Document:

<PAGE>

                                  EXHIBIT 10.23

                           REVOLVING CREDIT AGREEMENT

                                  relating to

                             BANK OF AMERICA, N.A.

                             $85 MILLION REVOLVING

                                 LINE OF CREDIT

<PAGE>

                           REVOLVING CREDIT AGREEMENT

                            Dated as of May 11, 2001

                                  by and among

                       WELLS OPERATING PARTNERSHIP, L.P.,
                                  as Borrower,

                    WELLS REAL ESTATE INVESTMENT TRUST, INC.,
                                  as Guarantor,

                            THE SEVERAL LENDERS FROM
                           TIME TO TIME PARTY HERETO,

                              BANK OF AMERICA, N.A.
                            as Administrative Agent,

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                            as Sole Lead Arranger and
                              as Sole Book Manager

<PAGE>

                                TABLE OF CONTENTS
                                -----------------

<TABLE>
<CAPTION>
                                                                                    Page
<S>                                                                                 <C>
ARTICLE 1 - Definitions ...........................................................   1

   Section 1.1  Definitions .......................................................   1

ARTICLE 2 - Loans .................................................................  15

   Section 2.1 Commitment .........................................................  15
   Section 2.2 Increased Loan Amount ..............................................  16
   Section 2.3 Purpose of Loan ....................................................  16
   Section 2.4 Blocked Loan Funds .................................................  17
   Section 2.5 Fees ...............................................................  19
   Section 2.6 Borrowings .........................................................  19
   Section 2.7 Repayment ..........................................................  20
   Section 2.8 Interest ...........................................................  20
   Section 2.9 Notes ..............................................................  21
   Section 2.10 Default Rate; Late Charge .........................................  21
   Section 2.11 Election, Conversion and Continuation .............................  21
   Section 2.12 Prepayments .......................................................  22
   Section 2.13 Capital Adequacy ..................................................  23
   Section 2.14 Limitation on LIBOR Rate Loans ....................................  23
   Section 2.15 Illegality ........................................................  23
   Section 2.16 Requirements of Law ...............................................  23
   Section 2.17 Treatment of Affected Loans .......................................  24
   Section 2.18 Taxes on Notes and Credit Documents ...............................  25
   Section 2.19 Compensation ......................................................  27
   Section 2.20 Pro Rata Treatment ................................................  27
   Section 2.21 Sharing of Payments ...............................................  28
   Section 2.22 Payments, Computations, Etc. ......................................  28
   Section 2.23 Evidence of Debt ..................................................  30
   Section 2.24 Collateral Pool ...................................................  30

ARTICLE 3 - Conditions ............................................................  31

   Section 3.1 Conditions Precedent to Each Loan ..................................  31

ARTICLE 4 - Representations and Warranties ........................................  32

   Section 4.1 Representations and Warranties .....................................  32
   Section 4.2 Survival of Representations and Warranties, etc ....................  37

ARTICLE 5 - General Covenants .....................................................  38

   Section 5.1 Preservation of Existence and Similar Matters ......................  38
   Section 5.2 Business: Compliance with Applicable Law ...........................  38
   Section 5.3 Maintenance of Properties ..........................................  38
   Section 5.4 Accounting Methods and Financial Records ...........................  38
   Section 5.5 Payment of Taxes and Claims ........................................  39
   Section 5.6 Insurance and Casualty .............................................  39
   Section 5.7 Reserve for Insurance, Taxes and Assessments .......................  43
   Section 5.8 Condemnation .......................................................  44
</TABLE>

                                        i

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<TABLE>
<S>                                                                                  <C>
   Section 5.9 Visits and Inspections .............................................  44
   Section 5.10 Payment of Indebtedness; Loans ....................................  44
   Section 5.11 Indemnity .........................................................  45
   Section 5.12 Accuracy and Completeness of Information ..........................  46
   Section 5.13 Dividends .........................................................  46
   Section 5.14 Liens .............................................................  46
   Section 5.15 Limit on Additional Indebtedness ..................................  46
   Section 5.16 Limitation on Investments .........................................  47
   Section 5.17 Management ........................................................  47
   Section 5.18 Incorporation of Covenants Benefiting Other Lenders ...............  48
   Section 5.19 Additional Credit Parties .........................................  48

ARTICLE 6 - Financial Covenants ...................................................  49

   Section 6.1 Covenants of Borrower ..............................................  49
   Section 6.2 Guarantor Covenants ................................................  49

ARTICLE 7 - Information Covenants .................................................  50

   Section 7.1 Financial Reports and Information ..................................  50
   Section 7.2 Collateral Records and Financial Reports ...........................  51
   Section 7.3 Compliance Certificates ............................................  51
   Section 7.4 Copies of Other Reports ............................................  52
   Section 7.5 Notice of Litigation and Other Matters .............................  53
   Section 7.6 Matters Affecting the Collateral ...................................  54
   Section 7.7 Notices from the Borrower Regarding Environmental Matters ..........  54
   Section 7.8 Notices Regarding ERISA Matters ....................................  54
   Section 7.10 Other Information .................................................  55

ARTICLE 8 - Appraisal of Collateral ...............................................  55

ARTICLE 9 - Default ...............................................................  55

   Section 9.1 Events of Default ..................................................  55
   Section 9.2 Notice and Cure; Remedies ..........................................  59

ARTICLE 10 - Agency Provisions ....................................................  60

   Section 10.1 Appointment, Powers and Immunities ................................  60
   Section 10.2 Reliance by Administrative Agent ..................................  61
   Section 10.3 Defaults ..........................................................  61
   Section 10.4 Rights as a Leader ................................................  61
   Section 10.5 Indemnification ...................................................  62
   Section 10.6 Non-Reliance on Administrative Agent and Other Lenders ............  62
   Section 10.7 Successor Administrative Agent ....................................  62
   Section 10.8 Minimum Commitments by Agent ......................................  63

ARTICLE 11 - Miscellaneous ........................................................  64

   Section 11.1 Notices ...........................................................  64
   Section 11.2 Expenses ..........................................................  65
   Section 11.3 Waivers ...........................................................  66
   Section 11.4 Set-Off ...........................................................  66
   Section 11.5 Benefit of Agreement; Assignments .................................  66
</TABLE>

                                       ii

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<TABLE>
<S>                                                                                  <C>
   Section 11.6 Counterparts ......................................................  68
   Section 11.7 Governing Law; Submission to Jurisdiction; Venue ..................  68
   Section 11.8 Severability ......................................................  69
   Section 11.9 Headings ..........................................................  69
   Section 11.10 Interest .........................................................  69
   Section 11.11 Entire Agreement .................................................  70
   Section 11.12 Amendment and Restatement ........................................  70
   Section 11.13 Other Relationships ..............................................  70
   Section 11.14 Amendment, Waivers and Consents ..................................  70
   Section 11.15 Confidentiality ..................................................  71
   Section 11.16 Conflict .........................................................  72
</TABLE>

                                    SCHEDULES
                                    ---------

Schedule 1.1(a)          Acquisition Cost of Collateral
Schedule 2.1             Lenders
Schedule 4.1(p)          ERISA Events
Schedule 4.1(q)          Subsidiaries
Schedule 5.14            Existing Liens

                                    EXHIBITS
                                    --------

Exhibit 1.1(a)           Form of Request for Advance
Exhibit 2.4              Form of Participation Agreement
Exhibit 2.6(a)           Construction Delivery Requirements and Terms and
                         Conditions
Exhibit 2.9              Form of Revolving Credit Note
Exhibit 5.19             Form of Guaranty Agreement
Exhibit 7.3              Form of Officer's Compliance Certificate
Exhibit 11.5(b)          Form of Assignment and Acceptance

                                       iii

<PAGE>

     THIS REVOLVING CREDIT AGREEMENT is made and entered into on and as of the
____ day of May, 2001, by and among WELLS OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership ("Borrower"), Wells Real Estate Investment Trust,
                               --------
Inc., a Maryland corporation ("Guarantor"), BANK OF AMERICA, N.A., a national
                               ---------
banking association, as administrative agent for the Lenders (in such capacity,
the "Administrative Agent"), and the Lenders identified herein;
     --------------------

                              W I T N E S S E T H:
                              - - - - - - - - - -

     In consideration of the mutual covenants and undertakings of the parties
which are hereinafter set forth, Borrower, Guarantor and Administrative Agent do
hereby agree as follows as of the day and year first above written:

                                    ARTICLE 1
                                   Definitions

     Section 1.1 Definitions. For the purposes of this Agreement:
                 -----------

     "Acquisition Cost" shall mean the costs actually incurred or paid by
      ----------------
Borrower incident to the acquisition of Collateral, as determined by
Administrative Agent in Administrative Agent's reasonable discretion, plus the
cost of any capital improvements performed by the Borrower which Administrative
Agent has agreed to accept as part of the Acquisition Cost of such Collateral.
For purposes of the Collateral existing as of the date hereof, "Acquisition
Cost" shall mean the amount set forth beside each Property listed on Schedule
                                                                     --------
1.1(a) attached hereto.
------

     "Additional Credit Party" shall mean each Person that becomes a Guarantor
      -----------------------
after the Closing Date by execution of a Guaranty Agreement.

     "Adjusted Cash Flow" shall mean, for any Person, for any period for which
      ------------------
the same is computed, the sum of (a) such party's net income (loss) for such
period plus (b) such party's Interest Expense for such period plus (c) such
       ----                                                   ----
party's depreciation and amortization for financial reporting purposes for such
period; plus (d) such party's income tax expense for such period, computed in
        ----
each case on a consolidated basis in accordance with GAAP and adjusted as
necessary to reflect any straightlining of rental income.

     "Adjusted LIBOR Rate" shall mean the quotient obtained (rounded upward, if
      -------------------
necessary, to the next higher 1/100 of 1%) by dividing (i) the applicable London
Interbank Offered Rate by (ii) 1.00 minus the LIBOR Reserve Percentage, where,

     "London Interbank Offered Rate" shall mean, with respect to any applicable
      -----------------------------
     Interest Period, the rate per annum (rounded upwards, if necessary, to the
     nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor
     page) as the London interbank offered rate for deposits in U.S. Dollars at
     approximately 11:00 a.m. (London time) two Business Days prior to the first
     day of such Interest Period for a term comparable to such Interest Period.
     If for any reason such rate is not available, the term "London Interbank
     Offered Rate" shall

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         mean, for any Interest Period therefor, the rate per annum (rounded
         upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters
         Screen LIBO Page as the London interbank offered rate for deposits in
         U.S. Dollars at approximately 11:00 a.m. (London time) two Business
         Days prior to the first day of such Interest Period for a term
         comparable to such Interest Period; provided, however, if more than one
                                             --------  -------
         rate is specified on Reuters Screen LIBO Page, the applicable rate
         shall be the arithmetic mean of all such rates; and

         "LIBOR Reserve Percentage" shall mean, with respect to any applicable
          ------------------------
         Interest Period, for any day that percentage (expressed as a decimal)
         which is in effect on such day, as prescribed by the Board of Governors
         of the Federal Reserve System (or any successor) for determining the
         maximum reserve requirement (including basic, supplemental, emergency,
         special and marginal reserves) generally applicable to financial
         institutions regulated by the Federal Reserve Board whether or not
         applicable to any Lender, in respect of "Eurocurrency liabilities" (or
         in respect of any other category of liabilities which includes deposits
         by reference to which the interest rate on LIBOR Rate Principal is
         determined), whether or not any Lender has any Eurocurrency
         liabilities. The LIBOR Rate shall be adjusted automatically as of the
         effective date of each change in the LIBOR Reserve Percentage.

         "Administrative Agent" shall mean Bank of America, N.A. and any
          --------------------
assignees of Administrative Agent which hereafter become parties hereto pursuant
to Article 10 hereof.

         "Affiliate" shall mean any Person directly or indirectly controlling,
          ---------
controlled by, or under common control with Borrower excluding, however,
employees of Borrower.

         "Administrative Agent's Office" shall mean the office of Administrative
          -----------------------------
Agent located at Bank of America Plaza, Real Estate Group, 6th Floor, 600
Peachtree Street, N.E., Atlanta, Georgia 30308, or such other office as may be
designated pursuant to the provisions of Section 10.1 of this Agreement.

         "Agreement" shall mean this Revolving Credit Agreement.
          ---------

         "Annualized Hypothetical Debt Service" shall mean the annual aggregate
          ------------------------------------
installments of principal and interest which would be due and payable on a
hypothetical loan in an amount equal to the outstanding principal balance of the
Loans at any given time if such amount were amortized over a period of
twenty-five (25) years at a fixed rate of interest equal to the Treasury Rate as
of such date plus two hundred fifty (250) basis points, but in no event less
than nine (9) percentage points per annum. Administrative Agent's determination
of Annualized Hypothetical Debt Service shall be binding and conclusive in the
absence of manifest error.

         "Annualized Net Operating Income" shall mean, with respect to all
          -------------------------------
assets within the Collateral Pool, the aggregate annualized recurring rental
income received or to be received by Borrower from tenants under fully executed
leases approved by Lender, as of any date of determination, less the aggregate
annualized expenses paid or to be paid by Borrower in connection with the
ownership and operation of the assets (excluding debt service on the Loans but
including annualized property taxes and insurance premiums [to the extent not
passed through to tenants],

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capital expenditure and property replacement reserves in an aggregate amount
equal to the greater of (i) actual capital expenditure and property placement
reserves or (ii) fifty cents ($.50) per square foot times the aggregate net
rentable area of the assets, and a property management fee equal to two percent
(2.0%) of rental income). Administrative Agent's determination of Annualized Net
Operating Income shall be binding and conclusive in the absence of manifest
error.

         "Applicable Law" shall mean, in respect of any Person, all provisions
          --------------
of constitutions, statutes, rules, regulations and orders of governmental bodies
or regulatory agencies applicable to such Person, and all orders and decrees of
all courts and arbitrators in proceedings or actions to which the Person in
question is a party or by which it is bound.

         "Authorized Signatory" shall mean such representatives of Borrower as
          --------------------
may be duly authorized and designated in writing by Borrower to execute
documents, agreements and instruments on behalf of Borrower in connection with
this Agreement.

         "Available Committed Amount" shall mean, at any time, an amount equal
          --------------------------
to the lesser of (a) the Committed Amount or (b) sixty percent (60%) of the
Value of the Collateral Pool.

         "Base Rate Loan" shall mean a Loan bearing interest at the Prime Rate.
          --------------

         "Base Rate Principal" shall mean any portion of the outstanding
          -------------------
principal balance of the Committed Amount bearing interest at the Prime Rate.

         "Borrower" shall mean Wells Operating Partnership, L.P., a Georgia
          --------
limited partnership.

         "Business Day" shall mean any day other than a Saturday, Sunday or
          ------------
other day on which commercial banks are authorized to close under the laws of,
or are in fact closed in, the state where Administrative Agent's Office is
located or, if such day relates to any LIBOR Rate, means any such day on which
dealings in dollar deposits are conducted by and between banks in the London,
England interbank market.

         "California Mortgage" shall mean that certain Amended and Restated Deed
          -------------------
of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated of
even date herewith, recorded or to be recorded in the Orange County, California
records on or about the date hereof, as same may have been or may be amended,
restated, modified or supplemented from time to time.

         "Capital Stock" shall mean any and all shares, interests,
          -------------
participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person which is not
a corporation and any and all warrants or options to purchase any of the
foregoing.

         "CERCLA" shall mean the Comprehensive Environmental Response,
          ------
Compensation and Liability Act of 1980, as amended from time to time (42 U.S.C.
(S)(S)9601 et seq.).

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<PAGE>

         "Closing Date" shall mean the date as of which this Agreement is dated.
          ------------

         "Code" shall mean the Internal Revenue Code of 1986, as amended,
          ----
reformed or otherwise modified from time to time.

         "Collateral" shall mean, collectively, the real and personal property
          ----------
encumbered and conveyed by the Mortgages and any additions thereto or
substitutions therefor, which additions or substitutions have been approved, in
writing, by Lenders in accordance with the terms hereof, less and except any
Excluded Property and any property released from the lien thereof.

         "Collateral Pool" shall mean a specified group of Collateral encumbered
          ---------------
by the Mortgages which have been accepted by Lenders into the Collateral Pool to
secure the Obligations.

         "Commitment" means, with respect to each Lender, the commitment of such
          ----------
Lender in an aggregate principal amount at any time outstanding of up to such
Lender's Commitment Percentage of the Committed Amount to make Loans in
accordance with the provisions of Section 2.1.

         "Commitment Percentage" means, for any Lender, the percentage
          ---------------------
identified as its Commitment Percentage on Schedule 2.1, as such percentage may
                                           ------------
be modified in connection with any assignment made in accordance with the
provisions of Section 11.5.

         "Committed Amount" shall have the meaning assigned to such term in
          ----------------
Section 2.1.

         "Consolidated Parties" shall mean a collective reference to Guarantor
          --------------------
and its consolidated Subsidiaries, if any, and "Consolidated Party" shall mean
                                                ------------------
any one of them.

         "Credit Documents" shall mean, without limitation, this Agreement, the
          ----------------
Notes, the Mortgages, the assignments of leases and other Agreements given by
Borrower to secure the obligations, all guaranties of the obligations or any
part thereof, all environmental indemnity agreements given by Borrower to
Administrative Agent, all legal opinions or reliance letters issued by counsel
to Borrower in connection herewith, all Requests for Advance, all loan closing
statements and all other documents, instruments, certificates and agreements
executed or delivered in connection with or contemplated by this Agreement (in
each case, as the same may be amended, modified, restated, supplemented,
extended, renewed or replaced from time to time), and "Credit Document" shall
                                                       ---------------
mean any one of them.

         "Credit Parties" shall mean a collective reference to Borrower,
          --------------
Guarantor and any Additional Credit Party executing a Guaranty Agreement, and
"Credit Party" means any one of them.

         "Daily LIBOR Rate" shall mean a fluctuating rate of interest equal to
          ----------------
the one month rate of interest (rounded upwards, if necessary, to the nearest
1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the one
month London interbank offered rate for deposits in U.S. Dollars at
approximately 11:00 a.m. (London time) on the second preceding Business

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<PAGE>

Day, as adjusted from time to time in Administrative Agent's sole discretion for
then applicable reserve requirements, deposit insurance assessment rates and
other regulatory costs. If for any reason such rate is not available, the term
"Daily LIBOR Rate" shall mean the fluctuating rate of interest equal to the one
month rate of interest (rounded upwards, if necessary, to the nearest 1/100 of
1%) appearing on Reuters Screen LIBO Page as the one month London interbank
offered rate for deposits in U.S. Dollars at approximately 11:00 a.m. (London
time) on the second preceding Business Day, as adjusted from time to time in
Administrative Agent's sole discretion for then applicable reserve requirements,
deposit insurance assessment rates and other regulatory costs; provided,
however, if more than one rate is specified on Reuters Screen LIBO Page, the
applicable rate shall be the arithmetic mean of all such rates. The term
"Telerate Page 3750" means the British Bankers Association Libor Rates
(determined as of 11:00 a.m. London time) that are published by Bridge
Information Systems, Inc.

         "Debt Service" shall mean for any Person for any period, (a) Interest
          ------------
Expense for such period plus (b) the aggregate amount of regularly scheduled
principal payments of Indebtedness (excluding optional prepayments, current
maturities of short term debt (debt maturing within twelve [12] months), and
balloon principal payments due on maturity in respect of any Indebtedness)
required to be made during such period by such Person plus (c) such Person's pro
rata share of all such regularly scheduled principal payments required to be
made during such period by any Investment Affiliate on Indebtedness (excluding
optional prepayments and balloon principal payments due on maturity in respect
of any Indebtedness) taken into account in calculating Interest Expense, without
duplication.

         "Debtor Relief Laws" shall mean the Bankruptcy Code of the United
          ------------------
States of America, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States of America or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally.

         "Default" shall mean any Event of Default, and any of the events
          -------
specified in Section 9.1 regardless of whether there shall have occurred any
passage of time or giving of notice or both that would be necessary in order to
constitute such event an Event of Default.

         "Derivative Exposure" shall mean the maximum liability (including
          -------------------
costs, fees and expenses), based upon a liquidation or termination as of the
date of the applicable covenant compliance test, of any Person under any
interest rate swap, collar, cap or other interest rate protection agreements,
treasury locks, equity forward contracts, foreign currency exchange agreements,
commodity purchase or option agreements or other interest or exchange rate or
commodity price hedging agreements.

         "Domestic Subsidiary" shall mean, with respect to any Person, any
          -------------------
Subsidiary of such Person which is incorporated or organized under the laws of
any State of the United States or the District of Columbia.

PAGE 5

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         "Eligible Assignees" shall mean (i) a Lender; (ii) an Affiliate of a
          ------------------
Lender; and (iii) any other Person approved by Administrative Agent (such
approval not to be unreasonably withheld or delayed) and, unless an Event of
Default has occurred and is continuing at the time any assignment is effected in
accordance with Section 11.5, Borrower (such approval not to be unreasonably
withheld or delayed by Borrower and such approval to be deemed given by Borrower
if no objection is received by the assigning Lender and Administrative Agent
from Borrower within two (2) Business Days after notice of such proposed
assignment has been provided by the assigning Lender to Borrower); provided,
                                                                   --------
however, that neither Borrower nor an Affiliate of Borrower shall qualify as an
-------
Eligible Assignee.

         "Environmental  Laws" shall mean all present and future federal, state
          -------------------
and local laws, including the applicable rules and regulations promulgated
thereunder, all judicial interpretations thereof, all judgments, decrees, order
concessions, grants, franchises, agreements, and other governmental restrictions
and rules of common law relating to the environment or to health or safety risks
arising therefrom, including, without limitation, CERCLA, the Resource
Conservation and Recovery Act of 1976 (42 U.S.C. (S)6901 et seq.), the Hazardous
Materials Transportation Act (49 U.S.C. (S)6901 et seq.), the Federal Water
Pollution Control Act (33 U.S.C. (S)1251 et seq.), the Clean Air Act (42 U.S.C.
(S)7401 et seq.), the Toxic Substances Control Act (15 U.S.C. (S)2601 et seq.),
the National Environmental Policy Act (42 U.S.C. (S)4321 et seq.) and the Safe
Drinking Water Act (42 U.S.C. (S)300f (S)300j), as they may be amended from
time to time.

         "Equity Issuances" shall mean any issuance by Borrower to any Person
          ----------------
which is not a Credit Party of (a) shares of its Capital Stock, (b) any shares
of its Capital Stock pursuant to the exercise of options or warrants or (c) any
shares of its Capital Stock pursuant to the conversion of any debt securities to
equity.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
          -----
as amended, and any successor statute thereto, as interpreted by the rules and
regulations thereunder, all as the same may be in effect from time to time.
References to sections of ERISA shall be construed also to refer to any
successor sections.

         "ERISA Affiliate" shall mean an entity which is under common control
          ---------------
with any Credit Party within the meaning of Section 4001(a)(14) of ERISA, or is
a member of a group which includes Borrower and which is treated as a single
employer under Sections 414(b) or (c) of the Code.

         "ERISA Event" shall mean (i) with respect to any Plan, the occurrence
          -----------
of a Reportable Event or the substantial cessation of operations (within the
meaning of Section 4062(e) of ERISA); (ii) the withdrawal by Consolidated Party
or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which
it was a substantial employer (as such term is defined in Section 4001(a)(2) of
ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution
of a notice of intent to terminate or the actual termination of a Plan pursuant
to Section 4041(a)(2) or 4041A of ERISA; (iv) the institution of proceedings to
terminate or the actual termination of a Plan by the PBGC under Section 4042 of
ERISA; (v) any event or condition which might constitute

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grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Plan; (vi) the complete or partial withdrawal of
any Consolidated Party or any ERISA Affiliate from a Multiemployer Plan; (vii)
the conditions for imposition of a lien under Section 302(f) of ERISA exist with
respect to any Plan; or (vii) the adoption of an amendment to any Plan requiring
the provision of security to such Plan pursuant to Section 307 of ERISA.

         "Escrow Agreement" shall have the meaning assigned to such term in
          ----------------
Section 2.4.

         "Event of Default" shall mean any of the events specified in Section
          ----------------
9.1.

         "Excluded Property" shall have the meaning assigned to such term in
          -----------------
Section 2.24.

         "Existing Bank of America Loan" shall mean that certain revolving
          -----------------------------
credit loan heretofore made by Administrative Agent to Borrower secured by the
Collateral, which Loan is being repaid by a portion of the proceeds of the Loan.

         "Federal Funds Rate" shall mean, for any day, the rate per annum
          ------------------
(rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day,
                          --------
the Federal Funds Rate for such day shall be such rate on such transactions on
the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate charged to
Administrative Agent (in its individual capacity) on such day on such
transactions as determined by Administrative Agent.

         "Fees" shall mean all fees payable pursuant to Section 2.5.
          ----

         "Fixed LIBOR Rate" shall mean a fixed rate equal to the Adjusted LIBOR
          ----------------
Rate plus the LIBOR Rate Margin.

         "Fixed LIBOR Rate Loan" shall mean a Loan bearing interest at the Fixed
          ---------------------
LIBOR Rate.

         "Fixed LIBOR Rate Principal" shall mean any portion of the outstanding
          --------------------------
principal balance of the Committed Amount bearing interest at the Fixed LIBOR
Rate at the time in question.

         "Funds From Operations" or "FFO" shall mean, as to any period, an
          ---------------------      ---
amount equal to (a) income (loss) from operations of a Person for such period,
excluding gain (loss) from debt restructuring and sale of any Property, plus (b)
---------                                                               ----
depreciation and amortization of real estate assets, after adjustment for
Investment Affiliates, determined in each case on a combined basis in accordance
with GAAP. Adjustments for Investment Affiliates will be calculated to reflect
funds from operations on the same basis.

PAGE 7

<PAGE>

     "GAAP" shall mean generally accepted accounting principles in the United
      ----
States of America consistent with those utilized in preparing the audited
financial statements of any Person required hereunder. All references in this
Agreement to generally accepted accounting principles shall be to such
principles as are in effect from time to time. All accounting terms used herein
without definition shall be used as defined under generally accepted accounting
principles.

     "Governmental Authority" shall mean any federal, state, local or foreign
      ----------------------
court or governmental agency, authority, instrumentality or regulatory body.

     "Guarantor" shall mean Wells Real Estate Investment Trust, Inc., a Maryland
      ---------
corporation.

     "Guaranty Agreement" shall mean one or more Guaranty Agreement(s)
      ------------------
substantially in the form of Exhibit 5.19 hereto, executed and delivered by (i)
                             ------------
Guarantor on the Closing Date, and (ii) any Additional Credit Party in
accordance with the provisions of Section 5.19.

     "Guaranty Obligations" shall mean, with respect to any Person, without
      --------------------
duplication, any obligations of such Person (other than endorsements in the
ordinary course of business of negotiable instruments for deposit or collection)
guaranteeing or intended to guarantee any Indebtedness of any other Person in
any manner, whether direct or indirect, and including without limitation any
obligation, whether or not contingent, (i) to purchase any such Indebtedness or
any property constituting security therefor, (ii) to advance or provide funds or
other support for the payment or purchase of any such Indebtedness or to
maintain working capital, solvency or other balance sheet condition of such
other Person (including without limitation keep well agreements, maintenance
agreements, comfort letters or similar agreements or arrangements) for the
benefit of any holder of Indebtedness of such other Person, (iii) to lease or
purchase property, securities or services primarily for the purpose of assuring
the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless
the holder of such Indebtedness against loss in respect thereof. The amount of
any Guaranty Obligation hereunder shall (subject to any limitations set forth
therein) be deemed to be an amount equal to the outstanding principal amount (or
maximum principal amount, if larger) of the Indebtedness in respect of which
such Guaranty Obligation is made. It is specifically understood and agreed that
the Guaranty Obligations of each Guarantor include any and all obligations that
such Guarantor may have as a Borrower hereunder or under any of the other Credit
Documents.

     "Hazardous Materials" shall mean any and all hazardous or toxic substances,
      -------------------
pollutants, contaminants, petroleum and gas products, including (without
limitation) solid, semi-solid, liquid or gaseous substances which are toxic,
ignitable, corrosive, carcinogenic or otherwise dangerous to human, plant or
animal health and well-being, including (without limitation) crude oil or any
fraction thereof, natural gas, natural gas liquids, liquefied natural gas or
synthetic gas usable for fuel, and including (without limitation) materials
defined as hazardous wastes or substances under any of the Environmental Laws.

     "Illinois Mortgage" shall mean that certain Amended and Restated Mortgage,
      -----------------
Assignment and Security Agreement dated of even date herewith, recorded or to be
recorded in the DuPage

PAGE 8

<PAGE>

County, Illinois records on or about the date hereof, as may have been or may be
amended, restated, modified or supplemented from time to time.

     "Increased Committed Amount" shall have the meaning assigned to such term
      --------------------------
in Section 2.2.

     "Indebtedness" of any Person, without duplication, shall mean, in each case
      ------------
whether direct or contingent and inclusive of all costs and fees associated with
any Derivative Exposure, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or
similar instruments, or upon which interest payments are customarily made, (c)
all obligations of such Person under conditional sale or other title retention
agreements relating to property purchased by such Person (other than customary
reservations or retentions of title under agreements with suppliers entered into
in the ordinary course of business), (d) all obligations of such Person issued
or assumed as the deferred purchase price of property or services purchased by
such Person (other than trade debt incurred in the ordinary course of business
and due within six months of the incurrence thereof) which would appear as
liabilities on a balance sheet of such Person, (e) all obligations of such
Person under take-or-pay or similar arrangements or under commodities
agreements, (f) all indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any lien on, or payable out of the proceeds of production from,
property owned or acquired by such Person, whether or not the obligations
secured thereby have been assumed, (g) all guaranty obligations and other
contingent liabilities of such Person excluding obligations under any Escrow
Agreement to which such Person is a party, (h) the principal portion of all
obligations (whether direct or contingent and inclusive of all costs and fees
associated with any Derivative Exposure) of such Person under capital leases,
(i) all obligations of such Person in respect of interest rate swap, collar, cap
or other interest rate protection agreements, treasury locks, equity forward
contracts, foreign currency exchange agreements, commodity purchase or option
agreements or other interest or exchange rate or commodity price hedging
agreements, (j) all obligations of such Person to repurchase any securities
which repurchase obligation is related to the issuance thereof, (k) the maximum
amount of all standby letters of credit issued or bankers' acceptances
facilities created for the account of such Person and, without duplication, all
drafts drawn thereunder (to the extent unreimbursed), (l) all preferred capital
stock issued by such Person and required by the terms thereof to be redeemed, or
for which mandatory sinking fund payments are due, by a fixed date, (m) all
other obligations of such Person under any arrangement or financing structure
classified as debt (for tax purposes) by any nationally recognized rating
agency, (n) the principal portion of all obligations of such Person for any off
balance sheet liabilities, and (o) such Person's pro rata share of the
Indebtedness of any partnership or unincorporated joint venture in which such
Person is a general partner or a joint venturer.

     "Interest Expense" shall mean all interest expense of the applicable party
      ----------------
determined in accordance with GAAP plus (i) capitalized interest not covered by
an interest reserve from a loan facility plus (ii) the allocable portion (based
on liability) of any accrued or paid interest incurred on any obligation for
which the applicable party is wholly or partially liable under repayment,
interest carry, or performance guarantees, or other relevant liabilities plus
(iii) such party's pro

PAGE 9

<PAGE>

rata share of any accrued or paid interest incurred on any indebtedness of any
investment affiliate, whether recourse or non-recourse.

     "Interest Payment Date" shall mean the first (1st) day of each calendar
      ---------------------
month (as to interest through the end of the prior calendar month) and the
Maturity Date.

     "Interest Period" shall mean with respect to any Fixed LIBOR Rate
      ---------------
Principal, the period commencing on the date such Fixed LIBOR Rate Principal is
disbursed or on the date on which the principal debt or any portion thereof is
converted into or continued as such Fixed LIBOR Rate Principal, and ending on
the date one (1), two (2), three (3) or six (6) months thereafter, as elected by
Borrower in the applicable rate election notice; provided that:

          (i)    Each Interest Period must commence on a Business Day;

          (ii)   In the case of the continuation of Fixed LIBOR Rate Principal,
the Interest Period applicable after the continuation of such Fixed LIBOR Rate
Principal shall commence on the last day of the preceding Interest Period;

          (iii)  If any Interest Period applicable to Fixed LIBOR Rate Principal
would otherwise end on a day which is not a Business Day, that Interest Period
shall be extended to the next succeeding Business Day unless the result of such
extension would be to carry such Interest Period into another calendar month, in
which event such Interest Period shall end on the next preceding Business Day;

          (iv)   Any Interest Period applicable to Fixed LIBOR Rate Principal
that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of
such Interest Period) shall end on the last Business Day of the last full
calendar month at the end of such Interest Period; and

          (v)    No Interest Period shall extend beyond the Maturity Date, and
any Interest Period which begins before the Maturity Date and would otherwise
end after the Maturity Date shall instead end on the Maturity Date.

     "Interest Rate Protection Agreement" shall mean any interest rate swap
      ----------------------------------
agreement, interest cap agreement, interest rate collar agreement, exchange
agreement, forward currency exchange agreement, forward rate currency or
interest rate option, foreign currency hedge, or any similar agreement or
arrangement entered into by Borrower and Lenders in connection with the Loans
evidenced by the Notes to hedge the risk of variable interest rate volatility or
fluctuations of interest rates, as any such agreement or arrangement may be
modified, supplemented, and in effect from time to time, and any and all
cancellations, buy backs, reversals, terminations, or assignments of any of the
foregoing.

     "Investment" shall mean any investment made in cash or by delivery of
      ----------
property by any Consolidated Party (a) in any Person, whether by (i) acquisition
of assets, shares of Capital Stock, Investment Security, bonds, notes,
debentures, partnership, joint ventures or other

PAGE 10

<PAGE>

ownership interests or other securities of any Person, or (ii) any deposit with,
or advance, loan or other extension of credit to, any Person (other than
deposits made in connection with the purchase of equipment or other assets in
the ordinary course of business), or (iii) any other capital contribution to or
investment in such Person, including, without limitation, any Guaranty
Obligations (including any support for a letter of credit issued on behalf of
such Person) incurred for the benefit of such Person, or (b) in any property.

     "Investment Affiliate" shall mean any entity in which Borrower or
      --------------------
Guarantor, as applicable, indirectly has an ownership interest whose financial
results are not consolidated under GAAP with the financial results of such party
on its financial statements.

     "Investment Security" shall mean "security" as defined in Section 2(1) of
      -------------------
the Securities Act of 1933, as amended.

     "LIBOR Rate Loans" shall mean, collectively, the Fixed LIBOR Rate Loans and
      ----------------
the Variable LIBOR Rate Loans.

     "LIBOR Rate Margin" shall mean one hundred eighty (180) basis points.
      -----------------

     "Lien" shall mean, with respect to any Property, any mortgage, lien,
      ----
pledge, assignment, charge, security interest, title retention agreement, levy,
execution, seizure, attachment, garnishment or other encumbrance of any kind in
respect of any Collateral, whether or not choate, vested or perfected.

     "Loan" or "Loans" shall mean amounts advanced by Lenders to Borrower
      ----      -----
pursuant to Article 2 hereof on the occasion of any borrowing, individually or
collectively, as appropriate.

     "Material Adverse Effect" shall mean a materially adverse effect upon the
      -----------------------
business, assets, liabilities, financial condition, results of operations, or
business prospects of Borrower or upon the ability of Borrower to perform any
material obligations under this Agreement or any of the other Credit Documents;
in any case, whether resulting from any single act, omission, situation, status,
event, or undertaking, or several acts, omissions, situations, statuses, events,
or undertakings.

     "Maturity Date" shall mean May 11, 2002, or such earlier date as payment of
      -------------
the Loans shall be due (whether by acceleration or otherwise).

     "Michigan Mortgage" shall mean that certain Mortgage, Assignment and
      -----------------
Security Agreement dated May 10, 2001, effective of even date herewith recorded
or to be recorded in the Oakland County, Michigan records, as may have been or
may be amended, restated, modified or supplemented from time to time.

     "Minnesota Mortgage" shall mean that certain Mortgage, Assignment and
      ------------------
Security Agreement dated May 10, 2001, effective of even date herewith recorded
or to be recorded in the

PAGE 11

<PAGE>

Hennepin County, Minnesota records, as may have been or may be amended,
restated, modified or supplemented from time to time.

     "Mortgage" or "Mortgages" shall mean, collectively, the California
      --------      ---------
Mortgage, the Illinois Mortgage, the Michigan Mortgage, the Minnesota Mortgage,
the New Jersey Mortgage, and the Pennsylvania Mortgage, as any of the same may
have been or hereafter be amended, restated, modified or supplemented from time
to time.

     "Multiemployer Plan" shall mean a Plan which is a multiemployer plan as
      ------------------
defined in Sections 3(37) or 4001(a)(3) of ERISA.

     "Multiple Employer Plan" shall mean a Plan which any Consolidated Party or
      ----------------------
any ERISA Affiliate and at least one employer other than the Consolidated Party
or any ERISA Affiliate are contributing sponsors.

     "Net Sales Proceeds" with respect to the sale of any item of Collateral or
      ------------------
any Non-Collateral property shall mean the gross sales price for such item of
Collateral or Non-Collateral Property, paid by a purchaser of such item of
Collateral or Non-Collateral Property, less the Acquisition Cost. All such sales
shall be consummated only pursuant to bona fide contracts, approved by
Administrative Agent, between Borrower and purchasers who are not Affiliates.

     "New Jersey Mortgage" shall mean that certain Amended and Restated
      -------------------
Mortgage, Assignment and Security Agreement dated of even date herewith recorded
or to be recorded in the Middlesex County, New Jersey records, as may have been
or may be amended, restated, modified or supplemented from time to time.

     "Non-Collateral Property" or "Non-Collateral Properties" shall mean,
      -----------------------      -------------------------
individually or collectively, each item of real or personal property now owned
or hereafter acquired by Borrower (including without limitation each interest in
a partnership, corporation or other Person), other than an item of Collateral.

     "Note" or "Notes" shall mean the revolving credit notes of Borrower in
      ----      -----
favor of each of the Lenders evidencing the Loans provided pursuant to Section
2.1, individually or collectively, as appropriate, as such revolving credit
notes may be amended, modified, restated, supplemented, extended, renewed or
replaced from time to time.

     "Obligations" shall mean (i) all payment and performance obligations of
      -----------
Borrower and all other obligors to Lenders under this Agreement and the other
Credit Documents, as they may be amended from time to time, or as a result of
making the Loans, and (ii) the obligation to pay an amount equal to the amount
of any and all damage which Lenders may suffer by reason of a breach by Borrower
or any other obligor of any obligation, covenant or undertaking with respect to
this Agreement or any other Credit Document.

     "Other Lenders" shall have the meaning assigned to such term in Section
      -------------
5.18.

PAGE 12

<PAGE>

     "Participation Interest" shall mean a purchase by a Lender of a
      ----------------------
participation in any Loans as provided in Section 2.21.

     "PBGC" shall mean the Pension Benefit Guaranty Corporation established
      ----
pursuant to Subtitle A of Title IV of ERISA and any successor thereof.

     "Pennsylvania Mortgage" shall mean that certain Amended and Restated
      ---------------------
Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and
Financing Statement dated of even date herewith, recorded or to be recorded in
the Records of the Clerk of Superior Court of Dauphin County, Pennsylvania on or
about the date hereof, as may have been or may be amended, restated, modified or
supplemented from time to time.

     "Person" shall mean any individual, partnership, joint venture, firm,
      ------
corporation, limited liability company, association, trust or other enterprise
(whether or not incorporated) or any Governmental Authority.

     "Plan" shall mean any employee benefit plan (as defined in Section 3(3) of
      ----
ERISA) which is covered by ERISA and with respect to which any Consolidated
Party or any ERISA Affiliate is (or, if such plan were terminated at such time,
would under Section 4069 of ERISA be deemed to be) an "employer" within the
meaning of Section 3(5) of ERISA.

     "Preferred Stock Subsidiary" shall mean any entity (i) in which a Credit
      --------------------------
Party owns at least ninety percent (90%) of the Capital Stock but less than ten
percent (10%) of the Voting Stock and (ii) with respect to which Borrower
certifies in writing to Administrative Agent that such entity was formed with
such an ownership structure such that its income would not adversely affect the
qualification of Guarantor's status as a REIT.

     "Prime Rate" shall mean, on any day, the rate of interest per annum then
      ----------
most recently established by Administrative Agent as its "prime rate," it being
understood and agreed that such rate is set by Administrative Agent as a general
reference rate of interest, taking into account such factors as Administrative
Agent may deem appropriate, that it is not necessarily the lowest or best rate
actually charged to any customer or a favored rate, that it may not correspond
with future increases or decreases in interest rates charged by other lenders or
market rates in general, and that Administrative Agent may make various business
or other loans at rates of interest having no relationship to such rate. If
Administrative Agent (including any subsequent Administrative Agent) ceases to
exist or to establish or publish a prime rate from which the Prime Rate is then
determined, the applicable variable rate from which the Prime Rate is determined
thereafter shall be instead the prime rate reported in The Wall Street Journal
                                                       -----------------------
(or the average prime rate if a high and a low prime rate are therein reported),
and the Prime Rate shall change without notice with each change in such prime
rate as of the date such change is reported.

     "Principal Debt" shall mean the aggregated unpaid outstanding Committed
      --------------
Amount at the time in question.

     "Property" shall mean, collectively, all Collateral and Non-Collateral
      --------
Property.

PAGE 13

<PAGE>

     "REIT" shall mean a real estate investment trust as defined in Sections
      ----
856-860 of the Code.

     "Reportable Event" shall mean any of the events set forth in Section
      ----------------
4043(c) of ERISA, other than those events as to which the notice requirement has
been waived by regulation.

     "Request for Advance" shall mean any certificate signed by an Authorized
      -------------------
Signatory requesting a Loan hereunder which will increase the aggregate amount
of the Loans outstanding, which certificate shall be denominated a "Request for
Advance." Each Request for Advance shall be signed by an Authorized Signatory
and substantially in the form of Exhibit 1.1(a) attached hereto.
                                 --------------

     "Required Lenders" shall mean, at any time, Lenders which are then in
      ----------------
compliance with their obligations hereunder (as determined by the Administrative
Agent) and holding in the aggregate at least sixty-six and two-thirds percent
(66 2/3%) of (i) the Committed Amount (and Participation Interests therein) or
(ii) if the Commitments have been terminated, the outstanding Loans and
Participation Interests.

     "Senior Management" shall mean the Chief Executive Officer or Chief
      -----------------
Financial Officer of a specified Person.

     "Single Employer Plan" shall mean any Plan which is covered by Title IV of
      --------------------
ERISA, but which is not a Multiemployer Plan or a Multiple Employer Plan.

     "Sole Book Manager" shall mean, in such capacity, Banc of America
      -----------------
Securities LLC.

     "Sole Lead Arranger" shall mean, in such capacity, Banc of America
      ------------------
Securities LLC.

     "Subsidiary" shall mean, as to any Person, (a) any corporation more than
      ----------
50% of whose Capital Stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time, any class or classes of such
corporation shall have or might have voting power by reason of the happening of
any contingency) is at the time owned by such Person directly or indirectly
through Subsidiaries, and (b) any partnership, association, joint venture or
other entity in which such Person directly or indirectly through Subsidiaries
has more than 50% equity interest at any time.

     "Supermajority Lenders" shall mean at any time, Lenders which are then in
      ---------------------
compliance with their obligations hereunder (as determined by Administrative
Agent) and holding in the aggregate at least seventy-five percent (75%) of (i)
the Committed Amount (and Participation Interests therein) or (ii) if the
Commitments have been terminated, the outstanding Loans and Participation
Interests.

     "Taxes" shall have the meaning assigned to such term in Section 2.18.
      -----

PAGE 14

<PAGE>

         "Treasury Rate" shall mean a per annum rate of interest equal to the
          -------------
monthly average of the daily yield on all outstanding United States Treasury
Bond issues (excepting such bonds as are redeemable at par for payment of
Federal estate taxes) with a period of time remaining to maturity most closely
approximating seven (7) years, as then most recently published by the Board of
Governors of the Federal Reserve System in the monthly Federal Reserve Bulletin,
or any comparable successor rate designated by Lender, which rate shall be
rounded upwards to the nearest one-eighth of one percentage point (0.125%)

         "Use" shall mean use, ownership, development, construction,
          ---
maintenance, management, operation or occupancy.

         "Value of the Collateral Pool" shall mean, at any time, an amount equal
          ----------------------------
to the lesser of (i) the aggregate Acquisition Cost of the Collateral, or (ii)
the aggregate stabilized value of the Collateral, as determined by appraisals to
be furnished to Administrative Agent from time to time in accordance with
Article 8 of this Agreement.

         "Variable LIBOR Rate" shall mean the Daily LIBOR Rate plus the LIBOR
          -------------------
Margin.

         "Variable LIBOR Rate Loan" shall mean a Loan bearing interest at the
          ------------------------
Variable LIBOR Rate.

         "Variable LIBOR Rate Principal" shall mean any portion of the
          -----------------------------
outstanding principal balance of the Committed Amount bearing interest at an
applicable Variable LIBOR Rate at the time in question.

         "Voting Stock" shall mean, with respect to any Person, Capital Stock
          ------------
issued by such Person the holders of which are ordinarily, in the absence of
contingencies, entitled to vote for the election of directors (or persons
performing similar functions) of such Person, even though the right so to vote
has been suspended by the happening of such a contingency.

         Each definition of an instrument or agreement in this Article 1 shall
include such instrument or agreement as modified, amended or supplemented from
time to time with the prior written consent of Administrative Agent, and except
where the context otherwise requires, definitions imparting the singular shall
include the plural and vice versa. Except where otherwise specifically
restricted, reference to a party to a Credit Document includes that party and
its successors and assigns. All terms used herein which are defined in Title 11,
Chapter 9 of the official Code of Georgia Annotated on the date hereof and which
are not otherwise defined herein shall have the same meanings herein as set
forth therein. All definitions set forth in this Article 1 are cumulative of
those set forth elsewhere in this Agreement.

                                    ARTICLE 2
                                      Loans

         Section 2.1 Commitment. Subject to the terms and conditions hereof and
                     ----------
in reliance upon the representations and warranties set forth herein, each
Lender severally agrees to make

PAGE 15

<PAGE>

available to Borrower such Lender's Commitment Percentage of revolving credit
loans requested by Borrower in Dollars ("Loans") from time to time from the
                                         -----
Closing Date until the Maturity Date, or such earlier date as the Commitments
shall have been terminated as provided herein for the purposes hereinafter set
forth; provided, however, that the sum of the aggregate principal amount of
       --------  -------
outstanding Loans shall not exceed EIGHTY FIVE MILLION AND NO/100 DOLLARS
($85,000,000.00) (as such aggregate maximum amount may be increased as provided
in Section 2.2, the "Committed Amount"); provided, further, (i) with regard to
                     ----------------    --------  -------
each Lender individually, such Lender's outstanding Loans shall not exceed such
Lender's Commitment Percentage of the Committed Amount, and (ii) with regard to
the Lenders collectively, the aggregate principal amount of outstanding Loans
shall not exceed the Committed Amount.

         Section 2.2 Increased Loan Amount. Borrower and Administrative Agent
                     ---------------------
acknowledge and agree that at any time prior to October 31, 2001 and provided no
Default or Event of Default has occurred hereunder, Borrower may request in
writing to Administrative Agent that Lenders increase the Committed Amount to
One Hundred Ten Million and No/100 Dollars ($110,000,000.00) (the "Increased
                                                                   ---------
Committed Amount"), and Administrative Agent shall provide a copy of such notice
----------------
to Lenders. Each Lender shall provide Administrative Agent and Borrower, not
more than fifteen (15) days following Borrower's written request, with written
notice regarding whether it agrees to increase its Commitment. Each decision by
a Lender shall be in its sole discretion and failure by a Lender to give timely
written notice hereunder shall be deemed a decision by such Lender not to
increase its Commitment. If each of the Lenders timely agrees in writing to
increase its Commitment, then the Committed Amount shall be increased to the
Increased Committed Amount by pro rata increases in each Lender's Commitment
based on each such Lender's Commitment Percentage. If one or more of the Lenders
does not agree to increase its Commitment, then each participating Lender's
Commitment shall be increased based upon such Lender's Commitment Percentage,
and Administrative Agent shall have the right to offer to the other Lenders or
to any other Person (excluding Borrower and Affiliates of Borrower) the
difference between the Increased Committed Amount and the amount committed by
participating Lenders. If Administrative Agent rejects the requested increase,
the participating Lenders shall have the right to increase the Commitment in the
manner specified above provided in no event shall any Lender's Commitment exceed
Administrative Agent's Commitment. Any increase pursuant to this Section 2.2
shall be effected by a duly executed written amendment to this Agreement upon
Borrower payment of a fee equal to 0.25% of the difference between the Committed
Amount and the Increased Committed Amount to Administrative Agent for the pro
rata benefit of the Lenders and any other participating Person.

         Section 2.3 Purpose of Loan. The proceeds of the Loan shall be used
                     ---------------
solely by the Borrower (a) to repay amounts owing under the Existing Bank of
America Loan, (b) to finance the acquisition of for-lease office properties
approved by the Lenders, (c) to finance the development of new office properties
approved by the Lenders (aggregate advances for such purpose not to exceed
twenty-five percent [25%] of the Committed Amount), (d) for the purpose set
forth in Section 2.4, and (e) for working capital and other general corporate
purposes; each as further limited in this Agreement.

PAGE 16

<PAGE>

         Section 2.4  Blocked Loan Funds.
                      ------------------

               (a)    Terms of "1031 Exchange" Program and Bridge Loans.
                      -------------------------------------------------
Borrower and Lenders acknowledge and agree that Wells Development Corporation,
an affiliate of Borrower, either in its own capacity or in a wholly owned
subsidiary] (in either case hereafter "Wells Exchange"), is seeking assets to
                                       --------------
acquire and place in a "1031 Exchange" program (each an "Exchange Asset"), with
                                                         --------------
the intent of selling co-tenancy interests therein. Administrative Agent may
elect to make short term unsecured bridge loans to Wells Exchange (each a
"Bridge Loan") for the purpose of acquiring Exchange Assets, each in an amount
 -----------
equal to fifty percent (50%) of the acquisition cost of an Exchange Asset plus
closing costs associated therewith approved by Administrative Agent in its sole
discretion. As a condition (among others) to Administrative Agent's agreement to
make each Bridge Loan, Borrower must agree to purchase, upon the maturity
(whether as stated in the promissory note evidencing the Bridge Loan or by
acceleration) of the Bridge Loan (which maturity date is referred to herein as
the "Trigger Date"), any co-tenancy interests that remain unsold as of the
     ------------
Trigger Date. In order to assure Administrative Agent that Borrower will
purchase any co-tenancy interests that remain unsold as of the Trigger Date,
Borrower has executed and delivered to a mutually acceptable escrow agent (the
"Escrow Agent") a Request for Advance, addressed to Administrative Agent, with
 ------------
the date and amount of the requested Loan left blank. Lenders acknowledge and
agree that such Request for Advance obligates Administrative Agent to disburse
funds in an amount up to the Blocked Amount (hereinafter defined), without
further approval of Lenders and even though all conditions to a Loan advance may
not otherwise have been satisfied. In accordance with the terms of a Take Out
Purchase and Escrow Agreement to be entered into among Borrower, Wells Exchange
and Escrow Agent, and satisfactory in all respects to Lenders (the "Escrow
                                                                    ------
Agreement"), Administrative Agent will give written notice to Escrow Agent and
---------
Borrower (a copy of which notice shall be sent to Wells Exchange) that the
Trigger Date for a Bridge Loan has occurred and that such Bridge Loan has not
been fully repaid (which notice shall set forth the amount of the outstanding
principal balance of such Bridge Loan), and Escrow Agent will give written
notice to Borrower within two (2) business days after said notice from
Administrative Agent as to the amount of the remaining unsold co-tenancy
interests and the aggregate purchase price with respect thereto. In the event
that Borrower fails or refuses, for any reason, to remit to Escrow Agent, within
five (5) business days after Escrow Agent's notice to Borrower, the amount of
the aggregate purchase price for the unsold co-tenancy interests, Escrow Agent
shall complete the Request for Advance promptly and in any event within seven
(7) business days after Escrow Agent's notice to Borrower, by inserting the date
of the Request for Advance and an amount equal to the aggregate purchase price
of said unsold co-tenancy interests and shall cause the completed Request for
Advance to be delivered to Administrative Agent at the address set forth herein,
by facsimile and by express overnight courier, in accordance with the terms of
the Escrow Agreement. Upon Administrative Agent's receipt of the completed
Request for Advance, Lenders shall make Loans pro rata in accordance with their
respective Commitment Percentages (without consideration as to whether all
conditions to such Loans have been satisfied) in the requested amount by (i)
disbursing to Administrative Agent an amount calculated in accordance with the
Escrow Agreement to repay the outstanding principal balance of the Bridge Loan,
and (ii) disbursing to Escrow Agent the balance, if any, of the requested Loan.
Lenders shall have the right to purchase Participation Interests in each Bridge
Loan in accordance with their respective

PAGE 17

<PAGE>

ratable shares as provided for in this Agreement. Each Lender so participating
shall execute a Participation Agreement in the form attached hereto as Exhibit
                                                                       -------
2.4.
---

              (b) Agreements Regarding Blocked Funds. Lenders further
                  ----------------------------------
acknowledge and agree that to ensure sufficient funds are available from the
Committed Amount for the Loans described above, an amount equal to the aggregate
outstanding principal balances of the Bridge Loans, but not exceeding
Thirty-Five Million and No/100 Dollars ($35,000,000.00) (the "Blocked Amount")
                                                              --------------
of the Committed Amount, at all times prior to the repayment of the Bridge Loans
in full shall be "blocked" and unavailable for use by Borrower for any purpose
other than the use described above. The Blocked Amount shall be automatically
reduced from time to time, pro tanto, by the amounts of each payment received by
                           --- -----
Administrative Agent from the Escrow Agent and applied by Administrative Agent
in reduction of the outstanding principal balance of each Bridge Loan.
Notwithstanding the foregoing, in no event shall any portion of the Committed
Amount be "blocked" for a Bridge Loan the Trigger Date for which may extend
beyond the Maturity Date. The amount so blocked under this Section 2.4 will be
treated as available and undrawn for calculation of the Unused Fee.

              (c) Repayment of Bridge Loan on Trigger Date. In the event that
                  ----------------------------------------
Administrative Agent gives written notice to Escrow Agent and Borrower (a copy
of which notice shall be sent to Wells Exchange) in accordance with the Escrow
Agreement that the Trigger Date for a Bridge Loan has occurred and that such
Bridge Loan has not been fully repaid (which notice shall set forth the amount
of the outstanding principal balance of such Bridge Loan) and such Bridge Loan
has not been fully repaid within nine (9) business days after Administrative
Agent's notice to Escrow Agent, Borrower hereby authorizes and directs
Administrative Agent and Lenders to make Loans pro rata in accordance with their
respective Commitment Percentages from the Committed Amount (without
consideration as to whether all conditions to such Loans have been satisfied) in
an amount equal to the lesser of (i) the aggregate purchase price for the unsold
co-tenancy interests, calculated in the manner set forth in the Exchange
Agreement or (ii) the outstanding principal balance of such Bridge Loan, to be
applied by Administrative Agent in repayment of the outstanding principal
balance of such Bridge Loan. Promptly after taking the actions specified in the
preceding sentence of this Section 2.4(c), Administrative Agent will complete
the original co-tenancy deed in favor of Borrower delivered by Borrower to
Administrative Agent by inserting the date of the co-tenancy deed (which date
shall be the same as the date of the Loans), and the applicable percentage of
co-tenancy interests to be conveyed to Borrower (calculated in the manner set
forth in the Exchange Agreement) and deliver such deed to Borrower.

              (d) Repayment of Bridge Loans upon Event of Default. Upon the
                  -----------------------------------------------
occurrence of an Event of Default under this Agreement, Lenders will make Loans
pro rata in accordance with their respective Commitment Percentages from the
Committed Amount (without consideration as to whether all conditions to such
Loans have been satisfied) in an amount equal to the lesser of (i) the aggregate
purchase price for the unsold co-tenancy interests for all Exchange Assets, each
calculated in the manner set forth in the applicable Exchange Agreement or (ii)
the aggregate outstanding principal balance of the Bridge Loans, to be applied
by Lenders

PAGE 18

<PAGE>

in repayment of the aggregate outstanding principal balance of the Bridge Loans,
and complete and deliver deeds in the manner described in Subsection 2.4(c)
above.

         Section 2.5  Fees.
                      ----

                  (a) Commitment Fee. In consideration for each Lenders'
                      --------------
commitment to make Loans as provided in this Agreement and to make funds
available for such Loans, each Lender has earned, and Borrower agrees to pay to
each Lender a non-refundable fee in an amount equal to twenty-five one
hundredths of one percent of such Lender's Commitment, which shall be due and
payable on the date hereof, fully earned when due and non-refundable when paid.

                  (b) Unused Fee. In consideration of the Committed Amount being
                      ----------
made available by the Lenders hereunder, Borrower agrees to pay to
Administrative Agent for the pro rata benefit of Lenders (based on each Lender's
Commitment Percentage of the Committed Amount) a fee (the "Unused Fee") on the
                                                           ----------
last business day of each calendar quarter of Borrower following the Closing
Date (and on the Maturity Date) for the immediately preceding quarter (or
portion thereof), beginning with the first of such dates to occur after the
Closing Date. The Unused Fee shall be equal to (i) the Committed Amount as of
the first day of such calendar quarter multiplied by (ii) the applicable
                                       ----------
percentage set forth below as of the last day of the calendar quarter for which
such fee is being calculated:

                  If the Unused Amount is:          Applicable Percentage:
                  ------------------------          ----------------------

                  Greater than or equal to 50%      0.20% (twenty basis points)
                  Less than 50%                     0.15% (fifteen basis points)

The term Unused Amount means the difference, if any, between the Committed
Amount and the outstanding principal balance of the Loans as of any given day.
The Unused Fee shall commence to accrue on the Closing Date and shall be due and
payable in arrears. Notwithstanding the foregoing, all accrued Unused Fees shall
be due and payable on the effective date of any termination of the obligations
of Lenders to make Loans hereunder. Borrower and Lenders acknowledge and agree
that the Unused Fee is a bona fide commitment fee and is intended as reasonable
compensation to Lenders for committing to make funds available to Borrower as
described herein and for no other purpose.

         Section 2.6 Borrowings. Loans may consist of Base Rate Loans, Fixed
                     ----------
LIBOR Rate Loans, or Variable LIBOR Rate Loans or a combination thereof, as
Borrower may request, and may be repaid and reborrowed in accordance with the
provisions hereof; provided, however, that no more than four (4) Fixed LIBOR
                   --------  -------
Rate Loans shall be outstanding hereunder at any time. For purposes hereof,
Fixed LIBOR Rate Loans with different Interest Periods shall be considered as
separate Fixed LIBOR Rate Loans, even if they begin on the same date, although
borrowings, extensions and conversions may, in accordance with the provisions
hereof, be combined at the end of existing Interest Periods to constitute a new
Fixed LIBOR Rate Loan with a single Interest Period. Loans hereunder may be
repaid and reborrowed in accordance with the provisions hereof.

PAGE 19

<PAGE>

              (a) Request for Advance. Borrower shall request a Loan borrowing
                  -------------------
by delivery of a Request for Advance, together with the officer's certificate
required by Section 7.3, to Administrative Agent not later than 8:30 A.M.
(Atlanta, Georgia time) on the second (2nd) Business Day prior to the date of
the requested borrowing in the case of Base Rate Loans or Variable LIBOR Rate
Loans, and on the third (3rd) Business Day prior to the date of the requested
borrowing in the case of Fixed LIBOR Rate Loans. Each such request for borrowing
shall be irrevocable and shall specify (i) that a Loan is requested, (ii) the
date of the requested borrowing (which shall be a Business Day), (iii) the
aggregate principal amount to be borrowed, (iv) whether the borrowing shall be
comprised of Base Rate Loans, Fixed LIBOR Rate Loans, Variable LIBOR Rate Loans,
or a combination thereof, and if Fixed LIBOR Rate Loans are requested, the
Interest Period(s) therefor, and (v) the purpose for which the requested Loans
will be used by the Borrower. If Borrower shall fail to specify in any such
Request for Advance the type of Loan requested, then such notice shall be deemed
to be a request for a Base Rate Loan hereunder. Administrative Agent shall give
notice to each Lender promptly upon receipt of each Agreement pursuant to this
Section 2.6, the contents thereof and each such Lender's share of any borrowing
to be made pursuant thereto.

              (b) Minimum Amounts. Each Loan shall be in a minimum aggregate
                  ---------------
principal amount of $1,000,000 (or the remaining amount of the Committed Amount,
if less).

              (c) Loans. Each Lender will make its Commitment Percentage of each
                  -----
Loan borrowing available to Administrative Agent for the account of Borrower as
specified in Section 2.22, or in such other manner as the Administrative Agent
may specify in writing, by 1:00 P.M. (Atlanta, Georgia time) on the date
specified in the applicable Agreement in Dollars and in funds immediately
available to the Administrative Agent. Such borrowing will then be made
available to Borrower by Administrative Agent by crediting the account of
Borrower on the books of such office with the aggregate of the amounts made
available to Administrative Agent by the Lenders and in like funds as received
by Administrative Agent.

         Section 2.7 Repayment. The principal amount of all Loans shall be due
                     ---------
and payable in full on the Maturity Date, unless accelerated sooner pursuant to
Section 9.2.

         Section 2.8 Interest.
                     --------

              (a) Base Rate Loans. Base Rate Loans shall bear interest at a per
                  ---------------
annum rate equal to the Prime Rate;

              (b) Fixed LIBOR Rate Loans. During such periods as Loans shall be
                  ----------------------
comprised in whole or in part of Fixed LIBOR Rate Loans, such Fixed LIBOR Rate
Loans shall bear interest at a per annum rate equal to the Adjusted LIBOR Rate
plus the LIBOR Margin; and

              (c) Variable LIBOR Rate Loans. During such periods as Loans shall
                  -------------------------
be comprised in whole or in part of Variable LIBOR Rate Loans, such Variable
LIBOR Rate Loans shall bear interest at a per annum rate equal to the Daily
LIBOR Rate plus the LIBOR Margin.

PAGE 20

<PAGE>

Interest on Loans shall be payable in arrears on each applicable Interest
Payment Date (or at such other times as may be specified herein). All interest
shall be computed on the basis of a year of 360 days and paid for the actual
number of days elapsed (including the first day but excluding the last day).
Administrative Agent shall determine each interest rate applicable to the
Committed Amount in accordance with this Agreement, and Administrative Agent's
determination thereof shall be conclusive in the absence of manifest error.

         Section 2.9 Notes. The Loans made by each Lender shall be evidenced by
                     -----
a duly executed revolving credit note of Borrower to such Lender in
substantially the form of Exhibit 2.9.
                          -----------

         Section 2.10 Default Rate; Late Charge. Upon the occurrence, and during
                      -------------------------
the continuance, of an Event of Default, the principal of and, to the extent
permitted by law, interest on the Loans and any other amounts owing hereunder or
under the other Credit Documents shall bear interest, payable on demand, at a
per annum rate equal to the lesser of (i) 4% greater than the rate which would
otherwise be applicable (or if no rate is applicable, whether in respect of
interest, fees or other amounts, then the Base Rate plus 4%), or (ii) the
                                                    ----
maximum rate permitted by Applicable Law. If any principal or interest is not
paid when due, Borrower shall pay, on demand, a late charge of four cents ($.04)
for each dollar of each installment which becomes past due for a period
exceeding ten (10) days to help defray the added expense incurred in handling
said delinquent installment, provided that in no event shall interest be due or
payable in excess of the maximum rate permitted by Applicable Law.

         Section 2.11 Election, Conversion and Continuation.
                      -------------------------------------

                (a)   Subject to the conditions and limitations herein, Borrower
may, by written notice to Lender in the form specified by Administrative Agent
(a "Rate Election Notice"):
    --------------------

                      (i)   Elect, for a new Loan, that such Principal Debt will
be Base Rate Principal, Fixed LIBOR Rate Principal, Variable LIBOR Rate
Principal or a combination thereof;

                      (ii)  Elect to convert, on a Business Day, all or part of
Base Rate Principal into Fixed LIBOR Rate Principal or Variable LIBOR Rate
Principal;

                      (iii) Elect to convert, on a Business Day, all or part of
Variable LIBOR Rate Principal into Base Rate Principal or Fixed LIBOR Rate
Principal;

                      (iv)  Elect to convert, on the last day of the Interest
Period applicable thereof, all or part of any Fixed LIBOR Rate Principal into
Base Rate Principal or Variable LIBOR Rate Principal; or

                      (v)   Elect to continue, commencing on the last day of the
Interest Period applicable thereto, any Fixed LIBOR Rate Principal.

PAGE 21

<PAGE>

If, for any reason, an effective election is not made in accordance with the
terms and conditions hereof for any principal advance or for any Fixed LIBOR
Rate Principal for which the corresponding Interest Period is expiring, or to
convert Base Rate Principal or Variable LIBOR Rate Principal to Fixed LIBOR Rate
Principal, then the sums in question will be Base Rate Principal until an
effective election is thereafter made for such sums.

          (b)  Each Rate Election Notice must be received by Lender not later
than 10:00 a.m. on the applicable date as follows:

               (i)  With respect to an advance of or conversion to Base Rate
Principal or Variable LIBOR Rate Principal, two (2) Business Days prior to the
proposed date of advance or conversion; and

               (ii) With respect to an advance of, conversion to or continuation
of Fixed LIBOR Rate Principal, three (3) Business Days prior to the proposed
date of advance, conversion or continuation.

          (c)  Loans continued as, or converted into, Fixed LIBOR Rate Loans
shall be subject to the terms of the definition of "Interest Period" set forth
                                                    ---------------
in Section 1.1 and the limitations with respect thereto provided in Section
2.1(b)(ii). Each such continuation or conversion shall be effected by Borrower
by delivery of a Rate Election Notice, together with the officer's certificate
required by Section 3.1(f), to the office of Administrative Agent specified in
specified in Schedule 2.1, or at such other office as Administrative Agent may
             ------------
designate in writing, specifying the date of the proposed continuation or
conversion, the Loans to be so continued or converted, and the types of Loans
into which such Loans are to be converted. Each request for continuation or
conversion shall be irrevocable and shall constitute a representation and
warranty by Borrower of the matters specified in subsections (b), (c), (d), (e)
and (g) of Section 3.1. Administrative Agent shall give each Lender notice as
promptly as practicable of any such proposed extension or conversion affecting
any Loan.

     Section 2.12 Prepayments.
                  -----------

          (a)  Voluntary Prepayments. Borrower shall have the right to prepay
               ---------------------
Loans in whole or in part from time to time; provided, however, that each
                                             --------  -------
partial prepayment of Loans shall be in a minimum principal amount of
$1,000,000. Subject to the foregoing terms, amounts prepaid under this Section
2.12(a) shall be applied as Borrower may elect; provided that if Borrower fails
                                                --------
to specify a voluntary prepayment then such prepayment shall be applied first to
Base Rate Loans, then to Variable LIBOR Rate Loans and then to Fixed LIBOR Rate
Loans in direct order of Interest Period maturities starting with the earliest
maturity date. All prepayments under this Section 2.12(a) shall be subject to
Section 2.19, but otherwise without premium or penalty.

          (b) Mandatory Prepayments. All amounts required to be repaid pursuant
              ---------------------
to Section 2.24, Section 6.1 or any other term or condition of this Agreement
shall be applied in the manner set forth in Section 2.12(a).

PAGE 22

<PAGE>

     Section 2.13 Capital Adequacy. If any Lender has determined, after the date
                  ----------------
hereof, that the adoption or the becoming effective of, or any change in, or any
change by any Governmental Authority, central bank or comparable agency charged
with the interpretation or administration thereof in the interpretation or
administration of, any applicable law, rule or regulation regarding capital
adequacy, or compliance by such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) of any such authority,
central bank or comparable agency, has or would have the effect of reducing the
rate of return on such Lender's capital or assets as a consequence of its
commitments or obligations hereunder to a level below that which such Lender
could have achieved but for such adoption, effectiveness, change or compliance
(taking into consideration such Lender's policies with respect to capital
adequacy), then, upon notice from such Lender to Borrower and delivery by such
Lender of a statement setting forth the reduction in the rate of return
experienced by such Lender and the amount necessary to compensate the Lender
under this Section 2.13, Borrower shall be obligated to pay to such Lender such
additional amount or amounts as will compensate such Lender for such reduction.
Each determination by any such Lender of amounts owing under this Section shall,
absent manifest error, be conclusive and binding on the parties hereto.

     Section 2.14 Limitation on LIBOR Rate Loans. If, at any time, for any
                  ------------------------------
Variable LIBOR Rate Loans, or on or prior to the first day of any Interest
Period, for any Fixed LIBOR Rate Loan:

               (a) Administrative Agent determines (which determination shall be
conclusive) that by reason of circumstances affecting the relevant market,
adequate and reasonable means do not exist for ascertaining the LIBOR Rate; or

               (b) the Required Lenders determine (which determination shall be
conclusive) and notify Administrative Agent that the LIBOR Rate will not
adequately and fairly reflect the cost to the Lenders of funding LIBOR Rate
Loans;

then Administrative Agent shall give Borrower prompt notice thereof, and so long
as such condition remains in effect, Lenders shall be under no obligation to
make additional LIBOR Rate Loans, continue LIBOR Rate Loans, or to convert Base
Rate Loans into LIBOR Rate Loans, and the affected Loans shall be converted into
Base Rate Loans in accordance with the terms of this Agreement.

     Section 2.15 Illegality. Notwithstanding any other provision of this
                  ----------
Agreement, in the event that it becomes unlawful for any Lender to make,
maintain, or fund LIBOR Rate Loans hereunder, then such Lender shall promptly
notify Borrower thereof and such Lender's obligation to make or continue LIBOR
Rate Loans and to convert Base Rate Loans into LIBOR Rate Loans shall be
suspended until such time as such Lender may again make, maintain, and fund
LIBOR Rate Loans (in which case the provisions of Section 2.17 shall be
applicable).

     Section 2.16 Requirements of Law.
                  -------------------

PAGE 23

<PAGE>

          (a)  If, after the date hereof, the adoption of any applicable law,
rule, or regulation, or any change in any applicable law, rule, or regulation,
or any change in the interpretation or administration thereof by any
Governmental Authority, central bank, or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender with any
request or directive (whether or not having the force of law) of any such
Governmental Authority, central bank, or comparable agency:

               (i)   shall subject such Lender to any tax, duty, or other charge
with respect to any LIBOR Rate Loans, its Notes, or its obligation to make LIBOR
Rate Loans, or change the basis of taxation of any amounts payable to such
Lender under this Agreement or its Notes in respect of any LIBOR Rate Loans
(other than taxes imposed on the overall net income of such Lender by the
jurisdiction in which such Lender has its principal office);

               (ii)  shall impose, modify, or deem applicable any reserve,
special deposit, assessment, or similar requirement (other than the LIBOR
reserve requirement utilized in the determination of the Adjusted LIBOR Rate)
relating to any extensions of credit or other assets of, or any deposits with or
other liabilities or commitments of, such Lender, including the Commitment of
such Lender hereunder; or

               (iii) shall impose on such Lender or on the United States market
for certificates of deposit or the London interbank market any other condition
affecting this Agreement or its Notes or any of such extensions of credit or
liabilities or commitments;

and the result of any of the foregoing is to increase the cost to such Lender of
making, converting into, continuing, or maintaining any LIBOR Rate Loans or to
reduce any sum received or receivable by such Lender under this Agreement or its
Notes with respect to any LIBOR Rate Loans, then Borrower shall pay to such
Lender on demand such amount or amounts as will compensate such Lender for such
increased cost or reduction. If any Lender requests compensation by Borrower
under this Section 2.16(a), Borrower may, by notice to such Lender (with a copy
to Administrative Agent), suspend the obligation of such Lender to make or
continue LIBOR Rate Loans, or to convert Base Rate Loans into LIBOR Rate Loans,
until the event or condition giving rise to such request ceases to be in effect
(in which case the provisions of Section 2.17 shall be applicable); provided
                                                                    --------
that such suspension shall not affect the right of such Lender to receive the
compensation so requested with respect to any LIBOR Rate Loan as to its then
current Interest Period.

          (b)  Each Lender shall promptly notify Borrower and Administrative
Agent of any event of which it has knowledge, occurring after the date hereof,
which will entitle such Lender to compensation pursuant to this Section 2.16.
Any Lender claiming compensation under this Section 2.16 shall furnish to
Borrower and Administrative Agent a statement setting forth the additional
amount or amounts to be paid to it hereunder which shall, absent manifest error,
be conclusive and binding on the parties hereto. In determining such amount,
such Lender may use any reasonable averaging and attribution methods.

     Section 2.17 Treatment of Affected Loans. If the obligation of any Lender
                  ---------------------------
to make any LIBOR Loan or to continue, or to convert Base Rate Loans into, LIBOR
Loans shall be suspended

PAGE 24

<PAGE>

pursuant to Section 2.15 or 2.16 hereof, such Lender's LIBOR Rate Loans shall be
automatically converted into Base Rate Loans, on the last day(s) of the then
current Interest Period(s) for Fixed LIBOR Rate Loans (or, in the case of a
conversion required by Section 2.15 hereof, on such earlier date as such Lender
may specify to Borrower with a copy to Administrative Agent), and on the next
Business Day for Variable LIBOR Rate Loans and, unless and until such Lender
gives notice as provided below that the circumstances specified in Section 2.15
or 2.16 hereof that gave rise to such conversion no longer exist:

          (a) to the extent that such Lender's LIBOR Rate Loans have been so
converted, all payments and prepayments of principal that would otherwise be
applied to such Lender's LIBOR Rate Loans shall be applied instead to its Base
Rate Loans; and

          (b) all Loans that would otherwise be made or continued by such Lender
as LIBOR Rate Loans shall be made or continued instead as Base Rate Loans, and
all Base Rate Loans of such Lender that would otherwise be converted into LIBOR
Rate Loans shall remain as Base Rate Loans.

Such Lender shall give notice to Borrower (with a copy to Administrative Agent)
at such time as the circumstances specified in Section 2.15 or 2.16 hereof that
gave rise to the conversion of such Lender's LIBOR Rate Loans pursuant to this
Section 2.17 no longer exist (which such Lender agrees to do promptly upon such
circumstances ceasing to exist).

     Section 2.18 Taxes on Notes and Credit Documents.
                  -----------------------------------

          (a) Any and all payments by Borrower to or for the account of any
Lender or the Administrative Agent hereunder or under any other Credit Document
shall be made free and clear of and without deduction for any and all present or
future taxes, duties, levies, imposts, deductions, charges or withholdings, and
all liabilities with respect thereto, excluding, in the case of each Lender and
                                      ---------
Administrative Agent, taxes imposed on its income, and franchise taxes imposed
on it, by the jurisdiction under the laws of which such Lender or the
Administrative Agent (as the case may be) is organized or any political
subdivision thereof (all such non-excluded taxes, duties, levies, imposts,
deductions, charges, withholdings, and liabilities being hereinafter referred to
as "Taxes"). If Borrower shall be required by law to deduct any Taxes from or in
    -----
respect of any sum payable under this Agreement or any other Credit Document to
any Lender or Administrative Agent, (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 2.18) such Lender or
Administrative Agent receives an amount equal to the sum it would have received
had no such deductions been made, (ii) Borrower shall make such deductions,
(iii) Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable law, and (iv)
Borrower shall furnish to Administrative Agent, at its address referred to in
Section 11.1, the original or a certified copy of a receipt evidencing payment
thereof.

          (b) In addition, Borrower agrees to pay any and all present or future
stamp or documentary taxes and any other excise or property taxes or charges or
similar levies which arise from any payment made under this Agreement or any
other Credit Document or from the execution

PAGE 25

<PAGE>

or delivery of, or otherwise with respect to, this Agreement or any other Credit
Document (hereinafter referred to as "Other Taxes").
                                      -----------

          (c) Borrower agrees to indemnify each Lender and Administrative Agent
for the full amount of Taxes and Other Taxes (including, without limitation, any
Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable
under this Section 2.18) paid by such Lender or Administrative Agent (as the
case may be) and any liability (including penalties, interest, and expenses)
arising therefrom or with respect thereto.

          (d) Each Lender organized under the laws of a jurisdiction outside the
United States, on or prior to the date of its execution and delivery of this
Agreement in the case of each Lender listed on the signature pages hereof and on
or prior to the date on which it becomes a Lender in the case of each other
Lender, and from time to time thereafter if requested in writing by Borrower or
Administrative Agent (but only so long as such Lender remains lawfully able to
do so), shall provide Borrower and Administrative Agent with (i) Internal
Revenue Service Form W-8ECI or W-8BEN, as appropriate, or any successor form
prescribed by the Internal Revenue Service, certifying that such Lender is
entitled to benefits under an income tax treaty to which the United States is a
party which reduces the rate of withholding tax on payments of interest or
certifying that the income receivable pursuant to this Agreement is effectively
connected with the conduct of a trade or business in the United States, (ii)
Internal Revenue Service Form W-8 or W-9, as appropriate, or any successor form
prescribed by the Internal Revenue Service, and (iii) any other form or
certificate required by any taxing authority (including any certificate required
by Sections 871(h) and 881(c) of the Internal Revenue Code), certifying that
such Lender is entitled to an exemption from or a reduced rate of tax on
payments pursuant to this Agreement or any of the other Credit Documents.

          (e) For any period with respect to which a Lender has failed to
provide Borrower and Administrative Agent with the appropriate form pursuant to
Section 2.18(d) (unless such failure is due to a change in treaty, law, or
regulation occurring subsequent to the date on which a form originally was
required to be provided), such Lender shall not be entitled to indemnification
under Section 2.18(a) or 2.18(b) with respect to Taxes imposed by the United
States; provided, however, that should a Lender, which is otherwise exempt from
        --------  -------
or subject to a reduced rate of withholding tax, become subject to Taxes because
of its failure to deliver a form required hereunder, Borrower shall take such
steps as such Lender shall reasonably request to assist such Lender to recover
such Taxes.

          (f) Within thirty (30) days after the date of any payment of Taxes,
Borrower shall furnish to the Administrative Agent the original or a certified
copy of a receipt evidencing such payment.

          (g) Without prejudice to the survival of any other agreement of
Borrower hereunder, the agreements and obligations of Borrower contained in this
Section 2.18 shall survive the repayment of the Loans and other obligations
under the Credit Documents and the termination of the Commitments hereunder.

PAGE 26

<PAGE>

     Section 2.19 Compensation. Upon the request of Administrative Agent,
                  ------------
Borrower shall pay to Administrative Agent, for the pro rata benefit of Lenders,
such amount or amounts as shall be sufficient (in the reasonable opinion of
Administrative Agent) to compensate Lenders for any loss, cost, or expense
(including loss of anticipated profits) incurred by Lenders as a result of:

             (a)  any payment, prepayment, or conversion of a Fixed LIBOR Rate
Loan for any reason (including, without limitation, the acceleration of the
Loans pursuant to Section 9.2) on a date other than the last day of the Interest
Period for such Loan; or

             (b)  any failure by Borrower for any reason (including, without
limitation, the failure of any condition precedent specified in Article 3 to be
satisfied) to borrow, convert, continue, or prepay a LIBOR Rate Loan on the date
for such borrowing, conversion, continuation, or prepayment specified in the
relevant notice of borrowing, prepayment, continuation, or conversion under this
Agreement.

With respect to LIBOR Rate Loans, such indemnification may include an amount
equal to the excess, if any, of (a) the amount of interest which would have
accrued on the amount so prepaid, or not so borrowed, converted or continued,
for the period from the date of such prepayment or of such failure to borrow,
convert or continue to the last day of the applicable Interest Period (or, in
the case of a failure to borrow, convert or continue, the Interest Period that
would have commenced on the date of such failure) in each case at the applicable
rate of interest for such LIBOR Rate Loans provided for herein over (b) the
amount of interest (as reasonably determined by Administrative Agent) which
would have accrued to Administrative Agent on such amount by placing such amount
on deposit for a comparable period with leading banks in the interbank LIBOR
market. The covenants of Borrower set forth in this Section 2.19 shall survive
the repayment of the Loans and other obligations under the Credit Documents and
the termination of the Commitments hereunder.

     Section 2.20 Pro Rata Treatment. Except to the extent otherwise provided
                  ------------------
herein:

             (a)  Loans. Each Loan, each payment or (subject to the terms of
                  -----
Section 2.12) prepayment of principal of any Loan, each payment of interest on
the Loans, each payment of Fees and each conversion or extension of any Loan,
shall be allocated pro rata among the Lenders in accordance with the respective
principal amounts of their outstanding Loans and Participation Interests.

             (b)  Advances. No Lender shall be responsible for the failure or
                  --------
delay by any other Lender in its obligation to make its ratable share of a
borrowing hereunder; provided, however, that the failure of any Lender to
                     --------  -------
fulfill its obligations hereunder shall not relieve any other
Lender of its obligations hereunder. Unless Administrative Agent shall have been
notified by any Lender prior to the date of any requested borrowing that such
Lender does not intend to make available to Administrative Agent its ratable
share of such borrowing to be made on such date, Administrative Agent may assume
that such Lender has made such amount available to Administrative Agent on the
date of such borrowing, and Administrative Agent in reliance upon such
assumption, may (in its sole discretion but without any obligation to do so)
make available to

PAGE 27

<PAGE>

Borrower a corresponding amount. If such corresponding amount is not in fact
made available to Administrative Agent, Administrative Agent shall be able to
recover such corresponding amount from such Lender. If such Lender does not pay
such corresponding amount forthwith upon Administrative Agent's demand therefor,
Administrative Agent will promptly notify Borrower, and Borrower shall
immediately pay such corresponding amount to Administrative Agent.
Administrative Agent shall also be entitled to recover from Lender or Borrower,
as the case may be, interest on such corresponding amount in respect of each day
from the date such corresponding amount was made available by Administrative
Agent to Borrower to the date such corresponding amount is recovered by
Administrative Agent at a per annum rate equal to (i) from Borrower at the
applicable rate for the applicable borrowing pursuant to the Request for Advance
and (ii) from a Lender at the Federal Funds Rate.

     Section 2.21 Sharing of Payments. Lenders agree among themselves that, in
                  -------------------
the event that any Lender shall obtain payment in respect of any Loan or any
other obligation owing to such Lender under this Agreement through the exercise
of a right of setoff, banker's lien or counterclaim, or pursuant to a secured
claim under Section 506 of Title 11 of the United States Code or other security
or interest arising from, or in lieu of, such secured claim, received by such
Lender under any applicable bankruptcy, insolvency or other similar law or
otherwise, or by any other means, in excess of its pro rata share of such
payment as provided for in this Agreement, such Lender shall promptly purchase
from the other Lenders a Participation Interest in such Loans and other
obligations in such amounts, and make such other adjustments from time to time,
as shall be equitable to the end that all Lenders share such payment in
accordance with their respective ratable shares as provided for in this
Agreement. Lenders further agree among themselves that if payment to a Lender
obtained by such Lender through the exercise of a right of setoff, banker's
lien, counterclaim or other event as aforesaid shall be rescinded or must
otherwise be restored, each Lender which shall have shared the benefit of such
payment shall, by repurchase of a Participation Interest theretofore sold,
return its share of that benefit (together with its share of any accrued
interest payable with respect thereto) to each Lender whose payment shall have
been rescinded or otherwise restored. Borrower agrees that any Lender so
purchasing such a Participation Interest may, to the fullest extent permitted by
law, exercise all rights of payment, including setoff, banker's lien or
counterclaim, with respect to such Participation Interest as fully as if such
Lender were a holder of such Loan or other obligation in the amount of such
Participation Interest. Except as otherwise expressly provided in this
Agreement, if any Lender or Administrative Agent shall fail to remit to
Administrative Agent or any other Lender an amount payable by such Lender or
Administrative Agent to Administrative Agent or such other Lender pursuant to
this Agreement on the date when such amount is due, such payments shall be made
together with interest thereon for each date from the date such amount is due
until the date such amount is paid to Administrative Agent or such other Lender
at a rate per annum equal to the Federal Funds Rate. If under any applicable
bankruptcy, insolvency or other similar law, any Lender receives a secured claim
in lieu of a setoff to which this Section 2.21 applies, such Lender shall, to
the extent practicable, exercise its rights in respect of such secured claim in
a manner consistent with the rights of the Lenders under this Section 2.21 to
share in the benefits of any recovery on such secured claim.

     Section 2.22 Payments, Computations, Etc.
                  ----------------------------

PAGE 28

<PAGE>

          (a)  Except as otherwise specifically provided herein, all payments
hereunder shall be made to Administrative Agent in U.S. Dollars in immediately
available funds, without setoff, deduction, counterclaim or withholding of any
kind, at Administrative Agent's office specified in Schedule 2.1 not later than
                                                    ------------
12:00 Noon (Atlanta, Georgia time) on the date when due. Payments received after
such time shall be deemed to have been received on the next succeeding Business
Day. Administrative Agent may (but shall not be obligated to) debit the amount
of any such payment which is not made by such time to any ordinary deposit
account of Borrower maintained with Administrative Agent (with notice to
Borrower). Borrower shall, at the time it makes any payment under this
Agreement, specify to Administrative Agent the Loans, Fees, interest or other
amounts payable by Borrower hereunder to which such payment is to be applied
(and in the event that it fails so to specify, or if such application would be
inconsistent with the terms hereof, Administrative Agent shall distribute such
payment to the Lenders in such manner as Administrative Agent may determine to
be appropriate in respect of obligations owing by Borrower hereunder, subject to
the terms of Section 2.20[a]). Administrative Agent will distribute such
payments to such Lenders, if any such payment is received prior to 12:00 Noon
(Atlanta, Georgia time) on a Business Day in like funds as received prior to the
end of such Business Day and otherwise Administrative Agent will distribute such
payment to such Lenders on the next succeeding Business Day. Whenever any
payment hereunder shall be stated to be due on a day which is not a Business
Day, the due date thereof shall be extended to the next succeeding Business Day
(subject to accrual of interest and for the period of such extension), except
that in the case of LIBOR Rate Loans, if the extension would cause the payment
to be made in the next following calendar month, then such payment shall instead
be made on the next preceding Business Day. Except as expressly provided
otherwise herein, all computations of interest and fees shall be made on the
basis of actual number of days elapsed over a year of 360 days. Interest shall
accrue from and include the date of borrowing, but exclude the date of payment.
If Administrative Agent fails to distribute such payment to such Lenders on the
day required by the foregoing sentence, Administrative Agent shall pay to such
Lenders interest on the undistributed amount from and including the day such
amount was required to be distributed to but excluding the date such amount is
distributed at a per annum rate equal to the Federal Funds Rate.

          (b)  Allocation of Payments After Event of Default. Notwithstanding
               ---------------------------------------------
any other provisions of this Agreement to the contrary, after the occurrence and
during the continuance of an Event of Default, all amounts collected or received
by Administrative Agent or any Lender on account of the Obligations or any other
amounts outstanding under any of the Credit Documents shall be paid over or
delivered as follows:

               FIRST, to the payment of all reasonable out-of-pocket costs and
expenses (including without limitation reasonable attorneys' fees actually
incurred) of Administrative Agent in connection with enforcing the rights of the
Lenders under the Credit Documents;

               SECOND, to payment of any fees owed to Administrative Agent;

               THIRD, to the payment of all reasonable out-of-pocket costs and
expenses (including without limitation, reasonable attorneys' fees actually
incurred) of each of the Lenders in

PAGE 29

<PAGE>

connection with enforcing its rights under the Credit Documents or otherwise
with respect to the Obligations owing to such Lender;

               FOURTH, to the payment of all of the Obligations consisting of
accrued fees and interest;

               FIFTH, to the payment of the outstanding principal amount of the
Obligations;

               SIXTH, to all other Obligations and other obligations which shall
have become due and payable under the Credit Documents or otherwise and not
repaid pursuant to clauses "FIRST" through "FIFTH" above; and

               SEVENTH, to the payment of the surplus, if any, to whoever may be
lawfully entitled to receive such surplus.

In carrying out the foregoing, (i) amounts received shall be applied in the
numerical order provided until exhausted prior to application to the next
succeeding category; and (ii) each of the Lenders shall receive an amount equal
to its pro rata share (based on the proportion that the then outstanding Loans
held by such Lender bears to the aggregate then outstanding Loans) of amounts
available to be applied pursuant to clauses "THIRD", "FOURTH", "FIFTH" and
"SIXTH" above.

     Section 2.23  Evidence of Debt. Each Lender shall maintain an account or
                   ----------------
accounts evidencing each Loan made by such Lender to Borrower from time to time,
including the amounts of principal and interest payable and paid to such Lender
from time to time under this Agreement. Each Lender will make reasonable efforts
to maintain the accuracy of its account or accounts and to promptly update its
account or accounts from time to time, as necessary.

     Section 2.24  Collateral Pool.
                   ---------------

          (a)  The Collateral shall consist primarily of cross-collateralized
and cross-defaulted first priority Mortgages. Each Property in the Collateral
Pool must be domestic, that is, located in the lower forty-eight (48)
continental United States of America, must be encumbered with only such title
exceptions as have been approved by Administrative Agent, must be wholly owned
directly by Borrower, must be open for business and fully operational, must be
fully leased to a single tenant under a lease for a term of not less than three
(3) years from the Maturity Date and otherwise satisfactory to Lenders in all
respects, the tenant under each such lease (or, subject to Lenders' sole
discretion, a guarantor thereof, must have with a minimum net worth (as defined
under GAAP) of $100,000,000), and such Property must otherwise be satisfactory
in all respects to Lenders.

          (b)  In the event at any time the Required Lenders (which must include
Administrative Agent) determine, in their sole discretion, that a Property (each
an "Excluded Property") should be removed from the Collateral Pool, whether (i)
    -----------------
due to environmental concerns which have changed or become known since the date
of inclusion in the Collateral Pool, (ii) because a lease

PAGE 30

<PAGE>

on such Collateral expires in less than three (3) years, (iii) due to the
occurrence of a casualty on such Collateral as to which Borrower has not
satisfied the restoration requirements of Section 5.6(b) of this Agreement),
(iv) due to the requirement by any governmental authority of, or commencement of
any proceeding for, the demolition of any building or structure comprising a
part of such Collateral, or the commencement of any proceeding to condemn or
otherwise take pursuant to the power of eminent domain, or the execution of a
contract for sale or a conveyance in lieu of such a taking which provides for
the transfer of, a material portion of such Collateral, including but not
limited to the taking (or transfer in lieu thereof) of any portion of such
Collateral which would result in the blockage or substantial impairment of
access or utility service to the improvements thereon or which would cause such
Collateral to fail to comply with any Applicable Law, or (v) otherwise due to
any failure to comply with the terms of this Agreement, or (vi) because any item
required by the provisions of this Section 2.24, as to such Collateral Pool
Property, is not available, or has not been provided, or is not acceptable,
Administrative Agent shall so notify Borrower in writing and such Excluded
Property shall thereafter no longer be considered part of the Collateral Pool,
and the Available Committed Amount shall be reduced to an amount equal to sixty
percent (60%) of the Value of the Collateral Pool exclusive of the Excluded
Property. All amounts then outstanding in excess of the Available Committed
Amount shall be repaid. In the alternative, Borrower may substitute another
Property for the Excluded Property, provided such Property is acceptable to
Required Lenders (which must include Administrative Agent) in all respects in
Required Lenders' sole discretion and all conditions precedent to the inclusion
of such Property in the Collateral Pool have been complied with, including,
without limitation, the conditions set forth in this Section 2.24. Any such
Excluded Property so removed from the Collateral Pool shall upon the written
request from Borrower be released by Administrative Agent from the lien of any
Mortgage, upon the repayment of all amounts then outstanding in excess of the
Available Committed Amount and provided there is then existing no Default
hereunder.

                                    ARTICLE 3
                                   Conditions

     Section 3.1  Conditions Precedent to Each Loan. The obligation of Lenders
                  ---------------------------------
to make Loans hereunder is subject to the fulfillment of each of the following
conditions immediately prior to or contemporaneously with such Loan:

          (a)  All of the representations and warranties of Borrower under this
Agreement, which, pursuant to Section 4.2 hereof, are made at and as of the time
of such Loan, shall be true and correct at such time, both before and after
giving effect to the application of the proceeds of the Loan;

          (b)  The incumbency of the Authorized Signatories shall be as stated
in the certificate of incumbency contained in the certificate of Borrower
delivered to Administrative Agent or as subsequently modified and reflected in a
certificate of incumbency delivered to Administrative Agent;

PAGE 31

<PAGE>

          (c)  There shall not exist, on the date of the making of the Loan and
after giving effect thereto, a Default of which Borrower has knowledge or an
Event of Default hereunder and Administrative Agent shall have received a
Request for Advance so stating;

          (d)  Administrative Agent shall have received a fully executed and
properly supported Request for Advance in substantially the form attached as
Exhibit 1.1(a) hereto and incorporated herein by reference and all such other
certificates, reports, statements, title insurance endorsements, opinions of
counsel and other documents as Administrative Agent may reasonably request
including, without limitation, to the extent applicable (i) a certified copy of
the purchase and sale agreement for the acquisition of such Non-Collateral
Property; (ii) a certified copy of the settlement statement for the acquisition
of such Non-Collateral Property; and (iii) certified copies of any invoices for
related acquisition costs borne by Borrower not included in the settlement
statement delivered by Borrower in accordance with subsection (ii);

          (e)  There shall not have been commenced against any Credit Party an
involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or any case, proceeding or other action for the
appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of such Person or for any substantial part of
its property or for the winding up or liquidation of its affairs, and such
involuntary case or other case, proceeding or other action shall remain
undismissed, undischarged or unbonded;

          (f)  Concurrent with the delivery of the appropriate notice required
pursuant to Section 3.1(d) above, Borrower shall have delivered a certificate of
Senior Management of Borrower substantially in the form of Exhibit 7.3, (i)
                                                           -----------
demonstrating compliance with the financial covenants contained in Article 6 by
calculation thereof after giving effect to the making of the requested Loan (and
the application of the proceeds thereof), and (ii) stating that no Default or
Event of Default exists, or if any Default or Event of Default does exist,
specifying the nature and extent thereof and what action the Credit Parties
propose to take with respect thereto; and

          (g)  Borrower shall otherwise have complied with all of the terms and
conditions of this Agreement and the other Credit Documents relating to such
Loan.

                                    ARTICLE 4
                         Representations and Warranties

     Section 4.1  Representations and Warranties. Borrower and Guarantor hereby
                  ------------------------------
agree, represent and warrant that:

          (a)  Organization; Ownership; Power; Qualification; Capitalization.
               -------------------------------------------------------------
Borrower is a limited partnership duly organized, validly existing and in good
standing under the laws of the State of Delaware. Guarantor is the sole general
partner of Borrower and is a corporation duly organized, validly existing and in
good standing under the laws of the State of Maryland. Borrower has the power
and authority to own its properties (including, without limitation, the
Collateral and the Non-Collateral Properties) and to carry on its business as it
is now being and is hereafter proposed to be conducted. Each Credit Party is
duly qualified, in good standing and

PAGE 32

<PAGE>

authorized to do business in each jurisdiction in which the character of its
properties or the nature of its businesses requires such qualification or
authorization, including, without limitation, to the extent applicable, each
jurisdiction wherein the Collateral and Non-Collateral Properties lie or shall
lie.

          (b)  Authorization; Enforceability. Each Credit Party has the power
               -----------------------------
and has taken all necessary action to authorize it to borrow hereunder, to
execute, deliver and perform this Agreement and each of the other Credit
Documents to which it is a party in accordance with their respective terms, and
to consummate the transactions contemplated hereby and thereby. This Agreement
has been duly executed and delivered by each Credit Party and is, and each of
the other Credit Documents to which each Credit Party is party, is a legal,
valid and binding obligation of such Credit Party enforceable in accordance with
its terms, subject, as to enforcement of remedies, to the following
qualifications: (i) an order of specific performance and an injunction are
discretionary remedies and, in particular, may not be available where damages
are considered an adequate remedy at law, and (ii) enforcement may be limited by
bankruptcy, insolvency, liquidation, reorganization, reconstruction and other
similar laws affecting enforcement of creditors' rights generally (insofar as
any such law relates to the bankruptcy, insolvency or similar event of such
Credit Party).

          (c)  Compliance with Other Credit Documents and Contemplated
               -------------------------------------------------------
Transactions. The execution, delivery and performance, in accordance with their
------------
respective terms, by each Credit Party of this Agreement and each of the other
Credit Documents to which it is party, and the consummation of the transactions
contemplated hereby and thereby, do not and will not (i) require any consent or
approval not already obtained, (ii) violate any Applicable Law respecting such
Credit Party, or (iii) conflict with, result in a breach of, or constitute a
default under the organizational documents of such Credit Party, or under any
indenture, agreement, or other instrument to which such Credit Party is a party
or by which its properties may be bound.

          (d)  Business. Borrower is engaged primarily in the business of
               --------
acquiring, operating and selling interests in real property, including the
conduct of such business through partnerships, joint ventures, limited liability
companies and other similar entities.

          (e)  Compliance with Law. Each Credit Party is in compliance with all
               -------------------
Applicable Laws, the non-compliance with which would have a Material Adverse
Effect.

          (f)  Title to Assets. Borrower has good, legal and marketable title to
               ---------------
the Collateral (subject to any permitted exceptions listed in the Mortgage) and
the Non-Collateral Properties.

          (g)  Litigation. There is no material action, suit, proceeding or
               ----------
investigation pending against, or, to the best knowledge of the Credit Parties
threatened against or in any other manner relating adversely to, any Credit
Party or any of their properties in any court or before any arbitrator of any
kind or before or by any governmental body, and no such action, suit, proceeding
or investigation (i) calls into question the validity of this Agreement or any
other

PAGE 33

<PAGE>

Credit Document, or (ii) could, if determined adversely to any such Person, have
a Material Adverse Effect.

          (h)  Taxes. All Federal, state and other tax returns of the Credit
               -----
Parties required by law to be filed have been duly filed and all Federal, state
and other taxes, including, without limitation, withholding taxes, assessments
and other governmental charges or levies required to be paid by a Credit Party
or imposed upon a Credit Party or any of their respective properties, income,
profits or assets, which are due and payable, have been paid, except any such
tax (x) the payment of which a Credit Party is diligently contesting in good
faith by appropriate proceedings, (y) for which adequate reserves have been
provided on the books of such Credit Party, and (z) as to which no foreclosure,
distraint, sale or similar proceedings have been commenced. The charges,
accruals and reserves on the books of the Credit Parties in respect of taxes
are, in the judgment of the Credit Parties, adequate.

          (i)  Financial Statements. Each Credit Party has furnished or caused
               --------------------
to be furnished to Administrative Agent copies of the balance sheets and
statements of income for such Credit Party for the most recently-ended fiscal
year for which financial statements are available and for the quarter most
recently ended, which are complete and correct in all material respects and
present fairly the financial position of such Credit Party on and as of such
dates and the results of operations for the periods then ended. No Credit Party
has any material liabilities, contingent or otherwise, other than as disclosed
in the financial statements referred to in the preceding sentence, and there are
no material unrealized losses of any Credit Party and no material anticipated
losses of any Credit Party other than those which have been previously disclosed
in writing to Administrative Agent and identified to Administrative Agent as
such.

          (j)  Compliance with Regulations G, T, U and X. No Credit Party is
               -----------------------------------------
engaged principally or as one of its important activities in the business of
extending credit for the purpose purchasing or carrying any margin stock within
the meaning of Regulations G, T, U, and X of the Board of Governors of the
Federal Reserve System. None of the proceeds of the Loans will be used to
purchase or carry "margin stock" in contravention of such regulations.

          (k)  Governmental Regulation. No Credit Party is required to obtain
               -----------------------
any consent, approval, authorization, permit or license which has not already
been obtained from, or effect any filing or registration which has not already
been effected with, any Federal, state or local regulatory authority in
connection with the execution and delivery of this Agreement or any other Credit
Document or the borrowing hereunder.

          (1)  Absence of Default. Each Credit Party is in compliance with all
               ------------------
of the provisions of its organizational documents and no event has occurred or
failed to occur which has not been remedied or waived, the occurrence or
non-occurrence of which constitutes, or with the passage of time or giving of
notice or both would constitute, (i) an Event of Default or (ii) a default by
any Credit Party under any indenture, agreement or other instrument, or any
judgment, decree or final order to which any such Person is a party or by which
any such Person or any of its properties may be bound or affected.

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<PAGE>

          (m)  Accuracy and Completeness of Information. All information,
               ----------------------------------------
reports, prospectuses and other papers and data relating to the Credit Parties
and furnished by or on behalf of the Credit Parties to Administrative Agent
were, at the time furnished, complete and correct in all material respects to
the extent necessary to give Administrative Agent true and accurate knowledge of
the subject matter. No fact or situation is currently known to the Credit
Parties which has had or which could reasonably be expected to have a Material
Adverse Effect.

          (n)  REIT Status. Guarantor is qualified as a real estate investment
               -----------
trust and currently is in compliance with all applicable provisions of the Code.

          (o)  Indebtedness. Except as otherwise permitted under Section 5.15,
               ------------
the Consolidated Parties have no Indebtedness.

          (p)  ERISA.
               -----

               (i)   Except as set forth in Schedule 4.1(p), during the
                                            ---------------
five-year period prior to the date on which this representation is made or
deemed made: (i) no ERISA Event has occurred, and, to the best knowledge of the
Credit Parties, no event or condition has occurred or exists as a result of
which any ERISA Event could reasonably be expected to occur, with respect to any
Plan; (ii) no "accumulated funding deficiency," as such term is defined in
Section 302 of ERISA and Section 412 of the Code, whether or not waived, has
occurred with respect to any Plan which could individually or in the aggregate
have a Material Adverse Effect; (iii) each Plan has been maintained, operated,
and funded in material compliance with its own terms and in material compliance
with the provisions of ERISA, the Code, and any other applicable federal or
state laws; and (iv) no lien in favor of the PBGC or a Plan has arisen or is
reasonably likely to arise on account of any Plan.

               (ii)  The actuarial present value of all "benefit liabilities"
(as defined in Section 4001(a)(16) of ERISA), whether or not vested, under each
Single Employer Plan, as of the last annual valuation date prior to the date on
which this representation is made or deemed made (determined, in each case, in
accordance with Financial Accounting Standards Board Statement 87, utilizing the
actuarial assumptions used in such Plan's most recent actuarial valuation
report), did not exceed as of such valuation date the fair market value of the
assets of such Plan.

               (iii) Except as set forth in Schedule 4.1(p), neither any
                                            ---------------
Consolidated Party nor any ERISA Affiliate would become subject to any
withdrawal liability under ERISA (which would have a Material Adverse Effect) if
any Consolidated Party or any ERISA Affiliate were to withdraw completely from
all Multiemployer Plans and Multiple Employer Plans as of the valuation date
most closely preceding the date on which this representation is made or deemed
made. Neither any Consolidated Party nor any ERISA Affiliate has received any
notification that any Multiemployer Plan is in reorganization (within the
meaning of Section 4241 of ERISA), is insolvent (within the meaning of Section
4245 of ERISA), or has been terminated (within the meaning of Title IV of
ERISA), and no Multiemployer Plan is, to the best knowledge of the Credit
Parties, reasonably expected to be in reorganization, insolvent, or terminated.

PAGE 35

<PAGE>

               (iv)  No prohibited transaction (within the meaning of Section
406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility
has occurred with respect to a Plan which has subjected or may subject any
Consolidated Party or any ERISA Affiliate to any liability under Sections 406,
409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any
agreement or other instrument pursuant to which any Consolidated Party or any
ERISA Affiliate has agreed or is required to indemnify any person against any
such liability, which could individually or in the aggregate have a Material
Adverse Effect.

               (v)   Except as set forth in Schedule 4.1(p), neither any
                                            ---------------
Consolidated Party nor any ERISA Affiliates has any material liability with
respect to "expected post-retirement benefit obligations" within the meaning of
the Financial Accounting Standards Board Statement 106. Each Plan which is a
welfare plan (as defined in Section 3(1) of ERISA) to which Sections 601-609 of
ERISA and Section 4980B of the Code apply has been administered in compliance in
all material respects of such sections.

          (q)  Subsidiaries. Set forth on Schedule 4.1(q) is a complete and
               ------------               ---------------
accurate list of all Subsidiaries of each Consolidated Party. Information on
Schedule 4.1(q) includes (a) jurisdiction of incorporation or organization and
--------------
(b) the number of shares of each class of Capital Stock outstanding, the number
and percentage of outstanding shares of each class owned (directly or
indirectly) by such Subsidiary, and the number and effect, if exercised, of all
outstanding options, warrants, rights of conversion or purchase and all other
similar rights with respect thereto. The outstanding Capital Stock of all such
Subsidiaries is validly issued, fully paid and non-assessable and is owned by
each such Consolidated Party, directly or indirectly, free and clear of all
Liens (other than those arising under or contemplated in connection with the
Credit Documents). Other than as set forth in Schedule 4.1(q), no Subsidiary has
                                              ---------------
outstanding any securities convertible into or exchangeable for its Capital
Stock nor does any such Person have outstanding any rights to subscribe for or
to purchase or any options for the purchase of, or any agreements providing for
the issuance (contingent or otherwise) of, or any calls, commitments or claims
of any character relating to its Capital Stock. Schedule 4.1(q) may be updated
                                                --------------
from time to time by Borrower by giving written notice thereof to Administrative
Agent.

          (r)  Environmental Matters.
               ----------------------

               (i)   There is no violation of any Environmental Law with
respect to any Property or the businesses operated on any Property which would,
in the aggregate, result in anticipated clean-up costs in excess of $1,000,000.

               (ii)  No Consolidated Party has been notified of any material
action, suit, proceeding or investigation which calls into question compliance
by any Consolidated Party with any Environmental Laws or which seeks to suspend,
revoke or terminate any license, permit or approval necessary for the
generation, handling, storage, treatment or disposal of any Hazardous Material
in any material respect of the Consolidated Parties taken as a whole.

          (s)  Intellectual Property. Each Consolidated Party owns, or has the
               ---------------------
legal right to use, all trademarks, tradenames, copyrights, technology,
know-how and processes (the

PAGE 36

<PAGE>

"Intellectual Property") necessary for each of them to conduct its business as
 ---------------------
currently conducted except for those the failure to own or have such legal right
to use could not have a Material Adverse Effect.

               (t)   Labor Matters. There are no collective bargaining
                     -------------
agreements or Multiemployer Plans covering the employees of a Consolidated Party
as of the Closing Date and none of the Consolidated Parties has suffered any
strikes, walkouts, work stoppages or other material labor difficulty within the
last five years.

               (u)   Financial Matters. Borrower is solvent after giving effect
                     -----------------
to all borrowings contemplated by the Credit Documents and no proceeding under
any Debtor Relief Law is pending (or, to Borrower's knowledge, threatened) by or
against Borrower, or any Affiliate of Borrower, as a debtor. All reports,
statements, plans, budgets, applications, agreements and other data and
information heretofore furnished or hereafter to be furnished by or on behalf of
Borrower to Administrative Agent in connection with the Loan or Loans evidenced
by the Credit Documents (including, without limitation, all financial statements
and financial information) are and will be true, correct and complete in all
material respects as of their respective dates and do not and will not omit to
state any fact or circumstance necessary to make the statements contained
therein not misleading. No material adverse change has occurred since the dates
of such reports, statements and other data in the financial condition of
Borrower or, to Borrower's knowledge, of any tenant under any lease described
therein.

               (v)   Credit Document Matters. Borrower is not a "foreign person"
                     -----------------------
within the meaning of Sections 1445 and 7701 of the Code (i.e. Borrower is not a
non-resident alien, foreign corporation, foreign partnership, foreign trust or
foreign estate as those terms are defined therein and in any regulations
promulgated thereunder). The Committed Amount is solely for business purposes,
and is not for personal, family, household or agricultural purposes. Borrower
will not cause or permit any change to be made in its name, identity, or
corporate or partnership structure, unless Borrower shall have notified
Administrative Agent of such change prior to the effective date of such change,
and shall have first taken all action required by Administrative Agent for the
purpose of further perfecting or protecting the lien and security interest of
Administrative Agent in the Collateral. Borrower's principal place of business
and chief executive office, and the place where Borrower keeps its books and
records concerning the Collateral, has for the preceding four months been and
will continue to be (unless Borrower notifies Lender of any change in writing
prior to the date of such change) the address of Borrower set forth in Section
11.1 of this Agreement.

     Section 4.2 Survival of Representations and Warranties, etc. All
                 -----------------------------------------------
representations and warranties made under this Agreement shall be deemed to be
made, and shall be true and correct, at and as of the Closing Date and the date
of each Loan hereunder, except to the extent previously fulfilled in accordance
with the terms hereof and to the extent subsequently inapplicable. All
representations and warranties made under this Agreement shall survive, and not
be waived by, the execution hereof by Administrative Agent or any Lender, any
investigation or inquiry by Administrative Agent or any Lender or the making of
any Loan under this Agreement.

PAGE 37

<PAGE>

                                    ARTICLE 5
                                General Covenants

     So long as any of the Obligations are outstanding and unpaid or Borrower
shall have the right to borrow hereunder (whether or not the conditions to
borrowing have been or can be fulfilled), and unless Lenders shall otherwise
consent in writing:

     Section 5.1 Preservation of Existence and Similar Matters. Each Credit
                 ---------------------------------------------
Party will:

          (a)  preserve and maintain its existence, rights, franchises, licenses
and privileges in its state of organization, and each state wherein the
Collateral and Non-Collateral Properties lie or shall lie,

          (b)  maintain the power and authority to own the Collateral and
Non-Collateral Properties and to carry on its business as now being and
hereafter proposed to be conducted, and

          (c)  qualify and remain qualified, in good standing, and authorized to
do business in each jurisdiction in which the character of its properties or the
nature of its business requires such qualification or authorization, including
without limitation, each jurisdiction wherein the Collateral and Non-Collateral
Properties lie or shall lie.

Each Credit Party shall at all times comply with all of the provisions of its
organizational documents.

     Section 5.2 Business: Compliance with Applicable Law. Borrower will engage
                 ----------------------------------------
primarily in the business of acquiring, operating and selling interests in real
property, and will comply with the requirements of Applicable Law, including,
without limitation, Environmental Laws.

     Section 5.3 Maintenance of Properties. Borrower will maintain or cause to
                 -------------------------
be maintained in the ordinary course of business in good repair, working order
and condition (reasonable wear and tear excepted) the Collateral and all
improvements located thereon (whether owned or held under lease), and from time
to time make or cause to be made all needed and appropriate repairs, renewals,
replacements, additions, betterments and improvements thereto. Borrower shall
maintain good, legal and marketable title to all of the Collateral except to the
extent sold or otherwise disposed of in accordance herewith.

     Section 5.4 Accounting Methods and Financial Records. Each Credit Party
                 ----------------------------------------
will maintain a system of accounting established and administered in accordance
with GAAP, keep adequate records and books of account in which complete entries
will be made in accordance with such accounting principles consistently applied
and reflecting all transactions required to be reflected by such accounting
principles and keep accurate and complete records of such party's properties and
assets. Each Credit Party shall maintain a fiscal year ending on December 31.

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     Section 5.5  Payment of Taxes and Claims. Each Credit Party will pay and
                  ---------------------------
discharge, or cause to be paid and discharged, and cause each of its
Subsidiaries to pay and discharge, all taxes, including, without limitation,
withholding taxes, assessments and governmental charges or levies required to be
paid by it or imposed upon it or its income or profits or upon any Collateral or
the ownership, use, occupancy or enjoyment of any portion thereof, or any
utility service thereto, as the same become due and payable, including but not
limited to all ad valorem taxes assessed against the Collateral or any part
thereof, and shall deliver promptly to Administrative Agent such evidence of the
payment thereof as Administrative Agent may require, prior to the date on which
penalties attach thereto, and all lawful claims for labor, materials and
supplies which, if unpaid, might become a Lien or charge upon any of the
Collateral, except that no such tax, assessment, charge, levy or claim need be
paid which is being diligently contested in good faith by appropriate
proceedings and for which adequate reserves shall have been set aside on the
appropriate books, but only so long as such tax, assessment, charge, levy or
claim does not become a Lien and no foreclosure, distraint, sale or similar
proceedings have been commenced. Borrower will timely file all returns required
by Federal, state or local tax authorities. Borrower will maintain adequate
charges, accruals and reserves on its books in respect of taxes.

     Section 5.6  Insurance and Casualty.
                  ----------------------

          (a)  Required Insurance. Each Credit Party will, and will cause each
               ------------------
of its Subsidiaries, at no expense to Lenders, to maintain or cause to be
maintained in full force and effect at all times: (1) mortgagee title insurance
issued to Administrative Agent covering the Collateral as required by
Administrative Agent; (2) all-risk insurance with respect to all insurable
Property, against loss or damage by fire, lightning, windstorm, explosion, hail,
tornado and such hazards as are presently included in so-called "all-risk"
coverage and against such other insurable hazards as Administrative Agent may
require, in an amount not less than 100% of the full replacement cost, including
the cost of debris removal, without deduction for depreciation and sufficient to
prevent Borrower and Administrative Agent from becoming a coinsurer, such
insurance to be in builder's risk (non-reporting) form during and with respect
to any construction on any Property; (3) if and to the extent any portion of the
improvements on any Collateral is in a special flood hazard area, a flood
insurance policy in an amount equal to the lesser of the Committed Amount or the
maximum amount available; (4) comprehensive general public liability insurance,
on an "occurrence" basis, for the benefit of Borrower and Administrative Agent
as named insureds; (5) statutory workers' compensation insurance with respect to
any work on or about any Property; and (6) such other insurance on any
Collateral as may from time to time be required by Lender (including but not
limited to rental loss or business interruption insurance, boiler and machinery
insurance, earthquake insurance, and war risk insurance) and against other
insurable hazards or casualties which at the time are commonly insured against
in the case of premises similarly situated, due regard being given to the
height, type, construction, location, use and occupancy of buildings and
improvements. All insurance policies shall be issued and maintained by insurers,
in amounts, with deductibles, and in form satisfactory to Administrative Agent,
and shall require not less than thirty (30) days' prior written notice to
Administrative Agent of any cancellation or change of coverage. All insurance
policies maintained, or caused to be maintained, by Borrower with respect to any
Collateral, except for public liability insurance, shall provide that each such
policy shall be primary without right of

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<PAGE>

contribution from any other insurance that may be carried by Borrower or
Administrative Agent and that all of the provisions thereof, except the limits
of liability, shall operate in the same manner as if there were a separate
policy covering each insured. If any insurer which has issued a policy of title,
hazard, liability or other insurance required pursuant to this Agreement or any
other Credit Document becomes insolvent or the subject of any bankruptcy,
receivership or similar proceeding or if in Administrative Agent's reasonable
opinion the financial responsibility of such insurer is or becomes inadequate,
Borrower shall, in each instance promptly upon the request of Administrative
Agent and at no expense to Lenders, obtain and deliver to Administrative Agent a
like policy (or, if and to the extent permitted by Administrative Agent, a
certificate of insurance) issued by another insurer, which insurer and policy
meet the requirements of this Agreement or such other Credit Document, as the
case may be. Without limiting the discretion of Administrative Agent with
respect to required endorsements to insurance policies, all such policies for
loss of or damage to any Property shall contain a standard mortgagee clause
(without contribution) naming Administrative Agent as mortgagee with loss
proceeds payable to Administrative Agent notwithstanding (i) any act, failure to
act or negligence of or violation of any warranty, declaration or condition
contained in any such policy by any named insured; (ii) the occupation or use of
any Property for purposes more hazardous than permitted by the terms of any such
policy; (iii) any foreclosure or other action by Administrative Agent under the
Credit Documents; or (iv) any change in title to or ownership of any Property or
any portion thereof, such proceeds to be held for application as provided in the
Credit Documents. The originals of each initial insurance policy (or to the
extent permitted by Administrative Agent, a copy of the original policy and a
satisfactory certificate of insurance) shall be delivered to Administrative
Agent at the time of execution of this Agreement, with premiums fully paid, and
each renewal or substitute policy (or certificate) shall be delivered to
Administrative Agent, with premiums fully paid, at least ten (10) days before
the termination of the policy it renews or replaces. Borrower shall pay all
premiums on policies required hereunder as they become due and payable and
promptly deliver to Administrative Agent evidence satisfactory to Administrative
Agent of the timely payment thereof. If any loss occurs at any time when
Borrower has failed to perform Borrower's covenants and agreements in this
paragraph, Administrative Agent shall nevertheless be entitled to the benefit of
all insurance covering the loss and held by or for Borrower, to the same extent
as if it had been made payable to Administrative Agent. Upon any foreclosure
hereof or transfer of title to any Collateral in extinguishment of the whole or
any part of the Obligations, all of Borrower's right, title and interest in and
to the insurance policies referred to in this Section (including unearned
premiums) and all proceeds payable thereunder as they relate to such Collateral
shall thereupon vest in the purchaser at foreclosure or other such transferee,
to the extent permissible under such policies. Administrative Agent shall have
the right (but not the obligation) to make proof of loss for, settle and adjust
any claim under, and receive the proceeds of, all insurance for loss of or
damage to any Collateral, and the expenses incurred by Administrative Agent in
the adjustment and collection of insurance proceeds shall be a part of the
Obligations and shall be due and payable to Administrative Agent on demand.
Administrative Agent shall not be, under any circumstances, liable or
responsible for failure to collect or exercise diligence in the collection of
any of such proceeds or for the obtaining, maintaining or adequacy of any
insurance or for failure to see to the proper application of any amount paid
over to Borrower. Subject to the terms of Subsection (b), below, any proceeds
received by Administrative Agent shall, after deduction therefrom of all

PAGE 40

<PAGE>

reasonable expenses actually incurred by Administrative Agent, including
attorneys' fees, at Administrative Agent's option be (1) released to Borrower,
or (2) applied (upon compliance with such terms and conditions as may be
required by Administrative Agent) to repair or restoration, either partly or
entirely, of the Collateral so damaged, or (3) applied to the payment of the
Obligations in accordance with Section 2.12 of this Agreement. In any event, the
unpaid portion of the Obligations shall remain in full force and effect and the
payment thereof shall not be excused. Borrower shall at all times comply with
the requirements of the insurance policies required hereunder and of the issuers
of such policies and of any board of fire underwriters or similar body as
applicable to or affecting the Property.

          (b)  Restoration Advances.
               --------------------

               (i)   Lenders agree that in the event that all or a portion of
the improvements on any Collateral shall be destroyed or damaged by fire,
explosion, windstorm, hail or any other casualty against which insurance is
required under this Agreement, Lenders will elect to apply the insurance
proceeds which remain after payment of the expenses of collection thereof as
provided in Subsection (a), above (called the "Proceeds" below in this
                                               --------
Subsection), or so much thereof as is required, to restoration of the portion of
the Collateral damaged, as nearly as practicable to its value, character and
condition immediately prior to such casualty (the "Restoration"), provided that
                                                   -----------
all of the following conditions precedent are satisfied in full not later than
ninety (90) days after the date on which the casualty loss occurs:

                     A)  no Default shall have occurred and shall remain uncured
following the expiration of any grace or cure period;

                     B)  all tenants having present or future possessory rights
under Major Leases (as defined in the applicable Mortgage), have agreed in a
manner satisfactory to Administrative Agent that such Major Leases will continue
in full force and effect and, if necessary, the time for taking or regaining
possession of the demised premises under such Major Leases will be extended by
the time necessary to complete the Restoration;

                     C)  all parties having operating, management or franchise
interests in, and arrangements concerning, the applicable Collateral have agreed
that they will continue their interests and arrangements for the contract terms
then in effect following the Restoration;

                     D)  Borrower has presented evidence satisfactory to
Administrative Agent, and Administrative Agent has reasonably determined, that
the Restoration can be accomplished within a reasonable period of time and in
any event prior to the Maturity Date;

                     E)  Borrower has delivered or caused to be delivered to
Administrative Agent, and Administrative Agent has approved, complete final
plans and specifications (the "Restoration Plans") for the work to be performed
                               -----------------
in connection with the Restoration (hereinafter called the "Restoration Work")
                                                            ----------------
prepared and sealed by an architect (the

PAGE 41

<PAGE>

"Architect") acceptable to Administrative Agent, with evidence satisfactory to
 ---------
Administrative Agent of the approval of the Restoration Plans by all Commitment
Providers and by all governmental authorities and all tenants under Major Leases
whose approval is required;

                     F)  Borrower has delivered or caused to be delivered to
Administrative Agent a signed estimate approved in writing by the Architect,
stating the entire cost of completing the Restoration Work;

                     G)  Borrower has entered into, and has furnished to
Administrative Agent a copy of, a fixed price construction contract satisfactory
to Administrative Agent, with a contractor reasonably acceptable to
Administrative Agent, bonded to the extent required by Administrative Agent, for
the Restoration Work;

                     H)  if Administrative Agent has determined that (i) the
projected cost of the Restoration Work substantially in accordance with the
Restoration Plans exceeds (ii) the available Proceeds held by Lender, then
Borrower has deposited with Administrative Agent funds sufficient to cover the
excess cost;

                     I)  Borrower has furnished all insurance coverage required
by Administrative Agent pursuant to Section 5.6(a), above; and

                     J)  Administrative Agent has determined that no Lender will
incur any liability to any person as a result of such use of the Proceeds.

If all of the foregoing conditions have not been satisfied within the time limit
specified above, then Administrative Agent may, at its option, apply such
Proceeds to the Obligations, whether or not due, in accordance with Section 2.12
of this Agreement.

               (ii)  To the extent that Administrative Agent elects to apply the
Proceeds to the restoration or reconstruction of the improvements on any
Collateral, then disbursement of the Proceeds for Restoration or Restoration
Work shall be subject to and shall be made in accordance with the customary
practices of Administrative Agent governing the disbursement of construction
loans and the terms set forth on Exhibit 2.6(a) of this Agreement regarding
                                 --------------
construction disbursements. If Administrative Agent determines from time to time
that (i) the estimated cost of the Restoration substantially in accordance with
the Restoration Plans exceeds (ii) the available Proceeds held by Administrative
Agent plus all other available funds deposited by Borrower with Administrative
Agent for the purpose of the Restoration, then Borrower shall deposit additional
funds with Administrative Agent to cover the excess cost before Administrative
Agent shall be required to disburse any such Proceeds or other available funds
for Restoration costs. Any such funds provided by Borrower to cover excess costs
shall be used for the costs of Restoration prior to disbursement of any of the
Proceeds for such costs.

               (iii) Any such Proceeds and additional funds provided by Borrower
which are held by Administrative Agent under this Subsection (b) shall be held
by Administrative Agent in an interest bearing account of Administrative Agent's
selection (and the

PAGE 42

<PAGE>

interest earned thereon shall become a part of the funds so held) until
disbursed for Restoration or otherwise applied as herein provided.
Administrative Agent's receipt and custody of such Proceeds or additional funds
shall not constitute a repayment of any of the Obligations, unless and until
such Proceeds or additional funds are actually applied against the Obligations
in accordance with this Agreement. No disbursement of such Proceeds for
Restoration costs shall constitute a Loan of the Commitment Amount or increase
the principal amount thereof. If surplus Proceeds remain after completion of the
Restoration and payment of all costs therefor, then such surplus Proceeds shall
be applied against the Obligations. If surplus funds then remain from additional
funds provided by Borrower to cover excess costs of Restoration, then such
surplus funds shall be returned to Borrower, provided that no uncured Default
shall exist hereunder.

                 (iv) In any event, upon the occurrence of a Default at any
time, and the expiration of any applicable grace or cure period without the
curing thereof, Administrative Agent may (but has no obligation to) apply all or
any portion of such Proceeds or additional funds provided by Borrower in
Administrative Agent's possession to the payment of the Obligations, whether or
not due, in accordance with Section 2.12 of this Agreement, and/or to the cure
of any Default without waiving the same.

     Section 5.7 Reserve for Insurance, Taxes and Assessments. Upon request of
                 --------------------------------------------
Required Lenders after a Default, to secure certain of Borrower's obligations in
Sections 5.6 and 5.7 above, but not in lieu of such obligations, Borrower will
deposit with Administrative Agent a sum equal to ad valorem taxes, assessments
and charges (which charges for the purpose of this paragraph shall include
without limitation any recurring charge which could result in a Lien against any
Collateral) against any Collateral for the current year and the premiums for
such policies of insurance for the current year, all as estimated by
Administrative Agent and prorated to the end of the calendar month following the
month during which Administrative Agent's request is made, and thereafter will
deposit with Administrative Agent, on each date when an installment of principal
and/or interest is due on the Committed Amount, sufficient funds (as estimated
from time to time by Administrative Agent) to permit Administrative Agent to pay
at least fifteen (15) days prior to the delinquency date thereof, the next
maturing ad valorem taxes, assessments and charges and premiums for such
policies of insurance. Administrative Agent shall have the right to rely upon
tax information furnished by applicable taxing authorities in the payment of
such taxes or assessments and shall have no obligation to make any protest of
any such taxes or assessments. Any excess over the amounts required for such
purposes shall be held by Administrative Agent for future use, applied to any
Obligations or refunded to Borrower, at Administrative Agent's option, and any
deficiency in such funds so deposited shall be made up by Borrower upon demand
of Administrative Agent. All such funds so deposited shall bear interest at the
rate applicable to the account selected by Administrative Agent for such funds,
may be mingled with the general funds of Administrative Agent and shall be
applied by Administrative Agent toward the payment of such taxes, assessments,
charges and premiums when statements therefor are presented to Administrative
Agent by Borrower (which statements shall be presented by Borrower to
Administrative Agent a reasonable time before the applicable amount is
delinquent); provided, however, that, if a default shall have occurred
hereunder, such funds may at Administrative Agent's option be applied to the
payment of the Obligations in

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<PAGE>

accordance with Section 2.12 of this Agreement, and Administrative Agent may
(but shall have no obligation) at any time, in its discretion, apply all or any
part of such funds toward the payment of any such taxes, assessments, charges or
premiums which are past due, together with any penalties or late charges with
respect thereto. The conveyance or transfer of Borrower's interest in any
Collateral for any reason (including without limitation the foreclosure of a
subordinate lien or security interest or a transfer by operation of law) shall
constitute an assignment or transfer of Borrower's interest in and rights to
such funds held by Administrative Agent under this paragraph but subject to the
rights of Administrative Agent hereunder.

     Section 5.8  Condemnation. Borrower shall notify Administrative Agent
                  ------------
immediately of any threatened or pending proceeding for condemnation affecting
any Collateral or arising out of damage to any Collateral, and Borrower shall,
at Borrower's expense, diligently prosecute any such proceedings. Administrative
Agent shall have the right (but not the obligation) to participate in any such
proceeding and to be represented by counsel of its own choice. Administrative
Agent shall be entitled to receive all sums which may be awarded or become
payable to Borrower for the condemnation of any Collateral, or any part thereof,
for public or quasi-public use, or by virtue of private sale in lieu thereof,
and any sums which may be awarded or become payable to Borrower for injury or
damage to the Property. Borrower shall, promptly upon request of Administrative
Agent, execute such additional assignments and other documents as may be
necessary from time to time to permit such participation and to enable
Administrative Agent to collect and receipt for any such sums. All such sums are
hereby assigned to Administrative Agent, and shall, after deduction therefrom of
all reasonable expenses actually incurred by Administrative Agent, including
attorneys' fees, at Administrative Agent's option be (1) released to Borrower,
or (2) applied (upon compliance with such terms and conditions as may be
required by Administrative Agent) to repair or restoration of the Property so
affected, or (3) applied to the payment of the Obligations in accordance with
Section 2.12 of this Agreement. In any event the unpaid portion of the
Obligations shall remain in full force and effect and the payment thereof shall
not be excused. Administrative Agent shall not be, under any circumstances,
liable or responsible for failure to collect or to exercise diligence in the
collection of any such sum or for failure to see to the proper application of
any amount paid over to Borrower. Administrative Agent is hereby authorized, in
the name of Borrower, to execute and deliver valid acquittances for, and to
appeal from, any such award, judgment or decree. All costs and expenses
(including but not limited to attorneys' fees) incurred by Administrative Agent
in connection with any condemnation shall be a demand obligation owing by
Borrower (which Borrower hereby promises to pay) to Administrative Agent
pursuant to this Agreement.

     Section 5.9  Visits and Inspections. Borrower will permit representatives
                  ----------------------
of Administrative Agent upon reasonable notice from Administrative Agent to (a)
visit and inspect the Collateral and Non-Collateral Properties at all reasonable
times, (b) inspect and make extracts from and copies of its books and records,
and (c) discuss with its principal officers and auditors its business, assets,
liabilities, financial positions, results of operations and business prospects.

     Section 5.10 Payment of Indebtedness; Loans. Subject to any provisions
                  ------------------------------
herein, referred to herein, or in any other Credit Document regarding
subordination, each Credit Party

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<PAGE>

will pay any and all of its Indebtedness when and as it becomes due, other than
amounts diligently disputed in good faith.

     Section 5.11 Indemnity. Each Credit Party will indemnify and hold harmless
                  ---------
Administrative Agent and the other Lenders from and against, and reimburse
Administrative Agent and the other Lenders on demand for, any and all
Indemnified Matters (defined below). For purposes of this Section 5.11, the term
"Lenders" shall include the directors, officers, partners, employees and agents
of any Lender, and any persons owned or controlled by, owning or controlling, or
under common control or affiliated with any Lender. Without limitation, the
foregoing indemnities shall apply to each indemnified person with respect to
matters which in whole or in part are caused by or arise out of the negligence
of such (and/or any other) indemnified person. However, such indemnities shall
not apply to a particular indemnified person to the extent that the subject of
the indemnification is caused by or arises out of the gross negligence or
willful misconduct of that indemnified person. Any amount to be paid under this
Section 5.11 by any Credit Party to any Lender shall be a demand obligation
owing by such Credit Party (which such Credit Party hereby promises to pay) to
any Lender pursuant to this Agreement. Nothing in this paragraph, elsewhere in
this Agreement or in any other Credit Document shall limit or impair any rights
or remedies of any Lender (including without limitation any rights of
contribution or indemnification) against any Credit Party or any other person
under any other provision of this Agreement, any other Credit Document, any
other agreement or Applicable Law, except as expressly provided in this Section
5.11. As used herein, the term "Indemnified Matters" means any and all claims,
                                -------------------
demands, liabilities (including strict liability), losses, damages (including
consequential damages), causes of action, judgments, penalties, costs and
expenses (including without limitation, reasonable fees and expenses of
attorneys and other professional consultants and experts, and of the
investigation and defense of any claim, whether or not such claim is ultimately
defeated, and the settlement of any claim or judgment including all value paid
or given in settlement) of every kind, known or unknown, foreseeable or
unforeseeable, which may be imposed upon, asserted against or incurred or paid
by any Lender at any time and from time to time, whenever imposed, asserted or
incurred, because of, resulting from, in connection with, or arising out of any
transaction, act, omission, event or circumstance in any way connected with any
Collateral or with this Agreement or any other Credit Document, including but
not limited to any bodily injury or death or property damage occurring in or
upon or in the vicinity of any Collateral through any cause whatsoever at any
time on or before the Release Date, any act performed or omitted to be performed
hereunder or under any other Credit Document, any breach by any Credit Party of
any representation, warranty, covenant, agreement or condition contained in this
Agreement or in any other Credit Document, any Default as defined herein or any
claim under or with respect to any Major Lease (as defined in any Mortgage) or
arising under the Environmental Agreement (as defined in any Mortgage). The term
"Release Date" as used herein means the earlier of the following two dates: (i)
 ------------
the date on which the Committed Amount has been repaid and all Obligations have
been paid and performed in full and this Agreement has been canceled, or (ii) as
to any Collateral the date on which the Mortgage encumbering such Collateral is
fully and finally foreclosed or a conveyance by deed in lieu of such foreclosure
is fully and finally effective, and possession of such Collateral has been given
to the purchaser or grantee free of occupancy and claims to occupancy by
Borrower and Borrower's heirs, devisees, representatives, successors and
assigns;

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<PAGE>

provided, that if such payment, performance, release, foreclosure or conveyance
is challenged, in bankruptcy proceedings or otherwise, the Release Date shall be
deemed not to have occurred until such challenge is rejected, dismissed or
withdrawn with prejudice. The indemnities in this Section 5.11 shall not
terminate upon the Release Date or upon the cancellation, satisfaction,
foreclosure or other termination of this Agreement but will survive the Release
Date, foreclosure of any applicable Mortgage or conveyance in lieu of
foreclosure of any Collateral, the repayment of the Committed Amount, the
discharge, cancellation and satisfaction of this Agreement and the other Credit
Documents, any bankruptcy or other debtor relief proceeding, and any other event
whatsoever. The provisions of this Section shall survive the termination of this
Agreement.

     Section 5.12 Accuracy and Completeness of Information. All information,
                  ----------------------------------------
reports, prospectuses, notices and other papers and data relating to any Credit
Party and furnished by or on behalf of any Credit Party, to Administrative Agent
and Lenders, shall be, at the time furnished, complete and correct in all
material respects to the extent necessary to give Administrative Agent and such
Lenders true and accurate knowledge of the subject matter.

     Section 5.13 Dividends. Provided there is not a continuing Default under
                  ---------
this Agreement, Guarantor shall be permitted to declare and pay dividends and
similar distributions on its Capital Stock from time to time in amounts
determined by Guarantor but not to exceed in any event one hundred percent
(100%) of Funds From Operations, provided Guarantor delivers to Administrative
Agent contemporaneously with the declaration of any such dividend or
distribution a certification from Senior Management of Guarantor that Guarantor
shall continue to be in compliance with all applicable provisions of the Code
and its bylaws and operating covenants after giving effect to such dividend or
distribution. Notwithstanding the foregoing, Guarantor shall be permitted to
distribute whatever amount of dividends is necessary to maintain its tax status
as a real estate investment trust.

     Section 5.14 Liens. No Credit Party will create, incur, or suffer to exist
                  -----
any Lien in, of or on their Property, except:

             (a) Liens for taxes, assessments or governmental charges or levies
on their Property if the same shall not at the time be delinquent or thereafter
can be paid without penalty, or are being contested in good faith and by
appropriate proceedings and for which adequate reserves shall have been set
aside on their books;

             (b) Liens which arise by operation of law, such as carriers',
warehousemen's, landlords', materialmen and mechanics' liens and other similar
liens arising in the ordinary course of business which secure payment of
obligations not more than thirty (30) days past due or which are being contested
in good faith by appropriate proceedings and for which adequate reserves shall
have been set aside on its books;

             (c) Liens arising out of pledges or deposits under worker's
compensation laws, unemployment insurance, old age pensions, or other social
security or retirement benefits, or similar legislation;

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<PAGE>

             (d) Utility easements, building restrictions, zoning restrictions,
easements and such other encumbrances or charges against real property as are of
a nature generally existing with respect to properties of a similar character
and which do not in any material way affect the marketability of the same or
interfere with the use thereof in their businesses;

             (e) Liens of Borrower in favor of Administrative Agent or, as to
Non-Collateral Property, Liens (i) securing the Indebtedness permitted under
Section 5.15 of this Agreement, or (ii) in favor of the holder of any purchase
money security interest;

             (f) Liens existing on the date hereof and described in Schedule
                                                                    --------
5.14 hereto; and
----

             (g) Liens arising in connection with any Indebtedness permitted
hereunder to the extent such Liens will not result in a violation of any of the
provisions of this Agreement.

Liens permitted pursuant to this Section 5.14 shall be deemed to be "Permitted
                                                                     ---------
Liens".
-----

     Section 5.15 Limit on Additional Indebtedness. No Credit Party will incur
                  --------------------------------
any additional Indebtedness in excess of Fifty Million Dollars ($50,000,000) in
the aggregate for all Credit Parties combined after the date hereof without the
prior written approval of Lenders, which Lenders may grant or withhold in its
sole discretion. Notwithstanding the foregoing, so long as no Default exists
hereunder, the restriction set forth in the preceding sentence of this Section
5.15 shall not apply with respect to the Committed Amount, that certain
$72,140,000 SouthTrust Bank line of credit, that certain $8,000,000
Richter-Schroeder Company purchase money loan, and that certain $35,900,000 loan
from Guaranty Federal Bank, each of which shall be in addition to the amount set
forth in the preceding sentence of this Section 5.15.

     Section 5.16 Limitation on Investments. No Consolidated Party will acquire,
                  -------------------------
develop or otherwise make any Investment in any raw land or non-office building
real or personal property of any type or kind, or other prohibited Investments
described on Page 64 of Borrower's December 20, 2000 Prospectus, other than
Investments in raw land which are fully leased under single-tenant,
build-to-suit leases meeting all lease requirements of Section 2.24, which
Investments do not exceed in the aggregate fifteen percent (15%) of the
aggregate value of all Collateral Pool and Non-Collateral Pool Property, without
the prior written approval of Required Lenders, which approval may be granted or
withheld in the sole discretion of the Required Lenders. Further, no
Consolidated Party will lend money or extend credit or make advances to any
Person or purchase or acquire stocks, obligations or securities of, or any other
interests in, or make any capital contributions to, or otherwise make
Investments in, any Person other than a Consolidated Party or any Property other
than Property wholly owned directly by a Consolidated Party, which Investments
exceed in the aggregate twenty percent (20%) of the total assets of the
Consolidated Parties, as evidenced by Guarantor's Forms 10k and 10q filed with
the Securities Exchange Commission, and provided to Administrative Agent in
accordance with Section 7.1 hereof.

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     Section 5.17 Management. With respect to the management of Borrower and its
                  ----------
properties:

             (a)  Wells Real Estate Investment Trust, Inc. shall remain the sole
general partner of Borrower;

             (b)  Leo F. Wells, III shall remain actively involved in the day to
day management and operation of Borrower and Guarantor; and

             (c)  Borrower shall give immediate notice to Administrative Agent
of any material change in the management or ownership of any Credit Party or any
Subsidiary of a Credit Party.

     Section 5.18 Incorporation of Covenants Benefiting Other Lenders.
                  ---------------------------------------------------
Notwithstanding any term or provision of this Agreement to the contrary,
Borrower hereby represents and warrants to Lenders that the financial covenants
and other performance terms and conditions to which Borrower has agreed in this
Agreement, specifically including without limitation the covenants set forth in
Article 6, are at least as restrictive as those to which Borrower has agreed
with the lenders described in Section 5.15 and any other lender from which
Borrower has borrowed money or otherwise has incurred Indebtedness ("Other
                                                                     -----
Lenders"). Borrower further covenants and agrees that Borrower shall not agree
-------
to more restrictive covenants, terms or conditions with any Other Lender after
the Closing Date unless Administrative Agent is advised of such covenant, term
or condition and, at Required Lenders' option, Lenders are given the benefit of
each such covenant, term and condition offered to each such Other Lender,
commencing no later than the date such terms become effective for such Other
Lender. Without limiting the generality of the foregoing, Borrower covenants and
agrees with Lenders that each covenant or provision for terms more restrictive
than those set forth in this Agreement, including, without limitation, those
contained in Article 6 hereof, made by Borrower to or with any other person or
entity who is or hereafter becomes an Other Lender, at Required Lenders' option,
shall inure to the benefit of Lenders as if made directly to Lenders and be
deemed incorporated in this Agreement. Upon request of Administrative Agent,
Borrower shall provide Administrative Agent with copies of all instruments and
documents entered into with any Other Lender.

     Section 5.19 Additional Credit Parties. If any Person having recourse
                  -------------------------
Indebtedness becomes a Subsidiary or Preferred Stock Subsidiary of any Credit
Party, Borrower shall (a) if such Person is a Domestic Subsidiary of a Credit
Party or a Preferred Stock Subsidiary, cause such Person to execute a Guaranty
Agreement in substantially the same form as Exhibit 5.19 on or before the
                                            ------------
deadline for delivery of the next quarterly Compliance Certificate delivered in
accordance with Section 7.3 of this Agreement, (b) provide Administrative Agent
with notice thereof on a quarterly basis by delivering a Compliance Certificate
and other documentation as required in Section 7.9, and (c) cause such Person to
deliver such other documentation as Administrative Agent may reasonably request
in connection with the foregoing, including, without limitation, certified
resolutions and other organizational and authorizing documents of such Person,
favorable opinions of counsel to such Person (which shall cover, among other

PAGE 48

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things, the legality, validity, binding effect and enforceability of the
documentation referred to above), all in form, content and scope reasonably
satisfactory to Administrative Agent.

                                    ARTICLE 6
                               Financial Covenants

         So long as any of the Obligations are outstanding and unpaid or
Borrower shall have the right to borrow hereunder (whether or not the conditions
to borrowing have been or can be fulfilled) and unless Administrative Agent
shall otherwise consent in writing, Borrower and Guarantor will do all things
necessary to observe and comply with the following financial covenants which
shall be satisfied at all times and reported quarterly in accordance with
Section 7.1 hereof:

         Section 6.1  Covenants of Borrower.
                      ---------------------

                  a. Loan to Value. The ratio (expressed as a percentage) of the
                     -------------
total aggregate outstanding balance of the Loans to the Value of the Collateral
Pool shall not exceed sixty percent (60%) at any time; and if at any time such
loan to value ratio exceeds sixty percent (60%), Borrower shall promptly upon
demand repay the principal amount of the Loans in a sum sufficient to eliminate
such condition.

                  b. Minimum Debt Service Coverage.  Borrower shall maintain a
                     -----------------------------
Debt Service Coverage Ratio of at least 1.4:1.00 at all times, where Debt
Service Coverage Ratio means the ratio of Annualized Net Operating Income to
Annualized Hypothetical Debt Service.

         Section 6.2  Guarantor Covenants.
                      -------------------

                  a. Minimum Net Worth.  Guarantor will maintain a minimum net
                     -----------------
worth (as defined under GAAP) equal to or greater than Two Hundred Fifty Million
Dollars ($250,000,000), as evidenced by Guarantor's forms 10k and 10q filed with
the Securities Exchange Commission, and provided to Administrative Agent in
accordance with Section 7.1 hereof.

                  b. Limitation on Indebtedness.  The ratio of the sum of (i)
                     --------------------------
Guarantor's Indebtedness plus (ii) all contingent liabilities of Guarantor under
                         ----
any Escrow Agreement to Guarantor's net worth shall not exceed at any time
0.5:1.00.

                  c. Interest Coverage.  Guarantor's  ratio of Adjusted Cash
                     -----------------
Flow to Interest Expense shall be least 2.00:1.00 during a trailing twelve (12)
month period at all times.

                  d. Fixed Charge Coverage. Guarantor shall maintain a minimum
                     ---------------------
fixed charge coverage ratio of 1.75:1.00 at all times. This ratio shall be
calculated by dividing Adjusted Cash Flow during a trailing twelve (12) month
period by the sum of (i) Debt Service on Guarantor's Indebtedness during such
trailing twelve (12) month period plus (ii) preferred dividends (if any) paid
                                  ----
during such trailing twelve (12) month period.

PAGE 49

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                                    ARTICLE 7
                              Information Covenants

         So long as any of the Obligations are outstanding and unpaid or
Borrower shall have the right to borrow hereunder (whether or not the conditions
to borrowing have been or can be fulfilled) and unless Administrative Agent
shall otherwise consent in writing, the Credit Parties will furnish or cause to
be furnished to Administrative Agent at Administrative Agent's Office for
distribution to the Lenders:

         Section 7.1  Financial Reports and Information.
                      ---------------------------------

                 (a)   Annual Financial Statements. As soon as available, and in
                       ---------------------------
any event within one hundred twenty (120) days after the close of each fiscal
year of the Consolidated Parties, (i) a consolidated balance sheet and income
statement of the Consolidated Parties, as of the end of such fiscal year,
together with related consolidated statements of operations and retained
earnings and of cash flows for such fiscal year, setting forth in comparative
form consolidated figures for the preceding fiscal year, all such financial
information described above to be in reasonable form and detail and audited by
independent certified public accountants of recognized national standing
reasonably acceptable to Administrative Agent and whose opinion shall be to the
effect that such financial statements have been prepared in accordance with GAAP
(except for changes with which such accountants concur) and shall not be limited
as to the scope of the audit or qualified as to the status of the Consolidated
Parties as a going concern, (ii) a schedule of the Properties identifying each
Property by name and summarizing total revenues, expenses, net operating income,
total square footage and occupancy rates as of the last day of the applicable
fiscal year and (iii) a projection of capital expenditures for the next fiscal
year for each Property of a Consolidated Party.

                 (b)   Quarterly Financial Statements. As soon as available, and
                       ------------------------------
in any event within forty-five (45) days after the close of each fiscal quarter
of the Consolidated Parties (other than the fourth fiscal quarter, in which case
one hundred twenty [120] days after the end thereof), (i) a consolidated balance
sheet and income statement of the Consolidated Parties, as of the end of such
fiscal quarter, together with related consolidated statements of operations and
retained earnings and of cash flows for such fiscal quarter in each case setting
forth in comparative form consolidated figures for the corresponding period of
the preceding fiscal year, all such financial information described above to be
in reasonable form and detail and reasonably acceptable to Administrative Agent,
and accompanied by a certificate of Senior Management of Borrower to the effect
that such quarterly financial statements fairly present in all material respects
the financial condition of the Consolidated Parties and have been prepared in
accordance with GAAP, subject to changes resulting from audit and normal
year-end audit adjustments and the omission of footnotes, and (ii) a schedule of
the Properties identifying each Property by name and summarizing total revenues,
expenses, net operating income, total square footage and occupancy rates as of
the last day of the applicable quarter.

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<PAGE>

                (c)   Income Tax Returns. Copies of filed federal and state
                      ------------------
income tax returns of each Credit Party for each taxable year, within twenty
(20) days after filing but in any event not later than one hundred fifty (150)
days after the close of each such taxable year.

                (d)   Financial Projections. Commencing with the semi-annual
                      ---------------------
period ending as of June 30, 2001, as soon as available, and in any event within
forty-five (45) days after such date and after the end of every other
semi-annual period thereafter (or, in the case of a semi-annual period in which
such reporting is required and which coincides with the end of a fiscal year,
one hundred twenty [120] days), (i) a pro forma balance sheet and income
statement of the Consolidated Parties for each of the eight (8) succeeding
fiscal quarters, together with related pro forma consolidated statements of
operations and retained earnings and of cash flows for each such succeeding
fiscal quarter and (ii) a certificate of Senior Management of Borrower
demonstrating compliance on a pro forma basis for each of the eight (8)
succeeding fiscal quarters with (A) the financial covenants contained in Article
6, and (B) the financial covenants contained in each of the indentures or other
agreements relating to any publicly issued debt securities of any Consolidated
Party, by detailed calculation thereof (which calculations shall be in form
satisfactory to the Administrative Agent and which shall include, among other
things, an explanation of the methodology used in such calculations and a
breakdown of the components of such calculations).

                (e)   Certificate Regarding Equity Issuances. Within one hundred
                      --------------------------------------
twenty (120) days after the end of each fiscal year of Guarantor, a certificate
of Senior Management of Guarantor containing information regarding the amount of
all Equity Issuances that were made during the prior fiscal year.

         Section 7.2  Collateral Records and Financial Reports. Each Credit
                      ----------------------------------------
Party will keep accurate books and records in accordance with sound accounting
principles in which full, true and correct entries shall be promptly made with
respect to its Property and the operation thereof, and will permit all such
books and records to be inspected and copied, and the Collateral to be inspected
and photographed, by Administrative Agent and its representatives during normal
business hours and at any other reasonable times. Without limitation of other or
additional requirements in any of the other Credit Documents, Borrower will
furnish to Administrative Agent for distribution to Lenders current operating
statements itemizing all income and expenses of each Property within the
Collateral Pool for each quarter (and for the fiscal year through the end of
such quarter) as soon as reasonably practicable but in any event within thirty
(30) days after the end of such quarter and for the fiscal year of Borrower
within sixty (60) days after the end thereof including also a projection of such
operations for the next fiscal year. Any inspection or audit of the Property
within the Collateral Pool or the books and records of Borrower with respect
thereto, or the procuring of documents and financial and other information, by
or on behalf of Lender shall be for Lenders' protection only, and shall not
constitute any assumption of responsibility to Borrower or anyone else with
regard to the condition, construction, maintenance or operation of such Property
nor Lenders' approval of any certification given to Administrative Agent for
distribution to Lenders nor relieve Borrower of any of Borrower's obligations.

         Section 7.3  Compliance Certificates. At the time the financial
                      -----------------------
statements are furnished pursuant to Section 7.1, a Compliance Certificate in
the form attached hereto as Exhibit 7.3
                            -----------

PAGE 51

<PAGE>

executed by Senior Management of each Credit Party in form and substance
satisfactory to Administrative Agent:

               (a) setting forth as at the end of such quarter or fiscal year,
as the case may be, the arithmetical calculations required to establish whether
or not Borrower or Guarantor, as applicable, was in compliance with (I) the
requirements of Article 6 hereof, and (II) the financial covenants contained in
each of the indentures or other agreements relating to any publicly issued debt
securities of any Consolidated Party, in each case by detailed calculation
thereof (which calculation shall be in form satisfactory to Administrative Agent
and which shall include, among other things, an explanation of the methodology
used in such calculation and a breakdown of the components of such calculation);

               (b) stating that Borrower or Guarantor, as applicable, is in
compliance with all of the terms of the Credit Documents and such party's
authority and organizational documents;

               (c) stating that no Default or Event of Default under any Credit
Document to which Borrower or Guarantor, as applicable, is a party, has occurred
as at the end of such quarter or year, as the case may be, or, if a Default or
an Event of Default has occurred, disclosing each such Default or Event of
Default and its nature, when it occurred, whether it is continuing and the steps
being taken by Borrower or Guarantor, as applicable, with respect to such
Default or Event of Default; and

               (d) confirming that, as of the date of the Compliance
Certificate, there exist no Subsidiaries that should be, but have not yet been,
joined as Credit Parties in accordance with Section 5.19 and attaching copies of
any Guaranty Agreements executed during the immediately preceding fiscal
quarter.

     Section 7.4 Copies of Other Reports.
                 -----------------------

               (a) Promptly upon receipt thereof, copies of all reports, if any,
submitted to any Credit Party by its independent public accountants regarding
such Credit Party, including, without limitation, any management report prepared
in connection with Guarantor's financial reports.

               (b) From time to time and promptly upon each request, such data,
certificates, reports, statements, opinions of counsel, documents or further
information regarding the business, assets, liabilities, financial position,
projections, results of operations, business prospects of the Credit Parties,
the Collateral, any Non-Collateral Property, or any real property which a Credit
Party proposes to acquire or develop or acquire an interest in, as
Administrative Agent may request.

               (c) As soon as publicly available, but in no event later than the
date such reports are to be filed with the Securities Exchange Commission,
copies of all Form 10Ks, 10Qs, 8Ks, and any other annual, quarterly, monthly or
other reports, copies of all registration

PAGE 52

<PAGE>

statements and any other public information filed with the Securities Exchange
Commission along with all other materials received from S&P, Moodys, or any
other nationally recognized rating agency, if applicable, all financial or
operational information sent to S&P, Moodys, or any other nationally recognized
rating agency, if applicable, and all financial or operational information
distributed to shareholders or limited partners generally by Guarantor,
including a copy of Guarantor's annual report.

               (d)   Promptly upon receipt thereof, any notice of any past,
present or future events, conditions, circumstances, activities, practices,
incidents, actions or plans which, with respect to any Credit Party, may
interfere with or prevent compliance or continued compliance in any material
respect with Environmental Laws, or may give rise to any common law or legal
material liability, or otherwise form the basis of any material claim, action,
demand, suit, proceeding, hearing, study or investigation, based on or related
to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport, or handling, or the emission, discharge, release or threatened
release into the environment, of any pollutant, contaminant, chemical, or
industrial, toxic or hazardous substances or waste.

               (e)   Promptly upon receipt thereof, any notice or claim of any
civil, criminal or administrative action, suit, demand, claim, hearing, notice
or demand letter, notice of violation, investigation, or proceeding pending or
threatened against Borrower relating in any way to Environmental Laws.

               (f)   From time to time promptly after Administrative Agent's
request, such additional information, reports and statements respecting the
business operations and financial condition of each reporting party as
Administrative Agent may reasonably request.

         Section 7.5 Notice of Litigation and Other Matters. Prompt notice of
                     --------------------------------------
any of the following events as to which any Credit Party has received notice or
has otherwise become aware thereof:

               (i)   the commencement of all proceedings and investigations by
or before any governmental body and all actions and proceedings in any court or
before any arbitrator against or, to the extent known to any Credit Party, in
any other way relating adversely and directly to a Credit Party, or which calls
into question the validity of this Agreement or any other Credit Document;

               (ii)  any material adverse change with respect to the business,
assets, liabilities, financial position, or results of operations of any Credit
Party, other than changes in the ordinary course of business which have not had
and are not likely to have a Material Adverse Effect;

               (iii) any Default or default by any Credit Party under any
agreement (other than this Agreement) to which such Credit Party is party or by
which the Collateral is bound or the occurrence of any event which could have a
Material Adverse Effect, giving in each case the details thereof and specifying
the action proposed to be taken with respect thereto; or

PAGE 53

<PAGE>

               (iv)  the occurrence of any event subsequent to the Closing Date
which, if such event had occurred prior to the Closing Date, would have
constituted an exception to the representation and warranty in Section 4.1(1) of
this Agreement.

         Section 7.6 Matters Affecting the Collateral. Copies of all existing
                     --------------------------------
and proposed leases (and amendments thereto), easements, liens and contracts of
sale (whether or not recorded of public record) affecting any item of Collateral
as requested by Administrative Agent.

         Section 7.7 Notices from Borrower Regarding Environmental Matters.
                     -----------------------------------------------------
Written advice to Administrative Agent, promptly after a Credit Party's
knowledge thereof, of (i) any and all enforcement, cleanup, remedial, removal or
other governmental or regulatory actions instituted or threatened, orally or in
writing, pursuant to any of the Environmental Laws affecting any item of
Collateral or any obligation of any Credit Party hereunder including, without
limitation, any notice of inspection, potential liability under CERCLA,
abatement or noncompliance; (ii) all claims made or threatened in writing by any
third party against any Credit Party, any item of Collateral for damages,
contribution, cost recovery compensation, loss or injury resulting from any
Hazardous Materials or asserting or alleging a violation of or liability under
any of the Environmental Laws or under any common law theory of liability
involving environmental or health safety matters; (iii) any Credit Party's
discovery of any occurrence or condition on any item of Collateral or any real
property adjoining or in the vicinity of any item of Collateral which could
subject any Credit Party or any item of Collateral to a claim under any of the
Environmental Laws; (iv) any restrictions imposed or threatened on ownership,
occupancy, transferability or Use of any item of Collateral under any of the
Environmental Laws; or (v) any remedial action taken by any Credit Party with
respect to any Hazardous Materials affecting any item of Collateral. Credit
Parties shall deliver to Administrative Agent any documentation or records in
connection with any of the foregoing matters which Administrative Agent may
reasonably request and which are susceptible of being obtained by any Credit
Party without undue cost or expense.

         Section 7.8 Notices Regarding ERISA Matters. Upon obtaining knowledge
                     -------------------------------
thereof, any Credit Party will give written notice to Administrative Agent
promptly (and in any event within five [5] business days) of: (i) of any event
or condition, including, but not limited to, any Reportable Event, that
constitutes, or might reasonably lead to, an ERISA Event; (ii) with respect to
any Multiemployer Plan, the receipt of notice as prescribed in ERISA or
otherwise of any withdrawal liability assessed against Borrower or any of its
ERISA Affiliates, or of a determination that any Multiemployer Plan is in
reorganization or insolvent (both within the meaning of Title IV of ERISA);
(iii) the failure to make full payment on or before the due date (including
extensions) thereof of all amounts which any Consolidated Party or any ERISA
Affiliate is required to contribute to each Plan pursuant to its terms and as
required to meet the minimum funding standard set forth in ERISA and the Code
with respect thereto; or (iv) any change in the funding status of any Plan,
provided that the foregoing events individually or in combination could
--------
reasonably be expected to have a Material Adverse Effect, together with a
description of any such event or condition or a copy of any such notice and a
statement by Senior Management of Borrower briefly setting forth the details
regarding such event, condition, or notice, and the action, if any, which has
been or is being taken or is proposed to be taken by the Credit Parties with
respect thereto.

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Promptly upon request, the Credit Parties shall furnish Administrative Agent and
the Lenders with such additional information concerning any Plan as may be
reasonably requested, including, but not limited to, copies of each annual
report/return (Form 5500 series), as well as all schedules and attachments
thereto required to be filed with the Department of Labor and/or the Internal
Revenue Service pursuant to ERISA and the Code, respectively, for each "plan
year" (within the meaning of Section 3(39) of ERISA).

         Section 7.9 Other Information. With reasonable promptness upon any such
                     -----------------
request, such other information regarding the business, properties or financial
condition of any Consolidated Party as Administrative Agent or the Required
Lenders through Administrative Agent may reasonably request.

                                    ARTICLE 8
                             Appraisal of Collateral

         Administrative Agent shall have the right from time to time, as
Administrative Agent may reasonably determine to be appropriate, but not more
than one (1) time in any twelve (12) calendar month period unless (i) there has
occurred a Default or Event of Default, (ii) there has occurred a material
adverse change in any Collateral Property or (iii) an appraisal is required by
applicable bank regulations, to appraise or have appraised each item of
Collateral for purposes of determining the Collateral's then current value,
which appraisals shall be subject to review and adjustment by Administrative
Agent and further subject to Administrative Agent's customary requirements and
the requirements of Title XI of the Financial Institutions Reform, Recovery and
Enforcement Act of 1989 (FIRREA) requiring all appraisals to conform with the
Uniform Standards of Professional Appraisal Practice (USPAP) published by the
"The Appraisal Foundation". Credit Parties and Lenders acknowledge that
Administrative Agent may, at Administrative Agent's option, utilize "in-house"
appraisers to conduct the appraisals which may be conducted hereunder. Borrower
shall reimburse Administrative Agent on demand for all of the reasonable costs
and expenses which Administrative Agent shall incur in connection with all
appraisals or reappraisals of each item of Collateral. Borrower's obligation to
make such reimbursement payment to Administrative Agent shall be deemed to
constitute part of the Obligations.

                                    ARTICLE 9
                                     Default

         Section 9.1 Events of Default. Subject to the terms of any provision of
                     -----------------
the Credit Documents regarding notice and right to cure, each of the following
shall constitute an Event of Default, whatever the reason for such event and
whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment or order of any court or any order, rule or
regulation of any governmental or non-governmental body:

                (a)   Failure to Pay Indebtedness. Any of the Indebtedness
                      ---------------------------
evidenced by the Notes and this Agreement is not paid when due, regardless of
how such amount may have

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become due, and such failure is not cured within the applicable grace or cure
period provided for in Section 9.2 of this Agreement.

               (b)   Nonperformance of Covenants. Any covenant, agreement or
                     ---------------------------
condition herein or in any other Credit Document (other than the financial
covenants listed in Section 9.1(t) and covenants otherwise addressed in another
paragraph of this Section, such as covenants to pay the Indebtedness evidenced
by the Notes and this Agreement) is not fully and timely performed, observed or
kept, and such failure is not cured within the applicable grace or cure period
provided for in Section 9.2 of this Agreement.

               (c)   Representations. Any statement, representation or warranty
                     ---------------
in any of the Credit Documents, or in any financial statement or any other
writing heretofore or hereafter delivered to Administrative Agent or any Lender
in connection with this Agreement is false, misleading or erroneous in any
material respect on the date hereof or on the date as of which such statement,
representation or warranty is made.

               (d)   Bankruptcy or Insolvency. A Credit Party or any person
                     ------------------------
liable, directly or indirectly, for any of the Indebtedness evidenced by the
Notes and this Agreement, or any Affiliate or Subsidiary of a Credit Party:

                     (1)   (i) Executes an assignment for the benefit of
creditors, or takes any action in furtherance thereof; or (ii) admits in writing
its inability to pay, or fails to pay, its debts generally as they become due;
or (iii) as a debtor, files a petition, case, proceeding or other action
pursuant to, or voluntarily seeks the benefit or benefits of, Title 11 of the
United States Code as now or hereafter in effect or any other Debtor Relief Law,
or takes any action in furtherance thereof; or (iv) seeks the appointment of a
receiver, trustee, custodian or liquidator of any Collateral or any part thereof
or of any significant portion of its other Property; or

                     (2)   Suffers the filing of a petition, case, proceeding or
other action against it as a debtor under any Debtor Relief Law or seeking
appointment of a receiver, trustee, custodian or liquidator of the Collateral or
any part thereof or of any significant portion of its other Property, and (i)
admits, acquiesces in or fails to contest diligently the material allegations
thereof, or (ii) the petition, case, proceeding or other action results in entry
of any order for relief or order granting relief sought against it, or (iii) in
a proceeding under the Federal Bankruptcy Code, the case is converted from one
chapter to another, or (iv) fails to have the petition, case, proceeding or
other action permanently dismissed or discharged on or before the earlier of
trial thereon or sixty (60) days next following the date of its filing; or

                     (3)   Conceals, removes, or permits to be concealed or
removed, any part of its Property, with intent to hinder, delay or defraud its
creditors or any of them, or makes or suffers a transfer of any of its Property
which may be fraudulent under any bankruptcy, fraudulent conveyance or similar
law; or makes any transfer of its Property to or for the benefit of a creditor
at a time when other creditors similarly situated have not been paid; or suffers
or permits, while insolvent, any creditor to obtain a lien (other than as
described in subparagraph (4) below) upon any of its Property through legal
proceedings which are not vacated and such

PAGE 56

<PAGE>

lien discharged prior to enforcement thereof and in any event within sixty (60)
days from the date thereof; or

                      (4) Fails to have discharged within a period of ten (10)
days any attachment, sequestration, or similar writ levied upon any of its
Property; or

                      (5) Fails to pay immediately any final money judgment
against it.

                  (e) Transfer of any Collateral. There occurs any sale, lease,
                      --------------------------
conveyance, assignment, pledge, encumbrance, or transfer of all or any part of
the Collateral or any interest therein, voluntarily or involuntarily, whether by
operation of law or otherwise, except: (i) sales or transfers of items of the
Accessories (as defined in the Mortgage with respect to such Collateral) which
have become obsolete or worn beyond practical use and which have been replaced
by adequate substitutes, owned by Borrower, having a value equal to or greater
than the replaced items when new; and (ii) the grant, in the ordinary course of
business, of a leasehold interest in a part of the improvements on a Collateral
Pool Property to a tenant for occupancy, not in contravention of any provision
of this Agreement or of any other Credit Document.

                  (f) Transfer of Ownership of Borrower. There occurs any sale,
                      ---------------------------------
pledge, encumbrance, assignment or transfer, voluntarily or involuntarily,
whether by operation of law or otherwise, of any interest in Borrower, directly
or indirectly, without the prior written consent of Lenders, other than transfer
of up to twenty percent (20%) of ownership interests in Borrower provided (i)
Guarantor remains at all times qualified as a real estate investment trust and
in compliance with all applicable provisions of the Code and (ii) Guarantor at
all times controls Borrower and holds not less than eighty percent (80%) of the
legal and beneficial interests in Borrower.

                  (g) Grant of Easement, Etc. Without the prior written consent
                      ----------------------
of Lender, which will not be unreasonably withheld, Borrower grants any easement
or dedication, files any plat, condominium declaration, or restriction, or
otherwise encumbers any Collateral, or seeks or permits any zoning
reclassification or variance, unless such action is expressly permitted by the
Credit Documents or does not affect any Collateral.

                  (h) Abandonment.  The owner of any Collateral abandons all or
                      -----------
any portion of such Collateral.

                  (i) Default Under Other Lien. A default or event of default
                      ------------------------
occurs and is continuing under any lien, security interest or assignment
covering any Collateral or any part thereof (whether or not Lenders have
consented, and without hereby implying Lenders' consent, to any such lien,
security interest or assignment not created hereunder), or the holder of any
such lien, security interest or assignment declares a default or institutes
foreclosure or other proceedings for the enforcement of its remedies thereunder.

                  (j) Intentionally omitted.
                      ---------------------

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<PAGE>

                  (k) Intentionally omitted.
                      ---------------------

                  (l) Liquidation, Etc. There occurs a liquidation, termination,
                      ----------------
dissolution, merger, consolidation or failure to maintain good standing in the
State of Georgia (and any state in which such Collateral is located) of the
owner of any Collateral or any Credit Party.

                  (m) Material, Adverse Change. In Lenders' reasonable opinion,
                      ------------------------
the prospect of payment of all or any part of the Indebtedness evidenced by the
Notes and this Agreement has been impaired because of a material, adverse change
in the financial condition, results of operations, business or properties of any
Credit Party.

                  (n) Enforceability; Priority. Any Credit Document shall for
                      ------------------------
any reason without Lenders' specific written consent cease to be in full force
and effect, or shall be declared null and void or unenforceable in whole or in
part, or the validity or enforceability thereof, in whole or in part, shall be
challenged or denied by any party thereto other than Lenders; or the liens,
interests, security agreements or security interests of Lenders in any of the
Collateral become unenforceable in whole or in part, or cease to be of the
priority herein required, or the validity or enforceability thereof, in whole or
in part, shall be challenged or denied by Borrower or any person obligated to
pay any part of the secured indebtedness.

                  (o) Other Credit Documents. A default or event of default
                      ----------------------
occurs under any Credit Document, other than this Agreement, and the same is not
remedied within the applicable period of grace (if any) provided in such
document.

                  (p) Default Under Interest Rate Protection  Agreement.  A
                      --------------------------------------------------
default or event of default occurs under any Interest Rate Protection Agreement,
or Borrower fails to pay any sum due under any Interest Rate Protection
Agreement when due.

                  (q) Final Judgment. A final judgment (the payment of which is
                      --------------
not covered by insurance) shall be entered by any court against any Credit Party
for the payment of money which exceeds $250,000, or a warrant of attachment or
execution or similar process shall be issued or levied against property of any
Credit Party which exceeds in value $250,000, and if, within thirty (30) days
after the entry, issue or levy thereof, such judgment, warrant or process shall
not have been paid or discharged or stayed pending appeal, or if, after the
expiration of any such stay, such judgment, warrant or process shall not have
been paid or discharged; or

                  (r) Default Under Other Indebtedness. There shall occur any
                      --------------------------------
default under any indenture, agreement or instrument evidencing Indebtedness of
any Credit Party to any Person in an amount in excess of $250,000 which
continues beyond the expiration of any applicable grace or cure period.

                  (s) Default Under Major Lease.  There shall occur a default
                      -------------------------
under any Major Lease (as defined in any Mortgage) which continues beyond the
expiration of any applicable grace or cure period.

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                  (t) Default Under Financial Covenants. A Default occurs
                      ---------------------------------
under any covenant, agreement or condition under Section 5.13, Section 5.14,
Section 5.15, Section 5.16 or Article 6 of this Agreement.

         Section 9.2  Notice and Cure; Remedies. If an Event of Default shall
                      -------------------------
have occurred and shall be continuing unless and until such Event of Default has
been waived by the Required Lenders, the Supermajority Lenders or all of the
Lenders, as applicable (pursuant to the voting requirements of Section 11.14),
or cured to the satisfaction of the Required Lenders, the Supermajority Lenders
or all of the Lenders, as applicable (pursuant to the voting procedures of
Section 11.14), Administrative Agent shall, upon request and direction of
Required Lenders, take any of the following actions:

                 (a)  Lenders agree, by acceptance of this Agreement, that
notwithstanding anything to the contrary contained herein or in any of the other
Credit Documents, upon the occurrence of any default of the type described in
Subparagraphs (a) or (b) of Section 9.1 of this Agreement, Lenders will not
accelerate the maturity of the Notes or the secured indebtedness and will not
exercise any of their other rights and remedies hereunder or under the other
Credit Documents until and unless Administrative Agent has first given notice of
such default to Borrower, in the manner prescribed in Section 11.1 of this
Agreement, and Borrower has failed to cure such default within the following
periods of time:

                      (i)  If such default is a default of the type described in
Subparagraph (a) of Section 9.1 of this Agreement, Borrower shall have a period
of five (5) days from and after the effective date of such notice within which
to cure such default; or

                      (ii) If such default is a default of the type described in
Subparagraph (b) of Section 9.1 of this Agreement, Borrower shall have a period
of thirty (30) days from and after the effective date of such notice within
which to cure such default; provided, however, if such default (other than a
default under Section 5.17) cannot be cured within the thirty (30) day period,
but Borrower has commenced and is diligently pursuing its cure, Borrower shall
have an additional reasonable period to complete such cure not to exceed, in any
event, ninety (90) days from the occurrence of such default.

After the occurrence of three (3) such defaults, and the giving of notice
thereof by Administrative Agent, Administrative Agent shall not be obligated to
give to Borrower any further notice of default or opportunity to cure the same.
The agreements set forth in this Section 9.2(a) do not and shall not be deemed
to prevent or prohibit Lenders from terminating Lenders' Commitment to make
Loans hereunder, following the occurrence of a default, until and unless such
default shall have been cured.

If Lenders shall fail to give such notice and right to cure to Borrower as
provided herein, the sole and exclusive remedy of Borrower for such failure
shall be to seek appropriate equitable relief to enforce the agreement to give
such notice and right to cure and to have any acceleration of the maturity of
the Notes and the secured indebtedness postponed or revoked and foreclosure or
other proceedings in connection therewith delayed or terminated pending or upon
the curing of

PAGE 59

<PAGE>

such default in the manner and during the period of time permitted by such
agreement, and Borrower shall have no right to damages or any other type of
relief not herein specifically set out against any Lender, all of which damages
or other relief are hereby waived by Borrower. Nothing herein or in any of the
other Credit Documents shall operate or be construed to add on or make
cumulative any cure or grace periods specified in any of the Credit Documents.

                      (b) Upon the occurrence and continuance of an Event of
Default specified in Section 9.1(d), such principal, interest and other amounts
shall thereupon and concurrently therewith become due and payable and Lenders'
Commitment to make Loans hereunder shall forthwith terminate, all without any
action by Administrative Agent, Lenders or the holders of the Notes and without
presentment, demand, protest or other notice of any kind, all of which are
expressly waived, anything in this Agreement or in the Notes to the contrary
notwithstanding.

                      (c) With the exception of an Event of Default specified in
Section 9.1(d), and after expiration of any notice and cure periods to which
Borrower is entitled pursuant to Subsection (a) of this Section 9.2, Lenders
shall, at Lenders' sole option, have the right to (i) terminate the Commitment
to lend hereunder or (ii) declare the principal of and interest on the Loans and
the Notes and all other amounts owed under this Agreement or the Notes to be
forthwith due and payable without presentment, demand, protest or notice of any
kind, all of which are hereby expressly waived, anything in this Agreement or in
the Notes to the contrary notwithstanding, or both.

                      (d) Administrative Agent shall exercise all of the
post-default rights granted under the Credit Documents or under Applicable Law.

                      (e) The rights and remedies of Administrative Agent
hereunder shall be cumulative, and not exclusive.

                                   ARTICLE 10
                                Agency Provisions

         Section 10.1 Appointment, Powers and Immunities.  Each Lender hereby
                      ----------------------------------
irrevocably appoints and authorizes Administrative Agent to act as its
Administrative Agent under this Agreement and the other Credit Documents with
such powers and discretion as are specifically delegated to Administrative Agent
by the terms of this Agreement and the other Credit Documents, together with
such other powers as are reasonably incidental thereto. Administrative Agent
(which term as used in this sentence and in Section 10.5 and the first sentence
of Section 10.6 hereof shall include its Affiliates and its own and its
Affiliates' officers, directors, employees, and agents): (a) shall not have any
duties or responsibilities except those expressly set forth in this Agreement
and shall not be a trustee or fiduciary for any Lender; (b) shall not be
responsible to the Lenders for any recital, statement, representation, or
warranty (whether written or oral) made in or in connection with any Credit
Document or any certificate or other document referred to or provided for in, or
received by any of them under, any Credit Document, or for the value, validity,
effectiveness, genuineness, enforceability, or sufficiency of any Credit
Document, or any other document referred to or provided for therein or for any
failure by any Credit Party or

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any other Person to perform any of its obligations thereunder; (c) shall not be
responsible for or have any duty to ascertain, inquire into, or verify the
performance or observance of any covenants or agreements by any Credit Party or
the satisfaction of any condition or to inspect the property (including the
books and records) of any Credit Party or any of its Subsidiaries or Affiliates;
(d) shall not be required to initiate or conduct any litigation or collection
proceedings under any Credit Document; and (e) shall not be responsible for any
action taken or omitted to be taken by it under or in connection with any Credit
Document, except for its own gross negligence or willful misconduct.
Administrative Agent may employ agents and attorneys-in-fact and shall not be
responsible for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care.

         Section 10.2 Reliance by Administrative Agent. Administrative Agent
                      --------------------------------
shall be entitled to rely upon any certification, notice, instrument, writing,
or other communication (including, without limitation, any thereof by telephone
or telecopy) believed by it to be genuine and correct and to have been signed,
sent or made by or on behalf of the proper Person or Persons, and upon advice
and statements of legal counsel (including counsel for any Credit Party),
independent accountants, and other experts selected by Administrative Agent.
Administrative Agent may deem and treat the payee of any Note as the holder
thereof for all purposes hereof unless and until Administrative Agent receives
and accepts an Assignment and Acceptance executed in accordance with Section
11.5(b) hereof. As to any matters not expressly provided for by this Agreement,
Administrative Agent shall not be required to exercise any discretion or take
any action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the instructions of
the Required Lenders, and such instructions shall be binding on all of the
Lenders; provided, however, that Administrative Agent shall not be required to
         --------  -------
take any action that exposes Administrative Agent to personal liability or that
is contrary to any Credit Document or applicable law or unless it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and
expense which may be incurred by it by reason of taking any such action.

         Section 10.3 Defaults. Administrative Agent shall not be deemed to have
                      --------
knowledge or notice of the occurrence of a Default or Event of Default (except
for the non-payment of interest, principal and any fees payable under the Loan)
unless Administrative Agent has received written notice from a Lender or one of
the Credit Parties specifying such Default or Event of Default and stating that
such notice is a "Notice of Default". In the event that Administrative Agent
receives such a notice of the occurrence of a Default or Event of Default,
Administrative Agent shall give prompt notice thereof to Lenders. Administrative
Agent shall (subject to Section 10.2 hereof) take such action with respect to
such Default or Event of Default as shall reasonably be directed by the Required
Lenders, provided that, unless and until Administrative Agent shall have
         -------- ----
received such directions, Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interest of
the Lenders.

         Section 10.4 Rights as a Lender. With respect to its Commitment and the
                      ------------------
Loans made by it, Bank of America, N.A. (and any successor acting as
Administrative Agent) in its capacity as a Lender hereunder shall have the same
rights and powers hereunder as any other Lender and

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may exercise the same as though it were not acting as Administrative Agent, and
the term "Lender" or "Lenders" shall, unless the context otherwise indicates,
include Administrative Agent in its individual capacity. Bank of America, N.A.
(and any successor acting as Administrative Agent) and its Affiliates may
(without having to account therefor to any Lender) accept deposits from, lend
money to, make investments in, provide services to, and generally engage in any
kind of lending, trust, or other business with any Credit Party or any of its
Subsidiaries or Affiliates as if it were not acting as Administrative Agent, and
Bank of America, N.A. (and any successor acting as Administrative Agent) and its
Affiliates may accept fees and other consideration from any Credit Party or any
of its Subsidiaries or Affiliates for services in connection with this Agreement
or otherwise without having to account for the same to Lenders.

         Section 10.5 Indemnification. Lenders agree to indemnify the
                      ---------------
Administrative Agent only in its capacity as Administrative Agent (to the extent
not reimbursed under Section 11.5 hereof, but without limiting the obligations
of Borrower under such Section) ratably in accordance with their respective
Commitments, for any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses (including attorneys'
fees), or disbursements of any kind and nature whatsoever that may be imposed
on, incurred by or asserted against Administrative Agent (including by any
Lender) in any way relating to or arising out of any Credit Document or the
transactions contemplated thereby or any action taken or omitted by
Administrative Agent under any Credit Document; provided that no Lender shall be
                                                --------
liable for any of the foregoing to the extent they arise from the gross
negligence or willful misconduct of the Person to be indemnified. Without
limitation of the foregoing, each Lender agrees to reimburse Administrative
Agent promptly upon demand for its ratable share of any costs or expenses
payable by Borrower under Section 11.5, to the extent that Administrative Agent
is not promptly reimbursed for such costs and expenses by Borrower. The
agreements in this Section 10.5 shall survive the repayment of the Loans and
other obligations under the Credit Documents and the termination of the
Commitments hereunder.

         Section 10.6 Non-Reliance on Administrative Agent and Other Lenders.
                      ------------------------------------------------------
Each Lender agrees that it has, independently and without reliance on
Administrative Agent or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own credit analysis of the
Credit Parties and their Subsidiaries and decision to enter into this Agreement
and that it will, independently and without reliance upon Administrative Agent
or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own analysis and decisions in
taking or not taking action under the Credit Documents. Except for notices,
reports, and other documents and information expressly required to be furnished
to Lenders by Administrative Agent hereunder, Administrative Agent shall not
have any duty or responsibility to provide any Lender with any credit or other
information concerning the affairs, financial condition, or business of any
Credit Party or any of its Subsidiaries or Affiliates that may come into the
possession of Administrative Agent or any of its Affiliates.

         Section 10.7 Successor Administrative Agent. Administrative Agent may
                      ------------------------------
resign at any time by giving thirty (30) days written notice thereof to the
Lenders and Borrower. Administrative Agent may be removed at any time for cause
by a majority of the Lenders,

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provided that Borrower and the other Lenders shall be promptly notified thereof.
Upon any such resignation or removal, the Required Lenders shall have the right
to appoint a successor Administrative Agent with the consent of Borrower, such
consent not to be unreasonably withheld or delayed; provided, however, that
Borrower shall have no right to consent to such appointment to the extent an
Event of Default is continuing at the time of such appointment. If no successor
Administrative Agent shall have been so appointed by the Required Lenders and
shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent's giving of notice of resignation or notice of removal by a
majority of the Lenders, then the retiring Administrative Agent may, on behalf
of the Lenders, appoint a successor Administrative Agent which shall be a
commercial bank organized or licensed under the laws of the United States of
America having combined capital and surplus of at least $100,000,000. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor,
such successor shall thereupon succeed to and become vested with all the rights,
powers, discretion, privileges, and duties of the retiring Administrative Agent,
and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. After any retiring Administrative Agent's resignation or
removal hereunder as Administrative Agent, the provisions of this Article 10
shall continue in effect for its benefit in respect of any actions taken or
omitted to be taken by it while it was acting as Administrative Agent.

         Section  10.8 Minimum Commitments by Agent.  Subsequent  to the
                       ----------------------------
Closing Date, Bank of America, N.A. agrees to maintain a Commitment in the
amount equal to or greater than $25,000,000 for so long as (i) no Event of
Default has occurred and is continuing and (ii) Bank of America, N.A. remains as
Administrative Agent; provided that Bank of America, N.A. may participate or
                      --------
assign any of such amount to a Federal Reserve Bank or a majority owned
subsidiary of Bank of America, N.A.

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                                   ARTICLE 11
                                  Miscellaneous

          Section 11.1  Notices. All notices, requests, consents, demands and
                        -------
other communications required or which any party desires to give hereunder or
under any other Credit Document shall be in writing and, unless otherwise
specifically provided in such other Credit Document, shall be deemed
sufficiently given or furnished if delivered by personal delivery, by courier,
or by registered or certified United States mail, postage prepaid, addressed to
the party to whom directed at the address, in the case of Borrower, Guarantor
and Administrative Agent, set forth below, and in the case of Lenders, set forth
on Schedule 2.1 (unless changed by similar notice in writing given by the
   ------------
particular party whose address is to be changed) or by facsimile. Any such
notice or communication shall be deemed to have been given and to be effective
either at the time of personal delivery or, in the case of courier or mail, as
of the date of first attempted delivery at the address and in the manner
provided herein, or, in the case of facsimile, when transmitted (as evidence by
written confirmation and provided a hard copy thereof is delivered by another
means as herein provided). Notwithstanding the foregoing, no notice of change of
address shall be effective except upon receipt. This Section shall not be
construed in any way to affect or impair any waiver of notice or demand provided
in any Credit Document or to require giving of notice or demand to or upon any
person in any situation or for any reason.

All notices and other communications to Administrative Agent shall be given at
the following address:

                            Bank of America, N.A.
                            Real Estate Banking Group
                            Bank of America Plaza, Sixth Floor
                            600 Peachtree Street, N.E.
                            Atlanta, Georgia 30308
                            Attn.: Gerald R. Massey, Jr.
                            Facsimile: (404) 607-4145

All notices and other communications to Borrower shall be given at the following
address:

                            Wells Operating Partnership, L.P.
                            6200 The Corners Parkway, Suite 250
                            Norcross, Georgia 30092

All notices and other communications to Guarantor shall be given at the
following address:

                            Wells Real Estate Investment Trust, Inc.
                            c/o 6200 The Corners Parkway, Suite 250
                            Norcross, Georgia 30092

Any party hereto may change the address to which notices shall be directed under
this Section 11.1 by giving ten (10) days' written notice of such change to the
other party.

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          Section 11.2  Fees and Expenses. To the extent not prohibited by
                        -----------------
applicable law, Borrower will promptly pay, and will reimburse to Administrative
Agent and Lenders on demand to the extent paid by Administrative Agent or any
Lender:

                 (a)   all fees and expenses of Administrative Agent in
connection with the preparation, negotiation, syndication, execution and
delivery of this Agreement and the other Credit Documents, and the transactions
contemplated hereunder and thereunder and the making of any Loan hereunder,
including, but not limited to, recording fees, title insurance premiums,
environmental consulting fees, surveyors' fees and the fees and disbursements of
counsel for Administrative Agent;

                 (b)   all fees and expenses incurred by Administrative Agent in
connection with the appraisal of each item of Collateral;

                 (c)   all out-of-pocket expenses of Administrative Agent in
connection with the administration of the transactions contemplated in this
Agreement or the other Credit Documents, the preparation, negotiation, execution
and delivery of any waiver, amendment or consent by Administrative Agent or
Lenders relating to this Agreement or the other Credit Documents, including, but
not limited to, the fees and disbursements of counsel for Administrative Agent;
and all costs and expenses, including reasonable attorneys' fees and expenses,
incurred or expended in connection with the exercise of any right or remedy, or
the enforcement of any obligation of Borrower, hereunder or under any other
Credit Document;

                 (d)   all taxes, assessments, general or special, and other
charges levied on, or assessed, placed or made against any of the Collateral,
the Notes or the Obligations;

                 (e)   all out-of-pocket costs and expenses of any
restructuring, refinancing or "work out" of the transactions contemplated by
this Agreement, and of obtaining performance under this Agreement or the other
Credit Documents, and all out-of-pocket costs and expenses of collection if
default is made in the payment of the Note, which in each case shall include
those reasonable fees and out-of-pocket expenses of counsel for Administrative
Agent, and the reasonable fees and out-of-pocket expenses of any experts,
agents, or consultants of Administrative Agent, actually incurred; and

                 (f)   all appraisal fees, filing and recording fees, taxes,
brokerage fees and commissions, abstract fees, title search or examination fees,
title policy and endorsement premiums and fees, uniform commercial code search
fees, escrow fees, reasonable attorneys' fees, architect fees, construction
consultant fees, environmental inspection fees, survey fees, and all other
out-of-pocket costs and expenses of every character incurred by Borrower or
Administrative Agent or any Lender in connection with the preparation of the
Credit Documents, and any and all amendments and supplements to this Agreement
or any other Credit Documents or any approval, consent, waiver, release or other
matter requested or required hereunder or thereunder, or otherwise attributable
or chargeable to Borrower as owner of the Property.

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          Section 11.3  Waivers. The rights and remedies of Administrative Agent
                        -------
and Lenders under this Agreement and the other Credit Documents shall be
cumulative and not exclusive of any rights or remedies which they would
otherwise have. No failure or delay by Administrative Agent or any Lender in
exercising any right shall operate as a waiver of such right. Lenders expressly
reserve the right to require strict compliance with the terms of this Agreement
in connection with any funding of a request for a Loan. In the event Lenders
decide to fund a Loan at a time when Borrower is not in strict compliance with
the terms of this Agreement, such decision by Lenders shall not be deemed to
constitute an undertaking by Lenders to fund any further requests for Loans or
preclude Lenders from exercising any rights available to Lenders under the
Credit Documents or at law or equity. Any waiver or indulgence granted by
Lenders shall not constitute a modification of this Agreement, except to the
extent expressly provided in such waiver or indulgence, or constitute a course
of dealing by Administrative Agent or Lenders at variance with the terms of this
Agreement such as to require further notice by Administrative Agent of Lenders'
intent to require strict adherence to the terms of this Agreement in the future.
Any such actions shall not in any way affect the ability of Lenders, in Lenders'
discretion, to exercise any rights available to Lenders under this Agreement or
under any other agreement, whether or not any Lender is a party, relating to
Borrower.

          Section 11.4  Set-Off. In addition to any rights now or hereafter
                        -------
granted under Applicable Law and not by way of limitation of any such rights,
upon the occurrence of an Event of Default and during the continuation thereof,
subject to the written consent of all Lenders, each Lender and any subsequent
holder of the Notes is hereby authorized by Borrower at any time or from time to
time, without notice to Borrower or to any other Person, any such notice being
hereby expressly waived, to set off and to appropriate and to apply any and all
deposits (general or special, time or demand, including, but not limited to,
Indebtedness evidenced by certificates of deposit, in each case whether matured
or unmatured) and any other Indebtedness at any time held or owing by such
Lender or such holder to or for the credit or the account of Borrower, against
and on account of the obligations and liabilities of Borrower, to such Lender or
such holder under this Agreement, the Notes and any other Credit Document,
including, but not limited to, all claims of any nature or description arising
out of or connected with this Agreement, the Notes or any other Credit Document,
irrespective of whether or not (a) Lenders or the holder of the Notes shall have
made any demand hereunder or (b) Lenders shall have declared the principal of
and interest on the Loans and Notes and other amounts due hereunder to be due
and payable as permitted by Section 9.2 and although said obligations and
liabilities or any of them, shall be contingent or unmatured. Any sums obtained
by any Lender or by any subsequent holder of the Notes shall be subject to the
application of payments provisions of Article 2 hereof.

          Section 11.5  Benefit of Agreement; Assignments.
                        ---------------------------------

                 (a)   This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the respective successors and assigns of the
parties hereto; provided that none of the Credit Parties may assign or transfer
                --------
any of its interests and obligations without prior written consent of
Administrative Agent and, unless an Event of Default has occurred and is
continuing at the time any assignment is effected, Borrower, which consent shall
not be unreasonably withheld;

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provided further that the rights of each Lender to transfer, assign or grant
-------- -------
participations in its rights and/or obligations hereunder shall be limited as
set forth in this Section 11.5.

               (b)  Each Lender may assign to one or more Eligible Assignees all
or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Loans, its Notes, and its
Commitment); provided, however, that
             --------  -------

                    (i)   each such assignment shall be to an Eligible Assignee;

                    (ii)  except in the case of an assignment to another Lender
or an assignment of all of a Lender's rights and obligations under this
Agreement, any such partial assignment shall be in an amount at least equal to
$10,000,000 (or, if less, the remaining amount of the Commitment being assigned
by such Lender) or an integral multiple of $1,000,000 in excess thereof
(provided that such assigning Lender must, at the time of such partial
assignment, retain a Commitment in an amount at least equal to $10,000,000);

                    (iii) each such assignment by a Lender shall be of a
constant, and not varying, percentage of all of its rights and obligations under
this Agreement and the Notes; and

                    (iv)  the parties to such assignment shall execute and
deliver to Administrative Agent for its acceptance an Assignment and Acceptance
in the form of Exhibit 11.5(b) hereto, together with any Note subject to such
               ---------------
assignment and a processing fee of $2,500.

Upon execution, delivery, and acceptance of such Assignment and Acceptance, the
assignee thereunder shall be a party hereto and, to the extent of such
assignment, have the obligations, rights, and benefits of a Lender hereunder and
the assigning Lender shall, to the extent of such assignment, relinquish its
rights and be released from its obligations under this Agreement. Upon the
consummation of any assignment pursuant to this Section 11.5(b), the assignor,
Administrative Agent and Borrower shall make appropriate arrangements so that,
if required, new Notes are issued to the assignor and the assignee. If the
assignee is not incorporated under the laws of the United States of America or a
state thereof, it shall deliver to Borrower and Administrative Agent
certification as to exemption from deduction or withholding of Taxes in
accordance with Section 2.18.

               (c)  Administrative Agent shall maintain at its address referred
to in Section 11.1 a copy of each Assignment and Acceptance delivered to and
accepted by it and a register for the recordation of the names and addresses of
Lenders and the Commitment of, and principal amount of the Loans owing to, each
Lender from time to time (the "Register"). The entries in the Register shall be
                               --------
conclusive and binding for all purposes, absent manifest error, and Borrower,
Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by Borrower or any
Lender at any reasonable time and from time to time upon reasonable prior
notice.

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               (d)  Upon its receipt of an Assignment and Acceptance executed by
the parties thereto, together with any Note subject to such assignment and
payment of the processing fee, Administrative Agent shall, if such Assignment
and Acceptance has been completed and is in substantially the form of Exhibit
                                                                      -------
11.5(b) hereto, (i) accept such Assignment and Acceptance, (ii) record the
-------
information contained therein in the Register and (iii) give prompt notice
thereof to the parties thereto.

               (e)  Each Lender may sell participations (each in an amount at
least equal to $10,000,000 or an integral multiple of $1,000,000 in excess
thereof) to one or more Persons (which may include other Lenders or an affiliate
of a Lender but shall exclude Credit Parties and any affiliate of any Credit
Party) in all or a portion of its rights, obligations or rights and obligations
under this Agreement (including all or a portion of its Commitment or its
Loans); provided, however, that (i) such Lender's obligations under this
        --------  -------
Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations,
(iii) the participant shall be entitled to the benefit of the yield protection
provisions contained in Sections 2.14 through 2.19, inclusive, and the right of
set-off contained in Section 11.4, and (iv) Borrower shall continue to deal
solely and directly with such Lender in connection with such Lender's rights and
obligations under this Agreement, and such Lender shall retain the sole right to
enforce the obligations of Borrower relating to its Loans and its Notes and to
approve any amendment, modification, or waiver of any provision of this
Agreement (other than amendments, modifications, or waivers decreasing the
amount of principal of or the rate at which interest is payable on such Loans or
Notes, extending any scheduled principal payment date or date fixed for the
payment of interest on such Loans or Notes, or extending its Commitment).

               (f)  Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time assign and pledge all or any portion of
its Loans and its Notes to any Federal Reserve Bank as collateral security
pursuant to Regulation A and any Operating Circular issued by such Federal
Reserve Bank. No such assignment shall release the assigning Lender from its
obligations hereunder.

               (g)  Any Lender may furnish any information concerning Borrower
or any of its Subsidiaries in the possession of such Lender from time to time to
assignees and participants (including prospective assignees and participants),
subject, however, to the provisions of Section 11.15 hereof.

     Section 11.6  Counterparts. This Agreement may be executed in any number of
                   ------------
counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument.

     Section 11.7  Governing Law; Submission to Jurisdiction; Venue.
                   ------------------------------------------------

               (a)  THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND
CONSTRUED AND INTERPRETED IN ACCORDANCE

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WITH THE LAWS OF THE STATE OF GEORGIA. Any legal action or proceeding with
respect to this Agreement or any other Credit Document may be brought in the
courts of the State of Georgia in Fulton County, or of the United States for the
Northern District of Georgia, and, by execution and delivery of this Agreement,
each of the Credit Parties hereby irrevocably accepts for itself and in respect
of its property, generally and unconditionally, the nonexclusive jurisdiction of
such courts. Each of the Credit Parties further irrevocably consents to the
service of process out of any of the aforementioned courts in any such action or
proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to it at the address set out for notices pursuant to Section
11.1, such service to become effective three (3) days after such mailing.
Nothing herein shall affect the right of Administrative Agent or any Lender to
serve process in any other manner permitted by law or to commence legal
proceedings or to otherwise proceed against any Credit Party in any other
jurisdiction.

               (b)  Each of the Credit Parties hereby irrevocably waives any
objection which it may now or hereafter have to the laying of venue of any of
the aforesaid actions or proceedings arising out of or in connection with this
Agreement or any other Credit Document brought in the courts referred to in
subsection (a) above and hereby further irrevocably waives and agrees not to
plead or claim in any such court that any such action or proceeding brought in
any such court has been brought in an inconvenient forum.

               (c)  TO THE EXTENT PERMITTED BY LAW, EACH OF ADMINISTRATIVE
AGENT, LENDERS, BORROWER AND ANY OTHER CREDIT PARTIES HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF OR RELATING TO THIS AGREEMENT, ANY OF THE OTHER CREDIT DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

     Section 11.8  Severability. Any provision of this Agreement which is
                   ------------
prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof in that jurisdiction or affecting the validity or enforceability of such
provision in any other jurisdiction.

     Section 11.9  Headings. Headings used in this Agreement are for convenience
                   --------
only and shall not be used in connection with the interpretation of any
provision hereof.

     Section 11.10 Interest. In no event shall the amount of interest due or
                   --------
payable hereunder or under the Notes exceed the maximum rate of interest allowed
by Applicable Law, and in the event any such payment is inadvertently made by
Borrower or inadvertently received by Administrative Agent or any Lender, then
such excess sum shall be credited as a payment of principal, unless Borrower
shall notify Administrative Agent in writing that it elects to have such excess
sum returned forthwith. It is the express intent hereof that Borrower not pay
and Administrative Agent and Lenders not receive, directly or indirectly in any
manner whatsoever, interest in excess of that which may legally be paid by
Borrower under Applicable Law.

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<PAGE>

         Section 11.11 Entire Agreement. Except as otherwise expressly provided
                       ----------------
herein, this Agreement and the other documents described or contemplated herein
embody the entire Agreement and understanding among the parties hereto and
thereto and supersede all prior agreements, understandings, and conversations
relating to the subject matter hereof and thereof. Borrower represents and
warrants to Administrative Agent that it has read the provisions of this Section
and discussed the provisions of this Section and the rest of this Agreement with
counsel for Borrower, and Borrower acknowledges and agrees that Administrative
Agent is expressly relying upon such representations and warranties of Borrower
(as well as the other representations and warranties of Borrower set forth in
Article 4 hereof) in entering into this Agreement.

         Section 11.12 Amendment and Restatement. This Agreement amends and
                       -------------------------
restates that certain Amended and Restated Revolving Loan Agreement dated as of
January 31, 2001 among Borrower, Guarantor and Administrative Agent in its
capacity as lender, and is intended to supersede and replace the prior
agreement.

         Section 11.13 Other Relationships. No relationship created hereunder or
                       -------------------
under any other Credit Document shall in any way affect the ability of
Administrative Agent to enter into or maintain business relationships with
Borrower, or any of its Affiliates, beyond the relationships specifically
contemplated by this Agreement and the other Credit Documents.

         Section 11.14 Amendment, Waivers and Consents. Neither this Agreement
                       -------------------------------
nor any other Credit Document nor any of the terms hereof or thereof may be
amended, changed, waived, discharged or terminated unless such amendment,
change, waiver, discharge or termination is in writing entered into by, or
approved in writing by, Required Lenders and Borrower, provided, however, that:
                                                       --------  -------

                (a)   without the consent of each Lender affected thereby,
neither this Agreement nor any of the other Credit Documents may be amended,
supplemented or modified to:

                      (i)    extend the final maturity of any Loan,

                      (ii)   reduce the rate or extend the time of payment of
interest (other than as a result of waiving the applicability of any
post-default increase in interest rates) thereon or Fees hereunder,

                      (iii)  reduce or waive the principal amount of any Loan,

                      (iv)   increase the Committed Amount or the Commitment of
a Lender over the amount thereof in effect (it being understood and agreed that
a waiver of any Default or Event of Default or mandatory reduction in the
Commitments shall not constitute a change in the terms of any Commitment of any
Lender),

                      (v)    release (i) Borrower, or (ii) Guarantor or any
other Credit Party, from its or their obligations under the Credit Documents, or
modify the Guaranty Agreement,

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<PAGE>

                           (vi)     amend, modify or waive any provision of this
Section 11.14,

                           (vii)    reduce any percentage specified in, or
otherwise modify, the definition of Required Lenders and Supermajority Lenders;

                           (viii)   consent to the  assignment  or transfer by
any Borrower (or another Credit Party) of any of its rights and obligations
under (or in respect of) the Credit Documents except as permitted thereby, or

                           (ix)     consent to the addition of Collateral to the
Collateral Pool;

                  (b)      without the consent of the Supermajority Lenders, no
provision of Section 6.1(a), Section 6.2(a) or Section 6.2(b) or the definitions
utilized therein may be amended, modified, supplemented or deleted; and

                  (c)      without the consent of Administrative Agent, no
provision of Section 10 may be amended, modified, supplemented or deleted.

Notwithstanding the fact that the consent of all the Lenders is required in
certain circumstances as set forth above, (x) each Lender is entitled to vote as
such Lender sees fit on any bankruptcy reorganization plan that affects the
Loans, and each Lender acknowledges that the provisions of Section 1126(c) of
the Bankruptcy Code supersedes the unanimous consent provisions set forth herein
and (y) Required Lenders may consent to allow a Credit Party to use cash
collateral in the context of a bankruptcy or insolvency proceeding.

         Section 11.15 Confidentiality. Administrative Agent and each Lender
                       ---------------
(each, a "Lending Party") agrees to keep confidential any information furnished
          -------------
or made available to it by Borrower and Guarantor pursuant to this Agreement
that is marked confidential; provided that nothing herein shall prevent any
                             --------
Lending Party from disclosing such information (a) to any other Lending Party or
any Affiliate of any Lending Party, or any officer, director, employee, agent,
or advisor of any Lending Party or Affiliate of any Lending Party, (b) to any
other Person if reasonably incidental to the administration of the credit
facility provided herein, (c) as required by any law, rule, or regulation, (d)
upon the order of any court or administrative agency, (e) upon the request or
demand of any regulatory agency or authority, (f) that is or becomes available
to the public or that is or becomes available to any Lending Party other than as
a result of a disclosure by any Lending Party prohibited by this Agreement, (g)
in connection with any litigation to which such Lending Party or any of its
Affiliates may be a party as necessary to fully assert its claims or to defend
itself with respect to such litigation or as otherwise required in connection
with any other litigation to which such Lending Party or any of its Affiliates
may be a party, (h) to the extent necessary in connection with the exercise of
any remedy under this Agreement or any other Credit Document, and (i) subject to
provisions substantially similar to those contained in this Section 11.15, to
any actual or proposed participant or assignee.

PAGE 71

<PAGE>

         Section 11.16 Conflict. To the extent that there is a conflict or
                       --------
inconsistency between any provision hereof, on the one hand, and any provision
of any Credit Document, on the other hand, this Agreement shall control.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

PAGE 72

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused it to be executed under seal by their duly authorized officers, all as of
the day and year first above written.

BORROWER:                     WELLS OPERATING PARTNERSHIP, L.P.,
                              a Delaware limited partnership

                              By:      Wells Real Estate Investment Trust, Inc.,
                                       a Maryland corporation,
                                       General Partner

                                       By:/s/ Leo F. Wells
                                          --------------------------
                                          Name: Leo F. Wells, III
                                                --------------------
                                          Title: President
                                                --------------------

                                               [CORPORATE SEAL]

GUARANTOR:                    WELLS REAL ESTATE INVESTMENT TRUST, INC.,
                              a Maryland corporation, General Partner

                              By:/s/ Leo F. Wells
                                 -----------------------------------
                              Name: Leo F. Wells, III
                                   ---------------------------------
                              Title: President
                                    --------------------------------
                              [CORPORATE SEAL]

                       [SIGNATURES CONTINUED ON NEXT PAGE]

PAGE 73

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

LENDERS:       BANK OF AMERICA, N.A., a national banking association,
               individually in its capacity as a Lender and in its capacity as
               Administrative Agent

               By: /s/ Gerald R Massey, JR.
                  -----------------------------------
               Name: GERALD R. MASSEY, JR.
                    ---------------------------------
               Title: SENIOR VICE PRESIDENT
                     --------------------------------

                                   [BANK SEAL]

                       [SIGNATURES CONTINUED ON NEXT PAGE]

PAGE 74

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                    GUARANTY BANK,
                                    a national banking association

                                    By: /s/ Richard V. Thompson
                                        -------------------------
                                    Name: Richard V. Thompson
                                          -----------------------
                                    Title: Senior Vice President
                                           ----------------------

                                               [BANK SEAL]

                       [SIGNATURES CONTINUED ON NEXT PAGE]

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<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                    WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                    individually in its capacity as a Lender

                                    By: /s/ Samuel Wammock
                                       --------------------------
                                    Name: Samuel Wammock
                                         ------------------------
                                    Title: Vice President
                                          -----------------------

                                               [BANK SEAL]

PAGE 76

<PAGE>

                                 SCHEDULE 1.1(a)
                                 ---------------

                     ACQUISITION COST OF EXISTING COLLATERAL

California Property                                          $18,400,000

Illinois Property                                            $16,900,000

New Jersey Property                                          $35,100,000

Pennsylvania Property                                        $9,825,000

Michigan Property                                            $18,710,000

Minnesota Property                                           $52,800,000

SCHEDULE 1.1 (a)

<PAGE>

                                  SCHEDULE 2.1
                                  ------------

                                     LENDERS

LENDER:                                                   COMMITMENT PERCENTAGE:
------                                                    ---------------------

Bank of America, N.A.
Real Estate Banking Group
Bank of America Plaza - Sixth Floor
600 Peachtree Street, N.E.                                     41.1764706%
Atlanta, Georgia  30308
Facsimile No.:  404-607-4145

Guaranty Bank
833 Douglas Avenue
Suite 1000
Dallas, Texas  75225                                           29.4117647%
Facsimile No.:  214-360-1661

Wells Fargo Bank, National Association
2859 Paces Ferry Road
Suite 1805
Atlanta, Georgia  30339                                        29.4117647%
Facsimile No.:  770-435-2262

SCHEDULE 2.1<PAGE>

                                  EXHIBIT 10.24

                          CONSTRUCTION LOAN AGREEMENT

<PAGE>

                           CONSTRUCTION LOAN AGREEMENT
                           ---------------------------
                                  (Syndication)

     THIS CONSTRUCTION LOAN AGREEMENT ("Agreement") is made by and among each
                                        ---------
lender from time to time a party hereto (individually, a "Lender" and
                                                          ------
collectively, the "Lenders"), and BANK OF AMERICA, N.A., a national banking
                   -------
association as Administrative Agent, and WELLS OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership ("Borrower"), who agree as follows:
                               --------

                              ARTICLE 1 - THE LOAN

     1.1 General Information and Exhibits. This Agreement includes the Exhibits
         --------------------------------
listed below which are marked by an "X", all of which Exhibits are attached
hereto and made a part hereof for all purposes. Borrower and Lenders agree that
if any Exhibit to be attached to this Agreement contains blanks, the same shall
be completed correctly and in accordance with this Agreement prior to or at the
time of the execution and delivery thereof.

       X      Exhibit "A"   -  Legal Description of the Land
     ------
       X      Exhibit "B"   -  Basic Information
     ------
       X      Exhibit "C"   -  Certain Conditions Precedent to the First Advance
     ------
       X      Exhibit "D"   -  Budget
     ------
       X      Exhibit "E"   -  Plans
     ------
       X      Exhibit "F"   -  Advances
     ------
       X      Exhibit "F-1" -  Draw Request
     ------
       X      Exhibit "G"   -  Survey Requirements
     ------
              Exhibit "H"   -  Permanent Loan
     ------
       X      Exhibit "I"   -  Leasing and Tenant Matters
     ------
       X      Exhibit "J"   -  List of Required Bonds
     ------
              Exhibit "K"   -  Letters of Credit
     ------
       X      Exhibit "L"   -  Assignment and Acceptance
     ------
       X      Exhibit "M"   -  Promissory Note
     ------
       X      Exhibit "N"   -  Schedule of Lenders
     ------

The Exhibits contain other terms, provisions and conditions applicable to the
Loan. Capitalized terms used in this Agreement shall have the meanings assigned
to them in the Basic Information set forth in Exhibit "B" (the "Basic
                                              -----------       -----
Information"). This Agreement and the other Loan Documents, which must be in
-----------
form, detail and substance satisfactory to Lenders, evidence the agreements of
Borrower and Lenders with respect to the Loan. Borrower shall comply with all of
the Loan Documents.

     1.2 Purpose. The proceeds of the Loan shall be used by Borrower to pay (i)
         -------
the cost of the construction of the Improvements on the Land and (ii) other
fees, costs and expenses relating to the Property if and to the extent that such
costs are specifically provided for in the Loan Allocation column in the Budget.

     1.3 Commitment to Lend. Borrower agrees to borrow from each Lender, and
         ------------------
each Lender severally agrees to make advances of its Pro Rata Share of the Loan
proceeds to Borrower in amounts

PAGE 1

<PAGE>

at any one time outstanding not to exceed such Lender's Pro Rata Share of the
Loan and (except for Administrative Agent with respect to Administrative Agent
Advances), on the terms and subject to the conditions set forth in this
Agreement and Exhibit "C" and Exhibit "F" attached to this Agreement. Lender's
              -----------     ----------
commitment to lend shall expire and terminate (a) automatically on the Advance
Termination Date; (b) automatically if the Loan is prepaid in full; and (c)
automatically upon the occurrence of a Default. The Loan is not revolving. Any
amount repaid may not be reborrowed.

     1.4 Budget. Loan funds are allocated to payment of the costs of the Project
         ------
shown in the "Loan Allocation" column of the Budget attached to this Agreement
as Exhibit "D". Borrower shall not amend the Budget, or otherwise reallocate
   ----------
Loan funds from one Budget line item to another, without the prior written
approval of Administrative Agent in its sole discretion. The Budget has been
prepared by Borrower, and Borrower represents to Administrative Agent and
Lenders that the Budget includes all costs incident to the Loan and the Project
through the maturity date of the Loan (collectively, the "Aggregate Cost") after
                                                          --------------
taking into account the requirements of this Agreement, including "hard" and
"soft" costs, fees and expenses. Unless approved by Administrative Agent in its
sole discretion, no advance shall be made (a) for any cost not set forth in the
Budget, (b) from any line item in the Budget that, when added to all prior
advances from that line item, would exceed the lesser of (i) the actual cost
incurred by Borrower for such line item, or (ii) the sum shown in the "Loan
Allocation" column in the Budget for such line item, (c) from any contingency
line item, or (d) to pay interest on the Loan after commencement of operations
in the Improvements if and to the extent that, subject to the provisions of
Exhibit "I", there is sufficient net operating income from the Property to pay
-----------
such interest. Advances from any line item in the Budget for purposes other than
those for which amounts are initially allocated to such line item, or changes in
the relative amounts allocated to particular line items in the Budget may only
be made as Administrative Agent in its sole discretion deems necessary or
advisable.

     1.5 Borrower's Deposit. If at any time Administrative Agent determines that
         ------------------
the sum of: (i) any unadvanced portion of the Loan to which Borrower is
entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by
Borrower from other funds that, to Administrative Agent's satisfaction, are
available, set aside and committed, is or will be insufficient to pay the actual
unpaid Aggregate Cost, Borrower shall, within seven (7) days after written
notice from Administrative Agent, deposit with Administrative Agent the amount
of the deficiency ("Borrower's Deposit") in an interest-bearing account of
                    ------------------
Administrative Agent's selection with interest earned thereon to be part of
Borrower's Deposit. Such Borrower's Deposit is hereby pledged to Administrative
Agent and Lenders as additional security for the Loan, and Borrower hereby
grants and conveys to Administrative Agent for the ratable benefit of
Administrative Agent and Lenders a security interest in all funds so deposited
with Administrative Agent, as additional security for the Loan. Administrative
Agent may advance all or a portion of the Borrower's Deposit prior to the Loan
proceeds. Administrative Agent may (but shall have no obligation to) apply all
or any part of Borrower's Deposit against the unpaid Indebtedness in such order
as Administrative Agent determines.

     1.6 Evidence of Debt. Amounts of the Loan made by each Lender shall be
         ----------------
evidenced by one or more accounts or records maintained by such Lender and by
the Administrative Agent in the ordinary course of business. The accounts or
records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Loan made by the Lenders
to the Borrower and the interest and payments thereon. Any failure so to record
or any error in doing so shall not, however, limit or otherwise affect the
obligation of the Borrower hereunder to

PAGE 2

<PAGE>

pay any amount owing with respect to the Loans. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and
records of the Administrative Agent in respect of such matters, the accounts and
records of Administrative Agent shall control. Each Lender may attach schedules
to its Note(s) and endorse thereon the date, amount and maturity of the
applicable Note and payments with respect thereto.

     1.7  Interest Rates.
          --------------

          (a) The unpaid principal balance of this Loan from day to day
outstanding which is not past due, shall bear interest at a fluctuating rate of
interest equal to the lesser of (I) the maximum non-usurious rate of interest
allowed by applicable law or (II) the LIBOR Daily Rate plus two hundred (200)
basis points per annum. The "LIBOR Daily Rate" shall mean a fluctuating rate of
                             ----------------
interest equal to the one month rate of interest (rounded upwards, if necessary
to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor
page) as the one month London interbank offered rate for deposits in U.S.
Dollars at approximately 11:00 a.m. (London time) on the second preceding
Business Day, as adjusted from time to time in Lender's sole discretion for then
applicable reserve requirements, deposit insurance assessment rates and other
regulatory costs. If for any reason such rate is not available, the term "LIBOR
                                                                          -----
Daily Rate" shall mean the fluctuating rate of interest equal to the one month
----------
rate of interest (rounded upwards, if necessary to the nearest 1/100 of 1%)
appearing on Reuters Screen LIBO Page as the one month London interbank offered
rate for deposits in U.S. Dollars at approximately 11:00 a.m. (London time) on
the second preceding Business Day, as adjusted from time to time in
Administrative Agent's sole discretion for then applicable reserve requirements,
deposit insurance assessment rates and other regulatory costs; provided,
however, if more than one rate is specified on Reuters Screen LIBO Page, the
applicable rate shall be the arithmetic mean of all such rates. "Telerate Page
                                                                 -------------
3750" means the British Bankers Association Libor Rates (determined as of 11:00
----
a.m. London time) that are published by Bridge Information Systems, Inc.
Interest shall be computed for the actual number of days which have elapsed, on
the basis of a 360-day year.

          (b) If Administrative Agent determines that no adequate basis exists
for determining the LIBOR Daily Rate or that the LIBOR Daily Rate will not
adequately and fairly reflect the cost to Lenders of funding the Loan, or that
any applicable law or regulation or compliance therewith by any Lender prohibits
or restricts or makes impossible the charging of interest based on the LIBOR
Daily Rate and such Lender so notifies Administrative Agent and Borrower, then
until Administrative Agent notifies Borrower that the circumstances giving rise
to such suspension no longer exist, interest shall accrue and be payable on the
unpaid principal balance of this Loan from the date Administrative Agent so
notifies Borrower until the Maturity Date of this Loan (whether by acceleration,
declaration, extension or otherwise) at a fluctuating rate of interest equal to
the Prime Rate of Administrative Agent. Each Lender agrees to designate a
different Lending Office if such designation will avoid the need for such notice
and will not, in the good faith judgment of such Lender, otherwise be materially
disadvantageous to such Lender. Each time the Prime Rate changes, the per annum
rate of interest on this Loan shall change immediately and contemporaneously
with such change in the Prime Rate. If Administrative Agent (including any
subsequent Administrative Agent) ceases to exist or to establish or publish a
prime rate which the Prime Rate is then determined, the applicable variable rate
from which the Prime Rate is determined thereafter shall be instead the prime
rate reported in The Wall Street Journal (or the average prime

PAGE 3

<PAGE>

rate if a high and a low prime rate are therein reported), and the Prime Rate
shall change without notice with each change in such prime rate as of the date
such change is reported.

          1.7.1 Past Due Rate. Any principal of, and to the extent permitted by
                -------------
applicable law, any interest on this Loan, and any other sum payable hereunder,
which is not paid when due shall bear interest, from the date due and payable
until paid, payable on demand, at a rate per annum (the "Past Due Rate") equal
                                                         -------------
to the lesser of (I) the maximum non-usurious rate of interest allowed by
applicable law or (II) the LIBOR Daily Rate plus six hundred (600) basis points.

     1.8  Prepayment. Borrower may prepay the principal balance of this Loan, in
          ----------
full at any time or in part from time to time, without fee, premium or penalty,
provided that: (a) no prepayment may be made which in Administrative Agent's
judgment would contravene or prejudice funding under any applicable Permanent
Loan Commitment or Tri-party Agreement or the like; (b) Administrative Agent
shall have actually received from Borrower prior written notice of (i)
Borrower's intent to prepay, (ii) the amount of principal which will be prepaid
(the "Prepaid Principal"), and (iii) the date on which the prepayment will be
      -----------------
made; (c) each prepayment shall be in a Minimum Amount multiple of $1,000
(unless the prepayment retires the outstanding balance of this Loan in full);
and (d) each prepayment shall be in the amount of 100% of the Prepaid Principal,
plus accrued unpaid interest thereon to the date of prepayment, plus any other
sums which have become due to Administrative Agent and Lenders under the Loan
Documents on or before the date of prepayment but have not been paid. If this
Loan is prepaid in full, any commitment of Lenders for further advances shall
automatically terminate.

     1.9  Consequential Loss. Within fifteen (15) days after request by any
          ------------------
Lender (or at the time of any prepayment), Borrower shall pay to such Lender
such amount or amounts as will compensate such Lender for any loss, cost,
expense, penalty, claim or liability, including any loss incurred in obtaining,
prepaying, liquidating or employing deposits or other funds from third parties
and any loss of revenue, profit or yield, as determined by such Lender in its
judgment reasonably exercised (together, "Consequential Loss") incurred by such
                                          ------------------
Lender with respect to any LIBOR Rate, including any LIBOR Rate Election or
LIBOR Rate Principal as a result of: (a) the failure of Borrower to make
payments on the date specified under this Agreement or in any notice from
Borrower to Administrative Agent; (b) the failure of Borrower to borrow,
continue or convert into LIBOR Rate Principal on the date or in the amount
specified in a notice given by Borrower to Administrative Agent pursuant to this
Agreement or the Loan Agreement; (c) the early termination of any Interest
Period for any reason; or (d) the payment or prepayment of any amount on a date
other than the date such amount is required or permitted to be paid or prepaid,
whether voluntarily or by reason of acceleration, including, but not limited to,
acceleration upon any transfer or conveyance of any right, title or interest in
the Property giving Administrative Agent on behalf of Lenders the right to
accelerate the maturity of the Loan as provided in the Deed of Trust. The
foregoing notwithstanding, the amounts of the Consequential Loss shall never be
less than zero or greater than is permitted by applicable law. If any
Consequential Loss will be due, the Lender shall deliver to Borrower a notice as
to the amount of the Consequential Loss, which notice shall be conclusive in the
absence of manifest error. Neither Administrative Agent nor the Lenders shall
have any obligation to purchase, sell and/or match funds in connection with the
funding or maintaining of the Loan or any portion thereof. The obligations of
Borrower under this Section shall survive any termination of the Loan Documents
and payment of this Loan and shall not be waived by any delay by Administrative
Agent or Lenders in seeking such compensation.

PAGE 4

<PAGE>

     1.10 Late Charge. If Borrower shall fail to make any payment due hereunder
          -----------
or under the terms of any Note within fifteen (15) days after the date such
payment is due, Borrower shall pay to the applicable Lender or Lenders on demand
a late charge equal to four percent (4%) of such payment. Such fifteen (15) day
period shall not be construed as in any way extending the due date of any
payment. The "late charge" is imposed for the purpose of defraying the expenses
of a Lender incident to handling such defaulting payment. This charge shall be
in addition to, and not in lieu of, any other remedy Lenders may have and is in
addition to any fees and charges of any agents or attorneys which Administrative
Agent or Lenders may employ upon the occurrence of a Default, whether authorized
herein or by law.

     1.11 Taxes.
          -----

          (a) Any and all payments by Borrower to or for the account of
Administrative Agent or any Lender under any Loan Document shall be made free
and clear of and without deduction for any and all present or future taxes,
duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges, and all liabilities with respect thereto, excluding, in the case of
                                                   ---------
Administrative Agent and any Lender, taxes imposed on or measured by its net
income, and franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the Laws of which
Administrative Agent or such Lender, as the case may be, is organized or
maintains a lending office (all such non-excluded taxes, duties, levies,
imposts, deductions, assessments, fees, withholdings or similar charges, and
liabilities being hereinafter referred to as "Taxes"). If Borrower shall be
                                              -----
required by any Laws to deduct any Taxes from or in respect of any sum payable
under any Loan Document to Administrative Agent or any Lender, (i) the sum
payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under
this Section), Administrative Agent and such Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) Borrower
shall make such deductions, (iii) Borrower shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable
Laws, and (iv) within 30 days after the date of such payment, Borrower shall
furnish to Administrative Agent (which shall forward the same to such Lender)
the original or a certified copy of a receipt evidencing payment thereof.

          (b) In addition, Borrower agrees to pay any and all present or future
stamp, court or documentary taxes and any other excise or property taxes or
charges or similar levies which arise from any payment made under any Loan
Document or from the execution, delivery, performance, enforcement or
registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as "Other Taxes").
                -----------

          (c) If Borrower shall be required by the Laws of any jurisdiction
outside the United States to deduct any Taxes from or in respect of any sum
payable under any Loan Document to Administrative Agent or any Lender, Borrower
shall also pay to Administrative Agent (for the account of such Lender) or to
such Lender, at the time interest is paid, such additional amount that such
Lender specifies as necessary to preserve the after-tax yield (after factoring
in United States (federal and state) taxes imposed on or measured by net income)
the Lender would have received if such deductions (including deductions
applicable to additional sums payable under this Section) had not been made.

PAGE 5

<PAGE>

              (d)  Borrower agrees to indemnify Administrative Agent and each
Lender for the full amount of Taxes and Other Taxes (including any Taxes or
Other Taxes imposed or asserted by any jurisdiction on amounts payable under
this Section) paid by Administrative Agent and such Lender and any liability
(including penalties, interest and expenses) arising therefrom or with respect
thereto, in each case whether or not such Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Tribunal. Payment under this
subsection (d) shall be made within 30 days after the date the Lender or the
Administrative Agent makes a demand therefor.

              (e)  Without prejudice to the survival of any other agreement
of Borrower hereunder, the agreements and obligations of Borrower contained in
this Section shall survive the termination of the Commitments and the payment in
     -------
full of all the other Obligations.

         1.12 Payment Schedule and Maturity Date. The entire principal balance
              ----------------------------------
of the Loan then unpaid and all accrued interest then unpaid shall be due and
payable in full on the Maturity Date. Accrued unpaid interest shall be due and
payable on the first (1st) day of the calendar month after the date of this
Agreement and on the same day of each succeeding calendar month thereafter until
all principal and accrued interest owing on this Loan shall have been fully paid
and satisfied.

         1.13 Advances and Payments.
              ---------------------

              (a)  Following receipt of a Draw Request, Administrative Agent
shall promptly provide each Lender with a copy of the Draw Request Form in the
form of Exhibit "F-1", the related AIA Document G-702 and G-703, the related
        ------------
written certification by Borrower's Architect and if available the related
written certification of the Construction Consultant. Administrative Agent shall
notify each Lender telephonically (with confirmation by facsimile) or by
facsimile (with confirmation by telephone) not later than 1:00 p.m.
Administrative Agent's Time two (2) Business Days prior to the advance Funding
Date for LIBOR Rate Principal advances, and one (1) Business Day prior to the
advance Funding Date for all other advances, of its Pro Rata Share of the Amount
Administrative Agent has determined shall be advanced in connection therewith
("Advance Amount"). In the case of an advance of the Loan, each Lender shall
  --------------
make the funds for its Pro Rata Share of the Advance Amount available to
Administrative Agent not later than 11:00 a.m. Administrative Agent's Time on
the Funding Date thereof. After Administrative Agent's receipt of the Advance
Amount from Lenders, Administrative Agent shall make proceeds of the Loan in an
amount equal to the Advance Amount (or, if less, such portion of the Advance
Amount that shall have been paid to Administrative Agent by Lenders in
accordance with the terms hereof) available to Borrowers on the applicable
Funding Date by advancing such funds to Borrowers in accordance with the
provisions of Exhibit "F".
              -----------

              (b)  All payments by Borrower shall be made without condition or
deduction for any counterclaim, defense, recoupment or setoff. Except as
otherwise expressly provided herein, all payments by Borrower hereunder shall be
made to Administrative Agent not later than 12:00 p.m. Administrative Agent's
Time on the date specified herein. Administrative Agent shall promptly
distribute to each Lender, such funds as it may be entitled to receive
hereunder.

              (c)  Except as otherwise provided herein, all payments by
Borrower or any Lender shall be made to Administrative Agent at Administrative
Agent's Office not later than the time for such type of payment specified in
this Agreement. All payments received after such time

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shall be deemed received on the next succeeding Business Day. All payments shall
be made in immediately available funds in lawful money of the United States of
America.

                  (d) Upon satisfaction of any applicable terms and conditions
set forth herein, Administrative Agent shall promptly make any amounts received
in accordance with the prior subsection available in like funds received as
follows: (i) if payable to Borrower, in accordance with Exhibit "F", except as
                                                        -----------
otherwise specified herein, and (ii) if payable to any Lender, by wire transfer
to such Lender at the address specified in the Schedule of Lenders.

                  (e) Unless Borrower or any Lender has notified Administrative
Agent prior to the date any payment is required to be made by it to
Administrative Agent, that Borrower or such Lender, as the case may be, will not
make such payment, Administrative Agent may assume that Borrower or such Lender,
as the case may be, has timely made such payment and may (but shall not be
required to do so) in reliance thereon, make available a corresponding amount to
the person or entity entitled thereto. If and to the extent that such payment
was not in fact made to Administrative Agent in immediately available funds,
then:

                      (i)  if Borrower failed to make such payment, each Lender
         shall forthwith on demand repay to Administrative Agent the portion of
         such assumed payment that was made available to such Lender in
         immediately available funds, together with interest thereon in respect
         of each day from and including the date such amount was made available
         by Administrative Agent to such Lender to the date such amount is
         repaid to Administrative Agent in immediately available funds at the
         Federal Funds Rate from time to time in effect; and

                      (ii) if any Lender failed to make such payment, such
         Lender or, if applicable, Electing Lender or Lenders shall forthwith on
         demand pay to Administrative Agent the amount thereof in immediately
         available funds, together with interest thereon for the period from the
         date amount was made available by Administrative Agent to Borrower to
         the date such amount is recovered by Administrative Agent (the
         "Compensation Period") at a rate per annum equal to the interest rate
          -------------------
         applicable to such amount under the Loan. If such Lender pays such
         amount to Administrative Agent, then such amount shall constitute such
         Lender's Pro Rata Share, included in the applicable Loan advance. If
         such Lender does not pay such amount forthwith upon Administrative
         Agent's demand therefor, Administrative Agent may make a demand
         therefor upon Borrower, and the Borrower shall pay such amount to
         Administrative Agent, together with interest thereon for the
         Compensation Period at a rate per annum equal to the rate of interest
         applicable to such amount under the Loan. Nothing herein shall be
         deemed to relieve any Lender from its obligation to fulfill its
         Commitment or to prejudice any rights which Administrative Agent or
         Borrower may have against any Lender as a result of any default by such
         Lender hereunder.

A notice of the Administrative Agent to any Lender with respect to any amount
owing under this subsection shall be conclusive, absent manifest error.

                  (f) If any Lender makes available to the Administrative Agent
funds for any Loan advance to be made by such Lender as provided in the
foregoing provisions of this Section, and the funds are not advanced to Borrower
or otherwise used to satisfy any Obligations of Lender

PAGE 7

<PAGE>

hereunder, the Administrative Agent shall return such funds (in like funds as
received from such Lender) to such Lender, without interest, within two (2)
business days.

                  (g) Nothing herein shall be deemed to obligate any Lender to
obtain the funds for any Loan advance in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain
the funds for any Loan advance in any particular place or manner.

         1.14.    Administrative Agent Advances.
                  -----------------------------

                  (a) Administrative Agent is hereby authorized by Borrower and
Lenders, from time to time, in Administrative Agent's sole discretion, (i) after
the occurrence of a Default (but without constituting a waiver of such Default),
(ii) at any time that any of the other applicable conditions precedent set forth
in Exhibit "C" and Exhibit "F" to the making of advances have been satisfied to
   -----------     -----------
the extent required by Administrative Agent, or (iii) after acquisition of all
or a portion of the Loan collateral by foreclosure or deed in lieu of
foreclosure, to make advances of the Loan to Borrowers or otherwise expend funds
on behalf of Lenders which Administrative Agent, in its reasonable business
judgment, deems necessary or desirable (x) to preserve or protect the Loan
collateral (including those with respect to property taxes, insurance premiums,
completion of construction, operation, management, improvements, maintenance,
repair, sale and disposition), or any portion thereof, or (y) to pay any costs,
fees and expenses as described in Section 6.10 herein (any of the advances
                                  ------------
described in this Section being herein referred to as "Administrative Agent
                                                       --------------------
Advances"). Notwithstanding anything herein to the contrary, advances for the
--------
completion of the construction, operation, management, improvements,
maintenance, repair, sale and disposition shall only be considered protective
advances as described in this paragraph in the event that such advances do not
exceed the sum of One Million Dollars ($1,000,000) in the cumulative. In the
event that such advances exceed One Million Dollars ($1,000,000) any further
advances shall require the prior consent of the Required Lenders.

                  (b) Administrative Agent Advances shall constitute obligatory
advances of Lenders under this Agreement, shall be repayable on demand and
secured by the Loan collateral, and shall bear interest at the rate applicable
to such amount under the Loan or otherwise at the Prime Rate. Administrative
Agent shall notify each Lender in writing of each Administrative Agent Advance.
Upon receipt of notice from Administrative Agent of its making of an
Administrative Agent Advance, each Lender shall make the amount of such Lender's
Pro Rata Share of the outstanding principal amount of the Administrative Agent
Advance available to Administrative Agent, in same day funds, to such account of
Administrative Agent as Administrative Agent may designate, (i) on or before
3:00 p.m. (Administrative Agent's Time) on the day Administrative Agent provides
Lenders with notice of the making of such Administrative Agent Advance if
Administrative Agent provides such notice on or before 12:00 p.m.
(Administrative Agent's Time), or (ii) on or before 12:00 p.m. on the Business
Day immediately following the day Administrative Agent provides Lenders with
notice of the making of such advance if Administrative Agent provides notice
after 12:00 p.m. (Administrative Agent's Time).

         1.15     Defaulting Lender.
                  -----------------

                  1.15.1 Notice and Cure of Lender Default; Election Period;
                         ---------------------------------------------------
Electing Lenders. Administrative Agent shall notify (such notice being referred
-----------------
to as the "Default Notice") Borrower
           --------------

PAGE 8

<PAGE>

(for Loan advances) and each non-Defaulting Lender if any Lender is a Defaulting
Lender. Each non-Defaulting Lender shall have the right, but in no event or
under any circumstance the obligation, to fund such Defaulting Lender Amount,
provided that, within twenty (20) days of the date of the Default Notice (the
"Election Period"), such non-Defaulting Lender or Lenders (each such Lender, an
 ---------------
"Electing Lender") irrevocably commit(s) by notice in writing (an "Election
 ---------------                                                   --------
Notice") to Administrative Agent, the other Lenders and Borrower to fund the
------
Defaulting Lender Amount. If Administrative Agent receives more than one
Election Notice within the Election Period, then the commitment to fund the
Defaulting Lender Amount shall be apportioned pro rata among the Electing
Lenders in the proportion that the amount of each such Electing Lender's
Commitment bears to the total Commitments of all Electing Lenders. If the
Defaulting Lender fails to pay the Defaulting Lender Payment Amount within the
Election Period, the Electing Lender or Lenders, as applicable, shall be
automatically obligated to fund the Defaulting Lender Amount (and Defaulting
Lender shall no longer be entitled to fund such Defaulting Lender Amount) within
three (3) Business Days after such notice to Administrative Agent for
reimbursement to Administrative Agent or payment to Borrower as applicable.
Notwithstanding anything to the contrary contained herein, if Administrative
Agent has funded the Defaulting Lender Amount, Administrative Agent shall be
entitled to reimbursement for its portion of the Defaulting Lender Payment
Amount pursuant to Section 5.11.
                   ------------

                  1.15.2 Removal of Rights; Indemnity. Administrative Agent
                         ----------------------------
shall not be obligated to transfer to a Defaulting Lender any payments made by
or on behalf of Borrower to Administrative Agent for the Defaulting Lender's
benefit; nor shall a Defaulting Lender be entitled to the sharing of any
payments hereunder or under any Note until all Defaulting Lender Payment Amounts
are paid in full. Administrative Agent shall hold all such payments received or
retained by it for the account of such Defaulting Lender; Amounts payable to a
Defaulting Lender shall be paid by Administrative Agent to reimburse
Administrative Agent and any Electing Lender pro rata for all Funds Defaulting
Lender Payment Amounts. Solely for the purposes of voting or consenting to
matters with respect to the Loan Documents, a Defaulting Lender shall be deemed
not to be a "Lender" and such Defaulting Lender's Commitment shall be deemed to
be zero. A Defaulting Lender shall have no right to participate in any
discussions among and/or decisions by Lenders hereunder and/or under the other
Loan Documents. Further, any Defaulting Lender shall be bound by any amendment
to, or waiver of, any provision of, or any action taken or omitted to be taken
by Administrative Agent and/or the non-Defaulting Lenders under, any Loan
Document which is made subsequent to the Defaulting Lender's becoming a
Defaulting Lender. This Section shall remain effective with respect to a
Defaulting Lender until such time as the Defaulting Lender shall no longer be in
default of any of its obligations under this Agreement by curing such default by
payment of all Defaulting Lender Payment Amounts (i) within the Election Period,
or (ii) after the Election Period with the consent of the non-Defaulting
Lenders. Such Defaulting Lender nonetheless shall be bound by any amendment to
or waiver of any provision of, or any action taken or omitted to be taken by
Administrative Agent and/or the non-Defaulting Lenders under any Loan Document
which is made subsequent to that Lender's becoming a Defaulting Lender and prior
to such cure or waiver. The operation of this Section shall not be construed to
increase or otherwise affect the Commitment of any non-Defaulting Lender, or
relieve or excuse the performance by Borrower of their duties and obligations
hereunder or under any of the other Loan Documents. Furthermore, nothing
contained in this Section shall release or in any way limit a Defaulting
Lender's obligations as a Lender hereunder and/or under any other of the Loan
Documents. Further, a Defaulting Lender shall indemnify and hold harmless
Administrative Agent and each of the non-Defaulting Lenders from any claim,
loss, or costs incurred

PAGE 9

<PAGE>

by Administrative Agent and/or the non-Defaulting Lenders as a result of a
Defaulting Lender's failure to comply with the requirements of this Agreement,
including, without limitation, any and all additional losses, damages, costs and
expenses (including, without limitation, attorneys' fees) incurred by
Administrative Agent and any non-Defaulting Lender as a result of and/or in
connection with (i) a non-Defaulting Lender's acting as an Electing Lender, (ii)
any enforcement action brought by Administrative Agent against a Defaulting
Lender, and (iii) any action brought against Administrative Agent and/or
Lenders. The indemnification provided above shall survive any termination of
this Agreement.

                  1.15.3 Commitment Adjustments. In connection with the
                         ----------------------
adjustment of the amounts of the Loan Commitments of the Defaulting Lender and
Electing Lender(s) upon the expiration of the Election Period as aforesaid,
Borrower, Administrative Agent and Lenders shall execute such modifications to
the Loan Documents as shall, in the reasonable judgment of Administrative Agent,
be necessary or desirable in connection with the adjustment of the amounts of
Commitments in accordance with the foregoing provisions of this Section. For the
purpose of voting or consenting to matters with respect to the Loan Documents
such modifications shall also reflect the removal of voting rights of the
Defaulting Lender and increase in voting rights of Electing Lenders to the
extent an Electing Lender has funded the Defaulting Lender Amount. In connection
with such adjustments, Defaulting Lenders shall execute and deliver an
Assignment and Acceptance covering that Lender's Commitment and otherwise comply
with Section 6.5. If a Lender refuses to execute and deliver such Assignment and
     ------------
Acceptance or otherwise comply with Section 6.5, such Lender hereby appoints
                                    -----------
Administrative Agent to do so on such Lender's behalf. Administrative Agent
shall distribute an amended Schedule of Lenders, which shall thereafter be
incorporated into this Agreement, to reflect such adjustments. However, all such
Defaulting Lender Amounts funded by Administrative Agent or Electing Lenders
shall continue to be Defaulting Lender Amounts of the Defaulting Lender pursuant
to its obligations under this Agreement.

                  1.15.4 No Election. In the event that no Lender elects to
                         -----------
commit to fund the Defaulting Lender Amount within the Election Period,
Administrative Agent shall, upon the expiration of the Election Period, so
notify Borrower and each Lender.

         1.16 Several Obligations; No Liability, No Release. Notwithstanding
              ---------------------------------------------
that certain of the Loan Documents now or hereafter may have been or will be
executed only by or in favor of Administrative Agent in its capacity as such,
and not by or in favor of Lenders, any and all obligations on the part of
Administrative Agent (if any) to make any advances of the Loan or reimbursements
for other Payment Amounts shall constitute the several (and not joint)
obligations of the respective Lenders on a ratable basis, according to their
respective Pro Rata Shares. Except as may be specifically provided in this
Agreement, no Lenders shall have any liability for the acts of any other
Lenders. No Lenders shall be responsible to Borrower or any other person for any
failure by any other Lenders to fulfill its obligations to made advances of the
Loan or reimbursements for other Payment Amounts, nor to take any other action
on its behalf hereunder or in connection with the financing contemplated herein.
The failure of any Lender to pay to Administrative Agent its Pro Rata Share of a
Payment Amount shall not relieve any other Lender of any obligation hereunder to
pay to Administrative Agent its Pro Rata Share of such Payment Amounts as and
when required herein, but no Lender shall be responsible for the failure of any
other Lender to so fund its Pro Rata Share of the Payment Amount. In furtherance
of the foregoing, Lenders shall comply with their obligation to pay
Administrative Agent their Pro Rata Share of such Payment Amounts regardless of

PAGE 10

<PAGE>

(i) the occurrence of any Default hereunder or under any Loan Document; (ii) a
default by Borrowers under the Permanent Loan Commitment, if applicable, (iii)
any failure of consideration, absence of consideration, misrepresentation,
fraud, or any other event, failure, deficiency, breach or irregularity of any
nature whatsoever in the Loan Documents; (iv) any bankruptcy, insolvency or
other like event with regard to any Borrower; Permanent Lender, if any, or
Guarantor. The obligation of Lenders to pay to such Payment Amounts are in all
regards independent of any claims between Administrative Agent and any Lender.

                 ARTICLE 2 - ADDITIONAL COVENANTS AND AGREEMENTS

     2.1  Construction of the Improvements. Borrower shall commence construction
          --------------------------------
of the Improvements on or before the Construction Commencement Date, and shall
prosecute the construction of the Improvements with diligence and continuity, in
a good and workmanlike manner, and in accordance with sound building and
engineering practices, all applicable laws and governmental requirements, the
Plans and the Loan Documents. Borrower shall not permit cessation of work for a
period in excess of ten (10) days (whether or not consecutive), except for
Excusable Delays. Borrower shall complete construction of the Improvements free
and clear of all liens (except liens created by the Loan Documents), and shall
obtain a certificate of occupancy and all other permits, licenses and approvals
from all applicable governmental authorities required for the occupancy, use and
operation of the Improvements, in each case satisfactory to Administrative
Agent, on or before the Completion Date. Borrower shall promptly correct (a) any
material defect in the Improvements, (b) any material departure from the Plans,
law or governmental requirements, or (c) any encroachment by any Improvements or
structure on any building setback line, easement, property line or restricted
area.

     2.2  Plans and Changes. No construction shall be undertaken on the Land
          -----------------
except as shown in the Plans. Borrower assumes full responsibility for ensuring
that the Plans contain all necessary detail and are adequate for construction of
the Improvements, and for the compliance of the Plans and the Property with all
laws, restrictive covenants, governmental requirements and sound building and
engineering practices. No plans or specifications, or any changes thereto, shall
be included as part of the Plans until approved by Administrative Agent,
Construction Consultant, Nissan, the Foundations, the Association, Developer, as
defined in the Development Agreement and to the extent required thereby, all
applicable governmental authorities, and all other parties required under the
Loan Documents. Without Administrative Agent's prior written consent, Borrower
shall not change or modify the Plans, agree to any change order, or allow any
extras to any contractor or any subcontractor, except that Borrower may make
Permitted Changes if: (a) Borrower notifies Administrative Agent in writing of
the change or extra with appropriate supporting documentation and information;
(b) Borrower obtains the approval of the applicable contractor, Borrower's
architect and all sureties; (c) the structural integrity, quality and standard
of workmanship of the Improvements is not impaired by such change or extra; (d)
no substantial change in architectural appearance is effected by such change or
extra; (e) no default in any obligation to any person or violation of any law or
governmental requirement would result from such change or extra; (f) Borrower
complies with Section 1.5 of this Agreement to cover any excess cost resulting
              -----------
from the change or extra; and (g) completion of the Improvements by the
Completion Date will not be affected. Administrative Agent shall not be
obligated to review a proposed change unless it has received all documents
necessary to review such change, including the change order, cost estimates,
plans and specifications, and evidence that all required approvals other than
that of Administrative Agent have been obtained.

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     2.3  Contracts. Without Administrative Agent's prior written approval as to
          ---------
parties, terms, and all other matters, Borrower shall not (a) enter into any
material contract (hereinafter defined) for the performance of any work or the
supplying of any labor, materials or services for the design or construction of
the Improvements, (b) enter into any management, leasing, maintenance or other
contract pertaining to the Property not described in clause (a) that is not
unconditionally terminable by Borrower or any successor owner without penalty or
payment on not more than thirty (30) days notice to the other party thereunder,
or (c) modify, amend, or terminate any such contracts. All such contracts shall
provide that all rights and liens of the applicable contractor, architect,
engineer, supplier, surveyor or other party and any right to remove removable
Improvements are subordinate to Lender's rights and liens, shall require all
subcontracts and purchase orders to contain a provision subordinating the
subcontractors' and mechanics' and materialmen's liens and any right to remove
removable Improvements to Lender's rights and liens, and shall provide that no
change order shall be effective without the prior written consent of
Administrative Agent, except for change orders which implement Permitted
Changes. Borrower shall not default under any contract, Borrower shall not
permit any contract to terminate by reason of any failure of Borrower to perform
thereunder, and Borrower shall promptly notify Administrative Agent of any
default thereunder. Borrower will deliver to Administrative Agent, upon request
of Administrative Agent, the names and addresses of all persons or entities with
whom each contractor has contracted or intends to contract for the construction
of the Improvements or for the furnishing of labor or materials therefor. With
respect to contracts for the performance of any work or the supplying of any
labor, materials or services, a "material" contract is one which exceeds
$100,000.00 in total price.

     2.4  Assignment of Contracts and Plans. As additional security for the
          ---------------------------------
Obligations, Borrower hereby transfers and assigns to Administrative Agent for
the ratable benefit of Administrative Agent and Lenders all of Borrower's right,
title and interest, but not its liability, in, under, and to all construction,
architectural and design contracts, and the Plans, and agrees that all of the
same are covered by the security agreement provisions of the Deed of Trust.
Borrower agrees to deliver to Administrative Agent from time to time upon
Administrative Agent's request such consents to the foregoing assignment from
parties contracting with Borrower as Administrative Agent may require. Neither
this assignment nor any action by Administrative Agent or Lenders shall
constitute an assumption by Administrative Agent or Lenders of any obligation
under any contract or with respect to the Plans, Borrower hereby agrees to
perform all of its obligations under any contract, and Borrower shall continue
to be liable for all obligations of Borrower with respect thereto.
Administrative Agent shall have the right at any time (but shall have no
obligation) to take in its name or in the name of Borrower such action as
Administrative Agent may determine to be necessary to cure any default under any
contract or with respect to the Plans or to protect the rights of Borrower,
Administrative Agent or Lenders with respect thereto. Borrower irrevocably
constitutes and appoints Administrative Agent as Borrower's attorney-in-fact,
which power of attorney is coupled with an interest and irrevocable, to enforce
in Borrower's name or in Administrative Agent's and Lender's name all rights of
Borrower under any contract or with respect to the Plans. Administrative Agent
shall incur no liability if any action so taken by it or on its behalf shall
prove to be inadequate or invalid. Borrower indemnifies and holds Administrative
Agent and Lenders harmless against and from any loss, cost, liability or expense
(including, but not limited to, consultants' fees and expenses and attorneys'
fees and expenses) incurred in connection with Borrower's failure to perform
such contracts or any action taken by Administrative Agent or Lenders.
Administrative Agent may use the Plans for any purpose relating to the
Improvements. Borrower represents and warrants to Administrative Agent and
Lenders that the copy of any contract furnished or to be furnished to
Administrative Agent is and shall be a true and complete

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copy thereof, that the copies of the Plans delivered to Administrative Agent are
and shall be true and complete copies of the Plans, that there have been no
modifications thereof which are not fully set forth in the copies delivered, and
that Borrower's interest therein is not subject to any claim, setoff, or
encumbrance.

     2.5  Storage of Materials. Borrower shall cause all materials supplied for,
          --------------------
or intended to be utilized in the construction of the Improvements, but not yet
affixed to or incorporated into the Improvements or the Land, to be stored on
the Land with adequate safeguards to prevent loss, theft, damage or commingling
with materials for other projects. Borrower shall not purchase or order
materials for delivery more than forty-five (45) days prior to the scheduled
incorporation of such materials into the Improvements.

     2.6  Construction Consultant. Administrative Agent may retain the services
          -----------------------
of a Construction Consultant, whose duties may include, among others, reviewing
the Plans and any proposed changes to the Plans, performing construction cost
analyses, observing work in place and reviewing Draw Requests. The duties of
Construction Consultant run solely to Administrative Agent for the ratable
benefit of Lenders, and Construction Consultant shall have no obligations or
responsibilities whatsoever to Borrower, Borrower's architect, engineer,
contractor or any of their agents or employees. Unless prohibited by applicable
law, all fees, costs, and expenses of Construction Consultant shall be paid by
Borrower. Borrower shall cooperate with Construction Consultant and will furnish
to Construction Consultant such information and other material as Construction
Consultant considers necessary or useful in performing its duties.

     2.7  Inspection. Administrative Agent and its agents, including
          ----------
Construction Consultant, may enter upon the Property to inspect the Property,
the Project and any materials at any reasonable time, unless Administrative
Agent deems such inspection is of an emergency nature, in which event Borrower
shall provide Administrative Agent with immediate access to the Property.
Borrower will furnish to Administrative Agent and its agents, including
Construction Consultant, for inspection and copying, all Plans, shop drawings,
specifications, books and records, and other documents and information that
Administrative Agent may request from time to time.

     2.8  Notice to Lenders. Borrower shall promptly within five (5) days after
          -----------------
the occurrence of any of the following events, notify each Lender in writing
thereof, specifying in each case the action Borrower has taken or will take with
respect thereto: (a) any violation of any law or governmental requirement; (b)
any litigation, arbitration or governmental investigation or proceeding
instituted or threatened against Borrower or any Guarantor or the Property, and
any material development therein; (c) any actual or threatened condemnation of
any portion of the Property, any negotiations with respect to any such taking,
or any loss of or substantial damage to the Property; (d) any labor controversy
pending or threatened against Borrower or any contractor, and any material
development in any labor controversy; (e) any notice received by Borrower with
respect to the cancellation, alteration or non-renewal of any insurance coverage
maintained with respect to the Property; (f) any failure by Borrower or any
contractor, subcontractor or supplier to perform any material obligation under
any construction contract, any event or condition which would permit termination
of a construction contract or suspension of work thereunder, or any notice given
by Borrower or any contractor with respect to any of the foregoing; (g) any lien
filed against the Property or any stop notice served on Borrower in connection
with construction of the Improvements; or (h) any required permit, license,
certificate or approval with respect to the Property lapses or ceases to be in
full force and effect.

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     2.9  Financial Statements. Borrower shall deliver to Administrative Agent
          --------------------
with sufficient copies for each Lender the Financial Statements and other
statements and information at the times and for the periods described in (a) the
Basic Information and (b) any other Loan Document, and Borrower shall deliver to
Administrative Agent with sufficient copies for each Lender from time to time
such additional financial statements and information as Administrative Agent may
at any time request. Borrower will make all of its books, records and accounts
available to Administrative Agent and its representatives at the Property upon
request and will permit them to review and copy the same. Borrower shall
promptly notify Administrative Agent of any material adverse change in the
financial condition of Borrower and, if known by Borrower, Guarantor, or in the
construction progress of the Improvements. Administrative Agent shall provide a
copy of such Financial Statements to each Lender upon receipt.

     2.10 Other Information. Borrower shall furnish to Administrative Agent from
          -----------------
time to time upon Administrative Agent's request (i) copies of all subcontracts
entered into by contractors or subcontractors and the names and addresses of all
persons or entities with whom Borrower or any contractor has contracted or
intends to contract for the construction of the Improvements or the furnishing
of labor or materials in connection therewith; (ii) copies of all contracts,
bills of sale, statements, receipts or other documents under which Borrower
claims title to any materials, fixtures or articles of personal property
incorporated or to be incorporated into the Improvements or subject to the lien
of the Deed of Trust; (iii) a list of all unpaid bills for labor and materials
with respect to construction of the Improvements and copies of all invoices
therefor; (iv) budgets of Borrower and revisions thereof showing the estimated
costs and expenses to be incurred in connection with the completion of
construction of the Improvements; (v) current or updated detailed Project
schedules or construction schedules; and (vi) such other information relating to
Borrower, Guarantor, the Improvements, the Property, or any indemnitor or other
person or party connected with Borrower, the Loan, the construction of the
Improvements or any security for the Loan.

     2.11 Reports and Testing. Borrower shall (a) promptly deliver to
          -------------------
Administrative Agent copies of all reports, studies, inspections and tests made
on the Land, the Improvements or any materials to be incorporated into the
Improvements; (b) make such additional tests on the Land, the Improvements or
any materials to be incorporated into the Improvements as Administrative Agent
reasonably requires. Borrower shall immediately notify Administrative Agent of
any report, study, inspection or test that indicates any adverse condition
relating to the Land, the Improvements or any such materials.

     2.12 Advertising by Lenders. At Administrative Agent's request and at
          ----------------------
Borrower's expense (not to exceed $1,000), Borrower shall erect and maintain on
the Property one or more advertising signs approved by Administrative Agent
indicating that the construction financing for the Property has been provided by
Lenders.

     2.13 Appraisal. Administrative Agent may obtain from time to time, an
          ---------
appraisal of all or any part of the Property prepared in accordance with written
instructions from Administrative Agent by a third-party appraiser engaged
directly by Administrative Agent. Each such appraiser and appraisal shall be
satisfactory to Administrative Agent (including satisfaction of applicable
regulatory requirements). The cost of any such appraisal shall be borne by
Borrower if such appraisal is the first appraisal in any calendar year and in
all events if Administrative Agent obtains such appraisal after the

PAGE 14

<PAGE>

occurrence of a Default, and such cost is due and payable by Borrower on demand
and shall be secured by the Loan Documents. Administrative Agent shall provide a
copy of such Appraisal to each Lender upon receipt.

     2.14 Payment of Withholding Taxes. Borrower shall not use, or knowingly
          ----------------------------
permit any contractor or subcontractor to use, any portion of the proceeds of
any Loan advance to pay the wages of employees unless a portion of the proceeds
or other funds are also used to make timely payment to or deposit with (a) the
United States of all amounts of tax required to be deducted and withheld with
respect to such wages under the Internal Revenue Code, and (b) any state and/or
local Tribunal or agency having jurisdiction of all amounts of tax required to
be deducted and withheld with respect to such wages under any applicable state
and/or local laws.

     2.15 ERISA and Prohibited Transaction Taxes. As of the date hereof and
          --------------------------------------
throughout the term of this Loan Agreement, (a) Borrower is not and will not be
(i) an "employee benefit plan", as defined in Section 3(3) of the Employee
                                              ------------
Retirement Income Security Act of 1974, as amended ("ERISA"); or (ii) a "plan"
within the meaning of Section 4975(e) of the Internal Revenue Code, as amended
                      ---------------
(the "Code"); (b) the assets of Borrower do not and will not constitute "plan
assets" within the meaning of the United States Department of Labor Regulations
set forth in 29 C.F.R. (S)2510.3-101; (c) Borrower is not and will not be a
"governmental plan" within the meaning of Section 3(32) of ERISA; (d)
                                          -------------
transactions by or with Borrower are not and will not be subject to state
statutes applicable to Borrower regulating investments of fiduciaries with
respect to governmental plans; and (e) Borrower shall not engage in any
transaction which would cause any obligation, or action taken or to be taken,
hereunder (or the exercise by Administrative Agent of any of Lender's rights
under this Agreement, any Note or the other Loan Documents) to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction
under ERISA or Section 4975 of the Code. Borrower further agrees to deliver to
               ------------
Administrative Agent such certifications or other evidence of compliance with
the provisions of this Section 2.15 as Administrative Agent may from time to
                       ------------
time request.

                   ARTICLE 3 - REPRESENTATIONS AND WARRANTIES

     To induce Lenders to make the Loan, Borrower hereby represents and warrants
to Administrative Agent and Lenders that except as otherwise disclosed to
Administrative Agent in writing (a) Borrower has complied with any and all laws
and regulations concerning its organization, existence and the transaction of
its business, and has the right and power to own the Property and to develop the
Improvements as contemplated in this Agreement and the other Loan Documents; (b)
Borrower is authorized to execute, deliver and perform all of its obligations
under the Loan Documents; (c) the Loan Documents are valid and binding
obligations of Borrower; (d) Borrower is not in violation of any law, regulation
or ordinance, or any order of any court or Tribunal, and no provision of the
Loan Documents violates any applicable law, any covenants or restrictions
affecting the Property, any order of any court or Tribunal or any contract or
agreement binding on Borrower or the Property; (e) to the extent required by
applicable law, Borrower and Guarantor have filed all necessary tax returns and
reports and have paid all taxes and governmental charges thereby shown to be
owing; (f) intentionally omitted; (g) the Land is not part of a larger tract of
           ---------------------
land owned by Borrower or any of its affiliates or any Guarantor, is not
otherwise included under any unity of title or similar covenant with other lands
not encumbered by the Deed of Trust, and constitutes a separate tax lot or lots
with a separate tax assessment or assessments for the Land and Improvements,
independent of those for any other lands or improvements; (h) the Land and
Improvements comply with all laws and governmental requirements,

PAGE 15

<PAGE>

including all subdivision and platting requirements, without reliance on any
adjoining or neighboring property; (i) the Plans do, and the Improvements when
constructed will, comply with all legal requirements regarding access and
facilities for handicapped or disabled persons; (j) Borrower has not directly or
indirectly conveyed, assigned or otherwise disposed of or transferred (or agreed
to do so) any development rights, air rights or other similar rights, privileges
or attributes with respect to the Property, including those arising under any
zoning or land use ordinance or other law or governmental requirement; (k) the
construction schedule for the Project is realistic and the Completion Date is a
reasonable estimate of the time required to complete the Project; (l) the
Financial Statements delivered to Administrative Agent are true, correct, and
complete in all material respects, and there has been no material change of
Borrower's or Guarantor's financial condition from the financial condition of
Borrower or Guarantor (as the case may be) indicated in such Financial
Statements; (m) all utility services necessary for the development of the Land
and the construction of the Improvements and the operation thereof for their
intended purpose are available at the boundaries of the Land, including electric
and natural gas facilities, telephone service, water supply, storm and sanitary
sewer facilities; (n) except as otherwise provided for in the Loan Documents,
the Borrower has made no contract or arrangement of any kind the performance of
which by the other party thereto would give rise to a lien on the Property; (o)
the current and anticipated use of the Property complies with all applicable
zoning ordinances, regulations and restrictive covenants affecting the Land
without the existence of any variance, non-complying use, nonconforming use or
other special exception, all use restrictions of any Tribunal having
jurisdiction have been satisfied, and no violation of any law or regulation
exists with respect thereto; (p) attached hereto as Exhibit "J" is a list of all
                                                    -----------
bonds required in connection with completion of the Improvements, and to the
best of Borrower's knowledge, no other bonds or other security are currently
required or will be required prior to completion of the Improvements; (q) prior
to the recordation of the Deed of Trust, except as disclosed to Administrative
Agent in writing, no work of any kind (including destruction or removal of any
existing improvements, site work, clearing, grading, grubbing, draining or
fencing of the Land) has been or will be commenced or performed on the Land, no
equipment or material has been or will be delivered to or placed upon the Land
for any purpose whatsoever, and no contract (or memorandum or affidavit thereof)
for the supplying of labor, materials, or services for the design or
construction of the Improvements, or the surveying of the Land or Improvements,
nor any affidavit or notice of commencement of construction of the Improvements,
has been or will be executed or recorded, which could cause a mechanic's or
materialman's lien or similar lien to achieve priority over the Deed of Trust or
the rights of Administrative Agent and Lenders thereunder.

                        ARTICLE 4 - DEFAULT AND REMEDIES

         4.1 Events of Default. The occurrence of any one of the following shall
             -----------------
be a default under this Agreement ("Default"): (a) any of the Indebtedness is
                                    -------
not paid when due, whether on the scheduled due date or upon acceleration,
maturity or otherwise; (b) any covenant, agreement, condition, representation or
warranty in this Agreement (other than covenants to pay the Indebtedness and
other than Defaults expressly listed in this Section) is not fully and timely
performed, observed or kept; (c) the occurrence of a Default under any other
Loan Document (taking into account any applicable notice and cure period set
forth in such Loan Document); (d) the execution and/or filing of any affidavit
of commencement stating construction on the Land actually commenced prior to the
day after the date on which the Deed of Trust was duly filed for record; (e)
construction of the Improvements ceases for more than ten (10) days (whether or
not consecutive) except for Excusable Delays; (f) the construction of the
Improvements, or any materials for which an advance has been requested, fails to
comply with

PAGE 16

<PAGE>

the Plans, the Loan Documents, any laws or governmental requirements, or any
applicable restrictive covenants; (g) Borrower fails to satisfy any condition
precedent to the obligation of Lenders to make an advance; (h) construction of
the Improvements is abandoned, Administrative Agent determines that construction
of the Improvements in accordance with this Agreement will not be completed on
or before the Completion Date, or Borrower fails to complete construction of the
Improvements (and obtain all applicable permits, licenses, certificates and
approvals) in accordance with this Agreement on or before the Completion Date;
(i) any required permit, license, certificate or approval with respect to the
Property lapses or ceases to be in full force and effect; (j) a Borrower's
Deposit is not made with Administrative Agent within seven (7) days after
Administrative Agent's request therefor in accordance with Section 1.5; (k)
                                                           -----------
construction is enjoined or Borrower, Administrative Agent or a Lender is
enjoined or prohibited from performing any of its respective obligations under
any of the Loan Documents; (l) the owner of the Property enters into any lease
of part or all of the Property which does not comply with the Loan Documents;
(m) a lien for the performance of work or the supply of materials which is
established against the Property, or any stop notice served on Borrower, the
general contractor, Administrative Agent or a Lender, remains unsatisfied or
unbonded for a period of twenty (20) days after the date of filing or service;
(n) the occurrence of any condition or situation which, in the sole
determination of Administrative Agent, constitutes a danger to or impairment of
the Property or the lien of the Deed of Trust, if such condition or situation is
not remedied within ten (10) days after written notice to the Borrower thereof;
(o) the entry of a judgment against Borrower or any Guarantor or the issuance of
any attachment, sequestration, or similar writ levied upon any of its property
which is not discharged within a period of ten (10) days; (p) Administrative
Agent determines that a material adverse change has occurred in the financial
condition of Borrower or any Guarantor or in the condition of the Property; (q)
there occurs (1) any default under the Nissan Lease which remains uncured beyond
any applicable cure period set forth in the Nissan Lease, or (2) any
termination, cancellation, modification or amendment of the Nissan Lease without
the express prior written consent of Lender; (r) the dissolution or insolvency
of Borrower or any Guarantor; (s) a default occurs under the Development
Agreement and/or the Developer's Completion Guaranty which is not cured within
any applicable notice and cure period (if any) provided in such document; and
(t) a default occurs under any other Loan Document which is not cured within any
applicable notice and cure period provided therein.

         4.2 Remedies. Upon a Default, subject to the terms and conditions of
             --------
Section 4.2 of the Deed of Trust, Administrative Agent at its election may (but
shall not be obligated to), and at the direction of the Required Lenders shall,
without notice, do any one or more of the following: (a) terminate Lenders'
Commitment to lend and any obligation to disburse any Borrower's Deposit
hereunder; (b) declare any and all Indebtedness immediately due and payable; (c)
reduce any claim to judgment; (d) exercise any and all rights and remedies
afforded by this Agreement, the other Loan Documents, law, equity or otherwise,
including obtaining appointment of a receiver (to which Borrower hereby
consents) and/or judicial or nonjudicial foreclosure under the Deed of Trust;
(e) in its own name on behalf of the Lenders or in the name of Borrower, enter
into possession of the Property, perform all work necessary to complete
construction of the Improvements substantially in accordance with the Plans (as
modified as deemed necessary by Administrative Agent), the Loan Documents, and
all applicable laws, governmental requirements and restrictive covenants, and
continue to employ Borrower's architect, engineer and any contractor pursuant to
the applicable contracts or otherwise; or (f) set-off and apply, to the extent
thereof and to the maximum extent permitted by law, any and all deposits, funds,
or assets at any time held and any and all other indebtedness at any time owing
by Administrative Agent or any Lender to or for the credit or account of
Borrower against any Indebtedness. Further, L/C Issuer may, with the approval of
Administrative Agent on behalf of the

PAGE 17

<PAGE>

Required Lenders, demand immediate payment by Borrower of an amount equal to the
aggregate amount of all outstanding Letters of Credit to be held in a deposit
account with Administrative Agent to secure amounts due from Borrower under
Letters of Credit and when no Letters of Credit exist, the Loan.

         Borrower hereby appoints Administrative Agent as Borrower's
attorney-in-fact, which power of attorney is irrevocable and coupled with an
interest, with full power of substitution if Administrative Agent so elects, to
do any of the following in Borrower's name upon the occurrence of a Default: (i)
use such sums as are necessary, including any proceeds of the Loan and any
Borrower's Deposit, make such changes or corrections in the Plans, and employ
such architects, engineers, and contractors as may be required, or as Lenders
may otherwise consider desirable, for the purpose of completing construction of
the Improvements substantially in accordance with the Plans (as modified as
deemed necessary by Administrative Agent), the Loan Documents, and all
applicable laws, governmental requirements and restrictive covenants; (ii)
execute all applications and certificates in the name of Borrower which may be
required for completion of construction of the Improvements; (iii) endorse the
name of Borrower on any checks or drafts representing proceeds of any insurance
policies, or other checks or instruments payable to Borrower with respect to the
Property; (iv) do every act with respect to the construction of the Improvements
that Borrower may do; (v) prosecute or defend any action or proceeding incident
to the Property, (vi) pay, settle, or compromise all bills and claims so as to
clear title to the Property; and (vii) take over and use all or any part of the
labor, materials, supplies and equipment contracted for, owned by, or under the
control of Borrower, whether or not previously incorporated into the
Improvements. Any amounts expended by Administrative Agent itself or on behalf
of Lenders to construct or complete the Improvements or in connection with the
exercise of its remedies herein shall be deemed to have been advanced to
Borrower hereunder as a demand obligation owing by Borrower to Administrative
Agent or Lenders as applicable and shall constitute a portion of the
Indebtedness, regardless of whether such amounts exceed any limits for
Indebtedness otherwise set forth herein. Neither Administrative Agent nor
Lenders shall have any liability to Borrower for the sufficiency or adequacy of
any such actions taken by Administrative Agent.

         No delay or omission of Administrative Agent or Lenders to exercise any
right, power or remedy accruing upon the happening of a Default shall impair any
such right, power or remedy or shall be construed to be a waiver of any such
Default or any acquiescence therein. No delay or omission on the part of
Administrative Agent or Lenders to exercise any option for acceleration of the
maturity of the Indebtedness, or for foreclosure of the Deed of Trust following
any Default as aforesaid, or any other option granted to Administrative Agent
and Lenders hereunder in any one or more instances, or the acceptances by
Administrative Agent or Lenders of any partial payment on account of the
Indebtedness, shall constitute a waiver of any such Default, and each such
option shall remain continuously in full force and effect. No remedy herein
conferred upon or reserved to Administrative Agent and/or Lenders is intended to
be exclusive of any other remedies provided for in any Note or any of the other
Loan Documents, and each and every such remedy shall be cumulative, and shall be
in addition to every other remedy given hereunder, or under any Note or any of
the other Loan Documents, or now or hereafter existing at law or in equity or by
statute. Every right, power and remedy given to Administrative Agent and Lenders
by this Agreement, any Note or any of the other Loan Documents shall be
concurrent, and may be pursued separately, successively or together against
Borrower, or the Property or any part thereof, or any personal property granted
as security under the Loan Documents, and every right, power and remedy given by
this Agreement,

PAGE 18

<PAGE>

any Note or any of the other Loan Documents may be exercised from time to time
as often as may be deemed expedient by the Required Lenders.

         Regardless of how a Lender may treat payments received from the
exercise of remedies under the Loan Documents for the purpose of its own
accounting, for the purpose of computing the Obligations, payments shall be
applied as elected by Lenders. No application of payments will cure any Event of
Default, or prevent acceleration, or continued acceleration, of amounts payable
under the Loan Documents, or prevent the exercise, or continued exercise, of
rights or remedies of Administrative Agent and Lenders hereunder or thereunder
or at Law or in equity.

                        ARTICLE 5 - ADMINISTRATIVE AGENT

         5.1   Appointment and Authorization of Administrative Agent.
               -----------------------------------------------------

               (a)  Each Lender hereby irrevocably (subject to Section 5.9)
appoints, designates and authorizes Administrative Agent to take such action on
its behalf under the provisions of this Agreement and each other Loan Document
and to exercise such powers and perform such duties as are expressly delegated
to it by the terms of this Agreement or any other Loan Document, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary contained elsewhere herein or in any other Loan Document,
Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall Administrative Agent have or be deemed to
have any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any other Loan Document or otherwise exist against
Administrative Agent. Without limiting the generality of the foregoing sentence,
the use of the term "agent" herein and in the other Loan Documents with
reference to Administrative Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead, such term is used merely as a matter of market custom,
and is intended to create or reflect only an administrative relationship between
independent contracting parties.

               (b)  Except as expressly otherwise provided in this Agreement
or the other Loan Documents, Administrative Agent shall have and may use its
sole discretion with respect to exercising or refraining from exercising any
discretionary rights, or taking or refraining from taking any actions which
Administrative Agent is expressly entitled to exercise or take under this
Agreement and the other Loan Documents, including, without limitation, (i) the
determination if and to what extent matters or items subject to Administrative
Agent's satisfaction are acceptable or otherwise within its discretion, (ii) the
making of Administrative Agent Advances, and (iii) the exercise of remedies
pursuant to, but subject to, Article 4 or pursuant to any other Loan Document,
                             ---------
or the exercise of rights and remedies pursuant to the Tri-Party Agreement, if
applicable, and any action so taken or not taken shall be deemed consented to by
Lenders. Notwithstanding the foregoing, the appointment of a property manager
after foreclosure or the acceptance of a deed in lieu of foreclosure shall
require the approval of Administrative Agent and the Required Lenders.

         5.2   Delegation of Duties. Administrative Agent may execute any of its
               --------------------
duties under this Agreement or any other Loan Document by or through agents,
employees or attorneys-in-fact and shall be entitled to advice of counsel and
other consultant experts concerning all matters pertaining

PAGE 19

<PAGE>

to such duties. Administrative Agent shall not be responsible for the negligence
or misconduct of any agent or attorney-in-fact that it selects with reasonable
care.

         5.3 Liability of Administrative Agent. No Agent-Related Persons shall
             ---------------------------------
(i) be liable for any action taken or omitted to be taken by any of them under
or in connection with this Agreement or any other Loan Document or the
transactions contemplated hereby (except for its own gross negligence or willful
misconduct), or (ii) be responsible in any manner to any of Lenders for any
recital, statement, representation or warranty made by Borrower or any
subsidiary or Affiliate of Borrower, or any officer thereof, contained herein or
in any other Loan Document, or in any certificate, report, statement or other
document referred to or provided for in, or received by Administrative Agent
under or in connection with, this Agreement or any other Loan Document, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document, or for any failure of Borrower or any
other party to any Loan Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Lender
to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of Borrower, Guarantor,
Permanent Lender, if applicable, or any of their Affiliates.

         5.4 Reliance by Administrative Agent. Administrative Agent shall be
             --------------------------------
entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex or telephone message, statement or other document or
conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper person or persons, and upon advice and statements of
legal counsel (including counsel to any party to the Loan Documents),
independent accountants and other experts selected by Administrative Agent.
Administrative Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Loan Document unless it shall first
receive such advice or concurrence of the Required Lenders or all Lenders if
required hereunder as it deems appropriate and, if it so requests, it shall
first be indemnified to its satisfaction by Lenders against any and all
liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. Administrative Agent shall in all cases be
fully protected in acting, or in refraining from acting, under this Agreement or
any other Loan Document in accordance with a request or consent of the Required
Lenders or all Lenders, if required hereunder, and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders
and participants. Where this Agreement expressly permits or prohibits an action
unless the Required Lenders or all Lenders, if required hereunder, otherwise
determine, the Administrative Agent shall and in all other instances,
Administrative Agent may, but shall not be required to, initiate any
solicitation for the consent or a vote of Lenders. In the absence of written
instructions from the Required Lenders or all Lenders, if required hereunder,
Administrative Agent may take or not take any action, at its discretion, unless
this Agreement specifically requires the consent of the Required Lenders or all
Lenders.

         5.5 Notice of Default. Administrative Agent shall not be deemed to have
             -----------------
knowledge or notice of the occurrence of any Default, unless (i) the account
officers of Administrative Agent servicing the Loan have actual knowledge
thereof, or (ii) Administrative Agent shall have received written notice from a
Lender, Permanent Lender, if applicable, or Borrower referring to this
Agreement, describing such Default, and Administrative Agent determines that
such Default will have a Material Adverse Effect. Administrative Agent will
notify Lenders of its receipt of any such

PAGE 20

<PAGE>

notice. Administrative Agent shall take such action with respect to such Default
as may be requested by the Required Lenders in accordance with Article 4;
                                                               ---------
provided, however, that unless and until Administrative Agent has received any
--------  -------
such request, Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default as it
shall deem advisable or in the best interest of Lenders.

        5.6  Credit Decision; Disclosure of Information by Administrative Agent.
             ------------------------------------------------------------------

             (a) Each Lender acknowledges that none of Agent-Related Persons has
made any representation or warranty to it, and that no act by Administrative
Agent hereinafter taken, including any consent to and acceptance of any
assignment or review of the affairs of Borrower, Permanent Lender, if
applicable, and Guarantor, shall be deemed to constitute any representation or
warranty by any Agent-Related Person to any Lenders as to any matter, including
whether Agent-Related Persons have disclosed material information in their
possession. Each Lender, represents to Administrative Agent that it has,
independently and without reliance upon any Agent-Related Person and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of Borrower,
Permanent Lender, if applicable, and Guarantor, and all applicable bank or other
regulatory laws relating to the transactions contemplated hereby, and made its
own decision to enter into this Agreement and to extend credit to Borrower
hereunder. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigations as
it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of Borrower,
Permanent Lender, if applicable, and Guarantor.

             (b) Administrative Agent upon its receipt shall provide each Lender
such notices, reports and other documents expressly required to be furnished to
Lenders by Administrative Agent herein. To the extent not already available to a
Lender, Administrative Agent shall also provide the Lender and/or make available
for the Lender's inspection during reasonable business hours and at the Lender's
expense, upon the Lender's written request therefor: (i) copies of the Loan
Documents; (ii) such information as is then in Administrative Agent's possession
in respect of the current status of principal and interest payments and accruals
in respect of the Loan; (iii) copies of all current financial statements in
respect of Borrower, or any Guarantor or other person liable for payment or
performance by Borrower of any obligations under the Loan Documents, then in
Administrative Agent's possession with respect to the Loan; and (iv) other
current factual information then in Administrative Agent's possession with
respect to the Loan and bearing on the continuing creditworthiness of Borrower,
Permanent Lender, if applicable, or any Guarantor, or any of their respective
Affiliates; provided that nothing contained in this section shall impose any
            -------- ----
liability upon Administrative Agent for its failure to provide a Lender any of
such Loan Documents, information, or financial statements, unless such failure
constitutes willful misconduct or gross negligence on Administrative Agent's
part; and provided, further, that Administrative Agent shall not be obligated to
          --------  -------
provide any Lender with any information in violation of law or any contractual
restrictions on the disclosure thereof thereof (provided such contractual
restrictions shall not apply to distributing to a Lender factual and financial
information expressly required to be provided herein). Except as set forth
above, Administrative Agent shall not have any duty or responsibility to provide
any Lenders with any credit or other information

PAGE 21

<PAGE>

concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of Borrower, Permanent Lender, if applicable, or
Guarantor or any of their respective Affiliates which may come into the
possession of any of Agent-Related Persons.

         5.7 Indemnification of Administrative Agent. Whether or not the
             ---------------------------------------
transactions contemplated hereby are consummated, Lenders shall indemnify upon
demand each Agent-Related Person (to the extent not reimbursed by or on behalf
of Borrower and without limiting the obligation of Borrower to do so), pro rata,
and hold harmless each Agent-Related Person from and against any and all
Indemnified Liabilities incurred by it; provided, however, that no Lenders shall
                                        --------  -------
be liable for the payment to any Agent-Related Person of any portion of such
Indemnified Liabilities resulting from such person's gross negligence or willful
misconduct; provided, however, that no action taken in accordance with the
            --------  -------
directions of the Required Lenders shall be deemed to constitute gross
negligence or willful misconduct for purposes of this Section. Without
limitation of the foregoing, to the extent that Administrative Agent is not
reimbursed by or on behalf of Borrower, each Lender shall reimburse
Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including attorney fees) incurred by Administrative
Agent as described in Section 6.10. The undertaking in this Section shall
                      ------------
survive the payment of all Obligations hereunder and the resignation or
replacement of Administrative Agent.

         5.8 Administrative Agent in Individual Capacity. Administrative Agent,
             -------------------------------------------
in its individual capacity, and its Affiliates may make loans to, issue letters
of credit for the account of, accept deposits from, acquire equity interests in
and generally engage in any kind of banking, trust, financial advisory,
underwriting or other business with any party to the Loan Documents and their
respective Affiliates as though Administrative Agent were not Administrative
Agent hereunder and without notice to or consent of Lenders. Lenders acknowledge
that Borrower and Bank of America, N.A., as Lender, ("Swap Bank") or an
                                                      ---------
Affiliate of Swap Bank have entered or may enter into Swap Contract. A portion
of the Loan may be funded to honor Borrower's payment obligations to Swap Bank
or such Affiliate under the terms of such agreement, and Lenders shall have no
right to share in any portion of such payments. Lenders acknowledge that,
pursuant to such activities, Bank of America, N.A. or its Affiliates may receive
information regarding any party to the Loan Documents, or their respective
Affiliates (including information that may be subject to confidentiality
obligations in favor of such parties or such parties' Affiliates) and
acknowledge that Administrative Agent shall be under no obligation to provide
such information to them. With respect to its ProRata Share of the Loan, Bank of
America, N.A. shall have the same rights and powers under this Agreement as any
other Lenders and may exercise such rights and powers as though it were not
Administrative Agent, Swap Bank or L/C Issuer, and the terms "Lender" and
"Lenders" include Bank of America, N.A. in its individual capacity.

         5.9 Successor Administrative Agent. Administrative Agent may, and at
             ------------------------------
the request of the Required Lenders, or upon its ceasing also to be a Lender
hereunder, for good cause shall, resign as Administrative Agent upon 30 days'
notice to Lenders. If Administrative Agent resigns under this Agreement, the
Required Lenders shall appoint from among Lenders a successor administrative
agent for Lenders which successor administrative agent shall be consented to by
the Borrower at all times other than during the existence of Default (which
consent of the Borrower shall not be unreasonably withheld or delayed). If no
successor administrative agent is appointed prior to the effective date of the
resignation of Administrative Agent, Administrative Agent may appoint, after
consulting with Lenders and Borrower, a successor administrative agent from
among Lenders. Upon

PAGE 22

<PAGE>

the acceptance of its appointment as successor administrative agent hereunder,
such successor administrative agent shall succeed to all the rights, powers and
duties of the retiring Administrative Agent and the term "Administrative Agent"
shall mean such successor administrative agent and the retiring Administrative
Agent's appointment, powers and duties as Administrative Agent shall be
terminated. After any retiring Administrative Agent's resignation hereunder as
Administrative Agent, the provisions of this Article and other applicable
Sections of this Agreement shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent under this
Agreement. If no successor administrative agent has accepted appointment as
Administrative Agent by the date which is 30 days following a retiring
Administrative Agent's notice of resignation, the retiring Administrative
Agent's resignation shall nevertheless thereupon become effective and Lenders
shall perform all of the duties of Administrative Agent hereunder until such
time, if any, as the Required Lenders appoint a successor agent as provided for
above.

         5.10     Releases; Acquisition and Transfers of Collateral.
                  -------------------------------------------------

                  (a) Lenders hereby irrevocably authorize Administrative Agent
to transfer or release any lien on, or after foreclosure or other acquisition of
title by Administrative Agent on behalf of the Lenders to transfer or sell, any
Loan collateral (i) upon the termination of the Commitments and payment and
satisfaction in full of all Indebtedness; (ii) unless a Lender elects to
purchase the collateral as provided in Section 5.10(d) below, after foreclosure
                                       ---------------
or other acquisition of title for a purchase price of 90% of the value indicated
in the most recent appraisal of the collateral obtained by Administrative Agent
made in accordance with regulations governing Administrative Agent, less any
reduction indicated in the appraisal estimated by experts in such areas, or
(iii) if approved by the Required Lenders.

                  (b) If all or any portion of the Loan collateral is acquired
by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall
take title to the collateral in its name or by an Affiliate of Administrative
Agent, but for the benefit of all Lenders in their Pro Rata Shares on the date
of the foreclosure sale or recordation of the deed in lieu of foreclosure (the
"Acquisition Date"). Administrative Agent and all Lenders hereby expressly waive
and relinquish any right of partition with respect to any collateral so
acquired. After any collateral is acquired, Administrative Agent shall appoint
and retain one or more Persons (individually and collectively, "Property
                                                                --------
Manager") experienced in the management, leasing, sale and/or dispositions of
-------
similar properties.

                  (c) Upon request by Administrative Agent or Borrowers at any
time, Lenders will confirm in writing Administrative Agent's authority to sell,
transfer or release any such liens of particular types or items of Loan
collateral pursuant to this Section; provided, however, that (i) Administrative
Agent shall not be required to execute any document necessary to evidence such
release, transfer or sale on terms that, in Administrative Agent's opinion,
would expose Administrative Agent to liability or create any obligation or
entail any consequence other than the transfer, release or sale without
recourse, representation or warranty, and (ii) such transfer, release or sale
shall not in any manner discharge, affect or impair the obligations of Borrower
other than those expressly being released.

                  (d) If Administrative Agent or any Lender receives a purchase
offer for Loan collateral for which one of the Lenders does not consent within
ten (10) Business Days after notification from Administrative Agent or such
other Lender, the consenting Lenders may offer

PAGE 23

<PAGE>

("Purchase Offer") to purchase all of the non-consenting Lenders' right, title
  --------------
and interest in the collateral for a purchase price equal to the non-consenting
Lenders' Pro Rata Share of the net proceeds anticipated from such sale of such
collateral (as reasonably determined by Administrative Agent) ("Net Proceeds").
                                                                ------------
Within ten (10) Business Days thereafter each non-consenting Lender shall be
deemed to have accepted such Purchase Offer unless such non-consenting Lender
notifies Administrative Agent that it elects to purchase all of the consenting
Lenders' right, title and interest in the collateral for a purchase price
payable by such non-consenting Lender in an amount equal to the consenting
Lenders' Pro Rata Share of the Net Proceeds. If more than one non-consenting
Lender elects to purchase the consenting Lenders' interest in the collateral,
the consenting Lenders' interest shall be divided among such non-consenting
Lenders based upon the Pro Rata Shares of such non-consenting Lenders. Any
amount payable hereunder by a Lender shall be due on the earlier to occur of the
closing of the sale of the collateral or ninety (90) days after the Purchase
Offer, regardless of whether the collateral has been sold. Notwithstanding
anything in this Agreement to the contrary, if more than two (2) Lenders exist
at the time Administrative Agent or any Lender receives a Purchase Offer that
Administrative Agent or such Lender wishes to accept, the Purchase Offer must
contain a purchase price of not less than 90% of the value indicated in the most
recent appraisal of the collateral obtained by Administrative Agent made in
accordance with regulations governing Administrative Agent, less any reduction
indicated in the appraisal estimated by experts in such areas, for this
subparagraph (d) to apply.

         5.11 Application of Payments. Except as otherwise provided below with
              -----------------------
respect to Defaulting Lenders, aggregate principal and interest payments,
payments for Indemnified Liabilities, proceeds from the Permanent Lender, if
applicable, and/or foreclosure or sale of the collateral, and net operating
income from the collateral during any period it is owned by Administrative Agent
on behalf of the Lenders ("Payments") shall be apportioned pro rata among
                           --------
Lenders and payments of any fees (other than fees designated for Administrative
Agent's separate account) shall, as applicable, be apportioned pro rata among
Lenders. Notwithstanding anything to the contrary in this Agreement, all
Payments due and payable to Defaulting Lenders shall be due and payable to and
be apportioned pro rata among Administrative Agent and Electing Lenders. Such
apportionment shall be in the proportion that the Defaulting Lender Payment
Amounts paid by them bears to the total Defaulting Lender Payment Amounts of
such Defaulting Lender. Such apportionment shall be made until the
Administrative Agent and Lenders have been paid in full for the Defaulting
Payment Amounts. All pro rata Payments shall be remitted to Administrative Agent
and all such payments not constituting payment of specific fees, and all
proceeds of the Loan collateral received by Administrative Agent, shall be
applied first, to pay any fees, indemnities, or costs, expenses (including those
        -----
in Section 5.7) and reimbursements then due to Administrative Agent from
   -----------
Borrower under the Loan Documents; second, to pay any fees or costs and expenses
                                   ------
then due to Lenders from Borrower under the Loan Documents; third, to pay pro
                                                            -----
rata interest due in respect of the Loan and Administrative Agent Advances;
fourth, to pay or prepay pro rata principal of the Loan and Administrative Agent
------
Advances; fifth, pro rata, to pay any other Indebtedness due to Administrative
          -----
Agent or any Lender by Borrower; and sixth pro rata, to pay any remaining
                                     -----
Indebtedness due under the Loan to Defaulting Lenders.

         5.12 Benefit. The terms and conditions of this Article are inserted for
              -------
the sole benefit of Administrative Agent and Lenders; the same may be waived in
whole or in part, with or without terms or conditions, without prejudicing
Administrative Agent's or Lenders' rights to later assert them in whole or in
part.

PAGE 24

<PAGE>

                    ARTICLE 6 - GENERAL TERMS AND CONDITIONS

         6.1 Consents; Borrower's Indemnity. Except where otherwise expressly
             ------------------------------
provided in the Loan Documents, in any instance where the approval, consent or
the exercise of Administrative Agent or Lender's judgment is required, the
granting or denial of such approval or consent and the exercise of such judgment
shall be (a) within the sole discretion of Administrative Agent or Lenders; (b)
deemed to have been given only by a specific writing intended for the purpose
given and executed by Administrative Agent or Lender's; and (c) free from any
limitation or requirement of reasonableness. Notwithstanding any approvals or
consents by Administrative Agent or Lenders, neither Administrative Agent nor
any Lender has any obligation or responsibility whatsoever for the adequacy,
form or content of the Plans, the Budget, any contract, any change order, any
lease, or any other matter incident to the Property or the construction of the
Improvements. Administrative Agent's or Lender's acceptance of an assignment of
the Plans for the benefit of Administrative Agent and Lenders shall not
constitute approval of the Plans. Any inspection or audit of the Property or the
books and records of Borrower, or the procuring of documents and financial and
other information, by or on behalf of Administrative Agent shall be for
Administrative Agent and Lender's protection only, and shall not constitute an
assumption of responsibility to Borrower or anyone else with regard to the
condition, construction, maintenance or operation of the Property, or relieve
Borrower of any of Borrower's obligations. Borrower has selected all surveyors,
architects, engineers, contractors, materialmen and all other persons or
entities furnishing services or materials to the Project. Neither Administrative
Agent nor any Lender has any duty to supervise or to inspect the Property or the
construction of the Improvements nor any duty of care to Borrower or any other
person to protect against, or inform Borrower or any other person of the
existence of, negligent, faulty, inadequate or defective design or construction
of the Improvements. Neither Administrative Agent nor any Lender shall be liable
or responsible for, and Borrower shall indemnify each Agent-Related Person and
each Lender and their respective Affiliates, directors, officers, agents,
attorneys and employees (collectively, the "Indemnities") from and against: (a)
                                            -----------
any claim, action, loss or cost (including attorney's fees and costs arising
from or relating to (i) any defect in the Property or the Improvements, (ii) the
performance or default of Borrower, Borrower's surveyors, architects, engineers,
contractors, the Construction Consultant, or any other person, (iii) any failure
to construct, complete, protect or insure the Improvements, (iv) the payment of
costs of labor, materials, or services supplied for the construction of the
Improvements, (v) in connection with the protection and preservation of the Loan
collateral (including those with respect to property taxes, insurance premiums,
completion of construction, operation, management, improvements, maintenance,
repair, sale and disposition), or (vi) the performance of any obligation of
Borrower whatsoever, (b) any and all claims, demands, actions or causes of
action that are asserted against any Indemnitee by any person (other than the
Administrative Agent or any Lender) relating directly or indirectly to a claim,
demand, action or cause of action that such person asserts or may assert against
Borrower, Permanent Lender, if applicable, Guarantor, or any of their Affiliates
or any of their officers or directors; (c) any and all claims, demands, actions
or causes of action arising out of or relating to, the Loan Documents, any
predecessor loan documents, the Commitments, the use or contemplated use of the
proceeds of any Loan, or the relationship of Borrower, Guarantor, Permanent
Lender, if applicable, the Administrative Agent and Lenders under this
Agreement; (d) any and all claims, demands, actions or causes of action arising
out of or relating to the use of Information (as defined in Section 6.6) or
other materials obtained through internet, Intralinks or other similar
information transmission systems in connection with this Agreement; (e) any
administrative or investigative proceeding by any Tribunal arising out of or
related to a claim, demand, action or cause of action described in subsection
(a) (b) (c) or (d) above; and (e) any and all

PAGE 25

<PAGE>

liabilities, losses, costs or expenses (including attorney fees) that any
Indemnitee suffers or incurs as a result of the assertion of any foregoing
claim, demand, action, cause of action or proceeding, or as a result of the
preparation of any defense in connection with any foregoing claim, demand,
action, cause of action or proceeding, in all cases, whether or not an
Indemnitee is a party to such claim, demand, action, cause of action or
proceeding and whether it is defeated, successful or withdrawn, (all the
foregoing, collectively, the "Indemnified Liabilities"); provided that no
                              -----------------------    --------
Indemnitee shall be entitled to indemnification for any loss caused by its own
gross negligence or willful misconduct or for any loss asserted against it by
another Indemnitee. Nothing, including any advance or acceptance of any document
or instrument, shall be construed as a representation or warranty, express or
implied, to any party by Administrative Agent or Lenders. Inspection shall not
constitute an acknowledgment or representation by Administrative Agent, any
Lender or the Construction Consultant that there has been or will be compliance
with the Plans, the Loan Documents, or applicable laws, governmental
requirements and restrictive covenants, or that the construction is free from
defective materials or workmanship. Inspection, whether or not followed by
notice of Default, shall not constitute a waiver of any Default then existing,
or a waiver of Administrative Agent and Lender's right thereafter to insist that
the Improvements be constructed in accordance with the Plans, the Loan
Documents, and all applicable laws, governmental requirements and restrictive
covenants. Administrative Agent's failure to inspect shall not constitute a
waiver of any of Administrative Agent or Lender's rights under the Loan
Documents or at law or in equity.

         6.2     Miscellaneous. This Agreement may be executed in several
                 -------------
counterparts, all of which are identical, and all of which counterparts together
shall constitute one and the same instrument. The Loan Documents are for the
sole benefit of Administrative Agent, Lenders and Borrower and are not for the
benefit of any third party. A determination that any provision of this Agreement
is unenforceable or invalid shall not affect the enforceability or validity of
any other provision and the determination that the application of any provision
of this Agreement to any person or circumstance is illegal or unenforceable
shall not affect the enforceability or validity of such provision as it may
apply to other persons, entities or circumstances. Time shall be of the essence
with respect to Borrower's obligations under the Loan Documents. This Agreement,
and its validity, enforcement and interpretation, shall be governed by Georgia
law (without regard to any conflict of laws principles) and applicable United
States federal law.

         6.3     Notices.
                 -------

                 6.3.1 Modes of Delivery; Changes. Except as otherwise provided
herein, all notices, requests, consents, demands and other communications
required or which any party desires to give under this Agreement or any other
Loan Document shall be in writing and, unless otherwise specifically provided in
such other Loan Document, shall be deemed sufficiently given or furnished if
delivered by personal delivery, by courier, by registered or certified United
States mail, postage prepaid, or by facsimile (with, subject to subsection 6.3.2
below, a confirmatory duplicate copy sent by first class United States mail),
addressed to the party to whom directed at the addresses set forth at the end of
this Agreement or by (subject to subsection 6.3.3 below) electronic mail address
specified for notices on the Schedule of Lenders (unless changed by similar
notice in writing given by the particular party whose address is to be changed).
Any such notice or communication shall be deemed to have been given and received
either at the time of personal delivery or, in the case of courier or mail, as
of the date of first attempted delivery at the address and in the manner
provided herein, or, in the case of facsimile, upon receipt; provided, however,
that service of a notice required by any applicable statute shall be

PAGE 26

<PAGE>

considered complete when the requirements of that statute are met.
Notwithstanding the foregoing, no notice of change of address shall be effective
except upon actual receipt. This Section shall not be construed in any way to
affect or impair any waiver of notice or demand provided in any Loan Document or
to require giving of notice or demand to or upon any person in any situation or
for any reason.

                6.3.2  Effectiveness of Facsimile Documents and Signatures. Loan
Documents may be transmitted and/or signed by facsimile. The effectiveness of
any such documents and signatures shall, subject to applicable law, have the
same force and effect as manually-signed originals and shall be binding on all
parties to the Loan Documents. The Administrative Agent may also require that
any such documents and signatures be confirmed by a manually-signed original
thereof; provided, however, that the failure to request or deliver the same
         --------  -------
shall not limit the effectiveness of any facsimile document or signature.

                6.3.3  Limited Use of Electronic Mail. Electronic mail and
internet and intranet websites may be used only to distribute routine
communications, such as financial statements and other information, and to
distribute Loan Documents for execution by the parties thereto, and may not be
used for any other purpose.

                6.3.4  Reliance by Administrative Agent and Lenders. The
Administrative Agent and the Lenders shall be entitled to rely and act upon any
notices (including telephonic Loan advance notices) purportedly given by or on
behalf of the Borrower even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. The Borrower shall indemnify
each Agent-Related Person and each Lender from all losses, costs, expenses and
liabilities resulting from the reliance by such person on each notice
purportedly given by or on behalf of the Borrower. All telephonic notices to and
other communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording. If a Lender does not notify or inform Administrative Agent of whether
or not it consents to, or approves of or agrees to any matter of any nature
whatsoever with respect to which its consent, approval or agreement is required
under the express provisions of this Agreement or with respect to which its
consent, approval or agreement is otherwise requested by Administrative Agent,
in connection with the Loan or any matter pertaining to the Loan, within ten
(10) Business Days (or such longer period as may be specified by Administrative
Agent) after such consent, approval or agreement is requested by Administrative
Agent, the Lender shall be deemed to have given its consent, approval or
agreement, as the case may be, with respect to the matter in question.

          6.4   Payments Set Aside. To the extent that the Borrower makes a
                ------------------
payment to the Administrative Agent or any Lender, or the Administrative Agent
or any Lender exercises its right of set-off, and such payment or the proceeds
of such set-off or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such set-off had not occurred, and (b)
each Lender severally agrees to pay to the

PAGE 27

<PAGE>

Administrative Agent upon demand its applicable share of any amount so recovered
from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the
Federal Funds Rate from time to time in effect.

         6.5      Successors and Assigns.
                  ----------------------

                  (a) The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower
without such consent shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any person (other than
the parties hereto, their respective successors and assigns permitted hereby
and, to the extent expressly contemplated hereby, the Indemnitees) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

                  (b) Any Lender may assign to one or more Eligible Assignees
all, but not less than all, of its rights and obligations under this Agreement
(including all or a portion of its Commitment and Pro Rata Share of the Loan at
the time owing to it); provided that:

                      (i)  each assignment shall be made as an assignment of one
         hundred percent (100%) of the assigning Lender's rights and obligations
         under this Agreement with respect to its Pro Rata Share of the Loan and
         the Commitment assigned, and

                      (ii) the parties to each assignment shall execute and
         deliver to the Administrative Agent an Assignment and Acceptance,
         together with a processing and recordation fee of $3,500, plus the cost
         of any applicable endorsement of the Title Insurance or new Title
         Insurance.

Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Acceptance, the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and
Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of the assigning Lender's rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of this Agreement with respect to Borrower's obligation surviving
termination of this Agreement. Upon request, Administrative Agent shall prepare
and the Borrower shall execute and deliver new or replacement Notes
("Replacement Notes") to the assigning Lender and the assignee Lender evidencing
  -----------------
their respective Pro Rata Shares of the Loan. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section.

                  (c) The Administrative Agent, acting solely for this purpose
as an agent of the Borrower, shall forward the Assignment and Acceptance and the
Replacement Notes to the Title Insurer for issuance of an applicable endorsement
to the Title Insurance or new Title Insurance, and

PAGE 28

<PAGE>

shall maintain at the Administrative Agent's Office a copy of each Assignment
and Acceptance delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amount of
each Lender's Pro Rata Share of the Loan and L/C Obligations owing to, each
Lender pursuant to the terms hereof from time to time (the "Register"). The
                                                            --------
entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower and any Lender, at
any reasonable time and from time to time upon reasonable prior notice.

                  (d) Any Lender may, without the consent of, but with prior
notice to the Administrative Agent, sell participations to one or more banks or
other entities (a "Participant") in all or a portion of such Lender's rights
                   -----------
and/or obligations under this Agreement (including all or a portion of its
Commitment and/or its Pro Rata Share of the Loan owing to it); provided that (i)
                                                               --------
such Lender's obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) the Borrower, the Administrative Agent
and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender's rights and obligations under this
Agreement, and (iv) except to the extent consented by Administrative Agent and
the Required Lenders in their sole discretion with respect to each
participation, any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement.

                  (e) A Participant shall not be entitled to receive any greater
payment under Sections 1.7, 1.8 or 1.9 than the applicable Lender would have
              -----------------    ---
been entitled to receive with respect to the participation sold to such
Participant.

                  (f) Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement (including
under its Notes, if any) to secure obligations of such Lender, including any
pledge or assignment to secure obligations to a Federal Reserve Bank; provided
                                                                      --------
that no such pledge or assignment shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

                  (g) If the consent of the Borrower to an assignment or to an
assignee is required hereunder (including a consent to an assignment which does
not meet the minimum assignment threshold specified in clause (i) of the
provision to the first sentence of subsection (b) above), the Borrower shall be
deemed to have given its consent five Business Days after the date notice
thereof has been delivered by the assigning Lender (through the Administrative
Agent) unless such consent is expressly refused by the Borrower prior to such
fifth Business Day.

                  (h) As used herein, the following terms have the following
meanings:

                      "Eligible Assignee" means (a) a Lender; (b) an Affiliate
                       -----------------
          of a Lender; (c) an Approved Fund; and (d) any other person (other
          than a natural person) approved by the Administrative Agent, and,
          unless a Default has occurred and is continuing, the Borrower (each
          such approval not to be unreasonably withheld or delayed).

PAGE 29

<PAGE>

                           "Fund" means any person (other than a natural person)
                            ----
         that is (or will be) engaged in making, purchasing, holding or
         otherwise investing in commercial real estate loans and similar
         extensions of credit in the ordinary course of its business.

                           "Approved Fund" means any Fund that is administered
                            -------------
         or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
         entity or an Affiliate of an entity that administers or manages a
         Lender.

         6.6 Confidentiality. Each of the Administrative Agent and the Lenders
             ---------------
agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates'
directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the persons to whom such disclosure
is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential); (b) to the extent requested
by any regulatory authority; (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process; (d) to any other party
to this Agreement; (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder; (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or
participant in, or any prospective assignee of or participant in, any of its
rights or obligations under this Agreement or (ii) any direct or indirect
contractual counterparty or prospective counterparty (or such contractual
counterparty's or prospective counterparty's professional advisor) to any Swap
Agreement or credit derivative transaction relating to obligations of the
Borrower; (g) with the consent of the Borrower; (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to the Administrative Agent or any Lender
on a nonconfidential basis from a source other than the Borrower; or (i) to the
National Association of Insurance Commissioners or any other similar
organization or any nationally recognized rating agency that requires access to
information about a Lender's or its Affiliates' investment portfolio in
connection with ratings issued with respect to such Lender or its Affiliates.
For the purposes of this Section, "Information" means all information received
                                   -----------
from the Borrower relating to the Borrower or its business, other than any such
information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower; provided that, in the
                                                           --------
case of information received from the Borrower after the date hereof, such
information is clearly identified in writing at the time of delivery as
confidential. Any person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its
obligation to do so if such person has exercised the same degree of care to
maintain the confidentiality of such Information as such person would accord to
its own confidential information. The Administrative Agent and the Lenders may
disclose the existence of this Agreement and information about this Agreement to
market data collectors, similar service providers to the lending industry, and
service providers to the Administrative Agent and the Lenders in connection with
the administration and management of this Agreement, the Loan and Loan
Documents.

         6.7 Set-off. In addition to any rights and remedies of Administrative
             -------
Agent and Lenders provided by law, upon the occurrence and during the
continuance of any Event of Default, Administrative Agent and each Lender is
authorized at any time and from time to time, without prior notice to Borrower
or any other party to the Loan Documents, any such notice being waived by

PAGE 30

<PAGE>

Borrower (on its own behalf and on behalf of each party to the Loan Documents to
the fullest extent permitted by law, to set-off and apply any and all deposits,
general or special, time or demand, provisional or final, any time owing by
Administrative Agent or such Lender to or for the credit or the account of such
parties to the Loan Documents against any and all Obligations, irrespective of
whether or not the Administrative Agent or such Lender shall have made demand
under this Agreement or any other Loan Document and although such Obligations
may be contingent or unmatured. Each Lender agrees promptly to notify Borrower
and Administrative Agent after any such set-off and application made by such
Lender; provided, however, that the failure to give such notice shall not affect
the validity of such set-off and application.

         6.8 Sharing of Payments. If, other than as expressly provided elsewhere
             -------------------
herein, any Lender shall obtain on account of the portions of the Loan advanced
by it, any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise) in excess of its ratable share (or other share
contemplated hereunder) thereof, such Lender shall immediately (a) notify the
Administrative Agent of such fact, and (b) purchase from the other Lenders such
participations in the portions of the Loan made by them and/or such
subparticipations in the participations in L/C Obligations held by them, as the
case may be, as shall be necessary to cause such purchasing Lender to share the
excess payment in respect of such portions of the Loan or such participations,
as the case may be, pro rata with each of them; provided, however, that if all
                                                --------  -------
or any portion of such excess payment is thereafter recovered from the
purchasing Lender, such purchase shall to that extent be rescinded and each
other Lender shall repay to the purchasing Lender the purchase price paid
therefor, together with an amount equal to such paying Lender's ratable share
(according to the proportion of (i) the amount of such paying Lender's required
repayment to (ii) the total amount so recovered from the purchasing Lender) of
any interest or other amount paid or payable by the purchasing Lender in respect
of the total amount so recovered. The Borrower agrees that any Lender so
purchasing a participation from another Lender may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of
set-off, but subject to Section 6.7 with respect to such participation as fully
                        -----------
as if such Lender were the direct creditor of the Borrower in the amount of such
participation. The Administrative Agent will keep records (which shall be
conclusive and binding in the absence of manifest error) of participations
purchased under this Section and will in each case notify the Lenders following
any such purchases or repayments. Each Lender that purchases a participation
pursuant to this Section shall from and after such purchase have the right to
give all notices, requests, demands, directions and other communications under
this Agreement with respect to the portion of the Obligations purchased to the
same extent as though the purchasing Lender were the original owner of the
Obligations purchased.

         6.9 Amendments; Survival. Administrative Agent and Lenders shall be
             --------------------
entitled to amend (whether pursuant to a separate intercreditor agreement or
otherwise) any of the terms, conditions or agreements set forth in Article 5 or
                                                                   ---------
as to any other matter in the Loan Documents respecting payments to
Administrative Agent or Lenders or the required number of the Lenders to approve
or disapprove any matter or to take or refrain from taking any action, without
the consent of Borrower or any other Person or the execution by Borrower or any
other Person of any such amendment or intercreditor agreement. Subject to the
foregoing, Administrative Agent may amend or waive any provision of this
Agreement or any other Loan Document, or consent to any departure by any party
to the Loan Documents therefrom which amendment, waiver or consent in
Administrative Agent's reasonable determination shall not have a Material
Adverse Affect, or is otherwise intended to be within Administrative Agent's
discretion or determination; provided however, otherwise no such
                             --------

PAGE 31

<PAGE>

amendment, waiver or consent shall be effective unless in writing, signed by the
Required Lenders and Borrower or the applicable party to the Loan Documents, as
the case may be, and acknowledged by Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided further however, no such amendment, waiver or
                         --------
consent shall, unless in writing and signed by each of the Lenders directly
affected thereby and by the Borrower, and acknowledged by the Administrative
Agent, do any of the following:

                  (a) extend or increase the Commitment of any Lender (or
reinstate any Commitment terminated pursuant to Section 4.2) (it being
                                                -----------
understood that a waiver of a Default shall not constitute an extension or
increase in any Lender's Commitment);

                  (b) postpone any date fixed by this Agreement or any other
Loan Document for any payment or mandatory prepayment of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under any
other Loan Document;

                  (c) reduce the principal of, or the rate of interest specified
herein on, any Loan or any fees or other amounts payable hereunder or under any
other Loan Document; provided, however, that the Administrative Agent may waive
                     --------  -------
any obligation of the Borrower to pay interest at the Past Due Rate and/or late
charges for periods of up to thirty days, and only the consent of the Required
Lenders shall be necessary to waive any obligation of the Borrower to pay
interest at the Past Due Rate or late charges thereafter, or to amend the
definition of "Past Due Rate" or "late charges";

                  (d) change the percentage of the combined Commitments or of
the aggregate unpaid principal amount of the Loan which is required for the
Lenders or any of them to take any action hereunder;

                  (e) change the definition of "Pro Rata Share" or "Required
Lender";

                  (f) amend this Section, or Section 6.8, or any provision
                                             -----------
herein providing for consent or other action by all the Lenders;

                  (g) release the liability of Borrower or any existing
Guarantor or terminate the Tri-Party Agreement, if applicable;

                  (h) permit the sale, transfer, pledge, mortgage or assignment
of any Loan collateral or any direct or indirect interest in Borrower, except as
expressly permitted under the Loan Documents; or

                  (i) transfer or release any lien on, or after foreclosure or
other acquisition of title by Administrative Agent on behalf of the Lenders
transfer or sell, any Loan collateral except as permitted in Section 5.10.
                                                             ------------

and, provided further, that no amendment, waiver or consent shall, unless in
     -------- -------
writing and signed by the Administrative Agent in addition to the Required
Lenders or all the Lenders, as the case may be, affect the rights or duties of
the Administrative Agent under this Agreement or any other Loan Document.
Notwithstanding anything to the contrary herein, any Lender that has failed to
fund any

PAGE 32

<PAGE>

portion of its Pro Rata Share of the Loan or participations in L/C Obligations
required to be funded by it hereunder shall not have any right to approve or
disapprove any amendment, waiver or consent hereunder, except that the Pro Rata
Share of such Lender may not be increased without the consent of such Lender.

This Agreement shall continue in full force and effect until the Indebtedness is
paid in full and all of Administrative Agent and Lender's obligations under this
Agreement are terminated; and all representations and warranties and all
provisions herein for indemnity of the Indemnitees, Administrative Agent and
Lenders (and any other provisions herein specified to survive) shall survive
payment in full of the Indebtedness and any release or termination of this
Agreement or of any other Loan Documents.

         6.10  Costs and  Expenses.  Without limiting any Loan Document and TO
               -------------------
the extent not prohibited by applicable laws, Borrower shall pay when due, shall
reimburse to Administrative Agent for the benefit of itself and Lenders on
demand and shall indemnify Administrative Agent and Lenders from, all
out-of-pocket fees, costs, and expenses paid or incurred by Administrative Agent
in connection with the negotiation, preparation and execution of this Agreement
and the other Loan Documents (and any amendments, approvals, consents, waivers
and releases requested, required, proposed or done from time to time), or in
connection with the disbursement, administration or collection of the Loan or
the enforcement of the obligations of Borrower or the exercise of any right or
remedy of Administrative Agent, including (a) all fees and expenses of
Administrative Agent's counsel; (b) fees and charges of each Construction
Consultant, inspector and engineer; (c) appraisal, re-appraisal and survey
costs; (d) title insurance charges and premiums; (e) title search or examination
costs, including abstracts, abstractors' certificates and uniform commercial
code searches; (f) judgment and tax lien searches for Borrower and each
Guarantor; (g) escrow fees; (h) fees and costs of environmental investigations
site assessments and remediations; (i) recordation taxes, documentary taxes,
transfer taxes and mortgage taxes; (j) filing and recording fees; and (k) loan
brokerage fees. Borrower shall pay all costs and expenses incurred by
Administrative Agent, including attorneys' fees, if the obligations or any part
thereof are sought to be collected by or through an attorney at law, whether or
not involving probate, appellate, administrative or bankruptcy proceedings.
Borrower shall pay all costs and expenses of complying with the Loan Documents,
whether or not such costs and expenses are included in the Budget. Borrower's
obligations under this Section shall survive the delivery of the Loan Documents,
the making of advances, the payment in full of the obligations, the release or
reconveyance of any of the Loan Documents, the foreclosure of the Deed of Trust
or conveyance in lieu of foreclosure, any bankruptcy or other debtor relief
proceeding, and any other event whatsoever.

         6.11  Foreign Lenders and Participants. Each Lender, and each holder of
               --------------------------------
a participation interest herein, that is a "foreign corporation, partnership or
trust" within the meaning of the Internal Revenue Code of 1986, as amended from
time to time ("Code") shall deliver to Administrative Agent, prior to receipt of
               ----
any payment subject to withholding (or after accepting an assignment or
receiving a participation interest herein), two duly signed completed copies of
either Form W-8BEN or any successor thereto (relating to such person and
entitling it to a complete exemption from withholding on all payments to be made
to such person by Borrower pursuant to this Agreement) or Form W-8ECI or any
successor thereto (relating to all payments to be made to such person by
Borrower pursuant to this Agreement) of the United States Internal Revenue
Service or such other evidence satisfactory to Borrower and Administrative Agent
that no withholding under the federal income tax laws is required with respect
to such person. Thereafter and from time to time, each such

PAGE 33

<PAGE>

person shall (a) promptly submit to Administrative Agent such additional duly
completed and signed copies of one of such forms (or such successor forms as
shall be adopted from time to time by the relevant United States taxing
authorities) as may then be available under then current United States laws and
regulations to avoid, or such evidence as is satisfactory to Borrower and
Administrative Agent of any available exemption from, United States withholding
taxes in respect of all payments to be made to such person by Borrower pursuant
to this Agreement and (b) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lenders, and as may be
reasonably necessary (including the re-designation of its lending office, if
any) to avoid any requirement of applicable laws that Borrower make any
deduction or withholding for taxes from amounts payable to such person. If such
persons fails to deliver the above forms or other documentation, then
Administrative Agent may withhold from any interest payment to such person an
amount equivalent to the applicable withholding tax imposed by Sections 1441 and
                                                               -----------------
1442 of the Code, without reduction. If any Tribunal asserts that Administrative
----
Agent did not properly withhold any tax or other amount from payments made in
respect of such person, such person shall indemnify Administrative Agent
therefor, including all penalties and interest and costs and expenses (including
attorney fees) of Administrative Agent. The obligation of Lenders under this
subsection shall survive the payment of all Obligations and the resignation or
replacement of Administrative Agent.

         6.12 Further Assurances. Borrower will, upon Administrative Agent's
              ------------------
request, (a) promptly correct any defect, error or omission in any Loan
Document; (b) execute, acknowledge, deliver, procure, record or file such
further instruments and do such further acts as Administrative Agent deems
necessary, desirable or proper to carry out the purposes of the Loan Documents
and to identify and subject to the liens and security interest of the Loan
Documents any property intended to be covered thereby, including any renewals,
additions, substitutions, replacements, or appurtenances to the Property; (c)
execute, acknowledge, deliver, procure, file or record any document or
instrument Administrative Agent deems necessary, desirable, or proper to protect
the liens or the security interest under the Loan Documents against the rights
or interests of third persons; and (d) provide such certificates, documents,
reports, information, affidavits and other instruments and do such further acts
deemed necessary, desirable or proper by Administrative Agent to comply with the
requirements of any agency having jurisdiction over Administrative Agent.

         6.13 Inducement to Lenders; Indemnity. The representations and
              --------------------------------
warranties contained in this Agreement and the other Loan Documents (a) are made
to induce Lenders to make the Loan and extend any other credit to or for the
account of the Borrower pursuant hereto, and Administrative Agent and Lenders
are relying thereon, and will continue to rely thereon, and (b) shall survive
any bankruptcy proceedings involving Borrower, Guarantor or the Property,
foreclosure, or conveyance in lieu of foreclosure.

         6.14 Forum. Borrower hereby irrevocably submits generally and
              -----
unconditionally for itself and in respect of its property to the jurisdiction of
any state court, or any United States federal court, sitting in the State
specified in Section 6.2 of this Agreement and to the jurisdiction of any state
             -----------
court or any United States federal court, sitting in the state in which any of
the Property is located, over any suit, action or proceeding arising out of or
relating to this Agreement or the Indebtedness. Borrower hereby irrevocably
waives, to the fullest extent permitted by law, any objection that Borrower may
now or hereafter have to the laying of venue in any such court and any claim
that any such court is an inconvenient forum. Borrower hereby agrees and
consents that, in addition to any methods of service or process provided for
under applicable law, all service of process in any such suit, action or

PAGE 34

<PAGE>

proceeding in any state court, or any United States federal court, sitting in
the state specified in Section 6.2 may be made by certified or registered mail,
                       -----------
return receipt requested, directed to Borrower at its address for notice stated
in the Loan Documents, or at a subsequent address of which Administrative Agent
received actual notice from Borrower in accordance with the Loan Documents, and
service so made shall be complete five (5) days after the same shall have been
so mailed. Nothing herein shall affect the right of Administrative Agent to
serve process in any manner permitted by law or limit the right of
Administrative Agent to bring proceedings against Borrower in any other court or
jurisdiction.

         6.15 Interpretation. References to "Dollars," "$," "money," "payments"
              --------------                 -------    -    -----    --------
or other similar financial or monetary terms are references to lawful money of
the United States of America. References to Articles, Sections, and Exhibits
are, unless specified otherwise, references to articles, sections and exhibits
of this Agreement. Words of any gender shall include each other gender. Words in
the singular shall include the plural and words in the plural shall include the
singular. References to Borrower or Guarantor shall mean, each person comprising
same, jointly and severally. References to "persons" shall include both natural
                                            -------
persons and any legal entities, including public or governmental bodies,
agencies or instrumentalities. The words "include" and "including" shall be
                                          -------       ---------
interpreted as if followed by the words "without limitation". Captions and
                                         ------- ----------
headings in the Loan Documents are for convenience only and shall not affect the
construction of the Loan Documents.

         6.16 No Partnership, etc. The relationship between Lenders (including
              -------------------
Administrative Agent) and Borrower is solely that of lender and borrower.
Neither Administrative Agent nor Lender has any fiduciary or other special
relationship with or duty to Borrower and none is treated by the Loan Documents.
Nothing contained in the Loan Documents, and no action taken or omitted pursuant
to the Loan Documents, is intended or shall be construed to create any
partnership, joint venture, association, or special relationship between
Borrower and Administrative Agent or any Lender or in any way make
Administrative Agent or any Lender a co-principal with Borrower with reference
to the Project, the Property or otherwise. In no event shall Administrative
Agent or Lender's rights and interests under the Loan Documents be construed to
give Administrative Agent or any Lender the right to control, or be deemed to
indicate that Administrative Agent or any Lender is in control of, the business,
properties, management or operations of Borrower.

         6.17 Records. The unpaid amount of the Loan and the amount of any other
              -------
credit extended by Administrative Agent or Lenders to or for the account of
Borrower set forth on the books and records of Administrative Agent shall be
presumptive evidence of the amount thereof owing and unpaid, but failure to
record any such amount on Administrative Agent's books and records shall not
limit or affect the obligations of Borrower under the Loan Documents to make
payments on the Loan when due.

         6.18 Commercial Purpose. Borrower warrants that the Loan is being made
              ------------------
solely to acquire or carry on a business or commercial enterprise, and/or
Borrower is a business or commercial organization. Borrower further warrants
that all of the proceeds of this Loan shall be used for commercial purposes and
stipulates that the Loan shall be construed for all purposes as a commercial
loan, and is made for other than personal, family, household or agricultural
purposes.

         6.19 WAIVER OF JURY TRIAL. BORROWER WAIVES, TO THE FULLEST EXTENT
              --------------------
PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH
BORROWER AND LENDER MAY BE PARTIES, ARISING

PAGE 35

<PAGE>

OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO, ANY NOTE, THE LOAN
AGREEMENT, THE DEED OF TRUST OR ANY OF THE OTHER LOAN DOCUMENTS. IT IS AGREED
AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL
CLAIMS AGAINST ALL PARTIES TO SUCH ACTION OR PROCEEDINGS, INCLUDING CLAIMS
AGAINST PARTIES WHO ARE NOT PARTIES TO ANY NOTE. THIS WAIVER IS KNOWINGLY,
WILLINGLY AND VOLUNTARILY MADE BY BORROWER, AND BORROWER HEREBY REPRESENTS THAT
NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE
THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.
BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE
SIGNING OF ALL NOTES AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL
COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO
DISCUSS THIS WAIVER WITH COUNSEL.

         6.20   Service of Process. Borrower hereby consents to process being
                ------------------
served in any suit, action, or proceeding instituted in connection with this
Loan by (a) the mailing of a copy thereof by certified mail, postage prepaid,
return receipt requested, to Borrower and (b) serving a copy thereof upon CT
Corporation in Atlanta, Fulton County, Georgia, the agent hereby designated and
appointed by Borrower as Borrower's agent for service of process. Borrower
irrevocably agrees that such service shall be deemed to be service of process
upon Borrower in any such suit, action, or proceeding. Nothing in any Note shall
affect the right of Administrative Agent to serve process in any manner
otherwise permitted by law and nothing in any Note will limit the right of
Administrative Agent on behalf of the Lenders otherwise to bring proceedings
against Borrower in the courts of any jurisdiction or jurisdictions.

         6.21   Entire Agreement. The Loan Documents constitute the entire
                ----------------
understanding and agreement between Borrower, Administrative Agent and Lenders
with respect to the transactions arising in connection with the Loan, and
supersede all prior written or oral understandings and agreements between
Borrower, Administrative Agent and Lenders with respect to the matters addressed
in the Loan Documents. In particular, and without limitation, the terms of any
commitment letter, letter of intent or quote letter by Administrative Agent or
any Lender to make the Loan are merged into the Loan Documents. Neither
Administrative Agent nor any Lender has made any commitments to extend the term
of the Loan past its stated maturity date or to provide Borrower with financing
except as set forth in the Loan Documents. Except as incorporated in writing
into the Loan Documents, there are not, and were not, and no persons are or were
authorized by Administrative Agent or any Lender to make, any representations,
understandings, stipulations, agreements or promises, oral or written, with
respect to the matters addressed in the Loan Documents.

         6.22   Mandatory Arbitration. Any controversy or claim between or among
                ---------------------
the parties hereto including but not limited to those arising out of or relating
to this Agreement or any related agreements or instruments, including any claim
based on or arising from an alleged tort, shall be determined by binding
arbitration in accordance with the Federal Arbitration Act (or if not
applicable, the applicable state law), the Rules of Practice and Procedure for
the Arbitration of Commercial Disputes of Judicial Arbitration and Mediation
Services, Inc. ("J.A.M.S.") and the "Special Rules" set forth below. In the
                 -------
event of any inconsistency, the Special Rules shall control. Judgment upon any
arbitration award may

Page 36

<PAGE>

be entered in any court having jurisdiction. Any party to this Agreement may
bring an action, including a summary or expedited proceeding, to compel
arbitration of any controversy or claim to which this agreement applies in any
court having jurisdiction over such action.

                a.   Special Rules. The arbitration shall be conducted in
                     -------------
Atlanta, Georgia, and administered by J.A.M.S. who will appoint an arbitrator;
if J.A.M.S. is unable or legally precluded from administering the arbitration,
then the American Arbitration Association will serve. All arbitration hearings
will be commenced within ninety (90) days of the demand for arbitration;
further, the arbitrator shall only, upon a showing of cause, be permitted to
extend the commencement of such hearing for up to an additional sixty (60) days.

                b.   Reservations of Rights. Nothing in this Agreement shall be
                     ----------------------
deemed to (i) limit the applicability of any otherwise applicable statutes of
limitation or repose and any waivers contained in this Agreement; or (ii) be a
waiver by Administrative Agent or any Lender of the protection afforded to it by
12 U.S.C. Sec. 91 or any substantially equivalent state law; or (iii) limit the
right of (A) any Lender (subject to Section 1.8 and Article 5) to exercise self
                                    -----------     ---------
help remedies such as (but not limited to) setoff, or (B) Administrative Agent
on behalf of the Lenders to foreclose against any real or personal property
collateral, or (C) Administrative Agent on behalf of the Lenders to obtain from
a court provisional or ancillary remedies such as (but not limited to)
injunctive relief or the appointment of a receiver. Lenders may exercise such
self help rights, and Administrative Agent on behalf of the Lenders may
foreclose upon such property or obtain such provisional or ancillary remedies
before, during or after the pendency of any arbitration proceeding brought
pursuant to this Agreement. At the option of the Administrative Agent on behalf
of the Lenders, foreclosure under a deed of trust or mortgage may be
accomplished by any of the following: the exercise of a power of sale under the
deed of trust or mortgage, or by judicial sale under the deed of trust or
mortgage, or by judicial foreclosure. Neither the exercise of self help remedies
nor the institution or maintenance of an action for foreclosure or provisional
or ancillary remedies shall constitute a waiver of the right of any party,
including the claimant in any such action, to arbitrate the merits of the
controversy or claim occasioning resort to such remedies. No provision in the
Loan Documents regarding submission to jurisdiction and/or venue in any court is
intended or shall be construed to be in derogation of the provisions in any Loan
Document for arbitration of any controversy or claim.

THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

                         [SIGNATURES BEGIN ON NEXT PAGE]

Page 37

<PAGE>

EXECUTED and DELIVERED UNDER SEAL as of   November 30  , 2001.
                                        ---------------

                                  BORROWER:

                                  WELLS OPERATING PARTNERSHIP, L.P.,
                                  a Delaware limited partnership

                                  By: Wells Real Estate Investment Trust, Inc.,
                                      a Maryland corporation, general partner

                                      By:     /s/ Douglas P. Williams
                                              --------------------------
                                      Name:   Douglas P. Williams
                                              --------------------------
                                      Title:  Executive Vice President
                                              --------------------------

                                      Attest: /s/ M. Scott Meadows
                                              -------------------------
                                      Name:   M. Scott Meadows
                                              -------------------------
                                      Title:  Sr. Vice President
                                              -------------------------

                                                  [CORPORATE SEAL]

Borrower's Address for Notices:
6200 The Corners Parkway, Suite 250
Norcross, Georgia 30092

The Federal Tax Identification Number of Borrower:
58-2368838

                       [SIGNATURES CONTINUED ON NEXT PAGE]

Page 38

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                               BANK OF AMERICA, N.A., a national banking
                               association, individually as Administrative Agent
                               and a Lender

                               By:    /s/ Gerald R. Masey
                                   -----------------------------
                               Name:  Gerald R. Masey
                                    ----------------------------
                               Title: Senior Vice President
                                     ---------------------------

                                                    [BANK SEAL]

Lender's Address for Notices:
Bank of America, N.A.
Real Estate Banking Group
Bank of America Plaza - Sixth Floor
600 Peachtree Street, N.E.
Atlanta, Georgia  30308-3318

                       [SIGNATURES CONTINUED ON NEXT PAGE]

Page 39

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                   GUARANTY BANK, as a Lender

                                   By:    /s/ John B. Lirgl (SEAL)
                                      -----------------------------
                                   Name:  John B. Lirgl, Jr.
                                        ---------------------------
                                   Title: Vice President
                                        ---------------------------

                       [SIGNATURES CONTINUED ON NEXT PAGE]

Page 40

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                SOUTHTRUST BANK, as a Lender

                                By: /s/ Eric Overton                      (SEAL)
                                   ---------------------------------------
                                Name:   Eric Overton
                                     -------------------------------------
                                Title:  AVP
                                      ------------------------------------

PAGE 41

<PAGE>

                                  EXHIBIT "A"

BEING a tract of land situated in the CORDELIA BOWEN SURVEY, ABSTRACT NO. 56,
DALLAS County, Texas, and being all of Lot 7, Block C, DFW FREEPORT, 12TH
INSTALLMENT, an Addition to the City of Irving, Texas, recorded in Volume 86246,
Page 317, Deed Records, DALLAS County, Texas, as conveyed to H. L. Hunt
Foundation by Correction General Warranty Deed as recorded in volume 89017, Page
1545, Deed Records, DALLAS County, Texas, and being more particularly described
as follows:

BEGINNING at a 1/2 inch iron rod found for corner at the North end of a corner
clip at the intersection of the Northeast line of Esters Boulevard (80 foot
right-of-way) and the Southeast line of Freeport Parkway (100 foot
right-of-way);

THENCE North 54 degrees 19 minutes 10 seconds East, with said Southeast line, a
distance of 57.16 feet to a 1/2 inch iron rod found for corner at the beginning
of a curve to the left having a central angle of 44 degrees 00 minutes 00
seconds, a radius of 880.59 feet and a chord bearing and distance of North 32
degrees 19 minutes 10 seconds East, 659.75 feet;

THENCE along said curve to the left and continuing with said Southeast line, an
arc distance of 676.24 feet to a 1/2 inch iron rod found for corner;

THENCE North 10 degrees 19 minutes 10 seconds East; continuing along said South-
east line, a distance of 87.55 feet to a 1/2 inch iron rod found for corner at
the Southwest end of a corner clip at the intersection of said Southeast line
and the South line of Regent Boulevard (100 foot right-of-way);

THENCE North 55 degrees 19 minutes 10 seconds East; along said corner clip; a
distance of 25.00 feet to a 1/2 inch iron rod found for corner in said South
line of Regent Boulevard;

THENCE South 79 degrees 40 minutes 50 seconds East, along said South line, a
distance of 402.27 feet to a 1/2 inch iron rod found for corner at the beginning
of a curve to the right having a central angle of 43 degrees 56 minutes 12
seconds, a radius of 549.97 feet and a chord bearing and distance of South 57
degrees 42 minutes 45 seconds East, 411.48 feet;

THENCE along said curve to the right and continuing along said South line, an
arc distance of 421.74 feet to a 1/2 inch iron rod found for corner;

THENCE South 35 degrees 44 minutes 26 seconds East, continuing along said South
line, a distance of 88.38 feet to a 1/2 inch iron rod found for corner, said
corner also being the most Northerly corner of Lot 6, Block C, of the above-
mentioned DFW Freeport Addition;

THENCE South 54 degrees 19 minutes 10 seconds west, along the North line of said
Lot 6, a distance of 1208.41 feet to an "x' cut found for corner in the
aforementioned Northeast line of Esters Boulevard;

THENCE North 35 degrees 40 minutes 50 seconds West, along said Northeast line, a
distance of 433.97 feet to a 1/2 inch iron rod found for a corner at the South
end of the aforementioned corner clip at the intersection of said

                                  (Continued)

<PAGE>

Northeast line of Esters Boulevard and the aforementioned Southeast line of
Freeport Parkway;

Thence North 09 degrees 19 minutes 10 seconds East, along said corner clip, a
distance of 25.00 feet to the POINT OF BEGINNING and CONTAINING 647,837 square
feet or 14.8723 acres of land, more or less.

<PAGE>

                                   EXHIBIT "B"
                                   ----------

                                BASIC INFORMATION
                                -----------------

A.   DEFINITIONS:  As used in this Agreement and the attached exhibits, the
     -----------
following terms shall have the following meanings:

     1.   "Administrative Agent" means Bank of America, N.A., in its capacity as
           --------------------
administrative agent under any of the Loan Documents, or any successor
administrative agent.

     2.   "Administrative Agent Advances" means advances as set forth in Section
           -----------------------------                                 -------
1 of this Agreement.
-

     3.   "Administrative Agent's Office" means Administrative Agent's address
           -----------------------------
and, as appropriate, account as set forth on the Schedule of Lenders, or such
other address or account as Administrative Agent hereafter may from time to time
notify to Borrower and Lenders.

     4.   "Administrative Agent's Time" means the time of day observed in the
           ---------------------------
city where Administrative Agent's office is located.

     5.   "Advance Termination Date" means the Maturity Date.
           ------------------------

     6.   "Affiliate" means any person directly or indirectly controlling,
           ---------
controlled by, or under direct or indirect common control with, such person. A
person shall be deemed to be "controlled by" any other person if such other
person possesses, directly or indirectly, power (a) to vote 10% or more of the
securities (on a fully diluted basis) having ordinary voting power for the
election of directors or managing general partners; or (b) to direct or cause
the direction of the management and policies of such person whether by contract
or otherwise.

     7.   "Agent-Related Persons" means Administrative Agent (including any
           ---------------------
successor administrative agent), together with its Affiliates (including
Arranger), and the officers, directors, employees, agents and attorneys-in-fact
of such persons and Affiliates.

     8.   "Aggregate Cost" has the meaning set forth in Section 1.4 of this
           --------------                               -----------
Agreement.

     9.   "Agreement" has the meaning set forth in the introductory paragraph of
           ---------
this Agreement, and includes all exhibits attached hereto and referenced in
Section 1.1.
-----------

     10.  "Appraised Value" means at least $42,750,000.00.
           ---------------

     11.  "Arranger" means Banc of America Securities LLC, in its capacity as
           --------
sole arranger and sole book manager.

     12.  "Assignment and Acceptance" means an Assignment and Acceptance
           -------------------------
substantially in the form of Exhibit "L".
                             ----------

     13.  "Association" means Freeport Property Owners Association, Inc., a
           -----------
Texas non-profit corporation.

EXHIBIT "B"

<PAGE>

     14.  "Basic Information" has the meaning set forth in Section 1.1 of this
           -----------------                               -----------
Agreement.

     15.  "Borrower" has the meaning set forth in the introductory paragraph of
           --------
this Agreement.

     16.  "Borrower's Deposit" has the meaning set forth in Section 1.5 of this
           ------------------                               -----------
Agreement.

     17.  "Budget" means the budget and cost itemization for the Project
           ------
attached as Exhibit "D".
            -----------

     18.  "Business Day" means any day other than a Saturday, Sunday or other
           ------------
day on which commercial banks are authorized to close under the laws of, or are
in fact closed in, the state where Administrative Agent's Office is located or,
if such day relates to any LIBOR Rate, means any such day on which dealings in
dollar deposits are conducted by and between banks in the London, England
interbank market.

     19.  "Commitment" means, as to each Lender, its obligation to advance its
           ----------
Pro Rata Share of the Loan in an aggregate principal amount not exceeding the
amount set forth opposite such Lender's name on the Schedule of Lenders at any
one time outstanding, as such amount may be reduced or adjusted from time to
time in accordance with this Agreement (collectively, the "combined
                                                           --------
Commitments").
-----------

     20.  "Completion Date" means the earlier of (i) that date which is fourteen
           ---------------
(14) months from the Construction Commencement Date, or (ii) any earlier date
required by the Nissan Lease for completion of the Improvements.

     21.  "Construction Commencement Date" means on or before February 1, 2002.
           ------------------------------

     22.  "Construction Consultant" means the construction consultant, if any,
           -----------------------
engaged by Administrative Agent with respect to the Project.

     23.  "Debtor Relief Laws" means the Bankruptcy Code of the United States of
           ------------------
America, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States of America or
other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     24.  "Deed of Trust" means the Deed of Trust, Assignment and Security
           -------------
Agreement dated November 30, 2001, from the Borrower to certain trustees for
Administrative Agent and Lender's benefit, securing repayment of the
Indebtedness and Borrower's performance of its other obligations to
Administrative Agent and Lenders under the Loan Documents, as amended, modified,
supplemented, restated and replaced from time to time.

     25.  "Default" has the meaning set forth in Section 4.1 of this Agreement.
           -------                               -----------

     26.  "Defaulting Lender" means a Lender that fails to pay its Pro Rata
           -----------------
Share of a Payment Amount within five (5) Business Days after notice from
Administrative Agent, until such Lender cures such failure as permitted in this
Agreement.

EXHIBIT "B"

<PAGE>

     27.  "Defaulting Lender Amount" means the Defaulting Lender's Pro Rata
           ------------------------
Share of a Payment Amount.

     28.  "Defaulting Lender Payment Amounts" means a Defaulting Lender Amount
           ---------------------------------
plus interest from the date such Defaulting Lender Amount was funded by
Administrative Agent and/or an Electing Lender, as applicable, to the date such
amount is repaid to Administrative Agent and/or such Electing Lender, as
applicable, at the rate per annum applicable to such Defaulting Lender Amount
under the Loan or otherwise at the Prime Rate.

     29.  "Development Agreement" has the meaning set forth in the Deed of
           ---------------------
Trust.

     30.  "Draw Request" means a properly completed and executed written
           ------------
application by Borrower to Lenders in the form of Exhibit "F-1" (or in another
                                                  ------------
form approved by Administrative Agent) setting forth the amount of Loan proceeds
desired, together with such schedules, affidavits, releases, waivers,
statements, invoices, bills and other documents, certificates and information
Lenders require.

     31.  "Eligible Assignee" has the meaning set forth in Section 6.5.
           -----------------                               -----------

     32.  "Environmental Agreement" means the Environmental Indemnity Agreement
           -----------------------
of even date herewith by and among Borrower, Guarantor and Administrative Agent
for the benefit of Lenders.

     33.  "Excusable Delay" means a delay, not to exceed a total of ten (10)
           ---------------
days, caused by unusually adverse weather conditions which have not been taken
into account in the construction schedule, fire, earthquake or other acts of
God, strikes, lockouts, acts of public enemy, riots or insurrections or any
other unforeseen circumstances or events beyond the control of Borrower (except
financial circumstances or events or matters which may be resolved by the
payment of money), and as to which Borrower notifies Administrative Agent in
writing within five (5) days after such occurrence; provided, however, no
Excusable Delay shall extend the Completion Date or suspend or abate any
obligation of Borrower or any Guarantor or any other person to pay any money.

     34.  "Federal Funds Rate" means, for any day, the rate per annum (rounded
           ------------------
upwards to the nearest 1/100 of 1%) equal to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the
Federal Reserve Bank on the Business Day next succeeding such day; provided that
                                                                   --------
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such
day shall be the average rate charged to Bank of America on such day on such
transactions as determined by Administrative Agent.

     35.  "Financial Statements" means (i) for each reporting party other than
           --------------------
an individual, a balance sheet, income statement, statements of cash flow and
amounts and sources of contingent liabilities, a reconciliation of changes in
equity and liquidity verification, and unless Administrative Agent otherwise
consents, consolidated and consolidating statements if the reporting party is a
holding company or a parent of a subsidiary entity; and (ii) for each reporting
party who is an individual, a balance sheet, statements of amount and sources of
contingent liabilities, sources and uses of cash and liquidity verification and,
unless Administrative Agent otherwise consents, Financial Statements for each
entity owned or jointly owned by the reporting party. For purposes of this
definition and any

EXHIBIT "B"

<PAGE>

covenant requiring the delivery of Financial Statements, each party for whom
Financial Statements are required is a "reporting party" and a specified period
                                        ---------------
to which the required Financial Statements relate is a "reporting period".
                                                        ----------------

     36.  "Foundations" means The Ruth Ray and H.L. Hunt Foundation, a Texas
           -----------
non-profit corporation and The Ruth Foundation, a Texas non-profit corporation.

     37.  "Funding Date" means the date on which an advance of Loan proceeds or
           ------------
Borrower's Deposit shall occur.

     38.  "Guarantor" means Wells Real Estate Investment Trust, Inc., a Maryland
           ---------
corporation.

     39.  "Improvements" means all on-site and off-site improvements to the Land
           ------------
for an approximately 268,290 square foot, three-story office building with
accessory parking, child care facilities, fitness center, kitchen, dining areas,
warehouse space, training rooms, document preparation areas and
telecommunications room, to be constructed on the Land, together with all
fixtures, tenant improvements, and appurtenances now or later to be located on
the Land and/or in such improvements.

     40.  "Indebtedness" means any and all indebtedness to Administrative Agent
           ------------
or Lenders evidenced, governed or secured by, or arising under, any of the Loan
Documents, including the Loan, Swap Contracts and all Letters of Credit.

     41.  "Indemnified Liabilities" has the meaning set forth in Section 6.1.
           -----------------------                               -----------

     42.  "Land" means the real property described in Exhibit "A".
           ----                                       -----------

     43.  "Laws" means all constitutions, treaties, statutes, laws, ordinances,
           ----
regulations, rules, orders, writs, injunctions, or decrees of the United States
of America, any state or commonwealth, any municipality, any foreign country,
any territory or possession, or any Tribunal.

     44.  "Lender" means each lender from time to time party to this Agreement.
           ------

     45.  "Lending Office" means, as to any Lender, the office or offices of
           --------------
 such Lender described as such on the Schedule of Lenders, or such other office
                                      -------------------
or offices as such Lender may from time to time notify Borrower and
Administrative Agent.

     46.  "Loan" means the loan by Lenders to Borrower, in the maximum amount of
           ----
$34,200,000.00, but not to exceed, in the aggregate, the payment of 80.9% of the
costs incident to the Project as specified in the Budget. In the event the
aggregate amount of the actual costs incident to the Project are less than the
aggregate amount specified in the Budget, the maximum amount described above
shall be reduced by the difference between the aggregate amount specified in the
Budget and the aggregate amount of such actual costs.

     47.  "Loan Documents" means this Agreement (including all exhibits), the
           --------------
Deed of Trust, any Note, the Environmental Agreement, any guaranty, financing
statements, Swap Contracts, the Budget, each Draw Request, and such other
documents evidencing, securing or pertaining to the Loan as shall, from time to
time, be executed and/or delivered by Borrower, Guarantor, or any other party to
Administrative Agent or any Lender pursuant to this Agreement, as they may be
amended, modified, restated, replaced and supplemented from time to time.

EXHIBIT "B"

<PAGE>

         48. "Material Adverse Effect" means (a) a material adverse change in,
              -----------------------
or a material adverse effect upon, the Project, or the operations, business,
properties, condition (financial or otherwise) or prospects of the Borrower or
the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of
the ability of any party to the Loan Documents to perform its obligations under
any Loan Document to which it is a party; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against any party to
the Loan Documents of any Loan Document to which it is a party.

         49. "Maturity Date" means July 30, 2003, as it may be earlier
              -------------
terminated or extended in accordance with the terms hereof.

         50. "Nissan" means Nissan Motor Acceptance Corporation, a California
              ------
 corporation.

         51. "Nissan Lease" means that certain Lease Agreement dated September
              ------------
19, 2001 by and between Borrower, as landlord, and Nissan, as tenant, with
respect to the Improvements.

         52. "Notes" means the Promissory Notes each dated November 30, 2001
              -----
executed by Borrower and payable to the order of each Lender in the amount of
each Lender's Commitment and collectively in the maximum principal amount of the
Loan, substantially in the form of Exhibit "M" as amended, modified, replaced,
                                   -----------
restated, extended or renewed from time to time.

         53. "Obligations" means all advances to, and debts, liabilities,
              -----------
obligations, covenants and duties of, any party to a Loan Document arising under
any Loan Document, whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest that accrues after the commencement by
or against any party to a Loan Document or any Affiliate thereof of any
proceeding under any Debtor Relief Laws naming such person as the debtor in such
proceeding.

         54. "Payment Amount" means an advance of the Loan, an unreimbursed
              --------------
Administrative Agent Advance, an unreimbursed Indemnified Liability, or any
other amount that a Lender is required to fund under this Agreement.

         55. "Permitted Changes" means changes to the Plans or Improvements,
              -----------------
provided the cost of any single change or extra does not exceed $50,000.00 and
the aggregate amount of all such changes and extras (whether positive or
negative) does not exceed $500,000.00.

         56. "Permitted Lender" means [intentionally omitted].
              ----------------

         57. "Plans" means the plans and specifications listed in Exhibit "E"
              -----                                               -----------
and all modifications thereof and additions thereto that are included as part of
the Plans as the same shall be approved by Administrative Agent in the exercise
of its sole discretion in accordance with the terms of this Agreement.

         58. "Potential Default" means any condition or event which with the
              -----------------
giving of notice or lapse of time or both would, unless cured or waived, become
a Default.

EXHIBIT "B"

<PAGE>

         59. "Prime Rate" means, on any day, the rate of interest per annum then
              ----------
most recently established by Administrative Agent as its "prime rate," it being
understood and agreed that such rate is set by Administrative Agent as a general
reference rate of interest, taking into account such factors as Administrative
Agent may deem appropriate, that it is not necessarily the lowest or best rate
actually charged to any customer or a favored rate, that it may not correspond
with future increases or decreases in interest rates charged by other lenders or
market rates in general, and that Administrative Agent may make various business
or other loans at rates of interest having no relationship to such rate. If
Administrative Agent (including any subsequent Administrative Agent) ceases to
exist or to establish or publish a prime rate from which the Prime Rate is then
determined, the applicable variable rate from which the Prime Rate is determined
thereafter shall be instead the prime rate reported in The Wall Street Journal
                                                       -----------------------
(or the average prime rate if a high and a low prime rate are therein reported),
and the Prime Rate shall change without notice with each change in such prime
rate as of the date such change is reported.

         60. "Principal Debt" means the aggregate unpaid principal balance of
              --------------
this Loan at the time in question.

         61. "Pro Rata Share" means, with respect to each Lender, the percentage
              --------------
of the Loan set forth opposite the name of that Lender on the Schedule of
                                                              -----------
Lenders, as such share may be adjusted pursuant to Section 6.5.
-------                                            -----------

         62. "Project" means the acquisition of the Land, the  construction of
              -------
the Improvements, and if applicable, the leasing and operation of the
Improvements.

         63. "Property" means the Land, the Improvements and all other property
              --------
constituting the "Deed of Trust Property," as described in the Deed of Trust, or
subject to a right, lien or security interest to secure the Loan pursuant to any
other Loan Document.

         64. "Required Lenders" means as of any date of determination at least
              ----------------
two Lenders (excluding Defaulting Lenders) holding Pro Rata Shares of the Loan
aggregating more than 50% of the aggregate outstanding principal amount of the
Loan (excluding that portion of the Loan held by a Defaulting Lender or
Defaulting Lenders).

         65. "Rights" means rights, remedies, powers and privileges.
              ------

         66. "Schedule of Lenders" means the schedule of Lenders party to this
              -------------------
Agreement as set forth on Exhibit "N", as it may be modified from time to time
                          -----------
in accordance with this Agreement.

         67. "Stored Materials Advance Limit" means $0.00.
              ------------------------------

         68. "Subsidiary" means a corporation, partnership, joint venture,
              ----------
limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the
election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries.

         69. "Survey" means a survey prepared in accordance with Exhibit "G" or
              ------                                             -----------
as otherwise approved by Administrative Agent in its sole discretion.

EXHIBIT "B"

<PAGE>

         70. "Swap Contract" means (a) any and all rate swap transactions, basis
              -------------
swaps, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price
or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency
options, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement, or
(b) any and all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association,
Inc., or any other master agreement (any such master agreement, together with
any related schedules, as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, a "Master Agreement"), including any such
                                          ----------------
obligations or liabilities under any Master Agreement.

         71. "Telerate Page 3750" means the British Bankers  Association  Libor
              ------------------
Rates (determined at 11:00 a.m. London, England time) that are published by
Bridge Information Systems, Inc.

         72. "Title Insurance" means the loan policy or policies of title
              ---------------
insurance issued to Administrative Agent for the benefit of Lenders by the Title
Insurer, in an amount equal to the maximum principal amount of the Loan,
insuring the validity and priority of the Deed of Trust encumbering the Land and
Improvements for the benefit of Administrative Agent and Lenders.

         73. "Title Insurer" means Lawyers Title Insurance Corporation.
              -------------

         74. "Tribunal" means any state, commonwealth, federal, foreign,
              --------
territorial or other court or governmental department, commission, board,
bureau, district, authority, agency, central bank, or instrumentality, or any
arbitration authority.

B.       FINANCIAL STATEMENTS:
         --------------------

         Borrower shall provide or cause to be provided to Administrative Agent
with a copy for each Lender all of the following:

         (a) Financial Statements of Borrower, and, if Borrower is a partnership
of each general partner of Borrower for each fiscal year of such reporting
party, as soon as reasonably practicable and in any event within one hundred
twenty (120) days after the close of each fiscal year, and for each fiscal
quarter of each such reporting party, as soon as reasonably practicable and in
any event within forty-five (45) days after the close of each such reporting
period.

         (b) Financial Statements of Guarantor for each fiscal year of
Guarantor, as soon as reasonably practicable and in any event within one hundred
twenty (120) days after the close of each fiscal year, and for each fiscal
quarter of Guarantor, as soon as reasonably practicable and in any event within
forty-five (45) days after the close of each such reporting period.

         (c) Prior to commencement of operations of the Improvements, a capital
and operating budget for the Property for its first fiscal year (or portion
thereof) of operations; and after commencement of operations in the
Improvements: (i) prior to the beginning of each fiscal year of

EXHIBIT "B"

<PAGE>

Borrower, a capital and operating budget for the Property; and (ii) for each
month (and for the fiscal year through the end of that month) (A) a statement of
all income and expenses in connection with the Property, and (B) a current
leasing status report (including tenants' names, occupied tenant space, lease
terms, rents, vacant space and proposed rents), including in each case a
comparison to the budget, as soon as reasonably practicable but in any event
within thirty (30) days after the end of each such month, certified in writing
as true and correct by a representative of Borrower satisfactory to
Administrative Agent. Items provided under this paragraph shall be in form and
detail satisfactory to Administrative Agent.

         (d) Copies of filed federal and state income tax returns of Borrower
and Guarantor for each taxable year, within twenty (20) days after filing but in
any event not later than one hundred fifty (150) days after the close of each
such taxable year.

         (e) From time to time promptly after Administrative Agent's request,
such additional information, reports and statements respecting the Property and
the Improvements, or the business operations and financial condition of each
reporting party, as Administrative Agent may reasonably request.

All Financial Statements shall be in form and detail satisfactory to
Administrative Agent and shall contain or be attached to the signed and dated
written certification of the reporting party in form specified by Administrative
Agent to certify that the Financial Statements are furnished to Administrative
Agent in connection with the extension of credit by Lenders and constitute a
true and correct statement of the reporting party's financial position. All
certifications and signatures on behalf of corporations, partnerships or other
entities shall be by a representative of the reporting party satisfactory to
Administrative Agent. All Financial Statements for a reporting party who is an
individual shall be on Administrative Agent's then-current personal financial
statement form or in another form satisfactory to Administrative Agent. All
fiscal year-end Financial Statements of Borrower and Guarantor shall be audited
and certified, without any qualification or exception not acceptable to
Administrative Agent, by independent certified public accountants acceptable to
Administrative Agent, and shall contain all reports and disclosures required by
generally accepted accounting principles for a fair presentation.

EXHIBIT "B"

<PAGE>

                                 PROMISSORY NOTE
                                 ---------------
                            (BANK OF AMERICA, N.A.)
$11,400,000.00                                                 November 30, 2001
                                                               -----------

         FOR VALUE RECEIVED, WELLS OPERATING PARTNERSHIP, L.P., a Delaware
limited partnership ("Borrower"), hereby promises to pay to the order of BANK OF
                      --------
AMERICA, N.A., a national banking association (together with any and all of its
successors and assigns and/or any other holder of this Note, "Lender"), in
                                                              ------
accordance with that certain Loan Agreement (defined below) among Borrower, Bank
of America, N.A., a national banking association (together with any and all of
its successors and assigns, "Administrative Agent"), as agent for the benefit of
                             --------------------
the Lenders from time to time a party to that certain Construction Loan
Agreement (Syndication) (the "Loan Agreement") dated of even date herewith,
                              --------------
without offset, in immediately available funds in lawful money of the United
States of America, at Bank of America Plaza, 600 Peachtree Street, N.E., in the
City of Atlanta, Fulton County, Georgia, the principal sum of ELEVEN MILLION
FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($11,400,000.00) (or the unpaid balance
of all principal advanced against this Note, if that amount is less), together
with interest on the unpaid principal balance of this Note from day to day
outstanding as hereinafter provided.

         1. Note; Interest; Payment Schedule and Maturity Date. This Note is one
            --------------------------------------------------
of the Notes referred to in the Loan Agreement and is entitled to the benefits
thereof and subject to prepayment in whole or part as provided therein. The
entire principal balance of this Note then unpaid shall be due and payable at
the times as set forth in the Loan Agreement. Accrued unpaid interest shall be
due and payable at the times and at the interest rate as set forth in the Loan
Agreement until all principal and accrued interest owing on this Note shall have
been fully paid and satisfied. Any amount not paid when due and payable
hereunder shall, to the extent permitted by applicable law, bear interest and if
applicable a late charge as set forth in the Loan Agreement.

         2. Security; Loan Documents. The security for this Note includes a Deed
            ------------------------
of Trust, Assignment, Security Agreement and Financing Statement (which, as it
may have been or may be amended, restated, modified or supplemented from time to
time, is herein called the "Deed") of even date herewith from Borrower to
                            ----
Administrative Agent, for itself and as Administrative Agent for the lenders
from time to time a party to that certain Construction Loan Agreement
(Syndication) among Borrower, Lender and such other Lenders dated of even date
herewith (the "Loan Agreement"), conveying and encumbering certain property in
               --------------
Irving, Dallas County, Texas described therein (the "Property"). This Note, the
                                                     --------
Deed, the Loan Agreement and all other documents now or hereafter securing,
guaranteeing or executed in connection with the loan evidenced by this Note (the
"Loan"), are, as the same have been or may be amended, restated, modified or
 ----
supplemented from time to time, herein sometimes called individually a "Loan
                                                                        ----
Document" and together the "Loan Documents."
--------                    --------------

PAGE 1

<PAGE>

     3.   Defaults.
          --------

          (a)   It shall be a default ("Default") under this Note and each of
                                        -------
the other Loan Documents if (i) any principal, interest or other amount of money
due under this Note is not paid in full when due, regardless of how such amount
may have become due; (ii) any covenant, agreement, condition, representation or
warranty herein or in any other Loan Document is not fully and timely performed,
observed or kept; or (iii) there shall occur any default or event of default
under the Deed or any other Loan Document that extends beyond any applicable
cure or grace period. Upon the occurrence of a Default, subject to the terms of
Section 4.2 of the Deed, Administrative Agent on behalf of the Lenders shall
have the rights to declare the unpaid principal balance and accrued but unpaid
interest on this Note, and all other amounts due hereunder and under the other
Loan Documents, at once due and payable (and upon such declaration, the same
shall be at once due and payable), to foreclose any liens and security interests
securing payment hereof and to exercise any of its other rights, powers and
remedies under this Note, under any other Loan Document, or at law or in equity.

          (b)   All of the rights, remedies, powers and privileges (together,
"Rights") of Administrative Agent on behalf of the Lenders provided for in this
 ------
Note and in any other Loan Document are cumulative of each other and of any and
all other Rights at law or in equity. The resort to any Right shall not prevent
the concurrent or subsequent employment of any other appropriate Right. No
single or partial exercise of any Right shall exhaust it, or preclude any other
or further exercise thereof, and every Right may be exercised at any time and
from time to time. No failure by Administrative Agent or any Lender to exercise,
nor delay in exercising any Right, including but not limited to the right to
accelerate the maturity of this Note, shall be construed as a waiver of any
Default or as a waiver of any Right. Without limiting the generality of the
foregoing provisions, the acceptance by Lender from time to time of any payment
under this Note which is past due or which is less than the payment in full of
all amounts due and payable at the time of such payment, shall not (i)
constitute a waiver of or impair or extinguish the right of Administrative Agent
or any Lender to accelerate the maturity of this Note or to exercise any other
Right at the time or at any subsequent time, or nullify any prior exercise of
any such Right, or (ii) constitute a waiver of the requirement of punctual
payment and performance or a novation in any respect.

          (c)   If Lender retains an attorney in connection with any Default or
at maturity or to collect, enforce or defend this Note or any other Loan
Document in any lawsuit or in any probate, reorganization, bankruptcy,
arbitration or other proceeding, or if Borrower sues Lender in connection with
this Note or any other Loan Document and does not prevail, then Borrower agrees
to pay to Lender, in addition to principal, interest and any other sums owing to
Lender hereunder and under the other Loan Documents, all costs and expenses
incurred by Lender in trying to collect this Note or in any such suit or
proceeding, including, without limitation, reasonable attorneys' fees and
expenses actually incurred by Lender, investigation costs and all court costs,
whether or not suit is filed hereon, whether before or after the Maturity Date,
or whether in connection with bankruptcy, insolvency or appeal, or whether
collection is made against Borrower or any guarantor or endorser or any other
person primarily or secondarily liable hereunder.

PAGE 2

<PAGE>

     4.   Heirs, Successors and Assigns. The terms of this Note and of the other
          -----------------------------
Loan Documents shall bind and inure to the benefit of the successors and assigns
of the parties. The foregoing sentence shall not be construed to permit Borrower
to assign the Loan except as otherwise permitted under the Loan Documents. As
further provided in the Loan Agreement, a Lender may, at any time, sell,
transfer, or assign all or a portion of its interest in this Note, the Deed and
the other Loan Documents, as set forth in the Loan Agreement.

     5.   General Provisions. Time is of the essence with respect to Borrower's
          ------------------
obligations under this Note. If more than one person or entity executes this
Note as Borrower, all of said parties shall be jointly and severally liable for
payment of the indebtedness evidenced hereby. Borrower and all sureties,
endorsers, guarantors and any other party now or hereafter liable for the
payment of this Note in whole or in part, hereby severally (a) waive demand,
presentment for payment, notice of dishonor and of nonpayment, protest, notice
of protest, notice of intent to accelerate, notice of acceleration and all other
notices (except any notices which are specifically required by this Note or any
other Loan Document), filing of suit and diligence in collecting this Note or
enforcing any of the security herefor; (b) agree to any substitution,
subordination, exchange or release of any such security or the release of any
party primarily or secondarily liable hereon; (c) agree that Lender shall not be
required first to institute suit or exhaust its remedies hereon against Borrower
or others liable or to become liable hereon or to perfect or enforce its rights
against them or any security herefor; (d) consent to any extensions or
postponements of time of payment of this Note for any period or periods of time
and to any partial payments, before or after maturity, and to any other
indulgences with respect hereto, without notice thereof to any of them; and (e)
submit (and waive all rights to object) to non-exclusive personal jurisdiction
of any state or federal court sitting in the State of Georgia, and venue in the
county in which payment is to be made as specified in Section 1 of this Note,
for the enforcement of any and all obligations under this Note and the Loan
Documents; (f) waive the benefit of all homestead and similar exemptions as to
this Note; (g) agree that their liability under this Note shall not be affected
or impaired by any determination that any title, security interest or lien taken
by Lender to secure this Note is invalid or unperfected; and (h) hereby
subordinate to the Loan and the Loan Documents any and all rights against
Borrower and any of the security for the payment of this Note, whether by
subrogation, agreement or otherwise, until this Note is paid in full. A
determination that any provision of this Note is unenforceable or invalid shall
not affect the enforceability or validity of any other provision and the
determination that the application of any provision of this Note to any person
or circumstance is illegal or unenforceable shall not affect the enforceability
or validity of such provision as it may apply to other persons or circumstances.
This Note may not be amended except in a writing specifically intended for such
purpose and executed by the party against whom enforcement of the amendment is
sought. Captions and headings in this Note are for convenience only and shall be
disregarded in construing it. THIS NOTE, AND ITS VALIDITY, ENFORCEMENT AND
INTERPRETATION, SHALL BE GOVERNED BY GEORGIA LAW (WITHOUT REGARD TO ANY CONFLICT
OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

     6.   Notices. Any notice, request or demand to or upon Borrower or Lender
          -------
shall be deemed to have been properly given or made when delivered in accordance
with the Loan Agreement.

PAGE 3

<PAGE>

     7.   No Usury. It is expressly stipulated and agreed to be the intent of
          --------
Borrower, Administrative Agent and Lenders at all times to comply with
applicable state law or applicable United States federal law (to the extent that
it permits Lender to contract for, charge, take, reserve, or receive a greater
amount of interest than under state law) and that this Section shall control
every other covenant and agreement in this Note and the other Loan Documents. If
applicable state or federal law should at any time be judicially interpreted so
as to render usurious any amount called for under this Note or under any of the
other Loan Documents, or contracted for, charged, taken, reserved, or received
with respect to the Loan, or if Lender's exercise of the option to accelerate
the Maturity Date, or if any prepayment by Borrower results in Borrower having
paid any interest in excess of that permitted by applicable law, then it is
Lender's express intent that all excess amounts theretofore collected by Lender
shall be credited on the principal balance of this Note and all other
indebtedness secured by the Deed, and the provisions of this Note and the other
Loan Documents shall immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new documents, so as to comply with the applicable law, but so
as to permit the recovery of the fullest amount otherwise called for hereunder
or thereunder. All sums paid or agreed to be paid to Lender for the use or
forbearance of the Loan shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan.

     THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

PAGE 4

<PAGE>

     IN WITNESS WHEREOF, Borrower has duly executed this Note under seal as of
the date first above written.

                                  BORROWER:

                                  WELLS OPERATING PARTNERSHIP, L.P.,
                                  a Delaware limited partnership

                                  By:  WELLS REAL ESTATE INVESTMENT
                                       TRUST, INC., a Maryland corporation

                                       By: /S/ Douglas P. Williams
                                          ------------------------------------
                                          Douglas P. Williams
                                          Executive Vice President

                                                     [CORPORATE SEAL]

PAGE 5

<PAGE>

                                 PROMISSORY NOTE
                                 ---------------
                                 (GUARANTY BANK)
$11,400,000.00                                                 November 30, 2001
                                                               -----------------

     FOR VALUE RECEIVED, WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership ("Borrower"), hereby promises to pay to the order of GUARANTY BANK,
              --------
a national banking association (together with any and all of its successors and
assigns and/or any other holder of this Note, "Lender"), in accordance with that
                                               ------
certain Loan Agreement (defined below) among Borrower, Bank of America, N.A., a
national banking association (together with any and all of its successors and
assigns, "Administrative Agent"), as agent for the benefit of the Lenders from
          --------------------
time to time a party to that certain Construction Loan Agreement (Syndication)
(the "Loan Agreement") dated of even date herewith, without offset, in
      --------------
immediately available funds in lawful money of the United States of America, at
Bank of America Plaza, 600 Peachtree Street, N.E., in the City of Atlanta,
Fulton County, Georgia, the principal sum of ELEVEN MILLION FOUR HUNDRED
THOUSAND AND NO/100 DOLLARS ($11,400,000.00) (or the unpaid balance of all
principal advanced against this Note, if that amount is less), together with
interest on the unpaid principal balance of this Note from day to day
outstanding as hereinafter provided.

     1.   Note; Interest; Payment Schedule and Maturity Date. This Note is one
          --------------------------------------------------
of the Notes referred to in the Loan Agreement and is entitled to the benefits
thereof and subject to prepayment in whole or part as provided therein. The
entire principal balance of this Note then unpaid shall be due and payable at
the times as set forth in the Loan Agreement. Accrued unpaid interest shall be
due and payable at the times and at the interest rate as set forth in the Loan
Agreement until all principal and accrued interest owing on this Note shall have
been fully paid and satisfied. Any amount not paid when due and payable
hereunder shall, to the extent permitted by applicable law, bear interest and if
applicable a late charge as set forth in the Loan Agreement.

     2.   Security; Loan Documents. The security for this Note includes a Deed
          ------------------------
of Trust, Assignment, Security Agreement and Financing Statement (which, as it
may have been or may be amended, restated, modified or supplemented from time to
time, is herein called the "Deed") of even date herewith from Borrower to
                            ----
Administrative Agent, for itself and as Administrative Agent for the lenders
from time to time a party to that certain Construction Loan Agreement
(Syndication) among Borrower, Lender and such other Lenders dated of even date
herewith (the "Loan Agreement"), conveying and encumbering certain property in
               --------------
Irving, Dallas County, Texas described therein (the "Property"). This Note, the
                                                     --------
Deed, the Loan Agreement and all other documents now or hereafter securing,
guaranteeing or executed in connection with the loan evidenced by this Note (the
"Loan"), are, as the same have been or may be amended, restated, modified or
 ----
supplemented from time to time, herein sometimes called individually a "Loan
                                                                        ----
Document" and together the "Loan Documents."
--------                    --------------

PAGE 1

<PAGE>

     3.   Defaults.
          --------

          (a)  It shall be a default ("Default") under this Note and each of the
                                       -------
other Loan Documents if (i) any principal, interest or other amount of money due
under this Note is not paid in full when due, regardless of how such amount may
have become due; (ii) any covenant, agreement, condition, representation or
warranty herein or in any other Loan Document is not fully and timely performed,
observed or kept; or (iii) there shall occur any default or event of default
under the Deed or any other Loan Document that extends beyond any applicable
cure or grace period. Upon the occurrence of a Default, subject to the terms of
Section 4.2 of the Deed, Administrative Agent on behalf of the Lenders shall
have the rights to declare the unpaid principal balance and accrued but unpaid
interest on this Note, and all other amounts due hereunder and under the other
Loan Documents, at once due and payable (and upon such declaration, the same
shall be at once due and payable), to foreclose any liens and security interests
securing payment hereof and to exercise any of its other rights, powers and
remedies under this Note, under any other Loan Document, or at law or in equity.

          (b)  All of the rights, remedies, powers and privileges (together,
"Rights") of Administrative Agent on behalf of the Lenders provided for in this
 ------
Note and in any other Loan Document are cumulative of each other and of any and
all other Rights at law or in equity. The resort to any Right shall not prevent
the concurrent or subsequent employment of any other appropriate Right. No
single or partial exercise of any Right shall exhaust it, or preclude any other
or further exercise thereof, and every Right may be exercised at any time and
from time to time. No failure by Administrative Agent or any Lender to exercise,
nor delay in exercising any Right, including but not limited to the right to
accelerate the maturity of this Note, shall be construed as a waiver of any
Default or as a waiver of any Right. Without limiting the generality of the
foregoing provisions, the acceptance by Lender from time to time of any payment
under this Note which is past due or which is less than the payment in full of
all amounts due and payable at the time of such payment, shall not (i)
constitute a waiver of or impair or extinguish the right of Administrative Agent
or any Lender to accelerate the maturity of this Note or to exercise any other
Right at the time or at any subsequent time, or nullify any prior exercise of
any such Right, or (ii) constitute a waiver of the requirement of punctual
payment and performance or a novation in any respect.

          (c)  If Lender retains an attorney in connection with any Default or
at maturity or to collect, enforce or defend this Note or any other Loan
Document in any lawsuit or in any probate, reorganization, bankruptcy,
arbitration or other proceeding, or if Borrower sues Lender in connection with
this Note or any other Loan Document and does not prevail, then Borrower agrees
to pay to Lender, in addition to principal, interest and any other sums owing to
Lender hereunder and under the other Loan Documents, all costs and expenses
incurred by Lender in trying to collect this Note or in any such suit or
proceeding, including, without limitation, reasonable attorneys' fees and
expenses actually incurred by Lender, investigation costs and all court costs,
whether or not suit is filed hereon, whether before or after the Maturity Date,
or whether in connection with bankruptcy, insolvency or appeal, or whether
collection is made against Borrower or any guarantor or endorser or any other
person primarily or secondarily liable hereunder.

PAGE 2

<PAGE>

     4.   Heirs, Successors and Assigns.  The terms of this Note and of the
          -----------------------------
other Loan Documents shall bind and inure to the benefit of the successors and
assigns of the parties. The foregoing sentence shall not be construed to permit
Borrower to assign the Loan except as otherwise permitted under the Loan
Documents. As further provided in the Loan Agreement, a Lender may, at any time,
sell, transfer, or assign all or a portion of its interest in this Note, the
Deed and the other Loan Documents, as set forth in the Loan Agreement.

     5.   General Provisions. Time is of the essence with respect to
          ------------------
Borrower's obligations under this Note. If more than one person or entity
executes this Note as Borrower, all of said parties shall be jointly and
severally liable for payment of the indebtedness evidenced hereby. Borrower and
all sureties, endorsers, guarantors and any other party now or hereafter liable
for the payment of this Note in whole or in part, hereby severally (a) waive
demand, presentment for payment, notice of dishonor and of nonpayment, protest,
notice of protest, notice of intent to accelerate, notice of acceleration and
all other notices (except any notices which are specifically required by this
Note or any other Loan Document), filing of suit and diligence in collecting
this Note or enforcing any of the security herefor; (b) agree to any
substitution, subordination, exchange or release of any such security or the
release of any party primarily or secondarily liable hereon; (c) agree that
Lender shall not be required first to institute suit or exhaust its remedies
hereon against Borrower or others liable or to become liable hereon or to
perfect or enforce its rights against them or any security herefor; (d) consent
to any extensions or postponements of time of payment of this Note for any
period or periods of time and to any partial payments, before or after maturity,
and to any other indulgences with respect hereto, without notice thereof to any
of them; and (e) submit (and waive all rights to object) to non-exclusive
personal jurisdiction of any state or federal court sitting in the State of
Georgia, and venue in the county in which payment is to be made as specified in
Section 1 of this Note, for the enforcement of any and all obligations under
this Note and the Loan Documents; (f) waive the benefit of all homestead and
similar exemptions as to this Note; (g) agree that their liability under this
Note shall not be affected or impaired by any determination that any title,
security interest or lien taken by Lender to secure this Note is invalid or
unperfected; and (h) hereby subordinate to the Loan and the Loan Documents any
and all rights against Borrower and any of the security for the payment of this
Note, whether by subrogation, agreement or otherwise, until this Note is paid in
full. A determination that any provision of this Note is unenforceable or
invalid shall not affect the enforceability or validity of any other provision
and the determination that the application of any provision of this Note to any
person or circumstance is illegal or unenforceable shall not affect the
enforceability or validity of such provision as it may apply to other persons or
circumstances. This Note may not be amended except in a writing specifically
intended for such purpose and executed by the party against whom enforcement of
the amendment is sought. Captions and headings in this Note are for convenience
only and shall be disregarded in construing it. THIS NOTE, AND ITS VALIDITY,
ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY GEORGIA LAW (WITHOUT REGARD
TO ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

     6.   Notices. Any notice, request or demand to or upon Borrower or Lender
          -------
shall be deemed to have been properly given or made when delivered in accordance
with the Loan Agreement.

PAGE 3

<PAGE>

     7.   No Usury. It is expressly stipulated and agreed to be the intent of
          --------
Borrower, Administrative Agent and Lenders at all times to comply with
applicable state law or applicable United States federal law (to the extent that
it permits Lender to contract for, charge, take, reserve, or receive a greater
amount of interest than under state law) and that this Section shall control
every other covenant and agreement in this Note and the other Loan Documents. If
applicable state or federal law should at any time be judicially interpreted so
as to render usurious any amount called for under this Note or under any of the
other Loan Documents, or contracted for, charged, taken, reserved, or received
with respect to the Loan, or if Lender's exercise of the option to accelerate
the Maturity Date, or if any prepayment by Borrower results in Borrower having
paid any interest in excess of that permitted by applicable law, then it is
Lender's express intent that all excess amounts theretofore collected by Lender
shall be credited on the principal balance of this Note and all other
indebtedness secured by the Deed, and the provisions of this Note and the other
Loan Documents shall immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new documents, so as to comply with the applicable law, but so
as to permit the recovery of the fullest amount otherwise called for hereunder
or thereunder. All sums paid or agreed to be paid to Lender for the use or
forbearance of the Loan shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan.

     THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

PAGE 4

<PAGE>

     IN WITNESS WHEREOF, Borrower has duly executed this Note under seal as of
the date first above written.

                                   BORROWER:

                                   WELLS OPERATING PARTNERSHIP, L.P.,
                                   a Delaware limited partnership

                                   By: WELLS REAL ESTATE INVESTMENT
                                       TRUST, INC., a Maryland corporation

                                       By: /s/ Douglas P. Williams
                                          --------------------------------------
                                               Douglas P. Williams
                                               Executive Vice President

                                                     [CORPORATE SEAL]

PAGE 5

<PAGE>

                                 PROMISSORY NOTE
                                 ---------------
                                (SOUTHTRUST BANK)
$11,400,000.00                                                 November 30, 2001
                                                               -----------------

     FOR VALUE RECEIVED, WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership ("Borrower"), hereby promises to pay to the order of SOUTHTRUST
              --------
BANK, a national banking association (together with any and all of its
successors and assigns and/or any other holder of this Note, "Lender"), in
                                                              ------
accordance with that certain Loan Agreement (defined below) among Borrower, Bank
of America, N.A., a national banking association (together with any and all of
its successors and assigns, "Administrative Agent"), as agent for the benefit of
                             --------------------
the Lenders from time to time a party to that certain Construction Loan
Agreement (Syndication) (the "Loan Agreement") dated of even date herewith,
                              --------------
without offset, in immediately available funds in lawful money of the United
States of America, at Bank of America Plaza, 600 Peachtree Street, N.E., in the
City of Atlanta, Fulton County, Georgia, the principal sum of ELEVEN MILLION
FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($11,400,000.00) (or the unpaid
balance of all principal advanced against this Note, if that amount is less),
together with interest on the unpaid principal balance of this Note from day to
day outstanding as hereinafter provided.

     1.   Note; Interest; Payment Schedule and Maturity Date. This Note is one
          --------------------------------------------------
of the Notes referred to in the Loan Agreement and is entitled to the benefits
thereof and subject to prepayment in whole or part as provided therein. The
entire principal balance of this Note then unpaid shall be due and payable at
the times as set forth in the Loan Agreement. Accrued unpaid interest shall be
due and payable at the times and at the interest rate as set forth in the Loan
Agreement until all principal and accrued interest owing on this Note shall have
been fully paid and satisfied. Any amount not paid when due and payable
hereunder shall, to the extent permitted by applicable law, bear interest and if
applicable a late charge as set forth in the Loan Agreement.

     2.   Security; Loan Documents. The security for this Note includes a Deed
          ------------------------
of Trust, Assignment, Security Agreement and Financing Statement (which, as it
may have been or may be amended, restated, modified or supplemented from time to
time, is herein called the "Deed") of even date herewith from Borrower to
                            ----
Administrative Agent, for itself and as Administrative Agent for the lenders
from time to time a party to that certain Construction Loan Agreement
(Syndication) among Borrower, Lender and such other Lenders dated of even date
herewith (the "Loan Agreement"), conveying and encumbering certain property in
               --------------
Irving, Dallas County, Texas described therein (the "Property"). This Note, the
                                                     --------
Deed, the Loan Agreement and all other documents now or hereafter securing,
guaranteeing or executed in connection with the loan evidenced by this Note (the
"Loan"), are, as the same have been or may be amended, restated, modified or
 ----
supplemented from time to time, herein sometimes called individually a "Loan
                                                                        ----
Document" and together the "Loan Documents."
--------                    --------------

PAGE 1

<PAGE>

     3.   Defaults.
          --------

          (a)  It shall be a default ("Default") under this Note and each of the
                                       -------
other Loan Documents if (i) any principal, interest or other amount of money due
under this Note is not paid in full when due, regardless of how such amount may
have become due; (ii) any covenant, agreement, condition, representation or
warranty herein or in any other Loan Document is not fully and timely performed,
observed or kept; or (iii) there shall occur any default or event of default
under the Deed or any other Loan Document that extends beyond any applicable
cure or grace period. Upon the occurrence of a Default, subject to the terms of
Section 4.2 of the Deed, Administrative Agent on behalf of the Lenders shall
have the rights to declare the unpaid principal balance and accrued but unpaid
interest on this Note, and all other amounts due hereunder and under the other
Loan Documents, at once due and payable (and upon such declaration, the same
shall be at once due and payable), to foreclose any liens and security interests
securing payment hereof and to exercise any of its other rights, powers and
remedies under this Note, under any other Loan Document, or at law or in equity.

          (b)  All of the rights, remedies, powers and privileges (together,
"Rights") of Administrative Agent on behalf of the Lenders provided for in this
 -----
Note and in any other Loan Document are cumulative of each other and of any and
all other Rights at law or in equity. The resort to any Right shall not prevent
the concurrent or subsequent employment of any other appropriate Right. No
single or partial exercise of any Right shall exhaust it, or preclude any other
or further exercise thereof, and every Right may be exercised at any time and
from time to time. No failure by Administrative Agent or any Lender to exercise,
nor delay in exercising any Right, including but not limited to the right to
accelerate the maturity of this Note, shall be construed as a waiver of any
Default or as a waiver of any Right. Without limiting the generality of the
foregoing provisions, the acceptance by Lender from time to time of any payment
under this Note which is past due or which is less than the payment in full of
all amounts due and payable at the time of such payment, shall not (i)
constitute a waiver of or impair or extinguish the right of Administrative Agent
or any Lender to accelerate the maturity of this Note or to exercise any other
Right at the time or at any subsequent time, or nullify any prior exercise of
any such Right, or (ii) constitute a waiver of the requirement of punctual
payment and performance or a novation in any respect.

          (c)  If Lender retains an attorney in connection with any Default or
at maturity or to collect, enforce or defend this Note or any other Loan
Document in any lawsuit or in any probate, reorganization, bankruptcy,
arbitration or other proceeding, or if Borrower sues Lender in connection with
this Note or any other Loan Document and does not prevail, then Borrower agrees
to pay to Lender, in addition to principal, interest and any other sums owing to
Lender hereunder and under the other Loan Documents, all costs and expenses
incurred by Lender in trying to collect this Note or in any such suit or
proceeding, including, without limitation, reasonable attorneys' fees and
expenses actually incurred by Lender, investigation costs and all court costs,
whether or not suit is filed hereon, whether before or after the Maturity Date,
or whether in connection with bankruptcy, insolvency or appeal, or whether
collection is made against Borrower or any guarantor or endorser or any other
person primarily or secondarily liable hereunder.

PAGE 2

<PAGE>

     4.   Heirs, Successors and Assigns.  The terms of this Note and of the
          -----------------------------
other Loan Documents shall bind and inure to the benefit of the successors and
assigns of the parties. The foregoing sentence shall not be construed to permit
Borrower to assign the Loan except as otherwise permitted under the Loan
Documents. As further provided in the Loan Agreement, a Lender may, at any time,
sell, transfer, or assign all or a portion of its interest in this Note, the
Deed and the other Loan Documents, as set forth in the Loan Agreement.

     5.   General Provisions. Time is of the essence with respect to
          ------------------
Borrower's obligations under this Note. If more than one person or entity
executes this Note as Borrower, all of said parties shall be jointly and
severally liable for payment of the indebtedness evidenced hereby. Borrower and
all sureties, endorsers, guarantors and any other party now or hereafter liable
for the payment of this Note in whole or in part, hereby severally (a) waive
demand, presentment for payment, notice of dishonor and of nonpayment, protest,
notice of protest, notice of intent to accelerate, notice of acceleration and
all other notices (except any notices which are specifically required by this
Note or any other Loan Document), filing of suit and diligence in collecting
this Note or enforcing any of the security herefor; (b) agree to any
substitution, subordination, exchange or release of any such security or the
release of any party primarily or secondarily liable hereon; (c) agree that
Lender shall not be required first to institute suit or exhaust its remedies
hereon against Borrower or others liable or to become liable hereon or to
perfect or enforce its rights against them or any security herefor; (d) consent
to any extensions or postponements of time of payment of this Note for any
period or periods of time and to any partial payments, before or after maturity,
and to any other indulgences with respect hereto, without notice thereof to any
of them; and (e) submit (and waive all rights to object) to non-exclusive
personal jurisdiction of any state or federal court sitting in the State of
Georgia, and venue in the county in which payment is to be made as specified in
Section 1 of this Note, for the enforcement of any and all obligations under
this Note and the Loan Documents; (f) waive the benefit of all homestead and
similar exemptions as to this Note; (g) agree that their liability under this
Note shall not be affected or impaired by any determination that any title,
security interest or lien taken by Lender to secure this Note is invalid or
unperfected; and (h) hereby subordinate to the Loan and the Loan Documents any
and all rights against Borrower and any of the security for the payment of this
Note, whether by subrogation, agreement or otherwise, until this Note is paid in
full. A determination that any provision of this Note is unenforceable or
invalid shall not affect the enforceability or validity of any other provision
and the determination that the application of any provision of this Note to any
person or circumstance is illegal or unenforceable shall not affect the
enforceability or validity of such provision as it may apply to other persons or
circumstances. This Note may not be amended except in a writing specifically
intended for such purpose and executed by the party against whom enforcement of
the amendment is sought. Captions and headings in this Note are for convenience
only and shall be disregarded in construing it. THIS NOTE, AND ITS VALIDITY,
ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY GEORGIA LAW (WITHOUT REGARD
TO ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

     6.   Notices. Any notice, request or demand to or upon Borrower or Lender
          -------
shall be deemed to have been properly given or made when delivered in accordance
with the Loan Agreement.

PAGE 3

<PAGE>

     7.   No Usury. It is expressly stipulated and agreed to be the intent of
          --------
Borrower, Administrative Agent and Lenders at all times to comply with
applicable state law or applicable United States federal law (to the extent that
it permits Lender to contract for, charge, take, reserve, or receive a greater
amount of interest than under state law) and that this Section shall control
every other covenant and agreement in this Note and the other Loan Documents. If
applicable state or federal law should at any time be judicially interpreted so
as to render usurious any amount called for under this Note or under any of the
other Loan Documents, or contracted for, charged, taken, reserved, or received
with respect to the Loan, or if Lender's exercise of the option to accelerate
the Maturity Date, or if any prepayment by Borrower results in Borrower having
paid any interest in excess of that permitted by applicable law, then it is
Lender's express intent that all excess amounts theretofore collected by Lender
shall be credited on the principal balance of this Note and all other
indebtedness secured by the Deed, and the provisions of this Note and the other
Loan Documents shall immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new documents, so as to comply with the applicable law, but so
as to permit the recovery of the fullest amount otherwise called for hereunder
or thereunder. All sums paid or agreed to be paid to Lender for the use or
forbearance of the Loan shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan.

     THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

PAGE 4

<PAGE>

     IN WITNESS WHEREOF, Borrower has duly executed this Note under seal as of
the date first above written.

                                   BORROWER:

                                   WELLS OPERATING PARTNERSHIP, L.P.,
                                   a Delaware limited partnership

                                   By: WELLS REAL ESTATE INVESTMENT
                                       TRUST, INC., a Maryland corporation

                                       By: /s/ Douglas P. Williams
                                          ---------------------------------
                                               Douglas P. Williams
                                               Executive Vice President

                                                    [CORPORATE SEAL]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]