<PAGE>
Exhibit (b)(2)
NOTE
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Chicago, Illinois
Dated as of December 31, 2000
FOR VALUE RECEIVED, the undersigned, GRUBB & ELLIS COMPANY, a Delaware
corporation (the "Borrower"), hereby unconditionally promises to pay to the
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order of BANK OF AMERICA, N.A. (the "Lender"), at the office of Administrative
Agent located at 100 North Tryon Street, 7th Floor, Charlotte, North Carolina
28255-0001 in lawful money of the United States of America and in immediately
available funds, on the dates set forth in the Credit Agreement referred to
below, the principal amount of all Loans of the Lender made to the Borrower
pursuant to Section 2.1 of the Credit Agreement. The Borrower further agrees to
pay interest in like money at such office on the unpaid principal amount hereof
from time to time outstanding at the rates and on the dates specified in Section
4.7 of the Credit Agreement. Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.
The holder of this Note is authorized to endorse on the schedules annexed
hereto and made a part hereof or on a continuation thereof which shall be
attached hereto and made a part hereof the date, the Type and amount of each
Revolving Credit Loan of the Lender and the date and amount of each payment or
prepayment of principal thereof, each continuation thereof as the same Type in
accordance with the Credit Agreement, each conversion of all or a portion
thereof to another Type in accordance with the Credit Agreement and, in the case
of Eurodollar Loans, the length of each Interest Period with respect thereto.
Each such endorsement shall constitute prima facie evidence of the accuracy of
the information endorsed. The failure to make an such endorsement (or any error
therein) shall not affect the obligations of the Borrower in respect of any
Loan.
This Note (a) is one of the Notes referred to in the Amended and Restated
Credit Agreement, dated as of December 31, 2000 (as amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
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among the Borrower, the Lender, the other financial institutions from time to
time parties thereto and Bank of America, N.A., as Administrative Agent,
evidencing a Loan, (b) is subject to, the provisions of the Credit Agreement and
(c) is subject to optional prepayment in whole or in part as provided in the
Credit Agreement. This Note is secured and guaranteed as provided in the Loan
Documents. Reference is hereby made to the Loan Documents for a description of
the properties and assets in which a security interest has been granted, the
nature and extent of the security and the guarantees, the terms and conditions
upon which the security interests and each guarantee were granted and the rights
of the holder of this Note in respect thereof.
Upon the occurrence and during the continuance of any one or more of the
Events of Default, all amounts then remaining unpaid on this Note shall become,
or may be declared to be, immediately due and payable, all as provided in the
Credit Agreement:
<PAGE>
All parties now and hereafter liable with respect to this Note, whether
maker, principal, surety, guarantor, endorser or otherwise, hereby waive
presentment, demand, protest and all other notices of any kind.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF ILLINOIS.
IN WITNESS WHEREOF, the undersigned has caused this Note to be duly
executed and delivered as of the date first above written.
GRUBB & ELLIS COMPANY
By: /s/ Blake W. Harbaugh
Title: Senior Vice President and
Chief Financial Officer
<PAGE>
Schedule A
to Note
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LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS
<TABLE>
<CAPTION>
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Amount of Base Rate Unpaid Principal
Amount of Base Amount Converted to Amount of Principal of Loans Converted to Balance of
Date Rate Loans Base Rate Loans Base Rate Loans Repaid Eurodollar Loans Base Rate Loans Notation Made By
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<S> <C> <C> <C> <C> <C> <C>
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</TABLE>
<PAGE>
Schedule B
to Note
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LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS
<TABLE>
<CAPTION>
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Unpaid
Amount of Principal
Interest Period and Principal of Amount of Eurodollar Balance of
Amount of Amount Converted Eurodollar Rate with Eurodollar Loans Loans Converted to Eurodollar Notation
Date Eurodollar Loans to Eurodollar Loans Respect Thereto Repaid Base Rate Loans Loans Made by
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<S> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
