Exhibit 10.1


 


[English Translation of
Original Icelandic Language Document]


 


Purchase Agreement


 


1. PARTIES


 


Vetrargardurinn ehf., State Reg.
No. 581201-2490, of Sturlugata 8, Reykjavík, hereinafter referred to as
the Seller, promises to sell, and Festing ehf., State Reg. No. 550903-4150,
of Kringlan 4-12, Reykjavík, hereinafter referred to as the Buyer, promises to
buy, the property at Sturlugata 8 in Reykjavík, as further detailed in this
Agreement.


 


2.
DESCRIPTION OF THE PROPERTY


 


The property
consists of the real estate at Sturlugata 8, Reykjavik, with all appurtenances,
including land rights; the real estate is situated on 18,271 m2 of
leased land. The fixed registration number of the real estate is 225-6085. The
real estate consists of a 15,228.6 m2 of research and office
premises, together with two parking facilities, Reg. No. 225-6071 and 225-6072,
in addition to gas storage facilities, Reg. No. 226-6837, according to the
records of the Icelandic Valuation Office.


 


3.
PRICE AND DELIVERY


 


The agreed price
of the property is ISK 3,400,000,000, – three
thousand and four hundred million Icelandic krónur – to be paid in
cash on 31 March 2005. The property is to be delivered free of liens;
there are currently three general bonds registered on the real estate, of which
the seller is the bearer, ranking from 1-3; the Seller will transfer these
securities for the Buyer’s use concurrently with the execution of this
Agreement.


 


The Buyer will
pay all taxes and dues on the property from the date of delivery and receive
all revenues from the property from the same day.


 


4.
PREMISES OF THE AGREEMENT


 


It is
understood that the property is in good condition on delivery, taking into
consideration its age and the use for which the property is intended, and the
Seller will ensure that there are no unfulfilled requirements from any
regulatory authorities regarding improvements to the property, which shall meet
all conditions made by any public authorities regarding the property.


 


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5.
CONVEYANCE OF TITLE


 


A conveyance
of title will be issued on 1 April 2005, when the parties have discharged
their obligations hereunder.


 


6.
OTHER.


 


Concurrently
with the execution of this Agreement, the parties enter into a Lease Agreement
concerning the property, which is a premise for the conclusion of this
Agreement and forms an integral part hereof.


 


On the
signature of this Purchase Agreement a transcript has been made available from
the register of liens, dated 29 March 2005, as well as a certificate from
the Valuation Office of Iceland of the same date. Also in evidence is a copy of
the site lease agreement, together with a copy of an officially registered
statement and an encumbrance dated 21 December 2001, relating to rights
held by the University of Iceland.


 


This Purchase
Agreement is grounded in Act No. 40/2002, on the Sale of Real Estate. The
Buyer will pay all public charges relating to this Purchase Agreement,
including stamp duties and registration fees. Any dispute arising in respect of
this Agreement shall be conducted before the District Court of Reykjavík.


 


In witness of
the above, the Buyer and the Seller have signed this Agreement in the presence
of witnesses.


 


Reykjavík, 29 March 2005


 


 


	
  For
  Vetrargardurinn ehf.

  	
   

  	
  For Festing
  ehf.

  
	
   

  	
   

  	
   

  
	
  Tómas
  Sigurdsson [sign]

  	
   

  	
  Jóhann
  Halldórsson [sign]

  



 


 


Witnesses to
the correct date and signatures


 


Ingvi Hrafn Óskarsson [sign]


Eiríkur Benónýsson [sign]


 


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