- --------------------------------------------------------------------------------
CLOSING STATEMENT INFORMATION
- --------------------------------------------------------------------------------
Property Name: BURLINGTON OFFICE PARK
Seller: BURLINGTON ASSOCIATES GENERAL PARTNERSHIP
an Illinois General Partnership
Purchaser: GREAT LAKES REIT, L.P.
a Delaware limited partnership
Proration Date: 5/10/99
Proration as of: 11:59 PM, MONDAY, MAY 10, 1999
Closing Date: 5/11/99
Closing as of: TUESDAY, MAY 11, 1999
Tax Begin Date: 7/1/98
Tax End Date: 6/30/99
Month Begin Date 5/1/99
Month End Date 5/31/99
CLOSING STATEMENT
BURLINGTON OFFICE PARK
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: BURLINGTON ASSOCIATES GENERAL PARTNERSHIP
an Illinois General Partnership
PURCHASER: GREAT LAKES REIT, L.P.
a Delaware limited partnership
PRORATION DATE: 11:59 PM, MONDAY, MAY 10, 1999
CLOSING (FUNDING) DATE: TUESDAY, MAY 11, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
CREDIT CREDIT
PURCHASER SELLER
---------------- ----------------
PURCHASE PRICE 19,650,000.00
EARNEST MONEY (held by LandAmerica) 200,000.00
INTEREST ON EARNEST MONEY POC
PRO-RATE PROPERTY TAXES (FOR MONTH OF CLOSING) 87,373.12
[See Schedule A]
PRO-RATE MAY, 1999 LEASE CHARGES 147,595.96
[See Schedule D]
TENANT PREPAID RENTS 0.00
[See Schedule B]
PRO-RATE SERVICE CONTRACTS 9,827.43
[See Schedule C]
SECURITY DEPOSITS 69,044.57
[See Schedule D]
TI/COMMISSIONS 57,730.00 394.34
[See Schedule E]
BUILDING PLAN COPY REIMBURSEMENT 156.46
HVAC REPLACEMENT CREDIT 15,500.00
---------------- ----------------
SUBTOTALS 474,526.99 19,763,094.88
CASH AMOUNT DUE TO SELLER 19,288,567.89
---------------- ----------------
TOTAL CREDITS 19,763,094.88 19,763,094.88
=============== ===============
NOTES:
[1] Utility payments shall be directed to the parties for their respective
periods of ownership based upon meter reads ordered on or prior to the
Closing Date.
[2] Seller agrees to pay all invoices or charges payable to service contract
vendors or other vendors of supplies or services which are unpaid at Closing
and relate to periods prior to and including May 11, 1999, or which relate
to periods after Closing to the extent Seller received a credit from
Purchaser at Closing. Purchaser agrees to pay all invoices or charges
payable to service contract vendors or other vendors of supplies or services
which are unpaid at Closing and relate to periods after May 10, 1999, or
which relate to periods after Closing to the extent Purchaser received a
credit from Seller at Closing.
APPROVED: SELLER APPROVED: PURCHASER
BURLINGTON ASSOCIATES GENERAL PARTNERSHIP GREAT LAKES REIT, L.P.
an Illinois General Partnership a Delaware limited partnership
By: First Capital Income Properties, Ltd. - Series XI, By: Great Lakes REIT, a Maryland,
a Illinois general partnership, its general partner real estate investment trust, its general partner
By: First Capital Financial Corporation,
a Florida corporation, its general partner By: _______________________________
By: ________________________________
Its: ________________________________
Its: ________________________________
WIRING INSTRUCTIONS
- --------------------------------------------------------------------------------
WIRE INSTRUCTION FOR SELLER
----------------------------
AMERICAN NATIONAL BANK, CHICAGO, IL
ABA NO. 71000770
ACCOUNT # 4105478
ACCOUNT NAME: FIRST CAPITAL BURLINGTON ASSOCIATES
PLEASE CONTACT DAN HENNING (312) 906-6488
WIRE INSTRUCTION FOR LENDER
---------------------------
BANK OF AMERICA NT & SA
ABA NO. 121-000-358
ACCOUNT # 15033-00463
ACCOUNT NAME: CLSSS #1503
AMOUNT: $11,021,223.43
REFERENCE: BURLINGTON ASSOC, GJ1116
PLEASE CONTACT AMY JAMES (312) 828-2516
THE FIRST NATIONAL BANK OF CHICAGO
ABA NO. 071-000013
ACCOUNT # 5519624
ACCOUNT NAME: SIDLEY & AUSTIN OPERATING ACCOUNT
AMOUNT: $1,910.38
REFERENCE: 27729-50130
INVOICE # 9913296
WIRE INSTRUCTION FOR BROKER
---------------------------
AMERICAN NATIONAL BANK OF CHICAGO
ABA NO. 071000770
ACCOUNT # 5300031488
ACCOUNT NAME: GRUBB & ELLIS COMPANY
REFERENCE: GRUBB & ELLIS DEPARTMENT #3370
PLEASE CONTACT FRANCINE HOLINOTY (248) 357-6599
- ---------------------------------------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
SOURCES AND USES STATEMENT
- ---------------------------------------------------------------------------------------------------------------
PURCHASER'S SOURCES AND USES:
BALANCE OF CASH TO BE FUNDED BY PURCHASER 19,288,567.89
ADDITIONAL CASH OUTLAYS BY PURCHASER:
CHICAGO TITLE INSURANCE COMPANY
Zoning 3.1 w/Parking Endorsement (100%) 2,841.38
Survey Endorsement (100%) 6,150.63
Zoning Letter 25.00
Out of Pocket Charges 120.00
Recording Fees (100%) 50.00
Survey (50%) 3,750.00
Closing Fees 375.00
---------------
PURCHASER'S CLOSING COSTS 13,312.01
---------------
TOTAL CASH OUTLAY BY PURCHASER 19,301,879.90
===============
- ---------------------------------------------------------------------------------------------------------------
SELLER'S SOURCES AND USES:
CASH AMOUNT DUE TO SELLER 19,288,567.89
EARNEST MONEY (held by LandAmerica) 200,000.00
---------------
TOTAL SELLER'S SOURCES 19,488,567.89
ITEMS PAYABLE FROM SELLER'S PROCEEDS AT CLOSING:
CHICAGO TITLE INSURANCE COMPANY
Title Insurance Base Premium (100%) 16,760.63
Survey (50%) 3,750.00
County of Washtenaw Trnsfer Taxes 21,615.00
State of Michigan Transfer Taxes 147,375.00
Recording Fees (100%) 50.00
Closing Fees 375.00
---------------
189,925.63
BROKERAGE COMMISSION TO GRUBB & ELLIS 265,275.00
REPAYMENT OF LOAN TO BANK OF AMERICA 11,023,133.81
---------------
TOTAL CASH OUTLAY BY SELLER 11,478,334.44
---------------
BALANCE TO SELLER 8,010,233.45
===============
SCHEDULE A
- ----------------------------------------------------------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
PRO-RATE FISCAL YEAR 1998-9 PROPERTY TAXES
PRORATION MADE AS OF: 11:59 PM, MONDAY, MAY 10, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
Burlington I
Parcel ID#
----------
12-05-400-019
1998 Summer Taxes Amount Fiscal Year
School State Education 8,725.82 7/1/98 - 6/30/99 13.97% 1,219.22
School Operating 26,177.45 7/1/98 - 6/30/99 13.97% 3,657.67
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 4,244.24 7/1/98 - 6/30/99 13.97% 593.03
City of Ann Arbor 44,080.22 7/1/98 - 6/30/99 13.97% 6,159.15
District Library 4,799.20 7/1/98 - 6/30/99 13.97% 670.57
Community College 11,933.72 7/1/98 - 6/30/99 13.97% 1,667.45
Intermediate Schools 9,647.26 7/1/98 - 6/30/99 13.97% 1,347.97
AATA 6,254.96 7/1/98 - 6/30/99 13.97% 873.98
------------
Total 115,862.87
1999 Winter Taxes
School State Education 8,725.82 7/1/98 - 6/30/99 13.97% 1,219.22
School Operational 26,177.45 7/1/98 - 6/30/99 13.97% 3,657.67
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 4,244.24 7/1/98 - 6/30/99 13.97% 593.03
Washtenaw County 16,180.28 1/1/99 - 12/31/99 64.38% 10,417.44
----------- -----------
Total 55,327.79 $32,076.43
Burlington II
Parcel ID#
----------
12-05-400-022
1998 Summer Taxes Amount Fiscal Year
School State Education 10,297.74 7/1/98 - 6/30/99 13.97% 1,438.86
School Operating 30,893.21 7/1/98 - 6/30/99 13.97% 4,316.59
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 5,008.82 7/1/98 - 6/30/99 13.97% 699.86
City of Ann Arbor 52,021.06 7/1/98 - 6/30/99 13.97% 7,268.70
District Library 5,663.76 7/1/98 - 6/30/99 13.97% 791.37
Community College 14,083.53 7/1/98 - 6/30/99 13.97% 1,967.84
Intermediate Schools 11,385.18 7/1/98 - 6/30/99 13.97% 1,590.81
AATA 7,381.76 7/1/98 - 6/30/99 13.97% 1,031.42
--------------
Total 136,735.06
1999 Winter Taxes
School State Education 10,297.74 7/1/98 - 6/30/99 13.97% 1,438.86
School Operational 30,893.21 7/1/98 - 6/30/99 13.97% 4,316.59
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 5,008.82 7/1/98 - 6/30/99 13.97% 699.86
Washtenaw County 19,095.09 1/1/99 - 12/31/99 64.38% 12,294.10
-------------- ------------
Total 65,294.86 $37,854.86
Burlington III
Parcel ID#
----------
12-05-400-036
1998 Summer Taxes Amount Fiscal Year
School State Education 4,744.74 7/1/98 - 6/30/99 13.97% 662.96
School Operating 14,234.22 7/1/98 - 6/30/99 13.97% 1,988.89
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 2,307.84 7/1/98 - 6/30/99 13.97% 322.47
City of Ann Arbor 23,969.01 7/1/98 - 6/30/99 13.97% 3,349.09
District Library 2,609.61 7/1/98 - 6/30/99 13.97% 364.63
Community College 6,489.06 7/1/98 - 6/30/99 13.97% 906.69
Intermediate Schools 5,245.78 7/1/98 - 6/30/99 13.97% 732.97
AATA 3,401.19 7/1/98 - 6/30/99 13.97% 475.23
------------
Total 63,001.45
1999 Winter Taxes
School State Education 4,744.74 7/1/98 - 6/30/99 13.97% 662.96
School Operational 14,234.22 7/1/98 - 6/30/99 13.97% 1,988.89
School Supplemental - 7/1/98 - 6/30/99 13.97% -
School Debt 2,307.84 7/1/98 - 6/30/99 13.97% 322.47
Washtenaw County 8,798.17 1/1/99 - 12/31/99 64.38% 5,664.58
------------ ----------
Total 30,084.97 $17,441.84
==========
TOTAL CREDIT DUE SELLER $87,373.12
==========
SCHEDULE B
- -------------------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
TENANT PREPAID RENTS
PRORATION MADE AS OF: 11:59 PM, MONDAY, MAY 10, 1999
- -------------------------------------------------------------------------------------------
AMOUNT
SUITE # TENANT NAME PREPAID
---------------------------------------------------------------------------
Prepaid Rent:
0.00
-----------
CREDIT TO PURCHASER 0.00
==========
SCHEDULE C
- ------------------------------------------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
RECURRING PAYABLES PRORATION
PRORATION MADE AS OF: 11:59 PM, MONDAY, MAY 10, 1999
- ------------------------------------------------------------------------------------------------------------------
SERVICE CONTRACTS
CREDIT DUE
BILLING PERIOD # of DAYS PURCHASER
VENDOR NAME PAYMENT BEGIN END CREDIT or (SELLER)
- ------------------------------------------------------------------------------------------------------------------
PAID BY SELLER
- --------------
B - I
- -----
Bartlett Cleaning Service (5,535.11) 05/01/99 05/31/99 21 (3,749.59)
Answering Service, Inc. (23.91) 05/01/99 05/31/99 21 (16.20)
Millar Elevator (315.00) 05/01/99 05/31/99 21 (213.39)
Tru-Green (82.00) 05/01/99 05/31/99 21 (55.55)
B - II
- ------
Bartlett Cleaning Service (4,892.88) 05/01/99 05/31/99 21 (3,314.53)
Tru-Green (82.00) 05/01/99 05/31/99 21 (55.55)
Millar Elevator (286.00) 05/01/99 05/31/99 21 (193.74)
Answering Service, Inc. (23.91) 05/01/99 05/31/99 21 (16.20)
B - III
- -------
Bartlett Cleaning Service (3,038.71) 05/01/99 05/31/99 21 (2,058.48)
Dover Elevator (161.05) 05/01/99 05/31/99 21 (109.10)
Answering Service, Inc. (11.96) 05/01/99 05/31/99 21 (8.10)
Tru-Green (41.00) 05/01/99 05/31/99 21 (27.77)
Erlich Fire Protection (105.00) 06/01/99 08/31/99 92 (105.00)
CREDIT DUE TO PURCHASER (SELLER) (9,923.20)
-----------
PAYABLE BY PURCHASER
- --------------------
B - I
- -----
A & H Lawn Care 400.00 05/01/99 05/31/99 10 129.03
Eradico Pest Control 27.00 05/01/99 05/31/99 10 8.71
Mr. Uniform 312.25 05/04/99 06/01/99 7 75.37
B - II
- ------
Eradico Pest Control 27.00 05/01/99 05/31/99 10 8.71
B - III
- -------
Eradico Pest Control 22.00 05/01/99 05/31/99 10 7.10
CREDIT DUE TO PURCHASER (SELLER) 228.92
-----------
LICENSES\PERMITS\FEES - (Paid by Seller)
- ------------------------
0.00 01/01/99 12/31/99 130 0.00
CREDIT DUE TO PURCHASER (SELLER) 0.00
-----------
INCOME VENDORS
- --------------
Federal Express 300.00 10/01/98 09/30/99 (142) (116.71)
United Parcel Service 300.00 06/01/98 05/31/99 (20) (16.44)
CREDIT DUE TO PURCHASER (SELLER) (133.15)
-----------
TOTAL CREDIT DUE TO PURCHASER (SELLER) (9,827.43)
===========
SCHEDULE D
- --------------------------------------------------------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
RENTAL CHARGE, DEPOSIT RECONCILIATION, AND DELINQUENCY SCHEDULE
PRORATION MADE AS OF: 11:59 PM, MONDAY, MAY 10, 1999
- --------------------------------------------------------------------------------------------------------------------------------
MAY MAY MAY
TENANT MONTHLY ESCALATION OTHER TOTAL CHARGES
TENANT DEPOSITS RENT CHARGES INCOME CHARGES PAID
- --------------------------------------------------------------------------------------------------------------------------------
AMRESCO Commercial Lending Corporation 1,628.00 1,713.33 0.00 0.00 1,713.33 1,713.33
Ann Arbor Associates Inc 2,000.00 2,324.00 0.00 0.00 2,324.00 2,324.00
CCB Financial Strategies 1,365.00 1,365.00 0.00 0.00 1,365.00 -
Dykema Gossett Spencer, Goornow, & Trigg 27,866.67 0.00 605.00 28,471.67 28,470.33
Employment Research Corporation 2,135.00 2,221.77 0.00 0.00 2,221.77 2,221.77
Fame Information Services, Inc. 15,414.00 15,414.00 0.00 0.00 15,414.00 15,414.00
Gerald Alcock Company 1,393.82 1,791.92 0.00 0.00 1,791.92 1,791.92
Global Dynamics, Inc. 2,073.00 2,633.08 0.00 0.00 2,633.08 2,633.08
GMAC Mortgage Corporation of PA 1,774.92 0.00 0.00 1,774.92 1,774.92
Huron Valley Financial, Inc. 2,762.50 2,762.50 0.00 0.00 2,762.50 -
Standard Federal Bank 4,490.43 0.00 0.00 4,490.43 4,490.43
International Business Centers of Michigan, Inc. (1) 17,906.67 18,960.70 0.00 865.33 19,826.03 -
Kaydon Corporation TRIMAS 17,268.36 0.00 0.00 17,268.36 17,268.36
M2 Investment Corporation 630.00 0.00 0.00 630.00 630.00
McDonald & Company Securities, Inc. (2) 7,786.00 0.00 1,250.33 9,036.33 9,036.33
Michael H. Cutler and Associates, P.L.L.C. 1,575.00 1,575.00 0.00 0.00 1,575.00 1,575.00
Micromet Corporation 1,450.83 0.00 0.00 1,450.83 -
Mundus & Mundus, Inc. 2,800.00 6,550.42 0.00 0.00 6,550.42 6,550.42
Network Express, Inc. 31,308.96 0.00 0.00 31,308.96 31,308.96
Partners in Travel 874.00 0.00 0.00 874.00 -
Personal Touch Marketing 3,217.50 3,078.90 0.00 0.00 3,078.90 3,078.90
Personnel Systems 3,175.00 0.00 0.00 3,175.00 3,175.00
Prudential Securities, Inc. 10,147.05 0.00 0.00 10,147.05 10,147.05
Richard L. DeCan 1,309.44 0.00 0.00 1,309.44 1,309.44
Robert J. Stapleton, CPA P.C. 715.00 715.00 0.00 0.00 715.00 715.00
Schmick Law Offices, P.C. 3,352.29 0.00 0.00 3,352.29 3,352.29
Software Plus, Inc. 1,985.00 1,985.00 0.00 0.00 1,985.00 1,985.00
State Farm Mutual Automobile Ins. Co. 3,926.36 0.00 0.00 3,926.36 3,926.36
The Regents of the University of Michigan 29,652.42 0.00 0.00 29,652.42 29,652.31
The Solutions Group Inc. 1,395.00 1,686.00 0.00 0.00 1,686.00 1,686.00
TRIADA, LTD. 3,011.83 8,647.17 0.00 0.00 8,647.17 -
Washtenaw Mortgage Company - Ste. 3A B-I 2,822.42 0.00 35.00 2,857.42 2,857.42
Washtenaw Mortgage Company - Stes. 11-13 B-II 5,167.25 12,268.96 0.00 0.00 12,268.96 12,268.96
Washtenaw Mortgage Company - Ste. 204 - 206 B-II 13,351.30 0.00 0.00 13,351.30 13,351.30
Wilson White Company, Inc. 2,500.00 3,171.88 0.00 0.00 3,171.88 3,171.88
--------------------------------------------------------------------------- ----------
69,044.57 250,051.08 0.00 2,755.66 252,806.74 217,879.76
MAY
PR'S & PRIOR TOTAL TOTAL
PRORATA BALANCE BALANCE BALANCE SR'S PR'S
TENANT SHARE O/S PRIOR 5/1 FOR 5/1 PMTS SHARE O/S SHARE O/S
- ---------------------------------------------------------------------------------------------------------------------------------
AMRESCO Commercial Lending Corporation 1,160.64 553.37 553.37 - 553.37 -
Ann Arbor Associates Inc 1,574.32 - - - - -
CCB Financial Strategies - 1,807.85 442.85 1,365.00 883.17 924.68
Dykema Gossett Spencer, Goornow, & Trigg 19,286.35 1.34 - 1.34 0.43 0.91
Employment Research Corporation 1,505.07 - - - - -
Fame Information Services, Inc. 10,441.74 13,969.92 13,969.92 - 13,969.92 -
Gerald Alcock Company 1,213.88 - - - - -
Global Dynamics, Inc. 1,783.70 588.71 588.71 - 588.71 -
GMAC Mortgage Corporation of PA 1,202.37 - - - - -
Huron Valley Financial, Inc. - 2,762.50 - 2,762.50 891.13 1,871.37
Standard Federal Bank 3,041.90 - - - - -
International Business Centers of Michigan, Inc. (1) - 56,590.65 36,764.62 19,826.03 43,160.11 13,430.54
Kaydon Corporation TRIMAS 11,697.92 2,356.92 2,356.92 - 2,356.92 -
M2 Investment Corporation 426.77 - - - - -
McDonald & Company Securities, Inc. (2) 6,121.38 2,408.77 2,408.77 - 2,408.77 -
Michael H. Cutler and Associates, P.L.L.C. 1,066.94 - - - - -
Micromet Corporation - 1,450.83 - 1,450.83 468.01 982.82
Mundus & Mundus, Inc. 4,437.38 - - - - -
Network Express, Inc. 21,209.30 - - - - -
Partners in Travel - 2,039.36 1,165.36 874.00 1,447.30 592.06
Personal Touch Marketing 2,085.71 - - - - -
Personnel Systems 2,150.81 - - - - -
Prudential Securities, Inc. 6,873.81 6,095.39 6,095.39 - 6,095.39 -
Richard L. DeCan 887.04 - - - - -
Robert J. Stapleton, CPA P.C. 484.35 - - - - -
Schmick Law Offices, P.C. 2,270.91 2,636.60 2,636.60 - 2,636.60 -
Software Plus, Inc. 1,344.68 - - - - -
State Farm Mutual Automobile Ins. Co. 2,659.79 - - - - -
The Regents of the University of Michigan 20,087.05 0.11 - 0.11 0.04 0.07
The Solutions Group Inc. 1,142.13 - - - - -
TRIADA, LTD. - 9,796.39 1,149.22 8,647.17 3,938.63 5,857.76
Washtenaw Mortgage Company - Ste. 3A B-I 1,935.67 - - - - -
Washtenaw Mortgage Company - Stes. 11-13 B-II 8,311.23 1.24 1.24 - 1.24 -
Washtenaw Mortgage Company - Ste. 204 - 206 B-II 9,044.43 - - - - -
Wilson White Company, Inc. 2,148.69 - - - - -
=================================================================================================================================
147,595.96 103,059.95 68,132.97 34,926.98 79,399.74 23,660.21
Notes:
(1) See Section 4.3.8.2 of the Real Estate Sale Agreement dated 3/29/99.
(2) Per section 4.3.8.1 of the Real Estate Sale Agreement dated 3/29/99, tenant
Improvement Loan payments of $1,250.33 are due entirely to Seller
SCHEDULE E
- --------------------------------------------------------------------------------
BURLINGTON OFFICE PARK
LEASES SIGNED AFTER AUGUST 28, 1998
PRORATION MADE AS OF: 11:59 PM, MONDAY, MAY 10, 1999
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Commencement Termination
Tenant Date Date T.I. Due Comm. Due T.I. Paid
- -----------------------------------------------------------------------------------------------------
Washtnaw Mortgage - 1,014 sf 1/1/99 12/31/99 $ - $ 253.50 $ -
- -----------------------------------------------------------------------------------------------------
Washtenaw Mortgage - 1,147
sf 3/1/99 2/29/00 $ - $ 286.75 $ -
- -----------------------------------------------------------------------------------------------------
Triada , Inc. $ 57,730.00 $ - $ -
- -----------------------------------------------------------------------------------------------------
Total $ 57,730.00 $ 540.25 $ -
- -----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
Seller's Purchaser's Credit
Tenant Comm. Pd. Share Share Purchaser Credit Seller
- -------------------------------------------------------------------------------------------------
Washtnaw Mortgage - 1,014sf $ 253.50 0.00% 64.38% $ - $ 163.21
- -------------------------------------------------------------------------------------------------
Washtenaw Mortgage - 1,147
sf $ 286.75 0.00% 80.60% $ - $ 231.12
- -------------------------------------------------------------------------------------------------
Triada , Inc. $ - 100.00% 0% $ 57,730.00 $ -
- -------------------------------------------------------------------------------------------------
Total $ 540.25 $ 57,730.00 $ 394.34
- -------------------------------------------------------------------------------------------------