First Amendment to Real Property Purchase Agreement between Santa Ana Arts IV, Inc. and Triple Net Properties, LLC

FIRST AMENDMENT TO REAL PROPERTY PURCHASE AGREEMENT{10060983.1)

This FIRST AMENDMENT TO REAL PROPERTY PURCHASE AGREEMENT (“Amendment”) is made effective and dated for reference purposes as of March 30, 2006, between SANTA ANA ARTS IV, INC., a California corporation f/k/a American Pacific Secured File Storage, Inc., a California corporation (“Seller”), and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company (“Buyer”),

RECITALS

A. Seller and Buyer entered into that certain Real Property Purchase Agreement dated March 27, 2006 (the “Agreement”), for the purchase of certain real property located in Orange County, California, commonly known as 901 Civic Center Drive, Santa Ana, California, Capitalized terms in this Amendment but not otherwise defined shall have the meanings given them in the Agreement,

B. Seller and Buyer desire to amend the Agreement as set forth in this Amendment.

Therefore based on the above facts and for valuable consideration, the receipt and sufficiency of which are hereby acknowledeged, the parties agree to amend the Agreement as follows:

1. Title Company; Title Documents. As used in the Agreement, the term “Title Company” is amended to mean and refer to First American Title Insurance Company, 5 First American Way, Santa Ana, California, 92707, Title Officer: Ruben Mares. Title Company has issued an ALTA Plain Language Commitment dated March 20, 2006, as Commitment No. NCS^. 2175561-SA1 (the “Title Commitment”) for the issuance of a policy of title insurance insuring the sale of the Property by Seller to Buyer, a copy of which is attached hereto as Exhibit A and incorporated herein by reference, As used in the Agreement, the term “Title Documents” is amended mean the Title Commitment, together with all underlying exception documents referred to therein, and no other reports, commitments, documents, or surveys. All title matters set forth in the Title Documents are hereby deemed approved by Buyer, and no Seller’s Title Cure or other act of Seller shall be required as to any matter contained therein as a condition to Buyer’s obligation to purchase the Property. By execution of this Amendment, Seller and Buyer hereby agree that the condition precedent to Buyer’s obligation to purchase the Property set forth in Section 4.2 of the Agreement has been satisfied,

2. Counterpart. No Further Amendments;Incorporation. This Amendment may be signed in counterparts which, when taken together, shall constitute one original document. Except as expressly modified by this Amendment, the Agreement remains unmodified and in full force and effect, and is hereby ratified and reaffirmed, This Amendment is hereby incorporated into and made a part of the Agreement, and. this Amendment and the Agreement shall be construed as one agreement; provided, however, that in the event of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall control.

IN WITNESS WHEREOF, this Amendment has been executed effective as of the date first written above,

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EXHIBIT A

TITLE COMMITMENT

[ATTACHED]

S.CONT

EXHIBIT A

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Form No, 1068^,2PlrStAmerican 77t&e Insurance Company

ALTA Plain Language Commitment

Commitment No.: NC5-217556SA1

Page Number: 1

First American Title Insurance Company

National Commercial Services

S First American Way Santa Ana, CA 92707

REVISED & UPDATED TO 3/20/7006

March 29, 2006

Gil Marrero
Volt Commercial Brokerage
18500 Von Karman Avenue, Suite 150
Irvine, CA ###-###-#### Phone: (949 ###-###-#### Fax: (9619)253^.97 05

Property: 901 West Civic Center Drive, Santa Ana, CA Attached please find the following Item(s): Commitment

Thank You for your confidence and support, We at First American Title Insurance Company maintain the fundamental principle: — ,

Customer First!

First American Title Insurance Company

INFORMATION

The Title Insurance Commitment is a legal contract between you and the company, It Is Issued to show the basis on which we will Issue a Title Insurance Policy to you, The Policy will insure you against certain risks to the land title, subject to the limitations shown In the policy.
The Company will give you a sample of the Policy form, if you ask,

The Commitment Is based on the land title as of the Commitment Date. Any changes in the land title or the transaction may affect the Commitment and the Policy.

TABLE OF CONTENTS

Schedule B-1 — Requirements Schedule B-2 — Exceptions Conditions

YOU SHOULD READ THE COMMITMENT VERY CAREFULLY.

If you have any questions about the Commitment,

please contact the issuing office.

COMMITMENT FOR TITLF INSURANCE

Issued by

First American Title Insurance Company

Agreement to Issue Policy

We agree to Issue a policy to you according to the terms of this Commitment.

When we show the policy amount and your name as the proposed Insured in Schedule A, this Commitment becomes effective as or the Commitment Date shown In Schedule A,

If the Requirements shown In this Commitment have not been met within six months after the Commitment Date, our obligation under this Commitment will end, Also, our obligation under this Commitment will end when the Policy is Issued and then our obligation to you will be under the Policy,

Our obligation under this Commitment Is limited by the following:

The Provisions in Schedule A.

The Requirements In Schedule R-1,

The Exceptions in Schedule B-1

The Conditions.

This Commitment is not valid without Schedule A and Sections 1 and 2 of Schedule B.

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Farm No. 1068^.7list American Title Insurance Company

ALTA Plain Language Commitment

Commitment No,:NC9^.217556-SA1 Page Number: 4

L Commitment Date: March 20, 2006 at 7;30 A.M.

2. Policy or Policies to be issued:

A) ALTA Standard Policy AL.TA Extended Owners 1992 Proposed Insured:

TED

B) ALTA Loan Polity $TBD Proposed Insured:

TBI)

(B) Title to said estate or Interest at the date hereof Is vested in; Santa Ana Arts IV, Inc., a California corporation

PARCEL 1 AS SHOWN ON A MAP FILED IN BOOK 183, PAGES 9 TO 11 INCLUSIVE OF PARCEL MAPS IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY, CALIFORNIA,

EXCEPT ALL OIL, GAS, HYDROCARBON SUBSTANCES AND MINERALS OF EVERY KIND AND CHARACTER, TOGETHER WITH THE RIGHT TO DRILL INTO, THROUGH, AND TO USE AND OCCUPY ALL PARTS OF SAID PROPERTY LYING MORE THAN SOO FEET BELOW THE SURFACE THEREOF FOR ANY PURPOSES INCIDENTAL TO THE EXPLORATION FOR AND PRODUCTION OF OIL, GAS, HYDROCARBON SUBSTANCES OR MINERALS FROM SAID PROPERTY OR OTHER LANDS, WITHOUT, HOWEVER, ANY RIGHT TO USE EITHER THE SURFACE OP SAID PROPERTY OR ANY PORTION 0F SAID PROPERTY.WITHIN 500 FEET OF THE SURFACE FOR ANY PURPOSE OR PURPOSES WHATSOEVER, AS RESERVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA IN A DEED RECORDED OCTOBER 3, 1983 AS INSTRUMENT NO, 83-435155 OP OFFICIAL RECORDS,

APN: 405^.183^.12

SCHEDULE B

SECTION ONE

REQUIREMENTS

The following requirements must be met:
1. Pay the agreed amounts for the interest in the and and/or the mortgage to be Insured.
2. Pay us the premiums, fees and charges for the policy.

5. Releases(s) or Reconveyance(s) of Item(s): 18
6. You must: give us the following information:

An ALTA/ACSM survey of recent date which complies with the current minimum standard detail requirements for ALTA/ACSM land title surveys,

7. Should any of the following entities be involved in this transaction, the Company will require:

A. WITH RESPECT TO A CORPORATION:

B. WITH RESPECT TO A CALIFORNIA LIMITED PARTNERSHIP:

1. That a certified copy of the certificate of limited partnership (form LP-1) and any amendments thereto (form LP-2) be recorded In the public records;

2. A full copy of the partnership. agreement and any amendments;

3. Satisfactory evidence of the consent of a majority in Interest of the limited partners to the

contemplated transaction;

C, WITH RESPECT TO A FOREIGN LIMITED PARTNERSHIP:

2. A full copy of the partnership agreement and any amendment;

D. WITH RESPECT TO A GENERAL PARTNER^SSHIP:

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1. That a certified copy of a statement partnership authority pursuant to section 16303 of the California Corporation Code (form GPM, executed by at least two partners, and a certified copy of any amendments to such statement (form GP-7), be recorded in the public records;

E. WITH RESPECT TO A LIMITED LIABILITY COMPANY:

1. A copy of its operating agreement and any amendments thereto;
2.If It is a California limited (lability company, that a certified copy of Its articles of organization (LLC-1) and any certificate of correction (LLC-11), certificate of amendment (LLC-2), or restatement of articles of organization (LLC•10) be recorded in the public records;

F. WITH RESPECT TO A TRUST:

First American Title Insurance Company

G. WITH RESPECT TO INDIVIDUALS;

1. A statement of informationFirstAmerican Title Insurance Company

SCHEDULE B

SECTION TWO EXCEPTIONS

Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction. The printed exceptions and exclusions from the coverage of the policy or policies are set forth in Exhibit A attached, Copies of the policy forms should be read, They are available from the office which Issued this Commitment.

A. P. No.; 405-183^.12

4. An easement shown or dedicated on the map filed or recorded as Book 17, Page 8 of Tract Map

For: Telephone and Electric Lines and Incidental purposes.

7. This item has been intentionally deleted.

9. Abutter’s rights of ingress and egress to or from Flower Street have been relinquished in
the document recorded September 27, 1977 as Book 12392, Page 758 of Official Records,

16. This Item has been intentionally deleted.

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Form No. 1068^.2 Commitment No: NC5 217556 SAlFirst American Title Insurance Company

ALFA Plain Language Commitment Page Number: 11

A document entitled “Assignment of Leases and Rents” recorded December 31, 2002 as Instrument No. 2002001203708 of Official Records, as additional security for the payment of the Indebtedness secured by the deed of trust.

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