Document:

Exhibit 10.34

 

PROPERTY MANAGEMENT AGREEMENT

 

This Property Management Agreement (the “Agreement”)
made as of the 5th day of December, 2006, by and between TRT-DCT
Pencader LLC, a Delaware limited liability company, (“Owner”), and The
Flynn Company, a Pennsylvania corporation (“Property Manager”).

 

Owner desires to retain the services of Property
Manager, as an independent contractor, in connection with the management and
operation of the real property owned by Owner identified on Exhibit A,
attached hereto (“Property”) and Property Manager desires to assume such
responsibilities, upon the terms and conditions set forth in this
Agreement.  If Exhibit A includes
more than one property, or if additional properties are added to this Agreement
by the written agreement of the parties from time to time, the term Property
means one property, some properties or all properties subject to the Agreement,
as the context may require.

 

In consideration of the premises and the mutual
promises and covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Owner and Property Manager agree as follows:

 

1.             Appointment.  Subject to the terms and provisions of this
Agreement, Owner hereby grants to Property Manager, as an independent
contractor, the exclusive right to manage and operate the Property.  Owner and Property Manager have entered into
this Agreement in reliance upon the unique knowledge, experience, reputation
and expertise of the other party and in reliance upon the duties of loyalty and
confidentiality which each party hereby agrees to undertake.  Except as otherwise expressly provided in
this Agreement, neither party shall be required to accept performance under
this Agreement from any person, including, without limitation, Owner or
Property Manager, as the case may be, should it become a debtor in possession
under the United States Bankruptcy Code, or any trustee of either appointed
under the United States Bankruptcy Code and any assignee of such party or
trustee, other than the other party.

 

2.             Term
and Termination.

 

(a)           Initial
Term.  The initial term of this
Agreement shall commence on December 6, 2006, if Owner is not the owner of the
Property on such date, on the date Owner closes on the purchase of the
property, and except as otherwise expressly provided in this Agreement, shall
continue until one year following the commencement of the term of this
Agreement and from year to year thereafter subject to termination as provided
in subsection (b).  This agreement
shall automatically terminate if the initial term does not commence within 30
days of the date of this Agreement.

 

(b)           Termination.  Notwithstanding anything to the contrary
contained in this Agreement, Property Manager may terminate this Agreement
without cause upon 60 days prior written notice to the Owner and Owner may
terminate this Agreement without cause upon 30 days prior written notice to the
Property Manager.  Owner may from time to
time, by written

 

	
   

  	
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notice, without affecting this Agreement with respect to any other
Properties, delete individual properties from this Agreement.

 

(c)           Effect
of Expiration or Termination.  Any
expiration or termination of this Agreement shall not affect or impair any
rights or obligations which have accrued to either party hereto prior to such
expiration or termination, including, without limitation, the rights of
Property Manager to receive payments provided for hereunder.  Upon Owner’s delivery to Property Manager of
notice of termination of this Agreement under this Section 2, Owner may send a
transition team to the Property to participate in the day-to-day operations of
the Property and Property Manager shall cause its employees and other personnel
engaged in the management and operation of the Property to cooperate with Owner’s
transition team.  Immediately upon the
expiration of the term hereof, Property Manager shall deliver to Owner all
funds, including tenant security deposits, tenant correspondence, property
files, vendor invoices and books and records of Owner related to the Property
then in possession or control of Property Manager.  Within 60 days following expiration or
termination, Property Manager shall deliver to Owner a final accounting, in
writing, with respect to the operations of the Property.

 

(d)           Default.  Upon the occurrence of any breach of any term
or provision of this Agreement by a party (“defaulting party”), and after
giving notice of such breach and an opportunity to cure as provided below, the
nondefaulting party shall be entitled to terminate this Agreement immediately
in addition to any remedy such party may have at law or in equity.  A defaulting party shall be entitled to cure
a monetary breach within 10 days after receipt of written notice of such
breach, or, in the case of a nonmonetary breach, within 30 days after such
notice provided that the defaulting party proceeds to diligently cure such
breach upon receipt of such notice.

 

(e)           Bankruptcy,
Insolvency.  If either party shall
file a petition in bankruptcy or for a reorganization or arrangement or other
relief under the United States Bankruptcy Code or any similar statute, or if
any such proceeding shall be filed against either party and is not dismissed or
vacated within 60 days after its filing, or if a court having jurisdiction
shall issue an order or decree appointing a receiver, custodian or liquidator
for a substantial part of the property of either party which decree or order remains
in force undischarged and unstayed for a period of 60 days, or if either party
shall make an assignment for the benefit of creditors or shall admit in writing
its inability to pay its debts as they become due, the other party may
terminate this Agreement upon five days written notice.

 

(f)            Termination by Mortgagee.  Notwithstanding anything to the contrary
contained in this Agreement, the holder or holders of any indebtedness of Owner
secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,”
as provided for in Section 9 of this Agreement) shall have the right to
terminate this Agreement without cause upon thirty (30) days prior written
notice to Property Manager in the event such Mortgagee forecloses its lien on
the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise
becomes a mortgagee in possession of the Property.

 

	
   

  	
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3.             Compensation.

 

(a)           Management
Fee.  As consideration for the
performance by Property Manager of all of its property management duties under
this Agreement, Owner agrees to pay to Property Manager for each individual
Property subject to this Agreement and each month during the term of this
Agreement that the individual Property is subject to this Agreement, a property
management fee equal to 3% of gross
receipts; or in the minimum
amount as detailed on the attached Exhibit B-Schedule of Property
Management Fees (the “Management Fee”).  The Management Fee shall be paid not later
than the tenth (10th) day of the month following the month for which such fee
is earned.  “Gross Receipts” means all
receipts of every kind and nature derived from the operation of the Property
during a specified period determined on a cash basis, including, without
limitation, rent, rent adjustments, utility charges, parking charges, service
charges, proceeds of rent interruption insurance and tenant reimbursements for
operating expenses, taxes and insurance; excluding: (i) security deposits (to
the extent not applied to delinquent rents) and other refundable deposits; (ii)
lump sum payments, which are not amortized, for above-standard tenant
improvements; (iii) interest on bank accounts for the operation of the
Property; (iv) proceeds from the sale or refinancing of the Property, or any
part thereof; (v) insurance proceeds or dividends received from any insurance
policies pertaining to physical loss or damage to the Property or any part
thereof (but not proceeds of rent interruption insurance); (vi) condemnation
awards or payments received in lieu of condemnation of the Property or any part
thereof; and (vii) any trade discounts and rebates received in connection with
the purchase of personal property.

 

(b)           Payment
of Management Fee.  Provided that
Property Manager is not in default under this Agreement, Property Manager shall
be entitled to pay itself the monthly Management Fee from the Property bank
account referred to in Section 6(a) hereof.

 

(c)           Reimbursable
and Nonreimbursable Costs.  All costs
incurred by Property Manager in the performance of its duties under this
Agreement that are in accordance with the approved Budget or within $500 or 10%
of the applicable line items in the approved Budget shall be reimbursed by
Owner.  Notwithstanding any other
provision herein or in any Budget, the following costs shall not be
reimbursable by Owner to Property Manager:

 

(i)            costs
relating to bookkeeping services required to be performed by Property Manager
hereunder unless such costs are approved by Owner in writing to Property
Manager;

 

(ii)           salaries
and payroll expenses of Property Manager’s executives, personnel, and employees
of Property Manager, except maintenance personnel billed on an hourly or other
periodic basis and subject to the limitations in the Budget;

 

(iii)          Property
Manager’s off-site overhead and general administrative expenses, except long
distance telephone, fax, overnight delivery, courier, registered mail, copying,
entertainment (subject to Owner’s prior approval in each instance), uniforms,
and two-way radios, where such charges are directly related to the operation of
the Property;

 

(iv)          premiums
for insurance required to be maintained by Property Manager or any
subcontractors hereunder; and

 

	
   

  	
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(v)           costs of
Property Manager’s principal and branch offices.

 

4.             Duties.

 

(a)           General
Management Duties.  Subject to the
availability of funds provided under the Budget, Property Manager shall manage
and operate the Property in a manner consistent with the management and
operation of comparable properties, shall provide such services as are
customarily provided by a manager of properties of comparable class and
standing, and shall consult with Owner and keep Owner advised as to all
material or extraordinary matters and decisions affecting the Property.  Specifically, Property Manager shall, at
Owner’s expense, perform the following services and duties for Owner in a
faithful, diligent and efficient manner:

 

(i)            Property
Manager shall timely prepare and deliver to Owner such accounting and
operations reports as and in the manner required pursuant to Owner’s standard
reporting requirements, as may be amended from time to time;

 

(ii)           Maintain
businesslike relations with tenants of the Property whose service requests
shall be received, considered and recorded in systematic fashion in order to
show the action taken with respect to each request.  Complaints of a serious nature shall, after
thorough investigation, be reported to Owner with appropriate recommendations
for addressing such complaints;

 

(iii)          Exercise
its best efforts to collect all rents and other sums and charges due from
tenants, subtenants, licensees and concessionaires of the Property;

 

(iv)          Prepare or
cause to be prepared for execution and filing by Owner all forms, reports and
returns, if any, required by all federal, state, or local laws in connection
with unemployment insurance, workmen’s compensation insurance, disability
benefits, Social Security and other similar taxes now in effect or hereafter
imposed, and also any other requirements relating to the contracting of third
party vendors for the Property;  however,
Property Manager shall not be obligated to prepare any of Owner’s local, state,
or federal income tax returns;

 

(v)           Pay prior
to delinquency all real estate taxes, sales tax, personal property taxes and
assessments levied against the Property, or any part thereof; and

 

(vi)          Subject to
the limitations of the applicable approved Budget adopted pursuant to
subsection (b) hereof, perform such other acts as are reasonable, necessary and
proper in the discharge of its duties under this Agreement.

 

(b)           Budgets.

 

(i)            Budget
Approval Process.  Property Manager
shall submit by September 1st of each year during the term hereof (or such
other date as Owner may request) a proposed detailed, written estimate or
projection of all receipts and expenditures for the operation of the Property
during the next Fiscal Year, including, without limitation, all estimated

 

	
   

  	
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rentals (including
fixed, percentage and escalation rents) and all estimated repairs, maintenance
and capital projects (“Budget”) for the ensuing Fiscal Year.  Property Manager shall submit the preliminary
budget to Owner within 15 days after the date hereof for the remainder of the
Fiscal Year beginning on the date of this Agreement.  A “Fiscal Year” is a calendar year all
or part of which falls within the term of this Agreement.  In the event Owner, in Owner’s sole judgment,
disapproves of any proposed Budget submitted by Property Manager, Owner shall
give Property Manager written notice thereof in which event Property Manager
shall make all revisions thereto which Owner shall direct.  Property Manager shall resubmit the revised
proposed Budget to Owner for approval. 
Until Owner has approved the revised approved Budget, Property Manager
may continue to operate pursuant to the last approved Budget except for increased
expenses relating to taxes, insurance and utilities which should be paid on a
current basis.  In the absence of any
written notice of approval within 60 days after delivery of a proposed Budget
to Owner, the proposed Budget shall be deemed to have been approved by Owner.

 

(ii)           Payment
of Budgeted Expenses.  Property
Manager shall have the right to pay all expenses according to the approved
Budget, including the Management Fee (hereinafter defined).  Notwithstanding any other provision in this
Agreement, without the prior written consent of Owner, Property Manager shall
not incur or permit to be incurred expenses under this Agreement (excluding
only utility expenses, general real estate taxes, insurance premiums, financing
costs and emergency expenses) that exceed 10% of the applicable line items in
the Budget (e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.)
but in no event that exceed $500.00. 
Property Manager shall promptly notify Owner whenever Property Manager
determines that the Budget or any expense item in the Budget is insufficient to
cover the expenses of operating the Property or the applicable expense item.

 

(c)           Property
Personnel.  Property Manager shall
employ, supervise, and discharge all employees required in connection with the
operation and management of the Property. 
All such personnel shall, in every instance, be employees of Property
Manager or independent contractors. 
Property Manager shall provide and maintain, so long as this Agreement
is in force, worker’s compensation insurance in full compliance with all
applicable state and federal laws and regulations covering all employees of
Property Manager performing work in respect of the Property operations.  The granting of unbudgeted employee fringe
benefits and plans not required by law or union contract shall be subject to
the reasonable prior written approval of Owner. 
Property Manager agrees to comply with all governmental
anti-discrimination laws and shall not, unless acting at the direction of
Owner, do any act, nor permit any act to be done that would constitute a
violation of any or all of such laws. 
Property Manager shall indemnify and hold Owner harmless from and
against any and all claims, penalties, liabilities and expenses of whatsoever
kind and nature which may be asserted by any governmental body having authority
or by any person claiming to be aggrieved by reason of any acts or failure to
act by Property Manager in accordance with or in violation of any said
anti-discrimination laws, as long as such act or failure to act is not caused
or directed by Owner.

 

Employees of the Property Manager or independent contractors shall
include the following:

 

	
   

  	
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(i)            Property
Manager.  A person who is primarily
responsible for overseeing the management of the Property hereunder and who is
experienced in the administration and operation of warehouse, and/or light
industrial, and/or service center facilities of the size, type, use, and quality
of the Property;

 

(ii)           Others.
Such other personnel required to operate and maintain the Property, including,
but not limited to, an assistant property manager, maintenance manager,
administrative and accounting personnel, grounds keepers, and janitorial and
custodial persons, as Property Manager reasonably deems necessary or consistent
with the level of service provided by other similarly situated property.

 

(d)           Contracts
and Supplies.  Property Manager
shall, at Owner’s expense, at the lowest cost as in its judgment is consistent
with good quality, workmanship and service standards, enter into contracts on
behalf of Owner for the furnishing to the Property of required utility
services, heating and air-conditioning services and other maintenance, pest
control, and any other services and concessions which are reasonably required
in connection with the maintenance and operation of the Property.  Property Manager shall also place purchase
orders for services and Personal Property as are reasonably necessary to
properly maintain the Property.  All such
contracts and orders shall be subject to the limitations set forth in the
approved Budget.  When taking bids or
issuing purchase orders, Property Manager shall use all reasonable efforts to
secure for and credit to Owner, any discounts, commissions or rebates
obtainable as a result of such purchases or services.  Property Manager shall use all reasonable
efforts to make purchases and (where necessary or desirable) let bids for
necessary labor and materials at the lowest possible cost as in its judgment is
consistent with good quality, workmanship and service standards.  Property Manager shall not incur obligations
to any person or entity in which Property Manager or any of Property Manager’s
employees has a financial or other interest or with which Property Manager or
any such employee(s) is affiliated unless i) the price or fee therefore is not
higher than that which would have been charged as a result of a bona fide
arms-length negotiation for goods or services of comparable quality;  and ii) Property Manager delivers to Owner
prior written notice and Owner gives its prior written approval of any such
proposed transaction.

 

(e)           Alterations,
Repairs and Maintenance.

 

(i)            Budgeted
Repairs/Emergency Repairs.  Property
Manager shall, at Owner’s expense, perform or cause to be performed all
necessary or desirable repairs, maintenance, cleaning, painting and decorating,
alterations, replacements and improvements in and to the Property as are
customarily made by property managers in the operation of properties of the
kind, size, and quality of the Property; provided, however, that no unbudgeted
alterations, additions or improvements involving a fundamental change in the
character of the Property or constituting a major new construction program
shall be made without the prior written approval of Owner unless specifically
referenced in and performed pursuant to any lease previously approved by
Owner.  In addition, no unbudgeted expenditure
in excess of $250 per item or a total of $1,000 per Fiscal Year shall be made
for such purposes in connection with any single Property without the prior
written approval of Owner.  Emergency
repairs involving manifest danger to life or property, or immediately necessary
for the preservation or the safety of the

 

	
   

  	
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Property, or for
the safety of the tenants of the Property, or required to avoid the suspension
of any necessary service to the Property may be made, however, by the Property
Manager without prior approval and regardless of the cost limitations imposed
by this subsection (e).  Property Manager
shall as soon as practicable give written notice to Owner of any such emergency
repairs for which prior approval is not required.

 

(ii)           Capital
Improvements.  In accordance with the
terms of approved Budgets and upon written request and/or approval of Owner,
Property Manager shall, from time to time during the term hereof, at Owner’s
expense, make or cause to be made all required capital improvements,
replacements, or repairs to the Property. 
All major repairs and capital replacements shall be managed by a person
who specializes in construction projects for the Property Manager (the “Construction
Manager”).  The Property Manager shall be
paid a construction management fee of: 5% of the total budgeted construction
cost (excluding the construction management fee) up to $50,000; 4% of the total
budgeted construction cost exceeding $50,001 and up to $200,000; and 3% of the
total budgeted construction costs exceeding $200,001 and up to $350,000; 2.5%
of the total budgeted construction costs exceeding $350,001 and up.  For example and not by way of limitation, the
construction management fee for a $50,000 construction job would be
$2,500.  The construction management fee
shall be paid upon the completion of the construction and written acceptance of
the work by the Owner.  The construction
management fee shall be based on the actual cost of the project, including any
change orders approved by Owner. 
Notwithstanding anything in this Section 4(e)(ii) to the contrary, it is
understood and agreed that, instead of Property Manager making or causing to be
made all required capital improvements, replacements or repairs to the Property
(“Construction Work”) as provided above, Owner may elect to engage a third
party consultant to perform construction management with respect to all or any
portion of such Construction Work, and, with respect to such Construction Work
managed by such a third party consultant, (i) Property Manager shall not be
required to make or cause to be made such Construction Work, (ii) the Property
Manager shall continue to be responsible for handling activities associated
with the Construction Work (other than the actual design and construction
activities), including, without limitation, processing of invoices and
coordination with tenants, and (iii) the construction management fee payable to
Property Manager on construction projects which are the responsibility of a
third party consultant shall be equal to 2% of the actual cost of the project
(and the fee schedule provided above shall not be applicable to such
construction projects).

 

(iii)          In
connection with all improvements, replacements, or repairs to the Property (the
“Work”), the Construction Manager shall do the following:

 

(A)          prepare a detailed list
of the Work to be performed and review the preparation of all plans for the
construction of all improvements and repairs to the Property.  Except for any Work which is less than
$2,500, the plans for the Work to be performed shall be submitted to the Owner
for its approval;

 

(B)          except for any Work
which is less than $2,500, prepare all bid documents which shall be distributed
to at least three (3) contractors on the approved contractor list;

 

	
   

  	
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(C)          except for any Work
which is less than $2,500, receive all submitted bids and evaluate such
bids.  In evaluating the submitted bids,
Construction Manager shall evaluate the price listed in the bid, the timeliness
of the work to be performed as stated in the bid, the reputation of the
contractor submitting the bid, and any other relevant factors that Construction
Manager determines should be taken into account when evaluating the submitted
bids.  Once Construction Manager
evaluates all the submitted bids, Construction Manager shall recommend to Owner
the bid, if any, it believes is the best and shall explain to Owner why the
recommended bid is the best.  Once Owner
determines which bid to accept, Construction Manager shall contact the
contractor with the approved bid to award the contract;

 

(D)          review, inspect, and
oversee the construction of all improvements, replacements, or repairs to the Property
to ensure that all said improvements, replacements, and repairs comply with the
construction contract requirements and all applicable laws, including but not
limited to local building codes and ordinances;

 

(E)           ensure that all
improvements, replacements, or repairs to the Property are completed;

 

(F)           except for any Work
which is less than $2,500 or for Work for which a single payment will satisfy
the obligation, prepare a draw package for the disbursement of funds to the
Contractor.  The draw package or single
payment invoices shall be submitted to Owner for its approval;

 

(G)          ensure that all
guaranties and warranties for the materials, labor, and for work in connection
with or relating to the Work shall be in the name of the Owner or shall be
assigned to Owner upon the completion of the Work; and

 

(H)          after receiving adequate
and complete written lien waivers from all workers and suppliers and other
applicable parties in connection with the Work, after taking any and all steps
necessary to release and to otherwise prevent perfection or enforcement of any
liens filed or recorded against the Property in connection with the
construction of any and all improvements or repairs to the Property, and after
receiving written approval from Owner, disburse all funds to the proper and
correct parties.

 

The Construction Manager shall provide
written reports to Owner, no less frequently than once a month, summarizing the
repairs, improvements, and replacements being constructed on the Property, as
well as such other reports as Owner may reasonably request.  These reports shall, among other things,
summarize any material problems or issues that may arise in connection with
said construction.

 

(iv)          Defects
and Warranties.  Property Manager
shall give Owner written notice of any material or latent defect in the
Property and all parts thereof known to Property

 

	
   

  	
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Manager promptly
after any of the foregoing comes to Property Manager’s attention including,
without limitation, material defects in the roof, foundation and walls of the
Property and in the sewer, water, electrical, structural, plumbing, heating,
ventilation and air conditioning systems. 
Property Manager shall make periodic visual inspections of the Property
consistent with its employees’ and agents’ expertise as referenced in Section
4(c)(i) hereinabove.  Property Manager
shall have no obligation to discover any such condition or make any other
inspections, but Property Manager shall be required to ascertain the existence
of any contractor/subcontractor warranty or guaranty and to submit a request to
the appropriate contractor/subcontractor to repair the defect as necessary.

 

(f)            Licenses
and Permits.  Property Manager shall,
at Owner’s expense, attempt to obtain and maintain in the name of Owner all
licenses and permits required of Owner or Property Manager in connection with
the management and operation of the Property. 
Owner agrees to execute and deliver any and all applications and other
documents and to otherwise cooperate with Property Manager in applying for,
obtaining and maintaining such licenses and permits.

 

(g)           Compliance
with laws.  To the extent permitted
by the approved Budget, Property Manager shall use best efforts to comply with
all applicable laws, regulations and requirements of any federal, state or
municipal government having jurisdiction with respect to the use or manner of
use of the Property or the maintenance or operation thereof.

 

(h)           Legal
Proceedings.  Property Manager cannot
and may not terminate any lease, lock out a tenant, institute suit for rent or
for use and occupancy, or proceedings for recovery of possession, without the
prior written approval of Owner.  In connection
with such suits or proceedings only legal counsel designated by Owner shall be
retained, and all such suits or proceedings shall be brought in the name of
Owner and shall be handled in such manner as Owner directs.

 

(i)            Inventory.  Property Manager shall maintain a current
inventory of all equipment supplies, furnishings, furniture and all other items
of personal property now or hereafter owned by Owner and located upon or used,
or useful for, or necessary or adapted for the operation of the Property.

 

(j)            Signs.  Property Manager may place one or more signs
on or about the Property stating, among other things, that Property Manager is
the management and leasing agent for the Property.  All such signs and locations thereof shall be
subject to Owner’s prior written approval.

 

(k)           Third
Party Vendors.  All third party
vendors with whom Property Manager contracts on behalf of Owner shall be
required to submit certificates of insurance evidencing that such vendor
carries at least $1,000,000 in comprehensive general liability insurance and
such workers compensation insurance as may be required by statute in the state
in which the Property is located.  If
required by other provisions of this Agreement, Owner shall be added as an
additional named insured on such policies of insurance.

 

	
   

  	
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(l)            Leases.  In accordance with the terms and provisions
of this Agreement, Property Manager shall ensure that all tenants comply with
the terms and provisions of their leases and shall take customary actions to
enforce such leases.

 

(m)          Additional
Services.  If Property Manager shall
perform such additional services as Owner may reasonably request in writing,
which are not specifically provided for in this Section 4 above, Property Manager
will be compensated for such services on an hourly basis or on a negotiated fee
basis.

 

5.             Procedure
For Handling Receipts And Operating Capital.

 

(a)           Receipts.  All monies received by Property Manager for
or on behalf of Owner in connection with the operation and management of the
Property shall be promptly deposited by Property Manager in an operating
account or accounts established in Owner’s name at such bank as directed by
Owner (“Operating Accounts”). 
Periodically throughout the month, Owner, in its sole discretion, may
remove any excess funds from such Operating Accounts.

 

(b)           Disbursements.  Owner shall deposit and maintain sufficient
funds in the Operating Accounts, and Property Manager shall withdraw and pay
from such account or accounts, such amounts at such times as the same are
required in connection with the management and operation of the Property in
accordance with the provisions of this Agreement.

 

(c)           Authorized
Signatories.  Certain officers and
employees of Property Manager, approved by Owner and listed on Exhibit C
hereto, shall be authorized signatories on the Operating Accounts and shall
have authority to make withdrawals from such Operating Accounts.  In addition, Owner shall have at least one
officer or employee of Owner as an authorized signatory on each Operating
Account, which officer(s) or employee(s) of Owner shall also be designated on Exhibit
C hereto.  Property Manager shall
cause all officers and employees of Property Manager who are so designated to
be bonded, at Property Manager’s expense, in an amount required by Owner but
not less than $50,000.  Property Manager
shall also cause all other officers, employees, affiliates or agents of
Property Manager who in any way handle funds for the Property to be bonded, at
no expense to Owner, in an amount not less than $50,000.

 

(d)           Security
Deposits.  All security deposits of
tenants of the Property shall be maintained under the joint control of Owner
and Property Manager in such manner as Owner shall approve and as required by the
applicable state law.

 

6.             Accounting.

 

(a)           Books
and Records.  In accordance with the
guidelines and operating procedures established by Owner, Property Manager
shall maintain, at the central office of Property Manager, a comprehensive
system of office records, books, computer files and data and accounts
pertaining to the Property (using such property management accounting software
that Owner may choose), which system currently is MRI.  Owner also has a website, xdrive.com, which
Property Manager shall also be required to maintain and/or access for
additional required forms and reports. 
Such systems (MRI & xdrive.com), records, books, computer files and
data

 

	
   

  	
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and accounts shall be available for examination, copying and audit by
Owner and its agents, accountants and attorneys during regular business
hours.  Property Manager, during the
term, shall preserve all records, books, computer files and data and accounts
for a period of three years and at the end of such period shall deliver or make
available to Owner such records, books, computer files and data and
accounts.  All such records, books and
computer files and data shall, at all times, be the property of Owner.

 

(b)           Periodic
Statements; Audits.

 

(i)            Periodic
Statements.  Property Manager shall
timely prepare and deliver to Owner such accounting and operations reports as
and in the manner required pursuant to Owner’s standard reporting requirements,
as may be amended from time to time.

 

(ii)           Data
Processes.  Property Manager shall
timely meet all designated deadlines for inputting and maintaining data on
Owner’s MRI system (or other system hereafter designated by Owner) so that
Owner may download such data from Property Manager’s computers to Owner’s
computers on such designated deadlines.

 

(iii)          Audit.  In the event that Owner requires an audit,
the audit shall be at Owner’s expense and the Property Manager shall cooperate
with the auditors.

 

(iv)          Other
Statements.  Owner may request and
Property Manager shall provide when available such monthly, quarterly and/or
annual leasing and management reports that relate to the operations of the
Property as Property Manager customarily provides the owners of other
properties it manages.

 

(c)           Return
of Computer Hardware and Software. 
Immediately following the termination of this Agreement by either Owner
or Property Manager, Property Manager shall return and/or deliver to Owner, in
good condition and working order, all hardware, software, documentation, backup
tapes, signature cartridges and all other computer hardware and software
purchased or otherwise provided by Owner to Property Manager for Property
Manager’s use during the term of this Agreement.

 

7.             Insurance.

 

(a)           Insurance
by Owner.  Owner, at its expense,
will obtain and keep in force adequate insurance against physical damage (e.g.,
fire and extended coverage endorsement, boiler, and machinery, etc.) and not
less than $5,000,000 Occurrence and Aggregate general liability insurance
against liability for loss, damage, or injury to property or persons which
might arise out of the occupancy, management, operating, or maintenance of the
Property covered by this Agreement. 
Property Manager will be covered as an insured in its capacity as a Real
Estate Manager on all commercial general liability insurance obtained by
Owner.  Owner shall save Property Manager
harmless from any liability on account of loss, damage, or injury, to the
extent actually insured against by Owner provided:

 

(i)            Property
Manager notifies Owner within twenty-four hours after Property Manager receives
notice of any such loss, damage or injury;

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

11

 

(ii)           Property
Manager takes no action (such as admission of liability) which bars Owner from
obtaining any protection afforded by any policy Owner may hold; and

 

(iii)          Property
Manager agrees that Owner shall have the exclusive right, at its option, to
conduct the defense to any claim, demand or suit within limits prescribed by
the policy or policies of insurance.

 

The Property Manager shall furnish whatever
information is requested by Owner for the purpose of establishing the placement
of insurance coverages and shall aid and cooperate in every reasonable way with
respect to such insurance and any loss thereunder.  Owner shall include in its hazard policy
covering the Property, the personal property, fixtures and equipment located
thereon (owned by either Property Manager or Owner), appropriate clauses
pursuant to which the insurance carriers shall waive the rights of subrogation
with respect to losses payable under such policies.  Any deductible or self-insurance retention
amounts under Owner’s insurance shall be solely for the account of Owner, as
coverage of Property Manager as an insured under Owner’s property and liability
insurance shall be treated as first dollar insurance.

 

(b)           Indemnity.  Owner agrees to indemnify, defend and hold
Property Manager harmless from and against any and all loss, cost, damage,
liability or expense (including, without limitation, attorneys’ fees,
accountants’ fees, consultants’ fees, court costs and interest) resulting from
bodily injury or tangible property damage and arising in connection with the
Property to the extent the same were caused by the gross negligence or willful
misconduct of Owner, or its officers or employees.

 

(c)           Property Manager’s
Insurance.  Property Manager shall
maintain, at its expense, insurance coverages in the following amounts:

 

(i)            Worker’s
Compensation – Coverage A: statutory amount

 

Coverage
B: Employer’s Liability insurance:

 

$500,000
Each Accident

 

$500,000
Disease, Policy Limit

 

$500,000
Disease, Each Employee

 

Worker’s Compensation policy shall include an Alternate Employers Endorsement
WC 00 03 01 naming Property Owner as Alternate Employer for injuries occurring
at “Property”

 

(ii)           Commercial
General Liability, on an occurrence basis, including Bodily Injury and Property
Damage Liability, Personal and Advertising Injury Liability for the following
limits:

 

	
  General Aggregate 

  	
   

  	
  $

  	
  2,000,000

  
	
   

  	
   

  	
   

  	
   

  
	
  Products - Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and Advertising Injury Liability

  	
   

  	
  $

  	
  1,000,000

  

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

12

 

Property manager’s
Commercial General Liability policy shall include Real Estate Property Managed
Endorsement: CG 22 70 11 85 and an endorsement deleting the contractual
liability exclusion contained in the Personal and Advertising Injury Liability
coverage

 

(iii)          Owned,
Hired and Non-Owned Business Automobile liability insurance in an amount no
less than $1,000,000 per accident Combined Single Limit for bodily injury and
property damage

 

(iv)          Property
Manager’s Errors & Omissions Insurance in an amount not less than
$1,000,000 per loss, aggregate.

 

(v)           Employee Theft Insurance in an amount not
less than $1,000,000. Employee Theft Insurance policy shall be endorsed to name
Owner as Additional Insured and to provide coverage for theft of Owner’s money,
securities and other property by employees of Property Manager.

 

(vi)
         Property Insurance coverage for personal
property of Property Manager.

 

All coverage shall be provided by insurance companies with a current Best’s
Rating of A VIII or higher. At the commencement of the Agreement, Property
Manager shall furnish Owner with Certificates of Insurance. All insurance
policies shall provide for 30 days’ written notice to Owner prior to the
cancellation or any material change to any provisions therein. Certificates of
Insurance shall be modified so the words “endeavor to”, “but failure to mail
such notice shall impose no obligation or liability of any kind upon the
company, its agents or representatives”, and all provisions of similar effect,
shall be deleted from the certificate form’s cancellation provision. At least
ten (10) days prior to the expiration of any such policy, Property Manager will
provide to Owner evidence of the renewal or replacement of the aforesaid policies.

 

(d)           Indemnification
of Owner.  Property Manager agrees to defend and hold
and save Owner free and harmless from and against all expenses, claims,
liabilities, losses, judgments or damages, including reasonable attorneys’ fees
actually incurred (except to the extent covered by insurance carried by Owner),
which Owner may suffer or incur as a result of any gross negligence or willful
misconduct of Property Manager or its agents, employees, independent
contractors or others under the direction or control of Property Manager, any
claim by or relating to any employee of Property Manager against Owner that is
predicated on the claim that such employee is the employee of Owner and not of
Property Manager or any act outside the scope of Property Manager’s authority
hereunder, and agrees to retain legal counsel reasonably acceptable to Owner
and at Property Manager’s sole expense to defend promptly and diligently any
claim, action or proceeding brought against Owner or Property Manager, jointly
or severally, arising out of or in connection with any of the foregoing.  Owner shall have the right to be represented
by advisory counsel of its own selection and at its own expense.

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

13

 

It is expressly understood and agreed that the provisions of Section
7(b) hereinabove and the provisions of this Section 7(d) shall survive the
termination of this Agreement to the extent of any cause of action arising from
events occurring prior to such termination.

 

(e)           Subcontractor’s
Insurance.  Property Manager shall require that all
subcontractors brought onto the Property have insurance coverage, at the
subcontractor’s expense, in the following minimum amounts (which amounts may be
increased at Owner’s written request, depending on the work to be performed):

 

(i)            Workman’s
Compensation – statutory amount;

 

(ii)           Employer’s
Liability - $500,000/$500,000/$500,000 minimum;

 

(iii)          Broad
Form Commercial General Liability (naming Owner and Property Manager as
additional insureds) - $1,000,000 per occurrence Combined Single Limit;
$2,000,000 aggregate (i.e., such insurance shall include contractual liability,
personal injury protection and completed operations coverage and hold harmless
provision in favor or Owner and Property Manager);

 

(iv)          Auto
Liability - $1,000,000 minimum; and

 

(v)           Property Insurance coverage for tools
and equipment brought onto and/or used on the Property by the subcontractor –
an amount equal to the replacement costs of all such tools and equipment.

 

All such policies of insurance shall name Owner, Property Manager and
all other parties and/or entities required by Owner as additional insureds
thereunder, as their respective interests may appear.

 

Property Manager must obtain Owner’s prior permission to waive any of
the above requirements.  Property Manager
shall obtain and keep on file a certificate of insurance that shows the
contractor is so insured.

 

8.             Subordination
to Mortgages.

 

(a)           Subordination.  This Agreement and Property Manager’s
interest and rights hereunder, are subject and subordinate to the lien of any
first mortgage, whether now existing or hereafter created on or against the
Property, and all amendments, restatements, renewals, modifications,
consolidations, refinancings, assignments and extensions thereof (“Mortgage”), without the necessity of any
further instrument or act on the part of the Property Manager.  Property Manager agrees, at request of the
holder of any such Mortgage (the “Mortgagee”),
to attorn to the Mortgagee and/or to execute such documentation as the
Mortgagee may reasonably require to evidence that Property Manager’s interest
and rights hereunder are and shall be subject and subordinate at all times to
the lien of the Mortgage.  The term “Mortgage”
as used herein shall be deemed to include deeds of trust, security agreements,
assignments and any other encumbrances, and any reference to the “Mortgagee” of
a Mortgage

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

14

 

shall be deemed to
include the beneficiary under a deed of trust. 
Notwithstanding the foregoing, nothing herein shall obligate the
Property Manager to continue its performance under this Agreement unless it
continues to be paid in accordance with the terms of this Agreement.

 

(b)           Rights
after Events of Default.  In the
event of any default under any Mortgage, the Property Manager shall continue to
perform its obligation under this Agreement until the termination of this
Agreement by the Mortgagee, which may occur in the Mortgagee’s sole discretion,
as provided for in Section 2(f) of this Agreement.

 

9.             Miscellaneous
Provisions.

 

(a)           Notices.  All notices, waivers, demands, requests, or
other communications, except for those approvals required under this Agreement
which shall be sent by facsimile or regular mail to the asset manager for that
individual Property, required or permitted hereunder shall, unless otherwise
expressly provided, be in writing and be deemed to have been properly given,
served and received (i) if delivered by messenger, when delivered, (ii) if
mailed, upon deposit in the United States mail, certified or registered,
postage prepaid, return receipt requested, (iii) if telexed, telegraphed, or
telecopied, if such dispatch is followed by delivery pursuant to (iv) below the
next business day, or (v) if delivered by reputable overnight express courier,
freight prepaid, the next business day after delivery to such courier; in every
case addressed to the party to be notified as follows:

 

	
  To Property Manager:

  	
   

  	
  The Flynn Company

  
	
   

  	
   

  	
  1621 Wood Street

  
	
   

  	
   

  	
  Philadelphia, PA 19103

  
	
   

  	
   

  	
  Attn: Robert Yoshimura

  
	
   

  	
   

  	
  Telephone:

  	
  215-561-6565

  
	
   

  	
   

  	
  Telefax:

  	
  215-561-5025

  
	
   

  	
   

  	
   

  
	
  To Owner:

  	
   

  	
  TRT-DCT Pencader LLC

  
	
   

  	
   

  	
  518 17th St, Ste 1700

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attn: Bonnie Micus

  
	
   

  	
   

  	
  Telephone:

  	
  303-228-2200

  
	
   

  	
   

  	
  Telefax:

  	
  303-228-2201

  

 

or to such other address(es) or addressee(s) as any
party entitled to receive notice hereunder shall designate to the others in the
manner provided herein for the service of notices.  Rejection or refusal to accept or inability
to deliver because of changed address or because no notice of changed address
was given, shall be deemed receipt.

 

(b)           Severability.  If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall, to
any extent, be held to be invalid or unenforceable, the remainder of this
Agreement, or the application of such term, covenant or condition to persons or
circumstances other than those as to which it is held invalid or 

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

15

 

unenforceable,
shall not be affected thereby, and each term, covenant or condition of this
Agreement shall be valid and shall be enforced to the fullest extent permitted
by law.

 

(c)           No
Joint Venture or Partnership.  Owner
and Property Manager hereby renounce the existence of any joint venture or
partnership between them and agree that nothing contained herein or in any
document executed in connection herewith shall be construed as making Property
Manager and Owner joint venturers or partners.

 

(d)           Modification,
Termination.  This Agreement may be
amended or modified only by a written instrument executed by Property Manager
and Owner.

 

(e)           Total
Agreement.  This Agreement
constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof.

 

(f)            Article
and Section Headings.  Article and
Section headings contained in this Agreement are for reference only and shall
not be deemed to have any substantive effect or to limit or define the
provisions contained herein.

 

(g)           Successors
and Assigns.  This Agreement shall be
binding on the parties hereto, and their successors and permitted assigns.  Property Manager may not assign or otherwise
transfer its interest hereunder without the prior written consent of Owner,
which consent may be withheld arbitrarily in Owner’s sole discretion.  This Agreement is freely assignable by Owner.

 

(h)           Governing
Law.  This Agreement shall be
construed in accordance with the internal laws of the state in which the
Property is located.

 

(i)            Sarbanes
Oxley Act.  Property Manager, at it
sole expense, shall comply with all requirements set forth in the Sarbanes
Oxley Act of 2002 with respect to the Project. 
Specifically, Property Manager will be required to produce documentation
of all accounting policies and procedures which identify all key controls and
describes in detail the processes which ultimately affect the Project financial
statements.  In addition, Property
Manager may be required to perform periodic testing of such identified controls
and remediate any control weaknesses identified through such test work.  All policies and procedures, documentation
and test work will be performed to the specification of the Owner including but
not limited to, implementation of appropriate controls, scope of test work
including such as sample size, measures to be taken from remediation, etc.

 

(j)            Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

 

 

SIGNATURES BEGIN ON NEXT PAGE

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

16

 

SIGNATURE PAGE TO PROPERTY MANAGEMENT
AGREEMENT

DATED DECEMBER 6, 2006 

BY AND BETWEEN TRT-DCT PENCADER LLC AND THE FLYNN COMPANY

 

 

IN WITNESS WHEREOF, this Agreement has been
executed as of the date first above written.

 

	
   

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  TRT-DCT Pencader LLC, a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:  TRT-DCT Industrial
  JV I General Partnership, a Delaware general partnership, its sole member

  
	
   

  	
   

  
	
   

  	
  By:  DCT
  Industrial Fund II LLC, a Delaware limited liability company, a general
  partner

  
	
   

  	
   

  
	
   

  	
  By:  DCT
  Industrial Operating Partnership LP, a Delaware limited partnership, its sole
  member, f/k/a Dividend Capital Operating Partnership LP

  
	
   

  	
   

  
	
   

  	
  By:  DCT
  Industrial Trust Inc., a Maryland corporation, its general partner, f/k/a
  Dividend Capital Trust Inc.

  
	
   

  	
   

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Bonnie Micus

  	
   

  
	
   

  	
   

  	
  Senior Vice President/Director of Property

  
	
   

  	
   

  	
  Management

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
					

 

 

	
   

  	
  PROPERTY MANAGER:

  
	
   

  	
   

  
	
   

  	
  The Flynn
  Company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert
  Yoshimura

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert
  Yoshimura

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  12-5-2006

  	
   

  
							

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

17

 

EXHIBIT A
to Property Management Agreement dated December 6,
2006

by and between TRT-DCT Pencader LLC
and The Flynn Company

 

LIST OF PROPERTIES COVERED BY THIS AGREEMENT

Addresses:

 

405 Pencader, Newark, DE

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

18

 

EXHIBIT B
to Property Management Agreement dated December 6,
2006 

by and between TRT-DCT Pencader LLC
and The Flynn Company

 

SCHEDULE OF PROPERTY MANAGEMENT FEES

 

	
  Property

  	
   

  	
  Monthly Minimum

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  405 Pencader

  Newark, DE

  	
   

  	
  $

  	
  1,407

  	
   

  
					

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

19

 

EXHIBIT C
to Property Management Agreement dated December 6,
2006 

by and between TRT-DCT Pencader LLC
and The Flynn Company

 

DESIGNATED SIGNATORIES

 

TRT-DCT
Pencader LLC

 

	
  Matt Murphy, Senior Vice President

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

 

THE FLYNN COMPANY

 

 

	
  Kevin D Flynn, President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  William F. Henderson, Controller

  	
   

  
			

 

	
   

  	
  Initials:
   PM

  	
  /s/ RY

  	
   Owner

  	
   

  

 

20Exhibit
10.35

 

AGREEMENT OF PURCHASE AND SALE

AND JOINT ESCROW INSTRUCTIONS

 

 

	
  To:

  	
   

  	
  Fidelity
  National Title Company

  1300 Dove Street, Suite 310

  Newport Beach, CA 92660

  Tel:  (949) 622-5000

  Fax: (949) 477-3697

  	
   

  	
  Escrow
  No.:

  Escrow Officer:

  Title Order No.:

  Title Officer:

  	
   

  	
  #4705-KEM

  Kim McCreight

  06-31108868-KF

  Tammy Ennis/Nisha Patel

  

 

THIS
AGREEMENT OF PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (“Agreement”) is made and entered into as of the                    
day of November, 2006, by and between the parties set forth on Schedule 1
attached hereto (collectively, “Seller”)
and DCT INDUSTRIAL OPERATING PARTNERSHIP LP, a Delaware limited partnership (“Buyer”).

 

R E C
I T A L S

 

A.            Seller is the owner of the following real and
personal property:

 

(1)           All those certain parcels of real property located at 2030 Hanson Way,
City of Woodland, Yolo County, California 
95776, and as more particularly described in Exhibit A hereto
(the “Land”), together with all tenements,
hereditaments, easements, rights-of-way, appurtenances, development rights and
air rights belonging or appertaining to the same, together with all
improvements located on the Land or appurtenant thereto and all machinery,
equipment and fixtures owned by Seller and located at, attached to or used in
connection with the ownership, operation and maintenance of such improvements,
including, without limitation, all heating, lighting, air conditioning,
ventilating, plumbing, electrical or other mechanical equipment (collectively,
the “Improvements”) (the Land and the
Improvements are collectively referred to as the “Real
Property”);

 

(2)           INTENTIONALLY DELETED

 

(3)           All right, title and interest as landlord under that certain lease with
S. C. Johnson & Son, Inc. (“Tenant”) dated
July 11, 2001 (the “Lease”),
together with all modifications, extensions, amendments and guarantees thereof,
together with such other leases of the Improvements, if any, as may be made
prior to the Close of Escrow in accordance with the terms of this Agreement
(collectively, the “Leases”), and
all security deposits, letters of credit or guaranties held by Seller in
connection with the Leases;

 

(4)           To the extent assignable at no expense to Seller, those contracts,
agreements, guarantees, warranties and indemnities, written or oral, if any,
affecting the ownership, operation and maintenance of the Land, Improvements,
Personal Property and Leases that Buyer has expressly elected to assume
pursuant to this Agreement (collectively, the “Contracts”);

 

 

(5)           To the extent in Seller’s possession or control, all records, plans,
models, drawings, specifications, blueprints, surveys, engineering drawings and
reports, environmental reports and other technical descriptions or materials
relating in any way to the Land, Improvements, Personal Property, Leases or
Contracts;

 

(6)           To the extent assignable at no expense to Seller, licenses,
franchises, certificates, occupancy and use certificates, permits,
authorizations, consents, variances, waivers, approvals and the like from any
governmental or quasi-governmental entity or instrumentality affecting the
ownership, operation or maintenance of the Real Property (collectively, the “Licenses”); and

 

(7)           To the extent assignable at no expense to Seller, all financial
statements and maintenance records prepared by or on behalf of Seller in
connection with the ownership, operation and maintenance of the Property and
all trade names or trademarks used by Seller in connection with the Property
(collectively, the “Intangibles”).

 

The Land, Improvements, Real Property, Personal Property, Leases,
Contracts, Licenses and Intangibles and other property described above are
collectively referred to herein as the “Property”.

 

B.            Seller is prepared to sell, transfer and
convey the Property to Buyer, subject to all easements, restrictions, rights of
way, if any, and other matters of record which are approved or deemed approved
by Buyer pursuant to Paragraph 7(a)(i) below, and Buyer is prepared to purchase
and accept the same from Seller, all for the Purchase Price and on the other
terms and conditions hereinafter set forth.

 

AGREEMENT

 

1.             Purchase and Sale. For valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller agrees to sell the
Property to Buyer, and Buyer agrees to purchase the Property from Seller, upon
the terms and conditions herein set forth. The terms and conditions of this
Agreement and instructions to Fidelity National Title Company (“Escrow Holder”) with regard to the escrow created pursuant
hereto (“Escrow”) are hereinafter set forth.

 

2.             Purchase Price. The purchase price (“Purchase
Price”) for the Property shall be Twenty-Four Million Eight Hundred
Twenty-Five Thousand and No/100ths Dollars ($24,825,000.00).

 

3.             Payment of Purchase Price. The Purchase Price for the Property shall
be payable by Buyer as follows:

 

(a)           Deposit. Within five (5) Business Days (as hereinafter defined) of the Buyer
Execution Date, Buyer shall deposit with Escrow Holder cash in the form of a
bank cashier’s check or wire transfer (“Cash”) made
payable to Escrow Holder in the sum of Five Hundred Thousand and No/100ths
Dollars ($500,000.00) (the “Deposit”). The
Deposit shall be invested by Escrow Holder in an interest-bearing account and
the Deposit and all interest accrued thereon shall be credited to the Purchase
Price upon the Close of Escrow (as defined below). Buyer acknowledges and
agrees that Buyer must execute and deliver the Agreement to Escrow Agent (the
date of delivery thereof being deemed the “Buyer
Execution Date” hereunder) before Seller will be obligated to
collect the signatures of the tenant-in-common owners comprising Seller and
deliver 

 

2

 

the same to Escrow Agent (the date of delivery by Seller to Escrow
Agent of an executed counterpart of this Agreement from each tenant-in-common
owner comprising Seller being deemed the “Effective
Date” hereunder).

 

(b)           Balance of Purchase Price. On or before the Close of Escrow, Buyer
shall deposit or cause to be deposited with Escrow Holder, in Cash, an amount
equal to the total Purchase Price, less the Deposit and interest accrued
thereon plus such additional funds, if any, as may be required to pay Buyer’s
share of closing costs and prorations as hereinafter set forth.

 

4.             Escrow.

 

(a)           Opening of Escrow. For purposes of this Agreement, the Escrow
shall be deemed opened on the date Escrow Holder notifies Buyer and Seller, in
writing, that Escrow Holder has received the Deposit from Buyer and an executed
counterpart of this Agreement from Buyer (“Opening of Escrow”).
Escrow Agent shall provide a similar written notice to Seller and Buyer when
Escrow Agent has received the Seller-executed counterpart of the Agreement
pursuant to Section 3(a) hereof. In addition, Buyer and Seller agree to
execute, deliver and be bound by any reasonable or customary supplemental
escrow instructions of Escrow Holder or other instruments as may reasonably be
required by Escrow Holder in order to consummate the transaction contemplated
by this Agreement. Any such supplemental instructions shall not conflict with,
amend or supersede any portions of this Agreement. If there is any
inconsistency between such supplemental instructions and this Agreement, this
Agreement shall control.

 

(b)           Close of Escrow. For purposes of this Agreement, the “Close of Escrow” shall be defined as the earlier of (x) the
date that the grant deed (the “Deed”) pursuant
to which Seller will convey the Real Property to Buyer is recorded in Yolo
County, California and (y) if the Closing occurs as a gap style closing, the
date the Escrow Holder disburses all funds. This Escrow shall, subject to the
terms of Subsections (c) and (d) below, close on December 8, 2006 (the “Closing Date” or “Closing”).
Seller shall deliver possession of the Property to Buyer, subject to the
occupancy rights of the tenants (each a “Tenant”) under
the Leases, immediately at the conclusion of Closing. Seller shall deliver or
make available to Buyer at Close of Escrow the originals of all Leases,
Contracts, Licenses and other documents relating to the Property.

 

(c)           Prepayment Extension Right. If Seller is unable to consummate the
Closing of the sale of the Property on the scheduled Closing Date due to its
inability to complete the required prepayment of its Existing Loan (as defined below)
pursuant to Paragraph 5 hereof, Seller may elect to extend the Closing Date for
such period as is necessary to allow such prepayment to occur by giving written
notice to Buyer of such extension at least two (2) Business Days prior to the
originally scheduled Closing Date. In the event the Closing does not occur on
or before six (6) months from the Effective Date solely as a result of the
Prepayment Condition (as hereafter defined), Buyer shall have the right, at its
sole option, to terminate this Agreement and the Deposit and all accrued
interest thereon shall be immediately returned to Buyer.

 

(d)           Document Collection Extension Right. If Closing of the sale of the Property
cannot be completed on the scheduled Closing Date due to the failure of Seller to
timely deliver into Escrow the required signatures of all the tenant-in-common
owners comprising Seller on the documents required to be delivered by Seller
under Paragraph 8 hereof, Seller may elect to extend the Closing Date for such
period as is necessary, but in any event not to exceed sixty (60) days, to
collect such missing signatures by giving written notice to Buyer of such
extension at least one (1) Business Day prior to the originally scheduled
Closing Date.

 

3

 

5.             Condition of Title. It shall be a condition to Buyer’s
obligation to proceed with the Close of Escrow that title to the Real Property
be conveyed to Buyer by Seller by the Deed subject only to the following
approved condition of title (“Approved Condition of
Title”):  (a) a lien to secure
payment of real estate taxes and assessments, not yet due and payable; (b)
matters affecting the Approved Condition of Title created by or with the
written consent of Buyer; (c) all exceptions which are disclosed by the Report
described in Paragraph 7(a)(i) hereof which are approved or deemed approved by
Buyer in accordance with said Paragraph 7(a)(i); and (d) all exceptions
disclosed by the Survey (as hereafter defined) which have been approved by
Buyer pursuant to Paragraph 7(a)(i).

 

The Property is currently encumbered by an existing security instrument
that secures acquisition financing with New York Life (the “Existing Loan”). Seller intends to prepay the Existing Loan
in order to release the Property from the lien held by New York Life. The
Existing Loan requires that any prepayment thereof be made on a regularly
scheduled payment date thereunder (10th day of the month) and at
least 90 days and no more than 100 days prior written notice of such prepayment
(each a “Prepayment Condition”). Seller has
requested that New York Life waive the Prepayment Conditions, but Seller shall
not be in default hereunder should New York Life fail to grant such request.
Buyer agrees that the Closing Date shall be extended in accordance with
Paragraph 4(c) hereof should the Prepayment Conditions not be waived by New
York Life.

 

6.             Title Policy. It shall be a condition to Buyer’s
obligation to proceed with the Close of Escrow that Fidelity National Title
Company (“Title Company”) is irrevocably
committed to issue a CLTA owner’s title insurance policy, in the amount of the
Purchase Price, showing title to the Real Property vested in Buyer, subject
only to the Approved Condition of Title (“Title Policy”).
Buyer shall be entitled to request that Title Company issue the Title Policy on
the ALTA form, but issuance of the Title Policy on the ALTA form shall not be a
condition to Buyer’s obligations hereunder. Seller shall pay one-half (1/2) of
the premium for issuance of the Title Policy on the CLTA policy form and all of
the costs related to issuance of any endorsements required to be obtained by
Seller pursuant to Paragraph 7(a)(i) hereof, and Buyer shall pay all other
costs charged by Title Company to issue the Title Policy, including, without
limitation, any premium increases incurred in connection with the extended ALTA
coverage. Buyer shall be entitled to obtain such additional endorsements to the
Title Policy as it desires, provided, that Seller shall not be obligated to pay
for any such endorsement except to the extent required by Paragraph 7(a)(i)
hereof nor shall Title Company’s issuance of the same be a condition precedent
to Buyer’s obligation to proceed with the Close of Escrow hereunder.

 

7.             Conditions to Close of Escrow.

 

(a)           Conditions to Buyer’s Obligations. Buyer’s obligation to consummate the
transaction contemplated by this Agreement is subject to the satisfaction or
waiver by Buyer in writing of the following conditions for Buyer’s benefit by
the date(s) designated below for the satisfaction of any such condition:

 

(i)            Title. Buyer shall have approved the legal description of the Real Property
and any matters of title as disclosed by the following documents: (A) a
standard preliminary title report (the “Report”) issued
by Title Company with respect to the Real Property, (B) legible copies of
documents referred to in the Report (the items in (A) and (B) being
collectively referred to as the “Title Documents”);
and (C) Seller’s existing survey of the Real Property, if any (the items in
(A), (B) and (C) to be delivered to Buyer within ten (10) business days of the
Buyer Execution Date, if not sooner). Buyer shall have the right to obtain an
update or replacement of Seller’s existing survey of the Real Property or a new
survey, in each case at Buyer’s sole expense (in each case, the “Survey”). Buyer shall have until the Buyer Execution Date
(the “Title Review Period”) to
review 

 

4

 

the condition of title and to give Seller and Escrow Holder written
notice (“Buyer’s Title Notice”) of Buyer’s
disapproval or conditional approval of the legal description, or any matters
shown in the Title Documents or in Survey. The failure of Buyer to give Buyer’s
Title Notice prior to the expiration of the Title Review Period shall be deemed
to constitute Buyer’s approval of the legal description, Title Documents and
the Survey. If Buyer disapproves or conditionally approves the legal
description, and/or any matters of title shown in the Title Documents and/or
any other matters adversely affecting the Real Property shown in the Survey,
Seller may, within five (5) Business Daysafter its
receipt of Buyer’s Title Notice, elect to cure some or all of such objections
by eliminating them from, or, with Buyer’s approval, not to be unreasonably
withheld, procuring a commitment for the issuance of an endorsement to, the
Title Policy, insuring Buyer in a form and manner reasonably acceptable to
Buyer against any disapproved item set forth in Buyer’s Title Notice, which
shall be deemed a cure by Seller of such disapproved item, but Seller shall
have no obligation to elect to cure any title or survey related items
identified by Buyer. Seller shall give Buyer written notice no later than the
end of such five (5) Business Day period (“Seller’s Title Notice”)
of those disapproved or conditionally approved title or survey matters, if any,
which Seller shall eliminate from the Title Policy or Survey as exceptions to
title to the Real Property or to obtain such endorsement by the Closing Date as
a condition to the Close of Escrow for Buyer’s benefit; provided, however, that
Seller’s failure to deliver any Seller’s Title Notice shall be deemed Seller’s
election to not cure any such disapproved items. If Buyer approves of Seller’s
Title Notice, Seller covenants and agrees to eliminate the matters Seller has
elected to cure or to obtain such endorsements by the Closing Date. If Seller
does not elect to eliminate any such matters or obtain such endorsements or if
Buyer disapproves of Seller’s Title Notice, then Buyer shall have the right, by
a writing delivered to Seller and Escrow Holder within two (2) Business Days
following the earlier of the expiration of such aforementioned five (5)
Business Day period or Buyer’s receipt of Seller’s Title Notice, to:  (A) waive its prior disapproval, in
which event said disapproved matters shall be deemed approved; or
(B) terminate this Agreement, with the consequences set forth in Paragraph
7(a)(ii)(C).

 

(ii)           Contingency Date; Access; Purchase “As-Is”.

 

(A)          Delivery of Seller’s Documents. As of September 28, 2006, Seller has
either delivered, at Seller’s expense, the following (which documents shall be
referred to collectively as the “Seller’s Documents”)
or provided notice to Buyer that the same are not within Seller’s possession:

 

(i)            INTENTIONALLY DELETED;

 

(ii)           INTENTIONALLY DELETED;

 

(iii)          To the extent in Seller’s possession or
control, as-built plans and specifications, soil reports, engineering reports,
property condition reports, and any previous appraisals for the Property
ordered or obtained by Seller;

 

5

 

(iv)          Books and records of the Property (including
profit and loss statements, operating budgets and statements, occupancy reports,
tax statements for the previous two (2) years and year to date) and insurance
certificates/policies, together with any notices from any insurer regarding
such insurance;

 

(v)           All Contracts currently in force at the
Property;

 

(vi)          All Licenses currently in force at the
Property;

 

(vii)         Any inspections, reports, bids and/or
contracts obtained in the last twenty-four (24) months for work that may need
to be completed at the Property but has not yet been completed;

 

(viii)        A list of any pending, or to Seller’s
knowledge, threatened litigation, including any condemnation or eminent domain
proceedings, in connection with the Property;

 

(ix)          Copies of all Leases currently in force at
the Property, together with any applicable rent roll related thereto and, to
the extent currently within the possession of Seller, current financial
information regarding the Tenant;

 

(x)           To the extent in Seller’s possession or
control, any environmental reports on the Property;

 

(xi)          To the extent in Seller’s possession or
control, any and all government notices regarding Hazardous Materials (as
hereinafter defined) and, if applicable, underground tank tests and storage
results;

 

(xii)         To the extent in Seller’s possession or
control, latest property tax bills and value renditions for the Property; and

 

(xiii)        To the extent in Seller’s possession or
control, any governmental permits, licenses or approvals for the Property.

 

(B)          During the pendency of this Agreement, Seller
shall make available, for duplication by Buyer at Buyer’s sole expense, those
documents reasonably requested by Buyer or its lender concerning the Property
that are within Seller’s possession. Buyer shall have until the Buyer Execution
Date (the “Review Period”) to review Seller’s
Documents and to satisfy itself as to the Property and its condition and
suitability for Buyer’s intended use hereof. Buyer hereby acknowledges that the
Seller’s Documents represent all information that has been requested from
Seller by Buyer with respect to the Property. During the pendency of this
Escrow, Buyer, its agents and representatives, shall be entitled to review all
zoning and other land use matters relating to the Property and to enter upon
the Property (as coordinated through Seller’s property manager) at reasonable
times during ordinary business hours, upon reasonable prior notice to Seller
and without disruption of the Tenant’s business, to perform inspections, and
tests of the Property, including a Phase I environmental site assessment, 

 

6

 

surveys, examinations and tests of all structural and mechanical
systems within the Building which may be accomplished without causing any
material alteration or damage to the Real Property. Prior to entry onto the
Real Property, Buyer shall deliver to Seller evidence reasonably acceptable to
Seller that Buyer or its agents or contractors have obtained Commercial General
Liability Insurance in an amount not less than One Million Dollars ($1,000,000)
covering Buyer’s and Buyer’s agents activities at the Property. Such insurance
shall name Seller and Seller’s property manager as additional insureds
thereunder. Notwithstanding the foregoing, if Buyer wishes to engage in any
environmental or other testing or sampling of any kind with respect to soils or
groundwater or other studies that will require test boring of or other
intrusions into the Real Property or which testing would otherwise damage or
disturb any portion of the Real Property, Buyer shall obtain Seller’s prior
written consent thereto, which consent may be withheld in Seller’s sole
discretion. To the extent Seller approves any such testing, Buyer shall be
responsible for, and shall dispose of, all such test samples in accordance with
applicable law at no cost or liability to Seller. Buyer shall repair any damage
to the Real Property caused by any such tests, investigations or studies
performed pursuant to this Paragraph 7(a)(ii)(B) and indemnify, hold harmless
and defend Seller, Tenant and ARI Commercial Properties, Inc. (“ARI Commercial”) (and their respective agents, employees,
officers and representatives) from any and all liabilities, claims, costs and
expenses resulting therefrom (other than any decline in value or similar claims
or losses attributable to the results of, rather than the performance of,
Buyer’s testing). Buyer acknowledges that Seller has provided access to the
Property to Buyer and its agents, employees and representatives prior to the
Buyer Execution Date for the purposes identified in this Paragraph 7(a)(ii)(B)
and that Buyer’s indemnification and other obligations contained in this
7(a)(ii)(B) shall apply equally to Buyer’s actions at or on the Property prior
to the Buyer Execution Date. The foregoing indemnification shall survive the
Close of Escrow or the termination of this Agreement.

 

(C)          Buyer shall have until the last day of the
Review Period in which to determine, in Buyer’s sole and absolute judgment and
discretion, whether the Property is acceptable to Buyer and obtain all
necessary internal approvals. Buyer may terminate this Agreement by delivering
to Seller and Escrow Holder written notice of Buyer’s termination on any day
prior to and including the last day of the Review Period. Upon receipt of such
termination letter from Buyer, Escrow Holder shall return the Deposit, and all
interest accrued thereon, to Buyer, and no further duties shall be required of
Escrow Holder. In the event of such termination, neither party shall have any
further rights and obligations to the other, except for the indemnities contained  in Paragraphs 7(a)(ii)(B) and 18 hereof. If
Buyer terminates this Agreement for any reason, Buyer shall promptly and at its
sole expense return to Seller all the Seller’s Documents. In the event that
Buyer does not terminate this Agreement prior to the expiration of the Review
Period, Buyer shall be obligated to proceed to Closing, subject to the terms of
this Agreement, and the Deposit shall, subject to any express provisions of
this Agreement to the contrary, be thereafter non-refundable.

 

(iii)          Estoppel Certificates. Seller shall have delivered to Buyer, not
less than two (2) Business Days prior to the Closing Date, an estoppel letter
from the Tenant under the Lease, in substantially the form attached hereto as Exhibit B
or any form of estoppel 

 

7

 

required by the terms of the Lease (the “Estoppel
Certificate”). Seller shall use commercially reasonable efforts to
obtain such Estoppel Certificate. However, if despite Seller’s commercially
reasonable efforts, such required Estoppel Certificate has not been timely
delivered, Seller shall not be in default of this Agreement, and Buyer’s sole
right shall be to either (A) terminate this Agreement, with the
consequences set forth in Paragraph 7(a)(ii)(C); provided, however, if Buyer
rejects the Estoppel Certificate as inadequate, Seller shall have five (5) days
to cure such objections before Buyer can terminate this Agreement, or
(B) waive the requirement for such Estoppel Certificate (to the extent not
provided) and proceed with the Closing;

 

(iv)          Seller’s Obligations. As of the Close of Escrow, Seller shall
have performed all of the material obligations required to be performed by
Seller under this Agreement;

 

(v)           Seller’s Representations. Except as modified in accordance with the
terms of this Agreement, all representations and warranties made by Seller to
Buyer in this Agreement shall be true and correct in all material respects as
of the Closing Date; and

 

(vi)          Board Approval. The Investment Committee for Buyer shall
have given its approval to the purchase of the Property. Buyer shall, in good
faith, use its best efforts to obtain the consent of the Investment Committee
to the purchase of the Property pursuant to the terms of this Agreement as
promptly as possible, but in all events prior to the conclusion of the Review
Period. In the event Buyer has not given written notice to Seller prior to the
expiration of the Review Period that the Investment Committee has refused to
grant such consent, then the condition precedent set forth in this paragraph
(vi) shall automatically be deemed waived by Buyer and shall have no further
force or effect (if such written notice of disapproval is given prior to the
conclusion of the Review Period, this Agreement shall be automatically
terminated and Buyer shall be entitled to the return of the Deposit). The
foregoing notwithstanding, nothing herein is intended to make any term of this
Agreement unenforceable against Buyer as ultra vires or otherwise for lack of
authority to enter into this Agreement, it being understood that the Buyer’s
execution of, and performance in accordance with, this Agreement is otherwise
fully authorized and that the absence of such additional approval from the
Investment Committee solely involves the determination as to whether to proceed
once the Review Period expires.

 

(vii)         Floor Repairs. See Paragraph 11(g) hereof.

 

(b)           Conditions to Seller’s Obligations. Seller’s obligation to consummate the
transaction contemplated by this Agreement is subject to the satisfaction or
waiver by Seller in writing of the following conditions for Seller’s benefit:

 

(i)            Buyer’s Obligations. As of the Close of Escrow, Buyer shall have
performed all of the obligations required to be performed by Buyer under this
Agreement; and

 

(ii)           Buyer’s Representations. All representations and warranties made by
Buyer to Seller in this Agreement shall be true and correct in all material
respects as of the Close of Escrow.

 

8.             Deposits by Seller. At least one (1) Business Day prior to the
Close of Escrow, Seller shall deposit or cause to be deposited with Escrow
Holder the following documents and instruments, duly executed by Seller where
required, and in form and substance consistent with this Agreement and 

 

8

 

reasonably acceptable to Buyer: 
(a) the Deed conveying the Property to Buyer, in recordable form,
attached as Exhibit C hereto; (b) a certificate of non-foreign
status and 1099 reporting form (“FIRPTA Certificate”), attached as Exhibit D hereto;
(c) a General Assignment (“General Assignment”),
attached as Exhibit E hereto; (d) an Assignment and Assumption of
Lease (“Assignment of Lease”), attached as Exhibit
F hereto; (e) a notification to Tenant of the sale (“Notification Letter”), attached as Exhibit G
hereto; (f) any affidavits regarding the Property reasonably required by
the Title Company in order to issue the Title Policy; (g) INTENTIONALLY
DELETED; (h) where required, an affidavit and such transfer tax forms as
required by the California Revenue and Taxation Code Section 18805 et seq.; (i) evidence of the existence, organization
and authority of Seller and of the persons executing documents on behalf of
Seller reasonably satisfactory to the Title Company; (j) evidence of
terminations satisfactory to Buyer, effective no later than Closing, of
Seller’s existing property management agreement for the Property and those
Contracts which Buyer has elected not to assume; and (k) any other Closing
deliveries required to be made by or on behalf of Seller hereunder. On the day
of the Close of Escrow, Seller shall deposit or cause to be deposited with
Escrow Holder Seller’s settlement statement. Seller shall deliver possession of
the Property to Buyer at the Closing subject only to the Approved Condition of
Title and the Leases. Immediately after the Closing, Seller shall deliver to
the offices of Buyer’s property manager or to the Property the following (but
only to the extent the same are in Seller’s possession or control):  the lease files; maintenance records and
warranties; plans and specifications; licenses, permits and certificates of
occupancy; copies or originals of all books and records of account, contracts,
and copies of correspondence with tenants and suppliers; receipts for deposits,
unpaid bills and other papers or documents which pertain to the Property; all
advertising materials; booklets; keys; and other items, if any, used in the
operation of the Property.

 

9.             Deposits by Buyer. Buyer shall deposit or cause to be
deposited with Escrow Holder: (a) the funds which are to be applied
towards the payment of the Purchase Price in the amounts and at the times
designated in Paragraph 3 above; (b) on or before the day of the Close of
Escrow, the General Assignment, the Assignment of Lease and Buyer’s
settlement statement, all duly executed by Buyer, and any
other documents or affidavits required by Escrow Holder in connection with the
Closing and/or recordation of the Deed, including, without limitation, a
Preliminary Change of Ownership Report if deemed necessary by Escrow Holder;
(c) evidence of the existence, organization and authority of Buyer and of
the persons executing documents on behalf of Buyer reasonably satisfactory to
the Title Company; and (d) any other Closing deliveries required to be
made by or on behalf of Buyer hereunder.

 

10.          Costs and Expenses. One-half (1/2) of the premium for a
standard CLTA owner’s title policy in the amount of the Purchase Price
(together with any premium associated with any endorsements obtained by Seller
pursuant to Paragraph 7(a)(i) to cure any title deficiencies) shall be paid by
Seller, with Buyer to be responsible for the remaining one-half (1/2) of the
premium for a standard CLTA owner’s title policy in the amount of the Purchase
Price, any additional costs associated with obtaining extended ALTA coverage,
title endorsements, special coverages, lender’s title policies or coverage
under the Title Policy in amounts greater than the Purchase Price. The escrow
fee of Escrow Holder shall be shared equally by Seller and Buyer. Seller shall
pay any documentary transfer taxes payable in connection with the recordation
of the Deed. Buyer and Seller shall pay, respectively, the Escrow Holder’s
customary charges to buyers and sellers for document drafting, recording and
miscellaneous charges. If, through no fault of either Buyer or Seller, Escrow
fails to close, Buyer and Seller shall share equally all of Escrow Holder’s
fees and charges (“Escrow Cancellation Fees”).

 

9

 

11.          Prorations. The following prorations shall, unless otherwise noted, be made
between Seller and Buyer on the Close of Escrow, computed as of the Closing
Date (i.e., all expenses and revenues attributable to the Property on the
Closing Date will be for the account of Buyer):

 

(a)           Taxes. Real and personal property taxes and assessments (including any
owners associations dues and assessments) (collectively, “Taxes”)
on the Property are the obligation of the Tenant under the Lease. Therefore,
there shall be no proration of such Taxes at Closing or any time thereafter for
the “Current Tax Period”. Seller shall be responsible for all delinquent Taxes
for any fiscal year of the applicable taxing authorities accruing prior to the
Current Tax Period; provided, however, that if such amounts are collectible
from the Tenant under the Lease, then Seller shall be entitled to collect such
amounts thereunder and to enforce such rights against the Tenant under the
Lease subsequent to the Close of Escrow (provided that Seller shall not be
entitled to institute eviction proceedings against Tenant). The phrase “Current Tax Period” refers to the fiscal year of the
applicable taxing authority in which the Closing Date occurs. If, for the
Current Tax Period or any prior year, there are any tax protests filed, or
abatement application proceedings pending at any time prior to Closing with
reference to the Property, Seller shall have the right to settle such protests
or proceedings in its sole discretion. All amounts recovered as a result
thereof shall belong solely to Tenant, and if any such amounts are paid to it,
Buyer shall immediately remit such amounts to Tenant. The parties agree to
execute any papers or take such steps, either before or after any Closing, as
may be necessary to carry out the intention of the foregoing.

 

(b)           Rentals. Rentals and other payments payable by Tenant or other lessees,
licensees, concessionaires and other persons using or occupying the Property or
any part thereof, for or in connection with such use or occupancy, based on
actual collections. However, Seller shall not be obligated to make any payment
or give any credit to Buyer on account of, or by reason of, any rental or other
payments which are unpaid as of the Closing Date, but shall be required merely
to turn over to Buyer its share of the same if, as and when received by Seller.
All payments received by Buyer from Tenant or other lessee, licensee,
concessionaire or other person after the Closing shall be applied in the
following order unless the Tenant properly identifies the payment as being for
a specific item:  (i) first, to
Buyer in payment of the current rent due under such Lease, (ii) second, to
Buyer in payment of delinquent rent due under such Lease for the period from
and after the Closing, and (iii) third, to Seller in payment of rent
coming due and payable prior to the Closing. Any prepaid rents for the period
following the Closing Date shall be paid over by Seller to Buyer. Buyer will
make commercially reasonable efforts, without suit, to collect any rents
relating to the period before Closing. Seller may pursue collection as to any
delinquent, pre-Closing rent not collected by Buyer, provided that Seller shall
not be entitled to institute eviction proceedings against Tenant.

 

(c)           Utilities. Gas, water, electricity, heat, fuel, sewer and other utilities
relating to the Property are the obligation of the Tenant under the Lease.
Therefore, there shall be no proration of such utilities at Closing or any time
thereafter. Seller shall be entitled to receive all security deposits
previously deposited by Seller with any such utility providers, if any, and
Buyer shall thereafter be solely responsible for making any new security
deposits required for the provision of any such utilities.

 

(d)           Operating Expenses. ALL OPERATING EXPENSES ARE PAID DIRECTLY BY
TENANT. THERE WILL BE NO RECONCILIATION OF OPERATING EXPENSES AT CLOSING.

 

(e)           Security Deposits. THERE ARE NO SECURITY DEPOSITS UNDER THE
LEASE.

 

10

 

(f)            Lease Costs.         In the Assignment of Lease to be delivered at
Closing, Seller shall assign and Buyer shall assume the obligations under that
certain Registration and Commission Agreement with Lee & Associates -
Central Valley, Inc. (“Lee”), dated May 15, 2006, as the same relates to future
renewals of, and expansions under, the Lease. At Closing, Seller shall pay to
Lee the remaining 50% of the earned commission owed under the aforesaid
commission agreement, whereupon Seller shall have no further obligation with
respect to leasing commissions owed to Lee, and Seller shall provide evidence
of such payment to Buyer. At Closing, Seller shall satisfy any other
obligations with respect to leasing commissions remaining owing under the Lease
by making payment of such commissions to the broker(s) entitled thereto,
whereupon Seller shall have no further obligation with respect to such leasing
commissions. Seller shall provide evidence of such payment to Buyer. Seller
shall be responsible for any unpaid tenant improvement costs, tenant
allowances, moving expenses and other out-of-pocket expenses that are the
responsibility of Seller as landlord under the Lease (for the initial term of
the Lease only, with Buyer to be responsible for any such costs relating to any
extension or renewal term thereunder).

 

(g)           Floor Repairs.       Seller has disclosed to Buyer and Buyer
acknowledges the need for certain repairs to the floor slab of the
Improvements, as more particularly disclosed in certain report(s) reviewed by
Seller and Buyer. In lieu of Seller completing such repairs prior to Closing,
Buyer has requested and Seller has agreed to allow Buyer to complete the same
after Closing, and Seller shall provide a credit to Buyer against the Purchase
Price in the amount of $195,950 ($185,000 for estimated repairs & $10,950
for payment of 1⁄2 of the report(s) on same) to offset the costs of such floor
slab repairs. Buyer hereby acknowledges and agrees that Seller shall have no
liability to Buyer whatsoever after Closing for such floor slab repairs or any
claims, losses or damages relating thereto (including, without limitation,
claims asserted by Tenant), and Buyer shall hold Seller harmless from and
against all such claims, losses or damages. The floor slab repairs shall be
excluded from the Seller Representations & Warranties (as defined below).

 

(h)           Aerosol Cage.       The Lease contemplates the relocation of a
certain aerosol cage (the “Relocation”) at Seller’s, as landlord thereunder,
expense (up to the $250,000.00 maximum amount specified in the Lease for such
Relocation (the “Maximum Credit Amount”)). Tenant is responsible for performing
such Relocation and is currently seeking bids for the same. To the extent such
Relocation has not been completed and paid for by Seller prior to Closing,
Seller shall provide a credit to Buyer against the Purchase Price in the amount
of the lower of the following: the lowest bid obtained and approved in writing
by Tenant for such Relocation or the Maximum Credit Amount, whereupon Seller
shall have no further obligation with respect to such Relocation or payment of
expenses related thereto. If the Relocation is completed prior to Closing,
Seller shall provide evidence of payment of Seller’s share of the costs
relating thereto to Buyer and shall endeavor to provide confirmation from
Tenant in writing that such Relocation obligation has been satisfied; provided,
however, that Seller shall not be in default nor shall Buyer have any remedy
hereunder should Tenant fail to provide such written confirmation prior to the
Closing Date.

 

In the event any prorations, apportionments or computations made under
this Paragraph 11 shall require final adjustment (including any operating
expense true-ups), then the parties shall make the appropriate adjustments
(from time to time) promptly when accurate information becomes available and
either party shall be entitled to an adjustment to correct the same, provided
that it makes written demand on the one from whom it is entitled to such
adjustment within ninety (90) days after the Closing Date. Any corrected
adjustment or proration shall be paid in cash within thirty (30) days to the
party entitled thereto. The provisions of this Paragraph 11 shall survive the
Close of Escrow.

 

11

 

12.          Disbursements and Other Actions by Escrow
Holder. Upon the recordation
of the Deed, the Escrow Holder shall promptly undertake all of the following in
the manner indicated:  (a) prorate
all matters referenced in Paragraph 11 based upon the statement delivered into
Escrow signed by the parties; (b) cause the Deed and any other documents
which the parties hereto may mutually direct, to be recorded in the official
records of Yolo County, California; (c) disburse from funds deposited by
Buyer with Escrow Holder towards payment of all items chargeable to the account
of Buyer pursuant hereto in payment of such costs, including, without
limitation, the payment of the Purchase Price to Seller, and disburse the
balance of such funds, if any, to Buyer; (d) deliver the General
Assignment, Assignment of Lease, Bill of Sale and FIRPTA Certificate to Buyer;
(e) deliver the General Assignment and Assignment of Lease to Seller;
(f) direct the Title Company to issue the Title Policy to Buyer; and
(g) deliver the Notification Letter to the Tenant.

 

13.          Seller’s Representations, Warranties and
Covenants. Buyer
acknowledges and agrees that, except as expressly provided herein or in the
documents to be delivered by Seller under Paragraph 8 hereof, Seller has made
absolutely no representations or warranties regarding the Property, including,
without limitation, its condition, its past use, or its suitability for Buyer’s
intended use thereof, and that Buyer is purchasing the Property on an “AS-IS,
WHERE-IS, WITH-ALL-FAULTS” basis. Notwithstanding the foregoing, in
consideration of Buyer entering into this Agreement and as an inducement to
Buyer to purchase the Property from Seller, Seller makes the following
representations and warranties, each of which is material and is being relied
upon by Buyer. These representations and warranties shall survive for a period
of six (6) months following the Close of Escrow:

 

(a)           Seller has the legal right, power and
authority to enter into this Agreement and to consummate the transactions contemplated
hereby, and the execution, delivery and performance of this Agreement have been
duly authorized and no other action by Seller is requisite to the valid and
binding execution, delivery and performance of this Agreement. All persons
executing this Agreement on behalf of Seller have the authority to bind Seller.
Consummation by Seller of the sale of the Property is not in violation of or in
conflict with, nor does it constitute a default under, any term or provision of
the organizational documents of any party constituting Seller, or of any
agreement or other instrument to which Seller is a party or by which Seller is
bound;

 

(b)           Except as disclosed in the Seller’s
Documents, there is no litigation or proceeding pending or, to Seller’s actual
knowledge, threatened (i) against Seller that arises out of the use or
ownership of the Property, or (ii) that might affect the Property or
adversely affect the ability of Seller to perform its obligations under this
Agreement;

 

(c)           No attachments, assignments for the benefit
of creditors, insolvency, bankruptcy, reorganization or other proceedings are
pending or, to Seller’s actual knowledge, threatened against Seller, nor are
any of such proceedings contemplated by Seller;

 

(d)           Except as disclosed in the Seller’s Documents,
there are no pending condemnation actions nor, to Seller’s actual knowledge,
threatened condemnation actions affecting the Property;

 

(e)           To Seller’s actual knowledge, the copy of the
Lease delivered to Buyer in connection with the delivery of Seller’s Documents
is a true and correct copy of the Lease and all amendments thereto;

 

(f)            To Seller’s actual knowledge, there are no
contracts of any kind relating to the management, leasing, operation,
maintenance or repair of the Property, except the Contracts disclosed as a part
of the Seller’s Documents. To Seller’s actual knowledge, Seller has not
received any written notice alleging that it has failed to timely perform all
of the obligations 

 

12

 

required to be performed by it, nor alleging that Seller is otherwise
in default under, any of the Contracts;

 

(g)           To Seller’s actual knowledge, the operating
statements to be delivered to Buyer pursuant to this Agreement shall show all
items of income and expense (operating and capital) incurred in connection with
Seller’s ownership, operation, and management of the Property for the periods
indicated and shall be, to Seller’s actual knowledge, true, correct, and
complete in all material respects;

 

(h)           To Seller’s actual knowledge Seller has all
licenses, permits and certificates necessary for the current use and operation
of the Property as an industrial warehouse facility. To Seller’s actual
knowledge, Seller has not received, nor is aware of, any written notice from
any insurance company or underwriter of any defects in the Property that would
cause an increase in insurance premiums. To Seller’s actual knowledge, Seller
has not received any written notices of violations or alleged violations of any
building code or other law with respect to the Property which have not been
corrected to the satisfaction of the issuer of the notice;

 

(i)            Except as otherwise disclosed in the Seller’s
Documents (copies of such reports having been provided by Seller to Buyer),
(i) to Seller’s actual knowledge without investigation, during its
ownership of the Property, Seller has not caused nor has any other party caused
any Hazardous Materials (other than de minimis amounts) to be released on or
under the Property; and (ii) to Seller’s actual knowledge, Seller has not
received any written notice that the Property is in violation of any Hazardous
Materials laws. As used herein, “Hazardous Materials”
shall mean asbestos, any petroleum fuel and any hazardous or toxic substance,
material or waste which is or becomes regulated by any local governmental
authority, the state in which the Property is located or the United States
Government, including, but not limited to, any material or substance defined as
a “hazardous waste,” “extremely hazardous waste,” “restricted hazardous waste,”
“hazardous material,” or “toxic pollutant” under the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601,
et seq.;

 

(j)            The representations and warranties of Seller
set forth in this Agreement, and in the documents to be delivered by Seller
under Paragraph 8 hereof (collectively, the “Seller
Representations & Warranties”), shall be true on and as of the
Close of Escrow as if those representations and warranties were made on and as
of such time (and shall survive the Close of Escrow for a period of six (6)
months (the “Survival Period”)). If, prior to
the Close of Escrow, Seller acquires knowledge of any fact not previously known
and such fact would make a representation and warranty of Seller contained in
this Agreement untrue or materially inaccurate, then Seller shall have the
right to qualify the representation or warranty, based on such knowledge. In
the event Seller qualifies any representation or warranty in such fashion,
Buyer may, at its option, either (a) terminate this Agreement and receive
a full refund of the Deposit, or (b) elect to proceed with the closing of
the purchase of the Property notwithstanding such qualification. In the event
that Buyer elects to proceed with the Closing, Buyer shall have no other rights
or remedies in connection with the inaccuracy of the representation or warranty
that was so qualified. The term “Seller’s
actual knowledge” or “Seller’s knowledge”
(or similar phrases) as used in this Agreement shall mean the current actual
knowledge of David Ho, Senior Vice President of Asset Management of ARI
Commercial. Seller represents and warrants that, as of the Effective Date, Mr.
Ho is the individual at ARI Commercial with the best knowledge regarding the
Property, Seller’s operations in connection with the Property and the
representations to be made by Seller herein. Seller shall have no liability to
Buyer by reason of a breach or default of any of the Seller Representations
& Warranties unless Buyer shall have given to Seller written notice (“Warranty Notice”) of such breach or default within the
Survival 

 

13

 

Period, and shall have given to Seller an opportunity to cure any such
breach or default within a reasonable period of time after delivery of such
Warranty Notice. No claim for breach of any of the Seller Representations &
Warranties shall be actionable or payable unless the valid claims for all such
breaches collectively aggregate more than Twenty-Five Thousand and No/100
Dollars ($25,000.00), in which event the full amount of such claims shall be
actionable. Seller’s liability shall be limited to Buyer’s actual damages and
shall not include consequential or punitive damages. Any proceeding or
litigation based upon a claim of fraud, misrepresentation or similar theory
shall be commenced by Buyer within six (6) months of the Closing Date and, if
appropriate proceedings are not commenced within such time period, Buyer shall
be deemed to have waived any such claim. Notwithstanding anything contained in
this Agreement to the contrary, in no event shall the aggregate liability of
Seller to Buyer under this Agreement exceed Six Hundred Fifty Thousand and
No/100 Dollars ($650,000.00).

 

(k)           Seller covenants that Seller and Seller’s
agents shall, at Seller’s expense:

 

(i)            from and after the Buyer Execution Date
through the Close of Escrow, maintain the Property substantially in the
condition in which it existed as of the Buyer Execution Date, normal wear and
tear, casualty and condemnation excepted, free from mechanics’ liens or other
claims for liens, and operate the Property in a manner consistent with current
practice and perform its obligations under the Lease, Contracts and Licenses.
No machinery, equipment or fixtures shall be removed from the Property, unless
replaced by items of equal or greater utility and value;

 

(ii)           from and after the Buyer Execution Date
through the Close of Escrow, keep in existence all fire and extended coverage
insurance policies, and all public liability insurance policies, that are in
existence as of the Buyer Execution Date with respect to the Property;

 

(iii)          from and after the Buyer Execution Date
through the Close of Escrow, not enter into any new lease, contract or license
or amend, waive any rights under, terminate or extend the Lease or any Contract
or License, nor apply any security or other deposits held under the Lease to
delinquent rents or payments due thereunder (“Rent
Application(s)”), without Buyer’s prior written consent, which may
be granted or withheld in Buyer’s reasonable discretion. Failure of Buyer to
disapprove any Rent Application(s) or other items referenced herein within two
(2) Business Days of its receipt of same shall be deemed to constitute Buyer’s
approval hereunder. Seller shall provide Buyer written notice of any new
Contracts, Lease or Licenses or amendment(s) to the Lease that Seller executes
prior to the Buyer Execution Date. In submitting any such new Contracts,
Licenses or Lease, or any modifications, amendments or terminations of the
Lease or any existing Contracts or Licenses, to Buyer for approval, Seller
shall identify all applicable leasing or other commissions, all tenant
improvement costs and any other costs related thereto, which costs and expenses
will, to the extent the same are approved by Buyer, be the liability of Buyer
should Closing occur hereunder;

 

(iv)          upon written notice from Buyer on or before
Close of Escrow (but following the expiration of the Review Period), give appropriate
notices of termination of Contracts designated by Buyer, provided that Buyer
shall be responsible for payment of any termination fees required in connection
therewith, except for Seller’s existing property management agreement which
shall be terminated at Seller’s expense; and

 

14

 

(v)           from and after the Buyer Execution Date
through the Closing, Seller shall not encumber the Property or create or modify
any exceptions to title to the Property without prior approval of Buyer, the
same not to be unreasonably withheld; initiate or consent to any action with
respect to zoning or other Property entitlements or permits; or transfer,
modify or otherwise dispose of any Personal Property that is to be assigned hereunder.

 

14.          Buyer’s Representations and Warranties.

 

(a)           In consideration of Seller entering into this
Agreement and as an inducement to Seller to sell the Property to Buyer, Buyer
makes the following representations and warranties, each of which is material
and is being relied upon by Seller. These representations and warranties shall
survive for a period of six (6) months following the Close of Escrow:

 

(i)            Buyer has the legal right, power and
authority to enter into this Agreement and, subject to the terms of Paragraph
7(a)(vi), to consummate the transactions contemplated hereby, and the
execution, delivery and performance of this Agreement have been duly authorized
and no other action by Buyer is required to the valid and binding execution,
delivery and performance of this Agreement, except as otherwise expressly set
forth herein. All persons executing this Agreement on behalf of Buyer have the
authority to bind Buyer. Buyer is a limited partnership duly organized and
validly existing under the laws of the State of Delaware. Consummation by Buyer
of the purchase of the Property is not in violation of or in conflict with, nor
does it constitute a default under any term or provision of the organizational
documents of Buyer, or of any agreement or other instrument to which Buyer is a
party or by which Buyer is bound. Buyer has the power to purchase and own the
Property and to engage in the transaction contemplated in this Agreement; and

 

(ii)           Buyer is in compliance with the U.S. Federal
Bank Secrecy Act, as amended, and its implementing regulations (31 CFR part
103); the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 and
the regulations promulgated thereunder (collectively, the “Patriot Act”),
and any order issued with respect to anti-money laundering by the U.S.
Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) including Executive Order No. 133224, 66 Fed. Reg.
49079 (Sept. 25, 2001) (the “Order”).
Neither Buyer nor any beneficial owner of Buyer is listed on the Specially
Designated Nationals and Blocked Persons List maintained by OFAC pursuant to
the Order or under any United States law (including the September 24, 2001,
Executive Order Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism). If after the date hereof,
Buyer obtains any knowledge regarding Buyer or any of its beneficial owners
which would cause the representations in this Paragraph 14(a) to become untrue,
Buyer shall immediately notify Seller in writing, and in such event, Seller
shall have the right, as its sole remedy, to terminate this Agreement
immediately upon delivery of written notice thereof to Buyer, in which event the
Deposit shall be returned to Buyer (except that Buyer shall be responsible for
payment of all Escrow Cancellation Fees) and the parties shall have no further
liability to the other hereunder, except as otherwise expressly provided for
herein;

 

(b)           The representations and warranties of Buyer
set forth in this Agreement shall be true on and as of the Close of Escrow as
if those representations and warranties were made on and as of such time.

 

15

 

(c)           Buyer acknowledges and agrees that, except as
expressly provided herein, or in the documents to be delivered by Seller under
Paragraph 8, Seller has not made, does not make and specifically negates and
disclaims any representations, warranties, promises, covenants, agreements or
guarantees of any kind or character whatsoever, whether express or implied,
oral or written, past, present or future, of, as to, concerning or with respect
to (i) the value, nature, quality or condition of the Property, including,
without limitation, the water, soil and geology; (ii) the income to be derived
from the Property; (iii) the suitability of the Property for any and all
activities and uses which Buyer may conduct thereon; (iv) the compliance of or
by the Property or its operation with any laws, rules, ordinances or
regulations of any applicable governmental authority or body; (v) the
habitability, merchantability, marketability, profitability or fitness for a
particular purpose of the Property; (vi) the manner or quality of the construction
or materials, if any, incorporated into the Property; (vii) the manner,
quality, state of repair or lack of repair of the Property; or (viii) any other
matter with respect to the Property, and specifically, that, except as
expressly set forth herein, or documents to be delivered by Seller under
Paragraph 8, Seller has not made, does not make, and specifically disclaims any
representations regarding compliance with any environmental protection,
pollution or land use laws, rules, regulations, orders or requirements,
including solid waste, as defined by the U.S. Environmental Protection Agency
regulations at 40 C.F.R., Part 261, or the disposal or existence, in or on
the Property, of any hazardous substance, as defined by the Comprehensive Environmental
Response Compensation And Liability Act of 1980, as amended, and regulations
promulgated thereunder. Buyer further acknowledges and agrees that having been
given the opportunity to inspect the Property, and except as provided herein or
in the documents to be delivered by Seller under Paragraph 8, Buyer is relying
solely on its own investigation of the Property and not on any information
provided or to be provided by Seller. Buyer further acknowledges, except as
expressly provided herein, or in the documents to be delivered by Seller under
Paragraph 8, and agrees that any information provided or to be provided by or
on behalf of Seller with respect to the Property, including the Seller’s
Documents, was obtained from a variety of sources and that Seller has not made
any independent investigation or verification of such information and makes no
representations whatsoever as to the accuracy or completeness of such
information. Seller is not, except as expressly provided herein, or in the
documents to be delivered by or on behalf of Seller under Paragraph 8, liable
or bound in any manner by any oral or written statements, representations or
information pertaining to the Real Property, or the operation thereof,
furnished by any real estate broker, agent, employee, servant or other person.
Buyer further acknowledges and agrees that the sale of the Property as provided
for herein is made on an “AS-IS, WHERE IS, WITH ALL FAULTS” CONDITION AND BASIS
AND EXCEPT AS EXPRESSLY PROVIDED HEREIN, WITHOUT ANY WARRANTY, EXPRESS OR
IMPLIED. The provisions of this Paragraph 14(c) shall survive Closing and
delivery of the Deed.

 

15.          DEFAULT.

 

(a)           Default by Seller. IN THE EVENT THE CLOSING SHALL FAIL TO
OCCUR BY REASON OF A DEFAULT IN SELLER’S OBLIGATIONS HEREUNDER THAT SELLER HAS FAILED
TO CURE FOR A PERIOD IN EXCESS OF FIVE (5) DAYS AFTER WRITTEN NOTICE OF SUCH
DEFAULT HAS BEEN PROVIDED BY BUYER TO SELLER, BUYER SHALL BE ENTITLED, AS ITS
SOLE REMEDY FOR SUCH DEFAULT, (i) TO TERMINATE THIS AGREEMENT AND RECEIVE
A RETURN OF THE DEPOSIT AND ANY INTEREST ACCRUED THEREON OR (ii) TO SEEK
SPECIFIC PERFORMANCE OF THIS AGREEMENT BUT SHALL HAVE NO RIGHT TO RECEIVE ANY
OTHER EQUITABLE OR LEGAL RELIEF EXCEPT AS EXPRESSLY PROVIDED HEREIN. IN THE
EVENT SPECIFIC PERFORMANCE IS NOT AVAILABLE AS A RESULT OF SELLER’S ACTIONS,
BUYER SHALL BE ENTITLED TO PURSUE ANY OTHER REMEDY AT LAW 

 

16

 

OR IN EQUITY, PROVIDED THAT SELLER’S MAXIMUM LIABILITY UNDER SUCH
CIRCUMSTANCES SHALL BE $300,000.00. BUYER SHALL NOT BE ENTITLED TO RECORD A LIS
PENDENS AGAINST THE PROPERTY OTHER THAN IN CONNECTION WITH SUCH SPECIFIC
PERFORMANCE ACTION. NOTWITHSTANDING THE TERMINATION OF THIS AGREEMENT, SELLER
SHALL NOT BE RELIEVED OF ITS INDEMNIFICATION OBLIGATION UNDER PARAGRAPH 18 HEREOF.

 

	
  /s/ [Illegible] 

  	
   

  	
   

  	
   

  
	
  Buyer’s Initials

  	
   

  	
  Seller’s Initials

  

 

(b)           Default by Buyer. IN THE EVENT THE CLOSING SHALL FAIL TO
OCCUR BY REASON OF A DEFAULT IN BUYER’S OBLIGATIONS HEREUNDER THAT BUYER HAS
FAILED TO CURE FOR A PERIOD IN EXCESS OF FIVE (5) DAYS AFTER WRITTEN NOTICE OF
SUCH DEFAULT HAS BEEN PROVIDED BY SELLER TO BUYER (PROVIDED THAT NO SUCH NOTICE
SHALL BE REQUIRED WHERE BUYER FAILS TO PERFORM ITS OBLIGATIONS (DELIVERY OF
DOCUMENTS AND/OR PURCHASE PRICE FUNDS) AT CLOSING HEREUNDER), BUYER AND SELLER
AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES
WHICH SELLER MAY SUFFER. THEREFORE BUYER AND SELLER HEREBY AGREE THAT A
REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT
BUYER DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY IS AND SHALL
BE, AS SELLER’S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY), THE
DEPOSIT AND ANY ACCRUED INTEREST THEREON. SAID AMOUNT SHALL BE THE FULL, AGREED
AND LIQUIDATED DAMAGES FOR THE BREACH OF THIS AGREEMENT BY BUYER, ALL OTHER
CLAIMS TO DAMAGES OR OTHER REMEDIES BEING HEREIN EXPRESSLY WAIVED BY SELLER.
SUCH RETENTION OF THE DEPOSIT BY SELLER IS INTENDED TO CONSTITUTE LIQUIDATED
DAMAGES TO SELLER PURSUANT TO SECTIONS 1671, 1676 AND 1677 OF THE CALIFORNIA
CIVIL CODE, AND SHALL NOT BE DEEMED TO CONSTITUTE A FORFEITURE OR PENALTY
WITHIN THE MEANING OF SECTION 3275 OR SECTION 3369 OF THE CALIFORNIA CIVIL CODE
OR ANY SIMILAR PROVISION. UPON SUCH DEFAULT BY BUYER, THIS AGREEMENT SHALL BE
TERMINATED AND NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS
HEREUNDER, EACH TO THE OTHER EXCEPT FOR THE RIGHT OF SELLER TO COLLECT SUCH
LIQUIDATED DAMAGES TO THE EXTENT NOT ALREADY RELEASED TO SELLER FROM ESCROW AS
MAY BE ALLOWED HEREIN. NOTWITHSTANDING THE TERMINATION OF THIS AGREEMENT AND
RECEIPT BY SELLER OF LIQUIDATED DAMAGES, BUYER SHALL NOT BE RELIEVED OF ITS
INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT (INCLUDING, BUT NOT LIMITED
TO, PARAGRAPHS 7(a)(ii)(B) AND 18).

 

	
  /s/ [Illegible] 

  	
   

  	
   

  	
   

  
	
  Buyer’s Initials

  	
   

  	
  Seller’s Initials

  

 

17

 

16.          Damage or Condemnation Prior to Closing.

 

(a)           The Closing shall be effective as of 12:01
A.M. on the Closing Date. Notwithstanding the foregoing, the risk of loss of all
or any portion of the Property shall be borne by Seller up to and including the
actual time of the Closing and wire transfer of the Purchase Price to Seller,
and thereafter by Buyer, subject, however, to the terms and conditions of this
Paragraph 16.

 

(b)           Seller shall promptly notify Buyer of any
casualty to the Property or any condemnation proceeding commenced prior to the
Close of Escrow. If any such casualty or condemnation proceeding is “Material” (as defined below), Buyer may, at
its option, elect either to: (i) terminate this Agreement, in which event
all funds deposited into Escrow by Buyer shall be returned to Buyer, without
any further action or instruction required, and neither party shall have any
further rights or obligations hereunder, except as otherwise expressly provided
herein, or (ii) continue the Agreement in effect, in which event upon the
Close of Escrow, Buyer shall be entitled to any compensation, awards or other
payments or relief obtained by Seller resulting from such casualty or condemnation
proceeding (after reimbursement to Seller for its out-of-pocket expenses
related thereto and less any amounts expended by Seller in making repairs to
the Property prior to Closing) and to payment by Seller to Buyer of any
deductible amount under any applicable insurance policies (such amounts being
referred to herein as the “Proceeds”).

 

(c)           Buyer and Seller hereby stipulate and agree
that “Material” as used in this Paragraph 16, shall mean (i) damages
resulting from a casualty reasonably estimated to exceed $750,000.00 (the “Threshold”) or a condemnation proceeding
involving a taking in value of more than the Threshold or (ii) a casualty or
condemnation proceeding that gives the Tenant the right to terminate the Lease
and such termination right is not waived by Tenant by the Closing Date, or
(iii) a condemnation that results in a five percent (5%) or greater reduction
in the annual rent payable under the Lease. In the event of any non-Material
casualty or condemnation proceeding effecting the Real Property, this Agreement
shall remain in full force and effect (unless the same occurs prior to the end
of the Review Period and Buyer exercises its termination right granted in
Paragraph 7(a)(ii)(C) hereof); and Seller shall have those obligations, if any,
with respect to repairing the Property as are imposed under the Lease or the
Existing Loan, with no additional obligations being imposed under this
Agreement; and if Seller does not repair the Property prior to Close of Escrow,
then Seller shall assign to Buyer at Close of Escrow all Proceeds relating
thereto. If the required repairs under this Paragraph (c) or those required
under Paragraph (b) above have not been completed prior to the Closing Date and
an independent, qualified architect or engineer hired by Seller’s Broker
(without consultation from either Seller or Buyer) determines that the
estimated cost to complete such repairs exceeds the Proceeds, then Seller shall
give a credit to Buyer at Closing in the amount of such deficiency; provided,
however, that if the total credit to be given to Buyer exceeds $150,000.00,
then Seller shall be entitled to elect to terminate this Agreement unless Buyer
agrees to proceed to Closing, and if Buyer so elects to proceed, Buyer shall
receive a credit only in the amount of $150,000.00 and shall waive all claims
against Seller relating to such casualty or condemnation. If Seller so elects
to terminate and Buyer does not elect to proceed, then this Agreement shall
terminate and all funds deposited into Escrow by Buyer shall be returned to
Buyer, without any further action or instruction required, and neither party
shall have any further rights or obligations hereunder, except as otherwise
expressly provided herein.

 

(d)           In the event of any insured casualty
occurring at any time prior to Closing and should Closing occur hereunder,
Seller shall assign to Buyer Seller’s right to collect so-called “loss of
rents” insurance for the period after Closing until all needed repairs have
been completed, with Seller agreeing to remain responsible after Closing, to
the limited extent of insurance proceeds 

 

18

 

available to pay the same, for any loss of rents from the Property
post-Closing based on an insured loss that occurs prior to Closing.

 

17.          Notices. All notices or other communications required or permitted hereunder
shall be in writing, and shall be personally delivered (including by Federal
Express or other overnight courier) or sent by registered or certified mail,
postage prepaid, return receipt requested, delivered or sent by telex or
telecopy and shall be deemed received upon the earlier of (i) if personally
delivered, the date of delivery to the address of the person to receive such
notice, (ii) if mailed, three (3) Business Days after the date of posting
by the United States post office, (iii) if given by telex or telecopy, when
received, if before 5:00 P.M. local time on a Business Day, or if received
after 5:00 P.M., then on the next succeeding Business Day. Any notice, request,
demand, direction or other communication sent by telex or telecopy must be
confirmed within forty-eight (48) hours by letter mailed or delivered in
accordance with the foregoing.

 

	
  To Seller:

  	
   

  	
  Argus Realty Investors, L.P.

  
	
   

  	
   

  	
  19029
  Mountainview Drive

  
	
   

  	
   

  	
  Charlotte,
  NC 28031

  
	
   

  	
   

  	
  Attention: Ms. Lori Perro, Vice President

  
	
   

  	
   

  	
  Phone: (704) 895-3304

  
	
   

  	
   

  	
  Fax: (704) 943-0813

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Argus Realty Investors, L.P.

  
	
   

  	
   

  	
  205 Avenida Fabricante, 2nd Floor

  
	
   

  	
   

  	
  San Clemente, CA 92672

  
	
   

  	
   

  	
  Attention: Mr. Richard Gee, CEO

  
	
   

  	
   

  	
  Phone: (949) 481-6738

  
	
   

  	
   

  	
  Fax: (949) 481-6748

  
	
   

  	
   

  	
   

  
	
  And to:

  	
   

  	
  Hirschler Fleischer

  
	
   

  	
   

  	
  701 East Byrd Street

  
	
   

  	
   

  	
  Richmond, VA 23219

  
	
   

  	
   

  	
  (if after December 1, 2006)

  
	
   

  	
   

  	
  Edgeworth Building

  
	
   

  	
   

  	
  2100 East Cary Street

  
	
   

  	
   

  	
  Richmond, VA 23223

  
	
   

  	
   

  	
  Attention: S. Edward Flanagan, Esq./Robert G.
  Boyle, Jr., Esq.

  
	
   

  	
   

  	
  Phone: (804) 771-9592/(804) 771-9574

  
	
   

  	
   

  	
  Fax: (804) 644-0957

  
	
   

  	
   

  	
   

  
	
  To Buyer:

  	
   

  	
  DCT INDUSTRIAL OPERATING PARTNERSHIP LP

  
	
   

  	
   

  	
  c/o DCT Industrial Trust Inc.

  
	
   

  	
   

  	
  518 17th Street, Suite 1700

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attention: Jeff Jones

  
	
   

  	
   

  	
  Phone: (303) 285-0374

  
	
   

  	
   

  	
  Fax: (303) 228-2201

  
	
   

  	
   

  	
   

  

 

19

 

	
  With a copy to:

  	
   

  	
  Mayer, Brown, Rowe & Maw LLP

  
	
   

  	
   

  	
  700 Louisiana, Suite 3400

  
	
   

  	
   

  	
  Houston, TX 77002

  
	
   

  	
   

  	
  Attention: Linda H. Earle, Esq.

  
	
   

  	
   

  	
  Phone: (713) 238-2615

  
	
   

  	
   

  	
  Fax: (713) 238-4615

  

 

Notice of change of address shall be given by written notice in the
manner detailed in this Paragraph. Rejection or other refusal to accept or the
inability to deliver because of changed address of which no notice was given
shall be deemed to constitute receipt of the notice, demand, request or
communication sent.

 

18.          Broker; Syndication Cost Payment. Upon
the Close of Escrow, Seller shall pay a real estate brokerage commission to ARI
Commercial pursuant to a separate agreement, and ARI Commercial will be
responsible for paying a co-brokerage commission to CB Richard Ellis
(collectively, “Seller’s Broker”)
with respect to this transaction. If any additional claims for brokers’
or finders’ fees for the consummation of this Agreement arise, then Buyer
hereby agrees to indemnify, save harmless and defend Seller from and against
such claims if they shall be based upon any statement, representation or
agreement by Buyer (provided that Buyer shall not provide any indemnity based
on claims made by Seller’s Broker or any party claiming by or through Seller’s
Broker), and Seller hereby agrees to indemnify, save harmless and defend Buyer
if such claims shall be based upon any statement, representation or agreement by
Seller. The obligations of the parties to each other under this Paragraph 18
shall survive Closing or the termination of this Agreement, as applicable.

 

19           Attorneys’ Fees. If any party to this Agreement shall bring
any action or proceeding for any relief against the other, declaratory or
otherwise, arising out of this Agreement, the losing party shall pay to the
prevailing party a reasonable sum for attorneys’ fees and costs incurred in
bringing or defending such action or proceeding and/or enforcing any judgment
granted therein, all of which shall be deemed to have accrued upon the
commencement of such action or proceeding and shall be paid whether or not such
action or proceeding is prosecuted to final judgment. Any judgment or order
entered in such action or proceeding shall contain a specific provision
providing for the recovery of attorneys’ fees and costs, separate from the
judgment, incurred in enforcing such judgment. The prevailing party shall be
determined by the trier of fact based upon an assessment of which party’s major
arguments or positions taken in the proceedings could fairly be said to have
prevailed over the other party’s major arguments or positions on major disputed
issues. For the purposes of this Paragraph, attorneys’ fees shall include,
without limitation, fees incurred in the following:  (a) post-judgment motions;
(b) contempt proceedings; (c) garnishment, levy and debtor and third
party examinations; (d) discovery; and (e) bankruptcy litigation.
This Paragraph is intended to be expressly severable from the other provisions
of this Agreement, is intended to survive any judgment and is not to be deemed
merged into the judgment.

 

20.          Assignment. Except as provided in Paragraph 22 in connection with any 1031
Exchange (as defined below), Buyer shall not assign, transfer or convey its
rights and/or obligations under this Agreement and/or with respect to the
Property, other than to an “Affiliate” (as defined below), without the prior
written consent of Seller, which consent Seller may withhold in its sole
discretion. Any attempted assignment without the prior written consent of
Seller that requires Seller’s consent shall be void and Buyer shall be deemed
in default hereunder. Any permitted assignments (including an assignment to an
Affiliate) shall not relieve the assigning party from its liability under this
Agreement and shall not become effective unless and until the assignee agrees
in writing to assume the obligations of Buyer hereunder. The term “Affiliate” as used herein shall mean any parent, subsidiary
or affiliated entity which controls, is controlled by, or is under common
control with Buyer, or any entity in which Buyer is a managing member, general
partner or holds a controlling voting or financial interest.

 

20

 

21.          Confidentiality. Buyer agrees that any information
concerning the Property obtained either from Seller or through other third
parties on Seller’s behalf (including, without limitation, the Seller’s
Documents) (collectively, the “Evaluation Material”)
will be used solely for the purpose of evaluating the Property. Unless and
until Buyer has completed the acquisition of the Property, such information
will be kept confidential by Buyer and its advisors. Seller understands that
Buyer may need to disclose the Evaluation Material or portions thereof to those
of Buyer’s officers, employees, owners and representatives, as well as to its
lenders and their agents, employees and representatives (collectively referred
to herein as “Representatives”) who need to know
such information for the purpose of evaluating or financing its acquisition of
the Property. In the event that Buyer or any of its Representatives become
legally compelled to disclose any of the Evaluation Material, Buyer and its
Representatives shall provide Seller with prompt written notice of such
requirements so that Seller may seek a protective order or other appropriate
remedy and/or waive compliance with the terms of this statement of
confidentiality. In the event that Buyer fails to complete the acquisition of
the Property, Buyer and its Representatives will promptly return to Seller
copies of all Evaluation Material which has been provided to Buyer by Seller,
and Buyer and its Representatives will destroy all copies of any Evaluation
Material.

 

22.          Like Kind Exchange. Both Buyer and Seller agree to accommodate
each other in effecting a tax deferred exchange under Internal Revenue Code
§1031 (each a “1031 Exchange”). Each party shall
have the right, expressly reserved herein, at such party’s sole expense, to
elect a 1031 Exchange at any time within five (5) Business Days before the
Closing Date (including, without limiting the foregoing, Seller’s right to
substitute an accommodating party as Seller of the Property); provided,
however, Seller and Buyer hereby acknowledge and agree that consummation of the
sale of the Property shall not be predicated or conditioned on any such 1031
Exchange(s), and, without in any way limiting the foregoing, the Closing of
Escrow for the Property as provided herein shall not be contingent, delayed or
otherwise subject to the closing of any other escrow. Also, neither Buyer nor
Seller shall be required to take title to any real property other than the Real
Property, to accommodate the other party’s 1031 Exchange.

 

If
a party elects to effect a 1031 Exchange, the other party shall promptly
execute all amendments to this Agreement, escrow instructions pertaining to the
1031 Exchange transaction and all other documents as may be necessary to carry
out such 1031 Exchange; provided, however, that the accommodating party shall
have the right to approve any and all such documents (which approval may be
withheld in the accommodating party’s reasonable discretion), and the
accommodating party shall have no liability to the other party or to any other
person for any act or omission, condition, representation, warranty, defect in
title or other matter concerning such 1031 Exchange.

 

Buyer
shall not be obligated to incur any greater cost or expense due to Seller’s
1031 Exchange(s) than would have been the case in a purchase of the Property as
otherwise specified in this Agreement, and Seller shall not be obligated to
incur any greater cost or expense due to Buyer’s 1031 Exchange(s) than would
have been the case in a purchase of the Property as otherwise specified in this
Agreement. Buyer and Seller each agree to hold the other harmless from any
liability, damages, or costs, including reasonable attorneys’ fees, that may
arise from the accommodating party’s participation in a 1031 Exchange. Notwithstanding
the foregoing, each party shall be responsible for their own attorney’s fees
incurred in reviewing any documents such party is requested to execute to
facilitate such other party’s 1031 Exchange(s).

 

23.          Other Offers. During the pendency of
this Agreement, Seller will not enter into any contracts or agreements (whether
binding or not) regarding any disposition of the Property.

 

21

 

24.          Information and Audit Cooperation. At any time within ninety (90) days after the
Closing, Seller shall allow Buyer’s auditors access to the books and records of
Seller relating to the operation of the Property for three (3) years prior to
Closing to enable Buyer to comply with any financial reporting requirements
applicable to Buyer. In addition, ARI Commercial shall provide Buyer’s
designated independent auditors a representation letter regarding the books and
records of the Property in substantially the form attached hereto as Exhibit I. Seller shall not have
any liability relating to such representation letter nor shall the same be
construed as part of the representations and warranties being made by Seller
hereunder, the same being delivered solely as an accommodation to Buyer.

 

25.          Miscellaneous. (a)  Buyer and Seller agree to execute
such instruments and documents and to diligently undertake such actions as may
be required in order to consummate the purchase and sale herein contemplated
and shall use their commercially reasonable efforts to accomplish the Close of
Escrow in accordance with the provisions hereof; (b) except where
otherwise provided herein, time is of the essence of each and every term,
condition, obligation and provision hereof; (c) this Agreement may be
executed in multiple counterparts, each of which shall be deemed an original,
but all of which, together, shall constitute one and the same instrument;
(d) any captions to, or headings of, the paragraphs or subparagraphs of
this Agreement are solely for the convenience of the parties hereto, are not a
part of this Agreement, and shall not be used for the interpretation or
determination of the validity of this Agreement or any provision hereof;
(e) except as otherwise expressly provided herein, the execution and
delivery of this Agreement shall not be deemed to confer any rights upon, nor
obligate any of the parties thereto, to any person or entity other than the
parties hereto; (f) the Exhibits and Schedules attached hereto are hereby
incorporated herein by this reference; (g) the terms of this Agreement may
not be modified or amended except by an instrument in writing executed by each
of the parties hereto; (h) the waiver or failure to enforce any provision
of this Agreement shall not operate as a waiver of any future breach of any
such provision or any other provision hereof; (i) this Agreement shall be
governed by and construed in accordance with the laws of the State of
California; (j) except as otherwise provided herein, each of the parties
shall pay its own fees and expenses in connection with this Agreement;
(k) this Agreement supersedes any prior agreements, negotiations and
communications, oral or written, and contains the entire agreement between
Buyer and Seller as to the subject matter hereof; no subsequent agreement,
representation, or promise made by either party hereto, or by or to an
employee, officer, agent or representative of either party shall be of any
effect unless it is in writing and executed by the party to be bound thereby;
(l) subject to Paragraph 20, this Agreement shall be binding upon and
shall inure to the benefit of the successors and assigns of the parties hereto;
(m) as used herein, any reference to “Business
Days” shall mean days other than Saturdays, Sundays and California
and federal holidays; (n) all of the entities comprising Seller shall be
jointly and severally liable to Buyer under this Agreement only with respect to
any monetary payments or obligations owed by Seller to Buyer, and in all other
respects, each entity comprising Seller shall be severally liable for the
obligations of “Seller” hereunder; (o) unless otherwise specified, in
computing any period of time described herein, the day of the act or event
after which the designated period of time begins to run is not to be included
and the last day of the period so computed is to be included, unless such last
day is a non-Business Day, in which event the period shall run until the end of
the next succeeding Business Day, and the last day of any period of time
described herein shall be deemed to end at 5:00 p.m. in the jurisdiction in
which the Property is located; (p) Buyer acknowledges that each entity
comprising Seller cannot be required to sell to Buyer any interest in the
Property greater than the interest owned by such entity; and (q) except as
otherwise specifically provided for herein or in any Closing document
referenced herein, the provisions of this Agreement and the representations and
warranties herein shall not survive after the conveyance of title and payment
of the Purchase Price but shall be merged therein.

 

[SIGNATURES ON FOLLOWING PAGES]

 

22

 

IN
WITNESS WHEREOF, the parties hereby execute this Agreement.

 

“BUYER”

 

DCT
INDUSTRIAL OPERATING PARTNERSHIP LP,

a
Delaware limited partnership

 

By:         DCT Industrial Trust Inc.,

a
Maryland corporation,

Its
general partner

 

 

	
  By:

  	
  /s/
  W. Jeffrey Jones

  	
   

  
	
  Name:

  	
  W.
  Jeffrey Jones

  	
   

  
	
  Its:

  	
  Vice
  President

  	
   

  
				

 

23

 

“SELLER”

 

ARI-HDC,
LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Richard
  Gee, Chief Executive Officer

  	
   

  

 

24

 

ARI-HDC
1, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Dorene
  M. Miele, Sole Member

  	
   

  

 

25

 

ARI-HDC
2, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Bar-F
  Family Limited Partnership, a Utah limited partnership, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  E.
  Verne Breeze, General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Mable
  R. Breeze, General Partner

  

 

 

26

 

ARI-HDC
3, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Oyen
  Family Trust dated July 19, 1990, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Harald
  Oyen, Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Janet
  H. Oyen, Trustee

  

 

 

27

 

ARI-HDC
4, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  1996
  Hyman Family Trust dated May 25, 1996, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Bruce
  A. Hyman, Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Jill
  N. Hyman, Trustee

  

 

 

28

 

ARI-HDC
5, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Bellweather
  Limited Partnership, a Washington limited partnership, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Robert
  R. Knosp, General Partner

  

 

 

29

 

ARI-HDC
6, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Kong
  Family Trust dated November 25, 1996, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Oyoung
  Kong, Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Sang
  Ae Kong, Trustee

  

 

 

30

 

ARI-HDC
7, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Carl
  Vander-Molen, Sole Member

  	
   

  

 

31

 

ARI-HDC
8, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Ralph
  Hamilton & Sons, Inc., a Utah corporation, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Lamont
  L. Hamilton, Secretary

  

 

32

 

ARI-HDC
9, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  703
  Main Corp, a New York corporation, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Joseph
  A. Deck, President

  

 

 

33

 

ARI-HDC
10, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Hugh
  W. Hoff, Sole Member

  	
   

  

 

34

 

ARI-HDC
11, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Lois
  J. Hoff, Sole Member

  	
   

  

 

35

 

ARI-HDC
12, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  Carl
  Ganter, Sole Member

  	
   

  

 

36

 

ARI-HDC
13, LLC, a Delaware limited liability company

 

 

	
  By:
  

  	
   

  	
   

  
	
   

  	
  David
  R. Steffan, Sole Member

  	
   

  

 

37

 

ARI-HDC
14, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Dyssegaard
  Living Trust dated September 25, 1997, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Ralph
  M. Dyssegaard, Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Judy
  Kelly Dyssegaard, Trustee

  

 

 

38

 

ARI-HDC
15, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  The
  John N. Moran Trust dated August 17, 1999, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  John
  N. Moran, Trustee

  

 

39

 

ARI-HDC
16, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  The
  Doreen T. Culp Revocable Trust dated April 1, 1981, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Doreen
  T. Culp, Trustee

  

 

40

 

ARI-HDC
17, LLC, a Delaware limited liability company

 

	
  By:
  

  	
  Executive
  Holdings, a California general partnership, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
  Richard
  Gee, General Partner

  

 

41

 

Acceptance
by Escrow Holder:

 

Fidelity
National Title Company hereby acknowledges that it has received a fully executed
counterpart of the foregoing Agreement of Purchase and Sale and Joint Escrow
Instructions and agrees to act as Escrow Holder thereunder and to be bound by
and perform the terms thereof as such terms apply to Escrow Holder.

 

	
  Dated:                    
       , 2006

  	
   

  	
  FIDELITY NATIONAL TITLE COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

42

 

EXHIBIT A

 

LEGAL DESCRIPTION OF PROPERTY

 

The
land referred to herein below is situated in the City of Woodland, County of
Yolo, State of California and is described as follows:

 

Parcel
One:

 

Parcels
3 and 4, as said parcels appear on Parcel Map No. 4339 filed November 17, 1997
in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records, and being
more particularly described as follows:

 

Beginning
at the southeast corner of said Parcel 3; thence, from said point of beginning,
along the south line of said Parcels 3 and 4, north 89°49’21” west 1,313.09
feet to the southwest corner of said Parcel 4; thence, along the west line of
said Parcel 4, the following two (2) courses: 
(l) north 00°34’29” east 724.05 feet; and (2) north 45°34’17” east 70.65
feet to the northwest corner of said Parcel 4; thence, east along the north
line of said Parcel 4 and Parcel 3, south 89°25’53” east 1,262.73 feet to the
northeast corner of said Parcel 3; thence, south along the east line of said
Parcel 3, south 00°32’49” west 765.05 feet to the point of beginning, as
described in the Certificate of Compliance recorded March 20, 2002, Document
No. 2002-0011794.

 

Excepting
therefrom all mineral, coal, carbons, hydrocarbons, oil, gas and chemical
elements and compounds whether in solid, liquid or gaseous form and all steam
and other forms of thermal energy in or under a plane parallel to and five
hundred (500) feet below the present surface of the above-described land;
provided, however, that Seller shall have no right of entry upon the surface of
said land nor to use said land or any portion thereof above said plane or said
land of any purpose whatsoever.

 

Parcel
Two:

 

A
non-exclusive easement for fire access over the westerly 30 feet of Parcel 2 as
shown on Parcel Map No. 4339 filed in Book 12 of Parcel Maps, at Pages 82 and
83, Yolo County Records, and as set forth in the document entitled “Reciprocal
Easement and Restrictive Covenant Agreement” recorded March 20, 2000, Yolo
County Records, as Instrument No. 2000-6565, subject to the terms and
conditions contained therein.

 

Parcel
Three:

 

A
30-foot private utility easement across Parcel 2, as shown on Parcel Map No.
4339 filed in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records.

 

APN:  027-350-571

 

A-1

 

EXHIBIT B

 

ESTOPPEL CERTIFICATE

 

                          
         , 2006

 

DCT
Industrial Operating Partnership LP

518
17th Street, Suite 1700

Denver,
Colorado  80202

Attention:  Jeff Jones

 

Ladies
and Gentlemen:

 

S.
C. Johnson & Son, Inc., a Wisconsin corporation (“Tenant”), acknowledges that (a) ARI-HDC,
LLC, ARI-HDC 1, LLC, ARI-HDC 2, LLC, ARI-HDC 3, LLC, ARI-HDC 4, LLC, ARI-HDC 5,
LLC, ARI-HDC 6, LLC, ARI-HDC 7, LLC, ARI-HDC 8, LLC, ARI-HDC 9, LLC, ARI-HDC
10, LLC, ARI-HDC 11, LLC, ARI-HDC 12, LLC, ARI-HDC 13, LLC, ARI-HDC 14, LLC,
ARI-HDC 15, LLC, ARI-HDC 16, LLC and ARI-HDC 17, LLC, each one a Delaware
limited liability company (collectively, “Landlord”)
has entered into an agreement with DCT Industrial Operating Partnership LP, a
Delaware limited partnership (“Purchaser”)
for the sale and purchase of the building commonly known as 2030 Hanson Way,
Woodland, California (the “Building”),
(b) Landlord has requested Tenant to execute and deliver this Tenant Estoppel
Certificate to Purchaser and its successors and assigns and any other present
and future lenders providing financing with respect to the Building and related
property (“Lender”), and (c)
Purchaser, Lender and their respective successors and assigns, will rely upon
the certifications by Tenant in this Tenant Estoppel Certificate in connection
with the purchase and financing of the Building.

 

Tenant
hereby certifies as follows:

 

1.             Tenant currently leases the entire Building,
consisting of approximately 396,000 rentable square feet (the “Premises”), pursuant to the terms and
conditions of that certain lease dated July 11, 2001, between Landlord’s
predecessor-in-interest, Wispark LLC, and Tenant, as amended by First Amendment
to Lease effective as of November 22, 2002and Second Amendment to Lease (the “Second Amendment”) dated April 1, 2006 (as
so amended, the “Lease”). A true,
correct and complete copy of the Lease is attached hereto as Exhibit A. Except for the Lease, there are
no agreements (written or oral) or documents that are binding on Landlord in
connection with the lease of the Premises. The Lease is valid, binding and in
full force and effect, and has not been modified or amended in any manner
whatsoever except as shown on Exhibit A.

 

2.             The term of the Lease commenced on November
1, 2002, and including any presently exercised option or renewal term, ends on
December 31, 2012, subject to the following renewal or extension option(s): 1
three (3) year extension option as stipulated in Sections 6 & 7 of the
Second Amendment. Tenant has no rights to extend the term of the Lease
except to the extent expressly set forth in the Lease.

 

3.             Landlord has delivered possession of the
Premises to Tenant, and Tenant has accepted possession of, and currently
occupies the Premises. Other than the floor slab, Tenant is not aware of any
defects in design, materials and workmanship in the improvements on the
Premises.

 

4.             The current monthly Base Building Rent
payable under the Lease is $144,870.00, and the current monthly Additional
Improvements Rent payable under the Lease is $4,890.79. Tenant is responsible
for the payment of all real estate taxes, insurance and common area maintenance
charges for the Premises; these expenses are paid by Tenant as they become due
and are not included in the Base 

 

B-1

 

Building
Rent or the Additional Improvements Rent. Base Building Rent and Additional
Improvements Rent payable under the Lease on or before the date hereof have
been paid through November, 2006. Except for the months of January 2008 and
February 2008, when Tenant will not be required to pay Base Building Rent,
there are no applicable abatements on rent or other charges now or hereafter
existing under the Lease, and there is no prepaid rent.

 

5.             Since Tenant is responsible for the payment
of all real estate taxes, insurance and common area maintenance charges for the
Premises, there are no reconciliations of taxes and operating expenses for
calendar year 2005 or previous calendar years under the Lease.

 

6.             Tenant has no options, rights of offer,
rights of refusal or other rights to purchase all or any portion of the
Building. Tenant has no options, rights of offer, rights of refusal or other
rights to expand the Premises or lease any other premises in the Building,
except as expressly set forth in Section 42 of the Lease (as same was amended
by Section 5 of the Second Amendment).

 

7.             Other than Landlord’s obligations stipulated
in Section 8 of the Second Amendment to relocate and build a new aerosol cage
and to repair the floor slab, all obligations, if any, of Landlord under the
terms of the Lease with respect to improvements or repairs to the Premises have
been fully performed, and all allowances, reimbursements or other obligations
of Landlord for the payment of monies to or for the benefit of Tenant have been
fully paid, all in accordance with the terms of the Lease.

 

8.             Neither Tenant, nor to Tenant’s knowledge,
Landlord is in default in the performance of any covenant, agreement or
condition contained in the Lease, and no event has occurred and no condition
exists which, with the giving of notice or the lapse of time, or both, would
constitute a default by any party under the Lease.

 

9.             Tenant is not the subject of any bankruptcy,
insolvency or similar proceeding in any federal, state or other court or
jurisdiction.

 

10.           Tenant is in full and complete possession and occupancy of the Premises
and has not subleased any portion of the Premises or assigned or otherwise
transferred any of its rights under the Lease.

 

11.           There is no security deposit under the Lease.

 

12.           Tenant is in full compliance with all federal, state and municipal
laws, rules and regulations affecting its occupancy or use of the Premises,
including, but not limited to, those related to hazardous or toxic materials. To
Tenant’s knowledge, no hazardous wastes have been generated, treated, stored or
disposed of by or on behalf of the Tenant in violation of any environmental
laws.

 

13.           The individual executing this Tenant Estoppel Certificate has the
authority to do so on behalf of Tenant and to bind Tenant to the terms hereof.

 

	
   

  	
   

  	
  S. C. Johnson & Son, Inc.,

  
	
   

  	
   

  	
  a
  Wisconsin corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
					

 

B-2

EXHIBIT A TO ESTOPPEL CERTIFICATE

 

LEASE

 

(See Attached)

 

 

B-3

 

EXHIBIT C

 

GRANT
DEED

 

RECORDING REQUESTED BY

AND
WHEN RECORDED RETURN TO

AND
MAIL TAX STATEMENTS TO:

 

 

 

	
   

  	
   

  	
   

  
	
  APN# 

  	
   

  	
  (Space Above For Recorder’s Use Only)

  
	
   

  	
   

  	
   

  

 

GRANT
DEED

 

THE
UNDERSIGNED GRANTOR DECLARES:

 

In
accordance with California Revenue and Taxation Code Section 11932, Grantor has
declared the amount of the documentary transfer tax which is due by a separate
statement that is not being recorded with this Grant Deed.

 

By
this instrument for a valuable consideration, ARI-HDC, LLC, ARI-HDC 1, LLC,
ARI-HDC 2, LLC, ARI-HDC 3, LLC, ARI-HDC 4, LLC, ARI-HDC 5, LLC, ARI-HDC 6, LLC,
ARI-HDC 7, LLC, ARI-HDC 8, LLC, ARI-HDC 9, LLC, ARI-HDC 10, LLC, ARI-HDC 11,
LLC, ARI-HDC 12, LLC, ARI-HDC 13, LLC, ARI-HDC 14, LLC, ARI-HDC 15, LLC,
ARI-HDC 16, LLC and ARI-HDC 17, LLC, each a Delaware limited liability company
(collectively, “Grantor”), grants to                                     ,
a                                     
(“Grantee”), all of its right, title and interest in and to that certain real
property and improvements situated in the State of California, County of Yolo,
more particularly described in Exhibit A attached to this Grant Deed and
incorporated herein by this reference, subject to the Permitted Encumbrances
attached hereto as Exhibit B and made a part hereof.

 

[SIGNATURE PAGES FOLLOW]

 

C-1

 

Dated
as of                     ,
2006.

 

GRANTOR:

 

ARI-HDC,
LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Richard
  Gee, Chief Executive Officer

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Richard Gee,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-2

 

ARI-HDC
1, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Dorene
  M. Miele, Sole Member

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Dorene M. Miele,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that she executed the same in her authorized capacity and that by her
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-3

 

ARI-HDC
2, LLC, a Delaware limited liability company

 

	
  By:

  	
  Bar-F
  Family Limited Partnership, a Utah limited partnership,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  E.
  Verne Breeze, General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Mable
  R. Breeze, General Partner

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared E. Verne Breeze and
Mable R. Breeze, personally known (or proved to me on the basis of satisfactory
evidence) to be the persons whose names are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized
capacities, and that by their signatures on the instrument, the persons, or the
entity upon behalf of which the persons acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-4

 

ARI-HDC
3, LLC, a Delaware limited liability company

 

	
  By:

  	
  Oyen
  Family Trust dated July 19, 1990,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Harald
  Oyen, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Janet
  H. Oyen, Trustee

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Harald Oyen and
Janet H. Oyen, personally known (or proved to me on the basis of satisfactory
evidence) to be the persons whose names are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized
capacities, and that by their signatures on the instrument, the persons, or the
entity upon behalf of which the persons acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-5

 

ARI-HDC
4, LLC, a Delaware limited liability company

 

	
  By:

  	
  1996
  Hyman Family Trust dated May 25, 1996, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Bruce
  A. Hyman, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Jill
  N. Hyman, Trustee

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Bruce A. Hyman and
Jill N. Hyman, personally known (or proved to me on the basis of satisfactory
evidence) to be the persons whose names are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized
capacities, and that by their signatures on the instrument, the persons, or the
entity upon behalf of which the persons acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-6

 

ARI-HDC
5, LLC, a Delaware limited liability company

 

	
  By:

  	
  Bellweather
  Limited Partnership, a Washington limited partnership, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert
  R. Knosp, General Partner

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Robert R. Knosp,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-7

 

ARI-HDC
6, LLC, a Delaware limited liability company

 

	
  By:

  	
  Kong
  Family Trust dated November 25, 1996, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Oyoung
  Kong, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Sang
  Ae Kong, Trustee

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Oyoung Kong and Sang
Ae Kong, personally known (or proved to me on the basis of satisfactory
evidence) to be the persons whose names are subscribed to the within instrument
and acknowledged to me that they executed the same in their authorized
capacities, and that by their signatures on the instrument, the persons, or the
entity upon behalf of which the persons acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-8

 

ARI-HDC
7, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Carl
  Vander-Molen, Sole Member

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Carl Vander Molen,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-9

 

ARI-HDC
8, LLC, a Delaware limited liability company

 

	
  By:

  	
  Ralph
  Hamilton & Sons, Inc., a Utah corporation, 

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Lamont
  L. Hamilton, Secretary

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Lamont L. Hamilton,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-10

 

ARI-HDC
9, LLC, a Delaware limited liability company

 

	
  By:

  	
  703
  Main Corp, a New York corporation

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Joseph
  A. Deck, President

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Joseph A. Deck,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-11

 

ARI-HDC
10, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Hugh
  W. Hoff, Sole Member

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Hugh W. Hoff,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-12

 

ARI-HDC
11, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Lois
  J. Hoff, Sole Member

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Lois J. Hoff,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that she executed the same in her authorized capacity, and that by her
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-13

 

ARI-HDC
12, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Carl
  Ganter, Sole Member

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Carl Ganter,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-14

 

ARI-HDC
13, LLC, a Delaware limited liability company

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  David
  R. Steffan, Sole Member

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                        ,
a Notary Public in and for said State, personally appeared David R. Steffan,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-15

 

ARI-HDC
14, LLC, a Delaware limited liability company

 

	
  By:

  	
  Dyssegaard
  Living Trust dated September 25, 1997,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Ralph
  M. Dyssegaard, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Judy
  Kelly Dyssegaard, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Ralph M. Dyssegaard
and Jude Kelly Dyssegaard, personally known (or proved to me on the basis of
satisfactory evidence) to be the person whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
authorized capacities, and that by their signatures on the instrument, the
persons, or the entity upon behalf of which the persons acted, executed the
instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-16

 

ARI-HDC
15, LLC, a Delaware limited liability company

 

	
  By:

  	
  The
  John N. Moran Trust dated August 17, 1999,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  John
  N. Moran, Trustee

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared John N. Moran,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-17

 

ARI-HDC
16, LLC, a Delaware limited liability company

 

	
  By:

  	
  The
  Doreen T. Culp Revocable Trust dated April 1, 1981,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Doreen
  T. Culp, Trustee

  	
   

  

 

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Doreen T. Culp,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that she executed the same in her authorized capacity, and that by her
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-18

 

ARI-HDC
17, LLC, a Delaware limited liability company

 

	
  By:

  	
  Executive
  Holdings, a California general partnership,

  
	
   

  	
  its
  sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Richard
  Gee, General Partner

  	
   

  

 

	
  STATE
  OF

  	
   

  	
  )

  
	
   

  	
   

  	
  )
  ss.

  
	
  COUNTY
  OF

  	
   

  	
  )

  

 

On
                       ,
2006 before me,                                               ,
a Notary Public in and for said State, personally appeared Richard Gee,
personally known (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his authorized capacity, and that by his
signature on the instrument, the person, or the entity upon behalf of which the
person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  

 

C-19

 

EXHIBIT
A

 

LEGAL
DESCRIPTION

 

The
Land referred to herein below is situated in the City of Woodland, County of
Yolo, State of California and is described as follows:

 

Parcel
One:

 

Parcels
3 and 4, as said parcels appear on Parcel Map No. 4339 filed November 17, 1997
in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records, and being
more particularly described as follows:

 

Beginning
at the southeast corner of said Parcel 3; thence, from said point of beginning,
along the south line of said Parcels 3 and 4, north 89°49’21” west 1,313.09
feet to the southwest corner of said Parcel 4; thence, along the west line of
said Parcel 4, the following two (2) courses: 
(l) north 00°34’29” east 724.05 feet; and (2) north 45°34’17” east 70.65
feet to the northwest corner of said Parcel 4; thence, east along the north
line of said Parcel 4 and Parcel 3, south 89°25’53” east 1,262.73 feet to the
northeast corner of said Parcel 3; thence, south along the east line of said
Parcel 3, south 00°32’49” west 765.05 feet to the point of beginning, as
described in the Certificate of Compliance recorded March 20, 2002, Document
No. 2002-0011794.

 

Excepting
therefrom all mineral, coal, carbons, hydrocarbons, oil, gas and chemical
elements and compounds whether in solid, liquid or gaseous form and all steam
and other forms of thermal energy in or under a plane parallel to and five
hundred (500) feet below the present surface of the above-described land; provided,
however, that Seller shall have no right of entry upon the surface of said land
nor to use said land or any portion thereof above said plane or said land of
any purpose whatsoever.

 

Parcel
Two:

 

A
non-exclusive easement for fire access over the westerly 30 feet of Parcel 2 as
shown on Parcel Map No. 4339 filed in Book 12 of Parcel Maps, at Pages 82 and
83, Yolo County Records, and as set forth in the document entitled “Reciprocal
Easement and Restrictive Covenant Agreement” recorded March 20, 2000, Yolo
County Records, as Instrument No. 2000-6565, subject to the terms and
conditions contained therein.

 

Parcel
Three:

 

A
30-foot private utility easement across Parcel 2, as shown on Parcel Map No.
4339 filed in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records.

 

APN:  027-350-571

 

C-20

 

EXHIBIT
B

 

PERMITTED
ENCUMBRANCES

 

[TO
BE ATTACHED]

 

C-21

 

EXHIBIT D

 

FIRPTA CERTIFICATION and

INFORMATION FOR REAL ESTATE 1099-S REPORT FILING

as Required by the Internal Revenue Service

 

[TO BE REVISED FOR ANY NON-DISREGARDED ENTITY TO
INCLUDE A STATEMENT

AFFIRMING THAT SUCH ENTITY IS NOT A DISREGARDED ENTITY]

 

Property Address:  230 Hansen
Way, Woodland, CA  95776

 

Section
6045 of the Internal Revenue Code (the “Code”) requires the reporting of
certain information on every real estate transaction. From the information you
provide below, a Form 1099-S will be produced, and a copy of it will be
furnished to the Internal Revenue Service and to you no later than January 31
of the next year. If you fail to furnish adequate information (in particular, a
taxpayer ID number), then you will be subject to all Treasury Regulations,
including the possible withholding of twenty percent (20%) of the contract
sales price. In addition, Section 1455 of the Code provides that generally a
transferee of a U.S. Real Property interest must withhold tax if the transferor
is a “foreign person”, as defined in Section 897(c) of the Code. Accordingly,
to inform                                                                      
(the “Buyer”), that withholding the tax is not required upon the disposition of
a United States real property interest by                                               ,
a Delaware limited liability company (the “Seller”), and to provide the
information required by Section 6045 of the Code, the undersigned hereby
certifies the following on behalf of the Seller:

 

1.             The correct legal name of the Seller is:                                     .

 

2.             The Seller is a Delaware limited liability
company.

 

3.             The Seller is not a foreign corporation,
foreign partnership, foreign trust or foreign estate (as those terms are
defined in the Code and Treasury Regulations).

 

4.             Seller is a disregarded entity for federal
taxation purposes. The tax identification number of Seller’s sole member,                        ,
is:                         .

 

6.             The Seller’s current address is:                                                                                              .

 

7.             The Seller’s address as of January 31 of next
year will be:  [same as above].

 

8.             The contract sales price for the sale of the
property is:  $                       .

 

9.             The closing of the sale of the property occurred
or will occur on:                         
      , 2006.

 

10.           The Seller has received a refund from the Buyer for real estate taxes
for the property previously paid by the Seller in the amount of [$                             ].

 

11.           Prior to this transaction, the property was not the Seller’s principal
residence.

 

12.           If more than one person or entity is entitled to receive sales
proceeds, the gross proceeds shall be allocated as follows:  See attached.

 

D-1

 

13.           The undersigned is duly authorized to make this certification and to
execute the same on behalf of the Seller.

 

The
undersigned understand(s) that this certification may be disclosed to the
Internal Revenue Service by the Buyer or its duly authorized agent, and any
false statement contained herein could be punishable by fine, imprisonment or
both.

 

Under
penalties of perjury, I declare that I have examined this certification, and,
to the best of my knowledge and belief, it is true, correct and complete. In
addition, I understand that the above information will appear on a Form 1099
that will be sent to me and to the Internal Revenue Service.

 

Date:                         
       , 2006.

 

{THE REMAINDER OF THIS PAGE HAS
BEEN INTENTIONALLY LEFT BLANK. SIGNATURE

APPEARS ON THE FOLLOWING PAGE.}

 

D-2

 

[SIGNATURE PAGE]

 

D-3

 

EXHIBIT E

 

GENERAL ASSIGNMENT

 

THIS GENERAL ASSIGNMENT (“Assignment”)
is made this                  
day of                  ,
2006, by and between ARI-HDC, LLC, ARI-HDC 1, LLC, ARI-HDC 2, LLC, ARI-HDC 3,
LLC, ARI-HDC 4, LLC, ARI-HDC 5, LLC, ARI-HDC 6, LLC, ARI-HDC 7, LLC, ARI-HDC 8,
LLC, ARI-HDC 9, LLC, ARI-HDC 10, LLC, ARI-HDC 11, LLC, ARI-HDC 12, LLC, ARI-HDC
13, LLC, ARI-HDC 14, LLC, ARI-HDC 15, LLC, ARI-HDC 16, LLC and ARI-HDC 17, LLC,
each one a Delaware limited liability company (collectively, “Assignor”), and                                          ,
a                                                                          
(“Assignee”), with respect to the
following matters.

 

WITNESSETH

 

Assignor and Assignee entered into that certain Agreement of Purchase
and Sale and Joint Escrow Instructions, dated as of                  
      , 2006 (as from time to time amended, the “Agreement”), respecting the sale of that
certain real property described on Exhibit A attached hereto and certain
other Property more particularly described in the Agreement. Unless otherwise
indicated herein, all initially capitalized terms in this Assignment shall have
the meaning ascribed to them in the Agreement.

 

Under the Agreement, Assignor is obligated to assign to Assignee any
and all of its right, title and interest in and to:  (i) the Licenses, (ii) the
Contracts (an all inclusive list of which is attached hereto as Schedule 1),
and (iii) the Intangibles.

 

NOW, THEREFORE, incorporating the foregoing recitals and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, effective as of the Closing Date, Assignor hereby assigns, sells,
transfers, sets over and delivers unto Assignee all of Assignor’s estate,
right, title and interest in and to, and Assignee hereby accepts the assignment
of: (i) the
Licenses; (ii) the Contracts; (iii) and the Intangibles.

 

Assignee hereby assumes the performance of all of the terms, covenants
and conditions imposed upon Assignor under the Licenses, the Contracts and the
Intangibles, accruing and arising on or after the Closing Date.

 

In the event of the bringing of any action or suit by a party hereto
against another party hereunder by reason of any breach of any of the
covenants, conditions, agreements or provisions on the part of such other party
arising out of this Assignment, then in that event the prevailing party shall
be entitled to have and recover of and from the other party all costs and
expenses of the action or suit, including actual attorneys’ fees and costs.

 

This Assignment may be executed in counterparts, each of which shall be
an original, but all of which, together, shall constitute one and the same
instrument.

 

This Assignment shall be binding upon and inure to the benefit of the
successors, assignees, personal representatives, heirs and legatees of all the
respective parties hereto.

 

This Assignment shall be governed by, interpreted under and construed
and enforceable in accordance with the laws of the State of California.

 

E-1

 

IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered
this Assignment as of the day and year first-above written.

 

	
  ASSIGNOR:

  	
   

  	
  ARI-HDC, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Richard Gee, Chief Executive Officer

  	
   

  

 

E-2

 

	
   

  	
   

  	
  ARI-HDC
  1, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Dorene
  M. Miele, Sole Member

  	
   

  

 

E-3

 

	
   

  	
  ARI-HDC
  2, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Bar-F
  Family Limited Partnership,

  	
   

  
	
   

  	
   

  	
  a
  Utah limited partnership, its sole member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  E.
  Verne Breeze, General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Mable
  R. Breeze, General Partner

  	
   

  

 

 

E-4

 

	
   

  	
  ARI-HDC
  3, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Oyen
  Family Trust dated July 19, 1990,

  	
   

  
	
   

  	
   

  	
  its
  sole member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Harald
  Oyen, Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Janet
  H. Oyen, Trustee

  	
   

  

 

E-5

 

	
   

  	
  ARI-HDC
  4, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  1996
  Hyman Family Trust dated May 25, 1996,

  	
   

  
	
   

  	
   

  	
  its
  sole member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Bruce
  A. Hyman, Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Jill
  N. Hyman, Trustee

  	
   

  

 

E-6

 

	
   

  	
  ARI-HDC
  5, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Bellweather
  Limited Partnership,

  	
   

  
	
   

  	
   

  	
  a
  Washington limited partnership,

  	
   

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Robert
  R. Knosp, General Partner

  	
   

  

 

E-7

 

	
   

  	
  ARI-HDC
  6, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Kong
  Family Trust dated November 25, 1996,

  	
   

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Oyoung
  Kong, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Sang
  Ae Kong, Trustee

  	
   

  

 

E-8

 

	
   

  	
   

  	
  ARI-HDC
  7, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Carl
  Vander-Molen, Sole Member

  	
   

  

 

E-9

 

	
   

  	
  ARI-HDC
  8, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Ralph
  Hamilton & Sons, Inc.,

  	
   

  
	
   

  	
   

  	
  a
  Utah corporation, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Lamont
  L. Hamilton, Secretary

  	
   

  

 

E-10

 

	
   

  	
  ARI-HDC
  9, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  703
  Main Corp, a New York corporation,

  	
   

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Joseph
  A. Deck, President

  	
   

  

 

E-11

 

	
   

  	
   

  	
  ARI-HDC
  10, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Hugh
  W. Hoff, Sole Member

  	
   

  

 

E-12

 

	
   

  	
   

  	
  ARI-HDC
  11, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Lois
  J. Hoff, Sole Member

  	
   

  

 

E-13

 

	
   

  	
   

  	
  ARI-HDC
  12, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Carl
  Ganter, Sole Member

  	
   

  

 

E-14

 

	
   

  	
   

  	
  ARI-HDC
  13, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  David
  R. Steffan, Sole Member

  	
   

  

 

E-15

 

	
   

  	
  ARI-HDC
  14, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Dyssegaard
  Living Trust dated September 25,

  	
   

  
	
   

  	
   

  	
  1997,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ralph
  M. Dyssegaard, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Judy
  Kelly Dyssegaard, Trustee

  	
   

  

 

E-16

 

	
   

  	
  ARI-HDC
  15, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The
  John N. Moran Trust dated August 17, 

  	
   

  
	
   

  	
   

  	
  1999,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  John
  N. Moran, Trustee

  	
   

  

 

 

E-17

 

	
   

  	
  ARI-HDC
  16, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The
  Doreen T. Culp Revocable Trust dated 

  	
   

  
	
   

  	
   

  	
  April
  1, 1981, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Doreen
  T. Culp, Trustee

  	
   

  

 

E-18

 

	
   

  	
  ARI-HDC
  17, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Executive
  Holdings, a California general 

  	
   

  
	
   

  	
   

  	
  partnership,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Richard
  Gee, General Partner

  	
   

  

 

 

E-19

 

	
  ASSIGNEE:

  	
   

  	
  ,

  
	
   

  	
  a

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
							

 

E-20

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

The
Land referred to herein below is situated in the City of Woodland, County of
Yolo, State of California and is described as follows:

 

Parcel
One:

 

Parcels
3 and 4, as said parcels appear on Parcel Map No. 4339 filed November 17, 1997
in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records, and being
more particularly described as follows:

 

Beginning
at the southeast corner of said Parcel 3; thence, from said point of beginning,
along the south line of said Parcels 3 and 4, north 89°49’21” west 1,313.09
feet to the southwest corner of said Parcel 4; thence, along the west line of
said Parcel 4, the following two (2) courses: 
(l) north 00°34’29” east 724.05 feet; and (2) north 45°34’17” east 70.65
feet to the northwest corner of said Parcel 4; thence, east along the north
line of said Parcel 4 and Parcel 3, south 89°25’53” east 1,262.73 feet to the
northeast corner of said Parcel 3; thence, south along the east line of said
Parcel 3, south 00°32’49” west 765.05 feet to the point of beginning, as
described in the Certificate of Compliance recorded March 20, 2002, Document
No. 2002-0011794.

 

Excepting
therefrom all mineral, coal, carbons, hydrocarbons, oil, gas and chemical
elements and compounds whether in solid, liquid or gaseous form and all steam
and other forms of thermal energy in or under a plane parallel to and five
hundred (500) feet below the present surface of the above-described land;
provided, however, that Seller shall have no right of entry upon the surface of
said land nor to use said land or any portion thereof above said plane or said
land of any purpose whatsoever.

 

Parcel
Two:

 

A
non-exclusive easement for fire access over the westerly 30 feet of Parcel 2 as
shown on Parcel Map No. 4339 filed in Book 12 of Parcel Maps, at Pages 82 and
83, Yolo County Records, and as set forth in the document entitled “Reciprocal
Easement and Restrictive Covenant Agreement” recorded March 20, 2000, Yolo
County Records, as Instrument No. 2000-6565, subject to the terms and
conditions contained therein.

 

Parcel
Three:

 

A
30-foot private utility easement across Parcel 2, as shown on Parcel Map No.
4339 filed in Book 12 of Parcel Maps, at Pages 82 and 83, Yolo County Records.

 

APN:  027-350-571

 

E-21

SCHEDULE 1

 

CONTRACTS

 

E-22

 

EXHIBIT F

 

ASSIGNMENT
AND ASSUMPTION OF LEASE

 

This ASSIGNMENT AND ASSUMPTION OF LEASE (“Assignment”) is made and
entered into as of the             
day of                         ,
2006, by and between ARI-HDC, LLC, ARI-HDC 1, LLC, ARI-HDC 2, LLC, ARI-HDC 3,
LLC, ARI-HDC 4, LLC, ARI-HDC 5, LLC, ARI-HDC 6, LLC, ARI-HDC 7, LLC, ARI-HDC 8,
LLC, ARI-HDC 9, LLC, ARI-HDC 10, LLC, ARI-HDC 11, LLC, ARI-HDC 12, LLC, ARI-HDC
13, LLC, ARI-HDC 14, LLC, ARI-HDC 15, LLC, ARI-HDC 16, LLC and ARI-HDC 17, LLC,
each one a Delaware limited liability company (together, “Assignor”), and                                                 ,
a                                                                         
(“Assignee”).

 

R E
C I T A L S :

 

A.            Assignor and Assignee entered into that
certain Agreement of Purchase and Sale and Joint Escrow Instructions dated             
      , 2006 (as from time to time amended, the “Agreement”)
with respect to the sale and purchase of the Property described therein. Any
initially capitalized terms not separately defined herein shall have the
meanings ascribed to them in the Agreement.

 

B.            Assignor desires to assign and transfer to
Assignee all of Assignor’s right, title and interest in and to the Lease and
the security deposits set forth in Schedule 1 attached hereto and made a
part hereof, and Assignee desires to accept such assignment and to assume and
perform all of Assignor’s covenants and obligations in and under the Lease and
with respect to the security deposits.

 

NOW, THEREFORE, incorporating the foregoing recitals and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, effective as of the Closing Date, Assignor hereby assigns, sells,
transfers, sets over and delivers unto Assignee all of Assignor’s right, title
and interest in and to the Lease and security deposits. Assignee hereby accepts
such assignment and assumes the performance of all of the terms, covenants and
conditions imposed upon Assignor as landlord under the Lease accruing and
arising on or after the Closing Date.

 

Assignor and Assignee hereby acknowledge and agree that the assignment
of the Lease and security deposits by Assignor hereunder is made without any
representation or warranty, except as otherwise expressly provided in the
Agreement.

 

In the event of the bringing of any action or suit by a party hereto
against another party hereunder by reason of any breach of any of the
covenants, conditions, agreements or provisions on the part of such other party
arising out of this Assignment, then in that event the prevailing party shall
be entitled to have and recover of and from the other party all costs and
expenses of the action or suit, including actual attorneys’ fees and costs.

 

This Assignment may be executed in counterparts, each of which shall be
an original, but all of which, together, shall constitute one and the same
instrument.

 

This Assignment shall be binding upon and inure to the benefit of the
successors, assignees, personal representatives, heirs and legatees of all the
respective parties hereto.

 

This Assignment shall be governed by, interpreted under and construed
and enforceable in accordance with the laws of the State of California.

 

F-1

 

IN WITNESS WHEREOF, Assignor and Assignee have duly executed this
Assignment as of the day and year first-above written.

 

	
  ASSIGNOR:

  	
   

  	
  ARI-HDC,
  LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Richard
  Gee, Chief Executive Officer

  	
   

  

 

F-2

 

	
   

  	
   

  	
  ARI-HDC
  1, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Dorene
  M. Miele, Sole Member

  	
   

  

 

F-3

 

	
   

  	
  ARI-HDC
  2, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Bar-F
  Family Limited Partnership,

  
	
   

  	
   

  	
  a
  Utah limited partnership, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  E.
  Verne Breeze, General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Mable
  R. Breeze, General Partner

  	
   

  

 

F-4

 

	
   

  	
  ARI-HDC
  3, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Oyen
  Family Trust dated July 19, 1990,

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Harald
  Oyen, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Janet
  H. Oyen, Trustee

  	
   

  

 

F-5

 

	
   

  	
  ARI-HDC
  4, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  1996
  Hyman Family Trust dated May 25, 1996,

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Bruce
  A. Hyman, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Jill
  N. Hyman, Trustee

  	
   

  

 

F-6

 

	
   

  	
  ARI-HDC
  5, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Bellweather
  Limited Partnership,

  
	
   

  	
   

  	
  a
  Washington limited partnership,

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Robert
  R. Knosp, General Partner

  	
   

  

 

F-7

 

	
   

  	
  ARI-HDC
  6, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Kong
  Family Trust dated November 25, 1996,

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Oyoung
  Kong, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Sang
  Ae Kong, Trustee

  	
   

  

 

F-8

 

	
   

  	
   

  	
  ARI-HDC
  7, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Carl
  Vander-Molen, Sole Member

  	
   

  

 

F-9

 

	
   

  	
  ARI-HDC
  8, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Ralph
  Hamilton & Sons, Inc.,

  
	
   

  	
   

  	
  a
  Utah corporation, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Lamont
  L. Hamilton, Secretary

  	
   

  

 

F-10

 

	
   

  	
  ARI-HDC
  9, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  703
  Main Corp, a New York corporation,

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Joseph
  A. Deck, President

  	
   

  

 

F-11

 

	
   

  	
   

  	
  ARI-HDC
  10, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Hugh
  W. Hoff, Sole Member

  	
   

  

 

F-12

 

	
   

  	
   

  	
  ARI-HDC
  11, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Lois
  J. Hoff, Sole Member

  	
   

  

 

F-13

 

	
   

  	
   

  	
  ARI-HDC
  12, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Carl
  Ganter, Sole Member

  	
   

  

 

F-14

 

	
   

  	
   

  	
  ARI-HDC
  13, LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  David
  R. Steffan, Sole Member

  	
   

  

 

F-15

 

	
   

  	
  ARI-HDC
  14, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Dyssegaard
  Living Trust dated September 25,

  
	
   

  	
   

  	
  1997,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ralph
  M. Dyssegaard, Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Judy
  Kelly Dyssegaard, Trustee

  	
   

  

 

F-16

 

	
   

  	
  ARI-HDC
  15, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  The
  John N. Moran Trust dated August 17, 

  
	
   

  	
   

  	
  1999,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  John
  N. Moran, Trustee

  	
   

  

 

F-17

 

	
   

  	
  ARI-HDC
  16, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  The
  Doreen T. Culp Revocable Trust dated 

  
	
   

  	
   

  	
  April
  1, 1981, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Doreen
  T. Culp, Trustee

  	
   

  

 

F-18

 

	
   

  	
  ARI-HDC
  17, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Executive
  Holdings, a California general 

  
	
   

  	
   

  	
  partnership,
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Richard
  Gee, General Partner

  	
   

  

 

F-19

 

	
  ASSIGNEE:

  	
   

  	
   

  	
  ,

  
	
   

  	
   

  	
  a

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
								

 

F-20

 

SCHEDULE 1

 

LEASE AND SECURITY DEPOSITS

 

F-21

EXHIBIT G

 

TENANT NOTICE LETTER

 

                            ,
2006

 

 

 

Re:          Lease dated July 11, 2001 for
Property located at 230 Hanson Way, Woodland, CA  95776 (the “Lease”)

 

Dear
Tenant:

 

This
is to advise you that as of                     ,
2006, the property referenced in your Lease was sold by ARI-HDC, LLC, ARI-HDC
1, LLC, ARI-HDC 2, LLC, ARI-HDC 3, LLC, ARI-HDC 4, LLC, ARI-HDC 5, LLC, ARI-HDC
6, LLC, ARI-HDC 7, LLC, ARI-HDC 8, LLC, ARI-HDC 9, LLC, ARI-HDC 10, LLC, ARI-HDC
11, LLC, ARI-HDC 12, LLC, ARI-HDC 13, LLC, ARI-HDC 14, LLC, ARI-HDC 15, LLC,
ARI-HDC 16, LLC and ARI-HDC 17, LLC, each one a Delaware limited liability
company, and that in connection therewith, the Landlord’s interest under the
Lease was assigned to                                         ,
a                                                                                 ,
as the purchaser.

 

All
payments of rent and other charges due under your Lease, commencing with the
rent payment from and after the date hereof, and all future rent payments,
should be paid to                                         
and mailed to                                                                                 .
Your security deposit, if any, has also been transferred to                                         ,
and the new owner will be responsible for its return to you pursuant to the
terms of your Lease.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  ARI Commercial Properties, Inc., Property Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
				

 

G-1

 

EXHIBIT H

 

BILL OF SALE

 

INTENTIONALLY DELETED

 

H-1

 

EXHIBIT I

 

AUDIT LETTER

 

[Auditor]

 

 

 

Dear
Sirs:

 

We
are writing at your request to confirm our understanding that your audit of the
Statement of Revenue and Certain Expenses for the year ended                               ,
200    , was made for the purpose of expressing an opinion
as to whether the statement of operating income presents fairly, in all material
respects, the results of operations of 2030 Hanson Way, City of Woodland, Yolo
County, California 95776 (the “Project”) for the year ended                               ,
200    , in conformity with generally accepted accounting
principles.

 

Certain
representations in this letter are described as being limited to matters that
are material. Items are considered material if they involve an omission or
misstatement of accounting information that, in light of surrounding
circumstances, makes it probable that the judgment of a reasonable person
relying on the information would be changed or influenced by the omission or
misstatement. An omission or misstatement that is monetarily small in amount
could be considered material as a result of qualitative factors.

 

The
following representations are made exclusively to the auditor of the Project. In
connection with your December 31, 200__ audit, we confirm, to the best of
our knowledge and belief, with respect to our daily operations and without
independent inquiry or investigation, the following representations made during
your audit:

 

1.             We have made available to you all financial
records and related data in our possession concerning this Project prior to the
sale thereof to DCT Industrial Operating Partnership LP, a Delaware limited
partnership or its assignee (“Purchaser”).

 

2.             We are not aware of any:

 

a.             Irregularities involving any member of
management or employees that could have a materially adverse effect on the above-referenced
statement of operating income.

 

b.             Notices of violations of laws or regulations,
the effects of which should be considered for disclosure in the Purchaser’s financial
statements or as a basis for recording a loss contingency.

 

c.             Material events that have occurred subsequent
to                               ,
200     but prior to the sale of the Project that would
require material adjustment to the above-referenced statement of operating
income.

 

H-2

 

3.             There are no material transactions that have
not been properly recorded in the accounting records underlying the Statement
of Revenue and Certain Expenses for the year ended                               ,
200    .

 

	
   

  	
  ARI
  Commercial Properties, Inc.,

  
	
   

  	
  a
  California corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

H-3

 

SCHEDULE 1

 

LIST OF SELLERS (each a Delaware limited liability company)

 

ARI-HDC,
LLC

ARI-HDC
1, LLC

ARI-HDC
2, LLC

ARI-HDC
3, LLC

ARI-HDC
4, LLC

ARI-HDC
5, LLC

ARI-HDC
6, LLC

ARI-HDC
7, LLC

ARI-HDC
8, LLC

ARI-HDC
9, LLC

ARI-HDC
10, LLC

ARI-HDC
11, LLC

ARI-HDC
12, LLC

ARI-HDC
13, LLC

ARI-HDC
14, LLC

ARI-HDC
15, LLC

ARI-HDC
16, LLC

ARI-HDC
17, LLC

 

SCH-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]