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PURCHASE AND SALE AGREEMENT
BETWEEN AND AMONG
WELLS OPERATING PARTNERSHIP, L.P.,
WELLS FUND XII - REIT JOINT VENTURE PARTNERSHIP,
WELLS FUND XIII - REIT JOINT VENTURE PARTNERSHIP,
WELLS REIT, LLC - VA I,
WELLS BREA I, L.P.,
WESTLAKE WELLS, L.P.,
DANACQ FARMINGTON HILLS LLC,
DANACQ KALAMAZOO LLC,
WELLS - EDS DES MOINES, L.P.,
AND
THE WELLS FUND XI-FUND XII-REIT JOINT VENTURE,
AS SELLERS
AND
LEXINGTON CORPORATE PROPERTIES TRUST,
AS PURCHASER
February 25, 2005
Purchase and Sale Agreement
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TABLE OF CONTENTS
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ARTICLE 1. DEFINITIONS............................................................................................3
ARTICLE 2. PURCHASE AND SALE.....................................................................................40
2.1. Agreement to Sell and Purchase the Wells Affiliate Properties..................................40
2.2. Agreement to Sell and Purchase the Wells OP Properties.........................................41
2.3. Permitted Exceptions...........................................................................41
2.4. Earnest Money..................................................................................41
2.5. Purchase Price.................................................................................42
2.6. Independent Contract Consideration.............................................................42
2.7. Closing........................................................................................42
ARTICLE 3. PURCHASER'S INSPECTION AND REVIEW RIGHTS..............................................................44
3.1. Due Diligence Inspections......................................................................44
3.2. Deliveries to Purchaser by Sellers; Purchaser's Access to Property Records of Sellers..........45
3.3. Condition of the Properties....................................................................48
3.4. Title and Survey...............................................................................49
3.5. Service Contracts..............................................................................50
3.6. Confidentiality................................................................................50
ARTICLE 4. REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS......................................................51
4.1. Representations and Warranties of Seller.......................................................51
4.2. Knowledge Defined..............................................................................59
4.3. Covenants and Agreements of Sellers............................................................59
4.4. Representations and Warranties of Purchaser....................................................66
4.5 Covenants and Agreements of Purchaser..........................................................67
ARTICLE 5. CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS......................................................68
5.1. Sellers' Closing Deliveries....................................................................68
5.2. Purchaser's Closing Deliveries.................................................................74
5.3. Closing Costs..................................................................................76
5.4. Prorations and Credits.........................................................................77
ARTICLE 6. CONDITIONS TO CLOSING.................................................................................80
6.1. Conditions Precedent to Purchaser's Obligations................................................80
6.2. Conditions Precedent to Seller's Obligations...................................................84
6.3. Conditions Precedent to Purchase and Sale of Certain Properties................................85
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Purchase and Sale Agreement
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ARTICLE 7. CASUALTY AND CONDEMNATION............................................................................85
7.1. Casualty.......................................................................................85
7.2. Condemnation...................................................................................86
ARTICLE 8. DEFAULT AND REMEDIES.................................................................................87
8.1. Purchaser's Default............................................................................87
8.2. Seller's Default...............................................................................88
ARTICLE 9. ASSIGNMENT............................................................................................88
9.1. Assignment.....................................................................................88
ARTICLE 10. BROKERAGE COMMISSIONS...............................................................................89
10.1. Broker.........................................................................................89
ARTICLE 11. INDEMNIFICATION......................................................................................90
11.1. Indemnification by Sellers.....................................................................90
11.2. Indemnification by Purchaser...................................................................90
11.3. Limitations on Indemnification.................................................................91
11.4. Survival.......................................................................................91
11.5. Indemnification as Sole Remedy.................................................................91
ARTICLE 12. MISCELLANEOUS........................................................................................92
12.1. Notices........................................................................................92
12.2 Possession.....................................................................................93
12.3 Time Periods...................................................................................93
12.4 Publicity......................................................................................93
12.5 Discharge of Obligations.......................................................................93
12.6 Severability...................................................................................93
12.7 Construction...................................................................................94
12.8 Sale Notification Letters......................................................................94
12.9 Access to Records Following Closing............................................................94
12.10 Submission to Jurisdiction.....................................................................94
12.11 General Provisions.............................................................................95
12.12 Like-Kind Exchange by Sellers..................................................................95
12.13 Attorney's Fees................................................................................96
12.14 Counterparts...................................................................................96
12.15 Effective Agreement............................................................................96
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Purchase and Sale Agreement
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SCHEDULE OF EXHIBITS
Exhibit "A-1" Description of Wells OP Lands
Exhibit "A-2" Description of Wells Affiliate Lands
Exhibit "A-3" Description of Wells OP Leasehold Interest Lands
Exhibit "B" List of Personal Property
Exhibit "B-1" List of Property Excluded from Wells OP Personal Property
Exhibit "B-2" List of Property Excluded from Wells Affiliate Personal Property
Exhibit "C" List of Existing Commission Agreements
Exhibit "D" List of Associations and Declarations of Covenants, Conditions,
Easements and Restrictions
Exhibit "E" Form of Escrow Agreement
Exhibit "F" List of Existing Environmental Reports
Exhibit "G" List of Existing Surveys
Exhibit "H" Forms of Ground Lessor Estoppel Certificates
Exhibit "I" List of Leases
Exhibit "J" List of Letters of Credit
Exhibit "K-1" Title Exceptions for Wells OP Lands
Exhibit "K-2" Title Exceptions for Wells Affiliate Lands
Exhibit "K-3" Title Exceptions for Wells OP Leasehold Interest Lands
Exhibit "L" List of Service Contracts
Exhibit "M" Form of Tenant Estoppel Certificate
Exhibit "N" Allocation of Earnest Money to Properties
Exhibit "O" List of Purchase Prices for Each Property
Schedule of Exhibits
Purchase and Sale Agreement Page 1
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Exhibit "P" List of Exceptions
Exhibit "Q" List of Third Party Management Agreements
Exhibit "R" Property Tax Appeals
Exhibit "S" List of Knowledge Parties
Exhibit "T" Form of Lease Guarantor Estoppel Certificate
Exhibit "U" Obligations as to Certain Leasing Commission Obligations
Exhibit "V" List of Additional Matters for Confirmation in Estoppel
Certificates
Exhibit "W" Excluded Computer Software
Exhibit "X" List of Security Deposits
Exhibit "Y" Form of Highwoods Estoppel Certificate
Exhibit "Z" Form of Pending Kerr McGee Sewer Easement
Exhibit "AA" Form of Pending Capital One Lake Easement Deed
Exhibit "BB" Intentionally Deleted
Exhibit "CC" Form of Second Amendment to Gartner Office Lease
Exhibit "DD" Form of Letter Amendment to ISS Building III Lease
Exhibit "EE" Alstom Power Property / French Drain Work
Exhibit "FF" Gartner Parking Plans
Schedule of Exhibits
Purchase and Sale Agreement Page 2
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SCHEDULE OF CLOSING DOCUMENTS
Schedule 1 Form of Assignment and Assumption of ASML Sub-Ground Lease
Schedule 2 Form of Assignment and Assumption of Ingram Micro Bond Lease
Schedule 3 Form of Assignment and Assumption of ISS Bond Lease
Schedule 4 Form of Assignment and Assumption of Leases and Security
Deposits and Leasing Commission Obligations arising after
Closing
Schedule 5 Form of Assignment and Assumption of ASML Sublease
Schedule 6 Form of Assignment and Assumption of Ingram Micro Sublease
Schedule 7 Form of Assignment and Assumption of ISS Subleases
Schedule 8 Form of Bill of Sale to Personal Property
Schedule 9 Form of Assignment and Assumption of Ingram Micro Loan Documents
Schedule 10 Form of Assignment and Assumption of ISS Bond Documents
Schedule 11 Form of Assignment and Assumption of Service Contracts
Schedule 12 Form of General Assignment of Seller's Interest in Intangible
Property
Schedule 13 Form of Seller's Affidavit (for Purchaser's Title Insurance
Purposes)
Schedule 14 Form of Seller's Certificate (as to Seller's Representations and
Warranties)
Schedule 15 Form of Seller's FIRPTA Affidavit
Schedule 16 Form of Ingram Micro Bond Certificate
Schedule 17 Form of ISS Home Office Payment Agreement
Schedule 18 Form of Assignment and Assumption of Agreements Regarding ISS
Letters of Credit
Schedule 19 Form of Assignment of Letters of Credit
Schedule 20 Forms of Seller's Estoppels
Schedule 21 Form of Assignment and Assumption of Highwoods Rental Guaranty
Purchase and Sale Agreement
<PAGE>
Agreements
Schedule 22 Form of Assignment and Assumption of Pacificare Escrow Agreement
Schedule 23 Form of Purchaser's Certificate (as to Purchaser's
Representations and Warranties)
Schedule of Closing Documents
Purchase and Sale Agreement Page 2
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PURCHASE AND SALE AGREEMENT
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THIS PURCHASE AND SALE AGREEMENT (the "Agreement"), made and entered
into this 25th day of February, 2005, by and among WELLS OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership ("Wells OP"), WELLS FUND XII - REIT JOINT
VENTURE PARTNERSHIP, a Georgia general partnership having Wells Real Estate Fund
XII, L.P., a Georgia limited partnership and Wells OP as all of its general
partners ("Wells Fund XII - REIT JV"), WELLS FUND XIII - REIT JOINT VENTURE
PARTNERSHIP, a Georgia general partnership having Wells Real Estate Fund XIII,
L.P., a Georgia limited partnership and Wells OP as all of its general partners
("Wells Fund XIII-REIT JV"), WELLS REIT, LLC, VA I, a Georgia limited liability
company having Wells OP as its sole member ("Wells Virginia REIT"), WELLS BREA
I, L.P., a Delaware limited partnership having Wells Brea, LLC, a Delaware
limited liability company as its sole general partner ("Wells Brea"), WESTLAKE
WELLS, L.P., a Texas limited partnership having Wells Real Estate Westlake, TX,
LLC, a Delaware limited liability company as its sole general partner ("Wells
Westlake"), DANACQ FARMINGTON HILLS LLC, a Delaware limited liability company,
having Wells OP as its sole member ("Wells Farmington Hills"), DANACQ KALAMAZOO
LLC, a Delaware limited liability company having Wells OP as its sole member
("Wells Kalamazoo"), WELLS - EDS DES MOINES, L.P., a Texas limited partnership
having Wells Real Estate - Des Moines, IA, LLC, a Delaware limited liability
company as its sole general partner ("Wells EDS"), THE WELLS FUND XI - FUND XII
- REIT JOINT VENTURE, a Georgia general partnership having Wells Real Estate
Fund XI, L.P., a Georgia limited partnership, Wells Real Estate Fund XII, L.P.,
a Georgia limited partnership and Wells OP as all of its general partners
("Wells Funds XI and XII REIT JV") (Wells OP, Wells Fund XII - REIT JV, Wells
Fund XIII - REIT JV, Wells Virginia REIT, Wells Brea, Wells Westlake, Wells
Farmington Hills, Wells Kalamazoo, Wells EDS, and Wells Funds XI and XII REIT JV
being collectively referred to as "Sellers" and sometimes individually referred
to as "Seller") and LEXINGTON CORPORATE PROPERTIES TRUST, a Maryland statutory
real estate investment trust (together with its permitted successors and
assigns, "Purchaser").
W I T N E S S E T H:
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WHEREAS, Wells OP (doing business in the State of North Carolina as
Wells Operating Partnership, Limited Partnership) desires to sell its fee simple
estate in certain improved real property defined herein as the "Allstate
Property" located in Decatur Township, Marion County, Indiana; the "AT&T (PA)
Property" located in Susquehanna Township, Dauphin County, Pennsylvania; the
"Capital One Property" located in the Three Chopt District, Henrico County,
Virginia; the "Dial Corporation Property" located at 15501 N. Dial Boulevard,
Scottsdale, Maricopa County, Arizona; the "Experian Property" located in the
City of Allen, Collin County, Texas; the "Gartner Surface Parking Property"
located in Fort Myers, Lee County, Florida; the "IKON Property" located at 810
and 820 Gears Road, Harris County, Texas; the "Kerr McGee Property" located in
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