Document:

EX-10.1

AGREEMENT

This Agreement (this “Agreement”) is made and entered into as of July 1, 2010 (the
“Effective Date”), by and among BIOLASE Technology, Inc., a Delaware corporation (the
“Company”), Federico Pignatelli (“Mr. Pignatelli”), and each of David Mulder,
George d’Arbeloff, Robert Anderton, James Largent and Gregory Waller (collectively, the “Other
Directors,” and together with Mr. Pignatelli, the “Directors”) in each of the
Directors’ respective capacities as an individual and as a director of the Company, and Brett
Scott, the Company’s Chief Financial Officer, and Michael Carroll, the Company’s General Counsel,
both in their respective capacities as an individual and officer of the Company (collectively, the
“Officers”). Each of the Company, the Directors and the Officers are referred to herein as
a “Party,” and collectively as the “Parties”.

RECITALS:

WHEREAS, the Company, the Directors and the Officers have engaged in various discussions and
communications concerning the composition of the Company’s Board of Directors (the “Board”)
and the Company’s business, financial performance and leadership structure;

WHEREAS, a dispute has arisen regarding the subject matter of the foregoing recital; and

WHEREAS, the Company and each of the Directors and Officers have determined that the interests
of the Company and its stockholders would be best served at this time by coming to an agreement
with respect to the composition of the Board of the Directors and certain other matters, as
provided in this Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby,
agree as follows:

1. Board Composition; Bylaw Amendments and Executive Vice Chairman Position.

(a) Concurrent with the execution of this Agreement:

(i) George d’Arbeloff and Robert Anderton shall each deliver an irrevocable resignation letter
to the Board in the form attached hereto as Exhibit A resigning as a member of the Board
and each of its committees effective upon the appointment of his successor (each such successor
director being a “Successor Director,” and collectively, the “Successor
Directors”);

(ii) the Company and each of the Directors shall take all requisite actions in accordance with
the Company’s Fourth Amended and Restated Bylaws (the “Bylaws”) to amend the Bylaws to read
as set forth in the form attached hereto as Exhibit B (marked to show changes) (the
“Amended Bylaws”);

(iii) the Company and each of the Directors shall take all requisite actions in accordance the
Amended Bylaws to form a Leadership Committee whose sole and only member shall be Mr. Pignatelli
and to keep such Leadership Committee in place with such sole member and powers as set forth in the
Amended Bylaws until the stockholder meeting held in 2012 for the purpose of electing directors;

(iv) the Company and each of the Directors shall take all requisite actions in accordance with
the Company’s Amended Bylaws to appoint Mr. Pignatelli Executive Vice Chairman of the Company and
vest with Mr. Pignatelli all powers assigned to such office as set forth in Amended Bylaws and to
keep Mr. Pignatelli in such position and with the powers stated in the Amended Bylaws until the
earlier of (a) the time when Mr. Pignatelli no longer serves as a director of the Company, (b) the
time when Mr. Pignatelli resigns from such position, and (c) the time when Mr. Pignatelli is
removed from such position in accordance with the Amended Bylaws; and

(v) Each Director and each Officer shall deliver to each of the other Directors and Officers a
release in the form attached hereto as Exhibit C pursuant to which such releasing Director
or releasing Officer, as applicable, forever releases and discharges each of the other Directors
and Officers from any and all claims that such releasing Director or Officer, as applicable, may
have of any nature whatsoever, whether known or unknown, suspected or unsuspected, based upon acts
taken by or omissions by such other Director, Directors, Officer or Officers on or prior to the
date of this Agreement (including the future effect of such occurrences, conditions, acts or
omissions).

(b) Upon execution of this Agreement, Mr. Pignatelli hereby (i) withdraws his demand for the
Company to call a special stockholder meeting pursuant to that certain letter submitted to the
Company on June 4, 2010 and subsequently modified and reissued on June 7, 2010 (the
“Stockholder Meeting Letter”) and his demand that the Company set a record date for a
stockholder action by written consent pursuant to that certain letter submitted to the Company on
June 16, 2010 (the “Written Consent Letter”) and (ii) agrees to cease all activities
relating to the Stockholder Meeting Letter and the Written Consent Letter and agrees not to pursue
or support any further direct stockholder activities until after the annual meeting of stockholders
held in 2011; provided, however, that if the Board fails (other than a failure due to such nominees
being determined not to be independent directors for purposes of the NASDAQ rules) to appoint two
new directors who have been nominated by the Leadership Committee to fill the director positions
currently occupied by George d’Arbeloff and Robert Anderton within one month after each nominee has
been submitted to the Board for consideration, together with such background materials as
reasonably requested by the Board consistent with past practice, the Other Directors agree (X) that
Mr. Pignatelli may submit a new request for the Board to call a special stockholder meeting or to
fix a record date for stockholder action by written consent for among other purposes removing
George d’Arbeloff and Robert Anderton as directors of the Company and appointing two new directors
to fill the director positions occupied by George d’Arbeloff and Robert Anderton and (Y) to call
such meeting or fix such record date in accordance with the terms of Mr. Pignatelli’s request so
long as such request conforms to the requirements of the Amended Bylaws.

(c) Upon the election and qualification of the Successor Directors, the Company and each of
the Directors agrees to take all requisite actions to appoint one such director as Chair of the
Nominating and Corporate Governance Committee and the other such director as Chair of the
Compensation Committee, with each such director to serve as Chair of the Nominating and Corporate
Governance Committee and Compensation Committee, as applicable, until the earlier of (i) the annual
meeting of stockholders next succeeding his or her election or appointment as a director of the
Company and the election and qualification of his or her successor or (ii) until his or her earlier
resignation or removal.

(d) Until the Company publicly reports a profit for two consecutive quarters, the Company
agrees to pay Mr. Pignatelli, and Mr. Pignatelli agrees to receive, as annual compensation for
services as Executive Vice Chairman and director $1 in cash and an equity grant of 35,000 stock
options, with such payment and grant to be made initially on the Effective Date and thereafter
annually on the date of the annual meeting of stockholders. For as long as the foregoing provision
is in effect, the Company and Mr. Pignatelli agree that Mr. Pignatelli shall not receive any
additional compensation for serving as a director or a member of any committee of the Board. The
Company agrees that as soon as practicable following the Company’s public report of two consecutive
profitable quarters it shall enter into a new compensation arrangement with Mr. Pignatelli pursuant
to which Mr. Pignatelli shall be compensated for his services as Executive Vice Chairman and a
member of the Board in an amount to be determined by the Company’s Compensation Committee.

(e) The Company and each of the Other Directors agree to nominate Mr. Pignatelli for
re-election as a director at both the annual meeting of stockholders held in 2011 and 2012 for
purposes of electing directors.

(f) Each of the Directors agrees that he will convene and attend a Board meeting for purposes
of selecting and approving director nominees for election at the annual meeting of stockholders to
be held in 2011 and 2012 at least 90 days in advance of the applicable stockholder meeting. If the
Board determines not to nominate one or both of the Successor Directors or his/her or both of their
successors for election at the stockholder meeting to be held in 2011 and 2012, as applicable, for
the purposes of electing directors, the Company and each Director agrees that (i) the Leadership
Committee shall have the sole power to nominate a replacement director to the position occupied by
any such Successor Director or his/her successor, as applicable, subject to the terms of the
Amended Bylaws; provided, however, that the Board may not unreasonably withhold its approval /
nomination of a replacement director nominated by the Leadership Committee who is independent for
purposes of the NASDAQ rules; and (ii) the Directors and the Company shall delay the meeting of
stockholders to be held in 2011 and 2012, as applicable, for purposes of electing directors, until
such time as the Board has approved the replacement director or replacement directors nominated by
the Leadership Committee for election at the applicable stockholder meeting. Each of the Directors
and the Company agree that upon the election and qualification of any such replacement director,
they will take all requisite actions to appoint such director as Chair of the Nominating and
Corporate Governance Committee and Compensation Committee, as applicable, to fill the position
previously occupied by such replacement director’s predecessor.

(g) Each of the Company and the Directors hereby agree that upon the date of the election or
appointment (the “Appointment Date”) of George. d’Arbeloff’s successor as director, George
d’Arbeloff will become a consultant to the Company and the exercisability period of his then
exercisable stock options shall automatically be extended to two years from the Appointment Date
(rather than the 90 days currently specified under the Company’s equity incentive plan). As a
consultant to the Company, he shall undertake efforts to gain laser procedure reimbursement codes
from the insurance industry and government and perform such other duties that are mutually agreed
upon with the Company’s Chief Executive Officer. Subject to his fulfillment of the foregoing
services, the Company agrees to employ George d’Arbeloff as a consultant for the nine-month period
following the Appointment Date and to compensate him for such services in the amount of $6,250 per
month.

2. Specific Performance.

Each of the Parties acknowledges and agrees that irreparable injury to the other Parties
hereto would occur in the event any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached and that such injury would not be
adequately compensable in damages. It is accordingly agreed that each of the Parties shall be
entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms
hereof, and that no other Party hereto will take any action, directly or indirectly, in opposition
to the moving party seeking such relief on the grounds that any other remedy or relief is available
at law or in equity.

3. Expenses.

(a) Concurrent with the execution of this Agreement, the Company shall reimburse Mr.
Pignatelli in his capacity as a stockholder of the Company the sum of $50,000, representing a
portion of his out of pocket fees and expenses (including legal fees and expenses) incurred
subsequent to March 31, 2010 in connection with his interest as a stockholder in the Company, the
preparation and submission of the Stockholder Meeting Letter and his demand that the Company set a
record date for a stockholder action by written consent pursuant to the Written Consent Letter and
all other matters related to or that arose in connection with the negotiation and execution of this
Agreement. Mr. Pignatelli hereby agrees that he shall not have any other claim for expenses
incurred in connection with the foregoing matters.

(b) Except as provided in Section 3(a), each of the Parties hereto shall bear all expenses
incurred by in connection with the matters that are the subject of this Agreement.

4. Non-Disparagement.

Each Party agrees not to publish or disseminate, directly or indirectly, any statements,
whether written or oral, or other verbal or non-verbal communications that clearly communicate an
affirmative or negative response to a question or statement, that is or could reasonably be
expected to be viewed by a reasonable person as harmful to or reflect negatively on any other
Party, based upon any of his past actions, practices, decision-making, conduct, professionalism or
compliance with standards. As it applies to the Company, the foregoing portion of this Section
shall apply only to representatives of the Company at the level of executive officer and to
individuals acting at the direction of any such executive officer. Each Party agrees that any
announcement or filing regarding the resignations of George d’ Arbeloff and Robert Anderton and the
terms of this Agreement shall be submitted in advance to each of the other Parties for their review
and their consent (which consent shall not be unreasonably withheld, delayed or conditioned).

5. Truthful Testimony; Notice of Request for Testimony.

Nothing in this Agreement is intended to or shall preclude any Party from providing testimony
that such Party reasonably and in good faith believes to be truthful in response to a subpoena,
court order, regulatory request or other judicial, administrative or legal process reasonably
believed by such Party to be valid or otherwise as required by law. Each Party shall notify the
relevant other Parties in writing as promptly as practicable after receiving any such request of
the anticipated testimony and at least ten (10) days prior to providing such testimony (or, if such
notice is not possible under the circumstances, with as much prior notice as is possible) to afford
the other Parties a reasonable opportunity to challenge the subpoena, court order or similar legal
process. Moreover, nothing in this Agreement shall be construed or applied so as to limit any
person from providing candid statements that such Party reasonably and in good faith believes to be
truthful to any governmental or regulatory body or any self-regulatory organization.

6. Severability.

If any provision of this Agreement shall be held by any court of competent jurisdiction to be
illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality
or unenforceability of such provision shall have no effect upon the legality or enforceability of
any other provision of this Agreement.

7. Notices.

Any notices, consents, determinations, waivers or other communications required or permitted
to be given under the terms of this Agreement must be in writing and will be deemed to have been
delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); or (iii) one (1) business day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be:

If to the Company or the Officers:

BIOLASE Technology, Inc.

4 Cromwell

Irvine, California 92618

Attention: David Mulder

Facsimile: (949) 365-4913

With a copy to:

Latham & Watkins LLP

650 Town Center Drive

20th Floor

Costa Mesa, CA 92626

Attention: William Cernius

Fascmile: (714) 755-8290

If to any Director (other than Federico Pignatelli):

c/o BIOLASE Technology, Inc.

4 Cromwell

Irvine, California 92618

Facsimile: (949) 365-4913

If to Federico Pignatelli:

c/o Pier 59 Studios

Pier 59

Chelsea Pier

New York, NY 10011

Facsimile: (310) 278-1578

With a copy to:

Gibson, Dunn & Crutcher LLP

333 South Grand Avenue

Los Angeles, CA 90071

Attention: Bruce Meyer, Esq.

Facsimile: (213) 229-6979

8. Applicable Law.

This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware, without giving effect to the choice of law principles of such state. Each
of the Parties irrevocably agrees that any legal action or proceeding with respect to this
Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of
any judgment in respect of this Agreement and the rights and obligations arising hereunder brought
by any other Party, shall be brought and determined exclusively in the Delaware Court of Chancery
and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of
Chancery declines to accept jurisdiction over a particular matter, any state or federal court
within the State of Delaware). Each of the Parties hereby irrevocably submits with regard to any
such action or proceeding for itself and in respect of its property, generally and unconditionally,
to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action
relating to this Agreement in any court other than the aforesaid courts. Each of the Parties
hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to
this Agreement, (a) any claim that he/it is not personally subject to the jurisdiction of the
above-named courts for any reason, (b) any claim that he/it or his/its property is exempt or immune
from jurisdiction of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable
legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in
an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts.

9. Counterparts.

This Agreement may be executed in one or more counterparts which together shall constitute a
single agreement.

10. Entire Agreement.

This Agreement contains the entire understanding of the Parties with respect to the subject
matter hereof and may be amended only by an agreement in writing executed by the Parties.

11. Further Assurances.

Each Party agrees to take or cause to be taken such further actions, and to execute, deliver
and file or cause to be executed, delivered and filed such further documents and instruments, and
to obtain such consents, as may be reasonably required or requested by any other Party in order to
effectuate fully the purposes, terms and conditions of this Agreement.

[The remainder of this page is intentionally left blank]IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered by each of the Parties as of the Effective Date.

BIOLASE TECHNOLOGY, INC.

By: /s/ David Mulder

Name: David Mulder

Title: Chief Executive Officer

FEDERICO PIGNATELLI

/s/ Federico Pignatelli

DAVID MULDER

/s/ David Mulder

GEORGE D’ARBELOFF

/s/ George d’Arbeloff

ROBERT ANDERTON

/s/ Robert Anderton

JAMES LARGENT

/s/ James Largent

1

GREGORY WALLER

/s/ Gregory Waller

MICHAEL CARROLL

/s/ Michael Carroll

BRETT SCOTT

/s/ Brett Scott

2EX-10.1

AGREEMENT FOR THE PURCHASE

AND SALE OF REAL PROPERTY

This Agreement for the Purchase and Sale of Real Property (the “Agreement”) is made and
entered into as of the 27th day of April, 2010 by and between CNL RETIREMENT DAS
POCATELLO ID, LP, a Delaware limited partnership (“Seller”), GRUBB & ELLIS EQUITY ADVISORS, LLC, a
Delaware limited liability company, or its permitted assign (“Purchaser”). In consideration of Ten
and No/100 Dollars ($10.00), the mutual covenants and promises set forth in this Agreement and
other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the
parties to this Agreement, the parties agree to the following terms and conditions:

1. PURCHASE AND SALE. Subject to the terms of this Agreement, Seller agrees to sell
to Purchaser and Purchaser agrees to purchase from Seller the following property (the “Property”):

1.1 Land. The ground leasehold interest of Seller in and to that certain land
more particularly described on Exhibit “1.1”, attached hereto and incorporated
herein by reference, together with other easements, appurtenances, and hereditaments thereto
(collectively, the “Land”), created pursuant to that certain Ground Lease, dated as of
November 1, 2006, between Slate Mountain, LLC (the “Original Ground Lessor”), and Seller, as
amended by a First Amendment to Ground Lease, dated as of May 29, 2008, between the Original
Ground Lessor and Seller, and a Second Amendment to Ground Lease and Memorandum of Second
Amendment to Ground Lease, dated August 25, 2009, between Pocatello Hospital, LLC (the
“Ground Lessor”), as successor to Pocatello Health Services, LLC as successor to the
Original Ground Lessor, and Seller (such ground lease, as so amended, being referred to
herein as the “Ground Lease”) ;

1.2 Improvements. All buildings, structures, fixtures and other improvements
located at 777 Hospital Way, Pocatello, Idaho, and containing approximately Seventy-Six
Thousand Four Hundred Fifteen (76,415) rentable square feet situated on the Land
(collectively, the “Improvements”). The Land and the Improvements are collectively referred
to herein as the “Real Property”;

1.3 Personalty. All that certain equipment, machinery, fixtures, furnishings
and other items of personal property owned by Seller, located on or used in connection with
the Real Property, as more particularly described on Exhibit “1.3” attached hereto
and incorporated herein by reference (collectively the “Personalty”);

1.4 Leases. All of Seller’s right, title and interest under, in and to those
certain leases, including any amendments and modifications thereto, described on Exhibit
“1.4” attached hereto and incorporated herein by reference, and new leases entered into
after the Effective Date in accordance with the terms of this Agreement (each a “Lease”, and
collectively, the “Leases”);

1.5 Contracts. All of Seller’s right, title and interest under, in and to
those certain service contracts, construction contracts, tenant improvement contracts and
agreements, including any amendments and modifications thereto, listed on Exhibit
“1.5” attached hereto and incorporated herein by reference, and all such contracts and
agreements entered into after the Effective Date in accordance with the terms of this
Agreement which expressly survive Closing (each a “Contract”, and collectively, the
Contracts”); and

1.6 Intangible Property. All of Seller’s right, title and interest in and to
the following property (collectively, the “Intangible Property”): (a) all tenant deposits,
licenses and permits relating to the ownership, operation and development of the Property;
(b) all rights to utilize and retain the name of the building making up the Improvements and
all trademarks and tradenames used in connection with the Improvements; (c) all assignable
guaranties and warranties received by Seller from any contractor, manufacturer or other
person in connection with the acquisition, construction or operation of any of the Property;
(d) the right to use the Property’s telephone numbers, post office boxes, web sites, domain
names and internet addresses; (e) all surveys, plans and specifications, operating manuals,
software and any other items used in the operation of the Property; (f) all brochures and
other marketing materials used for the Property; and (g) all other books and records
pertaining to the Property.

2. EFFECTIVE DATE. The date of this Agreement, for purposes of performance, shall be
the date that this Agreement is fully executed by the parties (the “Effective Date”). Within three
(3) business days after an exchange of faxed or electronically transmitted signature pages, each
party shall deliver to the Escrow Agent four (4) original counterpart copies of this Agreement each
signed by the transmitting party; provided, however, the failure of any party to deliver original
counterparts of this Agreement shall not affect the validity and enforceability of this Agreement.

3. PURCHASE PRICE. The purchase price for the Property is Sixteen Million and No/100
Dollars ($16,000,000.00) (the “Purchase Price”). The Purchase Price is payable as follows:

3.1 Within three (3) business days after the execution of this Agreement by both
Purchaser and Seller, Purchaser shall deposit with Commonwealth Land Title Insurance
Company, 2400 Maitland Center Parkway, Suite 210, Maitland, Florida 32751, Attention:
Juanita M. Schuster (“Escrow Agent”) the sum of Two Hundred Fifty Thousand and No/100
Dollars ($250,000.00) (the “Deposit”), said Deposit to be made by wire transfer to the
Escrow Agent. The Deposit shall be deposited upon receipt by Escrow Agent in an interest
bearing escrow account, under Purchaser’s Tax Identification Number, to be opened by Escrow
Agent, and the Deposit, and all interest earned thereon, will be applied to the Purchase
Price at closing or disbursed, with interest, to the party entitled to the Deposit as
provided in this Agreement.

3.2 The balance of the Purchase Price, subject to the prorations set forth herein,
shall be paid by Purchaser by certified check or other immediately available funds at
Closing.

3.3 In addition to the Purchase Price set forth above and in further consideration of
the mutual covenants and promises set forth in this Agreement, Purchaser shall pay to Seller
the Earn-Out Payment, if earned, as further described in Section 10.5 hereof.

4. SURVEY. Within three (3) days after the Effective Date, Seller shall provide to
Purchaser a copy of a survey of the Real Property updated November 23, 2009 and prepared by A&E
Engineering, Inc. (the “Existing Survey”). Purchaser may, at its sole cost and expense, cause to
be prepared an update of the Existing Survey (the “Updated Survey”).

5. TITLE COMMITMENT. Within ten (10) days after the Effective Date, Seller, at
Seller’s sole cost and expense, shall cause Commonwealth Land Title Insurance Company (the “Title
Company”) to issue to Purchaser a title insurance commitment for an ALTA 2006 extended coverage
owner’s policy of title insurance (the “Title Commitment”) covering the Property, which Title
Commitment will be accompanied by copies of all documents referred to in the Title Commitment. The
Title Commitment shall set forth the state of title to the Property together with copies of all
exceptions or conditions to such title, including, but not limited to, all easements, restrictions,
rights-of-way, covenants, reservations and all other liens and encumbrances affecting the Property
which would appear in an owner’s policy of title insurance if issued.

6. REVIEW OF TITLE COMMITMENT. Purchaser shall have until the later of (i) fifteen
(15) days after receipt of both the Existing Survey and the Title Commitment, together with copies
of all documents referred to in the Title Commitment; and (ii) fifteen (15) days after the
Effective Date, but in no event later than the date which is five (5) days prior to the end of the
Feasibility Period, to review the Existing Survey and the Title Commitment and to deliver in
writing to Seller such commercially reasonable objections as Purchaser may have to anything
contained or set forth in the Title Commitment or the Existing Survey. If no written objections
are delivered by Purchaser to Seller within said period, the Title Commitment shall be deemed to be
approved by Purchaser; except that Seller shall be obligated, at its sole cost and expense, to
satisfy at or prior to Closing all monetary encumbrances affecting the Property evidenced by deeds
of trust, tax liens, judgments, mechanics’ liens, or other liens or charges in a fixed sum which
were caused, created or consented to by Seller (collectively, “Monetary Liens”), and Seller
authorizes the use of the Purchase Price or a portion thereof to pay and discharge the same at
Closing. Notwithstanding the foregoing, Purchaser shall in no event be deemed to have approved any
deeds of trust, tax liens, judgments, mechanics’ liens, or other liens or charges which were not
caused, created or consented to by Seller, and Purchaser retains the right to object to any of the
foregoing. Purchaser shall have five (5) business days after receipt of an Updated Survey but no
later than five (5) days prior to the end of the Feasibility Period to review the Updated Survey
and to deliver in writing to Seller such commercially reasonable objections as Purchaser may have
to anything contained or set forth on the Updated Survey and not disclosed in the Existing Survey.
If no written objections are delivered by Purchaser to Seller within said period, the matters shown
on the Updated Survey shall be deemed to be approved by Purchaser. The following shall constitute
“Permitted Exceptions” and may appear as exceptions in the owner’s policy of title insurance and in
the Quitclaim Deed delivered by Seller at Closing: (i) except for any Monetary Liens, any items
appearing on the Title Commitment, Existing Survey, and Updated Survey (if any) to which Purchaser
does not object in its written notices to Seller within the foregoing periods; (ii) current,
non-delinquent real estate taxes and assessments, both general and special, which are a lien, but
not yet due and payable; and (iii) rights of tenants in possession under Leases. Any items
appearing of record after the date of the Title Commitment shall, except for Monetary Liens and new
or updated items in (ii) or (iii) above in the preceding sentence (but only to the extent that such
new Leases have been approved by Purchaser pursuant to Section 10.3 below), constitute
objectionable title matters, unless expressly consented to in writing by Purchaser. Seller shall,
at Seller’s sole cost and expense, prior to the Closing Date, satisfy any objections with respect
to which Purchaser delivered written notice in accordance with the foregoing, and provide to
Purchaser such endorsements to the Title Commitment as are necessary to delete any and all
commercially reasonable matters objected to by Purchaser. If Seller fails to cure such objections,
Purchaser may elect as its sole remedy to: (a) terminate this Agreement with the Deposit plus
interest being returned to Purchaser; or (b) accept such title as Seller can deliver, with no
reduction in the Purchase Price other than with respect to Monetary Liens.

7. SELLER’S REPRESENTATIONS AND WARRANTIES. Seller warrants and represents to
Purchaser the following:

7.1 Seller has good, marketable and indefeasible leasehold interest in the Property,
free and clear of all liens, encumbrances, conditions, exceptions or reservations, except
those specifically approved (or deemed approved) by Purchaser pursuant to this Agreement;

7.2 There are no lawsuits or proceedings, including condemnation, environmental, zoning
or land use proceedings, pending or, to Seller’s actual knowledge, threatened against or
involving Seller or the Property; and Seller has not received any notices of any violations
of any environmental, zoning, building code, land use or other law or regulation with
respect to the Property.

7.3 That there is available legal ingress and egress to the Property from a publicly
dedicated right-of-way or from an easement or similar right benefitting the Property;

7.4 That Seller is validly existing and in good standing under the laws of Delaware,
and all documents, including this Agreement, executed or to be executed by Seller which are
to be delivered to Purchaser prior to or at Closing have been or will be duly authorized,
executed, and delivered by Seller, and are or will be legal, valid, and binding obligations
of Seller sufficient to convey title (if they purport to do so), and do not or will not
violate any provisions of any agreement to which the Seller is a party or to which it is
subject; and that Seller has full right, power and authority, without the necessity, consent
or approval of any other person or entity, to enter into this Agreement and to transfer the
Property to Purchaser pursuant to the terms of this Agreement;

7.5 That, on the Closing Date, there will be no outstanding contracts made or
authorized by Seller for the Property for work or services with respect to the Property,
including professionals such as architects, surveyors, engineers and planners, which have
not been fully paid for; and Seller shall cause to be discharged all mechanics or
materialmen’s liens arising from any labor or materials furnished to the Property prior to
the Closing Date (other than resulting from any investigation or work undertaken by or on
behalf of Purchaser);

7.6 That, to Seller’s actual knowledge, there are no existing or pending special
assessments, fees, or other obligations affecting the Property or any appurtenant property,
including without limitation, impact fees, solid waste fees, reservation fees,
aid-in-construction fees, utility connection fees, sewer or water assessments, fees for
roadway and traffic improvements, or other developmental obligations which may be assessed
by any governmental or quasi-governmental authority, water or sewer authority, solid waste
authority, drainage district, street lighting district, or any other special taxing
district, nor does Seller have any actual knowledge of any pending or proposed assessment
for public improvements which might result in such being contemplated. Seller shall be
liable for any assessments affecting the Property that are certified, confirmed, or ratified
prior to the Closing Date and that are not eligible to be passed through to the Property
tenants pursuant to the terms of such tenants’ leases;

7.7 That except as otherwise set forth in this Agreement, Seller has entered into no
other contracts for the sale or lease of, nor given any option to purchase or lease, all or
any portion of the Property (or, if such option to purchase or lease has been granted,
Seller has satisfied the conditions with respect thereto so that Closing may occur); nor,
except as set forth in Section 10.4, has Seller entered into any contracts, leases or use
agreements with respect to any portion of the Property which will survive the Closing and
shall not do any of the foregoing prior to Closing without the express written consent of
Purchaser in every instance.

7.8 That Seller is not a “foreign person”, as defined in the Foreign Investment Real
Property Tax Act (“FIRPTA”). At Closing, Seller shall execute and deliver to Purchaser a
“Non-Foreign Certificate”, in customary form, which shall state, among other items, the
taxpayer identification numbers of Seller and that Seller is not a “foreign person”, as
defined by FIRPTA. Seller acknowledges that, in the event Seller fails to deliver the
Non-Foreign Certificate, Purchaser shall be authorized to withhold from the closing proceeds
an amount equal to ten percent (10%) of the gross amount of the Purchase Price and to remit
the same to the Internal Revenue Service, as required by FIRPTA;

7.9 That, to Seller’s actual knowledge, the Property has not during Seller’s period of
ownership, and is not presently being used, and shall not be used prior to Closing, for the
handling, storage, transportation, or disposal of hazardous or toxic materials or waste, as
the same are defined by applicable local, state or federal environmental laws and
regulations; provided that this representation and warranty shall not apply to the handling
upon the Property in the past of medical wastes. Furthermore, to Seller’s actual knowledge,
any such medical wastes under Seller’s possession or control have been properly handled and
disposed of in accordance with all applicable laws, rules and regulations; and

7.10 Seller represents that attached hereto as Exhibit “1.4” is a list of all
leases affecting the Property, including all amendments and modifications to any leases
affecting the Property; and Seller has delivered true, correct and complete copies of such
leases to Purchaser. Each of the Leases is in full force and effect, and no tenant has
defaulted under its Lease. Seller is “landlord” or “lessor” under the Leases and is
entitled to assign to Purchaser, without the consent of any party, the Leases. To Seller’s
actual knowledge, there are no defaults or no facts which, with the passage of time or the
giving of notice, would result in defaults thereunder. Seller further represents that: (i)
no tenant has asserted any claim of offset or other defense in respect of its or Seller’s
obligations under its respective Lease; (ii) except with respect to Leasing Costs arising
under the Master Lease which have not been triggered as of the Effective Date (“Master Lease
Future Leasing Costs”), there are no pending or incomplete tenant improvements and no
unsatisfied Leasing Costs, with respect to the Master Lease or any Lease, except as listed
on Exhibit 7.10, and all such Leasing Costs shall be fully completed and paid in full prior
to Closing, or, if not completed or paid in full as of Closing, the then balance of such
outstanding Leasing Costs shall be paid or credited to Purchaser at Closing; (iii) to
Seller’s actual knowledge, no tenant has (A) filed for bankruptcy or taken any similar
debtor-protection measure, (B) discontinued operations at the Property, or (C) given notice
of its intention to do any of the foregoing (items (i) through (iii) above are hereinafter
referred to as the “Tenant Estoppel Matters”). In addition, Seller represents that no rents
have been prepaid more than one (1) month in advance thereunder. Seller will not modify,
terminate or accept any prepayments under the Leases unless Purchaser consents thereto in
advance in writing in each instance. Additionally, Seller will not enter into any new
Leases prior to Closing without the prior written consent of Purchaser in each instance, as
provided for in Section 10.3.

7.11 Seller has delivered to Purchaser a complete copy of the Ground Lease and all
amendments thereto. Seller is “tenant” or “lessee” under the Ground Lease and is entitled
to assign to Purchaser the Ground Lease. Seller has not asserted any claim of offset or
other defense in respect of its obligations under the Ground Lease. To Seller’s actual
knowledge, (A) Ground Lessor is not in default under the Ground Lease and (B) there exists
no condition or circumstance or written notice of any condition or circumstance which, with
the giving of notice or passage of time, would constitute a default under the Ground Lease
by Ground Lessor. Seller further represents that to Seller’s actual knowledge: (i) the
Ground Lease is in full force and effect; (ii) Seller is not in default under the Ground
Lease and there exists no condition or circumstance or written notice of any condition or
circumstance which, with the giving of notice or passage of time, would constitute a default
under the Ground Lease by Seller; (iii) Ground Lessor has not asserted any claim of offset
or other defense in respect of its obligations under the Ground Lease; and (iv) neither the
fee simple interest in the Land nor Ground Lessor’s interest in the Ground Lease is subject
to any deed of trust, mortgage or collateral assignment (items (i) through (iv) above are
hereinafter referred to as the “Ground Lease Estoppel Matters”).

7.12 Seller has delivered or made available to Purchaser a complete copy of the Master
Lease Agreement between Seller and Pocatello Hospital, LLC (“Master Lessee”), dated November
1, 2006, including all amendments thereto (the “Master Lease”). The Master Lease is in full
force and effect. Seller is “landlord” or “lessor” under the Master Lease and is entitled
to assign to Purchaser the Master Lease. To Seller’s actual knowledge, (i) Master Lessee is
not in default under the Master Lease and (ii) there exists no condition or circumstance or
written notice of any condition or circumstance which, with the passage of time, would
constitute a default by Master Lessee under the Master Lease. Seller has not asserted any
claim of offset or other defense in respect of its obligations under the Master Lease.
Seller further represents that to Seller’s actual knowledge: (i) Seller is not in default
under the Master Lease and there exists no condition or circumstance or written notice of
any condition or circumstance which, with the passage of time, would constitute a default by
Seller under the Master Lease; and (ii) Master Lessee has not asserted any claim of offset
or other defense in respect of its obligations under the Master Lease (items (i) and (ii)
above are hereinafter referred to as the “Master Lease Estoppel Matters”).

7.13 Seller has delivered or made available to Purchaser true and complete copies of
all contracts to which Seller is a party and which affect the Property. Seller has not,
within the last year, received any written notice of any default under any Property service
contract or other such contract or agreement that has not been cured or waived.

7.14 Seller has not received any written notice from, and, to Seller’s actual
knowledge, is otherwise aware of no grounds for, any association, declarant or easement
holder requiring the correction of any condition with respect to the Property, or any part
thereof, by reason of a violation of any other restrictions or covenants recorded against
the Property.

7.15 Seller has not received any written notice from, and, to Seller’s actual
knowledge, is otherwise aware of no grounds for, any governmental agency requiring the
correction of any condition with respect to the Property, or any part thereof, by reason of
a violation of any applicable federal, state, county or municipal law, code, rule or
regulation (including those respecting the Americans With Disabilities Act), which has not
been cured or waived.

7.16 Seller has no actual knowledge or information of any facts, circumstances, or
conditions that are inconsistent with the representations and warranties contained herein.
Seller shall promptly inform Purchaser in writing if there occurs any (i) material adverse
change in the condition, financial or otherwise, of the Property, or the operation thereof,
at any time prior to Closing or (ii) if any information, document, agreement or other
material delivered to Purchaser is amended, superseded, modified or supplemented. As used
herein, “to Seller’s knowledge” shall be deemed to mean the actual knowledge of Claire
Poirier, property manager. Seller represents and warrants to Purchaser that Claire Poirier
is the person most familiar with the Property and most knowledgable with respect to the
matters contained in the representations and warranties set forth herein.

Purchaser represents that it is a limited liability company validly existing and in good
standing under the laws of the State of Delaware, and all documents, including this Agreement,
executed or to be executed by Purchaser, which are to be delivered to Seller prior to or at
Closing, have been or will be duly authorized, executed and delivered by Purchaser and are or will
be legal, valid and binding obligations of Purchaser, and will not violate any provisions of any
agreement to which Purchaser is a party or to which it is subject; and that Purchaser has full
right, power and authority, without the necessity, consent or approval of any other person or
entity, to enter into this Agreement and perform its obligations hereunder.

It is a condition precedent of Purchaser’s and Seller’s obligations to close hereunder that
all of the representations and warranties of the other party contained in this Agreement shall
continue to be true in all material respects as of the Closing Date and said representations and
warranties shall be deemed to be restated and affirmed as of the Closing Date, as if first made on
the Closing Date, without the necessity of the execution of any document with regard thereto. All
of the representations and warranties contained in this Agreement and each party’s liability
therefor shall survive the Closing for a period of twelve (12) months. Notwithstanding the
foregoing, Purchaser agrees that Seller’s representations and warranties with respect to the Tenant
Estoppel Matters, Ground Lease Estoppel Matters, and Master Lease Estoppel Matters shall not
survive Closing. In the event that any representations or warranties should prove to be untrue
prior to Closing, the party to whom the representations and warranties were given shall notify the
party who gave the representations and warranties of any such misrepresentations or breach of
warranty and such party shall have five (5) business days thereafter to cure such misrepresentation
or breach of warranty. In the event any such misrepresentation or breach of warranty is not cured
prior to the Closing Date, the aggrieved party may terminate this Agreement by giving written
notice thereof to the other party and receive the Deposit plus interest or may pursue an action for
damages if such misrepresentation or breach of warranty is discovered following the Closing.

8. PURCHASER’S INVESTIGATION. Seller and Purchaser agree that Purchaser will proceed
with an evaluation of the Property and an evaluation of the economic feasibility of proceeding with
Purchaser’s acquisition of the Property. From and after the Effective Date and at all times during
the term of this Agreement, Purchaser and its agents and representatives shall be entitled to enter
upon the Property (including entry into all Improvements) for inspection, soil tests, examination,
land use planning, and such other matters and investigations as Purchaser deems necessary and
appropriate in Purchaser’s sole judgment, all at Purchaser’s sole cost and expense. Such right of
entry shall not unreasonably interfere with Seller’s business or the business of any tenants on the
Property, and Purchaser will coordinate its activities with a designated representative of Seller.
Upon reasonable prior notice to Seller, Purchaser may contact any tenants of the Property; provided
that Seller shall have the right to be present during any tenant interviews. Purchaser hereby
covenants and agrees to indemnify and hold Seller harmless from any and all loss, liability, costs,
claims, demands, damages, actions, causes of action, and suits (including without limitation,
litigation costs and reasonable attorneys’ fees whether incurred at or prior to trial or on appeal)
arising out of or in any manner related to the exercise by Purchaser of Purchaser’s right of entry
under this Section 8. Purchaser’s obligation to indemnify and hold Seller harmless shall survive
Closing or any termination of this Agreement for a period of one (1) year from Closing or
termination.

Notwithstanding any other provision of this Agreement, Purchaser shall have a period of thirty
(30) days from the Effective Date of this Agreement in which to review and examine the Property
(the “Feasibility Period”). Seller shall deliver the materials described in Exhibit “8”
attached hereto to Purchaser no later than three (3) days from the Effective Date of this
Agreement. At any time prior to the expiration of the Feasibility Period, Purchaser may terminate
this Agreement if, in its sole discretion, Purchaser determines that the Property is not acceptable
to Purchaser. Purchaser may terminate this Agreement by delivering written notice thereof to
Seller within the time period provided, whereupon the Deposit plus interest shall be refunded in
full to Purchaser and neither party shall have any further obligation or liability to the other
under this Agreement except for those provisions which specifically survive the termination of this
Agreement. If this Agreement is terminated, Purchaser agrees, upon payment by Seller to Purchaser
(at Seller’s sole election) of the actual cost of such items, to provide Seller with copies of any
and all surveys, environmental audits and soil reports obtained by Purchaser during its due
diligence review of the Property, but specifically excluding Purchaser’s work product and/or
analyses.

9. INTENTIONALLY OMITTED.  

10. EXISTING LEASES; EASEMENT AGREEMENTS AND CONTRACTS.

10.1 Leases. Attached hereto as Exhibit “1.4” is a rent roll for the
Property (the “Rent Roll”) which sets forth for each tenant (each a “Tenant”, and
collectively, the “Tenants”) of the Property, the rents payable by such Tenant, the Lease
term, the security deposit as required by the subject Lease, if any, prepaid rent and any
rent arrearages. Within three (3) days following the Effective Date, to the extent that
Seller has not previously done so, Seller shall deliver to Purchaser true, correct and
complete copies of all of the Leases. Seller shall provide Purchaser monthly, during the
term of this Agreement, with an updated Rent Roll and to the extent of its normal operating
procedures, monthly financial statements for the Property, all by the tenth
(10th) day of the following month.

10.2 Tenant Estoppels and SNDA’s. Seller shall deliver to Purchaser, promptly
upon receipt thereof by Seller but at least fifteen (15) days prior to Closing, an estoppel
certificate for each of the Tenants substantially in the form attached hereto as
Exhibit ”10.2”. No later than three (3) business days prior to the date
on which Seller intends to distribute the estoppel certificates to the Tenants for their
completion, Seller shall deliver the draft estoppel certificates to Purchaser for
Purchaser’s review and approval, which approval shall not be unreasonably withheld.

10.3 New Leases and Contracts. After the Effective Date of this Agreement, and
except as otherwise specifically set forth in this Agreement, Seller shall not execute any
new Leases or Contracts without the express prior written approval of Purchaser in each
instance. Such consent shall not be unreasonably withheld, conditioned or delayed during
the Feasibility Period, but may be withheld in Purchaser’s sole discretion after the
Feasibility Period and prior to Closing. Seller shall give Purchaser prompt written notice
and provide copies of each such modification, amendment or new Lease, contract or agreement,
and all such new modifications, amendments, leases, contracts or agreements shall become
“Leases” or “Contracts” subject to this Section 10.3. Seller shall defend and indemnify
Purchaser from and against any and all suits, claims, losses and expenses arising prior to
Closing under any Lease or Contract and incurred by Purchaser. Purchaser shall be required
to assume Seller’s obligations arising on and after the Closing Date under all Leases
subject to the provisions of Section 16.6, below.

10.4 Contracts. Except as to the Contracts specifically listed on Exhibit
“1.5” and any Contracts entered into after the Effective Date which Purchaser has agreed
to assume at the Closing, Seller, at Seller’s sole cost and expense, shall terminate all
property management agreements, leasing agreements, service contracts or other contracts or
agreements with respect to the Property as of the Closing and Purchaser shall not be
obligated to assume any obligations thereunder; provided, however, that
Purchaser (or its property manager) and Seller shall enter into agreements for the Property
pursuant to which (a) Purchaser’s property manager, Grubb & Ellis Equity Advisors, Property
Management, Inc. (“GEEA PM”), shall retain Seller (or Seller’s designated affiliate) as its
exclusive managing agent for the Property (the “New Sub-Management Agreement”); (b) GEEA PM,
as agent for Purchaser, shall retain Seller (or Seller’s designated affiliate) as its
facilities manager for the Property (the “New Facilities Management Agreement”); and (c)
GEEA PM, as agent for Purchaser, shall retain Seller (or Seller’s designated affiliate) as
its exclusive agent for the purpose of leasing space in the Improvements (“New Leasing
Agreement”). Purchaser and Seller (or Seller’s designated affiliate) shall, during the
Feasibility Period, negotiate in good faith and enter into the New Sub-Management Agreement,
New Facilities Management Agreement, and New Leasing Agreement upon the following material
terms and upon such other terms as are reasonable and customary and which are mutually
acceptable to both Purchaser and Seller:

	 	(i)	 	With respect to the New Sub-Management Agreement, Seller’s
designated affiliate shall manage the Property for a term of not less than four
(4) years from the Closing Date for a fee equal to two and one-half percent
(2.5%) of all monthly gross receipts from the operation of the Property;

	 	(ii)	 	With respect to the New Facilities Management Agreement,
Seller’s designated affiliate shall serve as facilities manager for the
Property for a term of not less than four (4) years from the Closing Date for a
fee equal to one percent (1.0%) of all monthly gross receipts from the
operation of the Property;

	 	(iii)	 	Both the New Sub-Management Agreement and the New Facilities
Management Agreement will permit the pass-through of property manager and
facilities manager payroll costs which have been budgeted and approved by
Purchaser or GEEA PM as agent for Purchaser; and

	 	(iv)	 	With respect to the New Leasing Agreement, Seller’s designated
affiliate shall be appointed as the exclusive leasing agent with respect to the
Property for a term of not less than four (4) years from the Closing Date for
leases covering space at the Property executed during the term of the New
Leasing Agreement and for expansions, extensions, lease renewals, lease
terminations, and all other options contained in and pursuant to leases which
have been executed covering space at the Property during and prior to the term
of the New Leasing Agreement at the following commission rates: (A) with
respect to new leases for space at the Property, six percent (6%) of the gross
rent payable by the tenant under the new lease, and (B) with respect to lease
expansions, extensions, renewals and similar transactions, four percent (4%) of
the gross rent payable by tenants pursuant to such lease expansions,
extensions, renewals and similar transactions.

Notwithstanding anything in this Section 10.4 or anything else in this Agreement to the
contrary, neither (x) that certain Exclusive Management Agreement dated December 18, 2006
between Seller and The DASCO Companies, LLC, nor (y) that certain Leasing Agreement dated
December 18, 2006 by and between Seller and The DASCO Companies, LLC (collectively, the
“Existing DASCO Agreements”) shall be terminated as set forth above unless and until the New
Sub-Management Agreement, New Facilities Management Agreement, and New Leasing Agreement
shall have each been executed and delivered by the parties thereto to one another and
Closing shall have occurred.

10.5 Earn-Out Payment. For the period commencing on the Closing Date and
terminating twenty-four (24) months thereafter, Purchaser shall pay to Seller an annual
amount equal to the quotient of (a) the annual increase in the Property NOI (as defined
below) above the Base Property NOI (as defined below), divided by (b) .0825 (such annual
amount referred to herein as an “Earn-Out Payment”), which increase is the result of new
leases or subleases or expansions of existing leases at the Property for which Seller or
Seller’s designated affiliate is entitled to receive a commission under the New Leasing
Agreement; provided that with respect to subleases, the amount of the Earn-Out Payment shall
be calculated only on the difference between the Base Rent under the Master Lease prior to
the sublease, and the Base Rent under the Master Lease after the sublease becomes effective.
Each Earn-Out Payment shall be reduced by commissions paid by Purchaser pursuant to the New
Leasing Agreement as set forth above and monies spent by Purchaser for tenant improvements
to space in the Property pursuant to new leases, subleases or expansions of existing leases,
all for the year during which an Earn-Out Payment is due. For purposes of this Section
10.5, “Property NOI” shall be defined as all rents and other revenues received in the
ordinary course from the Property, but excluding any income or revenues related to the
exercise of any early termination or contraction options, pre-paid rents and revenues and
security deposits, except to the extent applied in satisfaction of tenants’ obligations for
rent, and “Base Property NOI” shall be the Property NOI as mutually determined and agreed
upon by Seller and Purchaser in writing as of the Closing Date. The terms of this Section
10.5 shall survive Closing.

10.6 Ground Lease Estoppel and Amendment. Seller shall deliver to Purchaser,
promptly upon receipt thereof by Seller but at least ten (10) days prior to Closing, an
estoppel certificate from the Ground Lessor under the Ground Lease and the servient
tenements under each of that certain Declaration of Easement Agreement recorded in the
Official Record Book of Bannock County, Idaho as Instrument No. 20628767, as amended by that
certain Amendment to Declaration of Easement Agreement recorded in the Official Record Book
of Bannock County, Idaho as Instrument No. 20919441 and that certain Declaration of Grants
of Reciprocal Easements recorded in the Official Record Book of Bannock County, Idaho as
Instrument No. 20628769, as amended by that certain Amendment to Declaration of Grants of
Reciprocal Easements recorded in the Official Record Book of Bannock County, Idaho as
Instrument No. 20919442 (such easements, collectively, the “Easements”), dated no earlier
than thirty (30) days prior to Closing, in the form attached hereto as Exhibit
“10.6” pertaining to the Ground Lease, the Easements and other matters of record as set
forth therein (“Ground Lease Estoppel”). Such Ground Lease Estoppel shall be consistent
with the Easements and the Ground Lease, shall not reveal any defaults, and shall be
otherwise reasonably acceptable to Purchaser. Seller shall also deliver to Purchaser,
promptly upon receipt thereof by Seller but at least ten (10) days prior to Closing, an
amendment to Article 10 of the Ground Lease to (i) delete the provision stating that the
lessee under the Ground Lease is not relieved from liability in the event of an assignment
or transfer of the Ground Lease; (ii) modify Section 10.3 to accommodate the equity purchase
option described in Section 19 below; and (iii) delete the references to Seller and its
affiliates and principals in the eighth and twelfth sentences of the first paragraph of
Section 10.3 of the Ground Lease, and to include transfer language to be provided by
Purchaser during the Feasibility Period (the “Ground Lease Amendment”). The form and
content of the Ground Lease Amendment shall be subject to the approval of Purchaser in its
sole discretion.

10.7 Master Lease Estoppel. Seller shall deliver to Purchaser, promptly upon
receipt thereof by Seller but at least ten (10) days prior to Closing, an estoppel
certificate from the Master Lessee under the Master Lease, dated no earlier than thirty (30)
days prior to Closing, in the form attached hereto as Exhibit “10.7” pertaining to
the Master Lease (“Master Lease Estoppel”). Such Master Lease Estoppel shall be consistent
with the Master Lease, shall not reveal any defaults, and shall be otherwise reasonably
acceptable to Purchaser.

11. CONDITIONS PRECEDENT.

11.1 The obligation of Purchaser under this Agreement to purchase the Property is
subject to the fulfillment of the following unless waived in writing by Purchaser:

	 	(i)	 	delivery by Seller of an Assignment of Ground Lease and the
Quitclaim Deed, duly executed and acknowledged, conveying Seller’s interest in
the Real Property and Improvements to Purchaser free and clear of any
condominium regime, liens or encumbrances (except for the Permitted Exceptions)
and otherwise in a form and substance reasonably acceptable to Purchaser;

	 	(ii)	 	delivery by Seller of a Bill of Sale with general warranty of
title, duly executed and acknowledged, conveying title to the Personalty free
and clear of any liens or encumbrances, in the form attached hereto and
incorporated herein by reference as Exhibit “11.1(ii)” and substance
reasonably acceptable to Purchaser;

	 	(iii)	 	delivery by Seller of a duly executed Assignment and
Assumption of Leases Agreement relating to the Exhibit “1.4” Leases and
any other Leases entered into prior to Closing in accordance with this
Agreement, in the form attached hereto and incorporated herein by reference as
Exhibit “11.1(iii)” (the “Assignment and Assumption of Leases
Agreement”);

	 	(iv)	 	delivery by Seller of a duly executed Assignment and Assumption
of Contracts Agreement relating to the Exhibit “1.5” Contracts which
Purchaser has agreed to assume, in the form attached hereto and incorporated
herein by reference as Exhibit “11.1(iv)” (the “Assignment and
Assumption of Contracts Agreement”);

	 	(v)	 	delivery by Seller of a duly executed Assignment and Assumption
of Intangibles Agreement relating to the Intangible Property described in
Section 1.6 of this Agreement, in the form attached hereto and incorporated
herein by reference as Exhibit “11.1(v)” (the “Assignment and
Assumption of Intangibles Agreement”);

	 	(vi)	 	delivery by Seller of a duly executed Assignment and Assumption
of Interest, if required pursuant to Section 19 hereof, in the form attached
hereto and incorporated herein by reference as Exhibit “19.5”;

	 	(vii)	 	at least ten (10) days prior to the Closing Date, Seller shall
have delivered to Purchaser the Ground Lease Estoppel required by Section 10.6,
dated no earlier than thirty (30) days prior to Closing, in the form attached
hereto as Exhibit “10.6”, together with the fully executed Ground Lease
Amendment;

	 	(viii)	 	at least ten (10) days prior to the Closing Date, Seller shall have delivered
to Purchaser the Master Lease Estoppel required by Section 10.7, dated no
earlier than thirty (30) days prior to Closing, in the form attached hereto as
Exhibit “10.7”;

	 	(ix)	 	in the event that Seller exercises the Equity Purchase Option
pursuant to Section 19 below, Seller shall have delivered to Purchaser a fully
executed counterpart of the LLC Agreement (as defined in Section 19 below);

	 	(x)	 	Purchaser shall have approved the status of title to the
Property pursuant to this Agreement, and Title Company shall have committed to
issue the ALTA 2006 extended coverage Owner’s Title Insurance Policy including
deletion of all standard exceptions and an ALTA 13-06 endorsement or its
equivalent, and subject only to the Permitted Exceptions;

	 	(xi)	 	the representations and warranties of Seller shall be true and
correct as of the Closing Date;

	 	(xii)	 	Purchaser shall have approved the Property based upon its
inspection and investigation pursuant to Section 8 hereof, provided that
Purchaser’s right of termination set forth in Section 8 will be waived unless
it is exercised within the Feasibility Period set forth above;

	 	(xiii)	 	at least fifteen (15) days prior to the Closing Date, Seller shall have
delivered to Purchaser the tenant estoppel certificates required by Section
10.2, which estoppels shall be consistent with their respective Leases, shall
not reveal any default by Seller, any right to offset rent by the tenant, or
any claim of the same, and be dated no earlier than thirty (30) days prior to
Closing and shall be otherwise reasonably acceptable to Purchaser;

	 	(xiv)	 	delivery by Seller of a settlement statement reasonably
satisfactory to Purchaser setting forth all prorations required herein;

	 	(xv)	 	delivery by Seller of its counterpart of the parties’ written
acknowledgement of the calculation of Base Property NOI as required in Section
10.5;

	 	 	 
	(xvi)

(xvii)

(xviii)

	 	delivery by Seller of the duly executed New Sub-Management Agreement;

delivery by Seller of the duly executed New Facilities Management Agreement;

delivery by Seller of the duly executed New Leasing Agreement;

	 	(xix)	 	delivery by Seller and the Title Company of the duly executed
Seller Escrow Agreement (as defined in Section 35 below);

	 	(xx)	 	execution and delivery by Seller of such documents and
instruments as are reasonably required by counsel for Purchaser and the Title
Company to consummate the Closing; and

	 	(xxi)	 	on the Closing Date, there shall have been no material adverse
change in the condition or use of the Property.

	 	(xxii)	 	Seller’s cancellation of the Existing DASCO Agreements.

11.2 The obligation of Seller under this Agreement to sell the Property is subject to
the fulfillment or waiver by Seller of the following:

(i) delivery by Purchaser of the balance of the Purchase Price in accordance with the
terms and provisions of Section 3 of this Agreement;

(ii) delivery by Purchaser of an Assignment of Ground Lease, duly executed and
acknowledged, assuming Purchaser’s interest in the Real Property;

	 	(iii)	 	delivery by Purchaser of the duly executed Assignment and
Assumption of Leases
	 
	 	 	 	Agreement;

	 	(v)	 	delivery by Purchaser of the duly executed New Sub-Management
Agreement;

	 	(vi)	 	delivery by Purchaser of the duly executed New Facilities
Management Agreement;

	 	(vi)	 	delivery by Purchaser of the duly executed New Leasing
Agreement;

	 	(vii)	 	delivery by Purchaser of a settlement statement reasonably
satisfactory to Seller setting forth all prorations required herein;

	 	(viii)	 	in the event that Seller exercises the Equity Purchase Option pursuant to
Section 19 below, Purchaser shall have delivered to Seller a fully executed
counterpart of the LLC Agreement;

	 	(viii)	 	delivery by Purchaser of a duly executed Assignment and Assumption of
Interest, if required pursuant to Section 19 hereof, in the form attached
hereto and incorporated herein by reference as Exhibit “19.5”;

	 	(ix)	 	delivery by Purchaser of its counterpart of the parties’
written acknowledgement of the calculation of Base Property NOI as required in
Section 10.5;

	 	(x)	 	execution by Purchaser of such documents as are reasonably
required by counsel for Seller or the Title Company to consummate the Closing;

	 	(xi)	 	execution by Purchaser and the Title Company of the Seller
Escrow Agreement; and

	 	(xii)	 	delivery by Purchaser of an updated good faith estimate of the
costs to be incurred by Purchaser with respect to clause (B) of Section
19.4(a)(i) no later than seven (7) business days prior to the Closing Date.

The failure of either Purchaser or Seller to fulfill their respective obligations under this
Section 11 shall constitute a default under this Agreement.

12. TIME, PLACE AND EXPENSES OF CLOSING.

12.1 The Closing hereunder shall take place as set forth in Section 12.5 of this
Agreement within thirty (30) days following the expiration of the Feasibility Period (the
“Closing” or “Closing Date”). Seller shall have the right to extend the Closing Date by an
additional thirty (30) days in order to identify physician investors for the equity purchase
option described in Section 19 below upon prior written notice to Purchaser given no later
than ten (10) business days prior to the originally scheduled Closing Date. Within three
(3) business days after receipt of the foregoing written notice from Seller, Purchaser shall
increase the Deposit by Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (the
“Closing Extension Deposit”). Such Closing Extension Deposit shall immediately become part
of the Deposit and shall be held in accordance with Section 3.1 above.

12.2 Rents and other items of income and expenses for the Property will be prorated at
the Closing effective as of the Closing Date as set forth in Section 16 below.

12.3 Seller shall pay the cost for the documentary stamps or other transfer taxes on
the Quitclaim Deed, the cost of issuing the Title Commitment and standard Owner’s Title
Insurance Policy, all transfer, assumption or waiver fees associated with the Ground Lease,
the Master Lease, and any association, declarant or easement holder that holds any right in
the Property, and the cost to record curative instruments. Purchaser shall pay the cost of
recording the deed, its inspections, any expenses related to any mortgage or other financing
obtained by Purchaser, and the costs of any endorsements to the Owner’s Title Insurance
Policy, other than those endorsement required to cure any title defect or objection raised
by Purchaser pursuant to Section 6 above. Except as otherwise specifically provided in this
Agreement, all other costs, fees and expenses in connection with the transaction
contemplated by this Agreement, other than the legal fees of each party’s counsel in
negotiating, preparing, and closing this Agreement which shall be paid by each respective
party, shall be split equally between the parties.

12.4 Both parties agree to execute and deliver at Closing such other documents and
certificates as may be reasonably required by the parties’ counsel, the Title Company and
the counsel of Purchaser’s lender(s) to properly consummate this transaction.

12.5 Escrow Closing. Closing shall occur through an escrow with Escrow Agent
(the “Escrow”) established, in accordance with this Section 12.5, upon receipt by
Escrow Agent of this Agreement executed by Seller and Purchaser.

12.5.1 Escrow. Upon receipt of the Agreement, Escrow Agent shall
acknowledge the opening of Escrow and its agreement to act as the Escrow Agent
hereunder by: (1) executing the Consent of Escrow Agent attached hereto; and (2)
delivering a copy of the executed Consent to Seller and Purchaser.

12.5.2 Delivery of Documents. On or before the Closing Date, Purchaser
shall deliver and Seller shall cause to be delivered to the Escrow Agent originals,
undated but executed and acknowledged where required, of the closing documents (the
“Closing Documents”) required to be delivered pursuant to this Agreement.
In addition, Purchaser shall deliver, on or before the Closing Date, the balance of
the Purchase Price, in immediately available federal funds, to be held by the Escrow
Agent in an interest-bearing account satisfactory to Seller and Purchaser. In
determining adjustments to the Purchase Price as provided herein, a preliminary
closing statement will be prepared by the Escrow Agent at least three (3) business
days prior to Closing, with the assistance of Seller and Purchaser, for determining
the amount of funds Purchaser is required to be placed in escrow.

12.5.3 Term of Escrow. The Escrow Agent shall hold the Purchase Price
and the Closing Documents in trust until receipt of Seller’s and Purchaser’s written
instructions to close and deliver the Closing Documents together with a final
closing statement signed by Purchaser and Seller (all as provided in Section 12.5.4
below).

12.5.4 Recordation and Release of Escrow Documents. Each of Seller and
Purchaser shall provide to the Escrow Agent an authorization to proceed with Closing
upon an executed final Closing Statement between Seller and Purchaser.

Upon receipt of the foregoing authorizations, the Escrow Agent shall promptly do the
following:

(i) insert the Closing Date in the Closing Documents and record the
Closing Documents which require recording in the appropriate recording
offices;

(ii) disburse funds to Seller (and any excess funds to Purchaser) in
accordance with the Closing Statement and any accompanying instructions;

(iii) deliver counterpart originals of the Closing Documents (and
file-stamped copies of recorded documents) to Seller and Purchaser; and

(iv) issue the Owner’s Policy of Title Insurance in favor of Purchaser
in the amount of the Purchase Price, subject only to the Permitted Exceptions
and as otherwise required pursuant to this Agreement.

12.5.5 Termination of Escrow. If the Escrow terminates for failure of
Closing to occur within one hundred twenty (120) days after the establishment of the
Escrow, then absent a written agreement between Purchaser and Seller to extend the
Escrow, this Agreement, together with the Escrow, shall terminate, the Closing
Documents shall be returned to Seller (all of which shall be deemed null and void),
the Purchase Price and Deposit shall be promptly returned to Purchaser, and neither
Purchaser nor Seller shall have any further obligations or liabilities hereunder
except for obligations specifically surviving termination of this Agreement.

12.5.6 Fees and Costs. All fees, costs and expenses incurred by Escrow
Agent in administering the Escrow shall be paid as set forth in this Agreement;
provided, however, Seller and Purchaser shall jointly and severally bear all costs
and expenses of any legal proceedings arising out of the administration of the
Escrow and the prevailing party in any such proceeding shall be entitled to the
recovery of all reasonable attorneys’ fees and court costs from the non-prevailing
party.

12.5.7 Provisions Concerning Escrow Agent. Upon distribution of the
Closing Documents held by the Escrow Agent in accordance with the Escrow, the Escrow
Agent shall be relieved and released from any further liability or obligation
hereunder. In the event of a dispute arising out of the administration of the
Escrow or as to the right of any of the parties in or to the Closing Documents or
the disposition thereof, or in the event the Escrow Agent, in good faith, is in
doubt as to what action it should take hereunder, the Escrow Agent may, at its
option, refuse to take any action hereunder, so long as such disagreement continues
or such doubt exists. The Escrow Agent shall not be or become liable in any way to
any person for its failure or refusal to act, and the Escrow Agent shall be entitled
to continue to refrain from acting until (i) the rights of all parties have been
fully and finally adjudicated by a court of competent jurisdiction; or (ii) all
differences and all doubt shall have been resolved by agreement among all of the
interested parties and the Escrow Agent shall have been notified thereof by written
instrument signed by all such parties.

13. TERMINATION; DEFAULT; REMEDIES.

13.1 Except as otherwise set forth below, in the event this Agreement is terminated
pursuant to the terms hereof, the Deposit plus interest shall be returned to Purchaser and
the parties shall have no further obligations one to the other.

13.2 In the event of any material default on the part of Seller under this Agreement
which continues for ten (10) days after receipt of written notice from Purchaser (except
that no notice shall be required for default under any obligation to be performed at
Closing), Purchaser shall have the right, as Purchaser’s sole exclusive remedy, to either
(i) terminate this Agreement and obtain a refund of its Deposit plus interest, together with
reimbursement of Purchaser’s actually incurred out of pocket costs in conjunction with the
Agreement, up to a maximum of Seventy-Five Thousand and No/100 Dollars ($75,000.00); or (ii)
bring an action for specific performance to cause Seller to convey the Property to Purchaser
pursuant to the terms and conditions of this Agreement, and Seller shall have no additional
liability for damages on account thereof.

13.3 In the event of any material default on the part of Purchaser under this
Agreement which continues for ten (10) days after receipt of written notice from Seller
(except that no notice shall be required for default under any obligation to be performed at
Closing), Seller shall be entitled to terminate this Agreement and receive immediate full
cash payment of the Deposit plus interest as liquidated damages and the parties hereto will
have no further rights, duties or obligations to the other as a result of this Agreement.
Retention of the Deposit shall be Seller’s sole and exclusive remedy hereunder in the event
of such breach by Purchaser, and Seller hereby waives all other remedies, including specific
performance.

14. RISK OF LOSS. Risk of loss to the Property or any part thereof shall remain with
the Seller until the Closing Date.

15. COVENANTS OF SELLER PRIOR TO CLOSING. Seller covenants and agrees with Purchaser
with respect to the Property that, from and after the Effective Date through the Closing, unless
Purchaser’s prior written consent to any unpermitted action hereunder is first obtained, Seller
will (except as specifically provided to the contrary herein):

15.1 Except as provided in this Agreement, not transfer any part of the Property or
create on the Property any easements or mortgages which will survive the Closing or permit
any changes to the zoning or other land use classification of the Land;

15.2 Not enter into any new contracts or other agreements (other than new Leases, which
shall be governed by Section 10.3) regarding the Property (other than contracts in the
ordinary and usual course of business and which are cancelable by the owner of the Property
without penalty upon the earlier of the Closing Date or within thirty (30) days after giving
notice thereof);

15.3 Continue to insure, operate, maintain, repair and market and lease the Property in
a manner consistent with Seller’s practices prior to the Effective Date;

15.4 Comply in all material respects with the terms of the Ground Lease, the Leases and
Contracts and any easement or other agreements affecting the Property; and

15.5 Immediately provide Purchaser with copies of any notices to or from the Ground
Lessor, a Tenant and any notice from any Tenant or Ground Lessor, any notices of default to
or from any party to any Contract and any notices of violation or noncompliance with
applicable law or condemnation or rezoning notices from any governmental authority.

16. PRORATIONS. Prorations shall be made as of the Closing Date.

16.1 Real Estate and Personal Property Taxes. Real estate and personal
property taxes, if any, shall be prorated as of 12:01 A.M. of the Closing Date. In the
event that the taxes for the year of the Closing are unknown, the tax proration will be
based upon such taxes for the prior year and such taxes for the year of the Closing shall be
reprorated and adjusted within sixty (60) days of the date when the tax bill for the year of
the Closing is received and the actual amount of taxes is known. Seller shall be
responsible for any retroactive increase, “recoupment” or similar taxes or assessments
payable with respect to any time period prior to Closing. Any and all refunds, credits,
claims or rights to appeal respecting the amount of any real property taxes or other taxes
or assessments charged in connection with the Property for any period after Closing shall
belong to Purchaser following the Closing.

16.2 Utilities and Insurance. Utility bills or charges, where applicable,
shall be prorated as of 12:01 A.M. of the Closing Date. To the extent reasonably possible,
Seller and Purchaser shall have utility meters read the day preceding the Closing Date and
Seller shall be responsible for paying all utility bills or charges which accrued against
the Property prior to 12:01 A.M. of the Closing Date, and Purchaser shall be required to pay
all utility bills accruing against the Property on or subsequent to 12:01 A.M. of the
Closing Date, with any charge for which a reading could not be made as of the day preceding
the Closing Date being prorated as of 12:01 A.M. of the Closing Date using an estimate based
on the most recent reading for such utility, subject to readjustment upon receipt of actual
bills. Purchaser shall secure its own insurance on the Property as of the Closing Date, and
Seller shall cancel all existing insurance policies as of the Closing Date. Purchaser and
Seller shall, before and after the Closing, reasonably cooperate with each other in
connection with this Section 16.2.

16.3 Income and Expenses. The parties agree that, except as otherwise
specifically stated elsewhere in this Agreement, all income and expenses (including, without
limitation, owners’ association or similar dues, fees and assessments) of the Property are
intended to be prorated as of 12:01 A.M. of the Closing Date. Purchaser shall be deemed the
owner of the Property, for the purpose of such calculation, for the entire Closing Date.
Income shall include all revenue of Seller derived from the operation of the Property,
including all rents and pass-throughs collected from Tenants. Expenses shall include all
expenses from the operation of the Property. Income shall appear on the closing statement as
a credit to Purchaser. Expenses actually paid by Seller prior to the Closing in payment for
a period subsequent to the Closing shall appear on the closing statement as a credit to
Seller.

16.4 Rents. Notwithstanding anything to the contrary in Section 16.3 above,
rents under the Leases (collectively, “Rents”), shall be addressed in the manner set forth
in this Section 16.4. Purchaser will receive a credit at Closing for all rents collected by
Seller prior to the Closing Date and allocable to the period from and after the Closing Date
based upon the actual number of days in the month. No credit shall be given Seller for
accrued and unpaid rent or any other non-current sums due from tenants until these sums are
paid, and Seller shall retain the right to collect any such rent provided Seller does not
sue to evict any tenants or terminate any Leases. Purchaser shall cooperate with Seller
after the Closing Date to collect any rent under the Leases which has accrued as of the
Closing Date; provided, however, Purchaser shall not be obligated to sue any tenants or
exercise any legal remedies under the Leases or to incur any expense over and above its own
regular collection expenses. All payments collected from tenants after the Closing Date
shall first be applied to the month in which the Closing occurs, then to any rent due to
Purchaser for the period after the Closing Date and finally to any rent due to Seller for
the periods prior to Closing Date; provided, however, notwithstanding the foregoing, if
Seller collects any payments from tenants after the Closing Date through its own collection
efforts, Seller may first apply such payments to rent due Seller for the period prior to the
Closing Date.

16.5 Security Deposits. All security deposits, Tenant deposits for
construction work and prepaid Rent, if any, including, without limitation, transferable
letters of credit held by or under the control of Seller, as required by the Leases and set
forth on Exhibit “1.4” or for Leases entered into prior to Closing, shall be paid or
credited to Purchaser as of the Closing Date, and Purchaser shall, with respect to all
matters arising or accruing after the Closing, assume all liability therefor. Seller shall
not further offset all or any portion of such security deposits or prepaid Rent Subsequent
to the Closing Date, Seller shall use commercially reasonable efforts (i.e., having the
requisite transfer documentation at the Closing and, within five (5) business days after
Closing, paying any applicable transfer fee) to effectuate the transfer of any letters of
credit deposited by Tenants as security for their obligations under any of the applicable
Leases and, if necessary, as a result of a default by such Tenant between the Closing Date
and such transfer, to cooperate with Purchaser to make a demand on the issuing bank to draw
on the letter of credit.

16.6 Leasing Commissions, Tenant Improvements, and Other Concessions. All
unpaid Lease commissions, tenant improvement costs, and other concessions, including but not
limited to all Lease related costs, free rent, moving allowances, and cash payments
(collectively, the “Leasing Costs”) (except for Master Lease Future Leasing Costs), incurred
by Seller in connection with the Master Lease or any Leases executed before the Effective
Date shall be the responsibility of Seller and shall be paid or credited to Purchaser at the
Closing; provided, however, that Purchaser shall assume at Closing any Leasing Costs related
to Leases executed after the Effective Date as well as all Master Lease Future Leasing Costs
(“Purchaser’s Assumed Leasing Costs”).

16.7 Sales Tax. Seller agrees to pay to the appropriate taxing authority sales
tax collected by Seller in connection with Rent received by Seller under the Leases for the
month in which the Closing occurs promptly after the Closing and to provide written proof of
same to Purchaser within forty five (45) days after the Closing (or the date Seller actually
receives any Delinquent Rent). Seller hereby defends, indemnifies and holds Purchaser
harmless from and against any and all suits, claims, liabilities and expenses for any tax,
levy, assessment or surcharge relating to the Leases prior to the proration date.

16.8 Operating Expense Reconciliations. To the extent that tenants are
reimbursing the landlord for common area maintenance and other operating expenses
(collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing
Date on a lease-by-lease basis with each party being entitled to receive a portion of the
CAM Charges payable under each Lease for the CAM Lease Year (as defined below) in which
Closing occurs, which portion shall be equal to the actual CAM Charges incurred during the
party’s respective periods of ownership of the Property during the CAM Lease Year. As used
herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM
Charges are owed under each Lease. Seller shall be responsible for the CAM reconciliation on
a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not
including, the Closing Date. Purchaser shall be responsible for the CAM reconciliation on a
lease-by-lease basis for their ownership period within the CAM Lease Year including the
Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based
on an estimate for the year of Closing, a post close “true up” will be performed for the
actual expense to determine Seller and Purchaser obligation for their ownership period for
the year of Closing. Each party will be responsible for any CAM “true up” necessary to the
extent that any Lease provides for a “true up”.

16.9 Calculation / Re-prorations. Seller shall prepare and deliver to
Purchaser no later than three (3) business days prior to the Closing Date an estimated
closing statement which shall set forth all costs payable, and the prorations and credits
provided for in this Agreement and to the extent Seller does not timely deliver the
estimated closing statement to Purchaser, Purchaser shall have the right, but not the
obligation, to extend the Closing Date by the number of days Seller is delinquent in
delivering such estimated closing statement to Purchaser. Any item which cannot be finally
prorated because of the unavailability of information shall be tentatively prorated on the
basis of the best data then available and adjusted when the information is available in
accordance with this subsection. Purchaser shall notify Seller within two (2) days after its
receipt of such estimated closing statement of any items which Purchaser disputes and the
parties shall attempt in good faith to reconcile any differences with the assistance of the
Escrow Agent not later than one (1) day before the Closing Date; provided, however, that
nothing in the preceding sentence shall serve to delay the Closing Date. The estimated
closing statement as adjusted as aforesaid and approved in writing by the parties shall be
referred to therein as the “Closing Statement”. If the prorations and credits made under
the Closing Statement shall prove to be incorrect or incomplete for any reason, then either
party shall be entitled to an adjustment to correct the same; provided, however, that any
adjustment shall be made, if at all, within sixty (60) days after the Closing Date except
with respect to CAM Charges, taxes and assessments, in which case such adjustment shall be
made within sixty (60) days after the information necessary to perform such adjustment is
available (provided, however, that Seller and Purchaser shall complete their respective CAM
reconciliations and make such final adjustment for CAM Charges no later than April 1, 2011),
and if a party fails to request an adjustment to the Closing Statement by a written notice
delivered to the other party within the applicable period set forth above (such notice to
specify in reasonable detail the items within the Closing Statement that such party desires
to adjust and the reasons for such adjustment), then the prorations and credits set forth in
the Closing Statement shall be binding and conclusive against such party.

16.10 Indemnification. Purchaser and Seller shall each indemnify, protect,
defend and hold the other harmless from and against any claim in any way arising from the
matters for which the other receives a credit or otherwise assumes responsibility pursuant
to this Section.

16.11 Survival. The provisions of this Section 16 shall survive the Closing
under this Agreement until April 1, 2011.

17. NOTICES. All notices, demands and requests and other communications required or
permitted hereunder shall be in writing, and shall be deemed to be delivered when received, if
delivered in person, by a nationally recognized overnight delivery service (such as UPS or Federal
Express) or by telecopier or e-mail, or the earlier of when actually received or forty-eight (48)
hours after the deposit thereof in a regularly maintained receptacle for the United States mail,
registered or certified, return receipt requested, postage prepaid, addressed to the parties at the
following addresses:

Purchaser:

c/o Grubb & Ellis Equity Advisors

1551 North Tustin Avenue, Suite 300

Santa Ana, California 92705

Attention: Danny Prosky

Phone: 714-667-8252

Fax: 714-667-6860

E-mail:

With a copy to:

Gregory Kaplan, PLC

7 East Second Street

Richmond, Virginia 23224

Attn: Joseph J. McQuade

Telephone: (804) 916-9027

Facsimile: (804) 916-9127

E-mail: jmcquade@gregkaplaw.com

Seller:

c/o The DASCO Companies, LLC

11360 Jog Road, Suite 200

Palm Beach Gardens, Florida 33418

Attention: Malcolm Sina

Phone: 561-691-9900

Fax: 561-622-2622

E-mail: msina@dascomed.com

With a copy to:

Thomas K. Pierce, P.A.

11360 Jog Road, Suite 200

Palm Beach Gardens, Florida 33418

Attention: Thomas K. Pierce, Esq.

Phone: 561-691-9900

Fax: 561-622-2622

E-mail: tpierce@dascomed.com

18. FIRE OR OTHER CASUALTY; CONDEMNATION.

18.1 Fire or Other Casualty. If the Property or any part thereof is damaged by
fire or other casualty prior to the Closing Date which would cost in excess of Fifty
Thousand and No/100 Dollars ($50,000.00) to repair, or take longer than one hundred eighty
(180) days to repair (as determined by an insurance adjuster selected by the insurance
carriers), it shall constitute a “material adverse change” to the Property allowing
Purchaser to terminate this Agreement by giving Seller written notice within ten (10) days
after such determination. If Purchaser does not elect to terminate this Agreement with
respect to the Property, or the cost of repair is determined by said adjuster to be less
than Fifty Thousand and No/100 ($50,000.00) and the time necessary to repair such damage is
less than one hundred eighty (180) days, then the Closing shall take place as herein
provided with a credit against the Purchase Price equal to the cost to repair such damage
and the cost of rent replacement, if disrupted; provided that in the event of any uninsured
loss, the credit for the cost to repair the damage will not exceed Fifty Thousand and No/100
($50,000.00).

18.2 Condemnation. If any portion of the Property is taken in eminent domain
proceedings after the Effective Date and prior to the Closing such that Purchaser would
reasonably expect to be unable to operate the Property as it is presently operated, or if,
as a result thereof, any Tenant would be entitled to terminate its Lease, it shall
constitute a “material adverse change” to the Property allowing either party to terminate
this Agreement by giving the other written notice within ten (10) days after such
determination. If neither party elects to terminate this Agreement with respect to the
Property or if the taking does not constitute a “material adverse change”, then the Closing
shall take place as herein provided without abatement of the Purchase Price, and Seller
shall deliver or assign to Purchaser on the Closing Date, all of Seller’s right, title and
interest in and to all condemnation awards paid or payable to Seller.

19. EQUITY PURCHASE OPTION.

19.1 Grant of Option; Physician Investors.

(a) Purchaser hereby grants to Seller an irrevocable option to purchase (the “Equity
Purchase Option”) at Closing up to twenty-five percent (25%) of the membership interests
(the “Equity Interests”) in Purchaser’s assignee (“Grubb SPE”). Seller shall form a new
limited liability company (“NewCo”) which shall be managed by Seller for so long as NewCo
owns any Equity Interests, and the Equity Interests shall be purchased by NewCo.

(b) From and after the Effective Date through the Closing Date, Seller shall have the
right to sell membership interests in NewCo to physician tenants of the Property. Seller
shall be responsible at its sole cost and expense for complying with all applicable laws,
rules and regulations, including but not limited to securities laws, rules and regulations,
in connection with selling membership interests in NewCo. All materials distributed by
Seller or its employees, agents, or affiliates in connection with the sale of membership
interests in NewCo shall clearly state that either Seller or NewCo is the offeror of the
membership interests, and shall expressly state that neither Purchaser, Grubb SPE, nor any
of their affiliates are offering the membership interests for sale. Seller agrees to, and
agrees to cause NewCo to, indemnify and hold Purchaser and Grubb SPE, and the affiliates,
members, officers, directors, and employees of Purchaser and Grubb SPE (collectively,
“Purchaser Indemnified Parties”) harmless from and against any suit, claim, demand,
liability, cost or expense asserted against any of the Purchaser Indemnified Parties
(including, without limitation, and by way of example only, reasonable attorney’s fees,
disbursements and amounts paid in settlement of claims) arising out of the sale of
membership interests in NewCo.

19.2 Exercise of Option. Seller may, in its sole and absolute discretion,
elect to exercise the Equity Purchase Option by delivering written notice (“Option Exercise
Notice”) to Purchaser at least ten (10) business days prior to Closing. The Option Exercise
Notice shall specify the amount of Equity Interests Seller elects to purchase. If an Option
Exercise Notice is not given to Purchaser by Seller on or before the Closing Date, the
Equity Purchase Option shall automatically terminate and be of no further force and effect.
The sale of any Equity Interests shall in all events be subject to the Closing on the
Property under this Agreement. In the event that Closing does not occur under this
Agreement for any reason, the Equity Purchase Option and any Option Exercise Notice shall be
null and void and of no further force and effect.

19.3. Limited Liability Company Agreement. Purchaser and Seller (or Seller’s
designated affiliate) shall endeavor, within ten (10) days following the Effective Date, to
negotiate in good faith and enter into a limited liability company agreement for Grubb SPE
(“LLC Agreement”) which shall be utilized in the event that Seller exercises its Equity
Purchase Option. It is currently contemplated that Grubb SPE will have only one member in
addition to NewCo, which member shall be an affiliate of Purchaser (“Grubb Member”). The
LLC Agreement shall provide, inter alia, that:

(a) Grubb SPE shall be manager-managed;

(b) The Grubb Member or its designee shall be the manager of Grubb SPE, and
NewCo shall be a passive member of Grubb SPE with no management, control, or voting
rights whatsoever, except for any voting rights which may be required by law; and

(c) In the event that Grubb SPE elects to encumber the Property with a loan,
NewCo shall receive its pro rata share of any debt proceeds. In the event of such
financing, NewCo shall have the right to purchase additional membership interests in
Grubb SPE based on the Equity Interest Purchase Price set forth in Section 19.4
below, up to an amount by which in the aggregate NewCo owns no more than 25% of the
membership interests in Grubb SPE.

19.4 Equity Interest Purchase Price; Property Purchase Price.

(a) For each one percent (1%) membership interest in Grubb SPE that is acquired by
NewCo, the purchase price for the Equity Interests (the “Equity Interest Purchase Price”)
shall be calculated as follows:

(i) At Closing, the Equity Interest Purchase Price shall be equal to the sum
of: (A) one percent (1%) of the Purchase Price; (B) one percent (1%) of all closing
costs, fees, expenses and prorations which are payable by Purchaser at Closing; and
(C) one percent (1%) of Purchaser’s Assumed Leasing Costs. Within ten (10) business
days following the Effective Date, Purchaser shall provide notice to Seller of a
good faith estimate of the total costs anticipated to be incurred by Purchaser with
respect to clause (B) of this Section 19.4(a)(i). No later than seven (7) business
days prior to the Closing Date, Purchaser shall provide notice to Seller of an
updated good faith estimate of the costs to be incurred Purchaser with respect to
clause (B) of this Section 19.4(a)(i).

(ii) After Closing, the Equity Interest Purchase Price shall be equal to the
sum of: (A) one percent (1%) of the Purchase Price; (B) one percent (1%) of all
closing costs, fees, expenses and prorations which were paid by Purchaser at
Closing; (C) one percent (1%) of the amount of any Earn-Out Payments made to Seller
as described in Section 10.5; and (D) one percent (1%) of all Leasing Costs which
were assumed by Purchaser at Closing or which subsequently became the responsibility
of Purchaser.

(b) Notwithstanding anything set forth in Section 3 to the contrary, in the event that
Seller exercises the Equity Purchase Option in accordance with this Section 19, Seller may
elect to cause its Equity Interest Purchase Price to be paid by the contribution of an
equivalent amount of the Property to Grubb SPE (with the value of such contribution to be
determined using 1% of full original Purchase Price as the value of each 1% so contributed,
in which case the Purchase Price to be paid by Purchaser under Section 3 shall be reduced by
an amount equal to the Equity Interest Purchase Price owed by NewCo for such Equity
Interests; provided that Purchaser determines to its reasonable satisfaction that such
structuring of the Purchase Price does not adversely impact Purchaser or Grubb SPE.

19.5 Transfer of Equity Interest. Provided the requirements set forth in this
Section 19 are timely satisfied, Grubb Member shall sell, transfer, assign and convey the
Equity Interests to NewCo pursuant to the terms set forth in the form Assignment of Interest
attached hereto and incorporated herein by reference as Exhibit “19.5”. The sale of
any Equity Interests shall in all events be subject to the Closing on the Property under
this Agreement. In the event that Closing does not occur under this Agreement for any
reason, the Equity Purchase Option and any Option Exercise Notice shall be null and void and
of no further force and effect.

19.6 Earn-Out Payments. As a condition to the purchase of any Equity Interests
by NewCo, in the event any Earn-Out Payments are made to Seller as described in Section
10.5, Seller agrees that it shall cause NewCo to make such capital contributions to Grubb
SPE as may be required to maintain Seller’s pro rata share of its Equity Interests in Grubb
SPE. If NewCo is unable or unwilling to make such capital contributions referenced in the
preceding clause, NewCo shall accept a pro rata reduction in its Equity Interests based on
the payment of such Earn-Out Payment by Grubb Member on behalf of Purchaser.

19.7 Call Rights. The LLC Agreement shall provide that Grubb Member or its
assignee has the right and option (the “Call”) to require NewCo to sell to Grubb Member or
its assignee the entire membership interest of NewCo in Grubb SPE. The Call may be
exercised:

	 	(a)	 	In the event that the Property is sold;

	 	(b)	 	In the event that Grubb SPE, Grubb & Ellis
Healthcare REIT II Holdings, LP, and/or Grubb & Ellis Healthcare REIT
II, Inc. is recapitalized; and

	 	(c)	 	At the election of Grubb Member or its assignee
on the fifth (5th) anniversary of the Closing Date, and on
each anniversary of the Closing Date thereafter.

The Call may be exercised by Grubb Member or its assignee providing at least sixty (60)
days’ prior written notice (the “Call Notice”) in the case of (a) and (b) above, and at
least ninety (90) days’ prior written notice in the case of (c) above. The purchase price
payable for NewCo’s membership interest in connection with the Call shall be the fair market
value of the membership interest as of the date of the Call Notice (the “Call Purchase
Price”), as mutually agreed upon by the parties within ten (10) business days’ after the
date of the Call Notice. If the parties cannot mutually agree on the Call Purchase Price
within the foregoing ten (10) business day period, a three-appraiser method shall be
utilized, as set forth in the LLC Agreement to be agreed upon during the Feasibility Period.

19.8 Survival. The provisions of this Section 19 shall survive Closing.

20. INTENTIONALLY DELETED.

21. COMPLETE AGREEMENT. This Agreement embodies the complete agreement between the
parties hereto and cannot be varied or terminated except by the written agreement of the parties.

22. EXPIRATION. This Agreement shall be of no force or effect unless executed by both
parties on or before 5:00 p.m., EDT, on April 26, 2010.

23. PARTIES BOUND. This Agreement shall be binding upon and inure to the benefit of
Seller and Purchaser, and their respective heirs, personal representatives, successors and assigns.
Upon written notice to Seller at least ten (10) days prior to Closing, Purchaser shall have the
right to assign this Agreement to any party under common ownership or control with Purchaser or
which is under common ownership or control of Grubb & Ellis Healthcare REIT II, Inc. a Maryland
corporation, and no consent on the part of Seller shall be required for such assignment, provided
however, that any such assignment shall not relieve Purchaser of its liabilities and obligations
hereunder. No other assignment of this Agreement by Purchaser shall be permitted without the prior
written consent of Seller, which consent will not be unreasonably withheld, conditioned or delayed.

24. COMMISSIONS. Purchaser and Seller each represent, warrant and covenant to the
other that they have not entered into any agreement, incurred any obligation or know of any facts
which might result in an obligation for any party to pay a sales or brokerage commission or
finder’s fee for this transaction, except for Shattuck Hammond Partners. Any amounts payable to
Shattuck Hammond Partners shall be the sole responsibility of Seller. Each party hereby
indemnifies and agrees to hold the other harmless for any loss, cost, liability or expense
(including, without limitation, reasonable attorney’s fees) incurred by such party as a result of a
breach of this Section. This provision will survive Closing or any termination of this Agreement.

25. ATTORNEY’S FEES. In the event of any litigation between the parties to enforce
any provision or right under this Agreement, the unsuccessful party covenants and agrees to pay to
the successful party all costs and expenses including, but not limited to, reasonable attorney’s
fees incurred by such party in connection with the litigation. This provision will survive Closing
or any termination of this Agreement.

26. TIME. Time is of the essence of this Agreement.

27. DATES. If the final day of a period or date of performance under this Agreement
falls on a Saturday, Sunday or legal holiday, then the final day of the period or the date of
performance shall be deemed to fall on the next day which is not a Saturday, Sunday or legal
holiday.

28. COUNTERPARTS. This Agreement may be executed simultaneously in two (2) or more
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

29. GOVERNING LAW. This Agreement is to be governed by and construed in accordance
with the internal laws of the State of Idaho.

30. CONFIDENTIALITY. Purchaser and Seller hereby agree and covenant that they each
will maintain the confidentiality of this Agreement and its terms and conditions by assuring that,
except as required by law, this Agreement and its terms and conditions will not be viewed by, or
otherwise conveyed in any manner to, a third party other than legal counsel or an employee or agent
of Purchaser from whom advice is required in connection with the sale and purchase of the Property
and who also agrees to maintain the confidentiality of this Agreement and its terms and conditions.
This provision will survive Closing or any termination of this Agreement.

31. “AS-IS”. Purchaser acknowledges that Seller has not investigated and does not
warrant or represent to Purchaser that the Property is fit for the purposes intended by Purchaser
or for any other purpose or purposes whatsoever, and Purchaser acknowledges that the Property is to
be conveyed to Purchaser “as-is” in its existing condition on and as of the Closing Date.
Purchaser will be solely responsible for any and all actions, permits, approvals and costs required
for the development, occupancy and operation of the Property after the Closing and in accordance
with applicable governmental authorities. Purchaser is buying the Property based solely on its own
investigation, inspection, and evaluation and, except as specifically contained herein, neither
Seller or any agent of Seller has made any representation or warranty, express or implied,
concerning the Property or which induced Purchaser to execute this Agreement, any other
representations and warranties are hereby expressly disclaimed by Seller. This provision shall
survive Closing.

32. APPROVALS DURING FEASIBILITY PERIOD. Whenever this Agreement provides that the
parties will negotiate, agree and/or approve the terms of certain documents or issues prior to the
expiration of the Feasibility Period, both parties agree to negotiate such documents or issues in
good faith. If the parties can not agree on the terms of such documents or issues by the end of
the Feasibility Period, either party may terminate this Agreement by giving written notice to the
other prior to the expiration of the Feasibility Period. In that event, the Deposit plus interest
will be returned to Purchaser as full liquidated damages and neither party shall have any further
rights, duties or obligations to the other as a result of this Agreement with the exception of any
provisions hereof which specifically survive termination pursuant to their terms.

33. COOPERATION WITH S-X 3-14 AUDIT. Seller acknowledges that Purchaser intends to
assign all of its rights, title and interest in and to this Agreement. The assignee may be
affiliated with a publicly registered company (“Registered Company”) promoted by Purchaser. Seller
acknowledges that it has been advised that if the purchaser is affiliated with a Registered
Company, the assignee is required to make certain filings with the Securities and Exchange
Commission (the “SEC Filings”) that relate to the most recent pre-acquisition fiscal year (the
“Audited Year”) and the current fiscal year through the date of acquisition (the “stub period”) for
the Property. To assist the assignee in preparing the SEC Filings, the Seller covenants agrees to
provide the assignee with the following during the Feasibility Period and for one (1) year
thereafter: (i) access to bank statements for the Audited year and stub period; (ii) rent roll as
of the end of the Audited Year and stub period; (iii) operating statements for the Audited Year and
stub period; (iv) access to the general ledger for the Audited Year and stub period; (v) cash
receipts schedule for each month in the Audited Year and stub period; (vi) access to invoices for
expenses and capital improvements in the Audited Year and stub period; (vii) accounts payable
ledger and accrued expense reconciliations; (viii) check register for the 3-months following the
Audited Year and stub period; (ix) all leases and 5-year lease schedules; (x) copies of all
insurance documentation for the Audited Year and stub period; (xi) copies of accounts receivable
aging as of the end of the Audited Year and stub period along with an explanation for all accounts
over 30 days past due as of the end of the Audited Year and stub period; (xii) signed
representation letter in the form attached hereto as Exhibit “34-A” (“Representation
Letter”), and (xiii) to the extent necessary a signed audit inquiry letter in the form attached
hereto as Exhibit “34-B”(“Audit Inquiry Letter”). Within five (5) business days prior to
Closing, Seller agrees to deliver to Purchaser a signed Representation Letter, signed Audit Inquiry
Letter, and executed letter from Seller’s attorney in response to the Audit Inquiry Letter (“Audit
Letter”), and such deliveries shall be a condition to Closing under Section 11 above. The form and
substance of the Audit Letter shall be reasonably acceptable to Purchaser. The provisions of this
Section 33 shall survive Closing.

34. PURCHASER’S DISCLOSURES. Seller acknowledges that Purchaser is the subsidiary of
a Real Estate Investment Trust (“REIT”) and that, as such, it is subject to certain filing and
reporting requirements in accordance with federal laws and regulations, including but not limited
to, regulations promulgated by the Securities and Exchange Commission. Accordingly, and
notwithstanding any provision of this Agreement or the provisions of any other existing agreement
between the parties hereto to the contrary, Purchaser may publically file, disclose, report or
publish any and all information related to this transaction that may be reasonably interpreted as
being required by federal law or regulation after Closing. This provision will survive Closing or
any termination of this Agreement.

35. SELLER ESCROW. Seller and Purchaser agree that on the Closing Date, Seller shall
deliver to Escrow Agent a deposit in the amount of One Hundred Fifty Thousand Dollars ($150,000.00)
(the “Seller Escrow”). The Seller Escrow shall be held in an insured, interest-bearing account
with interest accruing for the benefit of Seller. For purposes of this Agreement the term “Seller
Escrow” shall include any and all interest earned thereon. The Escrow Agent shall hold the Seller
Escrow in accordance with the escrow agreement attached hereto as Exhibit “35” (the “Seller
Escrow Agreement”), for a period beginning on the Closing Date and continuing until the date that
is one (1) year after the Closing Date. After the expiration of the foregoing period, the Escrow
Agent shall immediately release the Seller Escrow to Seller unless Escrow Agent shall have received
prior to the expiration of such one (1) year period a written notice from Purchaser that such funds
are in dispute due to a breach by Seller of the terms of this Agreement or a breach by Seller under
the documents to be signed at Closing, and in such event the Escrow Agent shall hold the Seller
Escrow until Escrow Agent receives escrow instructions signed by both Seller and Purchaser or a
court of competent jurisdiction authorizes the release. The provisions of this section shall
survive Closing and shall not merge into the deed conveying title to the Property to Purchaser.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the parties have executed this document on the dates written below.

SELLER:

CNL RETIREMENT DAS POCATELLO ID, LP,

a Delaware limited partnership

By: CNL Retirement DAS Pocatello ID GP, LLC,

a Delaware limited liability company,

its sole general partner

By: The DASCO Companies, LLC,

a Florida limited liability company,

manager of sole general partner

By: /s/ Malcolm S. Sina

Name: Malcolm S. Sina

Title: Authorized Representative

Date: 4/23/2010

PURCHASER:

GRUBB & ELLIS EQUITY ADVISORS, LLC,

a Delaware limited liability company

By: /s/ Michael Rispoli

Name: Michael Rispoli

Title: Chief Financial Officer

2

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