----

| 1. | DEFINITIONS; PRINCIPLES OF CONSTRUCTION |
|----|-----------------------------------------|

| 2. | GENERAL LOAN TERMS |
|----|--------------------|

|  | 2.2.1 | Generally |
|--|-------|-----------|

|  | 2.2.2 | Default Rate |
|--|-------|--------------|

|  | 2.2.3 | Taxes |
|--|-------|-------|

|  | 2.2.4 | New Payment Date |
|--|-------|------------------|

|  | 2.3.1 | Repayment |
|--|-------|-----------|

|  | 2.3.2 | Mandatory Prepayments |
|--|-------|-----------------------|

|  | 2.3.3 | Optional Prepayments |
|--|-------|----------------------|

|  | 2.5.1 | Making of Payments |
|--|-------|--------------------|

|  | 2.5.2 | Computations |
|--|-------|--------------|

|  | 2.5.3 | Late Payment Charge |
|--|-------|---------------------|

|  | 2.7.1 | Origination Fees |
|--|-------|------------------|

|  | 2.7.2 | Exit Fee |
|--|-------|----------|

|  | 2.7.3 | Make Whole Premium |
|--|-------|--------------------|

| 3. | CASH MANAGEMENT AND RESERVES |
|----|------------------------------|

| 4. | REPRESENTATIONS AND WARRANTIES |
|----|--------------------------------|

| 5. | COVENANTS |
|----|-----------|

|  | 5.4.1 | Repairs; Maintenance and Compliance |
|--|-------|-------------------------------------|

|  | 5.4.2 | Alterations |
|--|-------|-------------|

|  | 5.8.1 | Hazardous Substances |
|--|-------|----------------------|

|  | 5.8.2 | Environmental Monitoring |
|--|-------|--------------------------|

|  | 5.10.1 | Additional Covenants with respect to Leases |
|--|--------|---------------------------------------------|

|  | 5.12.1 | Management Agreement |
|--|--------|----------------------|

|  | 5.12.2 | Termination of Manager |
|--|--------|------------------------|

|  | 5.30.2 | [Intentionally Omitted] |
|--|--------|-------------------------|

| 6. | NOTICES AND REPORTING |
|----|-----------------------|

|  | 6.3.1 | Bookkeeping |
|--|-------|-------------|

|  | 6.3.2 | Annual Reports |
|--|-------|----------------|

|  | 6.3.3 | Monthly/Quarterly Reports |
|--|-------|---------------------------|

|  | 6.3.4 | Other Reports |
|--|-------|---------------|

|  | 6.3.5 | Annual Budget |
|--|-------|---------------|

|  | 6.3.6 | Development Consultant. |
|--|-------|-------------------------|

| 7. | INSURANCE; CASUALTY; AND CONDEMNATION |
|----|---------------------------------------|

|  | 7.1.1 | Coverage |
|--|-------|----------|

|  | 7.1.2 | Policies |
|--|-------|----------|

|  | 7.1.3 | Miscellaneous Insurance Provisions |
|--|-------|------------------------------------|

|  | 7.2.1 | Notice; Restoration |
|--|-------|---------------------|

|  | 7.2.2 | Settlement of Proceeds |
|--|-------|------------------------|

|  | 7.3.1 | Notice; Restoration |
|--|-------|---------------------|

|  | 7.3.2 | Collection of Award |
|--|-------|---------------------|

|  | 7.4.1 | Application to Restoration |
|--|-------|----------------------------|

|  | 7.4.2 | Application to Debt |
|--|-------|---------------------|

|  | 7.4.3 | Procedure for Application to Restoration |
|--|-------|------------------------------------------|

| 8. | DEFAULTS |
|----|----------|

|  | 8.2.1 | Acceleration |
|--|-------|--------------|

|  | 8.2.2 | Remedies Cumulative |
|--|-------|---------------------|

|  | 8.2.3 | Severance |
|--|-------|-----------|

|  | 8.2.4 | Delay |
|--|-------|-------|

|  | 8.2.5 | Lender's Right to Perform |
|--|-------|---------------------------|

| 9. | SPECIAL PROVISIONS |
|----|--------------------|

|  | 9.1.1 | General; Borrower Cooperation |
|--|-------|-------------------------------|

|  | 9.1.4 | Borrower Obligation Regarding Disclosure Documents |
|--|-------|----------------------------------------------------|

|  | 9.1.6 | Severance of Loan |
|--|-------|-------------------|

| 10. | MISCELLANEOUS |
|-----|---------------|

----

| 1. | DEFINITIONS; PRINCIPLES OF CONSTRUCTION |
|----|-----------------------------------------|

| (i) | obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of:  the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificate of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Federal Housing Administration debentures; |
|------|--------------------------------------------|

| (iii) | obligations of the following United States government sponsored agencies:  Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Student Loan Marketing Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | federal funds, unsecured certificates of deposit, time deposits, bankers' acceptances and repurchase agreements with maturities of not more than three hundred sixty-five (365) days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by two (2) of the Rating Agencies (or, if not rated by all Rating Agencies, rated by at least one (1) Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | fully Federal Deposit Insurance Corporation‑insured demand and time deposits in, or certificates of deposit of, or bankers' acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one (1) Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi) | debt obligations with maturities of not more than three hundred sixty-five (365) days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one (1) Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investments would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Securities) in its highest long‑term unsecured debt rating category; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii) | commercial paper (including both non‑interest‑bearing discount obligations and interest‑bearing obligations payable on demand or on a specified date not more than one (1) year after the date of issuance thereof) with maturities of not more than three hundred sixty-five (365) days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one (1) Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Securities) in its highest short‑term unsecured debt rating; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index and (C) such investments must not be subject to liquidation prior to their maturity; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii) | units of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one (1) Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Securities) for money market funds; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix) | any other security, obligation or investment which has been approved as a Permitted Investment in writing by (a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.1 | Generally |
|-------|-----------|

| 2.2.2 | Default Rate |
|-------|--------------|

| 2.2.3 | Taxes |
|-------|-------|

| 2.2.4 | New Payment Date |
|-------|------------------|

| 2.3.1 | Repayment |
|-------|-----------|

| 2.3.2 | Mandatory Prepayments |
|-------|-----------------------|

| 2.3.3 | Optional Prepayments |
|-------|----------------------|

| 2.5.1 | Making of Payments |
|-------|--------------------|

| 2.5.2 | Computations |
|-------|--------------|

| 2.5.3 | Late Payment Charge |
|-------|---------------------|

| 2.7.1 | Origination Fees |
|-------|------------------|

| 2.7.2 | Exit Fee |
|-------|----------|

| 2.7.3 | Make Whole Premium |
|-------|--------------------|

| (a) | no Event of Default exists at the time such request is made and on the originally scheduled Stated Maturity Date (in the case of a request to extend for the First Extension Term) or the First Extended Maturity Date (in the case of a request to extend for the Second Extension Term); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Borrower delivers to Lender an Officer's Certificate confirming the accuracy of the information contained in clause (a) above and clause (h) below, at the time such request is made and on the originally scheduled Stated Maturity Date (in the case of a request to extend for the First Extension Term) or the First Extended Maturity Date (in the case of a request to extend for the Second Extension Term); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Borrower shall pay to Lender on or before the then current Stated Maturity Date, an extension fee in an amount equal to 0.50% of the then Principal; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | on the then current Stated Maturity Date, Borrower shall pay to Lender, after taking into account all amounts then on deposit in the Interest Reserve, (i) an amount equal to all interest which will accrue at the Interest Rate on the then Principal amount during the First Extension Term or the Second Extension Term, as the case may be, which Lender shall deposit in the Interest Reserve and disburse therefrom in accordance with Section 3.1 of this Agreement; and (ii) the amount of all accrued and unpaid interest on the Loan as of the originally scheduled Stated Maturity Date; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | on the then current Stated Maturity Date, Borrower shall pay to Lender an amount equal to all Taxes that Lender estimates will become due and payable during the First Extension Term or the Second Extension Term, as the case may be, which Lender shall deposit in the Tax Reserve and disburse therefrom in accordance with Section 3.2 of this Agreement; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | on the then current Stated Maturity Date, Borrower shall pay to Lender an amount equal to all Insurance Premiums that Lender estimates will become due and payable during the First Extension Term or the Second Extension Term, as the case may be, which Lender shall deposit in the Insurance Reserve and disburse therefrom in accordance with Section 3.3 of this Agreement; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | any and all representations and warranties provided for in any and all of the Loan Documents are true and accurate in all material respects at the time of the delivery of the notice of extension and on the first day of the Extension Term (except for those representations and warranties which no longer can be true due to the passage of time); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Borrower pays in cash all reasonable costs and expenses, including legal fees, incurred by Lender or otherwise involved in extending the Term; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | at Lender's option, the extension of the Term shall be evidenced by an extension or renewal of or amendment to the Note and/or this Agreement or by the execution of a new note or such other documents as Lender may reasonably request in furtherance of such purpose; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | no event has occurred which would prevent Borrower from obtaining any necessary landmark or construction entitlements, the absence of which would have a material adverse effect on Borrower's construction of a building substantially similar to the project described in the Business Plan within the time frame described in the Business Plan. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | All Rents and other amounts deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on each Payment Date to the Reserves as follows in the following order of priority: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | First, in the event the amounts then on deposit in the Tax Reserve are insufficient to pay the Taxes next coming due in accordance with Section 3.2 of this Agreement, then in amount equal to such deficiency shall be paid to the Tax Reserve; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Second, in the event the amounts then on deposit in the Insurance Reserve are insufficient to pay the Insurance Premiums next coming due in accordance with Section 3.3 of this Agreement, then in amount equal to such deficiency shall be paid to the Insurance Reserve; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Third, to pay the monthly portion of the fees charged by the Cash Management Bank in accordance with the Cash Management Agreement; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | Fourth, a payment to Lender equal to the interest due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.7(a), then due to Lender under the Loan Documents), but only to the extent such payment is not paid from the Interest Reserve either because (i) the amounts then on deposit in the Interest Reserve are insufficient to pay the same, or (ii) Borrower is not then entitled to a disbursement from the Interest Reserve pursuant to the terms hereof for the purpose of making such payment; and |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | Lastly, the balance to the Interest Reserve. |
|-----|----------------------------------------------|

| (b) | The failure of Borrower to make all of the payments required under clauses (i) through (iv) of Section 3.7(a) in full on each Payment Date shall constitute an Event of Default under this Agreement; provided, however, if adequate funds are available in the Cash Management Account for such payments and Borrower is then entitled to a disbursement from the Cash Management Account for the purpose of making such payments, the failure to deposit such funds into the appropriate Reserves shall not constitute an Event of Default. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Notwithstanding anything to the contrary contained herein or in any other Loan Document, after the occurrence and during the continuance of an Event of Default, Lender may apply all Rents and other amounts deposited into the Cash Management Account or the Reserves and any other proceeds of repayment in such order and in such manner as Lender shall elect in its sole and absolute discretion. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.9 | Inclusionary Air Rights Reserve |
|-----|---------------------------------|

| 3.10 | .  On the date hereof, Borrower shall deposit into a Reserve (the "Inclusionary Air Rights Reserve") proceeds of the Loan in an amount equal to $6,500,000.00, for the purpose of funding a reserve fund for the purchase of Approved Inclusionary Air Rights in accordance with the following requirements; (1) Borrower shall exercise commercially reasonable efforts to enter into an Approved Inclusionary Air Rights Purchase Agreement(s) within one hundred twenty (120) days after the date hereof; (2) if Borrower fails to enter into an Approved Inclusionary Air Rights Purchase Agreement within one hundred twenty (120) days after the date hereof, Borrower shall deposit an additional $1,800,000.00 into the Inclusionary Air Rights Reserve, and Borrower shall continue to exercise commercially reasonable efforts to enter into an Approved Inclusionary Air Rights Purchase Agreement(s); (3) Lender shall release funds from the Inclusionary Air Rights Reserve to pay the costs of acquiring Approved Inclusionary Air Rights in accordance with an Approved Inclusionary Air Rights Purchase Agreement(s), including the cost of obtaining any letters of credit that Borrower is required to provide thereunder; (4) after payment of such costs of acquiring Approved Inclusionary Air Rights, Lender shall release to Borrower the balance of the funds, if any, remaining in the Inclusionary Air Rights Reserve; (5) if the closing under an Approved Inclusionary Air Rights Purchase Agreement fails to occur for any reason, Borrower shall deposit into the Inclusionary Air Rights Reserve any funds previously released from such Reserve to Borrower by Lender with respect to such Approved Inclusionary Air Rights Purchase Agreement; and (6) Borrower shall deposit into the Inclusionary Air Rights Reserve any funds (e.g., deposits) paid to Borrower by the seller under any Approved Inclusionary Air Rights Purchase Agreement. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.1 | Repairs; Maintenance and Compliance |
|-------|-------------------------------------|

| 5.4.2 | Alterations |
|-------|-------------|

| 5.8.1 | Hazardous Substances |
|-------|----------------------|

| 5.8.2 | Environmental Monitoring |
|-------|--------------------------|

| (a) | Borrower shall give prompt written notice to Lender of (i) any proceeding or inquiry by any party (including any Governmental Authority) with respect to the presence of any Hazardous Substance on, under, from or about the Property, (ii) all claims made or threatened by any third party (including any Governmental Authority) against Borrower or the Property or any party occupying the Property relating to any loss or injury resulting from any Hazardous Substance, and (iii) Borrower's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property to be subject to any investigation or cleanup pursuant to any Environmental Law. Upon becoming aware of the presence of mold or fungus at the Property, Borrower shall (i) undertake an investigation to identify the source(s) of such mold or fungus and shall develop and implement an appropriate remediation plan to eliminate the presence of any Toxic Mold, (ii) perform or cause to be performed all acts reasonably necessary for the remediation of any Toxic Mold (including taking any action necessary to clean and disinfect any portions of the Property affected by Toxic Mold, including providing any necessary moisture control systems at the Property), and (iii) provide evidence reasonably satisfactory to Lender of the foregoing. Borrower shall permit Lender to join and participate in, as a party if it so elects, any legal or administrative proceedings or other actions initiated with respect to the Property in connection with any Environmental Law or Hazardous Substance, and Borrower shall pay all reasonable attorneys' fees and disbursements incurred by Lender in connection therewith. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Without limitation of Section 2 of the Environmental Indemnity Agreement, if any investigation, site monitoring, containment, cleanup, removal, restoration or other work of any kind is reasonably necessary under an applicable Environmental Law ("Remedial Work"), Borrower shall commence all such Remedial Work in accordance with the Environmental Indemnity Agreement and thereafter diligently prosecute to completion all such Remedial Work within such period of time as may be required under applicable law. All Remedial Work shall be performed by licensed contractors approved in advance by Lender and under the supervision of a consulting engineer approved by Lender. All costs of such Remedial Work shall be paid by Borrower, including Lender's reasonable attorneys' fees and disbursements incurred in connection with the monitoring or review of such Remedial Work. If Borrower does not timely commence and diligently prosecute to completion the Remedial Work, Lender may (but shall not be obligated to) cause such Remedial Work to be performed at Borrower's expense. Notwithstanding the foregoing, Borrower shall not be required to commence such Remedial Work within the above specified time period: (x) if prevented from doing so by any Governmental Authority, (y) if commencing such Remedial Work within such time period would result in Borrower or such Remedial Work violating any Environmental Law, or (z) if Borrower, at its expense and after prior written notice to Lender, is contesting by appropriate legal, administrative or other proceedings, conducted in good faith and with due diligence, the need to perform Remedial Work. Borrower shall have the right to contest the need to perform such Remedial Work, provided that, (1) Borrower is permitted by the applicable Environmental Laws to delay performance of the Remedial Work pending such proceedings, (2) neither the Property nor any part thereof or interest therein will be sold, forfeited or lost if Borrower fails to promptly perform the Remedial Work being contested, and if Borrower fails to prevail in contest, Borrower would thereafter have the opportunity to perform such Remedial Work, (3) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Borrower has not furnished additional security as provided in clause (4) below, or to any risk of criminal liability, and neither the Property nor any interest therein would be subject to the imposition of any Lien for which Borrower has not furnished additional security as provided in clause (4) below, as a result of the failure to perform such Remedial Work and (4) Borrower shall have furnished to Lender additional security in respect of the Remedial Work being contested and the loss or damage that may result from Borrower's failure to prevail in such contest in such amount as may be reasonably requested by Lender but in no event less than one hundred twenty-five percent (125%) of the cost of such Remedial Work as estimated by Lender or Lender's Consultant and any loss or damage that may result from Borrower's failure to prevail in such  contest. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Borrower shall not install or permit to be installed on the Property any underground storage tank. |
|-----|----------------------------------------------------------------------------------------------------|

| 5.9 | Title to the Property |
|-----|-----------------------|

| 5.10 | Leases |
|------|--------|

| 5.10.1 | Additional Covenants with respect to Leases |
|--------|---------------------------------------------|

| 5.11 | Estoppel Statement |
|------|--------------------|

| 5.12 | Property Management |
|------|---------------------|

| 5.12.1 | Management Agreement |
|--------|----------------------|

| 5.13 | Special Purpose Bankruptcy Remote Entity |
|------|------------------------------------------|

| 5.14 | Vacate Agreements; Escrow Agreements |
|------|--------------------------------------|

| 5.15 | Change in Business or Operation of Property |
|------|---------------------------------------------|

| 5.16 | Debt Cancellation |
|------|-------------------|

| 5.17 | Affiliate Transactions |
|------|------------------------|

| 5.18 | Zoning |
|------|--------|

| 5.19 | No Joint Assessment |
|------|---------------------|

| 5.20 | Principal Place of Business |
|------|-----------------------------|

| 5.21 | Change of Name, Identity or Form |
|------|----------------------------------|

| 5.22 | Indebtedness |
|------|--------------|

| 5.23 | Licenses |
|------|----------|

| 5.24 | Compliance with Restrictive Covenants, Etc |
|------|--------------------------------------------|

| 5.25 | ERISA |
|------|-------|

| 5.30.1 | General Indemnity |
|--------|-------------------|

| 5.30.2 | [Intentionally Omitted] |
|--------|-------------------------|

| (a) | Borrower will use its good faith and commercially reasonable efforts to comply with the Patriot Act (as defined below) and all applicable requirements of governmental authorities having jurisdiction over Borrower and the Property, including those relating to money laundering and terrorism. Lender shall have the right to audit Borrower's compliance with the Patriot Act and all applicable requirements of governmental authorities having jurisdiction over Borrower and the Property, including those relating to money laundering and terrorism.  In the event that Borrower fails to comply with the Patriot Act or any such requirements of governmental authorities, then Lender may, at its option, cause Borrower to comply therewith and any and all reasonable costs and expenses incurred by Lender in connection therewith shall be secured by the Mortgage and the other Loan Documents and shall be immediately due and payable. For purposes hereof, the term "Patriot Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Neither Borrower nor any partner in Borrower or member of such partner nor any owner of a direct or indirect interest in Borrower (a) is listed on any Government Lists (as defined below), (b) is a person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive Orders in respect thereof, (c) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense (as defined below), or (d) is currently under investigation by any governmental authority for alleged criminal activity. For purposes hereof, the term "Patriot Act Offense" means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (a) the criminal laws against terrorism; (b) the criminal laws against money laundering, (c) the Bank Secrecy Act, as amended, (d) the Money Laundering Control Act of 1986, as amended, or the (e) Patriot Act. "Patriot Act Offense" also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense.  For purposes hereof, the term "Government Lists" means (i) the Specially Designated Nationals and Blocked Persons Lists maintained by Office of Foreign Assets Control ("OFAC"), (ii) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC that Lender notified Borrower in writing is now included in "Government Lists", or (iii) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other government authority or pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in writing is now included in "Government Lists". |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | Borrower shall not, without the prior consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed, surrender the leasehold estate created by the Ground Lease or terminate or cancel the Ground Lease or modify, change, supplement, alter or amend the Ground Lease, either orally or in writing; provided, however, without limiting the terms and provisions of this Agreement and the other Loan Documents, Borrower shall be permitted to waive compliance with the covenants set forth in the Ground Lease, including, without limitation, the covenant of Fee Lessee Borrower to pay Fee Lessor Borrower rent and other charges payable under the Ground Lease. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Notwithstanding anything contained herein or in the Ground Lease to the contrary, (i) Fee Lessee Borrower shall not, without prior written consent of Lender, which Lender may grant or withhold in its sole and absolute discretion, sublet, assign or transfer any portion of the leasehold estate created by the Ground Lease; and (ii) no Borrower shall, without prior written consent of Lender, which Lender may grant or withhold in its sole and absolute discretion, exercise any rights or remedies under the Ground Lease during the term of the Loan, including, without limitation, rights of first refusal, rights of first offer and purchase options. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.40 | Zoning Lot Development Agreement |
|------|----------------------------------|

| 6.3.1 | Bookkeeping |
|-------|-------------|

| 6.3.2 | Annual Reports |
|-------|----------------|

| 6.3.3 | Monthly/Quarterly Reports |
|-------|---------------------------|

| 6.3.4 | Other Reports |
|-------|---------------|

| 6.3.5 | Annual Budget |
|-------|---------------|

| 6.3.6 | Development Consultant. |
|-------|-------------------------|

| (a) | Borrower acknowledges that Lender may retain from time to time a Development Consultant at the sole expense of Borrower, to act as a consultant and only as a consultant to Lender in connection with the predevelopment, development and construction of the Project. Without limitation of the foregoing, the Development Consultant shall advise Lender in connection with all approvals requested of Lender under this Agreement, any general contract, any architect agreement and any engineer agreement. In addition the Development Consultant shall have the right to inspect, examine and test the predevelopment, development and construction of the Project at Borrower's expense. In connection with any such examination, inspection or test (x) the Development Consultant shall have the right to question any general contractor, the Property Manager, any architect, any engineer and their respective employees concerning such predevelopment, development and construction, and (y) Borrower, any general contractor, Manager, any architect and any engineer shall make available to the Development Consultant such facilities and office or other working space as may be reasonably requested. The Development Consultant shall have the right to attend any meetings of Borrower's, any general contractor's, any architect's, Manager's and/or any engineer's team. Borrower, any general contractor, any architect and any engineer will meet with the Development Consultant at such times as the Development Consultant may reasonably request and will promptly provide the Development Consultant with such information as the Development Consultant may reasonably request. If a Development Consultant is retained, such Development Consultant shall be furnished with copies of all information, reports, documents, notices and other materials required to be provided to Lender pursuant to this Agreement, at the same time furnished to Lender, or required to be provided to Borrower under any general contract, any architect agreement or any engineer agreement. Borrower shall reimburse Lender for the fees of, and reimbursements to, the Development Consultant within five (5) days following Lender's request therefor, provided that Borrower shall not be obligated to reimburse Lender for any fees (as opposed to reimbursements for out-of-pocket costs and expense) of the Development Consultant that exceed $20,000 per month. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Borrower acknowledges that (i) the Development Consultant shall in no event have any power or authority to give any approval or consent or to do any other act or thing which is binding upon Lender, (ii) Lender reserves the right to make any and all decisions required to be made by Lender under this Agreement with respect to the predevelopment, development and construction of the Project in accordance with the Business Plan and the Predevelopment Budget and to give or refrain from giving any and all consents or approvals required to be given by Lender under this Agreement with respect to predevelopment, development and construction of the Project in accordance with the Business Plan and the Predevelopment Budget, and to accept or not accept any matter or thing required to be accepted by Lender under this Agreement with respect to the predevelopment, development and construction of the Project in accordance with the Business Plan and the Predevelopment Budget, and without being bound or limited in any manner or under any circumstance whatsoever by any opinion expressed or not expressed, or advice given or not given, or information, certificate or report provided or not provided, by the Development Consultant with respect thereto, (iii) Lender reserves the right in its sole and absolute discretion to disregard or disagree, in whole or in part, with any opinion expressed, advice given or information, certificate or report furnished or provided by the Development Consultant to Lender or any other person or party, and (iv) Lender reserves the right to replace the Development Consultant with another inspecting engineer or other appropriate Person at any time and without prior notice to or approval by Borrower. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | INSURANCE; CASUALTY; AND CONDEMNATION |
|----|---------------------------------------|

| 7.1.1 | Coverage |
|-------|----------|

| (a) | Property insurance insuring against loss or damage customarily included under so called "all risk" or "special form" policies including windstorm (including named windstorm) and, if required by Lender, flood (including seepage and sewer backup) and/or earthquake (including all sorts of earth movement) coverage and terrorism coverage (defined as certified and non-certified in the Terrorism Risk Insurance Act of November 26, 2002 ("TRIA"), unless TRIA is no longer in effect in which case stand alone terrorism insurance must be provided, subject to subsection (n) below and such other insurable hazards as, under good insurance practices, from time to time are insured against for other property and buildings similar to the premises in nature, use, location, height, and type of construction.  Such insurance policy shall also include ordinance and law insurance covering (i) loss to the undamaged portion of the property that is required to be demolished, (ii) the cost to demolish and clear the site of undamaged property, and (iii) the increased cost of construction to rebuild, in accordance with building codes and regulations in excess of the cost to rebuild with same materials and specifications as existed prior to the loss or damage in amounts satisfactory to Lender.  Such insurance policy shall (I) be in an amount equal to 100% of the then current replacement cost of the Improvements without deduction for physical depreciation, (II) have deductibles no greater than $10,000 per occurrence, (III) be paid annually in advance (IV) be on a replacement cost basis and contain either no coinsurance or, if coinsurance, an agreed amount endorsement waiving coinsurance, and shall cover, without limitation, all tenant improvements and betterments that Borrower is required to insure on a replacement cost basis (V) cover soft costs including, but not limited to, real estate taxes, interest on the Loan, fees and other recurring expenses and (VI) include a standard joint loss agreement. Lender shall be named Mortgagee and Loss Payee on a Standard Mortgagee Endorsement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Flood insurance if any part of the Property is located in an area now or hereafter designated by the Federal Emergency Management Agency as a Zone "A" & "V" Special Hazard Flood Area, or such other Special Hazard Flood Area if Lender so requires in its sole discretion.  Such policy shall (i) be in an amount equal to the maximum available through the National Flood Insurance Program plus any additional limits the Lender may require and (ii) have a maximum permissible deductible of $25,000. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Commercial General Liability insurance naming Lender as Additional Insured, including coverage for terrorism, utilizing the Insurance Services Organization form No. CG0001 or its equivalent. Such policy(ies) shall have no deductible or self insured retention and (i) be written on an occurrence form; (ii) maintain limits of liability of (A) $1,000,000 bodily injury and property damage, (B) $2,000,000 general aggregate per location, (C) $2,000,000 products and completed operations and in the aggregate (D) $1,000,000 personal and advertising injury and in the aggregate, (E) liquor law liability if applicable to operations of Borrower in amounts satisfactory to Lender (F) garage liability if applicable to operations of Borrower in amounts satisfactory to Lender, (G) garage keeper's legal liability, including per vehicle limit if applicable to operations of Borrower in amounts satisfactory to Lender, (H) innkeeper's legal liability if applicable to operations of Borrower in amounts satisfactory to Lender, (I) $1,000,000 employers, Stop Gap liability if the property is located in North Dakota, Ohio, Washington, West Virginia or Wyoming (if applicable to operations of Borrower); (iii) include contractual liability covering the indemnity of this Loan, to the extent it applies to the coverage provided in this policy; (iv) not maintain any deductible, without written permission of the Lender; (v) provide XCU coverage with regard to construction projects; (vi) include three (3) years extended completed operations coverage after completion of any construction project; (vii) include Knowledge of Accident endorsement acknowledging that notice of a claim or an incident that may lead to a claim is not considered notice to the insured unless an executive officer has notice of such claim or incident; and (viii) name Lender as an additional insured on a primary basis to any other insurance that may be maintained by the Lender. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Automobile Insurance which shall cover all owned, hired or leased vehicles and include non-owned and hired car coverage in amounts satisfactory to Lender. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Umbrella Liability Insurance naming Lender as Additional Insured, including coverage for terrorism, which shall (i) include all the terms required in Section 7.1.1(c) of this Agreement; (ii) include limits of liability of $50,000,000, or as otherwise specified by the Lender; (iii) be excess of, and at least following form of the primary commercial general liability, employers liability and automobile liability policies and; (iv) follow form of aggregate limits of the commercial general liability. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | "All Risk" or Special Form" business income insurance including rental value and extra expense which shall (i) name Lender as "Lender Loss Payee"; (ii) be in an amount equal to one hundred percent (100%) of the projected business income (including Rents) from the Property during the period of restoration; (iii) contain an unlimited indemnity period during the period that it takes to repair, restore and/or rebuild the damaged property and (iv) contain an extended period of indemnity endorsement which provides that after the physical loss to the Property has been repaired and restored the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of thirty-six (36) months from the date that the Property is repaired and restored and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; such insurance shall contain all of the same provisions of Sections 7.1.1(a), (b) and (g).  The amount of such insurance shall be increased from time to time (but not less than annually) during the Term as and when the estimated or actual Rents (or business income) increase(s). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Boiler and Machinery "all risk" policy, utilizing the standard "comprehensive" policy form, or its equivalent, covering, but not limited to, steam boilers, pipes, turbines engines miscellaneous electrical apparatus, elevators, escalators, machinery, air conditioning equipment and other pressure vessels.  Such policy (or policies) shall (i) include all the terms required in Sections 7.1.1(a) and (g) of this Agreement; (ii) include replacement cost coverage on a new for old basis; (iii) include insurance limits in an amount no less than the greater of (a) $25,000,000, or (b) 25% of the 100% replacement value of the building erected on the Property; (iv) include a property damage deductible not greater than $10,000 for property damage and a twenty four (24) hour waiting period for business income and extra expense. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Worker's Compensation statutory coverage including employer's liability insurance limits or no less than $1,000,000/$1,000,000/$1,000,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | At all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only if the property coverage form does not otherwise apply, (A) owner's contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy; and (B) procure Builders Risk coverage if not covered in the insurance provided for in subsection 7.1.1(a) and (f) above which policies shall (i) be written on a completed value form, covering 100% of the total costs of construction, including but not limited to hard costs, soft costs, property in-transit, property on/off site, as well as coverage for any existing structure consistent with the requirements set forth in Section 7.1.1(a); (ii) include all the terms required in Sections 7.1.1, 7.1.2, 7.1.3 of this Agreement; (iii) include foundations, excavations, underground machinery or equipment, retaining walls, and all paved surfaces; (iv) maintain sub-limits for each of the perils of Flood and Earthquake to be the greater of (a) $10,000,000, (b) 25% of the 100% replacement value of the project, or (c) the amount otherwise specified by Lender; (v) allow for unrestricted permission to occupy as Lender may request, in form and substance acceptable to Lender and (vi) shall contain an agreed amount endorsement waving coinsurance. Builder's Risk insurance will be in form and substance as approved by Lender. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Upon request, Environmental Liability for the sole benefit of the Lender (if applicable).  Such policy shall; (i) respond in the event of a "pollution incident" (as defined in the policy to the reasonable satisfaction of Lender) and a default of the Borrower as defined in the Loan Agreement; (ii) maintain limits of $5,000,000 per occurrence and $10,000,000 annual aggregate or greater limits satisfactory to Lender, covering existing pollution conditions and pollution conditions emanating from, (a) operations of Borrower, (b) Borrowers contractors or sub-contractors, (c) tenants, or (d) tenant contractors or sub-contractors; (iii) include (a) bodily injury, sickness, disease, mental anguish or shock sustained by any person, or death, (b) property damage, including physical injury to, or destruction of tangible property, including the resulting the loss of use thereof, (c) clean up costs, on or off the Property, (d) the loss of use of tangible property that has not been physically damaged or destroyed, and (e) defense, including costs, charges and expenses incurred in the investigation adjustment or defense of claims for damages. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | Employee Dishonesty (Fidelity Bond).  Such policy shall (i) cover all employees of the Borrower; (ii) maintain limits required by the Lender; and (iii) cover all members of the cooperative board if the project is a cooperative entity. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | Professional Liability insurance (Errors & Omissions), shall be maintained for each architect, engineer and other professionals (as required by Lender).  Such policy shall: (i) maintain limits of $10,000,000, or other limits as satisfactory to Lender, per occurrence, and in the aggregate; (ii) be written on a claims made basis, with a retroactive date no later than the commencement of the professional's effective date of service; (iii) be maintained in full force and effect for a period of three (3) years after the completion of the project; (iv) if policy is terminated, an extended discovery period (tail coverage) shall be purchased for a period of no less than three (3) extended years, specific to this project; and (v) maintain a deductible not to exceed $50,000. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | Such other insurance coverages or amounts of existing insurance requirements as may from time to time be reasonably required by Lender in order to protect its interests. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (n) | Notwithstanding anything in subsection (a) above to the contrary, Borrower shall be required to obtain and maintain coverage in its property and business income (including Rents) insurance Policies (or by separate Policies) against loss or damage by terrorism in an amount equal to 100% of the "Full Replacement Cost" of the Property and following the terms and conditions of Sections 7.1(a) and (f); provided that such coverage is commercially available.  In the event that such coverage with respect to terrorist acts is not included as part of the "all risk" property and business income (including rents) policy required by subsection (a) and (f) above, Borrower shall, nevertheless be required to obtain coverage for terrorism (as stand alone coverage) in an amount equal to 100% of the "Full Replacement Cost" of the Property; provided that such coverage is available. Notwithstanding the foregoing, as long as TRIA is commercially available, the Borrower will be required to maintain insurance against terrorism, terrorist acts or similar acts of sabotage.  Coverage shall be purchased in limits equivalent to the full replacement cost of the Building and Rents as required in this Agreement. Borrower shall obtain the coverage required under this subsection (j) from a carrier which otherwise satisfies the rating criteria specified in Section 7.1.2 (a "Qualified Carrier") or in the event that such coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated insurance company providing such coverage. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2 | Policies |
|-------|----------|

| 7.1.3 | Miscellaneous Insurance Provisions |
|-------|------------------------------------|

| (a) | Policy Endorsements: All endorsements of the Policies or attachments to certificates of insurance, shall reflect the terms and conditions of the insurance requirements and administration provisions and shall indicate the effective date, policy number, insurance company, and shall be appropriately executed by authorized representatives of the insurance companies so as to confirm their validity. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Mortgagee, Loss Payable and/or Additional Insured Provisions: As respects the following policies (i) All property (including but not limited to separate property policies such as flood, terrorism), business income, boiler & machinery and builders risk policies shall name the Borrower as the named insured (except with respect to environmental liability) and shall include a New York State standard mortgagee clause, or its equivalent, which is acceptable to Lender, it's successors and/or assigns as their interests may appear, as mortgagee and loss payee, (ii) the environmental liability policy shall name the Lender and it's successors and/or assigns as their interests may appear, as sole named insured and loss payee; (iii) commercial general liability and umbrella liability policies shall name the Borrower as the named insured, and shall include the Lender and it's successors and/or assigns as their interests may appear, as additional insureds: (iv) employee dishonesty policies shall name the Borrower as named insured and shall include Lender as loss payee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Mortgage and/or Additional Insured Clauses: (i) all original or certified copies of the original property, business income, boiler & machinery, builders risk, terrorism, federal flood and employee dishonesty policies shall be provided to the Lender including required Lender and/or additional named insured and/or loss payable clauses, as noted above; (ii) all original or certified copies of the original commercial general liability and umbrella liability policies shall be provided to the Lender including required additional insured endorsements; (iii) original environmental liability policies shall be provided to Lender, written in the name of Lender as named insured; (iv) certificates of Insurance, complying with all terms of this agreement, shall be provided to the Lender with respect to the workers compensation and employee dishonesty policies. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Certificates of Insurance: Where appropriate, and at the sole discretion of the Lender certificates of insurance satisfactory to Lender may be accepted, in lieu of original or certified original policies. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Policy Term and Premium Payment: (i) with the exception of the environmental policy (if required), every policy must be written for a term of not less than one year.  An existing policy with fewer than 12 months remaining on its term on the Closing Date may be, at Lender sole discretion, acceptable on a case by case basis; (ii) the environmental policy must be written for a term equal to the lesser of (A) the term of the loan or (B) ten (10) years, and must be paid in full at inception by Borrower; and (iii) Borrower must provide evidence that all policies have been paid in full prior to the Closing Date. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Blanket Policies: The Borrower may comply with and satisfy the requirements of this insurance section through the use of a blanket or package policy (or policies) of insurance covering the Property and other properties and liabilities of the Borrower, provided that the (i) policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder or shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions contained herein; and (ii) property is listed and identifiable in the policy and it contains the required Lender and additional insured clauses, naming Lender specifically to the applicable Property.  In addition, if not shown on the policy itself, a schedule of all values reported for the specific property shall be provided as part of the blanket property policies. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.1 | Notice; Restoration |
|-------|---------------------|

| 7.2.2 | Settlement of Proceeds |
|-------|------------------------|

| 7.3.1 | Notice; Restoration |
|-------|---------------------|

| 7.3.2 | Collection of Award |
|-------|---------------------|

| 7.4.1 | Application to Restoration |
|-------|----------------------------|

| 7.4.2 | Application to Debt |
|-------|---------------------|

| 7.4.3 | Procedure for Application to Restoration |
|-------|------------------------------------------|

| (a) | any portion of the Debt is not paid when due or any other amount under Section 3.7(a)(i) through (iv) is not paid in full on each Payment Date (provided, however, if adequate funds are then available in the Cash Management Account for the purpose of making such payments and Borrower is then entitled pursuant to the terms and provisions hereof to have such funds in the Cash Management Account allocated to the appropriate Reserve for the purpose of making such payments, the failure to so allocate such funds shall not constitute an Event of Default); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | any of the Taxes are not paid when due (provided, however, if adequate funds are then available in the Tax Reserve for the purpose of paying such Taxes and Borrower is then entitled pursuant to the terms and provisions hereof to have such funds in the Tax Reserve used to pay such Taxes, Lender's failure to pay such Taxes from the funds then available in the Tax Reserve shall not constitute an Event of Default), subject to Borrower's right to contest Taxes in accordance with Section 5.2; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the Policies are not kept in full force and effect (provided, however, if adequate funds are then available in the Insurance Reserve for the purpose of paying the premiums for such Policies and Borrower is then entitled pursuant to the terms and provisions hereof to have such funds in the Insurance Reserve used to pay the premiums for such Policies, Lender's failure to pay the premiums for such Policies from the funds then available in the Insurance Reserve shall not constitute an Event of Default), or are not delivered to Lender upon request; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | a Transfer other than a Permitted Transfer occurs; |
|-----|----------------------------------------------------|

| (e) | any representation or warranty made by Borrower, Key Principal, Sole Member, Sponsor or Guarantor or in any Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished by Borrower, Key Principal, Sole Member, Sponsor or Guarantor in connection with any Loan Document, shall be materially false or materially misleading in any material respect as of the date the representation or warranty was made; provided however, if any such breach of a representation or warranty is reasonably susceptible to cure and was not made by Borrower, Key Principal, Sole Member, Sponsor or Guarantor with actual knowledge that such representation or warranty was materially false or materially misleading, such breach shall not be an Event of Default provided that Borrower, Key Principal, Sole Member, Sponsor or Guarantor (A) commences the cure of such breach within (5) Business Days after the earlier of (i) receipt of written notice from Lender of the occurrence of such breach, and (ii) Borrower, Key Principal, Sole Member, Sponsor or Guarantor first obtaining knowledge of such breach, and (B) diligently prosecutes such cure to completion within a reasonable period of time which shall in no event exceed thirty (30) days from the earlier of (1) receipt of such written notice from Lender and (2) Borrower, Key Principal, Sole Member, Sponsor or Guarantor first obtaining knowledge of such breach; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Borrower, Sole Member or Guarantor shall make an assignment for the benefit of creditors; |
|-----|-------------------------------------------------------------------------------------------|

| (g) | a receiver, liquidator or trustee shall be appointed for Borrower, Sole Member or Guarantor; or Borrower, Sole Member or Guarantor shall be adjudicated a bankrupt or insolvent; or any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, Sole Member or Guarantor, as the case may be; or any proceeding for the dissolution or liquidation of Borrower, Sole Member or Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower, Sole Member or Guarantor, as the case may be, only upon the same not being discharged, stayed or dismissed within 60 days; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Borrower, Sole Member or Guarantor shall generally not be paying their respective debts as they become due; |
|-----|-------------------------------------------------------------------------------------------------------------|

| (i) | Borrower breaches any covenant contained in Sections 5.10, 5.12.2, 5.13, 5.15, 5.22, 5.25, 5.27, 5.28, or 5.36; provided, however, any such breach of the covenants contained in Section 5.13 shall not be an Event of Default if (i) such violation is not material and has not occurred more than one (1) time, and (ii) such breach is corrected within thirty (30) days of its occurrence and notice thereof has been provided to Lender (including with such notice a description of the remedial action taken by Borrower); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | an Event of Default as defined or described elsewhere in this Agreement or in any other Loan Document occurs; |
|-----|---------------------------------------------------------------------------------------------------------------|

| (k) | a default occurs under any term, covenant or provision set forth herein or in any other Loan Document which specifically contains a notice requirement or grace period and such notice has been given and such grace period has expired; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | (1) Guarantor shall fail to pay when due the "Guaranteed Obligations" under and as defined in the Guaranty, or (2) Guarantor shall at any time breach any of the covenants set forth in Section 6 of the Guaranty; provided, however, with respect to any breach of the foregoing clause (2), Guarantor shall have the right, within ten (10) days after Guarantor first receiving any notice of, or first becoming aware of, such breach of the foregoing clause (2), (i) to provide an additional guarantor (A) whose Liquidity and Net Worth (in each case as defined in the Guaranty), when added to the Net Worth and Liquidity of Guarantor, cause the covenants set forth in Section 6 of the Guaranty to be satisfied, (B) that is otherwise acceptable to Lender in all respects in its sole and absolute judgment, (C) that executes and delivers such amendments and/or joinder agreements in form and substance acceptable to, and as required by, Lender in its sole and absolute discretion, pursuant to which such additional guarantor becomes a party to the Guaranty, and (D) that executes such additional documents, and provides such information and opinions concerning the authority, background, creditworthiness, experience and reputation of such additional guarantor, in each case as Lender may require, and which are approved by Lender, in its sole and absolute discretion; or (ii) to deliver to Lender an Acceptable Letter of Credit in an amount, which when added to the Net Worth and Liquidity of Guarantor, would cause the covenants set forth in Section 6 of the Guaranty to be satisfied, which Acceptable Letter of Credit (x) shall be pledged to Lender and serve as collateral for the Debt and (y) may be drawn on (in full or in party) by Lender at any time thereafter that (i) there are Guaranteed Obligations that are due and payable under the Guaranty, (ii) such Acceptable Letter of Credit is not renewed (or replaced with another Acceptable Letter of Credit delivered to Lender in accordance with the terms hereof) at least forty-five (45) days prior to the expiry date thereof or (iii) an Event of Default has occurred and is continuing; provided, however, the Acceptable Letter of Credit supplied by the Guarantor to Lender shall only be drawn upon in the event that the Guaranteed Obligations are triggered and such funds and collateral shall only be used to pay such obligations. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | a default shall be continuing under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not otherwise specified in this Section 8.1, for ten (10) days after notice to Borrower from Lender, in the case of any default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other default; provided, however, that if such non-monetary default is susceptible of cure but cannot reasonably be cured within such 30-day period, and Borrower shall have commenced to cure such default within such 30-day period and thereafter diligently and expeditiously proceeds to cure the same, such 30-day period shall be extended for an additional period of time as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, such additional period not to exceed sixty (60) days; or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (n) | any breach by Borrower of Section 2.10. |
|-----|-----------------------------------------|

| 8.2.1 | Acceleration |
|-------|--------------|

| 8.2.2 | Remedies Cumulative |
|-------|---------------------|

| 8.2.3 | Severance |
|-------|-----------|

| 8.2.4 | Delay |
|-------|-------|

| 8.2.5 | Lender's Right to Perform |
|-------|---------------------------|

| 9.1.1 | General; Borrower Cooperation |
|-------|-------------------------------|

| 9.1.2 | Provided Information |
|-------|----------------------|

| 9.1.3 | Use of Information |
|-------|--------------------|

| 9.1.4 | Borrower Obligation Regarding Disclosure Documents |
|-------|----------------------------------------------------|

| 9.1.5 | Rating Surveillance |
|-------|---------------------|

| 9.1.6 | Severance of Loan |
|-------|-------------------|

| (a) | fraud or intentional misrepresentation by Borrower, Key Principal, Sponsor, Sole Member or Guarantor in connection with obtaining the Loan; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | except in accordance with the Business Plan, physical waste of the Property or any portion thereof, or during the continuance of an Event of Default the removal or disposal of any portion of the Property; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | any Proceeds paid by reason of any Insured Casualty or any Award received in connection with a Condemnation or other sums or payments attributable to the Property not applied in accordance with the provisions of the Loan Documents; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | all Rents of the Property received or collected by or on behalf of the Borrower and not applied in accordance with the provisions of the Loan Documents; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | the making of any assignment of Rents for the benefit of another Person not permitted hereunder; |
|-----|--------------------------------------------------------------------------------------------------|

| (f) | misappropriation, misapplication or conversion (including failure to turn over to Lender on demand following an Event of Default) of Rents, tenant security deposits and Rents collected in advance, or of funds held by Borrower for the benefit of another party; the failure to adhere to the Cash Management System; failure to deposit lease termination payments and security deposits in the applicable Reserve as required pursuant to Article 3 hereof; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | a breach of the covenants set forth in Section 5.13, which breach constitutes an Event of Default under Section 8.1(i); or |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (h) | willful misconduct or criminal acts of Borrower, Key Principal, Sponsor, Sole Member or Guarantor; |
|-----|----------------------------------------------------------------------------------------------------|

| (i) | failure to pay charges for labor or materials or other charges that can create Liens on any portion of the Property, to the extent funds are available to pay such charges, unless such charges are the subject of a bona fide dispute which Borrower is contesting the amount or validity thereof, or any other Lien on any portion of the Property or any direct or indirect legal or beneficial ownership interest in Borrower (in each case other than any Lien which is a Springing Recourse Event set forth below); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | an act of any of the Borrower, Key Principal, Sponsor, Sole Member or Guarantor or Affiliate of any thereof that is found by a court of competent jurisdiction to have been taken in bad faith and with the intent to hinder, delay or interfere with Lender's enforcement of its rights hereunder or under any other Loan Document or the realization of the collateral, including the assertion by any of the Borrower, Key Principal, Sponsor, Sole Member or Guarantor of any bad faith or frivolous defenses or counterclaims, unless Borrower, Key Principal, Sponsor, Sole Member or Guarantor, as the case may be, is the prevailing party in the action in which such defense or counterclaim is asserted; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | a breach of any of the covenants set forth in Section 5.42. |
|-----|-------------------------------------------------------------|

| (l) | Notwithstanding anything to the contrary in this Agreement or any of the Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt in accordance with the Loan Documents, and (B) Lender's agreement not to pursue personal liability of Borrower as set forth above SHALL BECOME NULL AND VOID and shall be of no further force and effect, and the Debt shall be fully recourse to Borrower in the event that one or more of the following occurs (each, a "Springing Recourse Event"): |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | the occurrence of any condition or event described in either Section 8.1(f) or Section 8.1(g), provided with respect to such condition or event described in Section 8.1(g), either Borrower, Key Principal, Sponsor, Sole Member, Guarantor or any Person owning an interest (directly or indirectly) in Borrower, Sponsor, Sole Member or Guarantor consents to, aids, solicits, supports, or otherwise cooperates or colludes to cause such condition or event or fails to contest such condition or event; or |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Borrower creates, incurs, assumes, permits or suffers to exist any financing Lien other than in connection with the Permitted Encumbrances. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE, AT LENDER'S ELECTION, INSTITUTED IN ANY FEDERAL OR STATE COURT IN (I) NEW YORK COUNTY, NEW YORK, (II) THE STATE OF DOMICILE OF THE BORROWER OR (III) THE STATE OF DOMICILE OF THE GUARANTOR AND BORROWER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, NEW YORK. BORROWER DOES HEREBY DESIGNATE AND APPOINT CT CORPORATION AT 111 EIGHTH AVENUE, 13th FLOOR, NEW YORK, NEW YORK 10011, AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE OF BORROWER MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER (UNLESS LOCAL LAW REQUIRES ANOTHER METHOD OF SERVICE), IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.  BORROWER (i) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR SERVICE OF PROCESS), AND (iii) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

|         |                       |   | Lease Dates |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          | Future Scheduled Charge Increases |
|--------------|----------------------------|--------|-------------|--------|-----------|--------|--------------------|--------|--------|--------|-------------|------------------|----------|-------------|--------------|--------------|--------------|---------------|------------|---------------|-----------------------------------|
| Unit Number  |  Tenant Name          |   | Start Date  |   | End Date  |   | Lease/Current SqFt |   |   |   |        | Security Deposit |     | Charge Code |         | Monthly Rent |         | Cost Recovery |       | Other Charges |                              | Annual PSF |   | Charge Code |   | Step Date |   | Future Amount |   |  Annual PSF |
| Basement0000 |  Vacant               |   |        |   |      |   | 0                  |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| Ground0100   |  Vacant               |   |        |   |      |   | 0                  |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| Floor 020200 |  Vacant               |   |        |   |      |   | 0                  |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| Floor 030300 |  Vacant               |   |        |   |      |   | 17,350             |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| Floor 040400 |  Vacant               |   |        |   |      |   | 5,419              |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| 0405         | Vacant                     |   |        |   |      |   | 631                |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| 0410         | Margolin & Pierce, LLP |   | 01-Sep-03   |   | 31-Dec-13 |   | 2,034              |   |   |   |  elec  |             |     |        |         |         |  508.50 |          |  3.00 |          |                              |   |   |   |   |   |   |
|         | (ny517009)                 |   |        |   |      |   | 2,034              |   |   |   | escop       |             |     |        | 182.20       |         |         |          | 1.07       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   | esctx       |             |     |        | 277.91       |         |         |          | 1.64       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   | rntoff      |             | 8,814.00 |        |         |         |         |          | 52.00      |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| 0416         | Vacant                     |   |        |   |      |   | 2,829              |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| 0418         | Vacant                     |   |        |   |      |   | 3,397              |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
|         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |
| 0420         | Cheung Kong Graduate       |   | 01-Jan-11   |   | 29-Feb-16 |   | 2,544              |   |   |   |  elec  |             |     |        |         |         |  694.42 |          |  3.28 |          |                              |   |   |   |   |   |   |
|         | School of Business         |   |        |   |      |   | 2,544              |   |   |   |  escop |             |     |        |  246.35 |         |         |          |  1.16 |          |                              |   |   |   |   |   |   |
|         | (ny517025)                 |   |        |   |      |   |               |   |   |   | esctx       |             |     |        | 214.37       |         |         |          | 1.01       |          |                              |   |   |   |   |   |   |
| Floor 05     |                       |   |        |   |      |   |               |   |   |   | rntoff      |             | 9,493.21 |        |         |         |         |          | 44.78      |          |                              |   |   |   |   |   |   |
| 0500         |                       |   |        |   |      |   |               |   |   |   |        |             |     |        |         |         |         |          |       |          |                              |   |   |   |   |   |   |

----

|         |                                                            |   | Lease Dates |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          | Future Scheduled Charge Increases |
|--------------|-----------------------------------------------------------------|--------|-------------|--------|-----------|--------|--------------------|--------|--------|--------|-----------------|------------------|-----------------------|-------------|-------------------|--------------|--------------------|---------------|---------------|---------------|-----------------------------------|
| Unit Number  |  Tenant Name                                               |   | Start Date  |   | End Date  |   | Lease/Current SqFt |   |   |   |            | Security Deposit |                  | Charge Code |              | Monthly Rent |               | Cost Recovery |          | Other Charges |                              | Annual PSF |   | Charge Code |   |  Step Date |  Future Amount |  Annual PSF |
| Floor 05     |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0500         | Vacant                                                          |   |        |   |      |   | 5,329              |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0510         | National Prinicipals Leadership Institute Inc.  (ny517029) |   | 25-Apr-11   |   | 31-Mar-14 |   | 841                |   |   |   | elecesctxmtoff  |             |   3,048.41  |        |  56.25  |         | 227.77   |          | 3.250.8043.50 |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   | 841                |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0520         | Vacant                                                          |   |        |   |      |   | 4,444              |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0525         | Vacant                                                          |   |        |   |      |   | 6,240              |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| Floor 60600  |  Vacant                                                    |   |        |   |      |   | 16,881             |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| Floor 70700  |  Vacant                                                    |   |        |   |      |   | 17,224             |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| Floor 80800  |  Vacant                                                    |   |        |   |      |   | 17,224             |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| Floor 90900  |  Vacant                                                    |   |        |   |      |   | 9,616              |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0902         |   Proquest LLC (ny517026)                             |   | 18-Jan      |   | 31-May-17 |   | 5,543              |   |   |   | escopesctxmtoff |             |   19,631.46 |        | 532.56472.10      |         |               |          | 1.151.0242.50 |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| 0904         |  Proquest LLC (ny517026)                                   |   | 18-Jan      |   | 31-May-17 |   | 2,0652,065         |   |   |   | escopesctxmtoff |             |   7,313.54  |        | 198.40175.88      |         |               |          | 1.151.0242.50 |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
| Floor 101000 |  Vacant                                                    |   |        |   |      |   | 5,642              |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |
|         |                                                            |   |        |   |      |   |               |   |   |   |            |             |                  |        |              |         |               |          |          |          |                              |   |   |   |   |

----

|        |                       |   | Lease Dates |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          | Future Scheduled Charge Increases |
|-------------|----------------------------|--------|-------------|--------|-----------|--------|--------------------|--------|--------|--------|--------|------------------|-----------|-------------|----------|--------------|----------|---------------|--------|---------------|-----------------------------------|
| Unit Number |  Tenant Name          |   | Start Date  |   | End Date  |   | Lease/Current SqFt |   |   |   |   | Security Deposit |      | Charge Code |     | Monthly Rent |     | Cost Recovery |   | Other Charges |                              | Annual PSF |   | Charge Code |   |  Step Date |  Future Amount |  Annual PSF |
| Floor 10    |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1000        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1009        | 9101M5 Realty LLC          |   | 01-Nov-94   |   | 31-Dec-19 |   | 1,564              |   |   |   | elec   |             |      |        |     |         | 391.00   |          | 3.00   |          |                              |   |   |   |   |
|        | (NY517003)                 |   |        |   |      |   | 1,564              |   |   |   | escop  |             |      |        | 140.77   |         |     |          | 1.07   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | esctx  |             |      |        | 175.13   |         |     |          | 1.34   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | rntoff |             | 8,080.67  |        |     |         |     |          | 62.00  |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          | rntoff                            |   | 01-Nov-14 | 8,471.67 | 65.00 |
| 1012        | 9101M5 Realty LLC          |   | 01-Jan-90   |   | 31-Dec=10 |   | 3,323              |   |   |   | elec   |             |      |        |     |         | 830.75   |          | 3.00   |          |                              |   |   |   |   |
|        | (my517003)                 |   |        |   |      |   | 3,323              |   |   |   | escop  |             |      |        | 297.59   |         |     |          | 1.07   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | esctx  |             |      |        | 372.08   |         |     |          | 1.34   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | rntoff |             | 17,168.83 |        |     |         |     |          | 62.00  |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          | rntoff                            |   | 01-Nov-14 | 17,999.58 | 65.00 |
| 1015        | Vacant                     |   |        |   |      |   | 1,908              |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1017        | Vacant                     |   |        |   |      |   | 1,052              |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1020        | Vacant                     |   |        |   |      |   | 2,636              |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| Floor 11    |                       |   |        |   |      |   | 4,426              |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1101        | Vacant                     |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1102        | ADEX Medical Staffing      |   | 01-Aug-12   |   | 31-Jan-14 |   | 1,225              |   |   |   | elec   |             |      |        |     |         | 331.77   |          | 3.25   |          |                              |   |   |   |   |
|        | LLC (ny517103)             |   |        |   |      |   | 1,225              |   |   |   | rntoff |             | 4,500.00  |        |     |         |     |          | 44.08  |          | rntoff                            |   | 01-Jul-13 | 4,635.00 | 45.40 |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1109        | Shukat, Arrow, Hafer & |   | 15-Feb-10   |   | 31-Dec-13 |   | 219                |   |   |   | Mtstg  |             | 602.25    |        |     |         |     |          | 33.00  |          |                              |   |   |   |   |
|        | Weber, LLP (ny517001)      |   |        |   |      |   | 219                |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1111        | Colbert Artists            |   | 05-Jul-10   |   | 31-Oct-15 |   | 1,738              |   |   |   | elec   |             |      |        |     |         | 470.71   |          | 3.25   |          |                              |   |   |   |   |
|        | Management Inc.            |   |        |   |      |   | 1,738              |   |   |   | escop  |             |      |        | 167.60   |         |     |          | 1.16   |          |                              |   |   |   |   |
|        | (ny517021)                 |   |        |   |      |   |               |   |   |   | esctx  |             |      |        | 144.29   |         |     |          | 1.00   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | rntoff |             | 4,924.33  |        |     |         |     |          | 34.00  |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   |   |             |      |        |     |         |     |          |   |          |                              |   |   |   |   |
| 1120        | Shukat, Arrow, Hafer & |   | 01-Sep-84   |   | 31-Dec-13 |   | 5,334              |   |   |   | elec   |             |      |        |     |         | 1,754.08 |          | 3.95   |          |                              |   |   |   |   |
|        | Weber, LLP (ny517001)      |   |        |   |      |   | 5,334              |   |   |   | escop  |             |      |        | 394.86   |         |     |          | 0.89   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | esctx  |             |      |        | 1,970.45 |         |     |          | 4.43   |          |                              |   |   |   |   |
|        |                       |   |        |   |      |   |               |   |   |   | Rntoff |             | 16,881.50 |        |     |         |     |          | 37.98  |          |                              |   |   |   |   |

----

|        |                    |   | Lease Dates |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | Future Scheduled Charge Increases |
|-------------|-------------------------|--------|-------------|--------|-----------|--------|--------------------|--------|--------|--------|--------|------------------|----------|-------------|--------|--------------|--------|---------------|--------|---------------|-----------------------------------|
| Unit Number |  Tenant Name       |   | Start Date  |   | End Date  |   | Lease/Current SqFt |   |   |   |   | Security Deposit |     | Charge Code |   | Monthly Rent |   | Cost Recovery |   | Other Charges |                              | Annual PSF |   | Charge Code |   |  Step Date |  Future Amount |  Annual PSF |
| Floor 11    |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| 1121        | Robert H. Sadowsky, DMD |   | 01-Jun-84   |   | 31-Dec-18 |   | 948                |   |   |   | elec   |             |     |        |   |         | 237.00 |          | 3.00   |          |                              |   |   |   |   |
|        | (ny5170004)             |   |        |   |      |   | 948                |   |   |   | escop  |             |     |        | 84.53  |         |   |          | 1.07   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | esctx  |             |     |        | 105.02 |         |   |          | 1.33   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | rntoff |             | 4,108.00 |        |   |         |   |          | 52.00  |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Oct-14 | 4,740.00 | 60.00 |
| 1122        | Jung Tai(ny5170002)     |   | 01-Sep-94   |   | 31-Dec-18 |   | 890                |   |   |   | Elec   |             |     |        |   |         | 222.50 |          | 3.00   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   | 890                |   |   |   | esctx  |             |     |        | 77.27  |         |   |          | 1.04   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | rntoff |             | 4,052.20 |        |   |         |   |          | 54.64  |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-13 | 4,173.77 | 56.28 |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-14 | 4,298.98 | 57.96 |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-15 | 4,427.95 | 59.70 |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-16 | 4,560.79 | 61.49 |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-17 | 4,697.61 | 63.34 |
| Floor 12    |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Sep-18 | 4,838.54 | 65.24 |
| 1200        | Vacant                  |   |        |   |      |   | 16,231             |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| Floor 14    |                    |   |        |   |      |   | 1,994              |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| 1401        | Vacant                  |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| 1403        | Westside Cardiology, PC |   | 01-Mar-11   |   | 30-Apr-18 |   | 2,454              |   |   |   | elec   |             |     |        |   |         | 684.63 |          | 3.25   |          |                              |   |   |   |   |
|        | (ny517027)              |   |        |   |      |   | 2,454              |   |   |   | escop  |             |     |        | 91.73  |         |   |          | 0.45   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | esctx  |             |     |        | 164.13 |         |   |          | .80    |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | rntoff |             | 9,202.50 |        |   |         |   |          | 45.00  |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          | rntoff                            |   | 01-Mar-16 | 10,225.00 | 50.00 |
| 1409        | Carman, Callahan &  |   | 07-Mar-11   |   | 31-Mar-16 |   | 2,708              |   |   |   | elec   |             |     |        |   |         | 733.42 |          | 3.25   |          |                              |   |   |   |   |
|        | Ingham (ny517022)       |   |        |   |      |   | 2,708              |   |   |   | escop  |             |     |        | 101.40 |         |   |          | 0.45   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | esctx  |             |     |        | 180.35 |         |   |          | 0.80   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   | rntoff |             | 8,801.00 |        |   |         |   |          | 39.00  |          |                              |   |   |   |   |
| 1416        | Vacant                  |   |        |   |      |   | 3,634              |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| 1420        | Vacant                  |   |        |   |      |   | 1,246              |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
|        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |
| 1422        |                    |   |        |   |      |   |               |   |   |   |   |             |     |        |   |         |   |          |   |          |                              |   |   |   |   |

----

|        |                                            |   | Lease Dates |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          | Future Scheduled Charge Increases |
|-------------|-------------------------------------------------|--------|-------------|--------|-----------|--------|--------------------|--------|----------|--------|------------|------------------|-----------|-------------|----------|--------------|----------------|---------------|------------|---------------|-----------------------------------|
| Unit Number |  Tenant Name                               |   | Start Date  |   | End Date  |   | Lease/Current SqFt |   |     |   |       | Security Deposit |      | Charge Code |     | Monthly Rent |           | Cost Recovery |       | Other Charges |                              | Annual PSF |   | Charge Code |   |  Step Date |  Future Amount |  Annual PSF |
| Floor 14    |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
| 1422        | Rosalyn Gilbert(ny517016)                       |   | 08-Mar-96   |   | 30-Jun-16 |   | 1,085              |   |     |   |  elec |             |      |        |     |         |  271.25   |          |  3.00 |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   | 1,085              |   |     |   | escop      |             |      |        | 105.00   |         |           |          | 1.16       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   | esctx      |             |      |        | 90.69    |         |           |          | 1.00       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   | rntoff     |             | 3,667.30  |        |     |         |           |          | 40.56      |          |                              |   |   |   |   |
| Floor 15    |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
| 1500        | Vacant                                          |   |        |   |      |   | 12,749             |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
| Floor 16    |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
| 1600        | The Municipal Art Society                       |   | 09-Jul-10   |   | 31-Jan-21 |   | 12,749             |   |     |   | escop      |             |      |        | 1,223.66 |         |           |          | 1.15       |          |                              |   |   |   |   |
|        | Of NY (ny517019)                                |   |        |   |      |   | 12,749             |   |     |   | esctx      |             |      |        | 1,083.48 |         |           |          | 1.02       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   | rntoff     |             | 39,309.42 |        |     |         |           |          | 37.00      |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          | rntoff                            |   | 01-Feb-16 | 42,496.67 | 40.00 |
| Floor 17    |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
| 1700        | Nola Recording Studios,Inc. (ny517015)          |   | 19-Sep-73   |   | 31-Dec-13 |   | 3,833              |   |     |   |  elec |             |      |        |     |         |  1,117.96 |          |  3.50 |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   | 3,833              |   |     |   | esctx      |             |      |        | 428.37   |         |           |          | 1.34       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   | rntoff     |             | 14,103.06 |        |     |         |           |          | 44.15      |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
|        |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |          |                              |   |   |   |   |
|        | Total s Leases  Currently Occupying Space: |   |        |   |      |   | 183,701.68         |   | 9,753.73 |   | 8,455.76   |             |      |        |     |         |           |          |       |
|        |                                            |   |        |   |      |   |               |   |     |   |       |             |      |        |     |         |           |          |       |
|        |                                            |   |        |   |      |   | 183,701.68         |   | 9,753.73 |   | 8,455.76   |             |      |        |     |         |           |          |       |

----

|        |              |   | Lease Dates |   |     |   |               |   |   |   |   |             |   |        |   |         |   |          |   |          | Future Scheduled Charge Increases |
|-------------|-------------------|--------|-------------|--------|----------|--------|--------------------|--------|--------|--------|--------|------------------|--------|-------------|--------|--------------|--------|---------------|--------|---------------|-----------------------------------|
| Unit Number |  Tenant Name |   | Start Date  |   | End Date |   | Lease/Current SqFt |   |   |   |   | Security Deposit |   | Charge Code |   | Monthly Rent |   | Cost Recovery |   | Other Charges |                              | Annual PSF |   | Charge Code |   |  Step Date |  Future Amount |  Annual PSF |

----

----

----

| (b) | if such entity acts as the general partner of a limited partnership which owns the Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of business relating to acting as general partner of the limited partnership which owns the Property which (1) do not exceed, at any time, $10,000 and (2) are paid within thirty (30) days of the date incurred, or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | if such entity acts as a managing member of a limited liability company which owns the Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of business relating to acting as a member of the limited liability company which owns the Property which (1) do not exceed, at any time, $10,000 and (2) are paid within thirty (30) days of the date incurred; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix) | complies with the following clauses of the definition of Special Purpose Bankruptcy Remote Entity above: (i)(A), (ii)(A), (iii), (iv), (ix), (x), (xi) and (xiii) through (xxxii); |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x) | has maintained and will maintain its own accounts, books and records separate from any other person and will file its own tax returns; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (xi) | has and will have an operating agreement which provides that the business and affairs of Borrower shall be managed by or under the direction of (A)a board of one (1) or more directors designated by the sole member of the Single Member Bankruptcy Remote LLC (the "Sole Member"), and at all times there shall be at least two (2) duly appointed Independent Directors on the board of directors, and the board of directors will not take any action requiring the unanimous affirmative vote of one hundred percent (100%) of the members of its board of directors unless, at the time of such action there are at least two (2) members of the board of directors who are Independent Directors, and all of the directors and all Independent Directors shall have participated in such vote; or (B) a Sole Member, provided that at all times there shall be at least two (2) Independent Managers designated by Sole Member and the operating agreement provides that Sole Member shall not take any Bankruptcy Actions without the unanimous affirmative vote of one hundred percent (100%) of the Independent Managers; |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xii) | has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding, (A) upon the occurrence of any event that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower and the Loan Documents, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), one of the Independent Managers shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of Borrower, automatically be admitted as the sole member of Borrower (the "Special Member"), and shall preserve and continue the existence of Borrower without dissolution, (B) no Special Member may resign or transfer its rights as Special Member unless (x) a successor Special Member has been admitted to Borrower as a Special Member, and (y) such successor Special Member has also accepted its appointment as an Independent Manager, (C) the Independent Managers or Directors as applicable may not be replaced on less than thirty (30) days prior written notice to Lender accompanied by a certification which includes the name of the successor Independent Manager or Independent Director and certifying that such Person meets the requirements of an Independent Manager or Independent Director as the case may be, and (D) except as expressly permitted pursuant to the terms of this Agreement, Sole Member may not resign and no additional member shall be admitted to Borrower; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiii) | has and will have an operating agreement which provides that, as long as any portion of the Debt remains outstanding,  (A) Borrower shall be dissolved, and its affairs shall be would up only upon the first to occur of the following: (x) the termination of the legal existence of the last remaining member of Borrower or the occurrence of any other event which terminates the continued membership of the last remaining member of Borrower in Borrower unless the business of Borrower is continued in a manner permitted by its operating agreement or the Delaware Limited Liability Company Act (the "Act") or (y) the entry of a decree of judicial dissolution under Section 18‑802 of the Act; (B) upon the occurrence of any event that causes the last remaining member of Borrower to cease to be a member of Borrower or that causes Sole Member to cease to be a member of Borrower (other than (x) upon an assignment by Sole Member of all of its limited liability company interest in Borrower and the admission of the transferee, if permitted pursuant to the organizational documents of Borrower and the Loan Documents, or (y) the resignation of Sole Member and the admission of an additional member of Borrower, if permitted pursuant to the organizational documents of Borrower and the Loan Documents), to the fullest extent permitted by law, the personal representative of such member shall be authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of such member in Borrower, agree in writing to continue the existence of Borrower and to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower, effective as of the occurrence of the event that terminated the continued membership of such member in Borrower; (C) the bankruptcy of Sole Member or a Special Member shall not cause such member or Special Member, respectively, to cease to be a member of Borrower and upon the occurrence of such an event, the business of Borrower shall continue without dissolution; (D) in the event of dissolution of Borrower, Borrower shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of Borrower in an orderly manner), and the assets of Borrower shall be applied in the manner, and in the order of priority, set forth in Section 18‑804 of the Act; and (E) to the fullest extent permitted by law, each of Sole Member and the Special Members shall irrevocably waive any right or power that they might have to cause Borrower or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of Borrower, to compel any sale of all or any portion of the assets of Borrower pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of Borrower. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                     |   | Pre Development |        |   | TotalProject Costs |   |
|----------------------------------------------------------|--------|-----------------|-------------|--------|--------------------|--------|
|                                                     |   |                 |        |   |                    |   |
| Acquisition costs                                        |   | $               | 254,800,000 |   |               | $      | 254,800,000 |   |
|    Cost of land                           |   | $               | 254,800,000 |   |               | $      | 254,800,000 |   |
|                                                     |   |            |        |   |               |   |   |   |
| Demolition                                               |   | $               | 4,000,000   |   |               | $      | 4,000,000 |   |
| Asbestos Abatement                                       |   | $               | 500,000     |   |               | $      | 500,000 |   |
| Foundation                                               |   | $               | 3,643,955   |   |               | $      | 4,500,000 |   |
| Total Construction Costs                                 |   | $               | 8,143,955   |   |               | $      | 249,240,350 |   |
|                                                     |   |            |        |   |               |   |   |   |
| Architecture                                             |   | $               | 4,500,000   |   |               | $      | 6,500,000 |   |
| Engineers                                                |   | $               | 1,750,000   |   |               | $      | 3,250,000 |   |
| Consultants                                              |   | $               | 1,250,000   |   |               | $      | 1,640,000 |   |
| Total Soft Costs                                         |   | $               | 7,500,000   |   |               | $      | 52,500,000 |   |
|                                                     |   |            |        |   |               |   |   |   |
| Financing costs – Acquisition and Construction     |   |            |        |   |               |   |   |   |
|    Construction Loan                      |   |            |        |   |               |   |   |   |
|    Financing Fees (Construction)          |   | $               | -           |   |               | $      | 4,200,000 |   |
|    Interest Reserve (Construction)        |   | $               | -           |   |               | $      | 22,500,000 |   |
|    Mortgage Recording Tax (Construction)  |   | $               | -           |   |               | $      | 5,200,000 |   |
|    Title Insurance (Construction)         |   | $               | -           |   |               | $      | 1,414,000 |   |
|    Mortgage Broker Fee (Construction)     |   | $               | -           |   |               | $      | 1,616,000 |   |
|    Lender Legal (Construction)            |   | $               | -           |   |               | $      | 500,000 |   |
|    Borrower Legal (Construction)          |   | $               | -           |   |               | $      | 400,000 |   |
|    Due Diligence (Construction)           |   | $               | -           |   |               | $      | 200,000 |   |
|    Bridge Loan                            |   |            |        |   |               |   |   |   |
|    Closing Costs (Acquisition)            |   | $               | 2,555,556   |   |               | $      | 2,555,556 |   |
|    Interest (Acquisition)                 |   | $               | 23,319,444  |   |               | $      | 28,750,000 |   |
|    Extension Fee (Acquisition)            |   | $               | 1,150,000   |   |               | $      | 1,150,000 |   |
|    Exit Fee (Acquisition)                 |   | $               | -           |   |               | $      | 2,300,000 |   |
|    Mortgage Recording Tax (Acquisition)   |   | $               | 5,233,193   |   |               | $      | 5,233,193 |   |
|    Title Insurance and Fees (Acquisition) |   | $               | 2,210,549   |   |               | $      | 2,210,549 |   |
|    Mortgage Broker Fee (Acquisition)      |   | $               | 1,150,000   |   |               | $      | 1,150,000 |   |
|    Debt Broker Fee                        |   | $               | 1,437,500   |   |               | $      | 1,437,500 |   |
|    Lender Legal (Acquisition)             |   | $               | 750,000     |   |               | $      | 750,000 |   |
|    Due Diligence (Acquisition)            |   | $               | 1,300,000   |   |               | $      | 1,300,000 |   |
|    Borrow Legal (Acquisition)             |   | $               | 1,149,803   |   |               | $      | 1,149,803 |   |
|                                                     |   | $               | 40,256,045  |   |               | $      | 84,016,601 |   |
|                                                     |   |            |        |   |               |   |   |   |
|    Real Estate Tax Reserves               |   | $               | 2,850,000   |   |               | $      | - |   |
|    Insurance Reserve                      |   | $               | 450,000     |   |               | $      | - |   |
|    Lease Buyout Deductable                |   | $               | 1,000,000   |   |               | $      | - |   |
|                                                     |   |            |        |   |               |   |   |   |
| Total Uses:                                              |   | $               | 315,000,000 |   |               | $      | 640,556,951 |   |

----

----

----

----

|                                                     |   | Pre Development |        |
|----------------------------------------------------------|--------|-----------------|-------------|
|                                                     |   |                 |        |
| Acquisition costs                                        |   | $               | 255,630,586 |   |
|    Cost of land                           |   | $               | 255,630,586 |   |
|                                                     |   |            |        |   |
| Construction Costs                                       |   | $               | 9,121,315   |   |
|                                                     |   |            |        |   |
| Soft Costs                                               |   | $               | 7,730,000   |   |
|                                                     |   |            |        |   |
|                                                     |   |            |        |   |
| Financing costs – Acquisition and Construction     |   |            |        |   |
|    Construction Loan                      |   |            |        |   |
|    Financing Fees (Construction)          |   | $               | -           |   |
|    Interest Reserve (Construction)        |   | $               | -           |   |
|    Mortgage Recording Tax (Construction)  |   | $               | -           |   |
|    Title Insurance (Construction)         |   | $               | -           |   |
|    Mortgage Broker Fee (Construction)     |   | $               | -           |   |
|    Lender Legal (Construction)            |   | $               | -           |   |
|    Borrower Legal (Construction)          |   | $               | -           |   |
|    Due Diligence (Construction)           |   | $               | -           |   |
|    Bridge Loan                            |   |            |        |   |
|    Origination Fee (Acquisition)          |   | $               | 2,655,556   |   |
|    Interest (Acquisition)                 |   | $               | 23,319,444  |   |
|    Extension Fee (Acquisition)            |   | $               | 1,150,000   |   |
|    Exit Fee (Acquisition)                 |   | $               | -           |   |
|    Mortgage Recording Tax (Acquisition)   |   | $               | 5,466,597   |   |
|    Title Insurance and Fees (Acquisition) |   | $               | 849,938     |   |
|    Mortgage Broker Fee (Acquisition)      |   | $               | 1,150,000   |   |
|    Debt Broker Fee                        |   | $               | 1,437,500   |   |
|    Lender Legal (Acquisition)             |   | $               | 549,196     |   |
|    Due Diligence (Acquisition)            |   | $               | 5,065       |   |
|    Borrow Legal (Acquisition)             |   | $               | 1,634,803   |   |
|                                                     |   | $               | 38,218,099  |   |
|                                                     |   |            |        |   |
|    Real Estate Tax Reserves               |   | $               | 2,850,000   |   |
|    Insurance Reserve                      |   | $               | 450,000     |   |
|    Lease Buyout Deductable                |   | $               | 1,000,000   |   |
|                                                     |   |            |        |   |
| Total Uses:                                              |   | $               | 315,000,000 |   |

----

----

|   |
|--------|

| 1. | 1/22/2013 Letter from Kate Daly of NYC Landmarks Preservation Committee to 111 West 57th Street Association |
|----|-------------------------------------------------------------------------------------------------------------|

| 2. | 3/11/2013 Letter from Kate Daly of NYC Landmarks Preservation Committee to 111 West 57th Street Association |
|----|-------------------------------------------------------------------------------------------------------------|

| 3. | 3/22/2013 Letter from Kate Daly of NYC Landmarks Preservation Committee to Dennis Hanson, Senior Executive Vice President and CFO of Steinway Musical Instruments |
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| 4. | 6/18/2013 Letter from Kate Daly of NYC Landmarks Preservation Committee to Dennis Hanson, Senior Executive Vice President and CFO of Steinway Musical Instruments |
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|   | Property Solutions INCEnvironmental & Engineering Consulting323 New Albany Road • Moorestown, New Jersey 08057 • 856-813-3000 • Fax 856-813-1068 |
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| General Property Information      |
|-----------------------------------|
| Property Name                     | 105-107 West 57th Street |
| Property Addresses                | 105-107 West 57th Street (alternate address of 111 West 57thStreet) |
| Property Town, County, State, Zip | New York, New York County, NY 10019 |
| Property Tax Identification       | Block 1010, Lot 27 |
| Property Topographic Quadrangle   | Central Park |
| Nearest Intersection              | Avenue of the Americas and West 57th Street |
| Area Description                  | Urban                      with                multi-storycommercialoffice, residential,educational, and medical buildings |
| Property Use/Operations           | Vacant lot (four story brick building recently demolished and basement levels backfilled with soil and demolition debris) |
| Detailed Property Information |
|-------------------------------|
| Property Owner Name           | 57 Street Partners, LLC (Source: Propertyshark.com) |
| Date of Acquisition           | October 3, 2006 (Source: Deed) |
| Property Acreage              | Approximately 0.1 acre (4,300 square feet) |

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| Property Solutions concurs with Langan's conclusion. Property Solutions recommends that an inquiry be made to Langan to determine if responses to |
|---------------------------------------------------------------------------------------------------------------------------------------------------|
| Detailed Property Information |
|-------------------------------|
| Property Shape                | Rectangular |
| Number of Buildings           | None (vacant lot) |
| Number of Stories             | Not applicable |
| Construction Date(s)          | Not applicable |
| Building Square Footage       | Not applicable |
| Type. of Foundation           | Not applicable |
| Number of Units               | Not applicable |
| Ceiling Finishes              | Not applicable |
| Floor Finishes                | Not applicable |
| Wall Finishes                 | Not applicable |
| HVAC                          | Not applicable |
| Renovation Date(s)            | Not applicable |
| Renovation Description        | Not applicable |
| Occupants of Interest         | Not applicable |
| Other Improvements            | Not applicable |
| Property Coverage             | Vacant lot backfilled with soil and building demolition debris |

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| (2)           | REC 2 - Historic Surrounding Property Use |
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| (3)           | REC 3 — Backfill Soil Quality |
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| (4)           | Property Solutions notes the report is dated April 12, 2012 and is therefore older than 180 days. Property Solutions recommends that the report be updated by (1) conducting interviews with the owners, (2) obtain and review a new regulatory |
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|   | Property Solutions INCEnvironmental & Engineering Consulting323 New Albany Road • Moorestown, New Jersey 08057 • 856-813-3000 • Fax 856-813-1068 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| General Property Information      |                                                                                                                                                                                                                                                                                                           |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Property Name                     | 109 West 57th Street                                                                                                                                                                                                                                                                                           |   |
| Property Addresses                | 109 West 57th Street (alternate address of 111 West 57th  Street)                                                                                                                                                                                                                                         |   |
| Property Town, County, State, Zip | New York, New York County, NY 10019                                                                                                                                                                                                                                                                            |   |
| Property Tax Identification       | Block 1010, Lot 25                                                                                                                                                                                                                                                                                             |   |
| Property Topographic Quadrangle   | Central Park                                                                                                                                                                                                                                                                                                   |   |
| Nearest Intersection              | Avenue of the Americas and West 57th Street                                                                                                                                                                                                                                                                    |   |
| Area Description                  | Urban                  with                  multi-story commercial office, residential,educational, and medical buildings |   |
| Property Use/Operations           | Steinway & Sons piano company showroom, a 15-to 16 story commercial office building.                                                                                                                                                                                                                       |   |
| Detailed Property Information |
|-------------------------------|
| Property Owner Name           | 111 West 57th Street, LLC, a subsidiary of the JDS Development Group, although final closing is still pending according to Langan (Source: JDS Development Group) |
| Date of Acquisition           | Not reported |

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| Detailed Property Information |
|-------------------------------|
| Property Acreage              | 0.374 acre (16,300 square feet) |
| Property Shape                | L-shaped |
| Number of Buildings           | One |
| Number of Stories             | 15 to 16 according to Langan |
| Construction Date             | 1924 |
| Building Square Footage       | Not reported although footprint reported as 16,300 square feet |
| Type of Foundation            | Basement level spans the entire building and a partial sub-cellar spans the northern portion of the building. |
| Number of Units               | Not reported |
| Ceiling Finishes              | Dropped ceilings |
| Floor Finishes                | Carpeting, 12-inch floor tiles (Property Solutions assumes vinyl) |
| Wall Finishes                 | Paint |
| HVAC                          | Steam heat (provided by Con Edison) and wall mountedradiators. Air conditioning system with roof-mounted cooling tower and package units on each floor. |
| Renovation Dates              | Not reported |
| Renovation Description        | Not reported |
| Occupants of Interest         | Dental and medical offices |
| Other Improvements            | None reported |
| Property Coverage             | Building footprint appears to cover entire subject property |

| · | The Windsor hotel at 1413 6th Avenue (an eastern adjoining property) is associated with a dry cleaning service that was listed as a generator of hazardous solvent-containing waste in 1985 and 1989; this facility was a, verified non-generator (of hazardous waste) in 2006. Another dry |
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| · | Several buried gasoline tanks and an electric battery sales and service station were historically located on surrounding properties. |
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| (2)           | HREC — Closed in-Place Fuel Oil Tanks |
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| (3)           | De Minimis Conditions |
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| (4)           | Non-ASTM Environmental Concerns |
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| · | Based on the age of the building, asbestos-containing materials (ACM), lead-based paint (LBP), and polychlorinated biphenyls (PCB) may be present in building materials; and |
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| · | Dental offices were located in the building between 1927 and 1998. Possible releases of mercury into drains may have accumulated in traps and have the potential to adversely impact indoor air. Property Solutions notes that several current dental offices were identified in the report. |
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