Exhibit 10.141
 
 
PURCHASE AGREEMENT
(Polaris Towne Center, Columbus, Ohio)
 
 
THIS PURCHASE AGREEMENT ("Agreement") dated as of the last day of execution (the
"Effective Date"), is made by and between PTC COLUMBUS, LLC, a Delaware limited
liability company ("Seller") and DDR PTC LLC, a Delaware limited liability
company ("Buyer").
 
SECTION 1 - THE PROPERTY.  Seller agrees to sell and Buyer agrees to purchase
all of Seller’s right, title and interest in and to the following described
property:
 
(a)           The real property and improvements commonly known as Polaris Towne
Center consisting of the land described in EXHIBIT A attached hereto (the
"Land") consisting of approximately 61.594 acres, and as cross-hatched on the
site plan attached hereto as EXHIBIT B (but expressly excluding all areas of
land shown on the site plan which are not cross-hatched), together with all
buildings, improvements and other real estate fixtures, and all easements,
appurtenant rights, privileges, reservations, rights-of-way, licenses and
permits owned by Seller and relating to the Land or its operation,
(collectively, "Real Property") situated in the City of Columbus, County of
Franklin, State of Ohio.

(b)           All written leases or tenancies affecting the Real Property and
described in EXHIBIT C attached hereto and made a part hereof ("Leases");

(c)           Personal property, including, without limitation, all gas and
electric systems, lighting, heating and air conditioning equipment and systems,
radiators, ventilator equipment, incinerators, furnaces, hot water heaters,
water, sewage and plumbing systems, fire protection and security systems and all
other fixtures attached to such Land and buildings and owned by Seller and used
solely in connection with the Real Property, if any ("Personal Property"),
located at the Real Property, owned by Seller and used on or in connection with
the operation and management of the Real Property.

(d)           All intangible personal property, if any, owned by Seller and used
solely in connection with the Real Property including, without limitation,
Seller's right, title and interest (if any) to the trade name "Town Center
Plaza" (the "Trade Name"), and all goodwill associated with the Trade Name, and
any design marks, websites, domain names and other social media addresses, logos
and telephone numbers, but excluding any of the foregoing that are not exclusive
to the Real Property or related to the general property management business of
Seller and its affiliates (including brochures or operating manuals related to
the management of the Real Property)  (the "Intangible Property").

(e)           All warranties and guarantees (the "Guarantees") given in
connection with the construction or repair of the Real Property or the purchase
of any Personal Property to the extent any such Guarantees are assignable and
remain outstanding as of the Closing Date (as hereinafter defined).
 
 
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(f)           All certificates of occupancy (or the local equivalent), permits,
licenses, approvals and authorizations (collectively, the "Permits"), to the
extent such Permits are assignable, issued by any federal, state, county,
municipal, governmental or quasi-governmental authority relating to the Real
Property.

For purposes of this Agreement, the Land, Real Property, Leases, Personal
Property, Intangible Property, Guarantees and Permits are collectively referred
to as the "Property."

SECTION 2 - PURCHASE PRICE.  Buyer agrees to pay Seller, as the purchase price
for the Property, the sum of Seventy-Nine Million Five Hundred Fifty-Five
Thousand and No/100 Dollars ($79,555,000.00) ("Purchase Price").  The Purchase
Price shall be paid as follows:
 
(a)           Within two (2) business days after the Effective Date of this
Agreement, Buyer shall deposit One Million Two Hundred Sixty Thousand and No/100
Dollars ($1,260,000.00) with the Escrow Agent (as hereinafter defined) in escrow
as an earnest money deposit ("Earnest Deposit").  Upon the expiration of the Due
Diligence Period, the Earnest Deposit shall be nonrefundable to Buyer, but shall
be applicable to the Purchase Price at Closing; and
 
(b)           Buyer shall deliver the Purchase Price, less the Earnest Deposit
and the credits authorized to Buyer in accordance with Section 5.1, in
immediately available funds, in escrow with the Escrow Agent on or prior to the
Closing Date (as hereinafter defined).
 
SECTION 3 - ESCROW AND TITLE INSURANCE.
 
3.1 -  Escrow Agent.  The parties hereto designate Chicago Title Insurance
Company, 711 Third Avenue, New York, New York 10117, Attn: Matthew Bliwise,
(212) 880-1401, bliwisem@ctt.com as the escrow agent ("Escrow Agent") in
connection with this transaction.  This Agreement shall serve as escrow
instructions and shall be subject to the usual conditions of acceptance of the
Escrow Agent, insofar as the same are not inconsistent with any of the terms
hereof.  By execution of this Agreement, the Escrow Agent agrees that the
Earnest Deposit shall be held as a deposit under this Agreement in an
interest-bearing account and:  (i) applied against the Purchase Price if Closing
occurs; or (ii) delivered to Seller or Buyer, in accordance with written
instructions jointly executed by Seller and Buyer, if Closing does not
occur.  Interest on the Earnest Deposit shall be added to and deemed part of the
Earnest Deposit.
 
3.2 -  Title/Survey.
 
(a)           As of the Effective Date, Buyer confirms it has received from
Chicago Title Insurance Company, 711 Third Avenue, New York, New York, Attn:
Matthew Bliwise ("Title Company"),  a commitment ("Commitment") to issue an ALTA
Owner’s Policy of Title Insurance Form (ALTA 2006) in an amount equal to the
Purchase Price ("Title Policy").  Buyer shall have the right to order and
obtain, at its sole cost and expense, a survey of the Real Property
("Survey").  In the event Buyer desires to obtain a Survey, then Buyer shall
place its order for the Survey within five (5) days after the Effective
Date.  The Survey shall be certified to Seller, Buyer and the Title
Company.  The Survey shall be in form and substance sufficient to delete the
standard survey exception from the Title Policy.  On or before the Closing Date,
Seller shall execute and deliver to the Title Company Seller's customary form of
owner's affidavit which will enable the Title Company to delete the other
standard printed exceptions other than the survey exception from the Title
Policy (the "Owner's Title Affidavit").  It shall be a condition precedent to
Buyer’s obligation to purchase the Property that the Title Company can and will,
on the Closing Date, issue the Title Policy in accordance with the Commitment
and subject only to the Permitted Exceptions (as hereinafter defined).
 
 
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(b)           Buyer shall give written notice to Seller no less than five (5)
days after the Effective Date ("Buyer's Objection Notice"), specifying
objection(s) to those items shown on the Commitment reasonably objected to by
Buyer ("Title Defects"), and those encroachments or other matters shown on the
Survey reasonably objected to by Buyer ("Survey Defects"; Title Defects and
Survey Defects shall be collectively known as "Objections").  Within five (5)
business days following receipt of Buyer’s Objection Notice, Seller shall notify
Buyer in writing ("Seller's Title Response Notice") of those Objections which
Seller intends to cure at or prior to Closing ("Cure Items").  Notwithstanding
the foregoing, Seller shall be under no obligation to cure any Objections other
than a Monetary Lien (as hereinafter defined).  If Seller identifies any Cure
Items in Seller's Title Response Notice, then Seller shall proceed to satisfy
the Cure Items at or prior to Closing.  If Seller is unable to satisfy the Cure
Items at or prior to Closing despite Seller's commercially reasonable efforts,
then Seller, by providing written notice to Buyer, shall have a period of not
more than fifteen (15) additional days after the proposed Closing Date in which
to cause the Cure Items to be satisfied, in which case the Closing Date shall be
automatically extended to the extent necessary to enable Seller to so satisfy
the Cure Items.  If Seller fails to deliver Seller's Title Response Notice
within the aforementioned five (5)-business day period, then Seller shall be
deemed to have elected not to cure any of the Objections.  Notwithstanding
anything herein to the contrary, Seller, at Seller's sole cost and expense,
shall be required to use commercially reasonable efforts to obtain documents
from third parties to discharge or have the Title Company insure over and remove
such items from the Title Policy such as mortgages, deeds of trusts, financing
statements and other instruments created by Seller and evidencing or securing
the repayment of existing debt, judgment liens and other liens of a liquidated
amount evidencing a monetary obligation (excluding liens for real estate taxes
and assessments (both general and special) not due and payable) (collectively,
"Monetary Liens"), regardless of whether or not Buyer has notified Seller of
Buyer’s objection thereto. Failure of Buyer to object to a Monetary Lien shall
in no event be deemed a waiver of Buyer’s right to require Seller to remove such
Monetary Lien. Seller may use proceeds of the Purchase Price to satisfy or
remove such Monetary Liens at Closing.
 
(c)           Within three (3) business days of receipt of Seller's Title
Response Notice, Buyer shall elect to do one of the following: (i) waive the
Objections that Seller has not designated as Cure Items and proceed to acquire
the Property without any abatement of the Purchase Price and take title to the
Real Property subject to such Objections; or (ii) terminate this Agreement, by
written notice to Seller and to the Escrow Agent, in which event Escrow Agent
shall return the Earnest Deposit to Buyer and the parties shall be released from
all obligations hereunder except those obligations that expressly survive
pursuant to the terms of this Agreement.  If Buyer fails to timely make any such
election, then Buyer shall be deemed to have elected to purchase the Property
pursuant to the foregoing clause (i).
 
 
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SECTION 4 - CONVEYANCE.  On the Closing Date, Seller shall convey title to the
Real Property by special or limited warranty deed ("Deed"), free and clear of
all liens and encumbrances, except the following (collectively, the "Permitted
Exceptions"):  (i) all real estate taxes and assessments, both general and
special, not yet due and payable; (ii) declarations, conditions, covenants,
restrictions, easements, rights of way and other similar matters of record shown
on the Commitment, which are approved or deemed approved by Buyer pursuant to
Section 3.2 herein; (iii) zoning and building ordinances; (iv) those matters
shown on the Survey other than uncured Survey Defects that constitute Cure
Items; and (v) the rights of tenants in possession as tenants only
("Tenants").  Transfer of Seller’s interest as landlord under the Leases shall
be made by an Assignment and Assumption of Leases ("Assignment of Leases"), in
the form of the Assignment of Leases attached hereto as EXHIBIT D and made a
part hereof, to be executed by Seller and Buyer effective as of the Closing
Date.
 
SECTION 5 - PRORATIONS AND CLOSING COSTS.
 
5.1 -  Prorations.  All items of income and expense (collectively, the "Prorated
Items") shall be paid, prorated or adjusted as of midnight on the date prior to
the Closing Date (the "Proration Date") in the manner hereinafter set forth:
 
(a)           Buyer shall be credited with the amount of each of the
following:  (i)  all rents received (i.e. collected) by Seller or its agents and
attributable to any period commencing after the Proration Date; (ii) tenant
improvement allowances that remain unpaid and are shown on Schedule 1 (which
Schedule shall be updated by Seller at Closing); (iii) leasing commissions that
remain unpaid and are shown on Schedule 2 (which Schedule shall be updated by
Seller at Closing); (iv) all expense contributions and other required payments,
real estate tax contributions to pay for Taxes (as hereinafter defined), and
other payments and reimbursements of whatever nature or kind from Tenants
received by Seller or its agents and attributable to any period commencing after
the Proration Date (collectively, the "Tenant Contributions"); (v) all cash
security deposits that remain unapplied and are shown on Schedule 3 (which
Schedule shall be updated by Seller at Closing)(collectively, the "Security
Deposits"); and (vi) all amounts paid to the Seller pursuant to any Leases and
held by Seller in reserve accounts to fund future repairs or replacements.  At
Closing, Seller shall be credited with the current balance of any and all escrow
and/or reserve accounts held by Bank of America (as hereinafter defined)
pursuant to the Loan Agreement by and between Bank of America, as lender, and
Seller, as borrower, to the extent such escrow and/or reserve accounts are
transferred to Buyer in connection with Buyer's assumption of the Bank of
America Loan (as hereinafter defined).
 
(b)           All Prorated Items for the month of Closing shall be prorated
between Buyer and Seller based upon their respective actual days of ownership
for such month in which the Closing occurs.  Except for any Security Deposits,
neither Buyer nor Seller shall receive credit at Closing for any Prorated Items
due and not paid as of the Proration Date.  At the time of the final calculation
and collection from Tenants of Tenant Contributions, whether in the nature of a
reconciliation payment or full payment, in arrears, there shall be a reproration
between Buyer and Seller as to the Tenant Contributions not later than one
hundred eighty (180) days after the Closing Date (the "Outside Reproration
Date").  The reproration of the Tenant Contributions and the reproration of real
estate tax contributions shall be made on the basis of a per diem method of
allocation.  Each party covenants to provide the other with any information in
its possession necessary to finalize such calculation.
 
 
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(c)           Percentage rent, if any, shall be prorated between Buyer and
Seller by utilizing the percentage rent payable for such lease year based upon
the actual days of ownership of the Property.  There shall be no adjustment for
percentage rent payments until after the receipt of any percentage rent payments
made by the respective Tenants.  Percentage rent payments shall be reprorated
for each Tenant promptly after receipt of the final annual sales report and
percentage rent payment from such Tenant for the lease year in which the
Proration Date occurs, but in no event shall such reproration occur later than
the Outside Reproration Date.
 
(d)           Any amounts received from Tenants after Closing shall be applied
on a Tenant-by-Tenant basis in the following order:  (i)  first, on account of
any amount currently due Buyer from such Tenant(s); (ii)  next, to Buyer for
Buyer’s actual out-of-pocket costs, if any, of collection of such amounts; and
(iii) on the account of any amount due Seller.  Any of the foregoing amounts due
to Seller shall be paid not later than the Outside Reproration Date.  Seller
shall have no right to seek judgments or other relief against Tenants after
Closing without the Buyer’s prior written approval, which approval shall not be
unreasonably withheld or delayed.
 
(e)           Operating expenses, including permits, licenses, membership dues,
contributions to promotional or similar funds, merchant association dues, gift
program expenses and all other kinds of expenses and liabilities relating to the
Property which were required to be paid by Seller prior to Closing and required
to be paid by the Buyer after Closing, and any prepaid expenses, to the extent
same are being purchased by Buyer, shall be prorated between Buyer and Seller
based upon the actual expenses or reasonable estimates.
 
(f)           Notwithstanding anything herein to the contrary, Seller represents
and warrants that all real estate taxes and assessments ("Taxes") for the
Property currently due and payable for the calendar year 2011 and for all prior
years have been paid prior to the date hereof.  Any portion of the Taxes for the
calendar year 2011 not yet due and payable and for which Tenants are not
responsible under the Leases ("Landlord’s Portion of Taxes") shall be prorated
between Seller and Buyer based upon the actual days of ownership of the parties
for the year in which Closing occurs utilizing the most recent ascertainable tax
bill(s).  Seller and Buyer agree to reprorate Landlord’s Portion of Taxes upon
Buyer’s receipt of the actual tax bill for the tax year in question, if any, but
in no event shall such reproration occur after the Outside Reproration
Date.  All refunds of Taxes resulting from any real property tax appeal for the
tax year in which the Proration Date occurs shall be:  (i)  allocated to amounts
to be rebated to Tenants if required by a Lease and only to the extent so
required, and the amount so allocated shall be forwarded to Buyer and Buyer
agrees to promptly rebate the amount due to such Tenants; (ii)  allocated to
Seller to the extent that the amount refunded (and not allocated to amounts to
be rebated to Tenants) is attributable to periods prior to the Proration Date,
and such allocated amounts are to be held and/or distributed as specified in
Section 5.1(i); and (iii)  payable to Buyer to the extent that the amount
refunded (and not allocated to amounts to be rebated to Tenants) is attributable
to periods commencing after the Proration Date.  Notwithstanding the foregoing,
Buyer shall receive a credit from Seller for all sums representing contributions
of Taxes received by Seller or its agents from any Tenants and attributable to
any period prior to the Proration Date, which have not been applied toward the
payment of Taxes.
 
 
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(g)           Seller shall pay all utility charges attributable to the Real
Property through the Proration Date (except for those utility charges and
operating expenses payable by Tenants in accordance with the Leases) and Buyer
shall pay all utility charges and other operating expenses attributable to the
Real Property after the Proration Date.  Meters for all public utilities
(including water) being used on the Real Property shall be ordered read by
Seller on the Proration Date and all charges incurred prior to the Proration
Date shall be paid by Seller.  To the extent that the amount of actual
consumption of any utility services is not determined (or cannot be reasonably
determined) prior to the Proration Date, a proration shall be made at Closing
based on the last available reading and post-closing adjustments between Buyer
and Seller shall be made within twenty (20) days of the date that actual
consumption for such pre-Closing period is determined.  Seller shall not assign
to Buyer any deposits which Seller has with any of the utility services or
companies servicing the Real Property.  Buyer shall arrange with such services
and companies to have accounts opened in Buyer’s name beginning at 12:01 a.m. on
the Closing Date.
 
(h)           All other items which are customarily prorated in transactions in
which rental real estate is purchased and sold, and which are not otherwise
dealt with herein, shall be prorated as of  the Proration Date.
 
(i)           Seller and Buyer shall prepare a closing settlement statement (the
"Closing Statement") prior to the Closing Date that shall reflect the purchase
and sale of the Property and all prorations and adjustments, all as referenced
in Section 2(b) of this Agreement.  A copy of the Closing Statement agreed upon
by Seller and Buyer shall be executed by both the Seller and Buyer and delivered
to the Escrow Agent at the Closing.  All rents and other payments received by
Seller after the Proration Date shall be immediately forwarded and endorsed over
to Buyer, subject to the provisions set forth above.
 
(j)           In the event any prorations or computations made under this
Section 5.1 which are based on estimates, prove to be incorrect or require the
passage of time in order to obtain sufficient information (i.e. gross sales
reports for the calculation of percentage rent), then either party shall be have
the right, prior to the Outside Reproration Date, to prepare and deliver a
revised schedule of adjustments (a "Reconciliation Statement"), which shall
include tenant invoice calculations and reasonable operating expense invoice
backup.  Within thirty (30) days following delivery of a Reconciliation
Statement, Seller and Buyer shall work in good faith to resolve any outstanding
items with respect to such Reconciliation Statement.  Upon approval of the
Reconciliation Statement, Buyer or Seller, as applicable, shall remit any
amounts due to the other within fifteen (15) days.
 
5.2 -  Costs to be Paid by Seller.  Seller shall pay or be charged with the
following costs and expenses in connection with this transaction:
 
(a)           all state transfer taxes and conveyance fees on the sale and
transfer of the Property;
 
 
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(b)           one-half of the cost of the title search and exam;
 
(c)           one-half of the cost of the premium for the Title Policy, but
excluding the costs of any endorsements thereto;
 
(d)           one-half of the escrow fees and reasonable closing fees charged by
the Escrow Agent; and
 
(e)           the fees and expenses of Seller's attorney(s).
 
5.3 -  Costs to be Paid by Buyer.  Buyer shall pay the following costs and
expenses in connection with this transaction:
 
(a)           the cost of recording the Deed;
 
(b)           one-half of the cost of the title search and exam;
 
(c)           one-half of the cost of the premium for the Title Policy;
 
(d)           the cost of any endorsements to the Title Policy;
 
(e)           one-half of the escrow fees and the reasonable closing fees
charged by Escrow Agent;
 
(f)           the cost of the Survey, if obtained;
 
(g)           all costs incurred by Buyer in connection with its due diligence
or other activities related to the Property;
 
(h)           the Loan Assumption Penalty (as such term is defined in Section
6.6(a)(iii) below);
 
(i)            Buyer's share of the Loan Assumption Costs (as such term is
defined in Section 6.6(a)(iii) below); and
 
(j)            the fees and expenses of Buyer’s attorney(s).
 
SECTION 6 - POSSESSION AND CLOSING.
 
6.1 -  Closing.  The transaction contemplated herein shall be closed at the
office of the Escrow Agent at such time and on such date as may be agreed upon
by Buyer and Seller; provided, however, that the closing shall occur on or
before 3:00 PM (EST) on the thirtieth (30th) day after the expiration of the Due
Diligence Period, subject to the right of either party to extend the Closing
Date pursuant to Section 6.6(a)(v).  The time and date of such closing is
referred to herein as the "Closing Date" or the "Closing".
 
6.2 -  Closing Deliveries.
 
 
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(a)           To effectuate the Closing, Seller shall deliver to the Escrow
Agent the following:
 
(i)             the Deed duly executed by Seller;
 
(ii)            the Assignment of Leases duly executed by Seller;
 
(iii)           a Bill of Sale in the form attached hereto as EXHIBIT E pursuant
to which Seller will convey to Buyer all of Seller’s right, title and interest
in and to the Personal Property duly executed by Seller;
 
(iv)           signed counterparts of the General Assignment in substantially
the form attached hereto as EXHIBIT G pursuant to which Seller will assign to
Buyer all of the Intangible Property, all Guarantees and all Permits (the
"General Assignment") duly executed by Seller;
 
(v)            an assignment to Buyer of all of Seller's right, title and
interest in any reciprocal easement agreements, operating agreements and other
similar agreements (the "REA Agreements") in substantially the form attached
hereto as EXHIBIT H (the "REA Assignment") duly executed by Seller;
 
(vi)           a certificate executed by Seller in the form of EXHIBIT I
attached hereto, certifying the truth, completeness and accuracy of the
representations and warranties of Seller, as of the Closing Date duly executed
by Seller;
 
(vii)           a certificate regarding Seller's non-foreign status duly
executed by Seller;
 
(viii)          a completed 1099-S request for taxpayer identification number
and certification and acknowledgment duly executed by Seller;
 
(ix)             originals of the Tenant Estoppel Certificates (as hereinafter
defined) and the REA Estoppels (as hereinafter defined);
 
(x)              originals of the Loan Assumption Documents (as hereinafter
defined) required by Bank of America (as hereinafter defined) in connection with
the assumption of the Bank of America Loan Documents (as hereinafter defined);
 
(xi)              the Owner's Title Affidavit duly executed by Seller;
 
(xii)             notices to all Tenants in substantially the form of EXHIBIT F
attached hereto duly executed by Seller;
 
(xiii)            resolutions of Seller authorizing the sale of the Property
pursuant to this Agreement and the authority of the officer executing the
closing documents on behalf of Seller duly executed by Seller;
 
(xiv)            a Closing Statement duly executed by Seller; and
 
(xv)             such other instruments reasonably required to consummate the
transaction contemplated by this Agreement.
 
 
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(b)           To effectuate the Closing, Buyer shall deliver to Escrow Agent the
following:
 
(i)            the Assignment of Leases duly executed by Buyer;
 
(ii)           the General Assignment duly executed by Buyer;
 
(iii)           the REA Assignment duly executed by Buyer;
 
(iv)           the Closing Statement duly executed by Buyer; and
 
(v)            such other instruments reasonably required to consummate the
transaction contemplated by this Agreement.
 
(c)           Unless otherwise provided herein, all documents and funds
necessary for Closing shall be deposited in escrow at least one (1) business day
prior to the Closing Date.  At Closing:
 
(i)           the Escrow Agent shall deliver the Deed to Buyer by filing the
Deed for record in the public records for the jurisdiction in which the Property
is located;
 
(ii)           the Escrow Agent shall pay to Seller the Purchase Price less any
credits to which Buyer is entitled as reflected on the Closing Statement, and
disburse the Earnest Deposit to Seller;
 
(iii)           the Title Company shall issue the Title Policy; and
 
(iv)           the Escrow Agent shall charge Seller and Buyer for the closing
costs as set forth in Section 5 above.
 
(d)           Seller shall deliver exclusive possession of the Property to Buyer
at the Closing, except for the rights of any parties under the Permitted
Exceptions.
 
6.3 -  Post-Closing Deliveries.  To the extent not already delivered to Buyer,
promptly following the Closing, Seller shall deliver or cause to be delivered to
Buyer, at Seller’s sole cost and expense, copies of all files and records in
Seller’s possession relating to the operation and maintenance of the
Property.  To the extent not already delivered to Buyer and to the extent each
of the following items exists in Seller’s files, Seller shall also deliver to
Buyer promptly following the Closing originals of each of the Leases and
originals or copies of Permits relating to the Real Property and originals or
copies of all plans, specifications, drawings and surveys relating to the Real
Property to the extent they are in the possession or control of Seller.
 
6.4 -  Tenant and REA Estoppels.
 
(a)           Seller shall request estoppel certificates from all parties other
than Seller to any REA Agreements (the "REA Estoppel Certificates"),
substantially in (A) the form set forth in EXHIBIT J or (B) such other form as
is attached to the applicable REA Agreement.  The REA Estoppel Certificates
shall not allege the existence of any default by Seller or any unperformed
obligation of Seller, or recite any material fact that contradicts any of
Seller's representations and warranties.  It shall be a condition to Buyer's
obligation to close the transactions contemplated in the Agreement that Buyer
receive REA Estoppel Certificates from Target and Lowe's prior to Closing (the
"REA Estoppel Threshold").
 
 
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(b)           Seller shall use commercially reasonable efforts to obtain
estoppel certificates from each of the Tenants under the Leases (the "Tenant
Estoppel Certificates").  It shall be a condition precedent to Buyer's
obligation to close the transactions contemplated by this Agreement that, not
later than five (5) days prior to the Closing Date, Seller shall have delivered
to Buyer Tenant Estoppel Certificates received by Seller, in substantially in
the form set forth in EXHIBIT K, or in such alternative form set forth in the
Tenant's Lease, from: (i) Party City, Ulta, Justice, Old Navy, Arhaus, Cost
Plus, Office Max, TJ Maxx, Big Lots, Best Buy, Joann Stores, and Kroger
(individually, a "Key Tenant"); and (ii) Tenants comprising not less than eighty
percent (80%) of the remaining open and occupied net rentable square feet of the
Property (i and ii collectively, the "Estoppel Threshold"), which shall be dated
not earlier than sixty (60) days before the Closing Date; provided, however,
that in no event shall Seller be required to obtain a Tenant Estoppel
Certificate from any Tenant that is the subject of a bankruptcy or insolvency
proceeding.  The Tenant Estoppel Certificates shall not allege the existence of
any default by Seller or any unperformed obligation of Seller, or recite any
material fact that contradicts any of Seller's representations and
warranties.  Seller shall have the right to deliver a certificate signed by
Seller in lieu of a Tenant Estoppel Certificate in the form set forth in EXHIBIT
L ("Seller’s Lease Certificate") with respect to the Lease of any Tenant that is
not a Key Tenant or an Anchor Store (as hereinafter defined); provided, however,
that in the aggregate, Buyer shall not be required to accept Seller’s Lease
Certificates with respect to Leases which in the aggregate total in excess of 5%
of the remaining open and occupied net rentable square feet of the Property
excluding Anchor Stores and all Key Tenants.  Notwithstanding the forgoing, in
no event shall Seller have the ability to deliver a Seller’s Lease Certificate
to Buyer as a replacement for a Tenant Estoppel Certificate which identified a
default by Seller as landlord under the Lease in order to satisfy the Estoppel
Threshold.
 
(c)           In the event that Seller is unable to meet (i) the Estoppel
Threshold by delivering either Tenant Estoppel Certificates or a Seller's Lease
Certificate to Buyer, or (ii) the REA Estoppel Threshold, then Seller shall not
be in default of this Agreement, but rather a failure of a condition shall have
occurred and Buyer’s sole remedy shall be to either waive the requirement and
proceed to Closing upon the terms and conditions set forth in this Agreement or
to terminate this Agreement by delivering written notice of such termination to
Seller at or prior to the Closing Date.  In the event this Agreement is
terminated in accordance with the foregoing, the parties shall have no further
rights or obligations under this Agreement except for the obligations which
specifically survive the termination of this Agreement, and the Earnest Deposit
shall be returned to Buyer.
 
(d)           Promptly as possible, but in no event than later five (5) days
after the Effective Date, Buyer shall notify Seller of the certification parties
to whom the Tenant Estoppel Certificates and the REA Estoppel Certificates
should be addressed.  In the event Buyer fails to so notify Seller prior to the
expiration of the Due Diligence Period, Seller shall cause the Tenants to
certify such instruments to the Buyer named herein, and to its successors,
assigns and lenders, and Buyer shall accept such instruments as so certified.
 
6.5 -  Covenants of Seller Pending Closing.
 
 
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(a)           From the Effective Date through expiration of the Due Diligence
Period, Seller shall not modify, cancel, extend or otherwise change in any
manner, the terms, covenants or conditions of any insurance policy insuring the
Real Property, or the Leases, nor enter into any contracts for services or
otherwise that may be binding upon the Real Property or upon Buyer, nor shall
any easements be created or any licenses given on the Real Property, nor shall
any legal action be taken in connection with respect to the Real Property, nor
enter into any new leases of space in the Real Property, without the express
prior written consent of Buyer, which consent shall not be unreasonably
withheld, conditioned or delayed.
 
(b)           Following the expiration of the Due Diligence Period through the
Closing Date, Seller shall not modify, cancel, extend or otherwise change in any
manner, the terms, covenants or conditions of any insurance policy insuring the
Real Property, or the Leases, nor enter into any contracts for services or
otherwise that may be binding upon the Real Property or upon Buyer, nor shall
any easements be created or any licenses given on the Real Property, nor shall
any legal action be taken in connection with respect to the Real Property, nor
enter into any new leases of space in the Real Property, without the express
prior written consent of Buyer, which consent may be given or withheld in
Buyer’s sole discretion.
 
(c)           From the Effective Date through the Closing Date, Seller shall
continue to operate the Real Property in substantially the same manner as Seller
has prior to the Effective Date and shall:  (i) at its expense, maintain the
Real Property in its present order and deliver the Real Property on the Closing
Date in substantially the same condition it is in on the Effective Date,
reasonable wear and tear and damage by fire and other insured casualty excepted;
(ii) give prompt notice of any fire or other casualty affecting the Real
Property after the Effective Date; (iii)  deliver to the Buyer, promptly after
receipt by the Seller, copies of all notices received by the Seller relevant to
any of the Property, including, without limitation, notices of violation issued
by governmental authorities with respect to the Real Property received by the
Seller after the Effective Date; (iv) apply any Security Deposits in accordance
with the terms of the Leases; and (v) promptly notify the Buyer of any material
change in the facts known to Seller underlying any representation or warranty in
this Agreement and of any material change in the condition or status of the Real
Property.
 
6.6 - Conditions Precedent to Closing.
 
(a)           Conditions Precedent to Seller's Obligation to Proceed to Closing.
 
(i)           It shall be condition precedent to Seller's obligation to proceed
to Closing that Seller and Buyer shall have received the Loan Assumption Consent
(as defined below) and that Bank of America (as defined below) is ready, willing
and able to deliver the Loan Assumption Documents (as defined below) at Closing.
 
(A)           Buyer and Seller shall jointly use good faith and commercially
reasonable efforts to obtain from Bank of America Capital Markets Servicing
Group ("Bank of America") written approval (the "Loan Assumption Consent") and
all other documentation reasonably required by Bank of America (collectively,
the "Loan Assumption Documents") to permit Buyer to assume at Closing all of
Seller's obligations arising from and after the Closing Date under the loan
documents securing, evidencing or otherwise relating to the loan in the original
principal amount of $46,000,000 (the "Bank of America Loan") including, without
limitation, the transfer to Buyer of any and all escrow and/or reserve accounts
held by Bank of America in favor of Seller, as borrower, pursuant to the terms
of the Loan Agreement (as hereinafter defined).  Schedule 7 attached hereto sets
forth a list of the instruments related to the Bank of America Loan
(collectively, the "Bank of America Loan Documents").
 
 
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(B)           Within two (2) business days after the Effective Date, Seller
shall provide Bank of America with written notice of the transactions
contemplated by this Agreement and the proposed assumption of the Bank of
America Loan by Buyer.  Seller's notice shall include a formal request of Bank
of America to deliver a loan assumption checklist that sets forth the delivery
items and closing requirements of Bank of America in connection with the
assumption of the Bank of America Loan (the "Assumption Checklist").  Upon
receipt of the Assumption Checklist or other correspondence from Bank of
America, Buyer shall promptly respond and provide Bank of America with
additional information Bank of America requires to underwrite Buyer as a new
borrower and/or a new sponsor under the Bank of America Loan, including, without
limitation, the identity and financial information with respect to the new
borrower and/or the new sponsor.
 
(C)           In connection with obtaining the Loan Assumption Consent and Buyer
assuming the Bank of America Loan Documents at Closing, Buyer shall be
responsible for the payment of the loan assumption penalty imposed by Section
7.5 of the "Loan Agreement" associated with the Bank of America Loan, which
Seller and Buyer estimate to total approximately Two Hundred Thirty Thousand and
No/100 Dollars ($230,000.00) (the "Loan Assumption Penalty").  Buyer shall also
be responsible for the payment of legal fees, servicing fees, title insurance
premiums and other charges related to the assumption of the Bank of America Loan
Documents (collectively, the "Loan Assumption Costs") in an amount not to exceed
One Hundred Thousand and No/Dollars ($100,000.00) (the "Loan Assumption Cost
Cap").  In the event the Loan Assumption Costs exceed the Loan Assumption Cost
Cap, then Buyer and Seller shall each be responsible for 50% of any Loan
Assumption Costs in excess of the Loan Assumption Cost Cap (whether or not a
Closing occurs).  Buyer shall include the Loan Assumption Penalty and Buyer's
share of the Loan Assumption Costs along with the Purchase Price which shall be
delivered to the Escrow Agent as part of Buyer's closing deliveries.  In the
event Seller is responsible for its prorata share of the Loan Assumption Costs
as provided above, then such amount shall be reflected as a credit to Buyer on
the Closing Statement.  In the event this Agreement is terminated prior to
Closing for any reason other than a default by Seller hereunder or a failure of
Seller to obtain Seller's Board Approval (as hereinafter defined), then Buyer
shall be responsible for the Loan Assumption Costs actually incurred in
connection with the attempt to obtain the Loan Assumption Consent from Bank of
America, subject to the Loan Assumption Cost Cap.
 
(D)           If, despite their good faith and commercially reasonable efforts,
Buyer and Seller are unable to obtain the Loan Assumption Consent at or prior to
the originally scheduled Closing Date, then Buyer or Seller shall have the right
to send written notice to the other party not less than two (2) business days
prior to the originally scheduled Closing Date, to extend the Closing Date for
not more than one hundred twenty (120) days to obtain the Loan Assumption
Consent (the "Outside Loan Assumption Date").  If either Seller or Buyer shall
elect to extend the Closing Date pursuant to the foregoing, then the originally
scheduled Closing Date shall be automatically extended until the earlier to
occur of: (i) the Outside Loan Assumption Date; or (ii) three (3) business days
after Buyer has received notice from Bank of America that all of the conditions
to the assumption by Buyer of the Bank of America Loan Documents and the
delivery of the Loan Assumption Documents have been satisfied and Bank of
America and Buyer are ready, willing and able to deliver the Loan Assumption
Documents and close the assumption of the Bank of America Loan.  In the event
Bank of America and Buyer are not ready, willing and able to close the
assumption of the Bank of America Loan by the Outside Loan Assumption Date, then
this Agreement shall be deemed to have automatically terminated at which time
the Earnest Deposit shall be promptly returned to Buyer, and neither of the
parties hereto shall have any further obligations under this Agreement, except
for the obligations that expressly survive the termination of this Agreement.
 
 
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(ii)           It shall be a further condition precedent to Seller's obligation
to proceed to Closing that Seller obtain approval from the Board of Directors of
Glimcher Realty Trust to enter into this Agreement and to consummate the
transactions contemplated hereby ("Seller's Board Approval") and that Buyer
obtain approval from the Board of Directors of Developers Diversified Realty
Corporation to enter into this Agreement and to consummate the transactions
contemplated hereby ("Buyer's Board Approval").  On or before 5:00pm Eastern
Time on September 15, 2011 (the "Board Approval Deadline"), Seller shall deliver
written notice to Buyer advising whether or not Seller's Board Approval has been
obtained and Buyer shall deliver written notice to Seller advising whether or
not Buyer's Board Approval has been obtained.  If either Buyer or Seller does
not obtain Board Approval prior to the Board Approval Deadline, then  such party
shall not be in default of this Agreement, but rather a failure of a condition
shall have occurred, this Agreement shall automatically terminate and the party
failing to obtain Board Approval shall promptly reimburse the other party for
any out-of-pocket expenses actually incurred prior to the Board Approval
Deadline subject to the Reimbursement Amount (as hereinafter defined).  In the
event this Agreement is terminated in accordance with the foregoing, the parties
shall have no further rights or obligations under this Agreement except for the
obligations which specifically survive the termination of this Agreement, and
the Earnest Deposit shall be returned to Buyer.
 
(iii)           It shall be a further condition precedent to Seller's obligation
to proceed to Closing that Buyer shall have performed, observed and complied in
all material respects with all of the covenants, agreements and conditions
required by this Agreement to be performed, observed and complied with by Buyer
at or prior to Closing.
 
(b)           Conditions Precedent to Buyer's Obligation to Proceed to Closing.
 
(i)           It shall be a condition precedent to Buyer's obligation to proceed
to Closing that Seller shall have met the Estoppel Threshold and delivered
copies of the Tenant Estoppel Certificates or Seller Lease Certificates, as
applicable, to Buyer.
 
 
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(ii)           It shall be a further condition precedent to Buyer's obligation
to proceed to Closing that Seller shall have met the REA Estoppel Threshold by
delivering copies of the required REA Estoppel Certificates to Buyer.
 
(iii)           It shall be a further condition precedent to Buyer's obligation
to proceed to Closing that at no time on or before the Closing Date shall any of
the following have been done by, against or with respect to Seller: (a) the
commencement of a case under Title 11 of the U.S. Code, or under any other
applicable federal or state bankruptcy or similar law; (b) the appointment of a
trustee or receiver of any property interest; (c) an assignment for the benefit
of creditors; (d) an attachment, execution or other judicial seizure of a
substantial property interest; (e) the taking of, failure to take, or submission
to any action indicating an inability to meet its financial obligations as they
accrue; or (f) a dissolution or liquidation.
 
(iv)           It shall be a condition precedent to Buyer's obligation to
proceed to Closing that the material terms and conditions (including, without
limitation, interest rate, maturity date and recourse obligations) of the Bank
of America Loan shall not be modified by Bank of America in connection with
granting the Loan Assumption Consent or entering into the Loan Assumption
Documents.
 
(v)           It shall further be a condition precedent to Buyer's obligation to
proceed to Closing that Buyer shall have received the Loan Assumption Consent
and that Bank of America is ready, willing and able to deliver the Loan
Assumption Documents at Closing.
 
(vi)           It shall further be a condition precedent to Buyer's obligation
to proceed to Closing that at no time on or before the Closing Date shall any of
the following have been done by, against or with respect to any Anchor Store (as
hereinafter defined) or with respect to Justice:  (a) (a) the commencement of a
case under Title 11 of the U.S. Code, or under any other applicable federal or
state bankruptcy or similar law; (b)(b) the appointment of a trustee or receiver
of any property interest; (c) (c) an assignment for the benefit of creditors;
(d) (d) an attachment, execution or other judicial seizure of a substantial
property interest; (e)(e) the taking of, failure to take, or submission to any
action indicating an inability to meet its financial obligations as they accrue;
(f)(f) a dissolution or liquidation; (g) the vacating or going dark of the
premises occupied by such Anchor Store at the Property; or (h) the termination
or written notice of intent to terminate by any such Anchor Store of its Lease
at the Property.  For purposes of this Section 6.6(b)(v), "Anchor Store" shall
mean any Tenant occupying 10,000 net rentable square feet or greater.
 
(vii)           It shall be a further condition to Buyer's obligation to proceed
to Closing that Buyer obtain Buyer's Board Approval and that Seller's obtain
Seller's Board Approval.  If either Buyer or Seller does not obtain Board
Approval prior to the Board Approval Deadline, then such party failing to obtain
Board Approval shall not be in default of this Agreement, but rather a failure
of a condition shall have occurred, and this Agreement shall automatically
terminate.  In the event this Agreement shall terminate due to a party's failure
to obtain Board Approval prior to the Board Approval Deadline, then such party
failing to obtain Board Approval shall promptly reimburse the other party for
any out-pocket-expenses actually incurred prior to the Board Approval Deadline
subject to the Reimbursement Amount.
 
 
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(viii)           It shall be a further condition precedent to Buyer's obligation
to proceed to Closing that Seller shall have performed, observed and complied in
all material respects with all of the covenants, agreements and conditions
required by this Agreement to be performed, observed and complied with by Seller
at or prior to Closing.  
 
(ix)             If the conditions set forth in this Section 6.6(b) above are
not satisfied by Seller or waived by Buyer in writing at or prior to Closing,
then Buyer shall have the right to terminate this Agreement by providing written
notice to Seller, at which time the Earnest Deposit shall be promptly returned
to Buyer, and neither of the parties hereto shall have any further obligations
under this Agreement, except for the obligations that expressly survive the
termination of this Agreement.
 
SECTION 7 - CONDITION OF PROPERTY.
 
7.1 -  “As-Is” Condition.  BUYER HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT
BUYER WILL HAVE, AS OF CLOSING, THOROUGHLY INSPECTED AND EXAMINED THE STATUS OF
TITLE TO THE PROPERTY AND THE PHYSICAL CONDITION OF THE PROPERTY TO THE EXTENT
DEEMED NECESSARY BY BUYER IN ORDER TO ENABLE BUYER TO EVALUATE THE PURCHASE OF
THE PROPERTY.  BUYER HEREBY FURTHER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE
REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT OR IN ANY OF THE
"CLOSING DOCUMENTS", BUYER IS RELYING SOLELY UPON THE INSPECTION, EXAMINATION,
AND EVALUATION OF THE PHYSICAL CONDITION OF THE PROPERTY BY BUYER AND THAT BUYER
IS PURCHASING, AND AT CLOSING WILL ACCEPT, THE PROPERTY ON AN “AS IS,” “WHERE
IS” AND “WITH ALL FAULTS” BASIS, WITHOUT REPRESENTATIONS, WARRANTIES AND/OR
COVENANTS, EXPRESS OR IMPLIED, OF ANY KIND OR NATURE; EXCEPT FOR THE
REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT OR IN ANY OF THE
"CLOSING DOCUMENTS".  BUYER ACKNOWLEDGES THAT SELLER HAS MADE NO AGREEMENT WITH
BUYER TO ALTER, REPAIR OR IMPROVE THE PROPERTY.
 
For purposes of this Agreement, "Closing Documents" shall include the Deed, the
Assignment of Leases, the Bill of Sale, the General Assignment, the REA
Assignment and the Owner's Title Affidavit.
 
Except as specifically set forth in this Agreement or in the Closing Documents,
Buyer acknowledges and agrees that it has not (and shall not) rely upon any
statement and/or information from whomsoever made or given (including, but not
limited to, any broker, attorney, agent, employee or other person representing
or purporting to represent Seller) directly or indirectly, verbally or in
writing, and Seller is not and shall not be liable or bound by any such
statement and/or information.
 
Except as specifically set forth in this Agreement, Seller specifically
disclaims any representation, warranty or guaranty with respect to the Property,
express or implied, including, but not limited to, any representation or
warranty as to the Property’s condition, fitness for a particular purpose,
quality, freedom from defects or contamination (whether or not detectable by
inspection), compliance with zoning or other legal requirements or as to the
availability or existence of any utility or other governmental or private
services or as to the amount of taxes assessed to the Property.
 
 
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7.2 -  Release of Claims Under Environmental Laws.  Buyer, on behalf of itself
only, hereby waives and releases Seller from any claims by Buyer for recovery of
costs associated with conduct of any voluntary action or any remedial responses,
corrective action or closure under any applicable federal, state or local
environmental laws ("Environmental Laws") except to the extent that such
condition arose during Seller’s period of ownership of the Property.  For
purposes of this Agreement, the term “Environmental Laws” shall include, without
limitation, the Comprehensive Environmental Response, Compensation and Liability
Act ("CERCLA"), 42 U.S.C. § 9601 et seq. and the Resource Conservation and
Recovery Act ("RCRA"), 42 U.S.C. § 6901 et seq., as amended from time to time;
and any similar federal, state and local laws and ordinances and the regulations
and rules implementing such statutes, laws and ordinances.
 
SECTION 8 – DUE DILIGENCE.
 
8.1 -  Seller’s Due Diligence Materials.  On the Effective Date, Seller will
deliver to Buyer, to facilitate Buyer’s due diligence review of the Property,
all documents shown on Schedule 4 (collectively "Due Diligence Material").  Any
costs associated with the Due Diligence Materials beyond the first copy provided
to Buyer will be at Buyer’s sole cost and expense.  In the event Seller
discovers additional due diligence materials relating to the Property that have
not been provided to Buyer as part of the Due Diligence Material, Seller shall
promptly provide Buyer with a copy of such additional due diligence materials.
 
8.2 -  Inspections and Reports; Review of Commitment and Survey.  Buyer shall
have until 5:00 p.m. on the Effective Date, to conduct Inspections (as
hereinafter defined) of the Property (the "Due Diligence Period").  Seller shall
permit Buyer and Buyer’s representatives to enter the Real Property at any time
for the purpose of conducting inspections and investigations reasonably required
by Buyer in order to determine the suitability of the Real Property for Buyer’s
purposes (collectively, the "Inspections").  Seller will cooperate with Buyer at
no cost to Seller to facilitate the Inspections.   Buyer shall use commercially
reasonable efforts to initiate its Inspections promptly following the Effective
Date and to diligently pursue the same to completion.  Buyer shall promptly
repair any damage to the Property attributable to the conduct of the
Inspections, and shall promptly return the Property to substantially the same
condition as existed prior to the conduct thereof.  No Inspections shall be
conducted without Seller’s approval as to the time and manner thereof, which
approval shall not be unreasonably withheld, conditioned or delayed.  At
Seller’s request, any such Inspection shall be performed in the presence of a
representative of Seller.  If this Agreement is terminated, Buyer shall cause
copies of all information and written materials obtained or generated in
connection with the conduct of all Inspections, including any tests and
environmental studies conducted of the Real Property ("Reports") and the Due
Diligence Material, to be delivered to Seller without cost to Seller.
 
If the results of the Inspections or the Reports are not acceptable to Buyer, in
its sole discretion, Buyer may terminate this Agreement by written notice given
to Seller prior to the expiration of the Due Diligence Period, in which event
Buyer shall receive a refund of the Earnest Deposit and neither of the parties
hereto shall have any further rights or obligations hereunder except for
obligations that specifically survive the termination of this Agreement.  If
Buyer fails to terminate this Agreement prior to the expiration of the Due
Diligence Period, Buyer shall be deemed to have waived the contingency set forth
in this Section 8.2, and elected to proceed with the purchase of the
Property.  In addition, the Earnest Deposit shall become nonrefundable to Buyer,
but shall remain applicable to the Purchase Price at Closing.
 
 
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Buyer hereby agrees to indemnify, defend and hold harmless Seller from and
against any losses, liabilities, damages, costs or expenses incurred by Seller
as a result of Buyer’s exercise of the right of inspection granted under this
Section 8.2.  Buyer acknowledges and agrees that any such Inspections conducted
by Buyer or Buyer’s agents and representatives shall be solely at the risk of
Buyer.  Buyer shall carry commercial general liability insurance covering all
activities conducted by Buyer, its agents, contractors and engineers on the
Property.  Such insurance shall have limits of not less than One Million Dollars
($1,000,000.00) for personal injury to or death of any one person, Two Million
Dollars ($2,000,000.00) for personal injury to or death of any number of persons
in any one accident and One Million Dollars ($1,000,000.00) for property damage,
and shall name Seller as an additional insured.  All of the obligations of Buyer
under this Section 8.2 shall survive Closing or the termination of this
Agreement.
 
8.3 -  Confidentiality.  Buyer agrees that it shall treat all Reports as
confidential materials and shall not disclose any portion thereof except:  (i)
to the extent necessary in connection with its evaluation of the Property; (ii)
to the extent required by law; (iii) to Buyer’s mortgage lender(s), investors,
consultants, accountants and attorneys, if any, involved in the transaction
contemplated by this Agreement; or (iv) with the express written consent of
Seller.  Notwithstanding any provision in this Agreement to the contrary,
neither Buyer nor Buyer’s agents shall contact any governmental authority
regarding Buyer’s discovery of any Hazardous Substances (as hereinafter defined)
on, or any environmental conditions at, the Property without Seller’s prior
written consent thereto.  In addition, if Seller’s consent is obtained by Buyer,
Seller shall be entitled to receive at least five (5) business days prior
written notice of the intended contact and to have a representative present when
Buyer has any such contact with any governmental official or
representative.  For the purposes of this Agreement, the term "Hazardous
Substances" shall have the same definition as is set forth in the CERCLA;
provided, however, that the definition of the term “Hazardous Substances” shall
also include (if not included within the definition contained in CERCLA)
petroleum and related byproducts, hydrocarbons, radon, asbestos, urea
formaldehyde and polychlorinated biphenyl compounds.
 
SECTION 9 - REPRESENTATIONS AND WARRANTIES.
 
9.1 -  By Seller.
 
(a)           Seller represents and warrants to Buyer that:
 
(i)           Seller is a limited liability company duly created and validly
existing pursuant to the laws of the State of Delaware and is duly qualified to
do business in the jurisdiction in which the Real Property is situated if and to
the extent that such qualification is required.
 
 
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(ii)           Subject to receipt of Board Approval, Seller has the capacity and
authority to execute this Agreement and perform the obligations of Seller under
this Agreement.  All action necessary to authorize the execution, delivery and
performance of this Agreement by Seller has been taken, and such action has not
been rescinded or modified.  Upon the execution of this Agreement, this
Agreement will be legally binding upon Seller and enforceable against
Seller.  The person signing this Agreement on behalf of Seller has been duly
authorized to sign and deliver this Agreement on behalf of Seller.
 
(iii)           The execution and delivery of this Agreement and performance by
Seller will not conflict with or result in a violation of, or breach of, or
constitute a default under, any law or administrative regulation or any of the
terms, conditions or provisions of any judgment, decree, loan agreement, bond,
note, resolution, indenture, mortgage, deed of trust or other agreement or
instrument to which it is a party and which affects the Real Property.
 
(iv)           Seller is not a “foreign person” within the meaning of Section
1445 of the Internal Revenue Code.
 
(v)            No consent or approval of any third party (including, without
limitation any governmental authority) is or was required in connection with
Seller’s execution and delivery of this Agreement or its consummation of the
transaction contemplated herein.
 
(vi)           Seller has received no written notice from any governmental
authority alleging that the Real Property is in violation of applicable laws,
ordinances or regulations, including applicable environmental laws, rules,
regulations and orders.
 
(vii)          There are no service contracts or other agreements other than the
Leases and the matters shown on the Commitment that shall survive or otherwise
bind Buyer or the Real Property following the Closing.
 
(viii)         There are no leases, assignments, subleases, amendments,
modifications, agreements or understandings (whether written or oral) with any
Tenant or occupant of the Property except as set forth in EXHIBIT C.  Except as
identified on Schedule 1, all tenant improvements or work to be done, furnished
or paid for by Seller or loans to be provided by Seller for, or in connection
with, any Tenant pursuant to the Leases have been completed and paid
for.  Except as set forth in Schedule 2, no leasing, brokerage or like
commissions, fees or payments are due from Seller, or may become due, in respect
of any of the Improvements or Leases, or of any other matter or thing relating
to the Property or any portion thereof.
 
(ix)           Except as set forth on Schedule 5, (A) Seller has not provided
written notice to any Tenant setting forth a default by Tenant under its Lease
that remains uncured, or (B) received written notice from any Tenant setting
forth a default by landlord under the Lease that remains uncured.
 
(x)           To the actual knowledge of Seller, all obligations of Seller, as
landlord, under the Leases that have accrued prior to Closing have been or will
be performed by Seller at or prior to Closing.
 
 
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(xi)           Schedule 3 contains a true and correct list of all Security
Deposits that have not been applied against delinquent rents or otherwise as
provided in the Leases.
 
(xii)           Except as set forth in the Leases, no Tenant has an option to
purchase or right of first refusal with respect to the Property.
 
(xiii)           Except as set forth on Schedule 5, Seller has not (A) provided
written notice to any party under any REA Agreement setting forth a default by
such party under the REA Agreement that remains uncured, or (B) received written
notice from any party under any REA Agreement setting forth a default by Seller
under the applicable REA Agreement that remains uncured.
 
(xiv)           To Seller's actual knowledge, there are no REA Agreements or any
assignments, modifications, supplements, amendments, agreements or
understandings (whether written or oral) with any parties to any REA Agreements
other than as set forth in the Commitment.
 
(xv)            To Seller's actual knowledge, the annual operating statements
for 2008, 2009 and 2010, and the quarterly operating statements for the first
and second quarter 2011 are true and correct in all material respects, subject
to adjusting entries in accordance with GAAP and consistent with the regular
course of Seller's business.
 
(xvi)            Except as set forth in any of the Due Diligence Materials set
forth on Schedule 4, to the actual knowledge of Seller, there are no Hazardous
Materials, petroleum wells or underground storage tanks on the Property that are
in violation of Environmental Laws.
 
(xvii)           Except as set forth on Schedule 6, there is no litigation,
proceeding (zoning or otherwise) or governmental investigation pending, or, to
the actual knowledge of Seller, threatened, in writing, against or relating to
the Real Property or the transaction contemplated by this Agreement.
 
(xviii)           Seller is not, and will not become, a person or entity with
whom U.S. persons are restricted from doing business with under the regulations
of the Office of Foreign Asset Control ("OFAC") of the Department of Treasury
(including those named on OFAC’s Specially Designated and Blocked Persons list)
or under any statute, executive order (including the September 24, 2001
Executive Order Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism), the USA Patriot Act, or other
governmental action.
 
(xix)             Schedule 7 sets forth a true, correct and complete list of the
Bank of America Loan Documents.  True, correct and complete copies of the Bank
of America Loan Documents have been delivered to Buyer.  To Seller's knowledge,
there exists no uncured events of default on the part of Seller, any guarantor
or any indemnitor in the performance of any of its obligations under the Bank of
America Loan Documents, including, without limitation, satisfaction in full of
the items set forth on Schedule 9.1 to the Bank of America Loan Agreement.  The
outstanding balance of the Bank of America Loan as of August 1, 2011 is
$45,402,978.07.  All payments of principal and interest required to be made
prior to the Effective Date have been made by Seller.
 
 
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(b)           For purposes of Section 9.1(a)(xvi), the parties agree that
"Hazardous Materials" means any hazardous, toxic or dangerous waste, substance
or material, pollutant or contaminant, as defined in all applicable provisions
of any Environmental Laws or the regulations promulgated thereunder, relating
to, or imposing liability or standards of conduct concerning, any hazardous
substances, hydrocarbons, hazardous materials, toxic substances or hazardous
wastes as defined from time to time in any other federal, state and local laws
or the regulations promulgated thereunder applicable to the Property or any
substance which is toxic, explosive, corrosive, flammable, infectious,
radioactive, carcinogenic, mutagenic, or otherwise hazardous, or any substance
which contains gasoline, diesel fuel or other petroleum hydrocarbons,
polychlorinated biphenyls (PCBs), or radon gas, urea formaldehyde, asbestos or
lead.
 
9.2 -  By Buyer.
 
(a)           Buyer represents and warrants to Seller as of the Effective Date
that:
 
(i)           Buyer is duly created and validly existing pursuant to the laws of
the jurisdiction of its organization and is duly qualified to do business in the
jurisdiction in which the Property is situated if and to the extent that such
qualification is required.
 
(ii)           Buyer has the capacity and authority to execute this Agreement
and perform the obligations of Buyer under this Agreement.  All action necessary
to authorize the execution, delivery and performance of this Agreement by Buyer
has been taken, and such action has not been rescinded or modified.  Upon the
execution of this Agreement, this Agreement will be legally binding upon Buyer
and enforceable against Buyer.  The person signing this Agreement on behalf of
Buyer has been duly authorized to sign and deliver this Agreement on behalf of
Buyer.
 
(iii)           Buyer is not subject to any judgment or decree of a court of
competent jurisdiction or governmental agency that would limit or restrict
Buyer’s right to enter into and carry out this Agreement.
 
(iv)           Neither the execution of this Agreement nor the consummation of
the transactions contemplated herein by Buyer will constitute a breach under any
contract or agreement to which Buyer is a party or by which Buyer is bound or
affected.
 
(v)           No consent or approval of any third party (including, without
limitation any governmental authority) is or was required in connection with
Buyer’s execution and delivery of this Agreement or its consummation of the
transaction contemplated herein.
 
(vi)           None of the funds to be used for payment by Buyer of the Purchase
Price will be subject to 18 U.S.C. §§ 1956-1957 (Laundering of Money
Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 18 U.S.C. §§ 881
(Drug Property Seizure), Executive Order Number 13224 on Terrorism Financing,
effective September 24, 2001, or the United and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, H.R. 3162, Public Law 107-56 (the "USA Patriot Act").
 
 
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(vii)           Buyer is not, and will not become, a person or entity with whom
U.S. persons are restricted from doing business with under the regulations of
the OFAC (including those named on OFAC’s Specially Designated and Blocked
Persons list) or under any statute, executive order (including the September 24,
2001 Executive Order Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism), the USA Patriot Act, or
other governmental action.
 
(b)          "Buyer's Knowledge" means the current, actual (as opposed to
constructive, imputed or implied) knowledge of Mark Bratt, Nan Delahunt, Jeff
DeChellis and Jeremy Hopkins, without any duty of investigation or inquiry.
 
(c)           Buyer shall fully disclose to Seller, immediately upon Buyer’s
becoming aware of any change in facts or circumstances to Buyer's Knowledge that
may affect the representations and warranties set forth above.  In the event
that to Buyer's Knowledge, any representation or warranty by Buyer is not
accurate as of the Closing Date, Seller shall notify Buyer in writing and if
Buyer fails to correct such misrepresentation or breach of warranty within ten
(10) days after written notice from Seller, as its sole and exclusive remedy,
shall have the right to terminate this Agreement, in which event the Earnest
Deposit shall be delivered and paid to Seller by the Escrow Agent and neither
party hereto shall have any further obligations hereunder except for such
obligations and indemnities which expressly survive the termination of this
Agreement, and Seller expressly waives the right to sue Buyer for damages.
 
9.3 -  Closing Certificates and Breaches of Seller’s Representations.
 
(a)           On the Closing Date, each of Buyer and Seller shall execute and
deliver to the other a certificate certifying its representations and warranties
set forth in this Article 9 as of the Closing Date in substantially the form
attached hereto as EXHIBIT I, and as to those matters that are limited to a
party's knowledge, with such changes as may be necessary to reflect any change
in such party's knowledge since the Effective Date.
 
(b)           "Seller’s Knowledge" means the current, actual (as opposed to
constructive, imputed or implied) knowledge of George A. Schmidt, Kim A. Rieck,
Neil Van Winkle, Chris Ellis, Armand Mastropietro, and T.J. Drought, without any
duty of investigation or inquiry.  Each of the representations and warranties of
Seller and Buyer contained in this Agreement is made as of the Effective Date,
subject to update as provided herein and shall survive Closing for a period of
one hundred eighty (180) days following the Closing Date (the "Survival
Period").
 
 
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(c)           Buyer agrees that its sole remedy with respect to any untruth or
inaccuracy of Seller’s representations and warranties that are discovered prior
the Closing are set forth in this Section 9.3(c).  Buyer shall promptly provide
written notice to Seller upon learning of any breach or breaches by Seller prior
to the Closing Date of any of Seller’s representations or warranties set forth
in this Agreement (collectively, the "Pre-Closing Breaches").  Notwithstanding
the foregoing, Seller shall not have any liability for, and Buyer shall be
deemed to have waived any claim for, any Pre-Closing Breaches if and to the
extent that the Pre-Closing Breaches are known by Buyer and Buyer nevertheless
fails to notify Seller and proceeds to consummate the Closing.  In the event
that, prior to Closing, Seller discovers that any of Seller’s representations
and warranties have materially and adversely changed, Seller shall promptly give
written notice thereof to Buyer (a "Change Notice") and Seller’s representations
and warranties shall be deemed qualified and amended as set forth in such Change
Notice.  Within three (3) business days after receipt of a Change Notice, Buyer,
as its sole and exclusive remedy at law or in equity on account of such Change
Notice from Seller, all other rights and remedies being hereby waived, shall
elect, by written notice delivered to Seller, to either to (i) terminate this
Agreement, in which event the Earnest Deposit shall be returned to Buyer by the
Escrow Agent, Seller shall reimburse for Buyer’s actual out-of-pocket expenses
incurred in connection with this Agreement in an amount not to exceed One
Hundred Thousand and No/100 Dollars ($100,000.00) (the "Reimbursement Amount"),
and, with the exception of those provisions or paragraphs which recite that they
survive termination of this Agreement, neither party shall have any additional
liability to the other and Buyer expressly waives the right to sue Seller for
damages, or (ii) accept Seller’s representations and warranties as so qualified,
in which case the representations and warranties shall thereby be automatically
amended and Buyer shall proceed with Closing without any right or remedy on
account thereof.  Buyer’s failure to give timely written notice of such election
to Seller shall constitute Buyer’s irrevocable election to accept Seller’s
representations and warranties as so qualified and amended, and proceed to
Closing without any right or remedy on account thereof.  Anything contained
herein to the contrary notwithstanding, if (i) to Buyer's Knowledge any of
Seller’s representations and warranties, whether as a result of notice from
Seller, Buyer’s own investigations or inquiries, or otherwise, or (ii) any
information contained in the Due Diligence Material, any information contained
in the Bank of America Loan Documents, or in any updates to any of the foregoing
is in any way inconsistent with any of Seller’s representations and warranties,
whether or not actually known to Buyer, and notwithstanding clause (i) and
clause (ii) Buyer nonetheless proceeds with the Closing, then Seller’s
representations and warranties shall be deemed qualified and amended or modified
to the full extent of Buyer’s Knowledge and such inconsistent information, and
Buyer shall be deemed to have accepted and approved Seller’s representations and
warranties as so qualified and amended or modified, and Buyer shall have no
right or remedy, and Seller shall have no obligation or liability, on account
thereof.
 
(d)           Buyer agrees that its sole remedies with respect to any untruth or
inaccuracy of Seller’s representations and warranties that are discovered
following the Closing are set forth in this Section 9.3(d).  Buyer’s failure, on
or before the expiration of the Survival Period, to (i) deliver written notice
to Seller asserting a claim and (ii) file suit in a court of competent
jurisdiction with respect thereto, shall be deemed a waiver and release of all
claims for losses resulting from any breach of Seller’s representations and
warranties, and were first discovered by Buyer after Closing.  In addition,
Buyer hereby waives (for itself, its successors and assigns) and shall not have
any right to bring or commence any claims against Seller for losses as a result
of any untruth or inaccuracy of Seller’s representations and warranties that
were first discovered by Buyer after Closing until such losses have aggregated
to more than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (the
"Deductible").  In no event shall any claim be made and Seller shall not be
liable for losses, when aggregated together with all other losses for which
Seller is liable pursuant to this Agreement, exceed Two Million and No/100
Dollars ($2,000,000.00) (the "Maximum Loss").  In the event that the aggregate
amount of all losses resulting from such untruths and inaccuracies exceeds the
Deductible, Buyer shall have the right to bring an action, suit or proceeding
against Seller for such losses, with liability starting with the first dollar,
but in no event exceeding the Maximum Loss.
 
 
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(d)           The provisions of this Section 9.3 are deemed to be incorporated
by reference into the documents delivered at Closing and shall survive Closing
until the expiration of the Survival Period.  In the event of any conflict
between the provisions of this Section 9.3, and the provisions of any document
delivered at Closing, the provisions of this Section 9.3 shall control.
 
SECTION 10 DEFAULT.
 
10.1 -  Seller Default.  Notwithstanding any provision in this Agreement to the
contrary, if Closing does not occur by reason of a default by Seller which
continues for five (5) days after written notice from Buyer ("Seller’s Cure
Period"), then Buyer shall elect, as its sole and exclusive remedy, by notice to
Seller within three (3) business days following the end of Seller’s Cure Period,
either of the following: (i)  terminate this Agreement, in which event Buyer
shall receive the Earnest Deposit, Seller shall pay for Buyer’s actual
out-of-pocket expenses incurred in connection with this Agreement in an amount
up to the Reimbursement Amount, and neither of the parties hereto shall have any
further rights or obligations hereunder except for obligations that specifically
survive the termination; or (ii) enforce specific performance of this
Agreement.  A formal action for specific performance or damages must be
commenced within ninety (90) days following the expiration of Seller’s Cure
Period.  Except as set forth above, Buyer expressly waives its rights to seek
damages in the event of Seller’s default hereunder.
 
10.2 -  Buyer Default.  Notwithstanding any provisions of this Agreement to the
contrary, if Buyer fails to close this transaction for reasons other than
Seller’s default or the failure of any of the express conditions to Buyer’s
performance, then this Agreement shall terminate, and the Earnest Deposit shall
be delivered to Seller as agreed-upon liquidated damages as Seller’s sole
remedy.  Seller and Buyer acknowledge that:  (i) it would be impossible to
accurately determine Seller’s damages in the event of Buyer’s default; (ii) the
Earnest Deposit are fair and equitable; and (iii) Seller expressly waives the
right to exercise any and all other rights available at law or in equity.  The
limitation of damages set forth herein shall not apply to any indemnities,
covenants or obligations of Buyer which expressly survive either the termination
of this Agreement or Closing, for which Seller shall be entitled to all rights
and remedies available at law or in equity.
 
SECTION 11 - BROKERS.  Buyer and Seller each represent and warrant that they
have not been represented by any broker in connection with the sale of the
Property, and no commissions or fees are due to any other broker or finder by
reason of either party’s actions in this matter.  The terms and conditions of
this Agreement shall supercede all terms and conditions of any separate
commission agreement with Seller.  Buyer and Seller shall each be responsible
for all liability, if any, for any broker or finder fees payable with respect to
the sale of the Property that are attributable to its actions.  Seller and Buyer
shall and do each hereby indemnify, defend and hold harmless the other from and
against the claims, demands, actions and judgments of any and all brokers,
agents and other persons or entities alleging a commission, fee or other payment
to be owing by reason of their respective dealings, negotiations or
communications in connection with this Agreement or the purchase and sale of the
Property.  The indemnity obligations in this Section 11 shall survive the
termination of this Agreement or the Closing.
 
 
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SECTION 12 - EMINENT DOMAIN.  In the event of the taking of the Real Property,
either total or partial, by eminent domain for any public or quasi-public use,
or if notice of intent of a taking or a sale in lieu of taking is received by
Seller or Buyer, at or prior to the Closing (excluding a De Minimis Taking (as
hereinafter defined)), Buyer shall have the right, to be exercised within thirty
(30) days after written notice of such taking from Seller, to terminate this
Agreement, in which event Buyer shall receive the Earnest Deposit and neither of
the parties hereto shall have any further rights or obligations hereunder except
for obligations that specifically survive the termination.  In the event this
Agreement is not terminated or in the event of a De Minimis Taking, Buyer shall
consummate this transaction on the Closing Date (with no reductions in the
Purchase Price), and Buyer shall be entitled to participate in any such
condemnation or eminent domain proceedings and to receive all of the proceeds
attributable to any portion of the Real Property to be conveyed to Buyer.  For
purposes of this Section 12, "De Minimis Taking" shall mean any partial taking
that does not result in any material impact on the parking or access to the
Property, or result in the right to terminate or pay reduced rent under any
Lease, or result in the right to terminate any REA Agreement.
 
SECTION 13 – CASUALTY.  If prior to the Closing Date, building(s) comprising a
part of the Real Property, are destroyed by fire or other casualty, Seller shall
notify Buyer in writing of such fact (which writing shall detail the amount of
such damage as determined by a reputable public adjusting firm, together with
the amount of insurance proceeds recoverable).  If the amount of such damage is
an amount equal to two percent (2%) of the Purchase Price or more or in the
event the casualty gives the right to any Anchor Tenant or Key Tenant to
terminate its Lease, Buyer shall have the option to terminate this Agreement
upon notice to Seller given within twenty (20) days after Buyer’s receipt of
Seller’s written notice of such casualty.  Upon such termination, the Escrow
Agent shall return the Earnest Deposit to Buyer, this Agreement shall terminate
and neither party shall have any further obligation or liability to the other
except for obligations that specifically survive termination of this
Agreement.  In the event Buyer does not so elect to terminate this Agreement, or
there is damage to or destruction of less than an amount equal to two percent
(2%) of the Purchase Price, Seller shall assign to Buyer any insurance claims
and the amount of any deductible shall be subtracted from the Purchase Price and
Buyer shall acquire the Property pursuant to this Agreement without any further
reduction in the Purchase Price.
 
SECTION 14 - MISCELLANEOUS.
 
14.1 -  Governing Law.  This Agreement shall be governed by the laws of the
State where the Real Property is located, without regard to rules regarding
conflicts of laws.
 
14.2 -  Counterparts.  This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same document.   Return of an executed counterpart of
this Agreement by electronic mail transmission shall bind the party so executing
and delivering such counterpart.
 
 
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14.3 -  Entire Agreement.  This Agreement, together with the attached
exhibit(s), contains all of the terms and conditions of the agreement between
the parties hereto, and any and all prior and contemporaneous oral and written
agreements are merged herein.
 
14.4 -  Modifications and Waivers.  This Agreement cannot be changed nor can any
provision of this Agreement, or any right or remedy of any party, be waived
orally.  Changes and waivers can only be made in writing, and the change or
waiver must be signed by both parties hereto.  Any waiver of any provision of
this Agreement, or any right or remedy, given on any one or more occasions shall
not be deemed a waiver with respect to any other occasion.
 
14.5 -  Parties Bound.  This Agreement shall be binding upon and inure to the
benefit of the heirs, executors, successors, and assigns of the parties hereto.
 
14.6 -  Assignment.  Buyer may not assign its rights and obligations under this
Agreement without Seller’s prior written consent, which consent shall not be
unreasonably withheld or delayed; provided, however, at and concurrently with a
Closing hereunder, Buyer may assign its rights and obligations under this
Agreement without the consent of Seller, provided and on the condition
that:  (i) Buyer shall have given Seller written notice of the assignment and
the identity of the assignee at least five (5) days prior to Closing, (ii) Buyer
or a principal or principals of Buyer shall own a controlling interest in the
assignee; and (iii) such assignee shall have assumed Buyer’s obligations
hereunder by a written instrument of assumption in form and substance reasonably
satisfactory to Seller.  Notwithstanding any such assignment, Buyer shall
nevertheless remain liable for all of Buyer’s obligations hereunder.
 
14.7 -  Notices.  All notices, requests and other communications under this
Agreement shall be in writing and shall be deemed given when made by personal
delivery, sent by registered or certified mail, postage prepaid, return receipt
requested, next or second business day by delivery by a nationally recognized
overnight courier, addressed as follows, or electronic mail followed by another
permitted means of delivery.  Notice shall be deemed given on the date on which
the notice is received by a party in the case of personal delivery or facsimile
or electronic mail, two (2) business days following the date on which it is
deposited in the U.S. Mail, in the case of mail, or on the next or second
(whichever is applicable) business day immediately following receipt by the
courier, in the case of an overnight courier:
 

  If to Buyer:
DDR PTC LLC
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attn: Nan E. Delahunt, Director of Capital Transactions
Phone: (216) 755-6447
Email: ndelahunt@ddr.com
   

 
 
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  With copy to:
Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attn:  General Counsel
Phone: 216-755-5666
email: kpatel@ddr.com
                With copy to:  
Thompson Hine LLP
127 Public Square
3900 Key Center
Cleveland, Ohio 44114
Attn: Robyn Minter Smyers, Esq.
Phone: (216) 566-5830
email: robyn.smyers@thompsonhine.com
                If to Seller:
PTC Columbus, LLC
c/o Glimcher Properties Limited Partnership
180 East Broad Street
21st Floor
Columbus, Ohio 43215
Attn: Kim A. Rieck, Esq.
Phone: (614) 887-5623
email: krieck@glimcher.com
                With copy to:  
Frost Brown Todd LLC
10 West Broad Street
Suite 2300
Columbus, Ohio 43215
Attn: John I. Cadwallader, Esq.
Phone: (614) 464-1211
email: jcadwallader@fbtlaw.com
   

 
Notice by any party hereto may be given by its counsel.

14.8 -  Section Headings.  The captions in this Agreement are for convenience
only and shall not be considered a part of or affect the construction or
interpretation of any provision of this Agreement.
 
14.9 -  Severability.  If one or more of the provisions of this Agreement or the
application thereof shall be invoked, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions or any
other application thereof shall in no way be affected or impaired.
 
14.10 -  Time of the Essence.  The parties agree that time is of the essence and
that the failure of a party hereto to perform any act on or before the date
specified herein for performance thereof shall be deemed cause for the
termination hereof by the other party, without prejudice to other remedies
available for default hereunder.
 
 
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14.11 -  Confidentiality.  Without the prior written consent of the other party,
neither Seller nor Buyer will make any public disclosure, issue any press
release or disclose to any person, other than their legal counsel, a proposed
lender, accountants or consultants, either the fact that this Agreement has been
entered into or any of the terms, conditions or other facts with respect
thereto, including the status thereof; provided, that either party hereto may
make such disclosure if compelled by court order or to comply with the
requirements of any law, governmental order or regulation.  In addition, if this
Agreement is terminated prior to Closing for any reason, all confidential
information shall be immediately returned by Buyer to Seller.
 
14.12 -  Further Action.  The parties hereto shall at any time, and from time to
time on and after the Closing Date, upon the request of either, do, execute,
acknowledge and deliver all such further acts, deeds, assignments and other
instruments as may be reasonably required for the consummation of this
transaction.
 
14.13 -  Construction.  This Agreement shall not be construed more strictly
against one party than against the other merely by virtue of the fact that it
may have been prepared by counsel for one of the parties hereto, it being
recognized that both Seller and Buyer have contributed substantially and
materially to the preparation of this Agreement.
 
14.14 -  No Recording.  Neither this Agreement nor any memorandum or short form
thereof may be recorded by Buyer.
 
14.15 -  Third Party Beneficiary.  The provisions of this Agreement are not
intended to benefit any parties other than Seller and Buyer.
 
14.16 -  Enforcement.  If either party hereto shall engage an attorney in
connection with any action or proceeding to enforce this Agreement, the
prevailing party in such action or proceeding shall be entitled to recover its
reasonable attorney fees and costs together with all litigation expenses to the
fullest extent permitted by law.  In the event a different party is the
prevailing party on different issues, the attorney fees and costs and litigation
expenses shall be apportioned in proportion to the value of the issues decided
for and against the party.
 
14.17 -  1031 Exchange.  If so requested by either party, the other party will
cooperate in structuring and completing this transaction for the requesting
party so as to effect a like-kind exchange pursuant to Section 1031 of the
Internal Revenue Code of 1986, as amended.  In particular, such other party will
consent to the assignment by the requesting party prior to the Closing hereunder
of its rights hereunder to a “qualified intermediary” or other third party for
such purposes.  The foregoing notwithstanding, in connection with any such
exchange, neither party shall have any obligation to acquire title to any real
property nor to enter into any contract:  (i) that may create or impose upon
such party any non-monetary obligation or negative covenant; (ii) that does not
provide that the sole and exclusive remedy of any seller for a breach shall be
to retain as liquidated damages the deposit paid to said seller; or (iii) that
requires such party to execute any mortgage, deed of trust or similar financing
instrument.  It is further agreed that:  (1) neither party shall assume any
responsibility for the tax consequences to any other party arising out of any
exchange effected pursuant to this Section 14.17; (2) the requesting party shall
reimburse the other party for all additional costs and expenses (including
reasonable attorney’s fees) incurred by such other party in connection with any
such exchange; and (3) the requesting party shall indemnify and hold the other
party harmless from and against any and all loss, cost, damage, expense or other
liability (including reasonable attorneys’ fees) that such other party may incur
or suffer in the performance of its obligations under this Section 14.17.
 
 
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14.18 -  Business Day.  As used herein, a business day shall mean any day other
than Saturday, Sunday or other day that commercial banks in the State in which
the Property is located are authorized or required to close under applicable
law.  In the event that the expiration of any time period hereunder, including,
without limitation, the Due Diligence Period and the Cure Period shall expire on
a Saturday, Sunday or legal holiday, then such time period shall be extended
until the close of business on the next following business day.
 
14.19 -  Audit.  Seller agrees, upon Buyer's request, to provide Buyer and its
representatives access to Seller's books, records and accounts with respect to
the Property for the most recently completed fiscal year and the current fiscal
year through the Closing Date, and to reasonably cooperate with Buyer to enable
Buyer and its representatives to prepare an audited statement of revenue and
certain expenses for the Property for the most recently completed fiscal year
and a review of the unaudited statement of revenues and certain expenses for the
current fiscal year through the Closing Date as required by Rule 3-14 of the
United States Securities and Exchange Commission.
 
14.20 -  Cross Conditioned and Cross Defaulted.  Buyer and Seller hereby
acknowledge that, concurrently herewith, Buyer, or an affiliate of Buyer, and
Seller, or an affiliate of Seller, have executed a Purchase Agreement (the
"Other Agreement") for the property known as "Town Center Plaza " pursuant to
which Seller, or an affiliate of Seller, has agreed to purchase and Buyer, or an
affiliate of Buyer, has agreed to sell certain other retail property.  Buyer and
Seller agree that the transactions contemplated by this Agreement and the
transactions contemplated by the Other Agreement are contingent upon the
consummation of all such transactions.  In the event any of the transactions
contemplated under this Agreement or the Other Agreement fail to occur for any
reason, none of the transactions shall be consummated by Buyer and Seller.  A
default by Buyer or Seller under this Agreement shall constitute a default by
Buyer or Seller, as applicable, under the Other Agreement and a default by Buyer
or Seller under the Other Agreement shall constitute a default hereunder.  In
the event the transactions contemplated under this Agreement or the Other
Agreement do not occur for any reason other than a default by Buyer or Seller,
then this Agreement shall terminate, in which event the Earnest Deposit shall be
returned to Buyer, the Agreement shall become null and void and neither party
shall have any further rights or obligations under this Agreement, except those
which by their terms expressly survive such termination.  If either Buyer or
Seller shall terminate this Agreement pursuant to an express right hereunder,
such termination shall automatically terminate the Other Agreement.
 
 
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14.21 -  Synchronization.  Buyer and Seller hereby acknowledge and agree that
this Agreement and the Other Agreement shall be synchronized with respect to any
equivalent time period or deadline contained herein or therein.  In the event
that any such time period or deadline contemplated under this Agreement,
including but not limited to the Closing Date and the expiration of the Due
Diligence Period, shall be lessened or extended for any reason, then the
identical modification shall automatically be deemed to have occurred in the
Other Agreement.  In the event that any such time period or deadline
contemplated under the Other Agreement, including but not limited to the Closing
Date and the expiration of the Due Diligence Period, shall be lessened or
extended for any reason, then the identical modification shall automatically be
deemed to have occurred in this Agreement  Buyer and Seller further acknowledge
and agree that the Closing Date under this Agreement and the Closing Date under
the Other Agreement shall be the same date.
 
 (Remainder of page intentionally left blank)
 

 

 
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed on the respective dates specified below.
 
SELLER:

PTC COLUMBUS, LLC,
a Delaware limited liability company

     By: Polaris Center, LLC
     a Delaware limited liability company, its Sole Member

By: Glimcher PTC, Inc.
a Delaware corporation, its Managing Member

By: /s/ Michael P.
Glimcher                                                                           
Printed Name: Michael P.
Glimcher                                                                           
Title: Chairman and Chief Executive Officer

Date: August 22, 2011

BUYER:

DDR PTC LLC,
a Delaware limited liability company

By: /s/ Mark
Bratt                                                                
Printed Name: Mark
Bratt                                                                
Title: Executive Vice President and
CIO                                                                

Date: August 22, 2011

 
 

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ESCROW CONSENT AND ACKNOWLEDGMENT
 
The undersigned agrees to act as the Escrow Agent for the transaction described
in the above Agreement as provided herein.  Receipt of the Earnest Deposit is
hereby acknowledged.  The undersigned agrees to hold and deliver the Earnest
Deposit and Additional Deposit in accordance with the terms of this Agreement
 
 

 
CHICAGO TITLE INSURANCE COMPANY
         
Escrow No. __________  
By:
           (Print Name) Date:  ______________________   Authorization
Representative          

 
 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 1

Unpaid Tenant Improvement Allowances

[b7.jpg]

 
 

--------------------------------------------------------------------------------

 

SCHEDULE 2

Unpaid Leasing Commissions
 
[b8.jpg]

 
-1-

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SCHEDULE 3

Schedule of Security Deposits
 
 
Suite
Tenant
Security Deposit
PBA06
America's Home Place
$15,750.00
00B6b
Mail Boxes' Etc.
$2,500.00
00B30
Great Clips
$2,500.00
00B60
Jersey Mike's
$2,750.00
00B80
Longaberger
$1,000.00
00B6d
Best Life
$1,500.00
00B50
Carboard Heroes
$2,000.00
00B10
H20 Nails (VIP Nail & Skin Care)
$6,250.00

 
 
-2-

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SCHEDULE 4

Schedule of Due Diligence Materials
 
Property Name:  Polaris Towne Center

Property Location: Columbus, OH
 
Property Information
Item
Survey - ALTA - Most Recent
Site Plan
Lease Plan
Aerial
Certificates of Occupancy / Rent Commencement Letters
Existing Appraisal
Environmental Reports
Environmental Insurance
Declaration of Easements, Covenants, and Restrictions
Adjacent Land Owners Agreements
Service Contracts with Vendors
Personal Property Schedule
Warranties
Title Reports - Most Recent
Parking Ratios
Potential Outlots
Litigation
Eminent Domain
Property Level Litigation
Third Party Agreements
Utility or Easement/Access Sharing Agreements

Financial Information
Item
Argus Run
General Ledger Detail - 2010, YTD 2011
Audited Financial Statements - Prior 3 Years
Budget Operating Statements - (Projected 2011)
Tenant A/R Summary - Aged Delinquency
Real Estate Tax Bills - Prior 3 Years
Insurance Policies
Insurance Certificates
Insurance loss runs
List of Security Deposits
Expense reimbursements - 2009 / 2010 detail
Estimated Transfer Taxes
Capital Expenditure History
Loan Documents / Loan Escrows in place

 
-3-

--------------------------------------------------------------------------------

 
 
Tenant Information
Item
Rent Roll
Electronic Site Plans
Lease and Lease Amendments
Tenant Correspondence
Tenant Estoppels
Tenant Sales Reports
Leasing Status Update
Monthly Billing to Tenants
2011 Tenant Escrow Letters
Specialty / Ancillary Income Contracts
List of Tenants in Default or Proposed Default
List of Tenants in Bankruptcy
Tenant Financial Statement / Credit Reports
 
 
-4-

--------------------------------------------------------------------------------

 

SCHEDULE 5

Schedule of Default Notices

1. 
Cardboard Heroes -07/21/1: Rent default.

2. 
Khema Day Spa & Salon  – 08/03/11:   Rent default.

3.
Cost Plus  – 08/03/11:   Rent default - past due 2010 year ends.  Tenant claims
check has been sent.

4. 
Party City – 06/02/11:  rent default.

 
 
-5-

--------------------------------------------------------------------------------

 
 
SCHEDULE 6

Schedule of Pending Litigation

None

 
-6-

--------------------------------------------------------------------------------

 

SCHEDULE 7

Bank of America Loan Documents

1.
Loan Agreement dated as of March 31, 2010 between PTC Columbus, LLC, as Borrower
and Bank of America, N.A., as Lender.

2.
Copy of Promissory Note by PTC Columbus, LLC to Bank of American, N.A, dated
March 31, 2010, in the amount of $46,000,000.

3.
Open End Mortgage, Assignment of Leases and Rents and Security Agreement by PTC
Columbus, LLC, as Mortgagor, to Bank of America, N.A., as mortgagee, dated March
31, 2010, recorded May 12, 2010, Document Number 201000011962, OR Book 966, page
1243, Recorder’s Office of Delaware County, Ohio.

4.
UCC Financing Statement PTC Columbus, LLC, as Debtor, Bank of America, N.A.,
Secured Party, filed April 1, 2010 in the Delaware Department of State, as
amended May 12, 2010

5.
UCC Financing Statement PTC Columbus, LLC, as Debtor, Bank of America, N.A.,
Secured Party, filed May 12, 2010 in the Delaware County, Ohio  Recorder’s
Office as Document No. 201000011963.

 
 
-7-

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EXHIBIT A

Legal Description of Real Property
 
[b1.jpg]
 
 
-8-

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[b2.jpg]
 
 
-9-

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[b3.jpg]
 
 
-10-

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[b4.jpg]
 
 
-11-

--------------------------------------------------------------------------------

 
 
[b5.jpg]
 
 
-12-

--------------------------------------------------------------------------------

 
 
EXHIBIT B

Site Plan of Real Property
 
[b6.jpg]
 
 
-13-

--------------------------------------------------------------------------------

 
 
EXHIBIT C

Schedule of Leases

(see attached)
 
 
-14-

--------------------------------------------------------------------------------

 
 
EXHIBIT D

Form of Assignment of Leases

(see attached)
 
 
-15-

--------------------------------------------------------------------------------

 

Record and return to:
 
______________________
 
______________________
 
______________________
 

ASSIGNMENT OF LEASES
 
THIS ASSIGNMENT OF LEASES, made as of this ____ day of _______________ 2011 (the
"Effective Date"), by and between PTC COLUMBUS, LLC, a Delaware limited
liability company, having an address at [___________________________________]
(the  "Assignor"), and [___________________________] having an address at
[_________________________________] ("Assignee").
 
RECITALS:
 
A.           Assignor, as seller, and Assignee, as purchaser, entered into that
certain Purchase and Sale Agreement (the "Purchase Agreement") relating to the
sale of that certain shopping center known as "Polaris Towne Center" located in
the City of Columbus, County of Franklin, State of Ohio, situated on land more
particularly described on Exhibit A attached hereto and made a part hereof (the
"Property").
 
B.           The Property is subject to various leases described on Exhibit B
attached hereto and made a part hereof (collectively, the "Leases").
 
C.           Pursuant to the Purchase Agreement, Assignor desires to assign its
right, title and interest in and to each of the Leases to Assignee, and Assignee
desires to assume Assignor's right, title and interest in and to each of the
Leases, in connection with the aforementioned sale.
 
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which
is acknowledged by each of the parties hereto, Assignor and Assignee do hereby
agree as follows:
 
1.           Assignment.  Assignor hereby gives, grants, bargains, sells,
conveys, transfers and sets over unto Assignee, its successors and assigns, as
of the Effective Date, all of Assignor's right, title and interest in and to the
Leases and any guarantees and other agreements executed in connection therewith
and any security deposits relating thereto.
 
2.           Assumption.  Assignee hereby accepts the foregoing assignment, and
in consideration thereof, hereby covenants and agrees that, on and after the
Effective Date, Assignee will assume, observe, perform, fulfill and be bound by
all of the terms, covenants, conditions and obligations under each of the Leases
and guarantees and each such other agreement executed in connection therewith,
and each such security deposit, which arise on and after the Effective Date and
are to be observed, performed and fulfilled by the landlord named therein on and
after the Effective Date in the same manner and to the same extent as if
Assignee were the landlord originally named therein.
 
 
-16-

--------------------------------------------------------------------------------

 
 
3.           Indemnification.  (a) Assignor hereby indemnifies Assignee, and
agrees to defend and hold Assignee harmless from and against any and all
liability, loss, cost, damage and/or expense, including without limitation
reasonable attorneys' fees, which Assignee may or shall incur under or with
respect to the Leases by reason of any failure or alleged failure of Assignor to
have complied with or to have performed, before the Effective Date, the
obligations of the landlord thereunder which were to be performed before the
Effective Date.
 
(b)           Assignee hereby indemnifies Assignor, and agrees to defend and
hold Assignor harmless from and against any and all liability, loss, cost,
damage and/or expense, including without limitation reasonable attorneys' fees,
which Assignor may or shall incur under or with respect to any of the Leases by
reason of any failure or alleged failure of Assignee to comply with or to
perform, on or after the Effective Date, all the obligations of the landlord
thereunder which are to be performed on and after the Effective Date.
 
4.           Successors and Assigns.  The terms and conditions of this agreement
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.
 
5.           Miscellaneous.  This instrument may be executed in any one or more
counterparts, each of which, when so executed, will be deemed an original
document, and all such counterparts together shall constitute the same
instrument.  This instrument shall be governed by the laws of the State of Ohio.
 
(signatures follow immediately)
 

 
-17-

--------------------------------------------------------------------------------

 
 
IN WITNESS WHEREOF, the parties hereto have executed this instrument, and have
caused this instrument to be delivered so as to take effect on the day and year
first above written.
 
 
ASSIGNOR:
 
PTC COLUMBUS, LLC,
a Delaware limited liability company

By:                                                                       
Name:                                                          
Title:                                                            

 
ASSIGNEE:
 
[__________________________],
a [________________________]
 
 
By:                                                                       
Name:                                                          
Title:                                                            

 
 
-18-

--------------------------------------------------------------------------------

 
 
STATE OF ____________________)
                                                                    )  SS:
COUNTY OF___________________)
 
BEFORE ME, a Notary Public in and for said County and State, personally appeared
___________________, the ________________ of
___________________________________, a _______________ corporation, who
acknowledged that he did sign the foregoing instrument for and on behalf of said
corporation and that the same was his free and authorized act and deed as such
officer, and the free act and authorized act and deed of such corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 

(SEAL)
______________________________________________________________
Notary Public
My commission expires: 
 
 
 
-19-

--------------------------------------------------------------------------------

 
 
STATE OF ____________________)
                                                                   )  SS:
COUNTY OF __________________)
 
BEFORE ME, a Notary Public in and for said County and State, personally
appeared ___________________, the ________________ of
____________________________., an __________________ corporation, who
acknowledged that he did sign the foregoing instrument for and on behalf of said
corporation and that the same was his free and authorized act and deed as such
officer, and the free act and authorized act and deed of such corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 
 
(SEAL)
______________________________________________________________
Notary Public
My commission expires: 

[Attach Exhibits A and B]
 
 
-1-

--------------------------------------------------------------------------------

 

EXHIBIT E

Form of Bill of Sale

(see attached)
 
 
-2-

--------------------------------------------------------------------------------

 

BILL OF SALE
 
 
KNOW ALL MEN BY THESE PRESENTS, that PTC COLUMBUS, LLC, a Delaware limited
liability company (the "Transferor"), for and in consideration of the sum of Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, does hereby sell, convey and
transfer to [_________________________] (the "Transferee"), its successors and
assigns, the Personal Property (defined below).  For the purposes hereof, the
term "Personal Property" shall mean all equipment and other personal property
owned by Transferor and located in, or affixed to, the shopping center known as
Polaris Towne Center and located in the City of Columbus, County of Franklin,
State of Ohio, more particularly described on Exhibit A attached hereto and made
a part thereof (the "Land"), including, but not limited to the items set forth
on Exhibit B attached hereto and made a part hereof.  Transferor represents and
warrants to Transferee that Transferor is the lawful owner of the Personal
Property and that the Personal Property is free of any liens or encumbrances;
provided, however, that Transferor specifically disclaims any representations,
warranties, promises, covenants, agreements or guaranties of any kind or
character whatsoever concerning or with respect to the nature, quality,
merchantability, fitness or condition of the Personal Property.
 
(signatures follow immediately)
 
 

 
 
-3-

--------------------------------------------------------------------------------

 
 
IN WITNESS WHEREOF, the Transferor and Transferee have executed this instrument,
and have caused this instrument to be delivered so as to take effect this _____
day of ________, 2011.
 
 
TRANSFEROR:
 
PTC COLUMBUS, LLC,
a Delaware limited liability company
 
 
By:                                                                       
Name:                                                          
Title:                                                            
 
 
TRANSFEREE:
 
[_________________________],
a [__________________________]

 
By:                                                                       
Name:                                                          
Title:                                                            

 
[Add Exhibits A and B]
 
 
-1-

--------------------------------------------------------------------------------

 

EXHIBIT F

Form of Tenant Notice Letter
 
 (see attached)

 
-2-

--------------------------------------------------------------------------------

 
 
FEDERAL EXPRESS
 
____________ ___, 20
«Tenant2»
«Company»
«Address1»
«Address2»
«City», «State»  «PostalCode»
«Attn»

Re:           Notice to Tenants of _____________________________ (the
“Premises”)
 
Dear Tenant:
 
Please be advised that on       (date of sale)      , 20 (“Effective Date”), the
Premises was conveyed and the landlord’s interest in your lease (the “Lease”)
was assigned by _____________ (“Seller”) to _____________ (“New Owner”).  The
purpose of this letter is to inform you of the acquisition,  the assignment of
the landlord’s interest under your Lease and to facilitate ongoing
communication. Until otherwise directed by New Owner, communications with New
Owner with respect to the following matters should be directed as follows:

I.           Rent.           All rents, additional rents and other charges under
the Lease for periods from and after the Effective Date are to be made payable
to New Owner at the following new address:
 
________________________________
________________________________
________________________________
Attention:  _______________________

All rental payments and other monies due under your Lease for periods prior to
Effective Date, should be made payable to (Seller) and mailed to: (Seller),
c/o_____________________________________.
 
II.           Notices.   All notices and other communications to the landlord
under your Lease shall be delivered to the New Owner at the following address:
 
________________________________
________________________________
________________________________
Attention:  _______________________
 
 
 
-3-

--------------------------------------------------------------------------------

 
 
III.         Personnel.  If you have specific questions, please feel free to
contact any of the following persons:

The contact person with respect to operational matters is:
 

_______________   Phone: __________________________       E-mail:
___________________________  

 
The contact person for leasing is:
 

_______________   Phone: __________________________       E-mail:
___________________________  

 
The contact for accounting is:
 

_______________   Phone: __________________________       E-mail:
___________________________  

 
Please amend the insurance polices which you are required to maintain under your
lease to delete Seller as an additional insured thereunder and to include the
New Owner as an additional insured thereon.

We appreciate your patience and cooperation during this transition.
 
 

SELLER:    NEW OWNER:                  
By: ________________________
Name: ______________________
Title: _______________________
 
By: ________________________
Name: ______________________
Title: _______________________
 

 
 
 
-4-

--------------------------------------------------------------------------------

 
 
EXHIBIT G

Form of General Assignment

(see attached)
 
 
-5-

--------------------------------------------------------------------------------

 

ASSIGNMENT

THIS ASSIGNMENT ("Assignment") is made as of this ____ day of ______________,
2011, by and among PTC COLUMBUS, LLC, a Delaware limited liability company,
having an address at [______________________________]("Assignor"), and
[__________________________], a [__________________________], having an address
at [______________________________________] ("Assignee").

W I T N E S S E T H:
 
A.           Assignor, as seller, and Assignee, as buyer, entered into that
certain Purchase and Sale Agreement (the "Purchase Agreement") relating to the
sale of the Shopping Center known as Polaris Towne Center and located in the
City of Columbus, County of Franklin, State of Ohio, situated on land more
particularly described on Exhibit A attached hereto and made a part hereof (the
"Property").
 
B.            Assignor has certain rights, title and interest in and to certain
intangible personal property owned by Assignor and used solely in connection
with the Property, including, without limitation, all Assignor's right, title
and interest (if any) in and to the trade name "Polaris Towne Center"
(the "Trade Name"), and all goodwill associated with the Trade Name, and any
telephone numbers associated with the Trade Name, but expressly excluding any of
the foregoing that are not exclusive to the Property or related to the general
property management business Assignor or its affiliates (including brochures or
operating manuals related to the management of the Property) (collectively the
"Intangible Property").
 
C.            Assignor owns certain warranties, guarantees, permits, licenses,
architectural and engineering plans and reports and other documents relating to
the use, operation, and maintenance of all buildings, improvements, structures
and fixtures located on or about the Property, including the pylon sign located
on the Property, but excluding trade fixtures owned by tenants (collectively,
the "Guarantees")
 
D.            Pursuant to the terms of the Purchase Agreement, Assignor desires
to assign its right, title and interest in the Intangible Property and
Guarantees (collectively, the "Assigned Property") to Assignee, and Assignee
desires to assume Assignor's right, title and interest in the Assigned Property.
 
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which
are acknowledged by each of the parties hereto, Assignor and Assignee do hereby
agree as follows:
 
1.           Assignment.  Assignor represents and warrants to Assignee that
Assignor is the lawful owner of the Assigned Property and that the Assigned
Property is free of any liens or encumbrances.  Assignor hereby assigns to
Assignee, its successors and assigns, as of the Effective Date (as hereinafter
defined), all of Assignor's right, title and interest in the Assigned Property
without recourse to or warranty from Assignor except as expressly provided in
this Section 1.
 
 
-6-

--------------------------------------------------------------------------------

 
 
2.           Assumption.  Assignee hereby accepts the foregoing assignment and,
in consideration thereof, Assignee hereby covenants and agrees that, on and
after the Effective Date, Assignee will assume, observe, perform, fulfill and be
bound by all terms, covenants, conditions and obligations of the Service
Contracts which arise on and after the Effective Date and are to be observed,
performed and fulfilled by Assignor on and after the Effective Date, in the same
manner and to the same extent as if Assignee, instead of Assignor, were
originally named therein.
 
3.           Indemnification.  (a) Assignor hereby indemnifies Assignee, and
agrees to defend and hold Assignee harmless from and against any and all
liability, loss, cost, damage and/or expense, including without limitation
reasonable attorneys' fees, which Assignee may or shall incur in connection to
the Assigned Property by reason of any failure or alleged failure of Assignor to
have complied with or to have fully performed, before the Effective Date, all
obligations on its part to have been performed, complied with or discharged
under any of the terms and conditions in connection to the Assigned Property
which were to be performed by Assignor prior to the Effective Date.
 
(b)           Assignee hereby indemnifies Assignor, and agrees to defend and
hold Assignor harmless from and against any and all liability, loss, cost,
damage and/or expense, including without limitation reasonable attorneys' fees,
which Assignor may or shall incur in connection with the Assigned Property by
reason of any failure or alleged failure of Assignee, as the successor to
Assignor, to comply with or to fully perform, on and after the Effective Date,
all obligations to be performed or complied with under any of the terms and
conditions in connection to the Assigned Property.
 
4.           Effective Date.  The "Effective Date", as used herein, shall mean
the date first written above.
 
5.           Successors and Assigns.  The terms and conditions of this agreement
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.
 
6.           Miscellaneous.  This Agreement may be executed in any one or more
counterparts, each of which, when so executed, will be deemed an original
document, and all such counterparts together shall constitute the same
instrument.  This instrument shall be governed by the laws of the State of Ohio.
 
(signatures follow immediately)
 
 
 
 
 
-7-

--------------------------------------------------------------------------------

 
 
IN WITNESS WHEREOF, the parties hereto have executed this instrument, and caused
this instrument to be delivered so as to take effect on the day and year first
set forth written.
 
 
ASSIGNOR:
 
PTC COLUMBUS, LLC,
a Delaware limited liability company

By:                                                                       
Name:                                                          
Title:                                                            

 
ASSIGNEE:
 
[__________________________],
a [________________________]
 
 
By:                                                                       
Name:                                                          
Title:                                                            

 
 
-8-

--------------------------------------------------------------------------------

 

STATE OF                                           )
                                                               )  SS:
COUNTY OF                                        )
 
BEFORE ME, a Notary Public in and for said County and State, personally appeared
___________________, the ________________ of _________________________________,
a ________________ corporation, who acknowledged that he did sign the foregoing
instrument for and on behalf of said corporation and that the same was his free
and authorized act and deed as such officer, and the free act and authorized act
and deed of said corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 

______________________________________________________________
Notary Public
My commission expires: ___________________________________________
 
 
-9-

--------------------------------------------------------------------------------

 

 STATE OF ____________________)
                                                                    )  SS:
COUNTY OF ___________________)
 
BEFORE ME, a Notary Public in and for said County and State, personally
appeared ___________________, the ________________ of
__________________________, who acknowledged that he did sign the foregoing
instrument for and on behalf of said corporation and that the same was his free
and authorized act and deed as such officer, and the free act and authorized act
and deed of said corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 
 
(SEAL)
______________________________________________________________
Notary Public
My commission expires: ___________________________________________
 

[Add Exhibit A]
 
 
-1-

--------------------------------------------------------------------------------

 

EXHIBIT H

Form of REA Assignment

(see attached)
 
 
-2-

--------------------------------------------------------------------------------

 

ASSIGNMENT OF AGREEMENTS

THIS ASSIGNMENT OF AGREEMENTS is made as of this ____ day of ______________,
2011 (the "Effective Date"), by and among PTC COLUMBUS, LLC, a Delaware limited
liability company, having an address at [___________________________________]
("Assignor"), and [_____________________], a [_______________________________],
having an address at [________________________________________] ("Assignee").

W I T N E S S E T H:
 
A.           Assignor, as seller, and Assignee, as buyer, entered into that
certain Purchase and Sale Agreement (the "Purchase Agreement") relating to the
sale of the Shopping Center known as Polaris Towne Center and located in the
City of Columbus, County of Franklin, State of Ohio, situated on land more
particularly described on Exhibit A attached hereto and made a part hereof (the
"Property").
 
B.           Assignor, or its predecessor in interest, entered into certain
reciprocal easement agreements, operating agreements and other similar
agreements affecting the use and operation of the Property, which agreements are
described on Exhibit B attached hereto and made a part hereof (collectively, the
"REA Agreements").
 
C.           Pursuant to the terms of the Purchase Agreement, Assignor desires
to assign its right, title and interest in the REA Agreements to Assignee, and
Assignee desires to assume Assignor's right, title and interest in the REA
Agreements, in connection with the aforementioned sale.
 
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which
is acknowledged by each of the parties hereto, Assignor and Assignee do hereby
agree as follows:
 
1.           Assignment.  Assignor hereby gives, grants, bargains, sells,
conveys, transfers and sets over to Assignee, its successors and assigns, as of
the Effective Date, all of Assignor's right, title and interest in and to the
REA Agreements without recourse to or warranty from Assignor except as expressly
provided in the Purchase Agreement.
 
2.           Assumption.  Assignee hereby accepts the foregoing assignment, and
in consideration thereof, Assignee hereby covenants and agrees that, on and
after the Effective Date, Assignee will assume, observe, perform, fulfill and be
bound by all terms, covenants, conditions and obligations of the REA Agreements
which arise on and after the Effective Date and are to be observed, performed
and fulfilled by Assignor on and after the Effective Date, in the same manner
and to the same extent as if Assignee were originally named therein.
 
3.           Indemnification.
 
(a)           Assignor hereby indemnifies Assignee, and agrees to defend and
hold Assignee harmless from and against any and all liability, loss, cost,
damage and/or expense, including without limitation reasonable attorneys' fees,
which Assignee may or shall incur in connection with the REA Agreements by
reason of any failure or alleged failure of Assignor to have complied with or to
have performed, before the Effective Date, the obligations on its part which
were to be performed by Assignor prior to the Effective Date.
 
 
-3-

--------------------------------------------------------------------------------

 
 
(b)           Assignee hereby indemnifies Assignor, and agrees to defend and
hold Assignor harmless from and against any and all liability, loss, cost,
damage and/or expense, including without limitation reasonable attorneys' fees,
which Assignor may or shall incur in connection with the REA Agreements by
reason of any failure or alleged failure of Assignee to comply with or to
perform, on and after the Effective Date, all of the obligations on its part
which are to be performed on and after the Effective Date.
 
4.           Successors and Assigns.  The terms and conditions of this agreement
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.
 
5.           Miscellaneous.  This Agreement may be executed in any one or more
counterparts, each of which, when so executed, will be deemed an original
document, and all such counterparts together shall constitute the same
instrument.  This instrument shall be governed by the laws of the State of Ohio.
 
(signatures follow immediately)
 
 
 
 
 
-4-

--------------------------------------------------------------------------------

 
 
IN WITNESS WHEREOF, the parties hereto have executed this instrument, and caused
this instrument to be delivered so as to take effect on the day and year first
set forth written.
 
 
ASSIGNOR:
 
PTC COLUMBUS, LLC,
a Delaware limited liability company

By:                                                                       
Name:                                                          
Title:                                                            

 
ASSIGNEE:
 
[__________________________],
a [________________________]
 
 
By:                                                                       
Name:                                                          
Title:                                                            
 
 
 
-5-

--------------------------------------------------------------------------------

 

STATE OF                                           )
                                                               )  SS:
COUNTY OF                                        )
 
BEFORE ME, a Notary Public in and for said County and State, personally appeared
___________________, the ________________ of _________________________________,
a ________________ corporation, who acknowledged that he did sign the foregoing
instrument for and on behalf of said corporation and that the same was his free
and authorized act and deed as such officer, and the free act and authorized act
and deed of said corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 

______________________________________________________________
Notary Public
My commission expires: ___________________________________________
 
 
 
-6-

--------------------------------------------------------------------------------

 
 
STATE OF ____________________)
                                                                   )  SS:
COUNTY OF __________________)
 
BEFORE ME, a Notary Public in and for said County and State, personally
appeared ___________________, the ________________ of
__________________________, who acknowledged that he did sign the foregoing
instrument for and on behalf of said corporation and that the same was his free
and authorized act and deed as such officer, and the free act and authorized act
and deed of said corporation.
 
IN WITNESS WHEREOF, I have hereunto set my hand and official seal, this _____
day of _______, 2011.
 
 
(SEAL)
______________________________________________________________
Notary Public
My commission expires: ___________________________________________

[Add Exhibits A and B]
 
 
-1-

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EXHIBIT I

Form of Certificate Reaffirming Representations and Warranties

(see attached)
 
 
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CERTIFICATE REAFFIRMING REPRESENTATIONS AND WARRANTIES

THIS CERTIFICATE REAFFIRMING REPRESENTATIONS AND WARRANTIES (this "Certificate")
is delivered by PTC COLUMBUS, LLC, a Delaware limited liability company
(collectively, "Seller") to [________________________], a
[_______________________________] ("Buyer") pursuant to Section 6(a) of that
certain Purchase and Sale Agreement, by and between Seller and Buyer, dated as
of August __, 2011 (the "Purchase Agreement"). All capitalized terms not
otherwise defined herein shall have the meaning ascribed to them under the
Purchase Agreement.

Seller hereby certifies to Buyer that all of Seller's representations and
warranties contained in the Purchase Agreement are and continue to be true,
complete and accurate as of the Closing Date.

[signatures on following page]
 
 
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IN WITNESS WHEREOF, Seller has executed this Certificate Reaffirming
Representations and Warranties this _____ day of _____________, 2011.
 

SELLER:
 
PTC COLUMBUS, LLC,
a Delaware limited liability company

 
 
By:                                                                       
Name:                                                          
Title:                                                            

 
 
-4-

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EXHIBIT J

Form of REA Estoppel

(see attached)
 
 
-5-

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REA Estoppel Certificate

 
TO:
[________________________] (the "Buyer")

 
RE:
Polaris Towne Center – Columbus, Ohio (the "Property")

 
Ladies and Gentlemen:
 
Subject to the limitations set forth below, the following statements are made
with the knowledge that Buyer is relying on them, and that their respective
lenders, successors and assigns, and successor owners of the Property
(collectively, "Beneficiaries") may rely on them.
 
The undersigned hereby certifies to Buyer and its Beneficiaries as follows as of
the date hereof:
 
1.           The undersigned is a party to the documents identified on Exhibit A
attached hereto (collectively, the "REA").  There have been no amendments,
modifications or revisions to the REA to which the undersigned is a party,
written or oral, except as set forth on Exhibit A.  Exhibit A is a true, correct
and complete description of the REA.
 
2.           The REA is presently in full force and effect.
 
3.           To the undersigned's actual knowledge, no party is in default of
the REA.  To the actual knowledge of the undersigned, no event has occurred that
with the giving of notice or the passage of time, or both, would constitute a
default by any party under the REA.
 
4.           To the undersigned's actual knowledge, there are no sums (other
than those arising out of the normal course of operation of the Property within
the previous 90 days) which the undersigned is entitled to receive or demand
from PTC Columbus, LLC.
 
5.           The person executing and delivering this REA Estoppel Certificate
on behalf of the undersigned is duly authorized to do so.
 
6.           The current address to which notices to the undersigned are
required to be mailed under the REA is:
 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
 
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EXECUTED as of the____ day of _____________, 2011.
 

   
By:__________________________
Name:
Title:
 

 

 
[Attach Exhibit A]
 
 
-7-

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EXHIBIT K

Form of Tenant Estoppel

(see attached)
 
 
-8-

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TENANT ESTOPPEL CERTIFICATE
 

Date: ______________, 2011
 
 
 
To:
[___________________________________], or its affiliate or assigns ("Buyer")

 
PTC COLUMBUS, LLC, a Delaware limited liability company (the "Seller").
 
 
RE:           Lease dated__________
between:______________________________________(“Landlord”) or Landlord’s
predecessor in interest and ____________________________________________
(“Tenant”) or Tenant’s predecessor in interest (collectively, with any
amendments or modifications thereto as set forth in Exhibit A, the “Lease”) for
space known as Suite ___ at
____________________________________________ (“Leased Premises”)
 
 
Ladies and Gentlemen:
 
The undersigned, Tenant under the Lease, hereby confirms and certifies to Buyer
and Landlord as of the date hereof, that all information contained in this
certificate is true and correct.  The following statements are made with the
knowledge that Buyer is relying on them and that its lenders, successors and
assigns, and successor owners of the Property (collectively, "Beneficiaries")
may rely on them:
 
 
1.
Leased Premises consists of  approximately_________ rentable square feet.

 
 
2.
Lease Commencement Date: ____________ Lease Expiration Date: ________________

 
 
3.
Renewal Options: __ options of__________ years each.

 
 
4.
Current Monthly Base Rent (excluding overage rent, and expense reimbursements):
$______________________

 
 
5.
Security Deposit: $______________

 
 
6.
Rental Payments Commenced: __________________________________________________

 
 
7.
Monthly Base Rent has been Paid through:_________________________________.

 
 
-9-

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8.
The Lease is in full force and effect, is enforceable in accordance with its
terms, and contains all of the understandings and agreements between Landlord
and Tenant with respect to the Leased Premises.

 
 
9.
To the best of Tenant’s actual knowledge, all duties of Landlord under the Lease
have been fulfilled and all other obligations required to be performed or
observed by Landlord have been duly and fully performed or observed by Landlord,
including, without limitation, the satisfaction of Landlord’s obligation to
provide a tenant improvement allowance to Tenant, if  any.

 
 
10.
Tenant has accepted possession and is in full and complete occupancy of the
Leased Premises without any existing conditions or qualifications and without
any other party having occupancy of, or the right to occupy, any portion of the
Leased Premises.  The buildings, improvements, space, and any common areas (if
applicable) to be furnished or provided by the terms of the Lease have been
completed in all respects to the satisfaction of the Tenant, and the existing
parking satisfies any applicable Lease requirements.

 
 
11.
Tenant has neither assigned, transferred, nor encumbered the Lease, or any
interest therein, nor sublet the Leased Premises, or any portion thereof.

 
 
12.
There is no guarantor of the Lease except as follows (if left blank, will be
deemed “none”):
_______________________________________________________________________.  If the
Lease is guaranteed, the Guaranty is unmodified and in full force and effect.

 
 
13.
The estimated monthly additional rent currently payable pursuant to the Lease on
account of real estate taxes, insurance, common area maintenance expenses and
other operating expenses in the total amount of $_________________ , based upon
the following:

 

 
CAM:
$

 

 
Real Estate Taxes:
$

 

 
Insurance:
$

 

 
Other:
$

 
Such additional rent has been paid through and including ___________________.
 
 
14.
Tenant is currently obligated to pay percentage rent, if any, as set forth below
(if left blank will deemed to be “none”):

 
_____________________________________________________________________________________________________.
 
 
15.
No rent has been prepaid for more than one (1) month and Tenant shall not prepay
any such rent or other sum more than one (1) month in advance.

 
 
-10-

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16.
Tenant has not been given any free rent, partial rent, rebates, rental
abatements, or rent concessions of any kind, except as follows (if left blank,
will be deemed “none”): ________________________.
 

 
 
17.
Tenant has received no notice and has no knowledge of a prior sale, transfer,
assignment, hypothecation, or pledge of the Leased Premises, or any part
thereof, or of the Lease, or the rents or any other interest thereunder (except
in connection with any financing obtained by Landlord and secured by the Leased
Premises).  Tenant has received no notice from any mortgagee of the Leased
Premises directing Tenant to pay rent or other amounts due under the Lease to
such mortgagee.

 
 
18.
Tenant has deposited the Security Deposit stated above with Landlord, and none
of the Security Deposit has been applied by Landlord to the payment of rents or
any other amounts due under the Lease.

 
 
19.
Landlord has not waived the performance or observance by Tenant of any of the
terms, covenants, or conditions to be performed or observed by Tenant under the
Lease, including, specifically, any use or radius restriction provisions, if
any, as set forth in the Lease.  Tenant has not violated any such use
restriction provision.

 
 
20.
Landlord is not in default under the Lease nor, to the best of Tenant’s
knowledge, has Landlord failed to duly and fully perform or observe any term,
covenant, or condition by it to be performed or observed under the Lease which
would, but for the existence of any applicable notice and/or grace period,
constitute a default under the Lease, including, specifically, the exclusive use
provision, if any, as set forth in the Lease.

 
 
21.
Tenant has no defenses, set-offs, or counterclaims to the payment of rent and
all other amounts due from Tenant to Landlord under the Lease, and Tenant has no
claims or defenses to enforcement of the Lease.

 
 
22.
Tenant has no options or rights of expansion, purchase, or first refusal
concerning the Lease or the Leased Premises, except as follows (if left blank,
will be deemed “none”):

 
_____________________________________________________________________________________________________.
 
 
23.
Tenant has no knowledge of past or present use or occupancy of the premises
involving the handling, manufacturing, treatment, use, transportation, spillage,
leakage, dumping, discharge or disposal of hazardous substances, materials or
any wastes regulated under local, state or federal law.   

 
 
24.
Tenant has not filed and is not the subject of any filing for bankruptcy or
reorganization under federal bankruptcy laws.

 
 
25.
Tenant is not identified on the list of specially designated nationals and
blocked persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign Assets Control and any other similar list
maintained by the Office of Foreign Assets Control pursuant to any authorizing
United States law, regulation or Executive Order of the President of the United
States (“OFAC List”) nor is Tenant subject to trade embargo or economic
sanctions pursuant to any authorizing United States law, regulation or Executive
Order of the President of the United States.

 
 
-11-

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26.
The address for notices to Tenant under the Lease as follows:

 
_____________________________________________________________________________________________________.
 
The person signing this letter on behalf of Tenant is a duly authorized agent of
the Tenant.

Tenant:
_______________________________

By: _______________________________
Name: _______________________________
Title: ________________________________
 
Date: ____________________

[Add Exhibit A]

 
-12-

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EXHIBIT L

Form of Seller Lease Certificate

(see attached)
 
 
-13-

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SELLER'S LEASE CERTIFICATE
 

Date: ______________, 2011
 
 
 
To:
[______________________________] or its affiliate or assigns ("Buyer")

 
 
RE:           Lease dated__________
between:______________________________________("Seller" or "Landlord") or
Landlord’s predecessor in interest and
____________________________________________ (“Tenant”) or Tenant’s predecessor
in interest (collectively, with any amendments or modifications thereto as set
forth in Exhibit A, the “Lease”) for space known as Suite
___ at                                                                                                        
(“Leased Premises”)
 
 
Ladies and Gentlemen:
 
In accordance that certain Purchase and Sale Agreement, by and between Seller
and Buyer (the "Purchase Agreement"), Seller hereby confirms and certifies to
Buyer and its lenders, successors and assigns as follows:
 
 
1.
Leased Premises consists of  approximately_________ rentable square feet.

 
 
2.
Lease Commencement Date: ____________ Lease Expiration Date: ________________

 
 
3.
Renewal Options: __ options of__________ years each.

 
 
4.
Current Monthly Base Rent (excluding overage rent, and expense reimbursements):
$______________________

 
 
5.
Security Deposit: $______________

 
 
6.
Rental Payments Commenced: __________________________________________________

 
 
7.
Monthly Base Rent has been Paid Through:___________________________________.

 
 
8.
The Lease is in full force and effect, is enforceable in accordance with its
terms, and contains all of the understandings and agreements between Landlord
and Tenant with respect to the Leased Premises.

 
 
-14-

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9.
To the best of Landlord’s actual knowledge, all duties of Landlord under the
Lease have been fulfilled and all other obligations required to be performed or
observed by Landlord have been duly and fully performed or observed by Landlord,
including, without limitation, the satisfaction of Landlord’s obligation to
provide a tenant improvement allowance to Tenant, if  any.

 
 
10.
Tenant has accepted possession and is in full and complete occupancy of the
Leased Premises without any existing conditions or qualifications and without
any other party having occupancy of, or the right to occupy, any portion of the
Leased Premises.  The buildings, improvements, space, and any common areas (if
applicable) to be furnished or provided by the terms of the Lease have been
completed in all respects to the satisfaction of the Tenant, and the existing
parking satisfies any applicable Lease requirements.

 
 
11.
To the best of Landlord's knowledge, Tenant has neither assigned, transferred,
nor encumbered the Lease, or any interest therein, nor sublet the Leased
Premises, or any portion thereof.

 
 
12.
There is no guarantor of the Lease except as follows (if left blank, will be
deemed “none”):
_______________________________________________________________________.  If the
Lease is guaranteed, the Guaranty is unmodified and in full force and effect.

 
 
13.
The estimated monthly additional rent currently payable pursuant to the Lease on
account of real estate taxes, insurance, common area maintenance expenses and
other operating expenses in the total amount of $_________________ , based upon
the following:

 
 
14.
CAM:
$

 
 
15.
Real Estate Taxes:
$

 
 
16.
Insurance:
$

 
 
17.
Other:
$

 
 
18.
Such additional rent has been paid through and including ___________________.

 
 
19.
Tenant is currently obligated to pay percentage rent, if any, as set forth below
(if left blank will deemed to be “none”):

 
_____________________________________________________________________________________________________.
 
 
20.
No rent has been prepaid for more than one (1) month.

 
 
21.
Tenant has not been given any free rent, partial rent, rebates, rental
abatements, or rent concessions of any kind, except as follows (if left blank,
will be deemed “none”):
 

 
_____________________________________________________________________________________________________.
 
 
-15-

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22.
Tenant has deposited the Security Deposit stated above with Landlord, and none
of the Security Deposit has been applied by Landlord to the payment of rents or
any other amounts due under the Lease.

 
 
23.
Landlord has not waived the performance or observance by Tenant of any of the
terms, covenants, or conditions to be performed or observed by Tenant under the
Lease, including, specifically, any use or radius restriction provisions, if
any, as set forth in the Lease.  To the best of Landlord's actual knowledge,
Tenant has not violated any such use restriction provision.

 
 
24.
Landlord is not in default under the Lease nor, to the best of Landlord’s
knowledge, has Landlord failed to duly and fully perform or observe any term,
covenant, or condition by it to be performed or observed under the Lease which
would, but for the existence of any applicable notice and/or grace period,
constitute a default under the Lease, including, specifically, the exclusive use
provision, if any, as set forth in the Lease.

 
 
25.
To the best of Landlord's knowledge, Tenant has no defenses, set-offs, or
counterclaims to the payment of rent and all other amounts due from Tenant to
Landlord under the Lease, and Tenant has no claims or defenses to enforcement of
the Lease.

 
 
26.
Tenant has no options or rights of expansion, purchase, or first refusal
concerning the Lease or the Leased Premises, except as follows (if left blank,
will be deemed “none”):

 
_____________________________________________________________________________________________________.
 
 
27.
To the best of Landlord's knowledge, no past or present use or occupancy of the
Leased Premises involving the handling, manufacturing, treatment, use,
transportation, spillage, leakage, dumping, discharge or disposal of hazardous
substances, materials or any wastes regulated under local, state or federal law.

 
 
28.
To the best of Landlord's knowledge, Tenant has not filed and is not the subject
of any filing for bankruptcy or reorganization under federal bankruptcy laws.

 
 
-16-

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The person signing this letter on behalf of Seller is a duly authorized agent of
the Seller.

SELLER:

PTC COLUMBUS, LLC,
a Delaware limited liability company
 
 
By: _______________________________
Name: _______________________________
Title: ________________________________
 
Date: ______________________

[Add Exhibit A]
 
 
 
 
 
-17-