Document:

Agreement by and between HRLP & G-T Gateway, LLC & Allman Spry Leggett & Crumple

 Exhibit 10.13 
  
 AGREEMENT 
  
 By and Between 
  
 HIGHWOODS REALTY LIMITED PARTNERSHIP, 
 A North Carolina Limited Partnership

  
 and 
  
 G-T GATEWAY, LLC, 
 A North Carolina Limited Liability Company 
 and 
  
 Allman Spry Leggett & Crumpler, P.A.

  
 as Escrow Agent 

			
	 AGREEMENT OF PURCHASE AND SALE
	  	1
	 DESCRIPTION OF SUBJECT PROPERTY
	  	1
	 PURCHASE PRICE
	  	2
	 Binder Deposit and Escrow Agent's Duties and Rights
	  	3
	 ACTIONS PENDING CLOSING
	  	6
	 Survey and Plans
	  	6
	 Initial Delivery of Documentation
	  	6
	 Access to the Property
	  	7
	 Matters of Title
	  	7
	 Environmental Assessments
	  	7
	 Investigation Rights
	  	7
	 Termination Rights; Review Period
	  	8
	 Highwoods’ Removal of Property from Market
	  	9
	 ADDITIONAL AGREEMENTS OF THE PARTIES
	  	9
	 Title to the Property
	  	9
	 Permitted Exceptions
	  	10
	 Representations and Warranties of Highwoods
	  	11
	 Representations and Warranties of GT Gateway
	  	17
	 Maintenance of the Property
	  	19
	 Risk of Loss; Damage or Destruction; Condemnation
	  	19
	 No Transfer of Personal Property
	  	20
	 Compliance With Legal Requirements
	  	20
	 Delivery of Notices
	  	21
	 CONDITIONS PRECEDENT TO CLOSING
	  	21
	 GT Gateway’s Conditions
	  	21
	 Highwoods’ Conditions.
	  	24
	 CLOSING
	  	25
	 Date
	  	25
	 Highwoods’ Closing Documents
	  	25
	 GT Gateway’s Closing Documents
	  	26
	 Closing Costs
	  	27
	 Closing Adjustments
	  	27
	 Taxes
	  	27
	 Utilities
	  	28
	 Rents
	  	28
	 Calculations
	  	29
	 Prepaids
	  	29
	 Service Agreement Payments
	  	29
	 Settlement After Closing
	  	30
	 Leasing Commissions
	  	30
	 Tenant Improvements
	  	30
	 Equitable Adjustments
	  	31
	 DEFAULT AND REMEDIES
	  	31
	 OTHER PROVISIONS
	  	32
	 Counterparts
	  	32
	 Entire Agreement
	  	32

  

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	 Construction
	  	32
	 Applicable Law
	  	32
	 Severability
	  	32
	 Waiver of Covenants, Conditions and Remedies
	  	32
	 Exhibits
	  	32
	 Amendment
	  	32
	 Relationship of Parties
	  	33
	 Assignment
	  	33
	 Further Acts
	  	33
	 No Recording; Actions to Clear Title
	  	33
	 Broker Commissions
	  	33
	 Notices
	  	34
	 Press Releases
	  	34
	 Definition of Agreement Date
	  	35
	 Survival of the Agreement
	  	35

  

			
	 Exhibit A - Property Description
	  	 
	 Exhibit B - Personal Property
	  	 
	 Exhibit B-1 - Excluded Personal Property
	  	 
	 Exhibit C - Leases
	  	 
	 Exhibit C-1 - Service Maintenance Contracts
	  	 
	 Exhibit D – Permitted Exceptions
	  	 
	 Exhibit E – Tenant Estoppel Certificate
	  	 
	 Exhibit F - Form of Assignment of Leases
	  	 

  

 ii 

 STATE OF NORTH CAROLINA 
  
 AGREEMENT 
  
 COUNTY OF FORSYTH 
  
 THIS
AGREEMENT (this “Agreement”) is made and entered into as of the 11th day of February, 2005, by and
between HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina limited partnership (“Highwoods”) and G-T GATEWAY, LLC, a North Carolina limited liability company (“GT Gateway”) and Allman Spry Leggett &
Crumpler, P.A. (“Escrow Agent”). 
  
 WITNESSETH : 
  
 WHEREAS, the parties desire to
enter into an agreement of purchase and sale to incorporate all prior negotiations and dealings of the parties with respect to the transaction contemplated hereby. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the payment of earnest money, and
other good and valuable consideration, receipt of which is hereby acknowledged by Highwoods, the parties hereto agree as follows: 
  
 1. AGREEMENT OF PURCHASE AND SALE. Highwoods agrees to sell, assign and convey to GT Gateway, and GT Gateway agrees to purchase from Highwoods, a
seventy-five percent (75%) interest in the Land, the Improvements and the Lease (defined in Sections 2(a), 2(c) and 2(e) below), and all of the Personal Property and intangibles described in Sections 2(d) and 2(e) below. 
  
 2. DESCRIPTION OF SUBJECT PROPERTY. The property owned by Highwoods
which is the subject of this Agreement is as follows: 
  
 (a)
that tract containing approximately 5.459 acres of land and being described on Exhibit A (attached hereto and incorporated herein by reference), together with all right-of-ways and easements appurtenant thereto (said tract being commonly
known as 2599 Empire Drive, Winston-Salem, North Carolina and being hereinafter referred to as the “Land”). 
  
 (b) All of Highwoods’ right, title and interest in and to all rights, privileges, and easements appurtenant to the Land, including all water rights,
rights-of-way, roadways, parking areas, roadbeds, alleyways and reversions or other appurtenances used in connection with the beneficial use of the Land. 
  
 (c) All improvements, buildings, structures, related amenities and fixtures located on the Land and owned by Highwoods including, without limitation, that
warehouse building containing approximately 89,600 square feet (hereinafter referred to as the “Building”), any and all other buildings, structures and amenities currently located on the Land, all fixtures, apparatus, equipment, vaults,
machinery and built-in appliances used in connection with the 

  

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operation and occupancy of the Land such as heating and air conditioning systems, electrical systems, plumbing systems, sprinkler and other fire protection
and life safety systems, refrigeration, ventilation, or other facilities or services on the Land (all of which are together hereinafter called the “Improvements”). 
  
 (d) Except as hereinafter set forth, all personal property to be described on Exhibit B pursuant to Section 4(b)
hereof located on or in or used exclusively in connection with the Land and Improvements and owned by Highwoods and used or usable in the operation of the Property (as defined below) including, without limitation, fittings, appliances, shades,
furniture, furnishings, and other furnishings or items of personal property used or usable in connection with the Building’s HVAC systems, but excluding all personal property located on the Land or in the Building owned by the tenant thereof or
contractors who provide service to the Building or is not otherwise owned by Highwoods (hereinafter called the “Personal Property”). Notwithstanding the above, the Personal Property being purchased hereby shall not include those items of
Personal Property described on Exhibit B-1, attached hereto and incorporated herein by reference. After the date of this Agreement, Highwoods shall not remove any Personal Property from the Building, Land or Improvements without the prior
written consent of GT-Gateway. 
  
 (e) All of Highwoods’
interest, if any, in the intangible property now or hereafter owned by Highwoods and used or usable in connection with the Property, Land, Improvements or Personal Property, that lease of the Building set forth on Exhibit C (the
“Lease”), ground leases, subleases, prepaid rent, security deposits, contract rights, escrow deposits, utility agreements, guaranties, warranties, zoning rights or other rights related to the ownership of or use and operation of said
Property, but excluding the rights to use the trade style name Highwoods Properties, and derivations thereof and any other trademarks used in connection therewith. A list of the service, maintenance and/or management contracts affecting or relating
to the Property (the “Service Contracts”), some of which GT Gateway may agree to assume prior to Closing, and all guaranties and warranties relating to the Property which are assignable together with a description of all pertinent terms
and provisions of such Service Contracts, guaranties and warranties shall be set forth in Exhibit C-1 and attached hereto prior to Closing. All Service Contracts that are not assumed by GT Gateway shall be terminated at or before Closing.

  
 All of the items of property described in Subsections (a),
(b), (c), (d) and (e) above are hereinafter collectively called the “Property.” 
  
 It is hereby acknowledged by GT Gateway that Highwoods shall not convey to GT Gateway claims relating to any real property tax refunds or rebates for periods occurring prior to Closing, (as hereinafter defined),
existing insurance claims and any existing claims against the tenant or former tenants of the Property related to claims or causes of actions which arise prior to the Closing Date, which claims shall be reserved by Highwoods. 
  
 3. PURCHASE PRICE. Subject to the terms and conditions of this
Agreement, the total purchase price to be paid by GT Gateway to Highwoods for the Property shall be the sum of One Million Six Hundred Twelve Thousand Five Hundred and No/100 Dollars ($1,612,500.00) (the “Purchase Price”). The Purchase
Price, as adjusted by all prorations as provided for herein, 

  

 2 

 
shall be paid to GT Gateway by Highwoods at the Closing, by wire transfer of immediately available federal funds, of which the Binder Deposit shall
constitute a part, subject to prorations and adjustments at Closing. 
  
 (a) Binder Deposit and Escrow Agent’s Duties and Rights. Within five (5) business days after the full execution of this Agreement, GT Gateway shall pay and deliver to the Escrow Agent in United States currency the sum of Twenty
Thousand and No/100 Dollars ($20,000.00) as a binder deposit (such amount, together with all interest earned thereon, being referred to herein as the “Binder Deposit”). Escrow Agent shall hold the Binder Deposit in trust for the mutual
benefit of the parties, subject to the following terms and conditions: 
  
 (i) Escrow Agent shall deposit the Binder Deposit in an interest bearing account in an institution as directed by GT Gateway, and reasonably acceptable to Highwoods, in Winston-Salem, North Carolina. The Binder
Deposit, plus all accrued interest thereon, shall be returned to GT Gateway at the Closing of this transaction. Otherwise, the Binder Deposit shall be delivered by Escrow Agent to Highwoods or refunded by Escrow Agent to GT Gateway in accordance
with the terms of this Agreement. 
  
 (ii) In the
event the transaction contemplated by this Agreement is not closed solely because of any default on the part of Highwoods, or if any of the conditions precedent set forth in Section 6 fail to be satisfied at Closing, or GT Gateway terminates its
obligations as allowed herein pursuant to any other provision of this Agreement, then the Escrow Agent shall pay to GT Gateway the Binder Deposit, including interest which has accrued thereon. To allow the interest bearing account to be opened, GT
Gateway’s and Highwoods’ tax identification numbers are set forth below their signatures at the end of this Agreement. Escrow Agent is executing this Agreement to acknowledge Escrow Agent’s responsibilities hereunder, which may be
modified only by a written amendment signed by all of the parties. No such amendment shall be binding on the Escrow Agent unless it has been signed by the Escrow Agent. Escrow Agent shall accept the Binder Deposit with the understanding of the
parties that Escrow Agent is not a party to the Agreement except to the extent of its specific responsibilities hereunder; and does not assume or have any liability for the performance or non-performances of Highwoods or GT Gateway hereunder to
either of them. 
  
 (iii) In the event the
transaction contemplated by this Agreement is not closed solely because of any default on the part of GT Gateway, then the Escrow Agent shall pay to Highwoods the Binder Deposit including interest which has accrued thereon, and, except for GT
Gateway’s Continuing Indemnification Obligations (as defined in Section 4(f) below), such payment shall be GT Gateway’s only liability to Highwoods as the result of such breach and shall be considered liquidated damages, as Highwoods’
actual damages as a result of GT Gateway’s breach of its obligation hereunder shall be difficult, if not impossible, to ascertain. 
  

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 (iv) Within two (2) days after execution of this Agreement, GT Gateway and Highwoods
shall deposit a copy of this Agreement executed by them with Escrow Agent, and, upon receipt of the Binder Deposit from GT Gateway, Escrow Agent shall immediately execute this agreement where provided below. This Agreement, together with such
further instructions, if any, as the parties shall provide to Escrow Agent by written agreement, shall constitute the escrow instructions. If any requirements relating to the duties or obligations of Escrow Agent hereunder are not acceptable to
Escrow Agent, or if Escrow Agent requires additional instructions, the parties hereto agree to make such deletions, substitutions and additions hereto as counsel for GT Gateway and Highwoods shall mutually approve, which additional instructions
shall not substantially alter the terms of this Agreement unless otherwise expressly agreed to by Highwoods and GT Gateway. 
  
 (v) Escrow Agent shall hold the Binder Deposit in accordance with the terms and provisions of this Agreement, subject to the following:

  
 (A) Escrow Agent’s duties hereunder
shall be limited to investing, administering and disbursing the Binder Deposit, and Escrow Agent shall have no additional duties or responsibilities hereunder (in its role as Escrow Agent) in connection with the Closing. Escrow Agent undertakes to
perform only such duties as are expressly set forth in this Agreement and no implied duties or obligations shall be read into this Agreement against Escrow Agent. 
  
 (B) Escrow Agent may act in reliance upon any writing or instrument or signature which it, in good faith,
believes of any statement or assertion contained in such writing or instrument, and may assume that any person purporting to give any writing, notice, advice or instrument in connection with the provisions of this Agreement has been duly authorized
to do so. Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner and execution, or validity of any instrument deposited in escrow, nor as to the identity, authority, or right of any person executing the
same, and Escrow Agent’s duties under this Agreement shall be limited to those provided in this Agreement. 
  
 (C) Unless Escrow Agent discharges any of its duties under this Agreement in a negligent manner or is guilty of willful misconduct with
regard to its duties under this Agreement, Highwoods and GT Gateway shall indemnify Escrow Agent and hold it harmless from any and all claims, liabilities, losses, actions, suits or proceedings at law or in equity which it may incur or with which it
may be threatened by reason of its acting as Escrow Agent under this Agreement; and in such connection Highwoods and GT Gateway shall indemnify Escrow Agent against any and all expenses including reasonable attorney’s fees and the cost of
defending any action, suit or proceeding or resisting any claim in such capacity. 
  

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 (D) If the parties (including Escrow Agent) shall be in disagreement about the
interpretation of this Agreement, or about their respective rights and obligations, or the propriety of any action contemplated by Escrow Agent, Escrow Agent may, but shall not be required to, file an action in interpleader to resolve the
disagreement. Escrow Agent shall be indemnified for all costs and reasonable attorneys’ fees in its capacity as Escrow Agent in connection with any such interpleader action and shall be fully protected in suspending all or part of its
activities under this Agreement until a final judgment in the interpleader action is received. 
  
 (E) Escrow Agent may consult with counsel of its own choice and have full and complete authorization and protection in accordance with
the opinion of such counsel. Escrow Agent shall otherwise not be liable for any mistakes of fact or errors of judgment, or for any acts or omissions of any kind, unless caused by its negligence or willful misconduct. 
  
 (F) The Escrow Agent may in its sole discretion resign by
giving thirty (30) days’ written notice thereof to GT Gateway and Highwoods. GT Gateway and Highwoods shall furnish to the Escrow Agent written instructions for the release of the escrow funds and escrow documents in such event. If the Escrow
Agent shall not have received such written instructions, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor Escrow Agent, and upon such appointment deliver the escrow funds and escrow documents to
such successor. 
  
 (G) If costs and expenses
(including attorneys’ fees) are incurred by Escrow Agent because of litigation of any dispute between Highwoods and GT Gateway arising out of the holding of the Binder Deposit, the non-prevailing party (i.e., either Highwoods or GT
Gateway) shall reimburse Escrow Agent for such reasonable costs and expenses incurred. Highwoods and GT Gateway hereby agree and acknowledge that Escrow Agent assumes no liability in connection with the holding or investment of the Binder Deposit
pursuant hereto, except for the negligence or willful misconduct of Escrow Agent and its employees and agents. Escrow Agent shall not be responsible for the validity, correctness or genuineness of any document or notice referred to herein; and, in
the event of any dispute under this Agreement relating to the disposition of the Binder Deposit, Escrow Agent may seek advice from its own counsel and shall be fully protected in any action taken in good faith in accordance with the opinion of
Escrow Agent’s counsel. 
  

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 (H) Escrow Agent’s address for purpose of mailing or delivering documents and
notices hereunder is as follows: 
  

	
	 Allman Spry Leggett & Crumpler, P.A.

	 380 Knollwood Street, Suite 700

	 Winston-Salem, NC 27103-4152

	 Attention:          Thomas T. Crumpler, Esquire

	 Telephone:         (336) 722-2300

	 Telecopier:         (336) 721-0414

  
 Provisions with
respect to notices set forth herein shall apply with respect to notices given by or to Escrow Agent hereunder. 
  
 4. ACTIONS PENDING CLOSING. 
  
 (a) Survey and Plans. GT Gateway may cause to be secured and delivered to GT Gateway prior to the end of the Review Period (as defined in Section
4(g) below) a current physical and boundary survey (the “Survey”) of the Land and Improvements prepared by a North Carolina registered land surveyor or licensed engineer which shall be certified to GT Gateway which shall contain such
documentation and certifications as the Title Company (as defined in Section 5[a]) may require. GT Gateway agrees to pay for the cost of the Survey. The Survey shall be used for a description of the Land contained in the deed of conveyance of the
Land from Highwoods to GT Gateway and in all other documents related to this transaction which require a legal description [including, without limitation, such description as is required for the Title Policies described under Section 5(a)]. In the
event the Survey reveals anything which materially or adversely affects the Property in the sole reasonable discretion of GT Gateway, GT Gateway shall give notice to Highwoods of those matters objected to by GT Gateway in the Survey prior to the
last day of the Review Period. Highwoods shall then have the right, but not the obligation, for a period of ten (10) business days to cure any defects or objectionable matters specified by GT Gateway. In the event that Highwoods fails or is
unwilling to cure such defects to the reasonable satisfaction of GT Gateway’s counsel at Highwoods’ sole cost and expense, GT Gateway may proceed to a Closing subject to the defect, or by written notice to Highwoods, terminate this
Agreement and receive a refund of the Binder Deposit, or otherwise allow this Agreement to expire. 
  
 (b) Initial Delivery of Documentation. At the time of the execution of this Agreement or within five (5) business days thereafter, Highwoods shall
provide to GT Gateway the following: (i) a list of all the personal property described in Section 2 above which shall be attached hereto as Exhibit B, (ii) true, correct and complete copies of all service, maintenance, utility and other
contracts related to the Property, including any warranties or guaranties, a list of which shall be attached hereto as Exhibit C-1, (iii) all title information related to the Land in Highwoods’ possession or available to Highwoods
including but not limited to, title insurance policies, attorney’s opinions on title and existing surveys, (iv) all environmental, engineering or similar reports and drawing/specifications relating to the Land, Building or Improvements in
Highwoods’ possession, (v) a true, correct and complete copy of the Lease and any amendments 

  

 6 

 
or guaranties of such Lease, (vi) all income and expense records related to the Property for the year 2003 and 2004; and (vii) a current rent roll of the
Building. To the knowledge of Highwoods, the information to be delivered to GT Gateway pursuant to this subsection is true and correct in every material respect. 
  
 (c) Access to the Property. Subject to Section 4(f) of this Agreement, Highwoods shall give GT Gateway and its
agents, engineers and other representatives, reasonable access to the Property. 
  
 (d) Matters of Title. If any objection to the Title Report (as defined in Section 5[a] hereof) or the Survey (or existing survey(s), if applicable) is identified by GT Gateway, Highwoods shall use its
commercially reasonable efforts to resolve such objection to GT Gateway’s satisfaction provided the cost of such resolution does not exceed Twenty-Fifty Thousand and No/100 Dollars ($25,000). In the event that Highwoods cannot or refuses to
cure an objection to the Title Report or the Survey (or existing survey[s]) which remains unacceptable to GT Gateway, then and in that event, GT Gateway may terminate this Agreement without any further claim or obligation of any kind to Highwoods,
except for GT Gateway’s Continuing Indemnification Obligation (as defined in Section 4(f) below) or in the alternative, consummate the Closing in accordance with the terms of Section 5(a) below. 
  
 (e) Environmental Assessments. Prior to Closing, GT Gateway, at its
sole expense, and upon reasonable notice to Highwoods, may cause to be undertaken and completed a current Phase I Environmental Site Assessment of the Land (the “Environmental Assessment”). The Environmental Assessment shall be performed
by environmental inspection and engineering firms selected by GT Gateway. GT Gateway shall determine from the Environmental Assessment and from such other information available to GT Gateway, in its sole discretion, whether or not the Property is
likely to be contaminated by hazardous or toxic waste, substances or materials (including but not limited to, asbestos, PCB’s or petroleum products) as defined under any applicable federal, state or local laws, statutes, orders, rules,
regulations, permits or approvals. In the event that contamination or any other adverse environmental condition is found to likely exist at the Property, or in the event that such Environmental Assessment recommends additional testing and Highwoods
refuses to consent to such testing (which consent may be withheld by Highwoods in its sole discretion), GT Gateway reserves the right to terminate this Agreement and receive a refund of the Binder Deposit. If Highwoods withholds its consent for GT
Gateway to do additional environmental testing of the Land, and GT Gateway terminates this Agreement as the result thereof, Highwoods will pay to GT Gateway its due diligence costs reasonably incurred during the Review Period, and any fees forfeited
by GT Gateway to its lender as the result of GT Gateway’s termination of this Agreement as the result of Highwoods refusal to allow GT Gateway to conduct further environmental tests of the Land. Highwoods has no obligation to GT Gateway to
remediate any environmental contamination on the Land discovered by GT Gateway or GT Gateway’s engineers. As stated above, GT Gateway will not conduct a Phase II Environmental Assessment of the Property without Highwoods’ written consent,
which consent may be withheld in Highwoods sole discretion. 
  
 (f) Investigation Rights. From the Agreement Date until such time as this Agreement is either settled or terminated, GT Gateway, GT Gateway’s authorized agents, 

  

 7 

 
employees, consultants, architects, engineers and contractors, as well as others authorized by GT Gateway, shall have access to the Property and shall be
entitled to enter upon the Property and make such surveying, architectural, engineering, topographical, geological, soil, subsurface, environmental, water drainage, traffic, and other studies related to the availability of water, sewer, natural gas,
and other utility services in sufficient quantities to meet GT Gateway’s requirements and such other investigations, inspections, evaluations, studies, tests and measurements (collectively, the “Investigations”) as GT Gateway deems
necessary or advisable. Provided, however, GT Gateway’s rights hereunder to conduct Investigations shall be subject to the following requirements and limitations: (i) any entry upon the Property by GT Gateway, GT Gateway’s authorized
agents and employees, as well as others authorized by GT Gateway shall require at least twenty-four (24) hours advance notice to Highwoods of the date and time of the entry and the specific Investigations to be conducted in connection with the
entry, (ii) the Investigations shall not result in any adverse change to the physical characteristics of the Property (and GT Gateway shall be obligated to completely repair and restore any damage to the Property resulting from the Investigations),
and (iii) the Investigations will not substantially or adversely interfere with the rights of the tenant in the Building to use and enjoy its leased space therein according to its Lease thereof. GT Gateway agrees to indemnify and hold Highwoods
harmless from and against any and all claims, costs, expenses, and liabilities, including reasonable attorneys’ fees, arising out of claims for injury, including death, to persons or physical injury to property resulting from the Investigations
(hereinafter the “GT Gateway’s Continuing Indemnification Obligations”); provided, however, GT Gateway shall not be obligated to indemnify Highwoods from and against any claims, costs, expenses, and liabilities caused by or arising
out of the acts or omissions of Highwoods or Highwoods’ employees, representatives or agents, or from the presence or release of Hazardous Substances (as defined in Section 5(c) herein) not introduced onto the Property by GT Gateway or GT
Gateway’s authorized agents and employees or other entities conducting the Investigations. Highwoods shall be entitled to have one or more representatives present to observe the Investigations on the Property. GT Gateway shall not be entitled
to conduct any environmental Investigations on the Property beyond a Phase I environmental site assessment (i.e. no sampling, drilling, etc.) without first obtaining Highwoods’ prior written consent, which consent may be withheld by
Highwoods, in Highwoods’ sole discretion. Notwithstanding any term or provision herein to the contrary, the provisions in this Agreement [including in this Section 4(f)] relating to the Investigations shall apply to all Investigations conducted
by the Distributess and GT Gateway’s authorized agents, employees, consultants, architects, engineers and contractors both prior to the Agreement Date and from and after the Agreement Date. 
  
 GT Gateway will remain responsible and liable to Highwoods for the
Continuing Indemnification Obligations and the full amount of actual damages suffered by Highwoods resulting from GT Gateway’s Investigation after the completion of the Closing hereunder, the termination of this Agreement by GT Gateway or
Highwoods or a default by GT Gateway under this Agreement. 
  
 (g)
Termination Rights; Review Period. GT Gateway shall have the unqualified right, in GT Gateway’s sole and absolute discretion, to terminate this Agreement by giving written notice of such election at any time from the Agreement Date until
5:00 p.m. Eastern Standard time on the February 28, 2005 (30th) (such period of time until February 28, 

  

 8 

 
2005 being referred to herein as the “Review Period”). In the event GT Gateway properly and timely terminates this Agreement pursuant to this
Section 4(g); Escrow Agent shall promptly refund all but One Hundred and No/100 Dollars ($100) of the Binder Deposit to GT Gateway (such $100 payment to Highwoods being the consideration paid by GT Gateway for the right to terminate this Agreement
pursuant to this Section 4(g)), whereupon the parties hereto shall have no further rights, obligation or liabilities to each other hereunder, except for GT Gateway’s Continuing Indemnification Obligations. Time is of the essence with respect to
this right to terminate. The failure of GT Gateway to provide such notice of termination prior to the expiration of the Review Period shall be deemed conclusively a waiver of GT Gateway’s termination rights under this Section 4(g); and in such
event, except in the case of a default by Highwoods hereunder (which shall be governed by the terms of Section 8 herein) or failure of any condition precedent to GT Gateway’s obligation to close, and except in the event of the termination of
this Agreement by either party pursuant to any specific termination right set forth herein which requires the return of the Binder Deposit to GT Gateway, the Binder Deposit shall be deemed for all purposes under this Agreement to be nonrefundable to
GT Gateway and “earned” by Highwoods. 
  
 (h)
Highwoods’ Removal of Property From Market. Until the end of the Review Period, or earlier termination of this Agreement, Highwoods shall remove the Property from the market and not have discussions with prospective purchasers thereof,
and will not solicit or accept any offers, whether or not binding, regarding the Property during the Review Period and thereafter until the Closing of the transaction contemplated hereby occurs or until the earlier termination of this Agreement.

  
 5. ADDITIONAL AGREEMENTS OF THE PARTIES. 
  
 (a) Title to the Property. At the Closing, Highwoods shall deliver to
GT Gateway a limited warranty deed in form and content satisfactory to GT Gateway’s counsel with transfer tax, if any, paid at Highwoods’ expense, conveying to GT Gateway a good, indefeasible, fee simple title to the Land, its
appurtenances and Improvements, said title to be insurable both as to fee and marketability at regular rates by Chicago Title Insurance Company (the “Title Company”), subject only to those matters enumerated in Section 5(b)(i)-(vi) below
(“Permitted Exceptions”). Prior to the end of the Review Period, GT Gateway shall procure from HPI Title Agency, LLC, at GT Gateway’s cost, a current title commitment for title insurance issued by the Title Company showing the
condition of title to the Land, its appurtenances and Improvements (the “Title Report”). If, prior to the end of the Review Period, GT Gateway disapproves of any matter of title contained in the Title Report, GT Gateway may then elect to
provide written notice of GT Gateway’s disapproval of the same to Highwoods (those disapproved title matters as so identified by GT Gateway are hereinafter called the “Disapproved Exceptions”). Highwoods agrees to commit its
commercially reasonable efforts to remove any Disapproved Exception, provided the cost thereof does not exceed Twenty-Five Thousand and No/100 Dollars ($25,000). However, in the event that as provided in Sections 4(a) and (d) above, GT Gateway
proceeds to and consummate the Closing subject to a Disapproved Exception, such Disapproved Exception shall then be deemed to be a Permitted Exception. Any expenses incurred in obtaining such title insurance commitment (including, without
limitation, those incurred by an attorney in conducting the necessary title search) shall be borne by GT Gateway. The title 

  

 9 

 
insurance premium for the title insurance policy issued by the Title Company pursuant to the title commitment (the “Title Policy”) shall be borne
by GT Gateway. The Title Policy shall provide full coverage against mechanics’ or materialmen’s liens, shall commit full survey coverage (if GT Gateway procures a Survey of the Land) and such other coverages and endorsements as shall be
reasonably required by GT Gateway. If GT Gateway requests any endorsements to the Title Policy, GT Gateway will be responsible for the cost attributable thereto. 
  
 GT Gateway may, at or prior to Closing, notify Highwoods in writing (the “Gap Notice”) of any objections to title
raised by GT Gateway’s Counsel or the Title Company between the issuance of the Title Report and the Closing, which did not exist as of the date of the issuance of the Title Report (“New Encumbrances”). If GT Gateway sends a Gap
Notice to Highwoods, but the New Encumbrance is the result of some act that is beyond the control of Highwoods, then GT Gateway and Highwoods shall have the same rights and obligations with respect to such notice as apply to a Disapproved Exception
under Sections 5(a) and 5(b) hereof. However, in the event the New Encumbrance results from any action or omission of Highwoods (with the exception of New Encumbrances which can be cured by a monetary payment which GT Gateway has, and shall have,
the absolute right of making such payment and reducing by a like amount the Purchase Price), GT Gateway shall be entitled to terminate this Agreement, receive a refund of the Binder Deposit, and reimbursement from Highwoods of the costs, fees and
expenses incurred by GT Gateway related to this Agreement and the Property. 
  
 (b) Permitted Exceptions. The Land, its appurtenances and the Improvements shall be conveyed by Highwoods to GT Gateway free and clear of all liens, encumbrances, claims, rights-of-way, easements, leases,
restrictions and restrictive covenants, except the following Permitted Exceptions: 
  
 (i) Public utility easements and rights-of-way in customary form, so long as no Improvements are located thereon and they do not interfere
with the use of the Property for office, warehouse and related commercial purposes permitted by the Lease or materially affect the value of the Property; 
  
 (ii) Zoning and building laws or ordinances, provided they do not prohibit the use of the Property for office, warehouse and related
commercial purposes permitted by the Lease and so long as the Property is in compliance with same; 
  
 (iii) Ad valorem real estate taxes for any year in which they are not yet due and payable as of the date of Closing; and 
  
 (iv) Those matters which GT Gateway has elected to accept;

  
 (v) Items shown on the Survey and not
objected to by GT Gateway or waived by GT Gateway in accordance with Section 4(a) hereof. 
  
 (vi) Those Permitted Exceptions listed on Exhibit D, so long as they to not interfere with the use of the Property for office,
warehouse and related commercial purposes permitted by the Lease or materially affect the value of the Property. 
  

 10 

 If, in the opinion of GT Gateway’s counsel, GT Gateway is not able to procure an owner’s title
insurance commitment from the Title Company prior to Closing, complying with the requirements of this Section 5, GT Gateway shall have the option of taking title “as is” and consummating the Closing, or terminating this Agreement.
Notwithstanding any other provision contained herein to the contrary, if the title defect(s) which may include, without limitation, a Disapproved Exception, is a mortgage, lien, judgment, assessment, unpaid taxes or tax which can be cured by a
monetary payment (and with respect to which affirmative title insurance coverage is not available at the Title Company’s standard rates) GT Gateway has, and shall have, the absolute right of making such payment and reducing the Purchase Price
by a like amount. 
  
 (c) Representations and Warranties of
Highwoods. Highwoods hereby makes the following representations and warranties to GT Gateway: 
  
 (i) There are no options to purchase the Property which are effective, nor has Highwoods previously entered into any contract of sale of
the Property with a party other than GT Gateway which is presently effective. After the date hereof and until Closing, or until this Agreement is otherwise terminated, Highwoods will not enter into any agreement or contract or negotiate with any
party other than GT Gateway with respect to the sale of the Property, nor, will Highwoods pledge or assign any right, title, interest in or to the Property or any part thereof to any person or entity. 
  
 (ii) All bills and claims for labor performed and services
and materials furnished to or for the benefit of the Property have been or will be paid in full by Closing, and there are no mechanics’ liens or materialmen’s liens on or affecting the Property. If any mechanics’ or materialmen’s
lien is filed on or affecting the Property for work, labor or materials, Highwoods shall indemnify and save GT Gateway harmless from, or bond over, such lien and cause the Title Company to eliminate any exception therefor from the Title Policy
issued to GT Gateway. 
  
 (iii) As of the date of
the Agreement, except as otherwise set forth on Exhibit C, there are no leases, subleases, licenses or other rental agreements or occupancy agreements (written or verbal) which grant any possessory interest in and to any space situated on or
in any of the Property or that otherwise give rights with regard to use of any portions of any of the Property and except as set forth on Exhibit C-1, there are no commissions due with respect to any such lease, sublease, etc., nor, except as
set forth on Exhibit C-1, will any commissions be due in connection with the renewal of any such lease, sublease, etc. 
  
 (iv) Except as set forth on Exhibit C-1, neither Highwoods, nor to the knowledge of Highwoods, any other party, has entered into
any construction, design, engineering, service, maintenance, supply, brokerage/leasing agreements, employment agreements, management contracts or leases of personal property 

  

 11 

 
(collectively, “Service/Equipment Contracts”) affecting the construction, use, ownership, maintenance or/or operation of the Property that will
continue subsequent to the Closing. Prior to or on the Closing Date, Highwoods shall terminate, at Highwoods’ sole cost and expense, all Service/Equipment Contracts which GT Gateway does not elect to assume in writing; or, if not terminable by
the Closing Date, shall remain responsible for and will timely perform all of the obligations thereunder. To Highwoods’ knowledge, Highwoods is not in material default under any of the Service/Equipment Contracts and, to Highwoods’
knowledge, no other parties to any of the Service/Equipment Contracts are in default, nor do any conditions exist that, with the passage of time, or giving of notice, or both, shall constitute a default thereunder. The copies of the
Service/Equipment Contracts provided to GT Gateway pursuant to this Agreement are true, accurate and complete as of the date hereof, are in full force and effect and none of them have been modified, amended or extended except as otherwise set forth
on Exhibit C-1. 
  
 (v) To the knowledge of
Highwoods, which knowledge is based solely on the Phase I Environmental Site Assessment of the Land dated
                            , conducted by
                                        
(The Environmental Report), the Property has not been used for the generation, treatment, storage or disposal of any hazardous substances in violation of any federal, state or local environmental law, rule or violation during the period in which
Highwoods has owned the property. For the purposes of this Section 5(c)(v), “hazardous substances” shall include (i) “hazardous substances” as defined in the Comprehensive Environmental Response Compensation and Liability Act of
1980, as amended, 42 U.S.C. § 9601 et seq., as amended, or by any regulations promulgated thereunder; (ii) any “hazardous waste, underground storage tanks, petroleum, regulated substance, or used oil as defined by the Resource
Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et. seq.), as amended or by any regulations promulgated thereunder; (iii) any oil or other hazardous substances as defined by the Oil and Hazardous Substances Control Act of 1986 as
amended, and any regulations adopted pursuant to said Act, or any similar environmental protection law of the state in which the Property is located or its political subdivisions. To the knowledge of Highwoods, which knowledge is based solely on the
Environmental Report, no asbestos or asbestos-containing materials have been installed, used, incorporated into or disposed of on the Property. To the knowledge of Highwoods, which knowledge is based solely on the Environmental Report, no
polychlorinated biphenyls (“PCBs”) are located on or in the Property, whether such PCBs are in the form of electrical transformers, florescent light fixtures with ballast, cooling oils or any other device or form. To the knowledge of
Highwoods, which knowledge is based solely on the Environmental Report, except as set forth in the Environmental Report, no underground storage tanks are located on the Property or were located on the Property and subsequently removed or filled. To
the knowledge of Highwoods, but without having made any independent investigation, no investigation, administrative order, consent order and agreement, litigation, or settlement with respect to hazardous substances is proposed, threatened,
anticipated or in existence with respect to the Property. 
  

 12 

 (vi) Neither the entering into of this Agreement nor the consummation of the transaction
contemplated hereby will constitute or result in a violation or breach by Highwoods of any judgment, order, writ, injunction or decree issued against or imposed upon it, or will result in a violation of any applicable law, order, rule or regulation
of any governmental authority. There are no actions, suits, proceedings, arbitrations or investigations pending or, to Highwoods’ knowledge, threatened (i) against, relating to or affecting Highwoods which might interfere in a material respect
with the transaction contemplated by this Agreement, become an encumbrance on the title to the Property or any portion thereof or otherwise affect the Property or Highwoods’ ability to consummate the transaction contemplated hereby or (ii)
against, relating to or affecting the Property. 
  
 (vii) Highwoods has not received notice: 
  
 (A) From any federal, state, county or municipal authority alleging any fire, health, safety, building, pollution, environmental, zoning or other violation of law in respect of the Property or any part thereof, including, without
limitation, the occupancy or operation thereof, which has not been entirely corrected; 
  
 (B) Concerning the possible or anticipated condemnation of any part of the Property, or the widening, change of grade or limitation on
use of streets abutting the same or concerning any special taxes or assessments levied or to be levied against the Property or any part thereof; 
  
 (C) Concerning any change in the zoning or other land use classification of the Property or any part thereof; 
  
 (D) Of any pending insurance claim related to the Property;

  
 (E) From any governmental authority that any
licenses, permits, certificates, easements and rights of way, including proof of dedication, required from all authorities having jurisdiction over the Property or from private parties for the existing use, occupancy and operation of the Property
and to insure vehicular and pedestrian ingress to and egress from the Property are in violation of any governmental laws or regulations, which has not been corrected or will not be corrected by Closing. 
  
 (viii) No attachment, execution, assignment for the benefit
of creditors or voluntary proceedings in bankruptcy has been commenced by Highwoods or are contemplated by Highwoods and, to the best of Highwoods’ knowledge, no such action has been contemplated or threatened, nor has any involuntary
proceedings in bankruptcy been commenced against Highwoods. 
  

 13 

 (ix) Highwoods has full power and authority to enter into this Agreement and to assume
and perform all of its obligations hereunder; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder on the part of Highwoods do not and will not violate the partnership agreement or certificate
of limited partnership of Highwoods and do not and will not conflict with or result in the breach of any condition or provision of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon the
Property by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which Highwoods is a party or which is or purports to be binding upon Highwoods or which affects Highwoods; and no action by any
federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon Highwoods in accordance with its terms; 
  
 (x) Highwoods is a limited partnership duly organized,
validly existing and in good standing under the laws of the State of North Carolina. Highwoods has full power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets now owned or leased and
operated by it; 
  
 (xi) Highwoods is not a
foreign person within the meaning of Section 1445(f) of the Internal Revenue Code, and Highwoods agrees to execute any and all documents necessary or required by the Internal Revenue Service or GT Gateway in connection with such declaration(s).

  
 (xii) Subject to Highwoods’ general
partner’s board of directors approval of this transaction, this Agreement does and will, and the documents required to be executed by Highwoods pursuant to this Agreement will, constitute the valid and binding obligations of Highwoods
enforceable in accordance with their respective terms subject to bankruptcy, receivership and similar laws affecting the rights of creditors generally. 
  
 (xiii) Notwithstanding anything else herein to the contrary, Highwoods represents to GT Gateway that the Building is leased to the tenant
and for the lease term set forth on the rent roll attached hereto as Exhibit C and that the Property is subject to those service and maintenance contracts set forth on Exhibit C-1 attached to this Agreement. With respect to such Lease,
Highwoods represents as follows: 
  
 (A)
Highwoods has not collected any prepaid rent in advance in excess of rent for the month during which the Closing is to occur. 
  

 14 

 (B) No rents or leases have been assigned by Highwoods. 
  
 (C) The Lease is in full force and effect, has been validly
executed by the landlord and tenant, and has not been amended or modified as to any items except as set forth in the Rent Roll; 
  
 (D) The summary of the Lease set forth in Exhibit C is accurate in all material respects and, there are no subleases thereof;

  
 (E) The Lease will be free and clear of all
liens and encumbrances on the date of the Closing contemplated hereby 
  
 (F) Highwoods has taken no action, by act or omission, which constitutes the waiver of a default by the tenant under the Lease, except as herein specifically provided; 
  
 (G) Highwoods has fulfilled all of the landlord’s
duties and obligations under the Lease including the completion of all upfittings, construction, decoration and alteration work which Highwoods is obligated to perform under the Lease. 
  
 (H) Highwoods or a previous landlord under the Lease has fulfilled all of the landlord’s duties and
obligations under the Lease with respect to any leasing commissions or other compensation due arising out of any leasing, agency, brokerage or management agreements relating to the Lease which may be due and owing as of the Closing Date. 

 
 (I) Highwoods and the tenant under the Lease is not in
default under any of the terms and provisions of said Lease, and Highwoods has received no notice, of any alleged default in connection with said Lease; 
  
 (J) There are no other rent concessions or set-offs against rent, nor has the tenant under the Lease asserted any defense, set-off, or
counterclaim in connection with said Lease 
  
 (xiv) With respect to Services/Equipment Contracts: 
  
 (A) There are no contracts or agreements for services rendered in connection with the operation of the Property which GT Gateway shall be required to take the Property subject to, except as agreed to by GT Gateway and
expressly assumed under the terms of the Assignment of Contracts. 
  
 (B) Highwoods shall not, without Distributees’ consent, negotiate or enter into any new service or other contract affecting the Property which cannot be terminated without cost to GT Gateway on or before the
Closing. 
  

 15 

 All representations and warranties of Highwoods contained in this Agreement are true, accurate and
correct in all material respects as of the date hereof and, if Highwoods believes such representations and warranties continue to be true at Closing, Highwoods shall deliver to GT Gateway at Closing a certificate certifying that they are still true,
accurate and correct in all material respects as of the Closing Date. Notwithstanding the foregoing, GT Gateway shall have no claim against Highwoods for any representation or warranty which, although true upon the execution hereof, is untrue or
inaccurate at Closing as a result of facts, circumstances or occurrences beyond the control of or not within the knowledge of Highwoods. For purposes of this Agreement and any document delivered at Closing, whenever the phrases “to the best of
Highwoods’ knowledge”, “to the current, actual knowledge of Highwoods” or the “knowledge” of Highwoods or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge
without inquiry of Mark W. Shumaker, Vice President and Rebecca Dixson, Property Manager. The representations and warranties of Highwoods shall survive the Closing for one (1) year. 
  
 Subject to GT Gateway’s rights of inspection and investigation during the Review Period, GT Gateway acknowledges for GT
Gateway and GT Gateway’s successors, and assignees, that GT Gateway has been given a reasonable opportunity to inspect and investigate the Property, all improvements thereon and all aspects relating thereto, including all documents and
contracts related to the Property, either independently or through agents and experts of GT Gateway’s choosing. EXCEPT AS LIMITED BELOW OR AS OTHERWISE SET FORTH IN THIS AGREEMENT, HIGHWOODS AND GT GATEWAY AGREES THAT THE PROPERTY SHALL BE SOLD
AND THAT GT GATEWAY SHALL ACCEPT POSSESSION OF THE PROPERTY ON THE CLOSING DATE “AS IS, WHERE IS, WITH ALL FAULTS” WITH NO RIGHT OF SET-OFF OR REDUCTION OF THE PURCHASE PRICE, AND EXCEPT AS EXPRESSLY SET FORTH HEREIN THAT THE CONVEYANCE OF
THE PROPERTY TO GT GATEWAY SHALL BE WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTY OF INCOME WHICH MAY BE EARNED IN THE FUTURE, FUTURE OPERATING EXPENSES, USES, MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE (BUT SPECIFICALLY EXCLUDING THE LIMITED WARRANTY OF TITLE TO BE GIVEN IN THE DEED FROM HIGHWOODS TO GT GATEWAY), AND HIGHWOODS DOES HEREBY DISCLAIM AND RENOUNCE ANY SUCH REPRESENTATION OR WARRANTY. EXCEPT FOR HIGHWOODS’
REPRESENTATIONS WHICH ARE EXPRESSLY SET FORTH HEREIN, GT GATEWAY SPECIFICALLY ACKNOWLEDGES THAT GT GATEWAY IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM HIGHWOODS OR BROKERS AS TO THE
FOLLOWING MATTERS: (1) THE CONDITION OR SAFETY OF THE PROPERTY OR ANY SEWER, HEATING AND ELECTRICAL SYSTEMS, ROOFING, AIR CONDITIONING, IF ANY, FOUNDATIONS, SOILS AND GEOLOGY INCLUDING SUITABILITY OF THE PROPERTY OR ITS IMPROVEMENTS FOR A PARTICULAR
PURPOSE; (2) WHETHER THE APPLIANCES, IF ANY, PLUMBING OR UTILITIES ARE IN WORKING ORDER; (3) THE HABITABILITY OR SUITABILITY FOR OCCUPANCY OF ANY STRUCTURE AND THE QUALITY OF ITS CONSTRUCTION; (4) THE FITNESS OF ANY PERSONAL PROPERTY; OR (5) WHETHER
THE BUILDING IS STRUCTURALLY SOUND, IN GOOD CONDITION, OR IN 

  

 16 

 
COMPLIANCE WITH THE APPLICABLE CITY, COUNTY, STATE OR FEDERAL STATUTES, CODES OR ORDINANCES. EXCEPT FOR HIGHWOODS’ REPRESENTATIONS EXPRESSLY SET FORTH
HEREIN GT GATEWAY IS RELYING SOLELY UPON ITS OWN INSPECTION OF THE PROPERTY WITH REGARD TO THE ABOVE-REFERENCED MATTERS, AND NOT UPON ANY REPRESENTATIONS MADE BY HIGHWOODS OR HIGHWOODS’ AGENTS RELATED TO THE ABOVE-REFERENCED MATTERS.

  
 (d) Representations and Warranties of GT Gateway. GT
Gateway hereby represents and warrants to Highwoods as of the date hereof and as of Closing as follows: 
  
 (i) The execution and delivery of this Agreement and the documents required hereunder to be executed by them will on the date of Closing
have been, duly executed and delivered by GT Gateway. To the current, actual knowledge of GT Gateway, none of the foregoing requires any action by or in respect of, or filing with, any governmental body, agency or official or contravenes or
constitutes a default under any provision of applicable law or regulation, or any agreement, judgment, injunction, order, decree or other instrument binding upon GT Gateway. This Agreement does and will, and the documents required to be executed by
them will, constitute the valid and binding obligations of GT Gateway enforceable in accordance with their respective terms, subject to bankruptcy and similar laws affecting the remedies or resources of creditors generally. 
  
 (ii) The execution and delivery of this Agreement and the
performance by GT Gateway of its obligation hereunder do not and will not conflict with or result in the breach of any condition or provision of, or constitute a default under, or result in the creation or imposition of any lien, charge or
encumbrance upon any of the property or assets of GT Gateway (including the Property) by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which GT Gateway is a party or which is or purports
to be binding upon GT Gateway or which affects GT Gateway. 
  
 (iii) No attachment, execution, assignment for the benefit of creditors or voluntary proceedings in bankruptcy has been commenced by GT Gateway and, to the best of GT Gateway’s’ knowledge, no such action has
been contemplated or threatened, nor has any involuntary proceedings in bankruptcy been commenced against GT Gateway. 
  
 (iv) GT Gateway acknowledges that all information with respect to the Property furnished to GT Gateway or discovered by GT Gateway during
its investigation thereof pursuant to Section 4 of this Agreement (collectively, the “Confidential Information”), is and has been so furnished, and GT Gateway’s investigation of the Property has been permitted by Highwoods, on the
condition that GT Gateway maintains the confidentiality thereof. Accordingly, GT Gateway shall, and shall cause their employees, and, their agents, contractors and 

  

 17 

 
representatives to, hold in strict confidence, and not disclose to any other person or entity without the prior written consent of Highwoods until the
Closing shall have been consummated, any of the Confidential Information in respect of the Property. If the Closing does not occur and this Agreement is terminated, GT Gateway shall promptly return, or cause to be returned, to Highwoods all copies
of such Confidential Information without retaining, or permitting retention of, any copy thereof. Notwithstanding anything to the contrary hereinabove set forth, GT Gateway may disclose such Confidential Information (i) to its employees, its title
insurer, its current or prospective investors or lenders, and members of professional firms serving it in connection with this transaction, including, without limitation, their attorneys, architects, environmental consultants and engineers, bankers,
and their clients; (ii) as any governmental agency or authority may require in order to comply with applicable laws or regulations; and (iii) if required by an order of any court of competent jurisdiction; and this provision shall survive Closing,
provided, however, after the Closing, this provision shall not apply to information available through the public records as a result of such Closing. 
  
 (v) GT Gateway has full power and authority to enter into this Agreement and to assume and perform all of its obligations hereunder; and
no further action or approval is required in order to constitute this Agreement as a binding and enforceable obligation of GT Gateway; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder on
the part of GT Gateway do not and will not require any action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon GT
Gateway in accordance with its terms. 
  
 (vi) To
the current, actual knowledge of GT Gateway, there is no existing or threatened legal action or governmental proceedings of any kind involving GT Gateway, any of its assets or the operation of any of the foregoing, which if determined adversely to
GT Gateway or its assets, would have a material adverse effect on the financial condition, business or prospects of GT Gateway or its assets or which would interfere with GT Gateway’s ability to execute or deliver, or perform its obligations
under this Agreement or any of the documents required to be executed by it. 
  
 (vii) GT Gateway has no current, actual knowledge of any existing violation of any federal, state, county or municipal law, ordinance, order, code, regulation or requirements affecting the Distributees or any of them
assets that would have a material adverse effect on the financial condition, business or prospects of GT Gateway or any of its assets. 
  
 (viii) GT Gateway has no current, actual knowledge of any information or fact which has, or would have, a material adverse affect on the
financial condition, business or prospects of GT Gateway or its assets in a manner which would prevent GT Gateway from consummating the transaction contemplated by this Agreement. 
  
  

 18 

 (ix) GT Gateway is, and at all times prior to the Closing date will be, solvent. As used
herein, “solvent” means that GT Gateway (i) does not have debts greater than the fair market value of its assets; (ii) is paying and anticipates that it will continue to pay its debts as they mature and become due; and (iii) has sufficient
capital to operate its business as it is operated on the date of this Agreement. 
  
 (x) GT Gateway carries, or is covered by, and will maintain, insurance in such amounts and covering such risks as is adequate for the
conduct of its business and the value of its properties and assets and as is customary for companies engaged in similar businesses in similar markets, including, without limitation, “all risks” casualty insurance, flood insurance (when
necessary), general commercial liability insurance and business interruption insurance. 
  
 (xi) GT Gateway acknowledges that, prior to the execution of this Agreement, GT Gateway has had the opportunity to ask questions of and
receive answers or obtain additional information from a representative of Highwoods concerning the financial and other affairs of Highwoods and its general partner and, to the extent GT Gateway believes necessary in light of GT Gateway’s
knowledge of the affairs of Highwoods and its general partner, GT Gateway has asked such questions and received satisfactory answers. GT Gateway further acknowledges that it possesses all material facts necessary to make a determination to dispose
of the Partnership Units as more fully set forth herein. 
  
 For purposes of this Agreement and any document delivered at Closing, whenever the phrases “to the best of GT Gateway’s knowledge”, “to the current, actual knowledge of GT Gateway” or the
“knowledge” of Gateway or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge without inquiry of GT Gateway. 
  
 (e) Maintenance of the Property. Between the date of this Agreement and the Closing, Highwoods shall continue to
maintain the Property in the same condition and repair as currently being maintained, ordinary wear and tear and damage by casualty excepted, and shall not cause or permit any waste upon the Property and shall not, except as set forth above with
respect to ordinary wear and tear and casualty damage without the prior written consent of GT Gateway, permit any material physical change to the Property prior to Closing. Highwoods shall not take any action which would adversely affect the value
of or title to the Property and will not amendment, modify or terminate the Lease without GT Gateway’s written consent. 
  
 (f) Risk of Loss; Damage or Destruction; Condemnation. If, prior to Closing, the Property or any part thereof shall be condemned, or destroyed or
materially damaged by fire or other casualty (that is, damage or destruction to the Building which GT Gateway reasonably believes would cost in excess of Two Hundred Thousand and No/100 Dollars ($200,000) to 

  

 19 

 
repair or would entitle the tenant under the Lease to terminate the Lease, or, in the case of a condemnation, which substantially prevents access to the
Property or any part thereof), GT Gateway shall have the option which shall be exercised not later than the later of (i) five (5) days prior to Closing or (ii) ten (10) business days following the date GT Gateway receives written notice of the
condemnation or damage (with Closing being extended, if necessary, to accommodate such time periods) either to (a) to terminate this Agreement, or (b) to consummate the transaction contemplated by this Agreement notwithstanding such condemnation,
destruction or material damage. If GT Gateway elects to consummate the transaction contemplated by this Agreement notwithstanding a casualty or condemnation, GT Gateway shall be entitled to receive all of the condemnation proceeds or settle the loss
under all policies of insurance applicable to the destruction or damage and receive all of the proceeds of insurance applicable thereto, and Highwoods shall, at Closing and thereafter, execute and deliver to GT Gateway all required proofs of loss,
assignments of claims and other similar items, and GT Gateway shall receive a credit at Closing for the amount of any deductible under Highwoods’ insurance policies. If GT Gateway or Highwoods elects to terminate this Agreement as a result of a
casualty or condemnation, the Earnest Money plus any interest earned thereon shall be returned to GT Gateway by the Escrow Agent, in which event this Agreement shall, without further action of the parties, become null and void and neither party
shall have any rights or obligations under this Agreement, except for GT Gateway’s Continuing Indemnification Obligations. If there is any other damage or destruction to the Building (that is, damage or destruction to the Building which GT
Gateway reasonably believes would cost Two Hundred Thousand and No/100 Dollars ($200,000) or less to repair), or if there is a condemnation which does not substantially prevent access to the Land or any part thereof, or if the damage or destruction
of the Building or condemnation would not entitle the tenant under the Lease to terminate the Lease, GT Gateway shall not have the right to terminate this Agreement and (i) in the event of a casualty, Highwoods shall either completely repair such
damage to the Building prior to Closing in a manner satisfactory to GT Gateway or, at Highwoods’ option, either assign all insurance claims pertaining to such damage or destruction to GT Gateway at Closing, with GT Gateway to receive a credit
for the amount of any deductible under Highwoods’ insurance policies, or allow GT Gateway a credit against the Purchase Price in an amount equal to GT Gateway’s reasonably estimated cost of repair and (ii) in the event of a condemnation,
Highwoods shall assign to GT Gateway all of Highwoods’ rights to any condemnation proceeds to be paid by the applicable governmental authority. 
  
 (g) No Transfer of Personal Property. Highwoods agrees not to transfer or remove any personal property from the Property after the Agreement Date
except for repair or replacement thereof. Any items of Personal Property replaced after the Agreement Date shall be promptly installed prior to Closing and shall be of substantially similar quality to the item of personal property being replaced.

  
 (h) Compliance With Legal Requirements. All notices of
violations of laws, ordinances, or regulations (“Violations of Law”), which are issued or sent to Highwoods prior to the Closing related to the Property by any governmental department, agency or bureau having jurisdiction over the
conditions relating to such Violations of Law may (but is not required to) be remedied or complied with by Highwoods prior to Closing; provided, however, if any notices of Violations of Law are issued or sent to Highwoods by any governmental
department, agency or 

  

 20 

 
bureau having jurisdiction over the conditions related to such Violations of Law after the end of the Review Period that Highwoods is unable or unwilling to
remedy or cure, or comply with such notices by the Closing then GT Gateway shall have the option to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, the Binder Deposit shall be returned to GT Gateway and
this Agreement shall be void and without recourse to the parties hereto, except for provisions which are expressly stated to survive such termination including GT Gateway’s Continuing Indemnification Obligations; or (b) proceed with Closing
notwithstanding such Violations of Law and obtain an adjustment to the Purchase Price as reasonably determined by GT Gateway and Highwoods. If Highwoods receives any notices of Violations of Law prior to the end of the Review Period which Highwoods
is unable or unwilling to remedy or cure, GT Gateway’s only remedy shall be to terminate this Agreement and receive a refund of the Binder Deposit or proceed with Closing not withstanding such Violations of Law and obtain an adjustment to the
Purchase Price as reasonably determined by GT Gateway and Highwoods. 
  
 (i) Delivery of Notices. Highwoods shall promptly deliver to GT Gateway prior to Closing, copies of all notices, correspondence and reports generated or received by Highwoods in connection with the Lease. 
  
 6. CONDITIONS PRECEDENT TO CLOSING. 
  
 (a) GT Gateway’s Conditions. The obligation of GT Gateway to
complete the transaction contemplated by this Agreement is subject to the satisfaction on or before the Closing of the following conditions, any of which may be waived in whole or in part by GT Gateway, but only in writing at or prior to Closing:

  
 (i) All representations and warranties of
Highwoods in this Agreement shall be true and correct in all material respects as of the Closing Date, with the same force and effect as if such representations and warranties were made anew as of the Closing Date. Any changes to such
representations disclosed by Highwoods in writing prior to Closing shall be subject to the provisions of Section 6(a)(ii) below. Highwoods shall have performed and complied in all material respects with all covenants and agreements required by this
Agreement to be performed or complied with by Highwoods prior to the Closing Date. 
  
 (ii) In the event that GT Gateway becomes aware at any time prior to Closing that a representation or warranty made by Highwoods herein,
while true as of the date made, no longer remains true in all material respects, due to a change of circumstances beyond the reasonable control of Highwoods subsequent to the date of this Agreement, GT Gateway shall promptly give written notice of
such fact to Highwoods. In the event Highwoods is unable or unwilling to remedy such change of circumstances by the Closing, then GT Gateway shall have the option to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall
cease (except for GT Gateway’s Continuing Indemnification Obligations) and the Binder Deposit shall be returned to GT Gateway; or (b) proceed with Closing notwithstanding such change of circumstances; provided, however, that if Highwoods
intentionally caused such representation or warranty 

  

 21 

 
to become untrue, GT Gateway shall have the right to proceed with Closing and decrease the amount of the Purchase Price by the amount necessary to remedy
such breach or terminate this Agreement and Highwoods shall reimburse GT Gateway for GT Gateway’s out-of-pocket expenses incurred in negotiating this Agreement and conducting its review of the Property and preparation for Closing (including,
without limitation, reasonable attorneys’ fees, title examination, environmental assessment and survey and loan fees forfeited to GT Gateway’s lender as the result of the closing failing to occur because Highwoods intentionally caused a
representation or warranty made by it herein to be untrue at closing). 
  
 (iii) All of Highwoods’ obligations hereunder shall have been performed with regard to the Property. 
  
 (iv) Highwoods must have good and marketable fee simple title to the Property, free and clear of all liens, encumbrances, covenants and
conditions, save and except the Permitted Exceptions, and the Building or other improvements on the Property shall not encroach upon any land adjoining the Property, except for encroachments of asphalt paving over utility easements. 
  
 (v) Highwoods shall not have caused any New Encumbrances to
be placed on the Property between the date of this Agreement and the Closing Date except with the approval of GT Gateway which approval shall not be unreasonably withheld or delayed and Highwoods shall have the obligation to remove all such New
Encumbrances (not approved as aforesaid by GT Gateway) on the Closing Date. 
  
 (vi) The Property will be free and clear of any and all taxes or assessments and any penalties associated therewith, except ad valorem taxes for the year of Closing, which will be prorated on a calendar year basis at
the Closing. 
  
 (vii) The Property shall be in
substantially the same condition on the date of Closing as of the date hereof subject, however, to normal wear and tear only, provided, in the event the Property is not in the condition described above prior to Closing as the result of a casualty to
the Building, the provisions of Section 5(f) of this Agreement shall apply. 
  
 (viii) No order, writ, injunction or decree shall have been entered and be in effect by any court of competent jurisdiction or any governmental authority, and no statute, rule, regulation or other requirement shall
have been promulgated or enacted and be in effect, that restrains, enjoins or invalidates the transactions contemplated hereby. 
  
 (ix) No suit or other proceeding shall be pending or threatened by any third party not affiliated with or acting at the request of
Highwoods before any 

  

 22 

 
court or authority seeking to restrain or prohibit or declare illegal, or seeking substantial damages against Highwoods in connection with the transactions
contemplated by this Agreement. 
  
 (x) Highwoods
shall make all reasonable efforts to obtain and provide to GT Gateway five (5) days prior to Closing a tenant estoppel certificate in the form attached hereto as Exhibit E (the “Tenant Estoppel Certificate”) from the tenant of the
Building. To the extent Highwoods has not delivered the Tenant Estoppel Certificate at Closing, and if General Electric Capital Assurance Company, or its affiliate (“G E Capital”) makes a loan to GT Gateway and will accept an estoppel
certificate from Highwoods, Highwoods may (but has no obligation to) execute an estoppel certificate (certifying the same matters set forth in the Tenant Estoppel Certificate submitted to the tenant of the Building). Highwoods may agree to indemnify
GT Gateway (and G E Capital) from loss or damage incurred by GT Gateway and/or G E Capital resulting from the inaccuracy of any matter contained in the estoppel certificate executed by Highwoods. In the event Highwoods provides an estoppel
certificate pursuant to the terms of this Section, Highwoods may, after Closing, substitute a Tenant Estoppel Certificate therefor, and thereafter, Highwoods shall be relieved from any liability to GT Gateway (and G E Capital) with respect to any
Highwoods’ estoppel certificate substituted by the Tenant Estoppel Certificate. Provided Highwoods makes a reasonable effort to obtain the Estoppel Certificate, and if the G E Capital will not accept a Highwoods’ estoppel certificate,
Highwoods’ failure to so provide the Estoppel Certificate to GT Gateway and G E Capital shall not be deemed a default by Highwoods under this Agreement and GT Gateway may (a) elect to delay Closing for a reasonable period of time to enable
Highwoods to obtain and deliver the Estoppel Certificate or (b) terminate this Agreement and receive a refund of the Binder Deposit, or (c) close this transaction without the Estoppel Certificate. 
  
 (xi) On or before the date of Closing, Highwoods shall have
provided to GT Gateway and G E Capital a subordination, non-disturbance and attornment agreement (“SNDA”) in a form acceptable to G E Capital executed by the tenant of the Building. Provided Highwoods makes a reasonable effort to obtain
the Estoppel Certificate, and if G E Capital will not accept the SNDA provided by the tenant of the building, Highwoods’ failure to so provide an SNDA acceptable to G E Capital shall not be deemed a default by Highwoods under this Agreement. In
the event Highwoods fails to deliver the SNDA to GT Gateway and/or its lender as required above, GT Gateway may (a) elect to delay Closing for a reasonable period of time to enable Highwoods to obtain and deliver the SNDA or (b) terminate this
Agreement and receive a refund of the Binder Deposit, or (c) close this transaction without the SNDA. 
  
 (xii) GT Gateway must have closed a loan with General Electric Capital Assurance Company, or an affiliate thereof pursuant to a loan
application with G E Asset Management Incorporated to be applied for by GT Gateway during the 

  

 23 

 
Review Period, providing GT Gateway with loan proceeds of not less than $1,612,500.00 (the “Loan”). GT Gateway agrees to apply for the Loan during
the Review Period and make a commercially reasonable effort to close the Loan pursuant to such application. 
  
 (xiii) On the date of Closing, the tenant of the Building shall not be a party to any voluntary or involuntary bankruptcy proceeding filed
pursuant to the United States Bankruptcy Code, or any state receivership or state insolvency proceeding. 
  
 (xiv) The Lease shall not have been modified or terminated without the written consent of GT Gateway. 
  
 If any of the foregoing conditions in this Section 6 for the
benefit of GT Gateway shall fail to be satisfied within the time period set forth for each condition, GT Gateway may, at its election: (i) terminate its obligations to accept a distribution of the Property; (ii) waive such condition and complete the
transaction contemplated hereby without any reduction in the Purchase Price, except as provided in Section 6(a)(ii); or (iii) require Highwoods to perform its obligations hereunder, if any, with regard to the Property or the Building and
Highwoods’ failure to perform such obligations, if any, shall be a default hereunder. 
  
 (b) Highwoods’ Conditions. The obligations of Highwoods under this Agreement are subject to the satisfaction of each of the following conditions on or before the Closing Date, any of which may be waived by
Highwoods, and GT Gateway agrees to cause the conditions described in clauses (ii) and (iii) below to be so satisfied: 
  
 (i) This transaction must have been approved by Highwoods’ general partner’s board of directors at its February meeting
(anticipated to be February     , 2005). Highwoods shall submit this Agreement to its general partner’s board of directors at its February meeting. 
  
 (ii) All the terms, covenants, and conditions of this Agreement to be complied with and performed by GT
Gateway on or before the Closing Date shall have been duly complied with and performed in all respects; and 
  
 (iii) The representations and warranties of GT Gateway contained in this Agreement shall be true and correct in all respects at and as of
the Closing Date with the same force and effect as though such representations and warranties had been made as of the Closing Date, except for any changes which have been disclosed to Highwoods in writing and expressly approved or waived by
Highwoods in writing. 
  
 (iv) Simultaneously
with the closing of the transaction contemplated by this Agreement, John L. Turner, Sr., Robert Goldman, and Henry P. Royster, Jr. 

  

 24 

 
(the “Distributees”) must have purchased a twenty-five percent (25%) interest in the Land, the Improvements and the Lease pursuant to an agreement
between Highwoods and the Distributees of even date herewith. 
  
 7. CLOSING. 
  
 (a) Date. The Closing of
the transaction contemplated hereby shall occur on or before March 1, 2005, at the offices of GT Gateway’s attorney in Winston-Salem, North Carolina, or such other place as may be mutually agreed upon by Highwoods and GT Gateway, or, at GT
Gateway’s option, closed in escrow at the office of the Title Company, provided, GT Gateway shall give Highwoods at least five (5) business days notice of the date of any Closing to take place under this Agreement. Notwithstanding the above, GT
Gateway may delay closing until March 31, 2005 in the sole discretion of GT Gateway by paying to the Escrow Agent an additional binder deposit the sum of Fifteen Thousand and No/100 Dollars ($15,000.00) (which shall be considered and treated as the
Binder Deposit pursuant to Section 3(a) hereof) in which event this transaction will close on such date pursuant to the provisions of this paragraph. 
  
 (b) Highwoods’ Closing Documents. At the Closing, Highwoods shall deliver to GT Gateway or its designated agent the following, each of which
shall be properly executed and acknowledged, if applicable: 
  
 (i) A limited warranty deed in a form reasonably acceptable to GT Gateway conveying to GT Gateway good and marketable fee simple title to a seventy-five percent (75%) interest in the Land, free and clear of all liens,
encumbrances, easements and restrictions, except the Permitted Exceptions, which may encumber the Property at the time of the conveyance thereof; 
  
 (ii) An assignment of a seventy-five percent (75%) interest in the Lease in the form set forth on Exhibit F; 
  
 (iii) A bill of sale transferring GT Gateway a one hundred
percent (100%) interest in all Personal Property subject to this Agreement, which bill of sale will be in a form reasonably acceptable to GT Gateway; 
  
 (iv) An assignment of all tenant security deposits held by Highwoods under the terms of the Lease; 
  
 (v) A standard owner’s affidavit and lien waiver form
used by the Title Company to cause an extended coverage ALTA owner’s title insurance policy to be issued to GT Gateway without standard exceptions to mechanics and/or materialman liens; 
  
 (vi) A certificate of Highwoods as to the warranties and
representations referred to in Section 5(c) hereof being true and correct as of the Closing Date; 
  

 25 

 (vii) An affidavit as to “foreign persons” referred to in Section 5(c)(xxiii)
hereof; 
  
 (viii) the Tenant Estoppel
Certificate (or Highwoods’ Estoppel Certificate if applicable) and the SNDA; 
  
 (ix) A blanket assignment and transfer of any and all miscellaneous interests and to the extent assignable all warranties and guarantees
from contractors, subcontractors, suppliers, manufacturers or distributors relating to the Property, if any, (excluding Service Contracts) and all of Highwoods’ right, title, interest and benefits in, to and under all contracts, licenses,
permits and similar documents or authorizations pertaining to the ownership and operation of the Property, if any, including the trade name of the Property; 
  
 (x) A letter, approved by G-T Gateway and Highwoods to the tenant of the Building advising the tenant of the transfer of the Property to
G-T Gateway and that all future payments under the Lease are to be paid to G-T Gateway; 
  
 (xi) An assignment of any Service Contracts to be assumed by G-T Gateway at Closing, if any; 
  
 (xii) All permits, warranties, plans and specifications, and
documents, instruments, files and records related to the Property and in the possession and control of Highwoods; 
  
 (xiii) The original executed Lease; 
  
 (xiv) The keys to any door or lock on the Building and the original tenant files in possession of Highwoods; and 
  
 (xv) Such other matters as either GT Gateway or Highwoods
shall reasonably require or shall be anticipated by the terms hereof. 
  
 (c) GT Gateway’s Closing Documents. At Closing, GT Gateway shall pay the Purchase Price in accordance with the terms of Section 3, and will execute such other documents and papers which may be necessary for the consummation of
the transaction described in this Agreement, as may be reasonably requested by Highwoods or Highwoods’ counsel, including the execution of an assignment of lease in the form set forth on Exhibit F, and an assignment of any service
contracts to be assumed by GT Gateway at Closing, if any. 
  
 Simultaneously with, or promptly following, the Closing hereunder the parties hereto shall execute such other and additional documents and assurances and perform such other acts as shall be reasonably required in order to carry out the
intent and purposes of this Agreement. 
  

 26 

 (d) Closing Costs. Highwoods shall furnish the deed to a seventy-five percent (75%) interest in
the Land in accordance with the terms hereof and shall pay any documentary stamps, excise or transfer tax, if any, with respect thereto and its attorneys’ fees and shall pay all costs required to clear title to the Property, provided Highwoods
shall not be required to expend more than Twenty-Five Thousand and No/100 Dollars ($25,000) in connection with such efforts. GT Gateway shall be responsible for paying the cost of the title insurance premium charged by the Title Company in
connection with the issuance of the Title Policy, recording the deed, its attorneys’ fees, all engineering reports procured by GT Gateway in connection with its due diligence and any cost associated with GT Gateway’s financing of the
Property, if any, and Survey costs. 
  
 (e) Closing
Adjustments. Unless otherwise specified in this Agreement, seventy-five percent (75%) of all income, expenses and costs related to the Property shall be prorated as of 11:59 p.m. Eastern Standard Time on the date immediately preceding the
Closing Date as follows, with any credits or debits to Highwoods as the result of such adjustments being added to or subtracted from the Purchase Price, which shall be adjusted at Closing as contemplated by Section 3 hereof: 
  
 (i) Taxes. To the extent not paid by the tenant under
the Lease, ad valorem property taxes, personal property taxes and special assessments, if any, due or to be levied against the Property (the “Taxes”) for the year of Closing shall be prorated with Highwoods being responsible for all such
Taxes from January 1st of the year of Closing through the last day prior to the day of Closing. GT Gateway shall be responsible for paying seventy-five percent (75%) of the balance of the remaining Taxes due or to be levied against the Property for
the year of Closing. Highwoods shall be responsible for paying any unpaid Taxes for any year prior to Closing. In the event the Taxes are not determinable at the time of Closing, the Taxes shall be prorated on the basis of the best available
information (the “Estimated Taxes”). If the Taxes are not paid at Closing, Highwoods shall deliver to GT Gateway the bills for the Taxes promptly upon receipt thereof and GT Gateway shall thereupon be responsible for the payment of
seventy-five percent (75%) of the Taxes within the time fixed for payment thereof and before the same shall become delinquent. Notwithstanding the foregoing, in the event actual Taxes for the year of Closing exceed the Estimated Taxes for the year
of Closing (the “Tax Excess”) or Estimated Taxes for the year of Closing exceed the actual Taxes for year of Closing (the “Tax Refund”), Highwoods and GT Gateway shall prorate and pay such Tax Excess or such Tax
Refund as follows: 
  
 (A) Highwoods shall be
responsible for a portion of the Tax Excess or shall receive credit for the Tax Refund prorated from January 1st of the year of Closing through the last day before the Closing Date based upon a 365-day calendar year. The amount of the Tax Excess or
the Tax Refund shall be determined when the property tax bills are received by GT Gateway, and GT Gateway shall notify Highwoods within thirty (30) days thereof of the calculation of the amount due to GT Gateway 

  

 27 

 
from Highwoods in the case of a Tax Excess or the amount due to Highwoods from GT Gateway in the case of a Tax Refund. Highwoods shall have thirty (30) days
from Highwoods’ receipt of such notification to pay its portion of the Tax Excess to GT Gateway and GT Gateway shall have thirty (30) days from GT Gateway’s receipt of the property tax bills to pay Highwoods its portion of the Tax Refund.

  
 (ii) Utilities. To the extent not paid
by tenant under the Lease, seventy-five percent (75%) of all utility charges and reimbursement for utility charges for the Property (including, without limitation, telephone, water, storm and sanitary sewer, electricity, gas, garbage and waste
removal), to the extent not payable by the tenant under the Lease, shall be prorated. Transfer fees required with respect to any such utility shall be paid by GT Gateway prior to Closing. 
  
 (iii) Rents. Seventy-five percent (75%) of all paid
rents, including revenues and charges of any kind, together with any other sums paid by the tenant (other than security deposit), under the Lease, shall be prorated as of the Closing Date. In the event that, at the time of Closing, there are any
past due or delinquent rents owing by the tenant of the Property, GT Gateway shall have the exclusive right to collect such past due or delinquent rents and shall remit to Highwoods in cash to the extent, and only to the extent, that the rents
received by GT Gateway from the tenant owing past due or delinquent rents exceed the sum of the aggregate rents and other sums payable by such tenant for periods from and after the Closing Date to the date of receipt, and then only if Highwoods has
notified GT Gateway at Closing that the tenant under the Lease is delinquent in its rent as of the Closing Date. GT Gateway will make a commercially reasonable good faith effort to collect after Closing any rents which are delinquent and owing to
Highwoods at Closing, but GT Gateway shall have no obligation to file suit to collect such amounts, provided if GT Gateway fails to file suit to collect such amounts after being requested to do so by Highwoods, Highwoods shall have the right to
collect all rents owed to Highwoods at the time of Closing, which shall include Highwoods’ filing of suit, if necessary, to collect such amounts. In the event that, after Closing, Highwoods receives any payments of rent or other sums due from
the tenant under the Lease that relate to periods from and after Closing, Highwoods shall promptly forward to GT Gateway such payments. It is agreed by GT Gateway that the sums to be paid by the tenant referred to in this Section 7(e)(iii) shall
include all property operation costs “pass throughs” for the years 2004 and 2005 not paid on a monthly basis, but rather at the end of a calendar year after being invoiced therefor. These sums shall be provided and paid to Highwoods and GT
Gateway, as applicable, when paid by the tenant under the Lease. GT Gateway shall use reasonable efforts to invoice the tenant for “pass throughs” as promptly as is practicable after Closing (but in no event shall GT Gateway be required to
do so until allowed under the Lease), provided Highwoods must furnish to GT Gateway all applicable information regarding the amount of “pass through” operating expenses to be paid by the tenant under the Lease for the calendar year 2004.

  

 28 

 During the period after Closing, GT Gateway shall deliver to Highwoods any and all rents
accrued but uncollected as of the Closing Date to the extent subsequently collected by GT Gateway, and to the extent GT Gateway receive such rents, shall apply rents received after Closing to the extent the same are delinquent first to payment of
current Rent then due, and thereafter to delinquent rents (other than “true up” payments received from the tenant attributable to a year-end reconciliation of actual and budgeted pass-through payments which shall be allocated between
Highwoods and GT Gateway pro rata in accordance with their respective period of ownership as set forth in this Section 7(e)(iv) below) but only after rent due and owing to GT Gateway have been paid in full, including any delinquent rent. If any
security deposits are in the form of a letter of credit, Highwoods shall assign its interest in the letter of credit to GT Gateway (to the extent assignable) and deliver the original letter of credit to GT Gateway at Closing. 
  
 (iv) Calculations. For purposes of calculating
prorations, GT Gateway shall be deemed to be the owner of the Property, and, therefore, entitled to seventy-five percent (75%) of the income therefrom and responsible for seventy-five percent (75%) of the expenses thereof for the entire day upon
which the Closing occurs. All such prorations shall be made on the basis of the actual number of days of the month which shall have elapsed as of the day of the Closing and based upon the actual number of days in the month and a three hundred
sixty-five (365) day year. The amount of such prorations shall be initially performed at Closing but shall be subject to adjustment in cash after the Closing as and when complete and accurate information becomes available, if such information is not
available at the Closing. Highwoods and GT Gateway agrees to cooperate and use its best efforts to make such adjustments no later than sixty (60) days after the Closing. Except as set forth in this Section 7(e)(iii) and (iv) all items of income and
expense which accrue for the period prior to the Closing will be for the account of Highwoods and seventy-five percent (75%) of all items of income and expense which accrue for the period on and after the Closing will be for the account of GT
Gateway. The provisions of Section 7(e)(iii) and (iv) shall survive the Closing. 
  
 (v) Prepaids. Seventy-five percent (75%) of any expense or cost of prepaid items, including, without limitation, fees for licenses
which are transferred to GT Gateway at the Closing and annual permit and inspection fees shall be apportioned between Highwoods and GT Gateway at the Closing. 
  

(vi) Service Agreement Payments. Seventy-five percent (75%) of all amounts payable under any of the Service Contracts assumed by
GT Gateway shall be prorated. GT Gateway does not assume any obligation under any Service Contracts for acts or omissions that occur prior to Closing. GT Gateway does not assume any obligation under any Service Contracts not expressly assumed by GT
Gateway. 
  

 29 

 (vii) Settlement After Closing. The parties acknowledge that not all invoices for
expenses incurred with respect to the Property prior to the Closing will be received by the Closing and that a mechanism needs to be in place so that such invoices can be paid as received. All of the Closing adjustments will be done on an interim
basis at the Closing and will be subject to final adjustment in accordance with this Section 7(e). After Closing, upon receipt by GT Gateway of an invoice for the Property’s operating expenses that are attributable in whole or in part to a
period prior to the Closing and that were not apportioned at Closing, GT Gateway shall submit to Highwoods a copy of such invoice with such additional supporting information as Highwoods shall reasonably request. Within ten (10) days of receipt of
such copy, Highwoods shall pay to GT Gateway an amount equal to seventy-five percent (75%) of the portion of such invoice attributable to the period ending on the date immediately preceding the Closing. Likewise, upon receipt by GT Gateway of such
an invoice after Closing for the Property’s operating expenses which were paid in advance by Highwoods and are attributable in whole or in part to a period on or after Closing that were not apportioned at Closing, GT Gateway shall submit to
Highwoods a copy of such invoice together with an amount equal seventy-five percent (75%) of to the portion of such invoice attributable to the period on or after Closing, within ten (10) days after receipt of such invoice. 
  
 (viii) Leasing Commissions. Seventy-five percent
(75%) of all obligations to pay leasing commissions due from and after the Closing Date of this Agreement as the result of the execution of a new lease of the Building after the date hereof, the result of the renewal of the Lease, the extension of
the term of the Lease, the expansion of the premises demised by the Lease for space within the Building, or the exercise of an option to lease additional space in the Building set forth in the Lease (collectively “Future Commissions”)
which obligations are incurred pursuant to the brokerage agreements set forth on Exhibit C-1 shall be assumed and paid by GT Gateway. Highwoods shall be responsible for all leasing commissions due prior to the Closing Date. In addition Highwoods
shall indemnify, defend and hold GT Gateway harmless from and against any liability for commissions due pursuant to any agreement not set forth on Exhibit C-1. 
  

(ix) Tenant Improvements. Seventy-five percent (75%) of all obligations to pay the cost of any tenant improvement work owed or
to be owed in connection with new leases of the Building executed after the date hereof or the result of the renewal of the Lease, the extension of the term of the Lease, the expansion of the premises demised by the Lease to space within the
Building or the exercise of a n option to lease additional space in the Building set forth in the Lease occurring after the date hereof, which costs shall include, but not be limited to, all sums expended by Highwoods for such tenant improvement
work (including all overhead costs incurred by Highwoods or its affiliates in connection with the performance of the work related to such tenant improvements not to exceed five percent (5%) of the cost of such tenant improvements) and a profit not

  

 30 

 to exceed ten percent (10%) of the cost of such tenant improvements shall be assumed and paid by GT
Gateway on the Closing Date by reimbursing Highwoods for the costs of such tenant improvements previously paid by Highwoods in connection with new leases, renewals, extensions, relocations, expansions, or the exercise of an option to lease
additional space in the Building occurring after the date hereof or if the cost of such tenant improvements are not yet due and payable by paying the same when they otherwise become due without an adjustment to the Purchase Price. Notwithstanding
the foregoing, to the extent any portion of the term of a Lease, and renewals, extensions, expansions and relocations for which any tenant improvement work is completed prior to the Closing Date, the amount of the Purchase Price to be reduced as a
result of this transaction will be reduced by a pro rata share of such tenant improvement work based upon the percentage of such term (exclusive of any renewal options) which occurs prior the Closing Date. If any tenant improvement work is in
process on the Closing Date, Highwoods shall be responsible for completing the construction thereof, provided, GT Gateway shall be responsible for the costs thereof as set forth above. 
  
 (x) Equitable Adjustments. In the event that any of the prorations or adjustments described in this
Section 7(e) are based upon estimated or erroneous information, then the parties shall make between themselves any equitable adjustment required by reason of any difference between such estimated or erroneous amounts and the actual amounts of such
sums. 
  
 8. DEFAULT AND REMEDIES. 
  
 (a) In the event Highwoods defaults or fails to perform any of the
conditions or obligations of Highwoods under this Agreement, then GT Gateway shall have a right to terminate this Agreement and receive a refund of the Binder Deposit and pursue an action for reimbursement of expenses, fees and costs incurred by G-T
Gateway relating to this Agreement or their due diligence on the Property, provided such fees and costs shall not exceed Fifty Thousand and No/100 Dollars ($50,000), plus the amount of any fees forfeited by G-T Gateway to its lender as the result of
the failure of such Closing because of Highwoods default, and will be substantiated by legitimate invoices therefor, or, in the alternative, compel Highwoods’ performance of its obligations hereunder by bringing an action for specific
performance or, if specific performance is not available to GT Gateway, as a result of the acts or omissions of Highwoods, GT Gateway may pursue any other legal remedy available to GT Gateway under the laws of the State of North Carolina, including
an action for reimbursement of expenses, fees and costs incurred by GT Gateway relating to this Agreement or the Property. 
  
 (b) In the event GT Gateway defaults or fails to perform any of the covenants or conditions of GT Gateway under this Agreement, Highwoods may terminate
this agreement and the Escrow Agent shall pay the Binder Deposit to Highwoods, and such payment shall constitute Highwoods’ liquidated damages as a result of GT Gateway’s default or failure to perform, as Highwoods’ actual damages
shall be difficult, if not impossible, to ascertain, and after such payment GT Gateway shall have no further obligations hereunder, except for GT Gateway’s Continuing Indemnification Obligations. 
  

 31 

 9. OTHER PROVISIONS. 
  
 (a) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which, taken together, shall constitute one and the same instrument. 
  
 (b) Entire Agreement. This Agreement and the Exhibits attached hereto constitute and contain the entire agreement between the parties, and supersede all prior and contemporaneous understandings and agreements, whether oral or in
writing, between the parties respecting the subject matter hereof. There are no representations, agreements, arrangements or understandings, oral or in writing, between or among the parties to this Agreement relating to the subject matter of this
Agreement which are not fully expressed in this Agreement. 
  
 (c)
Construction. The provisions of this Agreement shall be construed as to their fair meaning, and not for or against any party based upon any attribution to such party as the source of the language in question. Headings used in this Agreement
are for convenience of reference only and shall not be used in construing this Agreement. 
  
 (d) Applicable Law. This Agreement shall be governed by the laws of the State of North Carolina. 
  
 (e) Severability. If any term, covenant, condition or provision of this Agreement, or the application thereof to any person or circumstance, shall
to any extent be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, covenants, conditions or provisions of this Agreement, or the application thereof to any person or circumstance, shall
remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. 
  
 (f) Waiver of Covenants, Conditions and Remedies. The waiver by one party of the performance of any covenant, condition or promise under this
Agreement shall not invalidate this Agreement nor shall it be considered a waiver by it of any other covenant, condition or promise under this Agreement. The waiver by either or both parties of the time for performing any act under this Agreement
shall not constitute a waiver of the time for performing any other act or an identical act required to be performed at a later time. 
  
 (g) Exhibits. All exhibits to which reference is made in this Agreement are deemed incorporated into this Agreement and made a part hereof, whether
or not actually attached. 
  
 (h) Amendment. This Agreement
may be amended at any time by the written agreement of GT Gateway and Highwoods. All amendments, changes, revisions and discharges of this Agreement, in whole or in part, and from time to time, shall be binding upon the parties despite any lack of
legal consideration, so long as the same shall be in writing and executed by the parties hereto. 
  

 32 

 (i) Relationship of Parties. The parties agree that their relationship is that of buyer and
seller, and that nothing contained herein shall constitute either party the agent or legal representative of the other for any purpose whatsoever, nor shall this Agreement be deemed to create any form of business organization between the parties
hereto, nor is either party granted any right or authority to assume or create any obligation or responsibility on behalf of the other party, nor shall either party be in any way liable for any debt of the other. 
  
 (j) Assignment. Except as set forth below, GT Gateway may not assign
their rights, obligations and liabilities hereunder to a third party without Highwoods’ prior written consent, which shall not be unreasonably withheld. Notwithstanding the above, GT Gateway may assign this Agreement at Closing (but only if the
transaction contemplated hereby closes) without the requirement of Highwoods’ consent to a corporation, limited liability company, or partnership in which GT Gateway owns more than 50% of the equity interest thereof. This Agreement shall be
binding upon and shall inure to the benefit of the successors and assigns of the parties to this Agreement. 
  
 (k) Further Acts. Each party agrees to perform any further acts and to execute, acknowledge and deliver any documents which may be reasonable
necessary to carry out the provisions of this Agreement. The provisions of this Section 9(k) of this Agreement shall survive Closing and shall not be merged upon the delivery and acceptance of the Deed for the Land. 
  
 (l) No Recording; Actions to Clear Title. Neither Highwoods nor GT
Gateway may record this Agreement or a memorandum of this Agreement without the consent of the other party which shall not be unreasonably withheld or delayed. If GT Gateway fails to complete this transaction, or otherwise terminates or permits this
Agreement to expire for any reason, then GT Gateway shall, at no cost to Highwoods, promptly execute, acknowledge and deliver to Highwoods, all within three (3) days after written request from Highwoods, a quitclaim deed, in recordable form, in
favor of Highwoods and any other documents requested by Highwoods to remove the cloud on title to the Property that may exist as the result of the existence of this Agreement. 
  
 (m) Broker Commissions. Each party warrants to the other that no person, firm or individual is entitled to or has a
claim for a commission or fee arising out of this transaction. Highwoods shall and does hereby indemnify and hold harmless GT Gateway from and against any claim for any consulting fee, finder’s fee, commission, or like compensation, including
reasonable attorney’s fees in defense thereof, payable in connection with any transaction contemplated hereby and asserted by any party arising out of any act or agreement by Highwoods. GT Gateway does hereby indemnify and hold harmless
Highwoods from and against any claim for any consulting fee, finder’s fee, commission or the like, including reasonable attorneys’ fees in the defense thereof, payable in connection with any claim by any person or firm asserted by any
party arising out of any act or agreement by GT Gateway. 
  

 33 

 (n) Notices. All notices and demands which either party is required or desires to give to the
other shall be given in writing by personal delivery, overnight courier service, certified mail, return receipt requested, or by telecopy followed by next day delivery of a hard copy to the address set forth below for the respective parties. All
notices and demands so given shall be effective upon the delivery or sending of the same to the party to whom notice or a demand is given, if personally delivered or sent by telecopy, on the next business day if sent by overnight courier and within
three (3) business days or upon receipt, whichever is earlier, if sent by certified mail, return receipt requested. 
  

			
	GT Gateway:	 	Mr. John L. Turner, Sr., Manager
	 	 	G-T Gateway, LLC
	 	 	1325 Ivy Avenue
	 	 	Winston-Salem, NC 27105
	 	 	Telephone:     336-725-9970
	 	 	Facsimile:      336-777-8904
		
	With copy to:	 	Thomas T. Crumpler, Esquire
	 	 	Allman Spry Leggett & Crumpler, P.A.
	 	 	380 Knollwood Street, Suite 700
	 	 	Winston-Salem, NC 27103-4152
	 	 	Telephone:     336-722-2300
	 	 	Facsimile:      336-721-0414
		
	HIGHWOODS:	 	Highwoods Realty Limited Partnership.
	 	 	Attn: Mack D. Pridgen, III, Esquire
	 	 	3100 Smoketree Court, Suite 600
	 	 	Raleigh, NC 27604-4924
	 	 	Telephone:     919-875-6694
	 	 	Facsimile:      919-876-6929
		
	With copy to:	 	Samuel T. Oliver, Esquire
	 	 	Manning Fulton & Skinner
	 	 	BB&T Plaza
	 	 	3605 Glenwood Avenue
	 	 	Raleigh, NC 27612
	 	 	Telephone:     919/787-8880
	 	 	Facsimile:      919/781-0811

  
 (o) Press
Releases. Highwoods and GT Gateway agree that they will not make any public statement, including without limitation, any press release, with respect to this Agreement and the transactions contemplated hereby without first allowing the other
party an opportunity to review such statement and render an approval thereof, which approval shall not be unreasonably withheld or delayed by either party. It is the intention of this subparagraph that Highwoods and GT Gateway must agree as to the
timing and content of any information contained in any public statement or press release regarding the transaction contemplated hereby. The parties agree to exercise reasonableness when asked to consent to the content of any such press release or
other public statement regarding this transaction. 
  

 34 

 (p) Definition of Agreement Date. As used in this Agreement, Agreement Date shall be deemed to
refer to the date a fully executed original of this Agreement is delivered to each party hereto, and the Agreement Date shall be inserted as the date of this Agreement in the introductory paragraph of this Agreement. 
  
 (q) Survival of the Agreement. The promises, terms, conditions,
representations, warranties and provisions set forth in this Agreement shall survive the Closing of the transaction and the delivery and recording of the deed and any other instruments for the conveyance of the Property for a period of one (1) year
following the Closing, except as otherwise provided in this Agreement and if the deed or any other recorded instruments are or may be construed to be inconsistent with any such provision of this Agreement, then the applicable provision of this
Agreement shall control and shall not be deemed to have been merged into such deed or other recorded instruments, unless otherwise expressly provided in any such instruments. 
  
 IN WITNESS WHEREOF, the parties hereto have caused the signature pages to this Agreement to be duly executed by their hands
and under seal affixed hereto as of the day and year first above written. 
  
 [SIGNATURE PAGES ATTACHED] 
  

 35 

 SIGNATURE PAGE TO AGREEMENT 
 BY AND BETWEEN 
 HIGHWOODS REALTY LIMITED PARTNERSHIP, as Highwoods,

 G-T GATEWAY, LLC, as GT Gateway, 
 AND 
 ALLMAN SPRY LEGGETT & CRUMPLER, P.A., 
 as Escrow Agent 
  
 Dated as of February 11, 2005 
  

					
	GT GATEWAY:	 	G-T GATEWAY, LLC.
	 	 	a North Carolina limited liability company
			
	 	 	By:	 	 /s/ John L. Turner, Sr.

	 	 	Name:	 	John L. Turner, Sr.
	 	 	Title:	 	Manager

  
  

 SIGNATURE PAGE TO AGREEMENT 
 BY AND BETWEEN 
 HIGHWOODS REALTY LIMITED PARTNERSHIP, as Highwoods,

 G-T GATEWAY, LLC, as GT Gateway, 
 AND 
 ALLMAN SPRY LEGGETT & CRUMPLER, P.A., 
 as Escrow Agent 
  
 Dated as of February 11, 2005 
  

					
	HIGHWOODS:	 	HIGHWOODS REALTY LIMITED PARTNERSHIP,
	 	 	a North Carolina limited partnership
			
	 	 	By:	 	Highwoods Properties, Inc., a Maryland
	 	 	 	 	Corporation, its Sole General Partner
			
	 	 	By:	 	 /s/ Mack D. Pridgen III

	 	 	Name:	 	Mack D. Pridgen III
	 	 	Title:	 	Vice President

  
 The undersigned,
Escrow Agent herein, executes this Agreement for the purpose of agreeing to the provisions set forth in this Agreement relating to Escrow Agent and the Binder Deposit. 
  

					
	“ESCROW AGENT”	 	Allman Spry Leggett & Crumpler, P.A.
			
	 	 	By:	 	 /s/ Thomas T. Crumpler

	 	 	Name:	 	Thomas T. CrumplerAgreement by and among Winston-Salem Industrial, LLC, HRLP, G-T Gateway, LLC

 Exhibit 10.14 
  
 AGREEMENT 
  
 By and Among 
  
 WINSTON-SALEM INDUSTRIAL, LLC 
 A Delaware Limited Liability Company

  
 and 
  
 HIGHWOODS REALTY LIMITED PARTNERSHIP, 
 A North Carolina Limited Partnership 
  
 and 
  
 G-T GATEWAY, LLC, 
 A North Carolina Limited Liability Company 

 
 and 
  
 Allman Spry Leggett & Crumpler, P.A. 
  
 as Escrow Agent 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 SALE AND PURCHASE OF MEMBERSHIP INTEREST
	  	3
	 PURCHASE PRICE
	  	3
	 Binder Deposit and Escrow Agent’s Duties and Rights
	  	3
	 ACTIONS PENDING CLOSING
	  	6
	 Survey and Plans
	  	6
	 Initial Delivery of Documentation
	  	7
	 Access to the Property
	  	7
	 Matters of Title
	  	7
	 Environmental Assessments
	  	7
	 Investigation Rights
	  	8
	 Termination Rights: Review Period
	  	9
	 Highwoods’ Removal of Property From Market
	  	9
	 ADDITIONAL AGREEMENTS OF THE PARTIES
	  	9
	 Title to the Property
	  	9
	 Permitted Exceptions
	  	10
	 Representations and Warranties of Highwoods
	  	11
	 Representations and Warranties of G-T Gateway
	  	19
	 Maintenance of the Property
	  	21
	 Risk of Loss; Damage or Destruction; Condemnation
	  	21
	 No Transfer of Personal Property
	  	22
	 Compliance With Legal Requirements
	  	22
	 Delivery of Notices
	  	23
	 Indemnifications
	  	23
	 CONDITIONS PRECEDENT TO CLOSING
	  	24
	 G-T Gateway’s Conditions
	  	24
	 Highwoods’ Conditions.
	  	27
	 CLOSING
	  	28
	 Date
	  	28
	 Highwoods’ Closing Documents
	  	28
	 G-T Gateway’s Closing Documents
	  	29
	 Closing Costs
	  	29
	 Closing Adjustments
	  	29
	 Taxes
	  	30
	 Utilities
	  	30
	 Rents
	  	30
	 Calculations
	  	32
	 Prepaids
	  	32
	 Service Agreement Payments
	  	32
	 Settlement After Closing
	  	32
	 Leasing Commissions
	  	33
	 Tenant Improvements
	  	33
	 Equitable Adjustments
	  	34
	 DEFAULT AND REMEDIES
	  	34
	 OTHER PROVISIONS
	  	34

  

 i 

			
	 Counterparts
	  	34
	 Entire Agreement
	  	34
	 Construction
	  	34
	 Applicable Law
	  	35
	 Severability
	  	35
	 Waiver of Covenants, Conditions and Remedies
	  	35
	 Exhibits
	  	35
	 Amendment
	  	35
	 Relationship of Parties
	  	35
	 Assignment
	  	35
	 Further Acts
	  	36
	 No Recording; Actions to Clear Title
	  	36
	 Broker Commissions
	  	36
	 Notices
	  	36
	 Press Releases
	  	37
	 Definition of Agreement Date
	  	37
	 Survival of the Agreement
	  	38
	 Exhibit A - Property Description
	  	 
	 Exhibit B - Personal Property
	  	 
	 Exhibit B-1 - Excluded Personal Property
	  	 
	 Exhibit C - Leases
	  	 
	 Exhibit C-1 - Service Maintenance Contracts
	  	 
	 Exhibit D – Permitted Exceptions
	  	 
	 Exhibit E – Tenant Estoppel Certificate
	  	 
	 Exhibit F – Assignment of Membership Interest
	  	 
	 Exhibit G - Form of Assignment of Leases
	  	 

  

 ii 

 STATE OF NORTH CAROLINA 
  
 AGREEMENT 
  
 COUNTY OF FORSYTH 
  
 THIS
AGREEMENT (this “Agreement”) is made and entered into as of the 28th day of January, 2005, by and
among WINSTON-SALEM INDUSTRIAL, LLC, a Delaware limited liability company (“WSI”), HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina Limited Partnership (“Highwoods”), G-T GATEWAY, LLC, a North Carolina Limited
Liability Company (“G-T Gateway”) and Allman Spry Leggett & Crumpler, P.A. (“Escrow Agent”). 
  
 WITNESSETH : 
  
 WHEREAS, WSI is, or will be at the closing contemplated hereby, the sole member of Winston-Salem Industrial II, LLC, a North Carolina limited liability
company (hereinafter “WSI, II”) and WSI desires to sell to G-T Gateway, and G-T Gateway desires to purchase from WSI, one hundred percent (100%) of the membership interest owned by WSI in WSI, II (the “Membership Interest”).

  
 WHEREAS, as of the date hereof, WSI is the sole owner of the
following property, which shall be conveyed to WSI, II prior to the closing contemplated hereby: 
  
 (a) a fee simple interest in that tract containing approximately59.181 acres of land and being described on Exhibit A (attached hereto and
incorporated herein by reference), together with all right-of-ways and easements appurtenant thereto (said tract being commonly known as 531 Northridge Park Drive, Rural Hall, North Carolina and being hereinafter referred to as the
“Land”). 
  
 (b) all right, title and interest in and to
all rights, privileges, and easements appurtenant to the Land, including all water rights, rights-of-way, roadways, parking areas, roadbeds, alleyways and reversions or other appurtenances used in connection with the beneficial use of the Land.

  
 (c) all improvements, buildings, structures, related amenities
and fixtures located on the Land and owned by WSI including, without limitation, that warehouse building containing approximately 598,058 square feet and that office building containing approximately 91,808 square feet (collectively referred to as
the “Building”), any and all other buildings, structures and amenities currently located on the Land, all fixtures, apparatus, equipment, vaults, machinery and built-in appliances used in connection with the operation and occupancy of the
Land such as heating and air conditioning systems, electrical systems, plumbing systems, sprinkler and other fire protection and life safety systems, refrigeration, ventilation, or other facilities or services on the Land (all of which are together
hereinafter called the “Improvements”). 
  

 1 

 (d) Except as hereinafter set forth, all personal property to be described on Exhibit B located on
or in or used exclusively in connection with the Land and Improvements and owned by WSI and used or usable in the operation of the Property (as defined below) including, without limitation, fittings, appliances, shades, furniture, furnishings, and
other furnishings or items of personal property used or usable in connection with the Building’s HVAC systems, but excluding all personal property located on the Land or in the Building owned by the tenant thereof or contractors who provide
service to the Building or is not otherwise owned by WSI (hereinafter called the “Personal Property”). 
  
 (e) That lease of the Building set forth on Exhibit C (the “Lease”), prepaid rent, security deposits, contract rights, escrow deposits,
utility agreements, guaranties, warranties, zoning rights or other rights related to the ownership of or use and operation of the Property (as defined below), and interest in certain service contracts related to the Property. A list of the service,
maintenance and/or management contracts affecting or relating to the Property (the “Service Contracts”), and all guaranties and warranties relating to the Property which are assignable together with a description of all pertinent terms and
provisions of such Service Contracts, guaranties and warranties shall be set forth in Exhibit C-1 and attached hereto prior to Closing. All Service Contracts that are not assumed by G-T Gateway shall be terminated at or before Closing.

  
 All of the items of property described in (a), (b), (c), (d)
and (e) above are hereinafter collectively called the “Property.” 
  
 It is hereby acknowledged by G-T Gateway that WSI does not intend that G-T Gateway receive the benefit of any cash, claims relating to any real property tax refunds or rebates for periods occurring prior to Closing
(as hereinafter defined), existing insurance claims and any existing claims against the tenant or former tenants of the Property related to claims or causes of actions which arise prior to the date of Closing, which cash and claims shall be assigned
to Highwoods by WSI and/or WSI, II prior to Closing. It is furthermore, acknowledged by G-T Gateway that WSI does not intend that G-T Gateway receive any benefit in or right to use the trade style name Highwoods Properties and derivations thereof
and any other trademarks used in connection therewith which rights shall be assigned to Highwoods by WSI prior to Closing. 
  
 WHEREAS, WSI and G-T Gateway desire to enter into this Agreement to incorporate all prior negotiations and dealings of the parties with respect to the
transaction contemplated hereby. 
  
 WHEREAS, Highwoods is the
sole owner of WSI and will benefit from this Agreement and is entering into this Agreement for the sole purpose of making those representations and warranties as set forth in Section 4(c) of this Agreement and agreeing to be bound by the
indemnification provisions set forth in Section 4(j) of this Agreement, which provisions are a material inducement to G-T Gateway’s execution of this Agreement. 
  

 2 

 NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the payment of
earnest money, and other good and valuable consideration, receipt of which is hereby acknowledged by WSI, G-T Gateway and Highwoods, the parties hereto agree as follows: 
  
 1. SALE AND PURCHASE OF MEMBERSHIP INTEREST. 
  
 Subject to the terms and conditions of this Agreement, WSI agrees to sell, assign and deliver the Membership Interest to G-T
Gateway and G-T Gateway agrees to purchase the Membership Interest from WSI. 
  
 2. PURCHASE PRICE. 
  
 Subject to the terms and conditions of this Agreement, the total purchase price to be paid by Buyer to Seller for the Membership Interest shall be the sum of Eighteen Million Six Hundred Fifty-Six Thousand Three Hundred Twenty-Five and
No/100 Dollars ($18,656,325.00) (the “Purchase Price”). The Purchase Price, as adjusted by all prorations as provided for herein, shall be paid to Seller by Buyer at the Closing, by wire transfer of immediately available federal funds, of
which the Binder Deposit shall constitute a part, subject to prorations and adjustments at Closing. 
  
 (a) Binder Deposit and Escrow Agent’s Duties and Rights. Within five (5) business days after the full execution of this Agreement, G-T Gateway
shall pay and deliver to the Escrow Agent in United States currency the sum of Sixty Thousand and No/100 Dollars ($60,000.00) as a binder deposit (such amount, together with all interest earned thereon, being referred to herein as the “Binder
Deposit”). Escrow Agent shall hold the Binder Deposit in trust for the mutual benefit of the parties, subject to the following terms and conditions: 
  
 (i) Escrow Agent shall deposit the Binder Deposit in an interest bearing account in an institution as directed by G-T Gateway, and
reasonably acceptable to WSI, in Winston-Salem, North Carolina. The Binder Deposit, plus all accrued interest thereon, shall be returned to G-T Gateway at the Closing of this transaction. Otherwise, the Binder Deposit shall be delivered by Escrow
Agent to WSI or refunded by Escrow Agent to G-T Gateway in accordance with the terms of this Agreement. 
  
 (ii) In the event the transaction contemplated by this Agreement is not closed solely because of any default on the part of WSI, or if any
of the conditions precedent set forth in Section 5 fail to be satisfied at Closing, or if G-T Gateway terminates its obligations as allowed herein pursuant to any other provision of this Agreement, then the Escrow Agent shall pay to G-T Gateway the
Binder Deposit, including interest which has accrued thereon (except, if G-T Gateway terminates this Agreement pursuant to Section 3(g) below, One Hundred Dollars ($100.00) of the Binder Deposit shall be paid to WSI pursuant to Section 3(g) below).
To allow the interest bearing account to be opened, G-T Gateway’s and WSI’s tax identification numbers are set forth below their signatures at the end of this Agreement. Escrow Agent is executing this Agreement to acknowledge Escrow

  

 3 

 Agent’s responsibilities hereunder, which may be modified only by a written amendment signed by all
of the parties. No such amendment shall be binding on the Escrow Agent unless it has been signed by the Escrow Agent. Escrow Agent shall accept the Binder Deposit with the understanding of the parties that Escrow Agent is not a party to the
Agreement except to the extent of its specific responsibilities hereunder; and does not assume or have any liability for the performance or non-performances of WSI or G-T Gateway hereunder to either of them. 
  
 (iii) In the event the transaction contemplated by this
Agreement is not closed solely because of any default on the part of G-T Gateway, then the Escrow Agent shall pay to WSI the Binder Deposit including interest which has accrued thereon, and, except for G-T Gateway’s Continuing Indemnification
Obligations (as defined in Section 3(f) below), such payment shall be G-T Gateway’s only liability to WSI as the result of such breach and shall be considered liquidated damages, as WSI’s actual damages as a result of G-T Gateway’s
breach of its obligations hereunder shall be difficult, if not impossible, to ascertain. 
  
 (iv) Within two (2) days after execution of this Agreement, G-T Gateway, Highwoods and WSI shall deposit a copy of this Agreement executed
by them with Escrow Agent, and, upon receipt of the Binder Deposit from G-T Gateway, Escrow Agent shall immediately execute this agreement where provided below. This Agreement, together with such further instructions, if any, as the parties shall
provide to Escrow Agent by written agreement, shall constitute the escrow instructions. If any requirements relating to the duties or obligations of Escrow Agent hereunder are not acceptable to Escrow Agent, or if Escrow Agent requires additional
instructions, the parties hereto agree to make such deletions, substitutions and additions hereto as counsel for WSI, G-T Gateway and Highwoods shall mutually approve, which additional instructions shall not substantially alter the terms of this
Agreement unless otherwise expressly agreed to by WSI, G-T Gateway and Highwoods. 
  
 (v) Escrow Agent shall hold the Binder Deposit in accordance with the terms and provisions of this Agreement, subject to the following:

  
 (A) Escrow Agent’s duties hereunder
shall be limited to investing, administering and disbursing the Binder Deposit, and Escrow Agent shall have no additional duties or responsibilities hereunder (in its role as Escrow Agent) in connection with the Closing. Escrow Agent undertakes to
perform only such duties as are expressly set forth in this Agreement and no implied duties or obligations shall be read into this Agreement against Escrow Agent. 
  
 (B) Escrow Agent may act in reliance upon any writing or instrument or signature which it, in good faith,
believes of any statement or assertion contained in such writing or instrument, and may assume that 
  

 4 

 any person purporting to give any writing, notice, advice or instrument in connection with the
provisions of this Agreement has been duly authorized to do so. Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner and execution, or validity of any instrument deposited in escrow, nor as to the
identity, authority, or right of any person executing the same, and Escrow Agent’s duties under this Agreement shall be limited to those provided in this Agreement. 
  
 (C) Unless Escrow Agent discharges any of its duties under this Agreement in a negligent manner or is
guilty of willful misconduct with regard to its duties under this Agreement, WSI and G-T Gateway shall indemnify Escrow Agent and hold it harmless from any and all claims, liabilities, losses, actions, suits or proceedings at law or in equity which
it may incur or with which it may be threatened by reason of its acting as Escrow Agent under this Agreement; and in such connection WSI and G-T Gateway shall indemnify Escrow Agent against any and all expenses including reasonable attorney’s
fees and the cost of defending any action, suit or proceeding or resisting any claim in such capacity. 
  
 (D) If the parties (including Escrow Agent) shall be in disagreement about the interpretation of this Agreement, or about their
respective rights and obligations, or the propriety of any action contemplated by Escrow Agent, Escrow Agent may, but shall not be required to, file an action in interpleader to resolve the disagreement. Escrow Agent shall be indemnified for all
costs and reasonable attorneys’ fees in its capacity as Escrow Agent in connection with any such interpleader action and shall be fully protected in suspending all or part of its activities under this Agreement until a final judgment in the
interpleader action is received. 
  
 (E) Escrow
Agent may consult with counsel of its own choice and have full and complete authorization and protection in accordance with the opinion of such counsel. Escrow Agent shall otherwise not be liable for any mistakes of fact or errors of judgment, or
for any acts or omissions of any kind, unless caused by its negligence or willful misconduct. 
  
 (F) The Escrow Agent may in its sole discretion resign by giving thirty (30) days’ written notice thereof to G-T Gateway and WSI.
G-T Gateway and WSI shall furnish to the Escrow Agent written instructions for the release of the escrow funds and escrow documents in such event. If the Escrow Agent shall not have received such written instructions, the Escrow Agent may petition
any court of competent jurisdiction for the appointment of a successor Escrow Agent, and upon such appointment deliver the escrow funds and escrow documents to such successor. 
  

 5 

 (G) If costs and expenses (including attorneys’ fees) are incurred by Escrow Agent
because of litigation of any dispute between WSI and G-T Gateway arising out of the holding of the Binder Deposit, the non-prevailing party (i.e., either WSI or G-T Gateway) shall reimburse Escrow Agent for such reasonable costs and expenses
incurred. WSI and G-T Gateway hereby agree and acknowledge that Escrow Agent assumes no liability in connection with the holding or investment of the Binder Deposit pursuant hereto, except for the negligence or willful misconduct of Escrow Agent and
its employees and agents. Escrow Agent shall not be responsible for the validity, correctness or genuineness of any document or notice referred to herein; and, in the event of any dispute under this Agreement relating to the disposition of the
Binder Deposit, Escrow Agent may seek advice from its own counsel and shall be fully protected in any action taken in good faith in accordance with the opinion of Escrow Agent’s counsel. 
  
 (H) Escrow Agent’s address for purpose of mailing or
delivering documents and notices hereunder is as follows: 
  
 Allman Spry Leggett & Crumpler, P.A. 
 380 Knollwood Street, Suite 700 
 Winston-Salem, NC 27103-4152 
 Attention:      Thomas T. Crumpler, Esquire 
 Telephone:
    (336) 722-2300 
 Telecopier:     (336) 721-0414 
  
 Provisions with respect to notices set forth herein shall apply with respect
to notices given by or to Escrow Agent hereunder. 
  
 3.
ACTIONS PENDING CLOSING. 
  
 (a) Survey and Plans.
G-T Gateway may cause to be secured and delivered to G-T Gateway prior to the end of the Review Period (as defined in Section 3(g) below) a current physical and boundary survey (the “Survey”) of the Land and Improvements prepared by a
North Carolina registered land surveyor or licensed engineer which shall be certified to G-T Gateway which shall contain such documentation and certifications as the Title Company (as defined in Section 4[a]) may require. G-T Gateway agrees to pay
for the cost of the Survey. In the event the Survey reveals anything which materially or adversely affects the Property in the sole reasonable discretion of G-T Gateway, G-T Gateway shall give notice to WSI of those matters objected to by G-T
Gateway in the Survey prior to the last day of the Review Period. WSI shall then have the right, but not the obligation, for a period of ten (10) business days to cure any defects or objectionable matters specified by G-T Gateway. In the event that
WSI fails or is unwilling to cure such defects to the reasonable satisfaction of G-T Gateway’s counsel at WSI’s sole cost and expense, G-T Gateway may proceed to a Closing subject to the defect, or by written notice to WSI, terminate this
Agreement and receive a refund of the Binder Deposit, or otherwise allow this Agreement to expire. 
  

 6 

 (b) Initial Delivery of Documentation. At the time of the execution of this Agreement or within
five (5) business days thereafter, Highwoods or WSI shall provide to G-T Gateway the following: (i) a list of all the Personal Property which shall be attached hereto as Exhibit B, (ii) true, correct and complete copies of all service,
maintenance, utility and other contracts related to the Property, including any warranties or guaranties, a list of which shall be attached hereto as Exhibit C-1, (iii) all title information related to the Land in Highwoods’ or
WSI’s possession or available to Highwoods or WSI including but not limited to, title insurance policies, attorney’s opinions on title and existing surveys, (iv) all environmental, engineering or similar reports and drawing/specifications
relating to the Land, Building or Improvements in Highwoods’ or WSI’s possession, (v) a true, correct and complete copy of the Lease and any amendments or guaranties of such Lease, (vi) all income and expense records related to the
Property for the year 2003 and 2004; and (vii) a current rent roll of the Building. To the knowledge of WSI, the information to be delivered to G-T Gateway pursuant to this subsection is true and correct in every material respect. 
  
 (c) Access to the Property. Subject to Section 3(f) of this Agreement,
WSI shall give G-T Gateway and its agents, engineers and other representatives, reasonable access to the Property. 
  
 (d) Matters of Title. If any objection to the Title Report (as defined in Section 4[a] hereof) or the Survey (or existing survey(s), if applicable)
is identified by G-T Gateway, WSI shall use its commercially reasonable efforts to resolve such objection to G-T Gateway’s satisfaction provided the cost of such resolution does not exceed Twenty-Fifty Thousand and No/100 Dollars ($25,000). In
the event that WSI cannot or refuses to cure an objection to the Title Report or the Survey (or existing survey[s]) which remains unacceptable to G-T Gateway, then and in that event, G-T Gateway may terminate this Agreement without any further claim
or obligation of any kind to WSI, except for G-T Gateway’s Continuing Indemnification Obligation (as defined in Section 3(f) below) or in the alternative, consummate the Closing in accordance with the terms of Section 5(a) below. 
  
 (e) Environmental Assessments. Prior to Closing, G-T Gateway at its
sole expense, and upon reasonable notice to WSI, may cause to be undertaken and completed a current Phase I Environmental Site Assessment of the Land (the “Environmental Assessment”). The Environmental Assessment shall be performed by
environmental inspection and engineering firms selected by G-T Gateway. G-T Gateway shall determine from the Environmental Assessment and from such other information available to G-T Gateway, in its sole discretion, whether or not the Property is
likely to be contaminated by hazardous or toxic waste, substances or materials (including but not limited to, asbestos, PCB’s or petroleum products) as defined under any applicable federal, state or local laws, statutes, orders, rules,
regulations, permits or approvals. In the event that contamination or any other adverse environmental condition is found to likely exist at the Property, or in the event that such Environmental Assessment recommends additional testing and WSI
refuses to consent to such testing (which consent may be withheld by WSI in its sole discretion), G-T Gateway reserves the right to terminate this 
  

 7 

 Agreement and receive a refund of the Binder Deposit. If WSI withholds its consent for G-T Gateway to do additional
environmental testing of the Land, and G-T Gateway terminates this Agreement as the result thereof, WSI will pay to G-T Gateway its due diligence costs reasonably incurred during the Review Period, and any fees forfeited by G-T Gateway to its lender
as the result of G-T Gateway’s termination of this Agreement as the result of WSI refusal to allow G-T Gateway to conduct further environmental tests of the Land. WSI has no obligation to G-T Gateway to remediate any environmental contamination
on the Land discovered by G-T Gateway or G-T Gateway’s engineers. As stated above, G-T Gateway will not conduct a Phase II Environmental Assessment of the Property without WSI’s written consent, which consent may be withheld in WSI’s
sole discretion 
  
 (f) Investigation Rights. From the
Agreement Date until such time as this Agreement is either settled or terminated, G-T Gateway, G-T Gateway’s authorized agents, employees, consultants, architects, engineers and contractors, as well as others authorized by G-T Gateway, shall
have access to the Property and shall be entitled to enter upon the Property and make such surveying, architectural, engineering, topographical, geological, soil, subsurface, environmental, water drainage, traffic, and other studies related to the
availability of water, sewer, natural gas, and other utility services in sufficient quantities to meet G-T Gateway’s requirements and such other investigations, inspections, evaluations, studies, tests and measurements (collectively, the
“Investigations”) as G-T Gateway deems necessary or advisable. Provided, however, G-T Gateway’s rights hereunder to conduct Investigations shall be subject to the following requirements and limitations: (i) any entry upon the Property
by G-T Gateway, G-T Gateway ‘s authorized agents and employees, as well as others authorized by G-T Gateway shall require at least twenty-four (24) hours advance notice to WSI of the date and time of the entry and the specific Investigations to
be conducted in connection with the entry, (ii) the Investigations shall not result in any adverse change to the physical characteristics of the Property (and G-T Gateway shall be obligated to completely repair and restore any damage to the Property
resulting from the Investigations), and (iii) the Investigations will not substantially or adversely interfere with the rights of the tenant in the Building to use and enjoy its leased space therein according to its Lease thereof. G-T Gateway agrees
to indemnify and hold WSI harmless from and against any and all claims, costs, expenses, and liabilities, including reasonable attorneys’ fees, arising out of claims for injury, including death, to persons or physical injury to property
resulting from the Investigations (hereinafter the “G-T Gateway’s Continuing Indemnification Obligations”); provided, however, G-T Gateway shall not be obligated to indemnify WSI from and against any claims, costs, expenses, and
liabilities caused by or arising out of the acts or omissions of WSI or WSI’s employees, representatives or agents, or from the presence or release of Hazardous Substances (as defined in Section 4(c) herein) not introduced onto the Property by
G-T Gateway or G-T Gateway’s authorized agents and employees or other entities conducting the Investigations. WSI shall be entitled to have one or more representatives present to observe the Investigations on the Property. G-T Gateway shall not
be entitled to conduct any environmental Investigations on the Property beyond a Phase I environmental site assessment (i.e. no sampling, drilling, etc.) without first obtaining WSI’s prior written consent, which consent may be withheld
by WSI, in WSI’s sole discretion. Notwithstanding any term or provision herein to the contrary, the provisions in this Agreement [including in this Section 3(f)] relating to the Investigations shall apply to all Investigations conducted by G-T
Gateway and G-T Gateway’s authorized agents, employees, consultants, architects, engineers and contractors both prior to the Agreement Date and from and after the Agreement Date. 
  

 8 

 G-T Gateway will remain responsible and liable to WSI for the Continuing Indemnification Obligations and
the full amount of actual damages suffered by WSI resulting from G-T Gateway’s Investigations after the completion of the Closing hereunder, the termination of this Agreement by G-T Gateway or WSI or a default by G-T Gateway under this
Agreement. 
  
 (g) Termination Rights: Review Period. G-T
Gateway shall have the unqualified right, in G-T Gateway’s sole and absolute discretion, to terminate this Agreement by giving written notice of such election at any time from the Agreement Date until 5:00 p.m. Eastern Standard time on January
30, 2005 (30th) (such period of time until January 30, 2005 being referred to herein as the “Review
Period”). In the event G-T Gateway properly and timely terminates this Agreement pursuant to this Section 3(g); Escrow Agent shall promptly refund all but One Hundred and No/100 Dollars ($100) of the Binder Deposit to G-T Gateway (such $100
payment to WSI being the consideration paid by G-T Gateway for the right to terminate this Agreement pursuant to this Section 3(g)), whereupon the parties hereto shall have no further rights, obligation or liabilities to each other hereunder, except
for G-T Gateway’s Continuing Indemnification Obligations. Time is of the essence with respect to this right to terminate. The failure of G-T Gateway to provide such notice of termination prior to the expiration of the Review Period shall be
deemed conclusively a waiver of G-T Gateway’s termination rights under this Section 3(g); and in such event, except in the case of a default by WSI hereunder (which shall be governed by the terms of Section 7 herein) or failure of any condition
precedent to G-T Gateway’s obligation to close, and except in the event of the termination of this Agreement by either party pursuant to any specific termination right set forth herein which requires the return of the Binder Deposit to G-T
Gateway, the Binder Deposit shall be deemed for all purposes under this Agreement to be nonrefundable to G-T Gateway and “earned” by WSI. 
  
 (h) WSI’s Removal of Property From Market. Until the end of the Review Period, or earlier termination of this Agreement, WSI shall remove the
Property and Membership Interest from the market and not have discussions with prospective purchasers thereof, and will not solicit or accept any offers, whether or not binding, regarding the Property or the Membership Interest during the Review
Period and thereafter until the Closing of the transaction contemplated hereby occurs or until the earlier termination of this Agreement. 
  
 4. ADDITIONAL AGREEMENTS OF THE PARTIES. 
  
 (a) Title to the Property. At the Closing, title to the Land shall be insurable both as to fee and marketability at regular rates by Chicago Title
Insurance Company (the “Title Company”), subject only to those matters enumerated in Section 4(b)(i)-(vi) below (“Permitted Exceptions”). Prior to the end of the Review Period, G-T Gateway shall procure from HPI Title Agency, LLC
at G-T Gateway’s cost, a current title commitment for title insurance issued by the Title Company showing the condition of title to the Land, its appurtenances and Improvements (the “Title Report”). If, prior to the end of the Review
Period, G-T Gateway disapproves of any matter of title contained in the Title Report, G-T Gateway may then elect to provide written 
  

 9 

 notice of G-T Gateway’s disapproval of the same to WSI (those disapproved title matters as so identified by G-T
Gateway are hereinafter called the “Disapproved Exceptions”). WSI agrees to commit its commercially reasonable efforts to remove any Disapproved Exception, provided the cost thereof does not exceed Twenty-Five Thousand and No/100 Dollars
($25,000). However, in the event that as provided in Section 3(a) above, G-T Gateway proceeds to and consummates the Closing subject to a Disapproved Exception, such Disapproved Exception shall then be deemed to be a Permitted Exception. Any
expenses incurred in obtaining such title insurance commitment (including, without limitation, those incurred by an attorney in conducting the necessary title search) shall be borne by G-T Gateway. The title insurance premium for the title insurance
policy issued by the Title Company pursuant to the title commitment (the “Title Policy”) shall be borne by G-T Gateway. The Title Policy shall provide full coverage against mechanics’ or materialmen’s liens, shall commit full
survey coverage (if G-T Gateway procures a Survey of the Land) and such other coverages and endorsements as shall be reasonably required by G-T Gateway. If G-T Gateway requests any endorsements to the Title Policy, G-T Gateway will be responsible
for the cost attributable thereto. 
  
 G-T Gateway may, at or
prior to Closing, notify WSI in writing (the “Gap Notice”) of any objections to title raised by G-T Gateway’s Counsel or the Title Company between the issuance of the Title Report and the Closing, which did not exist as of the date of
the issuance of the Title Report (“New Encumbrances”). If G-T Gateway sends a Gap Notice to WSI, but the New Encumbrance is the result of some act that is beyond the control of WSI, then G-T Gateway and WSI shall have the same rights and
obligations with respect to such notice as apply to a Disapproved Exception under Sections 4(a) and 4(b) hereof. However, in the event the New Encumbrance results from any action or omission of WSI (with the exception of New Encumbrances which can
be cured by a monetary payment which G-T Gateway has, and shall have, the absolute right of making such payment and reducing the Purchase Price by a like amount), G-T Gateway shall be entitled to terminate this Agreement, receive a refund of the
Binder Deposit, and reimbursement from WSI of the costs, fees and expenses incurred by G-T Gateway related to this Agreement and the Property. 
  
 (b) Permitted Exceptions. At the Closing, the Land, its appurtenances and the Improvements shall be owned by WSI, II free and clear of all liens,
encumbrances, claims, rights-of-way, easements, leases, restrictions and restrictive covenants, except the following Permitted Exceptions: 
  
 (i) Public utility easements and rights-of-way in customary form, so long as no Improvements are located thereon and they do not interfere
with the use of the Property for office, warehouse and related commercial purposes permitted by the Lease or materially affect the value of the Property; 
  
 (ii) Zoning and building laws or ordinances, provided they do not prohibit the use of the Property for office, warehouse and related
commercial purposes permitted by the Lease and so long as the Property is in compliance with same; 
  

 10 

 (iii) Ad valorem real estate taxes for any year in which they are not yet due and payable
as of the date of Closing; and 
  
 (iv) Those
matters which G-T Gateway has elected to accept; 
  
 (v) Items shown on the Survey and not objected to by G-T Gateway or waived by G-T Gateway in accordance with Section 3(a) hereof. 
  
 (vi) Those Permitted Exceptions listed on Exhibit D, so long as they to not interfere with the use of the Property for office,
warehouse and related commercial purposes permitted by the Lease or materially affect the value of the Property. 
  
 If, in the opinion of G-T Gateway’s counsel, G-T Gateway is not able to procure an owner’s title insurance commitment from the Title Company
prior to Closing, complying with the requirements of this Section 4, G-T Gateway shall have the option of purchasing the Membership Interest with WSI, II’s title to the Land being in its “as is” condition, and consummating the
Closing, or terminating this Agreement. Notwithstanding any other provision contained herein to the contrary, if the title defect(s) which may include, without limitation, a Disapproved Exception, is a mortgage, lien, judgment, assessment, unpaid
taxes or tax which can be cured by a monetary payment (and with respect to which affirmative title insurance coverage is not available at the Title Company’s standard rates) G-T Gateway has, and shall have, the absolute right of making such
payment and reducing the Purchase Price by a like amount. 
  
 (c)
Representations and Warranties of Highwoods and WSI. Highwoods and WSI hereby make the following representations and warranties to G-T Gateway: 
  
 (i) There are no options to purchase the Property or the Membership Interest which are effective, nor has WSI previously entered into any
contract of sale of the Property or the Membership Interest with a party other than G-T Gateway which is presently effective. After the date hereof and until Closing, or until this Agreement is otherwise terminated, WSI will not (and will not allow
WSI, II to) enter into any agreement or contract or negotiate with any party other than G-T Gateway with respect to the sale of the Property or the Membership Interest, nor, will WSI (nor will WSI allow WSI, II to) pledge or assign any right, title,
interest in or to the Property or the Membership Interest or any part thereof to any person or entity. 
  
 (ii) All bills and claims for labor performed and services and materials furnished to or for the benefit of the Property have been or will
be paid in full by Closing, and there are no mechanics’ liens or materialmen’s liens on or affecting the Property. If any mechanics’ or materialmen’s lien is filed on or affecting the Property for work, labor or materials,
Highwoods and WSI shall indemnify and save G-T Gateway harmless from, or bond over, such lien and cause the Title Company to eliminate any exception therefor from the Title Policy. 
  

 11 

 (iii) As of the date of the Agreement, except as otherwise set forth on Exhibit C,
there are no leases, subleases, licenses or other rental agreements or occupancy agreements (written or verbal) which grant any possessory interest in and to any space situated on or in any of the Property or that otherwise give rights with regard
to use of any portions of any of the Property and except as set forth on Exhibit C-1, there are no commissions due with respect to any such lease, sublease, etc., nor, except as set forth on Exhibit C-1, will any commissions be due in
connection with the renewal of any such lease, sublease, etc. 
  
 (iv) Except as set forth on Exhibit C-1, neither WSI, nor to the knowledge of WSI, any other party, has entered into any construction, design, engineering, service, maintenance, supply, brokerage/leasing
agreements, employment agreements, management contracts or leases of personal property (collectively, “Service/Equipment Contracts”) affecting the construction, use, ownership, maintenance or/or operation of the Property that will continue
subsequent to the Closing. Prior to or on the date of Closing, WSI shall terminate, at WSI’s sole cost and expense, all Service/Equipment Contracts which G-T Gateway does not elect to assume in writing; or, if not terminable by the date of
Closing, shall remain responsible for and will timely perform all of the obligations thereunder. To Highwoods’ and WSI’s knowledge, WSI is not in material default under any of the Service/Equipment Contracts and, to Highwoods’ and
WSI’s knowledge, no other parties to any of the Service/Equipment Contracts are in default, nor do any conditions exist that, with the passage of time, or giving of notice, or both, shall constitute a default thereunder. The copies of the
Service/Equipment Contracts provided to G-T Gateway pursuant to this Agreement are true, accurate and complete as of the date hereof, are in full force and effect and none of them have been modified, amended or extended except as otherwise set forth
on Exhibit C-1. 
  
 (v) To the knowledge
of Highwoods and WSI, which knowledge is based solely on that Phase I Environmental Site Assessment of the Land dated September 25, 2002, conducted by Trigon Engineering Consultants, Inc. (The Environmental Report), the Property has not been used
for the generation, treatment, storage or disposal of any hazardous substances in violation of any federal, state or local environmental law, rule or violation during the period in which WSI has owned the property. For the purposes of this Section
4(c)(v), “hazardous substances” shall include (i) “hazardous substances” as defined in the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq., as amended,
or by any regulations promulgated thereunder; (ii) any “hazardous waste, underground storage tanks, petroleum, regulated substance, or used oil as defined by the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et.
seq.), as amended or by any regulations promulgated thereunder; (iii) any oil or other hazardous substances as defined by the Oil and Hazardous Substances Control Act of 1986 as amended, and any regulations adopted pursuant to said Act, or any
similar environmental protection law of the state in which the Property is located or its 
  

 12 

 political subdivisions. To the knowledge of Highwoods and WSI, which knowledge is based solely on the
Environmental Report, no asbestos or asbestos-containing materials have been installed, used, incorporated into or disposed of on the Property. To the knowledge of Highwoods and WSI, which knowledge is based solely on the Environmental Report, no
polychlorinated biphenyls (“PCBs”) are located on or in the Property, whether such PCBs are in the form of electrical transformers, florescent light fixtures with ballast, cooling oils or any other device or form. To the knowledge of
Highwoods and WSI, which knowledge is based solely on the Environmental Report, except as set forth in the Environmental Report, no underground storage tanks are located on the Property or were located on the Property and subsequently removed or
filled. To the knowledge of Highwoods and WSI, but without having made any independent investigation, no investigation, administrative order, consent order and agreement, litigation, or settlement with respect to hazardous substances is proposed,
threatened, anticipated or in existence with respect to the Property. 
  
 (vi) Neither the entering into of this Agreement nor the consummation of the transaction contemplated hereby will constitute or result in a violation or breach by WSI of any judgment, order, writ, injunction or decree
issued against or imposed upon it, or will result in a violation of any applicable law, order, rule or regulation of any governmental authority. There are no actions, suits, proceedings, arbitrations or investigations pending or, to Highwoods’
and WSI’s knowledge, threatened (i) against, relating to or affecting WSI which might interfere in a material respect with the transaction contemplated by this Agreement, become an encumbrance on the title to the Property or the Membership
Interest, or any portion thereof or otherwise affect the Property or the Membership Interest, or WSI’s ability to consummate the transaction contemplated hereby or (ii) against, relating to or affecting the Property or the Membership Interest.

  
 (vii) Neither Highwoods, WSI nor WSI, II has
received notice: 
  
 (A) From any federal,
state, county or municipal authority alleging any fire, health, safety, building, pollution, environmental, zoning or other violation of law in respect of the Property or any part thereof, including, without limitation, the occupancy or operation
thereof, which has not been entirely corrected; 
  
 (B) Concerning the possible or anticipated condemnation of any part of the Property, or the widening, change of grade or limitation on use of streets abutting the same or concerning any special taxes or assessments levied or to be levied
against the Property or any part thereof; 
  
 (C) Concerning any change in the zoning or other land use classification of the Property or any part thereof; 
  

 13 

 (D) Of any pending insurance claim related to the Property; 
  
 (E) From any governmental authority that any licenses,
permits, certificates, easements and rights of way, including proof of dedication, required from all authorities having jurisdiction over the Property or from private parties for the existing use, occupancy and operation of the Property and to
insure vehicular and pedestrian ingress to and egress from the Property are in violation of any governmental laws or regulations, which has not been corrected or will not be corrected by Closing. 
  
 (viii) No attachment, execution, assignment for the benefit
of creditors or voluntary proceedings in bankruptcy has been commenced by WSI or WSI, II, or are contemplated by WSI or WSI, II, and, to the best of Highwoods’ or WSI’s knowledge, no such action has been contemplated or threatened, nor has
any involuntary proceedings in bankruptcy been commenced against WSI or WSI, II. 
  
 (ix) WSI has full power and authority to enter into this Agreement and to assume and perform all of its obligations hereunder; the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder on the part of WSI do not and will not violate the Articles of Organization or Operating Agreement of WSI and do not and will not conflict with
or result in the breach of any condition or provision of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon the Property by reason of the terms of any contract, mortgage, lien, lease,
agreement, indenture, instrument or judgment to which WSI is a party or which is or purports to be binding upon WSI or which affects WSI; and no action by any federal, state or municipal or other governmental department, commission, board, bureau or
instrumentality is necessary to make this Agreement a valid instrument binding upon WSI in accordance with its terms; 
  
 (x) WSI is a limited liability company duly organized, validly existing and in good standing under the laws of the State of North
Carolina. WSI has full power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets now owned or leased and operated by it; 
  
 (xi) WSI is not a foreign person within the meaning of Section 1445(f) of the Internal Revenue Code, and WSI
agrees to execute any and all documents necessary or required by the Internal Revenue Service or G-T Gateway in connection with such declaration(s). 
  
 (xii) Subject to Highwoods’ general partner’s board of directors approval of this transaction, this Agreement does and will, and
the documents required to be executed by WSI pursuant to this Agreement will, constitute the valid and binding obligations of WSI enforceable in accordance with their respective terms subject to bankruptcy, receivership and similar laws affecting
the rights of creditors generally. 
  

 14 

 (xiii) Notwithstanding anything else herein to the contrary, Highwoods and WSI represent
to G-T Gateway that the Building is leased to the tenant and for the lease term set forth on the rent roll attached hereto as Exhibit C and that the Property is subject to those service and maintenance contracts set forth on Exhibit
C-1 attached to this Agreement. With respect to such Lease, WSI represents as follows: 
  
 (A) Neither WSI nor WSI, II has collected any prepaid rent in advance in excess of rent for the month during which the Closing is to
occur. 
  
 (B) No rents or leases related to the
Property have been assigned by WSI or WSI, II. 
  
 (C) The Lease is in full force and effect, has been validly executed by the landlord and tenant, and has not been amended or modified as to any items except as set forth in the Rent Roll; 
  
 (D) The summary of the Lease set forth in Exhibit C
is accurate in all material respects and, there are no subleases thereof; 
  
 (E) The Lease will be free and clear of all liens and encumbrances on the date of the Closing contemplated hereby; 
  
 (F) Neither WSI nor WSI, II has taken any action, by act or
omission, which constitutes the waiver of a default by the tenant under the Lease, except as herein specifically provided; 
  
 (G) WSI and/or WSI, II have fulfilled all of the landlord’s duties and obligations under the Lease including the completion of all
upfittings, construction, decoration and alteration work which WSI and/or WSI, II is obligated to perform under the Lease. 
  
 (H) WSI and/or WSI, II has fulfilled all of the landlord’s duties and obligations under the Lease with respect to any leasing
commissions or other compensation due arising out of any leasing, agency, brokerage or management agreements relating to the Lease which may be due and owing as of the date of Closing. 
  
 (G) To Highwoods’ and WSI’s knowledge, WSI, WSI, II and the tenant under the Lease are not in
default under any of the terms and provisions of said Lease, and neither Highwoods, WSI nor WSI, II has received any notice of an alleged default in connection with the Lease; 
  

 15 

 (J) There are no other rent concessions or set-offs against rent, nor has the tenant
under the Lease asserted any defense, set-off, or counterclaim in connection with said Leases. 
  
 (xiv) With respect to Services/Equipment Contracts: 
  
 (A) There are no contracts or agreements for services rendered in connection with the operation of the
Property which G-T Gateway shall be required to take the Property subject to, except as agreed to by G-T Gateway and expressly assumed under the terms of the Assignment of Contracts. 
  
 (B) WSI and WSI, II shall not, without G-T Gateway’s consent, negotiate or enter into any new service
or other contract affecting the Property which cannot be terminated without cost to G-T Gateway on or before the Closing. 
  
 (xv) With respect to WSI and/or WSI, II: 
  
 (A) WSI, II is, or at Closing will be, and WSI is, a duly formed and validly existing limited liability company in good standing under
the laws of the State of North Carolina. 
  
 (B)
WSI and WSI, II will not have engaged in any business activity other than the ownership of the Property from the time of its organization. 
  
 (C) There is no pending, and Highwoods and WSI have no knowledge of any threatened legal action or proceeding to which WSI or WSI, II is
or might become a party. 
  
 (D) WSI, II has had
and, as of the Date of Closing, WSI, II will have, fee title to the Land free and clear of all liens and encumbrances other than the Permitted Title Exceptions. 
  
 (E) WSI owns, or at Closing will own, all of the Membership Interest in WSI, II, free and clear of all
liens and encumbrances whatsoever, and possesses all requisite authority to assign the same to G-T Gateway. There has been no prior assignment of such Membership Interest. 
  
 (F) WSI has taken, or will take, the tax reporting position for federal income tax purposes that WSI, II is
a pass-through entity. Highwoods has not filed any election to treat WSI or WSI, II as a corporation for federal income tax purposes. 
  

 16 

 (G) WSI and WSI, II have not incurred any liabilities, except for (i) their obligations
under the Lease, (ii) their obligations under their organizational documents, and (iii) obligations arising under any matter appearing of record against any Property. Neither WSI nor WSI, II own any assets, except relating to the ownership of their
interest in the Property. 
  
 (H) No consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the WSI, II in connection with the consummation of the transactions contemplated by
this Agreement 
  
 (I) Neither WSI nor
WSI, II is in violation or default (i) of any provisions of their articles of organization or operating agreement, if any, (ii) of any order, (iii) under any note, indenture or mortgage, or (iv) under any contract or, to the knowledge of Highwoods
and WSI, of any provision of law applicable to WSI’s or WSI, II’s business or assets. The execution, delivery and performance of and compliance with this Agreement, and the consummation of the transactions contemplated hereby and thereby
will not result in any such violation or default or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, note, indenture or mortgage, order or contract or an event
which results in the creation of any lien upon any of the assets of WSI, II or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit applicable to WSI, II, its business or operations or any of its assets.

  
 (J) The articles of organization and
operating agreement of WSI, II, if any, are in the forms provided to G-T Gateway. WSI, II has no minute book and has had no member meetings.  
  
 (K) WSI, II does not have, and at no time has had any income, expenses, bank accounts or operations whatsoever, nor does WSI or Highwoods
contemplate or project that WSI, II will have any income, expenses, bank accounts or operations in the future. 
  
 (L) WSI, II has no employees. 
  
 (M) WSI, II has not had and will not have any obligation to file any tax returns. 
  
 (N) WSI, II is not a party to any contracts and has no
commitments except as landlord under the Lease. 
  

 17 

 All representations and warranties of Highwoods and WSI contained in this Agreement are true, accurate
and correct in all material respects as of the date hereof and, if Highwoods and WSI believesuch representations and warranties continue to be true at Closing, Highwoods and WSI shall deliver to G-T Gateway at Closing a certificate certifying that
they are still true, accurate and correct in all material respects as of the date of Closing. Notwithstanding the foregoing, G-T Gateway shall have no claim against Highwoods or WSI for any representation or warranty which, although true upon the
execution hereof, is untrue or inaccurate at Closing as a result of facts, circumstances or occurrences beyond the control of or not within the knowledge of Highwoods or WSI. For purposes of this Agreement and any document delivered at Closing,
whenever the phrases “to the best of Highwoods’ or WSI’s knowledge”, “to the current, actual knowledge of Highwoods or WSI” or the “knowledge” of Highwoods or WSI or words of similar import are used, they
shall be deemed to refer to the current, actual, conscious knowledge without inquiry of Mark W. Shumaker, Vice President and Sue Matthews, Property Manager. The representations and warranties of Highwoods and WSI shall survive the Closing for one
(1) year. 
  
 Subject to G-T Gateway’s rights of inspection
and investigation during the Review Period, G-T Gateway acknowledges for G-T Gateway and G-T Gateway’s successors, and assignees, that G-T Gateway has been given a reasonable opportunity to inspect and investigate the Property, all improvements
thereon and all aspects relating thereto, including all documents and contracts related to the Property, either independently or through agents and experts of G-T Gateway’s choosing. EXCEPT AS LIMITED BELOW OR AS OTHERWISE SET FORTH IN THIS
AGREEMENT, G-T GATEWAY AGREES THAT G-T GATEWAY SHALL ACCEPT POSSESSION OF THE PROPERTY ON THE DATE OF CLOSING IN ITS “AS IS, WHERE IS CONDITION, WITH ALL FAULTS” WITH NO RIGHT OF SET-OFF OR REDUCTION IN THE PURCHASE PRICE, AND EXCEPT AS
EXPRESSLY SET FORTH HEREIN THAT THE CONVEYANCE OF THE MEMBERSHIP INTEREST TO G-T GATEWAY SHALL BE WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTY OF INCOME WHICH MAY BE EARNED FROM THE
PROPERTY IN THE FUTURE, FUTURE OPERATING EXPENSES OF THE PROPERTY, THE PROPERTY’S USES, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND HIGHWOODS AND WSI DO HEREBY DISCLAIM AND RENOUNCE ANY SUCH REPRESENTATION OR WARRANTY. EXCEPT FOR
HIGHWOODS’ AND WSI’ REPRESENTATIONS WHICH ARE EXPRESSLY SET FORTH HEREIN, G-T GATEWAY SPECIFICALLY ACKNOWLEDGES THAT G-T GATEWAY IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM
HIGHWOODS, WSI OR BROKERS AS TO THE FOLLOWING MATTERS: (1) THE CONDITION OR SAFETY OF THE PROPERTY OR ANY SEWER, HEATING AND ELECTRICAL SYSTEMS, ROOFING, AIR CONDITIONING, IF ANY, FOUNDATIONS, SOILS AND GEOLOGY INCLUDING SUITABILITY OF THE PROPERTY
OR ITS IMPROVEMENTS FOR A PARTICULAR PURPOSE; (2) WHETHER THE APPLIANCES, IF ANY, PLUMBING OR UTILITIES ARE IN WORKING ORDER; (3) THE HABITABILITY OR SUITABILITY FOR OCCUPANCY OF ANY STRUCTURE AND THE QUALITY OF ITS CONSTRUCTION; (4) THE FITNESS OF
ANY PERSONAL PROPERTY; OR (5) WHETHER THE BUILDING IS STRUCTURALLY SOUND, IN GOOD CONDITION, OR IN COMPLIANCE WITH THE 
  

 18 

 APPLICABLE CITY, COUNTY, STATE OR FEDERAL STATUTES, CODES OR ORDINANCES. EXCEPT FOR HIGHWOODS’ AND WSI’
REPRESENTATIONS EXPRESSLY SET FORTH HEREIN G-T GATEWAY IS RELYING SOLELY UPON ITS OWN INSPECTION OF THE PROPERTY WITH REGARD TO THE ABOVE-REFERENCED MATTERS, AND NOT UPON ANY REPRESENTATIONS MADE BY HIGHWOODS, WSI OR HIGHWOODS’ OR WSI’
AGENTS RELATED TO THE ABOVE-REFERENCED MATTERS. 
  
 (d)
Representations and Warranties of G-T Gateway. G-T Gateway hereby represents and warrants to WSI as of the date hereof and as of Closing as follows: 
  
 (i) The execution and delivery of this Agreement and the documents required hereunder to be executed by it will on the date of Closing
have been, duly executed and delivered by G-T Gateway. To the current, actual knowledge of G-T Gateway, none of the foregoing requires any action by or in respect of, or filing with, any governmental body, agency or official or contravenes or
constitutes a default under any provision of applicable law or regulation, any organizational document of G-T Gateway or any agreement, judgment, injunction, order, decree or other instrument binding upon G-T Gateway. This Agreement does and will,
and the documents required to be executed by it will, constitute the valid and binding obligations of G-T Gateway enforceable in accordance with their respective terms, subject to bankruptcy and similar laws affecting the remedies or resources of
creditors generally. 
  
 (ii) The execution and
delivery of this Agreement and the performance by G-T Gateway of its obligations hereunder do not and will not conflict with or result in the breach of any condition or provision of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of G-T Gateway (including the Property) by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which G-T Gateway
is a party or which is or purports to be binding upon G-T Gateway or which affects G-T Gateway. 
  
 (iii) No attachment, execution, assignment for the benefit of creditors or voluntary proceedings in bankruptcy has been commenced by G-T
Gateway and, to the best of G-T Gateway’s knowledge, no such action has been contemplated or threatened, nor has any involuntary proceedings in bankruptcy been commenced against G-T Gateway. 
  
 (iv) G-T Gateway acknowledges that all information with
respect to the Property furnished to G-T Gateway or discovered by G-T Gateway during its investigation thereof pursuant to Section 3 of this Agreement (collectively, the “Confidential Information”), is and has been so furnished, and G-T
Gateway’s investigation of the Property has been permitted by WSI, on the condition that G-T Gateway maintains the confidentiality thereof. Accordingly, G-T Gateway shall, and shall cause its members, officers, and employees, and with regard to

  

 19 

 any environmental matters, its agents, contractors and representatives to, hold in strict confidence, and
not disclose to any other person or entity without the prior written consent of WSI until the Closing shall have been consummated, any of the Confidential Information in respect of the Property. If the Closing does not occur and this Agreement is
terminated, G-T Gateway shall promptly return, or cause to be returned, to WSI all copies of such Confidential Information without retaining, or permitting retention of, any copy thereof. Notwithstanding anything to the contrary hereinabove set
forth, G-T Gateway may disclose such Confidential Information (i) to its officers, employees, and partners, its title insurer, its current or prospective investors or lenders, and members of professional firms serving it in connection with this
transaction, including, without limitation, its attorneys, architects, environmental consultants and engineers, bankers, and its clients; (ii) as any governmental agency or authority may require in order to comply with applicable laws or
regulations; and (iii) if required by an order of any court of competent jurisdiction; and this provision shall survive Closing, provided, however, after the Closing, this provision shall not apply to information available through the public records
as a result of such Closing. 
  
 (v) G-T Gateway
has full power and authority to enter into this Agreement and to assume and perform all of its obligations hereunder; the execution and delivery of this Agreement and the performance by G-T Gateway of its obligations hereunder have been duly
authorized by such limited liability company action as may be required and no further action or approval is required in order to constitute this Agreement as a binding and enforceable obligation of G-T Gateway; the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereunder on the part of G-T Gateway do not and will not violate the operating agreement or articles of organization of G-T Gateway; and no action by any federal, state or municipal or
other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon G-T Gateway in accordance with its terms. 
  
 (vi) To the current, actual knowledge of G-T Gateway, there is no existing or threatened legal action or
governmental proceedings of any kind involving G-T Gateway, any of its assets or the operation of any of the foregoing, which if determined adversely to G-T Gateway or its assets, would have a material adverse effect on the financial condition,
business or prospects of G-T Gateway or its assets or which would interfere with G-T Gateway’s ability to execute or deliver, or perform its obligations under this Agreement or any of the documents required to be executed by it. 
  
 (vii) G-T Gateway has no current, actual knowledge of any
existing violation of any federal, state, county or municipal law, ordinance, order, code, regulation or requirements affecting G-T Gateway or any of its assets that would have a material adverse effect on the financial condition, business or
prospects of G-T Gateway or any of its assets. 
  

 20 

 (viii) G-T Gateway has no current, actual knowledge of any information or fact which has,
or would have, a material adverse affect on the financial condition, business or prospects of G-T Gateway or its assets in a manner which would prevent G-T Gateway from consummating the transaction contemplated by this Agreement. 
  
 (ix) G-T Gateway is, and at all times prior to the date of
Closing will be, solvent. As used herein, “solvent” means that G-T Gateway (i) does not have debts greater than the fair market value of its assets; (ii) is paying and anticipates that it will continue to pay its debts as they mature and
become due; and (iii) has sufficient capital to operate its businesses as they are operated on the date of this Agreement. 
  
 (x) G-T Gateway carries, or is covered by, and will maintain, insurance in such amounts and covering such risks as is adequate for the
conduct of its business and the value of its properties and assets and as is customary for companies engaged in similar businesses in similar markets, including, without limitation, “all risks” casualty insurance, flood insurance (when
necessary), general commercial liability insurance and business interruption insurance. . 
  
 (xi) For purposes of this Agreement and any document delivered at Closing, whenever the phrases “to the best of G-T Gateway’s
knowledge”, “to the current, actual knowledge of G-T Gateway” or the “knowledge” of G-T Gateway or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge without inquiry
of John L. Turner, Sr., Manager of G-T Gateway, such individual being the representative of G-T Gateway whom G-T Gateway has determined as likely to have the knowledge required of such phrases. 
  
 (e) Maintenance of the Property. Between the date of this Agreement
and the Closing, Highwoods shall cause WSI and/or WSI, II to continue to maintain the Property in the same condition and repair as currently being maintained, ordinary wear and tear and damage by casualty excepted, and WSI and/or WSI, II shall not
cause or permit any waste upon the Property and shall not, except as set forth above with respect to ordinary wear and tear and casualty damage without the prior written consent of G-T Gateway, permit any material physical change to the Property
prior to Closing. Neither WSI nor WSI, II, shall take any action which would adversely affect the value of or title to the Property or the Membership Interest, and they will not amend, modify or terminate the Lease without the written consent of G-T
Gateway. 
  
 (f) Risk of Loss; Damage or Destruction;
Condemnation. If, prior to Closing, the Property or any part thereof shall be condemned, or destroyed or materially damaged by fire or other casualty (that is, damage or destruction to the Building which G-T Gateway reasonably believes would
cost in excess of Two Hundred Thousand and No/100 Dollars ($200,000) to repair or would entitle the tenant under the Lease to terminate the Lease, or, in the case of a condemnation, which substantially prevents access to the Property or any part
thereof), G-T 
  

 21 

 Gateway shall have the option which shall be exercised not later than the later of (i) five (5) days prior to Closing or
(ii) ten (10) business days following the date G-T Gateway receives written notice of the condemnation or damage (with Closing being extended, if necessary, to accommodate such time periods) either to (a) to terminate this Agreement, or (b) to
consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or material damage. If G-T Gateway elects to consummate the transaction contemplated by this Agreement notwithstanding a casualty or
condemnation, G-T Gateway shall be entitled to receive all of the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive all of the proceeds of insurance applicable thereto, and
WSI shall, at Closing and thereafter, execute and deliver to G-T Gateway all required proofs of loss, assignments of claims and other similar items, and G-T Gateway shall receive a credit at Closing for the amount of any deductible under WSI’s
insurance policies. If G-T Gateway or WSI elect to terminate this Agreement as a result of a casualty or condemnation, the Earnest Money plus any interest earned thereon shall be returned to G-T Gateway by the Escrow Agent, in which event this
Agreement shall, without further action of the parties, become null and void and neither party shall have any rights or obligations under this Agreement, except for G-T Gateway’s Continuing Indemnification Obligations. If there is any other
damage or destruction to the Building (that is, damage or destruction to the Building which G-T Gateway reasonably believes would cost Two Hundred Thousand and No/100 Dollars ($200,000) or less to repair), or if there is a condemnation which does
not substantially prevent access to the Land or any part thereof, or if the damage or destruction of the Building or condemnation would not entitle the tenant under the Lease to terminate the Lease, G-T Gateway shall not have the right to terminate
this Agreement and (i) in the event of a casualty, Highwoods shall cause WSI or WSI, II to either completely repair such damage to the Building prior to Closing in a manner satisfactory to G-T Gateway or, at Highwoods’ option, either cause WSI
or WSI, II (as appropriate) to assign all insurance claims pertaining to such damage or destruction to G-T Gateway at Closing, with G-T Gateway to receive a credit for the amount of any deductible under WSI’s or WSI, II’s insurance
policies, or allow G-T Gateway a credit against the Purchase Price in an amount equal to G-T Gateway’s reasonably estimated cost of repair and (ii) in the event of a condemnation, Highwoods shall cause WSI or WSI, II (as appropriate) to assign
to G-T Gateway all of WSI’s or WSI, II’s right to any condemnation proceeds to be paid by the applicable governmental authority. 
  
 (g) No Transfer of Personal Property. Highwoods agrees not to allow WSI or WSI, II to transfer or remove any Personal Property from the Property
after the Agreement Date except for repair or replacement thereof. Any items of personal property replaced after the Agreement Date shall be promptly installed prior to Closing and shall be of substantially similar quality to the item of personal
property being replaced. 
  
 (h) Compliance With Legal
Requirements. All notices of violations of laws, ordinances, or regulations (“Violations of Law”), which are issued or sent to Highwoods, WSI, and/or WSI, II prior to the Closing related to the Property by any governmental department,
agency or bureau having jurisdiction over the conditions relating to such Violations of Law may (but is not required to) be remedied or complied with by Highwoods, WSI, and/or WSI, II prior to Closing; provided, however, if any notices of Violations
of Law are issued or sent to Highwoods, WSI, and/or WSI, II by any governmental department, agency or bureau having 
  

 22 

 jurisdiction over the conditions related to such Violations of Law after the end of the Review Period that Highwoods,
WSI, and/or WSI, II is unable or unwilling to remedy or cure, or comply with such notices by the Closing then G-T Gateway shall have the option to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, the Binder
Deposit shall be returned to G-T Gateway and this Agreement shall be void and without recourse to the parties hereto, except for provisions which are expressly stated to survive such termination including G-T Gateway’s Continuing
Indemnification Obligations; or (b) proceed with Closing notwithstanding such Violations of Law and obtain an adjustment to the Purchase Price as reasonably determined by G-T Gateway and WSI. If Highwoods, WSI, and/or WSI, II receive any notices of
Violations of Law prior to the end of the Review Period which Highwoods, WSI, and/or WSI, II is unable or unwilling to remedy or cure, G-T Gateway’s only remedy shall be to terminate this Agreement and receive a refund of the Binder Deposit or
proceed with Closing not withstanding such Violations of Law and obtain an adjustment to the Purchase Price as reasonably determined by G-T Gateway and WSI. 
  
 (i) Delivery of Notices. Highwoods shall cause WSI and/or WSI, II to promptly deliver to G-T Gateway prior to Closing copies of all notices,
correspondence and reports generated or received by Highwoods, WSI, and/or WSI, II in connection with the Lease. 
  
 (j) Indemnifications. Highwoods and WSI agree that as between Highwoods, WSI and G-T Gateway, Highwoods and WSI shall, for a period of one year
after the closing of this transaction, be liable for all liabilities, loss, cost and/or damage (including attorney fees) which are asserted as claims by third parties and which relate to the Property, but only if such claims arise out of acts
or omissions of Highwoods, WSI, or WSI, II, their agents or employees, which occurred prior to Closing. The claims by third parties for loss or damage for which Highwoods and WSI shall be responsible as set forth in this Section 4(j) are hereinafter
referred to as “Claims Against G-T Gateway.” In this regard, Highwoods and WSI agree to indemnify and hold harmless G-T Gateway from and against all loss and damage (including costs and attorney fees) incurred by G-T Gateway as a result of
Claims Against G-T Gateway. 
  
 G-T Gateway agrees that as between
Highwoods, WSI and G-T Gateway, from and after the Closing, G-T Gateway shall be liable for all liabilities, loss, cost and/or damage (including attorney fees) which are asserted as claims by third parties which relate to the Property, but only
if such claims arise out of acts or omissions of G-T Gateway, its agents or employees occurring after Closing. The claims by third parties for loss or damage for which G-T Gateway shall be responsible as set forth in this Section 4(j) are
hereinafter referred to as “Claims Against Highwoods and WSI.” In this regard, G-T Gateway agrees to indemnify and hold harmless Highwoods and WSI from and against all loss and damage (including costs and attorney fees) incurred by the
Highwoods or WSI, as the result of Claims Against Highwoods or WSI. 
  
 Any party entitled to indemnification under this Section 4(j) (the “Indemnified Party”) shall, within ten (10) days after the receipt of notice of the assertion or imposition of any claim (but in no event later than ten (10) days
prior to the date any response or answer is due in any proceeding) in respect of which indemnity may be sought from the party against whom an indemnity obligation is asserted pursuant to this Section 4(j) (the “Indemnifying Party”), shall

  

 23 

 notify the Indemnifying Party in writing of the receipt of existence of such claim. The failure of the Indemnified Party
to notify the Indemnifying Party shall not relieve it from any liability in respect of such claim which it may have to the Indemnified Party as the result of this Section 4(j), except, however, the Indemnifying Party shall be relieved of liability
to the extent that the failure to so notify (a) shall have caused prejudice to the defense of such claim, or (b) shall have increased the costs or liability of the Indemnifying Party by reason of the inability or failure of the Indemnifying Party
(because of the lack of prompt notice from the Indemnified Party) to be involved in any investigations or negotiations regarding any such claim, nor shall it relieve the Indemnifying Party from any other liability which it may have to the
Indemnified Party. In case any such claim shall be asserted or commenced against an Indemnified Party and it shall notify the Indemnifying Party thereof, the Indemnifying Party shall assume the defense thereof with legal counsel reasonably
satisfactory to the Indemnified Party, and, after the defense thereof, the Indemnifying Party will not be liable to the Indemnified Party hereunder for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the
defense thereof other than reasonable costs of investigation. In the event that the Indemnifying Party does not assume the defense, or arrange settlement of any claim, the Indemnified Party may settle such claim without the written consent of the
Indemnifying Party. 
  
 5. CONDITIONS PRECEDENT TO CLOSING.

  
 (a) G-T Gateway’s Conditions. The obligation of
G-T Gateway to complete the transaction contemplated by this Agreement is subject to the satisfaction on or before the Closing of the following conditions, any of which may be waived in whole or in part by G-T Gateway, but only in writing at or
prior to Closing: 
  
 (i) All representations and
warranties of Highwoods and WSI in this Agreement shall be true and correct in all material respects as of the Date of Closing, with the same force and effect as if such representations and warranties were made anew as of the Date of Closing. Any
changes to such representations disclosed by Highwoods and WSI in writing prior to Closing shall be subject to the provisions of Section 5(a)(ii) below. Highwoods, WSI, and/or WSI, II, as the case may be, shall have performed and complied in all
material respects with all covenants and agreements required by this Agreement to be performed or complied with by Highwoods and WSI prior to the Date of Closing. 
  
 (ii) In the event that G-T Gateway becomes aware at any time prior to Closing that a representation or
warranty made by Highwoods and WSI herein, while true as of the date made, no longer remains true in all material respects, due to a change of circumstances beyond the reasonable control of Highwoods and WSI subsequent to the date of this Agreement,
G-T Gateway shall promptly give written notice of such fact to Highwoods and WSI. In the event Highwoods and WSI is unable or unwilling to remedy such change of circumstances by the Closing, then G-T Gateway shall have the option to (a) terminate
this Agreement, whereupon all obligations of all parties hereto shall cease (except for G-T Gateway’s Continuing Indemnification Obligations) and the Binder Deposit shall be returned to G-T Gateway; or (b) proceed with Closing notwithstanding
such 
  

 24 

 change of circumstances; provided, however, that if Highwoods and WSI intentionally caused such
representation or warranty to become untrue, G-T Gateway shall have the right to proceed with Closing and decrease the amount of the Purchase Price by the amount necessary to remedy such breach or terminate this Agreement and Highwoods and WSI shall
reimburse G-T Gateway for G-T Gateway’s out-of-pocket expenses incurred in negotiating this Agreement and conducting its review of the Property and preparation for Closing (including, without limitation, reasonable attorneys’ fees, title
examination, environmental assessment and survey and loan fees forfeited to G-T Gateway’s lender as the result of the closing failing to occur because Highwoods or WSI intentionally caused a representation or warranty made by it herein to be
untrue at Closing). 
  
 (iii) All of WSI’s,
and/or WSI, II’s obligations hereunder shall have been performed with regard to the Property. 
  
 (iv) WSI, II must have good and marketable fee simple title to the Property, free and clear of all liens, encumbrances, covenants and
conditions, save and except the Permitted Exceptions, and the Building or other improvements on the Property shall not encroach upon any land adjoining the Property, except for encroachments of asphalt paving over utility easements, and WSI must
have good title to the Membership Interest free and clear of all liens, encumbrances, covenants and conditions. 
  
 (v) WSI and WSI, II shall not have caused any New Encumbrances to be placed on the Property between the date of this Agreement and the
date of Closing, except with the approval of G-T Gateway which approval shall not be unreasonably withheld or delayed and WSI or WSI, II shall have the obligation to remove all such New Encumbrances (not approved as aforesaid by G-T Gateway) by the
date of Closing. 
  
 (vi) The Property will be
free and clear of any and all taxes or assessments and any penalties associated therewith, except ad valorem taxes for the year of Closing, which will be prorated on a calendar year basis. 
  
 (vii) The Property shall be in substantially the same
condition on the date of Closing as of the date hereof subject, however, to normal wear and tear only, provided, in the event the Property is not in the condition described above prior to Closing as the result of a casualty to the Building, the
provisions of Section 4(f) of this Agreement shall apply. 
  
 (viii) No order, writ, injunction or decree shall have been entered and be in effect by any court of competent jurisdiction or any governmental authority, and no statute, rule, regulation or other requirement shall
have been promulgated or enacted and be in effect, that restrains, enjoins or invalidates the transactions contemplated hereby. 
  

 25 

 (ix) No suit or other proceeding shall be pending or threatened by any third party not
affiliated with or acting at the request of WSI before any court or authority seeking to restrain or prohibit or declare illegal, or seeking substantial damages against WSI or WSI, II in connection with the transactions contemplated by this
Agreement. 
  
 (x) WSI shall make all reasonable
efforts to obtain and provide to G-T Gateway five (5) days prior to Closing a tenant estoppel certificate in the form attached hereto as Exhibit E (the “Tenant Estoppel Certificate”) from the tenant of the Building. To the extent
WSI has not delivered the Tenant Estoppel Certificate at Closing, and if G-T Gateway’s lender, General Electric Capital Assurance Company, will accept an estoppel certificate from Highwoods (as defined in 6(a)(xii) below, Highwoods may (but has
no obligation to) execute an estoppel certificate (certifying the same matters set forth in the Tenant Estoppel Certificate submitted to the tenant of the Building). Highwoods will agree to indemnify G-T Gateway (and G-T Gateway’s lender) from
loss or damage incurred by G-T Gateway resulting from the inaccuracy of any matter contained in the estoppel certificate executed by Highwoods. In the event Highwoods provides an estoppel certificate pursuant to the terms of this Section, Highwoods
may, after Closing, substitute a Tenant Estoppel Certificate therefor, and thereafter, Highwoods shall be relieved from any liability to G-T Gateway (and G-T Gateway’s lender) with respect to any Highwoods’ estoppel certificate substituted
by the Tenant Estoppel Certificate. Provided WSI makes a reasonable effort to obtain the Estoppel Certificate, and if G-T Gateway’s lender will not accept a Highwoods’ estoppel certificate, WSI’ failure to so provide the Estoppel
Certificate to G-T Gateway shall not be deemed a default by WSI under this Agreement and G-T Gateway may (a) elect to delay Closing for a reasonable period of time to enable WSI to obtain and deliver the Estoppel Certificate or (b) terminate this
Agreement and receive a refund of the Binder Deposit, or (c) close this transaction without the Estoppel Certificate. 
  
 (xi) On or before the date of Closing, WSI shall have provided to G-T Gateway and G-T Gateway’s lender a subordination,
non-disturbance and attornment agreement (“SNDA”) in a form acceptable to G-T Gateway’s lender (as defined in 6(a)(xii) below) executed by the Tenant of the Building. Provided WSI makes a reasonable effort to obtain the Estoppel
Certificate, and if G-T Gateway’s lender will not accept a WSI’s estoppel certificate, WSI’s failure to so provide the Estoppel Certificate to G-T Gateway shall not be deemed a default by WSI under this Agreement. In the event WSI
fails to deliver the SNDA to G-T Gateway and/or its lender as required above, G-T Gateway may (a) elect to delay Closing for a reasonable period of time to enable WSI to obtain and deliver the SNDA or (b) terminate this Agreement and receive a
refund of the Binder Deposit, or (c) close this transaction without the SNDA. 
  
 (xii) General Electric Capital Assurance Company must have closed the loan with G-T Gateway pursuant to the loan application by G-T Gateway with GE Asset Management Incorporated, dated December 22, 2004, providing G-T
Gateway with loan proceeds of not less than $18,750,000. 
  

 26 

 (xiii) On the date of Closing, The tenant of the Building shall not be a party to any
voluntary or involuntary bankruptcy proceeding filed pursuant to the United States Bankruptcy Code, or any state receivership or state insolvency proceeding. 
  

(xiv) The Lease shall not have been modified, amended or terminated without the written consent of G-T Gateway. 
  
 If any of the foregoing conditions in this Section 5 for the
benefit of G-T Gateway shall fail to be satisfied within the time period set forth for each condition, G-T Gateway may, at its election: (i) terminate its obligations to purchase the Membership Interest; (ii) waive such condition and complete the
transaction contemplated hereby without any reduction in the Purchase Price, except as provided in Section 5(a)(ii); or (iii) require WSI to perform its obligations hereunder, if any, with regard to the Property or the Building and WSI’s
failure to perform such obligations, if any, shall be a default hereunder. 
  
 (b) WSI’s Conditions. The obligations of WSI under this Agreement are subject to the satisfaction of each of the following conditions on or before the Date of Closing, any of which may be waived by WSI,
and G-T Gateway agrees to cause the conditions described in clauses (ii) and (iii) below to be so satisfied: 
  
 (i) This transaction must have been approved by Highwoods’ general partner’s board of directors at its January meeting
(anticipated to be January 25, 2005). Highwoods shall submit this Agreement to its general partner’s board of directors at its January meeting. 
  
 (ii) All the terms, covenants, and conditions of this Agreement to be complied with and performed by G-T Gateway on or before the Date of
Closing shall have been duly complied with and performed in all respects; and 
  
 The representations and warranties of G-T Gateway contained in this Agreement shall be true and correct in all respects at and as of the Date of Closing with the same force and effect as though such representations
and warranties had been made as of the Date of Closing, except for any changes which have been disclosed to WSI in writing and expressly approved or waived by WSI in writing. 
  
 (iv) Simultaneously with the Closing of the transaction contemplated by this Agreement, John L. Turner, Sr.
and Robert Goldman must have closed the transaction contemplated by that Agreement between Highwoods and John L. Turner, Sr. and Robert Goldman of even date herewith for the distribution to them of that property known as 3928 Westpoint Boulevard.

  

 27 

 6. CLOSING. 
  
 (a) Date. The Closing of the transaction contemplated hereby shall occur on or before January 31, 2005, at the
offices of G-T Gateway’s attorney in Winston-Salem, North Carolina, or such other place as may be mutually agreed upon by WSI and G-T Gateway, or, at G-T Gateway’s option, closed in escrow at the office of the Title Company, provided, G-T
Gateway shall give WSI at least five (5) business days notice of the date of any Closing to take place under this Agreement. Notwithstanding the above, G-T Gateway may delay closing until February 28, 2005 in the sole discretion of G-T Gateway, by
paying to the Escrow Agent as an additional binder deposit the sum of Sixty Thousand and No/100 ($60,000.00) (which shall be considered and treated as the Binder Deposit pursuant to Section 2(a) hereof) in which event this transaction will close on
such date pursuant to the provisions of this paragraph. 
  
 (b)
WSI’s Closing Documents. At the Closing, WSI shall deliver to G-T Gateway or its designated agent the following, each of which shall be properly executed and acknowledged, if applicable: 
  
 (i) An assignment of the Membership Interest in the form
attached hereto as Exhibit F; 
  
 (ii) An
assignment of the Lease in the form set forth on Exhibit G; 
  
 (iii) An assignment of all tenant security deposits held by Highwoods, WSI, or WSI, II under the terms of the Lease; 
  
 (iv) A standard owner’s affidavit and lien waiver form used by the Title Company to cause an extended coverage ALTA owner’s
title insurance policy to be issued to G-T Gateway without standard exceptions to mechanics and/or materialman liens; 
  
 (v) A certificate of Highwoods and WSI as to the warranties and representations referred to in Section 4(c) hereof being true and correct
as of the Date of Closing; 
  
 (vi) An affidavit
as to “foreign persons” referred to in Section 4(c)(xxiii) hereof; 
  
 (vii) A blanket assignment and transfer of any and all miscellaneous interests and to the extent assignable all warranties and guarantees from contractors, subcontractors, suppliers, manufacturers or distributors
relating to the Property, if any, (excluding Service Contracts) and all of WSIs, or WSI, II’s right, title, interest and benefits in, to and under all contracts, licenses, permits and similar documents or authorizations pertaining to the
ownership and operation of the Property, if any, including the trade name of the Property; 
  

 28 

 (viii) A letter, approved by G-T Gateway and WSI, from WSI to the tenant of the Building
advising the tenant of the transfer of the Property to G-T Gateway and that all future payments under the Lease are to be paid to G-T Gateway; 
  
 (ix) An assignment of any Service Contracts to be assumed by G-T Gateway at Closing, if any; 
  
 (x) The Tenant Estoppel Certificate (or Highwoods’
Estoppel Certificate if applicable) and the SNDA; 
  
 (xi) All permits, warranties, plans and specifications, and documents, instruments, files and records related to the Property and in the possession or control of Highwoods, WSI, and WSI, II; 
  
 (xii) The original executed Lease; 
  
 (xiii) The keys to any door or lock on the Building, and the
original tenant files in possession of Highwoods, WSI, or WSI, II; and 
  
 (xiv) Such other matters as either G-T Gateway or WSI shall reasonably require or shall be anticipated by the terms hereof. 
  
 (c) G-T Gateway’s Closing Documents. At Closing, G-T Gateway shall execute and deliver to WSI such documents and papers which may be necessary
for the consummation of the transaction described in this Agreement, as may be reasonably requested by WSI or WSI’s counsel, including the execution of an assignment of leases in the form set forth on Exhibit G, and an assignment of any
Service Contracts to be assumed by G-T Gateway at Closing, if any. 
  
 Simultaneously with, or promptly following, the Closing hereunder the parties hereto shall execute such other and additional documents and assurances and perform such other acts as shall be reasonably required in order to carry out the
intent and purposes of this Agreement. 
  
 (d) Closing
Costs. WSI shall pay its attorneys’ fees and shall pay all costs required to clear title to the Property, provided WSI shall not be required to expend more than Twenty-Five Thousand and No/100 Dollars ($25,000) in connection with such
efforts. G-T Gateway shall be responsible for paying the cost of the title insurance premium charged by the Title Company in connection with the issuance of the Title Policy, its attorneys’ fees, all engineering reports procured by G-T Gateway
in connection with its due diligence and any cost associated with G-T Gateway’s financing of the Property, if any, and Survey costs. 
  
 (e) Closing Adjustments. Unless otherwise specified in this Agreement, all income, expenses and costs related to the Property shall be prorated as
of 11:59 p.m. Eastern Standard Time on the date immediately preceding the Date of Closing as follows, with any credits or debits to WSI as the result of such adjustments being added to or subtracted from the Purchase Price. 
  

 29 

 (i) Taxes. To the extent not paid by Tenant under the Lease, ad valorem property
taxes, personal property taxes and special assessments, if any, due or to be levied against the Property (the “Taxes”) for the year of Closing shall be prorated with WSI being responsible for all such Taxes from January 1st of the year of
Closing through the last day prior to the day of Closing. G-T Gateway shall be responsible for paying the balance of the remaining Taxes due or to be levied against the Property for the year of Closing. WSI shall be responsible for paying any unpaid
Taxes for any year prior to Closing. In the event the Taxes are not determinable at the time of Closing, the Taxes shall be prorated on the basis of the best available information (the “Estimated Taxes”). If the Taxes are not paid
at Closing, WSI shall cause WSI, II to deliver to G-T Gateway the bills for the Taxes promptly upon receipt thereof and G-T Gateway shall thereupon be responsible for the payment in full of the Taxes within the time fixed for payment thereof and
before the same shall become delinquent. Notwithstanding the foregoing, in the event actual Taxes for the year of Closing exceed the Estimated Taxes for the year of Closing (the “Tax Excess”) or Estimated Taxes for the year of
Closing exceed the actual Taxes for year of Closing (the “Tax Refund”), WSI and G-T Gateway shall prorate and pay such Tax Excess or such Tax Refund as follows: 
  
 (A) WSI shall be responsible for a portion of the Tax Excess or shall receive credit for the Tax Refund
prorated from January 1st of the year of Closing through the last day before the Date of Closing based upon a 365-day calendar year. The amount of the Tax Excess or the Tax Refund shall be determined when the property tax bills are received by G-T
Gateway, and G-T Gateway shall notify WSI within thirty (30) days thereof of the calculation of the amount due to G-T Gateway from WSI in the case of a Tax Excess or the amount due to WSI from G-T Gateway in the case of a Tax Refund. WSI shall have
thirty (30) days from WSI’s receipt of such notification to pay its portion of the Tax Excess to G-T Gateway and G-T Gateway shall have thirty (30) days from G-T Gateway’s receipt of the property tax bills to pay WSI its portion of the Tax
Refund. 
  
 (ii) Utilities. To the extent
not paid by Tenant under the Lease, all utility charges and reimbursement for utility charges for the Property (including, without limitation, telephone, water, storm and sanitary sewer, electricity, gas, garbage and waste removal), to the extent
not payable by the tenant under the Lease, shall be prorated. Transfer fees required with respect to any such utility shall be paid by G-T Gateway prior to Closing. 
  
 (iii) Rents. All paid rents, including revenues and charges of any kind, together with any other sums
paid by the tenant (other than security deposit), 
  

 30 

 under the Lease, shall be prorated as of the Date of Closing. In the event that, at the time of Closing,
there are any past due or delinquent rents owing by the tenant of the Property, G-T Gateway shall have the exclusive right to collect such past due or delinquent rents and shall remit to WSI in cash to the extent, and only to the extent, that the
rents received by G-T Gateway from the tenant owing past due or delinquent rents exceed the sum of the aggregate rents and other sums payable by such tenant for periods from and after the Date of Closing to the date of receipt, and then only if WSI
has notified G-T Gateway at Closing that the tenant under the Lease is delinquent in its rent as of the Date of Closing. G-T Gateway will make a commercially reasonable good faith effort to collect after Closing any rents which are delinquent and
owing to WSI at Closing, but G-T Gateway shall have no obligation to file suit to collect such amounts, provided if G-T Gateway fails to file suit to collect such amounts after being requested to do so by WSI, WSI shall have the right to collect all
rents owed to WSI at the time of Closing, which shall include WSI’s filing of suit, if necessary, to collect such amounts. In the event that, after Closing, WSI or WSI, II receives any payments of rent or other sums due from the tenant under
the Lease that relate to periods from and after Closing, WSI shall promptly forward or cause WSI, II to forward to G-T Gateway such payments. It is agreed by G-T Gateway that the sums to be paid by the tenant referred to in this Section 6(e)(iii)
shall include all property operation costs “pass throughs” for the year 2004 not paid on a monthly basis, but rather at the end of a calendar year after being invoiced therefor. These sums shall be provided and paid to WSI or WSI, II and
G-T Gateway when paid by the tenant under the Lease. G-T Gateway shall use reasonable efforts to invoice the tenant for “pass throughs” as promptly as is practicable after Closing (but in no event shall G-T Gateway be required to do so
until allowed under the Lease), provided WSI or WSI, II must furnish to G-T Gateway all applicable information regarding the amount of “pass through” operating expenses to be paid by the tenant under the Lease for the calendar year 2004.

  
 During the period after Closing, G-T Gateway
shall deliver to WSI for the benefit of WSI, II any and all rents accrued but uncollected as of the Date of Closing to the extent subsequently collected by G-T Gateway, and to the extent G-T Gateway receives such rents, shall apply rents received
after Closing to the extent the same are delinquent first to payment of current Rent then due, and thereafter to delinquent rents (other than “true up” payments received from the tenant attributable to a year-end reconciliation of actual
and budgeted pass-through payments which shall be allocated between WSI, II and G-T Gateway pro rata in accordance with their respective period of ownership as set forth in this Section 6(e)(iv) below) but only after rent due and owing to G-T
Gateway has been paid in full, including any delinquent rent. If any security deposits are in the form of a letter of credit, WSI or WSI, II, as the case may be, shall assign its interest in the letter of credit to G-T Gateway (to the extent
assignable) and deliver the original letter of credit to G-T Gateway at Closing. 
  

 31 

 (iv) Calculations. For purposes of calculating prorations, G-T Gateway shall be
deemed to be the owner of the Property, and, therefore, entitled to the income therefrom and responsible for the expenses thereof for the entire day upon which the Closing occurs. All such prorations shall be made on the basis of the actual number
of days of the month which shall have elapsed as of the day of the Closing and based upon the actual number of days in the month and a three hundred sixty-five (365) day year. The amount of such prorations shall be initially performed at Closing but
shall be subject to adjustment in cash after the Closing as and when complete and accurate information becomes available, if such information is not available at the Closing. WSI and G-T Gateway agree to cooperate and use their best efforts to make
such adjustments no later than sixty (60) days after the Closing. Except as set forth in this Section 6(e)(iii) and (iv) all items of income and expense which accrue for the period prior to the Closing will be for the account of WSI and all items of
income and expense which accrue for the period on and after the Closing will be for the account of G-T Gateway. The provisions of Section 6(e)(iii) and (iv) shall survive the Closing. 
  
 (v) Prepaids. Any expense or cost of prepaid items, including, without limitation, fees for licenses
and annual permit and inspection fees shall be apportioned between WSI and G-T Gateway at the Closing. 
  
 (vi) Service Agreement Payments. All amounts payable under any of the Service Contracts which survive Closing shall be prorated.
G-T Gateway does not assume any obligation under any Service Contracts for acts or omissions that occur prior to Closing, and WSI agrees to indemnify and hold G-T Gateway harmless for any loss incurred by G-T Gateway resulting from acts or omissions
that occur prior to Closing and leading to liability under the Service Contracts. G-T Gateway does not assume any obligation under any Service Contracts not expressly assumed by G-T Gateway. 
  
 (vii) Settlement After Closing. The parties
acknowledge that not all invoices for expenses incurred with respect to the Property prior to the Closing will be received by the Closing and that a mechanism needs to be in place so that such invoices can be paid as received. All of the Closing
adjustments will be done on an interim basis at the Closing and will be subject to final adjustment in accordance with this Section 6(e). After Closing, upon receipt by G-T Gateway of an invoice for the Property’s operating expenses that are
attributable in whole or in part to a period prior to the Closing and that were not apportioned at Closing, G-T Gateway shall submit to WSI a copy of such invoice with such additional supporting information as WSI shall reasonably request. Within
ten (10) days of receipt of such copy, WSI shall pay to G-T Gateway an amount equal to the portion of such invoice attributable to the period ending on the date immediately preceding the Closing. Likewise, upon receipt by G-T Gateway of such an
invoice after Closing for the Property’s operating expenses which were paid in advance by WSI and are attributable in whole or in part to a period on or after Closing that were not apportioned at Closing, G-T Gateway shall submit to 

 

 32 

 WSI a copy of such invoice together with an amount equal to the portion of such invoice attributable to
the period on or after Closing, within ten (10) days after receipt of such invoice. 
  
 (viii) Leasing Commissions. All obligations to pay leasing commissions due from and after the Date of Closing of this Agreement as
the result of the execution of a new lease for the Building after the date hereof, the result of the renewal of the Lease, the extension of the term of the Lease, the expansion of the premises demised by the Lease for space within the Building, or
the exercise of an option to lease additional space in the Building set forth in the Lease (collectively “Future Commissions”) which obligations are incurred pursuant to the brokerage agreements set forth on Exhibit C-1 shall be assumed
and paid by G-T Gateway. WSI shall be responsible for all leasing commissions due prior to the Date of Closing. In addition WSI shall indemnify, defend and hold G-T Gateway harmless from and against any liability for commissions due pursuant to any
agreement not set forth on Exhibit C-1. 
  
 (ix)
Tenant Improvements. All obligations to pay the cost of any tenant improvement work owed or to be owed in connection with new leases of the Building executed after the date hereof or the result of the renewal of the Lease, the extension of
the term of the Lease, the expansion of the premises demised by the Lease to space within the Building or the exercise of an option to lease additional space in the Building set forth in the Lease occurring after the date hereof, which costs shall
include, but not be limited to, all sums expended by Highwoods, WSI, or WSI, II for such tenant improvement work (including all overhead costs incurred by them or any of their affiliates in connection with their performance of the work related to
such tenant improvements not to exceed five percent (5%) of the cost of such tenant improvements), and a profit not to exceed ten percent (10%) of the cost of such tenant improvements, shall be assumed and paid by G-T Gateway on the Date of Closing
by reimbursing Highwoods, WSI or WSI, II, as the case may be, for the costs of such tenant improvements previously paid by them in connection with new leases, renewals, extensions, relocations, expansions, or the exercise of an option to lease
additional space in the Building occurring after the date hereof or if the cost of such tenant improvements are not yet due and payable by paying the same when they otherwise become due without an adjustment to the Purchase Price. Notwithstanding
the foregoing, to the extent any portion of the term of the Lease, and renewals, extensions, expansions and relocations for which any tenant improvement work occurs prior to the date of Closing, the amount of the Purchase Price will be reduced by a
pro rata share of such tenant improvement work based upon the percentage of such term (exclusive of any renewal options) which occurs prior to Closing. If any tenant improvement work is in process on the date of Closing, WSI or WSI, II shall be
responsible for completing the construction thereof, provided, G-T Gateway shall be responsible for the costs thereof as set forth above. 
  

 33 

 (x) Equitable Adjustments. In the event that any of the prorations or adjustments
described in this Section 6(e) are based upon estimated or erroneous information, then the parties shall make between themselves any equitable adjustment required by reason of any difference between such estimated or erroneous amounts and the actual
amounts of such sums. 
  
 7. DEFAULT AND REMEDIES.

  
 (a) In the event WSI defaults or fails to perform any of the
conditions or obligations of WSI under this Agreement, then G-T Gateway shall have a right to terminate this Agreement and receive a refund of the Binder Deposit and pursue an action for reimbursement of expenses, fees and costs incurred by G-T
Gateway relating to this Agreement or its due diligence on the Property, provided such fees and costs shall not exceed Fifty Thousand and No/100 Dollars ($50,000), plus the amount of any fees forfeited by G-T Gateway to its lender as the result of
the failure of such Closing because of WSI default, and will be substantiated by legitimate invoices therefor, or, in the alternative, compel WSI’s performance of its obligations hereunder by bringing an action for specific performance or, if
specific performance is not available to G-T Gateway, as a result of the acts or omissions of WSI, G-T Gateway may pursue any other legal remedy available to G-T Gateway under the laws of the State of North Carolina, including an action for
reimbursement of expenses, fees and costs incurred by G-T Gateway relating to this Agreement or the Property. 
  
 (b) In the event G-T Gateway defaults or fails to perform any of the covenants or conditions of G-T Gateway under this Agreement, WSI may terminate this
agreement and the Escrow Agent shall pay the Binder Deposit to WSI, and such payment shall constitute WSI’s liquidated damages as a result of G-T Gateway’s default or failure to perform, as WSI’s actual damages shall be difficult, if
not impossible, to ascertain, and after such payment G-T Gateway shall have no further obligations hereunder, except for G-T Gateway’s Continuing Indemnification Obligations. 
  
 8. OTHER PROVISIONS. 
  
 (a) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which, taken together,
shall constitute one and the same instrument. 
  
 (b) Entire
Agreement. This Agreement and the Exhibits attached hereto constitute and contain the entire agreement between the parties, and supersede all prior and contemporaneous understandings and agreements, whether oral or in writing, between the
parties respecting the subject matter hereof. There are no representations, agreements, arrangements or understandings, oral or in writing, between or among the parties to this Agreement relating to the subject matter of this Agreement which are not
fully expressed in this Agreement. 
  
 (c) Construction.
The provisions of this Agreement shall be construed as to their fair meaning, and not for or against any party based upon any attribution to such party as the source of the language in question. Headings used in this Agreement are for convenience of
reference only and shall not be used in construing this Agreement. 
  

 34 

 (d) Applicable Law. This Agreement shall be governed by the laws of the State of North Carolina.

  
 (e) Severability. If any term, covenant, condition or
provision of this Agreement, or the application thereof to any person or circumstance, shall to any extent be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, covenants, conditions or
provisions of this Agreement, or the application thereof to any person or circumstance, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. 
  
 (f) Waiver of Covenants, Conditions and Remedies. The waiver by one
party of the performance of any covenant, condition or promise under this Agreement shall not invalidate this Agreement nor shall it be considered a waiver by it of any other covenant, condition or promise under this Agreement. The waiver by either
or both parties of the time for performing any act under this Agreement shall not constitute a waiver of the time for performing any other act or an identical act required to be performed at a later time. 
  
 (g) Exhibits. All exhibits to which reference is made in this
Agreement are deemed incorporated into this Agreement and made a part hereof, whether or not actually attached. 
  
 (h) Amendment. This Agreement may be amended at any time by the written agreement of G-T Gateway and WSI. All amendments, changes, revisions and
discharges of this Agreement, in whole or in part, and from time to time, shall be binding upon the parties despite any lack of legal consideration, so long as the same shall be in writing and executed by the parties hereto. 
  
 (i) Relationship of Parties. The parties agree that their relationship
is that of buyer and seller, and that nothing contained herein shall constitute either party the agent or legal representative of the other for any purpose whatsoever, nor shall this Agreement be deemed to create any form of business organization
between the parties hereto, nor is either party granted any right or authority to assume or create any obligation or responsibility on behalf of the other party, nor shall either party be in any way liable for any debt of the other. 
  
 (j) Assignment. Except as set forth below, G-T Gateway may not assign
its rights, obligations and liabilities hereunder to a third party without WSI’s prior written consent, which shall not be unreasonably withheld. Notwithstanding the above, G-T Gateway may assign this Agreement at Closing (but only if the
transaction contemplated hereby closes) without the requirement of WSI’s consent to a corporation, limited liability company, or partnership in which G-T Gateway (or its principals) own more than 50% of the equity interest thereof. This
Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties to this Agreement. 
  

 35 

 (k) Further Acts. Each party agrees to perform any further acts and to execute, acknowledge and
deliver any documents which may be reasonable necessary to carry out the provisions of this Agreement. The provisions of this Section 8(k) of this Agreement shall survive Closing and shall not be merged upon the delivery and acceptance of the
Deed for the Land. 
  
 (l) No Recording; Actions to Clear
Title. Neither WSI nor G-T Gateway may record this Agreement or a memorandum of this Agreement without the consent of the other party which shall not be unreasonably withheld or delayed. If G-T Gateway fails to complete this transaction, or
otherwise terminates or permits this Agreement to expire for any reason, then G-T Gateway shall, at no cost to WSI, promptly execute, acknowledge and deliver to WSI, all within three (3) days after written request from WSI, a quitclaim deed, in
recordable form, in favor of WSI and any other documents requested by WSI to remove the cloud on title to the Property that may exist as the result of the existence of this Agreement. 
  
 (m) Broker Commissions. Each party warrants to the other that no person, firm or individual is entitled to or has a
claim for a commission or fee arising out of this transaction except that WSI is obligated to pay a commission to Triad Commercial Properties, and CB Richard Ellis, both of which represent WSI in this transaction. G-T Gateway has no responsibility
for the payment of this real estate commission to Triad Commercial Properties and CB Richard Ellis. WSI shall and does hereby indemnify and hold harmless G-T Gateway from and against any claim for any consulting fee, finder’s fee, commission,
or like compensation, including reasonable attorney’s fees in defense thereof, payable in connection with any transaction contemplated hereby and asserted by any party arising out of any act or agreement by WSI. G-T Gateway does hereby
indemnify and hold harmless WSI from and against any claim for any consulting fee, finder’s fee, commission or the like, including reasonable attorneys’ fees in the defense thereof, payable in connection with any claim by any person or
firm asserted by any party arising out of any act or agreement by G-T Gateway. 
  
 (n) Notices. All notices and demands which either party is required or desires to give to the other shall be given in writing by personal delivery, overnight courier service, certified mail, return receipt
requested, or by telecopy followed by next day delivery of a hard copy to the address set forth below for the respective parties. All notices and demands so given shall be effective upon the delivery or sending of the same to the party to whom
notice or a demand is given, if personally delivered or sent by telecopy, on the next business day if sent by overnight courier and within three (3) business days or upon receipt, whichever is earlier, if sent by certified mail, return receipt
requested. 
  

			
	G-T GATEWAY:	    	G-T Gateway, LLC
	 	    	1325 Ivy Avenue
	 	    	Winston-Salem, NC 27105
	 	    	Attention:       John L. Turner, Sr., President
	 	    	Telephone:     336-725-9970
	 	    	Facsimile:      336-777-8904

  

 36 

					
	 	  	With copy to:	    	Thomas T. Crumpler, Esquire
	 	  	 	    	Allman Spry Leggett & Crumpler, P.A.
	 	  	 	    	380 Knollwood Street, Suite 700
	 	  	 	    	Winston-Salem, NC 27103-4152
	 	  	 	    	Telephone:     336-722-2300
	 	  	 	    	Facsimile:      336-721-0414
			
	WSI:	  	 	    	Winston-Salem Industrial, LLC
	 	  	 	    	Attn: Mack D. Pridgen, III, Esquire
	 	  	 	    	3100 Smoketree Court, Suite 600
	 	  	 	    	Raleigh, NC 27604-4924
	 	  	 	    	Telephone:     919-875-6694
	 	  	 	    	Facsimile:      919-876-6929
			
	 	  	With copy to:	    	Samuel T. Oliver, Esquire
	 	  	 	    	Manning Fulton & Skinner
	 	  	 	    	BB&T Plaza
	 	  	 	    	3605 Glenwood Avenue
	 	  	 	    	Raleigh, NC 27612
	 	  	 	    	Telephone:     919/787-8880
	 	  	 	    	Facsimile:      919/781-0811

  
 (o) Press
Releases. WSI and G-T Gateway agree that they will not make any public statement, including without limitation, any press release, with respect to this Agreement and the transactions contemplated hereby without first allowing the other party an
opportunity to review such statement and render an approval thereof, which approval shall not be unreasonably withheld or delayed by either party. It is the intention of this subparagraph that WSI and G-T Gateway must agree as to the timing and
content of any information contained in any public statement or press release regarding the transaction contemplated hereby. The parties agree to exercise reasonableness when asked to consent to the content of any such press release or other public
statement regarding this transaction. 
  
 (p) Definition of
Agreement Date. As used in this Agreement, Agreement Date shall be deemed to refer to the date a fully executed original of this Agreement is delivered to each party hereto, and the Agreement Date shall be inserted as the date of this Agreement
in the introductory paragraph of this Agreement. 
  

 37 

 (q) Survival of the Agreement. The promises, terms, conditions, representations, warranties and
provisions set forth in this Agreement shall survive the Closing of the transaction and the delivery and recording of the deed and any other instruments for the conveyance of the Property for a period of one (1) year following the Closing, except as
otherwise provided in this Agreement and if the deed or any other recorded instruments are or may be construed to be inconsistent with any such provision of this Agreement, then the applicable provision of this Agreement shall control and shall not
be deemed to have been merged into such deed or other recorded instruments, unless otherwise expressly provided in any such instruments. 
  
 IN WITNESS WHEREOF, the parties hereto have caused the signature page to this Agreement to be duly executed by their hands and under seal affixed hereto
as of the day and year first above written. 
  
 [SIGNATURE PAGE
ATTACHED] 
  

 38 

 SIGNATURE PAGE TO AGREEMENT 
 BY AND AMONG 
 WINSTON-SALEM INDUSTRIAL, LLC, 
 HIGHWOODS REALTY LIMITED PARTNERSHIP, 
 G-T GATEWAY, LLC, and 
 ALLMAN SPRY LEGGETT & CRUMPLER, P.A., as Escrow Agent 
  
 Dated as of January 28, 2005 
  

					
	“WSI”	 	WINSTON-SALEM INDUSTRIAL, LLC,
	 	 	a Delaware limited liability company
			
	 	 	By:	 	Highwoods Realty Limited Partnership, a North
	 	 	 	 	Carolina Limited Partnership, its Sole Member
			
	 	 	By:	 	Highwoods Properties, Inc., a Maryland
	 	 	 	 	Corporation, Its Sole General Partner
			
	 	 	By:	 	 /s/ Mack D. Pridgen III

	 	 	Name:	 	Mack D. Pridgen III
	 	 	Title:	 	Vice President
		
	“HIGHWOODS”	 	HIGHWOODS REALTY LIMITED PARTNERSHIP,
	 	 	a North Carolina Limited Partnership
			
	 	 	By:	 	Highwoods Properties, Inc., a Maryland
	 	 	 	 	Corporation, Its Sole General Partner
			
	 	 	By:	 	 /s/ Mack D. Pridgen III

	 	 	Name:	 	Mack D. Pridgen III
	 	 	Title:	 	Vice President
		
	“G-T GATEWAY”	 	G-T GATEWAY, LLC,
	 	 	a North Carolina limited liability company
			
	 	 	By:	 	 /s/ John L. Turner, Sr.

	 	 	Name:	 	John L. Turner, Sr.
	 	 	Title:	 	Manager

 The undersigned, Escrow Agent herein, executes this Agreement for the purpose of agreeing to the
provisions set forth in this Agreement relating to Escrow Agent and the Binder Deposit. 
  

					
	“ESCROW AGENT”	 	Allman Spry Leggett & Crumpler, P.A.
			
	 	 	By:	 	 /s/ Thomas T. Crumpler

	 	 	Name:	 	Thomas T. Crumpler

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