or contract renewals which are entered into after the
Agreement Date shall be prorated at Closing.

     5.4 Leases. Sellers represents that the copies of the Leases attached as
Exhibit "L" are true, correct and complete copies of said Leases and that they
have not been modified except by written modifications included in the Leases.
From the Agreement Date until the expiration of Review Period, Sellers agree
that they will keep Buyer informed regarding the status and terms of lease
renewals and any new leases for the Property, including tenant improvement
costs, allowances and commissions to be paid, unless such Leases are not similar
to other Leases entered into in the ordinary course of business. Buyer shall not
have any right to approve or disapprove the actions of Sellers with respect to
any lease negotiations or terms except as otherwise set forth in Section 3.3.1.
After the expiration of the Review Period, Seller shall not execute any new
Leases or modifications to existing Leases without Buyer's prior written
approval, which approval shall not be unreasonably withheld, conditioned or
delayed. Buyer agrees to pay the costs of any new leases executed after the
Agreement Date, including tenant improvements, commissions and related expenses.
All tenant improvements and real estate commissions for new leases or lease
renewals which are entered into after the Agreement Date shall be prorated at
Closing.

                                       7
<PAGE>

     5.5 Warranty of Information. Seller warrants to Buyer that to the best of
Seller's knowledge all of the records, rent-rolls, Leases, and other documents
and Information pertaining to the use and occupancy of the Property, the income
thereof, the cost and expense of maintenance thereof, any and all other matters
concerning operation of the Property are complete and accurate in all material
respects.

     5.6 Zoning. To the best of Seller's knowledge, the Property is properly
zoned by Denver County, Colorado for the existing uses as a matter of right
without any form of revocable special permit.

     5.7 Condition of Property. To the best of Sellers' knowledge (with respect
to each Seller's own Property), the Property is in good operating condition and
will be substantially in such condition at Closing as the Property is when
inspected by Buyer during the Review Period. Except as may be otherwise
disclosed in the Phase I Environmental Reports attached as Schedule 1 to this
Agreement, to the best of Sellers' knowledge (with respect to each Seller's own
Property): (A) Sellers have not received any written notice, demand, request for
information or claim from any governmental agency, person or entity indicating
that the Property is in violation of, or subject to liability or remediation
under any local, state or federal environmental laws ("Laws"); (B) The Property
is not currently subject to any order, investigation, decree, or injunction by
any governmental entity pursuant to any applicable Laws; and (C) Seller has not
conducted or authorized the generation, transportation, storage, treatment or
disposal at or from the Property of any Hazardous Materials in violation of any
applicable Laws. The term "Hazardous Materials" shall mean any substance,
chemical, waste or other material which is listed, defined or otherwise
identified as "hazardous" or "toxic" under applicable Laws and includes, without
limitation, formaldehyde, urea, polychlorinated biphenyls (PCBs), petroleum,
petroleum product or by-product, crude oil, natural gas, natural gas liquids,
liquefied natural gas, or synthetic gas usable for fuel or mixture thereof,
radon, asbestos and any by-product of same.

     5.8 Absence of Adverse Conditions. To the best of Seller's knowledge,
Seller is not aware of any adverse condition with respect to the Property, such
as impending legislation, ordinance, or other conditions which, if known to the
Buyer, would materially adversely affect Buyer's decision to purchase the
Property.

     5.9 Indemnification. The representations, warranties and covenants of
Seller stated in this Agreement shall survive the Closing Date and the
recordation of the Deed for one (1) year only. Seller shall indemnify Buyer for
all costs, damages and liabilities, including reasonable attorney's fees,
incurred by Buyer as a result of any material breach by Seller of any of the
representations, warranties or covenants of Seller stated in this Agreement,
provided a claim therefore is made in writing and received by Seller within one
(1) year after the Closing Date.

     5.10 "As-Is", "Where-Is" Condition of Property. Except as otherwise
expressly set forth in this Agreement, Seller makes no express, implied or
statutory representations or warranties to Buyer as to the condition of the
personal property or the Property or improvements thereon, including, but not
limited to, any warranty as to fitness for any particular purpose,
merchantability or other warranty, including without limitation, the location or
size of the Property, or the condition of the Property (access of the Property
to public roads, compliance with any governmental laws, environmental laws,
ordinances or regulations), or the existence or condition of any of the
utilities or improvements constructed thereon or appurtenances incident thereto
(collectively the "Improvements"), if any. No person acting on behalf of Seller
is authorized to make, and by execution hereof, Buyer acknowledges that no such
person has made, any representation, warranty, guaranty or promise, whether oral
or written, except as set forth herein, and no such agreement, statement,
representation or promise made by any such person that is not contained herein
shall be valid or binding upon Seller.

                                       8
<PAGE>

     Except as otherwise expressly set forth in this Agreement, Seller does not
agree to perform or assume any liability, encumbrance or obligation of any kind
or character whatsoever relating in any manner to all or any part of the
Property. Buyer has examined or will examine prior to the expiration of the
Review Period, and shall be aware of the location, size, and condition of the
Property and all the improvements constructed thereon, if any, and shall accept
them in their "AS-IS", "WHERE-IS" CONDITION, with all faults and defects, if
any, whether patent or latent as of the Closing Date. Buyer acknowledges that it
has or will prior to the expiration of the Review Period independently inspect
the Property and the improvements and shall have made and entered into this
Agreement based upon such inspection and its own and best examination of the
location, size and condition of the Property and the improvements, and, except
as expressly set forth herein, Seller is hereby released from any and all
responsibility regarding the valuation, location, size, or the physical and
environmental condition of the Property and the improvements, and the adequacy
or suitability for Buyer's purposes, and the extent of any needed repairs, if
any, except as expressly set forth herein. Buyer acknowledges that any
information or materials that Buyer has or may acquire from Seller or Seller's
agents or employees is or has been furnished without representations or
warranties, express or implied, and on the express condition that Buyer shall
make its own independent verification of such information and materials.

Section 6. Representations, Warranties and Indemnification by Buyer.
--------------------------------------------------------------------

     6.1 Authority. Buyer is duly organized, validly existing and in good
standing under the laws of the State of Colorado Buyer has full power, authority
and legal right to enter into this Agreement and to perform all covenants,
obligations and agreements of Buyer hereunder. Buyer has taken all necessary
action to authorize the execution, delivery and performance by Buyer of this
agreement and all other documents or instruments required in connection with
this Agreement, and upon execution and delivery of this Agreement and such other
documents and instruments by Buyer and the other parties thereto, this Agreement
and each of such documents and instruments will have been duly authorized,
executed and delivered by Buyer and will constitute the legal, valid and binding
obligation of Buyer enforceable in accordance with its terms.

     6.2 Legal Actions. Except as set forth in this Section 6.2, there are, and
on the Closing Date there shall be, no pending or threatened legal proceedings
against Buyer that would materially adversely effect, restrict or prohibit
Buyer's performance of this Agreement. There are, and on the Closing Date there
shall be, no restrictions on Buyer's acquisition of the Property pursuant to
this Agreement. Sellers hereby disclose that the following litigation affecting
Exchange Building, Suite #705 is pending: Seller is in the process of evicting
the tenant from the space. Further information will be provided upon request.

     6.3 Post Closing Obligations. Buyer shall perform all obligations and pay
all amounts required of the owner of the Property after the Closing Date.

     6.4 Leases. Buyer shall assume all the rights and perform all obligations
of Seller as landlord under the Leases accruing on or after the Closing Date.

     6.5 Indemnification. The representations, warranties and covenants of Buyer
stated in this Agreement shall survive the Closing Date and the recordation of
the Deed. Buyer shall indemnify Seller for all costs, damages and liabilities,
including reasonable attorney's fees, incurred by Seller as a result of any
material breach by Buyer of any of the representations, warranties or covenants
of Buyer stated in this Agreement.

                                       9
<PAGE>

Section 7. Remedies for Failure to Close.
-----------------------------------------

     7.1 Buyer. If on the Closing Date this Agreement is in full force and
effect, Buyer is not otherwise in default and Sellers fail to convey the
Property to Buyer in accordance with this Agreement, then in such event, Buyer
may elect as its remedy to either: (a) terminate this Agreement, in which event
the Earnest Money and the Contingency Deposit shall be immediately returned to
Buyer; or (b) continue this Agreement and prosecute a claim for specific
performance of this Agreement.

     7.2 Seller. If on the Closing Date this Agreement is in full force and
effect, Sellers are not otherwise in default and Buyer fails to purchase the
Property in accordance with this Agreement, then in such event, Sellers shall be
entitled to terminate this Agreement and retain the Earnest Money and the
Contingency Deposit, if made (collectively referred to in this Section 7.2 as
the "Deposits"), as liquidated damages. Seller shall not be entitled to any
other damages for Buyer's default under this Agreement, provided Buyer does not
dispute or prevent the Seller's retention of the Deposits. The parties
acknowledge and agree that it would be difficult and speculative to determine
the actual damages suffered by Sellers in the event of Buyer's default.
Therefore, the parties agree to liquidate the amount of Sellers' damages to an
amount equal to the Deposits, provided Buyer does not dispute or prevent the
Sellers' retention of the Deposits. If Buyer disputes or prevents Sellers'
retention of the Deposits, Sellers shall be entitled to pursue any remedies and
damages available at law, including forfeiture of the Deposits.

Section 8. General Provisions.
------------------------------

     8.1 Notice. All notices and communications hereunder shall be in writing
and shall be given by personal delivery, overnight delivery, facsimile
telephonic transmission or mailed first class, registered or certified mail,
postage prepaid, and shall be deemed given and received upon the earlier of
actual delivery or three days after deposit in the United States Mail as
aforesaid. Notices shall be transmitted, delivered or mailed to the following
addresses:

     If to Buyer:
     -----------

     SHERIDAN REALTY ADVISORS
     1800 Glenarm Place, Suite 500
     Denver Colorado, 80202
     Attn: Charles Knight
     Tel. (303) 297-1800
     Fax (303) 296-7353

     And copied to:
     --------------

     Steven G. Wright, Esq.
     David F. Goossen, Esq.
     ISAACSON, ROSENBAUM, WOODS & LEVY, P.C.
     633 17th Street, Suite #2000
     Denver, CO 80202
     Tel. (303) 292-5656
     Fax  (303) 292-3152

     And copied to:
     -------------

     Paul J. Ruff
     Andrew J. Ritter
     TRIUMPH REAL ESTATE CORPORATION
     14 Inverness Drive, #G-216
     Inglewood, CO 80112

                                       10
<PAGE>

     If to Sellers:
     -------------

     EBD ASSOCIATES, LLC
     WCD ASSOCIATES, LLC
     c/o Warren Lortie Associates, Inc.
     1301 Dove Street, Suite 920
     Newport Beach, California 92660
     Tel. (949) 851-2020
     Fax (949) 851-5854

     And copied to:
     -------------

     Bruce J. Nelson
     NELSON RASUMSSEN & CHRISTENSEN
     576 E. South Temple
     Salt Lake City, Utah 84102
     Tel. (801) 531-8400
     Fax (801) 363-3614

     And copied to:
     -------------

     Douglas A. Arnell
     Mary Sullivan
     TRAMMELL CROW COMPANY
     7535 East Hampton Avenue, Suite 650
     Denver, Colorado 80231-4845
     Tel. (303) 224-6373
     Fax (303)  695-1866

     8.2 Negotiation and Integration. The terms and provisions of this Agreement
represent the results of negotiations between the parties, each of which has
been represented by counsel or other representative of its own choosing and
neither of which have acted under duress or compulsion, whether legal, economic
or otherwise. This Agreement is entered into after full investigation, neither
party relying upon any statements or representations made by the other not
embodied in this Agreement. All prior and contemporaneous statements,
representations, implications, understandings and agreements between the parties
are superseded by and merged in this Agreement, which alone fully and completely
expresses their entire agreement. There are no other agreements between the
parties regarding the Property.

     8.3 Assignment and Modification. This Agreement shall be binding upon the
successors and assigns of the parties. Buyer shall have the right to assign this
Agreement. Notwithstanding any assignment, Buyer shall remain liable for
performance of all obligations and duties under this Agreement.

     8.4 Severability. If any provision of this Agreement is held by a court to
be void or unenforceable, the balance of the Agreement shall remain valid and
enforceable.

     8.5 No Agency. It is expressly agreed and understood by the parties hereto
that neither party is the agent, partner nor joint venture partner of the other.
It is also expressly agreed and understood that neither Seller nor Buyer has any
obligations or duties to the other except as specifically provided for in this
Agreement.

     8.6 Attorney's Fees. In the event any party hereto finds it necessary to
bring an action at law or other proceeding against the other party to enforce
this Agreement or any instrument executed pursuant to this Agreement, or by
reason of any breach hereunder, the party prevailing in any such action or other
proceeding shall be paid all costs and reasonable attorney's fees by the
defaulting party, and in the event any judgment is secured by such prevailing
party all such costs and attorney's fees shall be included in any such judgment,
attorney's fees to be set by the court.

                                       11
<PAGE>

     8.7 Time. Time is of the essence of this Agreement. However, if any action
is required to be taken on a Saturday, Sunday, or legal holiday, the action
shall be deemed timely if it is taken by 5:00 p.m. Mountain Time, on the next
regular business day.

     8.8 State Law and Jurisdiction. This Agreement shall be governed by the
laws of the State of Colorado. Any judicial action relating to this Agreement
shall be prosecuted in a court of competent jurisdiction in Denver County,
Colorado as the court of exclusive jurisdiction and proper venue and the parties
hereby consent to the jurisdiction and venue of said court. The parties jointly
waive trial by jury in any action relating to this Agreement to the extent such
rights may be waived in advance.

     8.9 Counterparts. This Agreement may be executed in counterparts, and the
signature of any person required by this Agreement shall be effective if signed
on any and or all counterparts. All counterparts together shall be considered
one and the same Agreement. Signatures produced by facsimile telephonic
transmission shall be accepted as originals.

     IN WITNESS WHEREOF, the parties have entered into this Agreement effective
as of the Agreement Date.

Buyer:                     SHERIDAN INVESTMENTS, LLC
                           a Colorado limited liability company

                           By: SHERIDAN DEVELOPMENT, LLC,
                               a Colorado limited liability company, its Manager

                           By: /s/ John B. Greenman
                           ------------------------
                           John B. Greenman, Manager

Sellers:                   EBD ASSOCIATES, LLC,
                           a Colorado limited liability company

                           By: WARREN LORTIE INVESTMENTS, INC.,
                           Its: Managing Member

                           By: /s/ Warren H. Lortie
                           ------------------------
                           Name: Warren H. Lortie
                           Its: President

                           WCD ASSOCIATES, LLC,
                           a Colorado limited liability company

                           By: WARREN LORTIE INVESTMENTS, INC.,
                           Its: Managing Member

                           By: /s/ Warren H. Lortie
                           ------------------------
                           Name: Warren H. Lortie
                           Its: President

Received and accepted this ____ day of June, 2000.

Title Company:

         CHICAGO TITLE COMPANY

         By:_________________________
         Name:_______________________
         Its:________________________

                                       12

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