|  | Between: | TEL      AVIV WHOLESALE AGRICULTURAL PRODUCE MARKET COMPANY  LTD. |
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|  | And: | 1.  LEV      TEL AVIV TOWERS LTD. |
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| WHEREAS | Tel      Aviv-Jaffa Municipality (hereinafter: “the Municipality”) is      the registered owner of land known as Parcels 92, 93, 94, 95, 98, 99, 114      and 242 Block 7104 which is also known as the (former) wholesale market      compound, in the triangle formed by Carlebach and Hahashmonaim Streets and      Menahem Begin Road in Tel Aviv (hereinafter: “the Project Lands”);      and |
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| WHEREAS | The      Municipality and the Company have, in connection with the Project Lands,      entered into: (1) an agreement dated January 29, 2002 (hereinafter: “the 2002 Agreement”),      (2) an Addendum to the 2002 Agreement dated June 1, 2008 (hereinafter:      “the Addendum to the 2002      Agreement”), (3) an agreement dated April 15, 2010 (hereinafter:      “the 2010      Agreement”); |
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| WHEREAS | On      September 29, 2005 Detailed Plan No. TA 3001 (hereinafter: “the TA/3001 Plan”) was      published for validation, and in addition an architectural design plan was      approved in respect of the Project Lands (hereinafter: “the Architectural Design      Plan”); |
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| WHEREAS | As      at the date of signing of this Agreement the Company is registered as      leasehold lessee of the land known as Parcel 93 Block 7104 for a leasehold      period terminating in 2025 (hereinafter: “the Existing      Leasehold”), while pursuant to the 2002 Agreement and the      allocation table attached to TA/3001 Plan, the Company is entitled, in      lieu of the existing leasehold, to be registered as the long leasehold      lessee of the Company’s lands, as defined below, for a leasehold period      terminating on August 31, 2099, together with additional land that      constitutes portion of the remainder of the Project Lands, as defined      below.  A caveat is registered in      favor of the Company in respect of the 2002 Agreement over Parcel 93 as      described in the extract of registration.  The extract of      registration in respect of Parcel 93 is attached to this Agreement as      Appendix      E; and |
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| WHEREAS | In      accordance with the foregoing, the Company is entitled to be registered as      the owner of the full long leasehold rights in certain areas marked in      pink on the leasehold drawings which are attached to this Agreement as      A1      – A7 (hereinafter: “the Leasehold      Drawings”), and as owner of the full long leasehold rights in      13,200/19,000 undivided parts of the areas marked in yellow and by a      broken yellow line on the Leasehold Drawings (hereinbefore and      hereinafter, collectively: “the Company’s Lands”);      and |
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| WHEREAS | The      Municipality is the owner of the full rights in the certain areas that are      marked in light blue on the Leasehold Drawings (Appendix A) and is the      owner of the full rights in 5,800/19,000 undefined parts of the areas that      are marked in yellow and in a broken yellow line on the leasehold drawings      (hereinafter collectively: “the Municipality      Lands”); and |
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| WHEREAS | The      Municipality is the owner of the full rights in “Plot No. 8” (as defined      below) and the Municipality wishes to let under leasehold certain portions      within the confines of Plot No. 8 to the Purchaser (over and above the      rights of leasehold in the Municipality Land), as marked in light blue on      the drawings attached to this Agreement as Appendices      B1-B6 (hereinafter: “the Additional Real Estate      Rights”); and |
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| WHEREAS | In      addition to the Company’s Lands, the Municipality Lands, and the      Additional Real Estate Rights, the Company and the Municipality own the      rights in adjacent land which constitutes the remainder of the Project      Lands and which are not being sold to the Purchaser within the framework      of this Agreement (hereinafter: “the Remainder of the Project      Lands” or “the      Remainder of the Project”) and are marked in purple on the      Leasehold Drawing; and |
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| WHEREAS | The      structure and the percentage holdings in the Housing Company and in the      Mall Company are as described in the chart attached to this Agreement as      Appendix G, with the shareholders (directly or residually) in the Housing      Company and in the Mall Company being: Blue Square Real Estate Ltd. (50%),      Dirot Yukra Ltd. (25%) and Gindi Investments 1 Ltd.  (25%); |
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| WHEREAS | Simultaneous      with the Purchaser signing this Agreement the Interested Parties are      signing the Interested Parties’ undertakings as set forth at the foot of      this Agreement (hereinafter: “the Interested Parties’      Undertakings”); and |
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| WHEREAS | The      Purchaser (as described in sub-clause 5.2.2 below) wishes to purchase      the Property Sold      (as defined below) in its condition “as is”, after having carried out all      the examinations required by it, independently and without relying on any      representation or any item of data given to it by the Company and/or the      Municipality and/or entities connected with either of them and/or acting      on behalf of either of them; and |
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| WHEREAS | For      purposes of constructing “the public buildings”      (as defined below), the Purchaser was required in the scope of the sale      process to assess the total costs for erecting the public buildings, in      circumstances where the Municipality and the Company had two alternatives      available to them in this regard: one was to deduct the aforesaid amount      from the consideration in respect of the Property Sold (as defined in this      Agreement) and the other was that the public buildings be constructed      through or by the Purchaser for a consideration that will be paid to it by      the Municipality and the Company, and the Municipality and the Company      chose the second alternative, as described in this Agreement;      and |
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| WHEREAS | In      accordance therewith and according to the provisions of this Agreement      below, the Housing Company is committed to erect the public buildings in      the area of Plan TA/3001 and to deliver same to the Municipality as      described in the construction contract and the appendices thereto, which      is attached to this Agreement as Appendix 4.13 and as Appendix 7.1.1 to      the “Municipality Lands      Agreement” (as defined below) for a consideration that will be paid      to it by the Municipality and by the Company, as described below in this      Agreement and in the Municipality Lands Agreement;  and |
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| WHEREAS | The      Company, in reliance on the Purchaser’s representatives as set forth in      this Agreement, wishes to accept the Purchaser’s offer to purchase the      Property Sold; and |
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| WHEREAS | Prior      to the date of signing of this Agreement, the individual parties who make      up the Purchaser delivered firm commitment letters to the Company from      Bank Hapoalim B.M. in connection with their commitment for payment of the      full “basic      consideration” (as defined below) in accordance with this Agreement      (excluding the first payment, the additional first payment and the later      first payment), with this being in the text attached to this Agreement as      Appendix      F. |
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|   | 1. | Definitions: |
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|   | 1.1    | “The Agreement” or “this Agreement” | – | This      Agreement together with all the appendices hereto.                               |
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|   | 1.2    | “The      sale process”                              | – | A      sale process conducted in accordance with the sale procedure as defined      below. |

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|   | 1.3    | “The      sale procedure”         | – | A      sale procedure that was published by the Company and the Municipality and      pursuant to which the sale process was conducted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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|   | 1.4    | “The      sale process guarantee” | – | Bank      guarantees in an aggregate amount of NIS 28,826,784 which were deposited      with the Company in the scope of the sale process.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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|   | 1.5    | “Business      day”               | – | A      day on which most of the branches of the banks in Israel are open for      transactions with the public and in relation to which the clearing of      instruments is carried out.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                          |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 1.6    | “The      Property Sold”          | – | (a)       The rights and obligations of the long leasehold in the Company’s Lands      for a lease period ending on August 31, 2099, all in accordance with the      conditions set forth in this Agreement and in the special conditions of      leasehold document which is attached to this Agreement as Appendix      1.6.  The Company’s Lands have building rights of 53,400      sq.m. (main areas) for residential purposes, 14,200 sq.m. (main areas) for      commercial purposes and 10,320 sq.m. (main areas) on Plot No. 6 (as      defined below), all for the designated uses specified in Plan TA/3001 and      together with service areas in accordance with Plan TA/3001, and the      Company and the Municipality agree that the total service areas for      housing in the textured building on Plot No. 1 above the determining      entrance level as stated in Plan TA/3001 which will be included in the      applications for building permits that will be lodged by the Purchaser in      the scope of the Purchaser’s Project, will aggregate a total of at least      22,924 sq.m. service areas but not more than the maximum permitted in      accordance with Plan TA/3001.For      the removal of doubt it is clarified that the total main areas which are      being sold to the Purchaser in accordance with this Agreement are as      stated at the beginning of this sub-clause 1.6(a).Without      derogating from the foregoing in this sub-clause 1.6, it is agreed that if      changes in the agreement of the parties on the boundaries of the Company’s      Lands should be necessary and be approved as a consequence of detailed      planning of the Company’s Lands or of the Remainder of the Project Lands,      the Leasehold Drawings will be amended accordingly, without any change      applying to the building rights being sold to the Purchaser in the scope      of the Property Sold.  Under no circumstances, does the Property      Sold include and will not include the parking places towers in the Kufsa      lands, as defined below. |

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|   |   |   |   | For      the removal of doubt it is clarified that the areas located on the upper      ground floor and on the lower ground floor only and which are zoned as      open public areas and for a road as marked in green and in gray      (respectively) on the Leasehold Drawings, Appendices A1-A2 are in      the sole ownership and possession of the Municipality, and are not being      leased under leasehold and will remain in the sole possession and for the      sole use of the Municipality, in accordance with the contents of      sub-clause 9.6 of Plan TA/3001, and the Purchaser has no rights therein      and in the areas zoned for “Suburban Public Institutions” as stated in      sub-clause 9.2.1(b) of Plan TA/3001 (hereinafter: “the Suburban Public      Institutions”).To      the extent that the Company and the Municipality exercise their power      pursuant to Paragraph 3.5 of Appendix 4.16 to this Agreement, in a manner      whereby the parking places that will serve the residential units that will      be built on the Remainder of the Project Lands and will be linked thereto,      which will be located in the Kufsa (hereinafter: “the Towers Parking Places in      the Kufsa”), the land which is the subject of the Towers Parking      Places in the Kufsa and which will be      located in each of the parking places in the Kufsa, apart from places at      which parking places will be erected for the commercial areas in the Kufsa      (hereinafter: “the Towers      Parking Places in the Kufsa Lands”) do not form part of the      Property Sold and the Leasehold Drawings will be amended      accordingly.  For the removal of doubt it is clarified that in      this Agreement the Company is not selling or granting any rights to the      Purchaser in the Towers Parking Places in the Kufsa Lands except the right      of use specified in Paragraph 3.5 of Appendix 4.16 to this      Agreement.It      is agreed that exercise of the Company’s right as stated above shall not      derogate from the Purchaser’s possibilities of: (1) erecting the maximum      number of parking places permitted pursuant to Plan TA/3001 for the      building rights on the Company’s Lands and the Municipality Lands,      including visitors parking places in connection with the Project Lands and      (2) erecting the maximum service areas that are permitted pursuant to Plan      TA/3001 in the building rights of the Company’s Lands and the Municipality      Lands.  It is further agreed that the Municipality and the      Company will instruct their professional advisers to make an effort and to      cause a situation that the full parking garages that will be designated to      serve the residential units in the Remainder of the Project Lands will be      planned on the Remainder of the Project Lands without there being a      necessity for utilizing the power and authority granted to the      Municipality and to the Company in Paragraph 3.1 of Appendix 4.16, without      this derogating from the Municipality’s and the Company’s possibility of:      (1) erecting the maximum number of parking places in the Remainder of the      Project Lands which are permitted pursuant to Plan TA/3001 for the      building rights on the Remainder of the Project Lands (without double      parking places) and (2) for erecting the maximum service areas that are      permitted pursuant to Plan TA/3001 in the building rights on the Remainder      of the Project Lands and (3) erecting parking basements on 5 levels      only. |
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|   |   |                                                           |    | (b)“The obligations and the      commitments transferred” as defined below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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|   | 1.7    | “The      Obligations and Commitments Transferred” | – | The      obligations and commitments transferred which are described below, unless      otherwise expressly excluded in this Agreement below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                           |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                           |    | (a)        Rights and obligations that apply to the Company according to any law in      its capacity as the owner of rights in the Company’s Lands including as a      long leasehold lessee of the Company’s Lands and/or in its capacity as      promoter of Plan TA/3001, as defined below in respect of the Company’s      Lands.                                                                                                                                                                                                                                                       |
|   |   |                                                           |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                           |    | (b)       All the obligations imposed on an applicant for any permit in accordance      with Plan TA/3001 and the Architectural Design Plan, including the      appendices thereto, in relation to the Company’s Lands, with it being      clarified that nothing in the foregoing shall derogate from the      Purchaser’s possibility of requesting an amendment to Plan TA/3001 and/or      the Architectural Design Plan, from time to time, in accordance with any      law and the terms and conditions of this Agreement, and subject to the      conditions of Appendix 4.15 to this Agreement. |
|   |   |                                                           |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                           |    | (c)       The rights and obligations of the Company of whatsoever nature pursuant to      the 2002 Agreement in relation to the Company’s Lands, including such      rights and obligations which arose, arise or will arise from the 2002      Agreement, with it being clarifiedthat:                                                                                                                                                                                                                                                                                                                       |

|   |   |   |   | 1.         The Company’s obligations for vacation of the Plot and for vacation of the      Municipality’s Parcel (as stated in the Clauses 4A, 6 and 20 of the 2002      Agreement), for effecting the payment in respect of an extension of the      leasehold (as stated in Clauses 4C, 7 and 11 of the 2002 Agreement) and      for payment of the expenses for preparation of Plan TA/3001 (as mentioned      in Clause 5B of the 2002 Agreement) have been performed in full, including      in the framework of and in accordance with the Addendum to the 2002      Agreement and the 2010 Agreement. |
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|   |   |   |   | 2.        The Company’s obligations to erect public buildings and for payment in      respect of a change in the purpose of the leasehold (as stated in Clauses      4B and 9 of the 2002 Agreement), for bearing one-half of the costs of the      bridge-sinking project (as stated in Clause 16G of the 2002 Agreement)      which are mentioned in Paragraph 14(7) of the provisions of Plan TA/3001      and construction of the public buildings on the Company’s Plots (as      mentioned in Clause 5C(1) of the 2002 Agreement) – will be deemed to have      been performed and fulfilled in accordance with the provisions of the      Addendum to the 2002 Agreement and the 2010 Agreement, with it being      clarified that nothing in the foregoing shall derogate from the provisions      of sub-clause 4.13 below and from the undertaking of the Housing Company      to erect the public buildings as described in the construction contract      which is an appendix to the Municipality Lands Agreement (as defined      below). |
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|   |   |   |   | 3.         Payment of the Land Acquisition Tax which applies to the Company in      respect of the 2002 Agreement has been guaranteed by the Company to the      tax authorities, and it will be paid by the Company, at its expense and on      its responsibility.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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|   |   |   |   | 4.       The amount of the betterment levy specified in “the agreed betterment levy      assessment”, as defined below, solely in relation to the Company’s      Lands, will be paid and defrayed by the Company, at its expense and on its      responsibility.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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|   |   |   |   | 5.         It is further clarified for the removal of doubt that the Company is not      assigning its rights and obligations under the Addendum to the 2002      Agreement and the 2010 Agreement to the Purchaser, including and without      derogating from the foregoing, the Company’s rights and obligations for      payment of money to the Municipality and the receipt of money from the      Municipality in the scope of the accounting referred to in Clause 8.2 of      the Addendum to the 2002 Agreement, which, as already mentioned, are not      being assigned to the Purchaser.                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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|   |   |                                                 |    | (d)        Cancelled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|   |   |                                                 |    | (e)       For the removal of doubt it is clarified that the Obligations and      Commitments Transferred include only obligations and commitments in      relation to the Company’s Lands, as distinct from the Remainder of the      Project Lands.  If the Obligations and Commitments Transferred      as described in sub-clause 1.7 above are in the nature of being      obligations or commitments in relation to all the Company’s rights and      obligations in the Project Lands, then the Purchaser will be entitled to      and liable for such obligations and commitments according to its pro rata share, which      is the ratio between the building rights (main areas) in the Company’s      Lands and total building rights (main areas) of the Company in the Project      Lands.  It is further clarified that in relation to obligations      forming part of the Obligations and Commitments Transferred with respect      to which a time was specified in the relevant agreement for the      performance thereof, the assignment of such obligations and commitments      will apply only to obligations the time for performance of which is after      the date of delivery of the right of use (as defined below), unless      otherwise stated in this Agreement. |
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|   |   |                                                 |    | (f)        Notwithstanding the foregoing it is agreed and clarified that the legal      proceedings mentioned in Appendix 3.1(1) to this Agreement are brought to      the knowledge of the Purchaser for information only and that the      liabilities that are the subject matter of the aforesaid legal      proceedings, to the extent that same should apply, are not being      transferred and assigned to the Purchaser in the scope of this Agreement      and are not included in the Obligations and Commitments Transferred, as      defined above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|   | 1.8    | “The      Municipality Lands Agreement”  | – | An      agreement between the Purchaser and the Municipality for the acquisition      by the Purchaser of the leasehold rights in the Municipality Lands and the      Additional Real Estate Rights, which is being signed by the Purchaser and      the Municipality simultaneously with the signing of this      Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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|   | 1.9    | “Agreed      betterment levy assessment” | – | An      agreed assessment dated January 24, 2007, which was drawn up and signed in      accordance with the provisions of Clause 8 of the 2002      Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|   | 1.10   | “The      local committee”               | – | The      Tel Aviv-Jaffa Local Planning and Building Committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|   | 1.11   | “The      Municipality”                  | – | The      Tel Aviv Municipality.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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|   | 1.12   | “Plan      TA/3001”                                         | – | Detailed      Plan No. TA/3001 which was published for validation on September 29, 2005      in Yalkut      Pirsumim (Gazette) No. 5442, together with the appendices      thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|   | 1.13   | “Plot      No. 8”                                           | – | Plot      No. 8 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.14   | “Plot      No. 1”                                           | – | Plot      No. 1 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.15   | “Plot      No. 6”                                           | – | Plot      No. 6 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.16   | “Date      of delivery of right of use”                     | – | As      defined in Clause 10 of the Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.17   | “The      consideration”                                    | – | The      basic consideration together with the additional consideration as these      terms are defined in Clause 6 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.18   | “Date      of delivery of possession”                       | – | As      defined in Clause 10 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.19   | “Related      entities”                                     | – | The      controlling shareholder in any chain and/or shareholders and/or holders of      rights of any sort and/or employees and/or representatives and/or agents      and/or attorneys and/or officers and/or professional    advisers.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.20   | “Consumer Price Index”      or “the      Index” | – | Unless      otherwise expressly stated in a particular clause of the Agreement, the      Consumer Price Index, including fruit and vegetables, published by the      Central Bureau of Statistics and Economic Research, including that index      even if it is published by another Government body or institution and any      official index which may come in its stead, whether or not same is      structured on the same data on which the existing index is      structured.  If the Consumer Price Index is replaced by another      index, the ratio between the replaced index and the other index will be      determined by the Central Bureau of Statistics. |
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|   | 1.21   | “The      Basic Index”                                      | – | Unless      otherwise expressly stated in a particular clause of this Agreement, the      index which is known at the time of signing of this    Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.22   | “Indexation      differences”                               | – | Unless      otherwise expressly stated in a particular clause of this Agreement, an      increment in payment obtained from multiplying any payment, which      accumulates indexation differences according to the provisions of this      Agreement, by the percentage rise in the last known index at the time of      making such calculation and/or payment, as against the Basic      Index.  For the removal of doubt, in a case of a fall in the new      index as against the Basic Index, there will be no deduction from the      payment.                                                                                                                       |
|   |   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1.23   | “The      Kufsa”                                            | – | The      land marked in red on the drawing attached to this Agreement as Appendix      1.23 (including all the levelsthereof).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

|   | 1.24   | “The      Project”                                               | – | The      project that will be erected on Project Lands and which will contain both      the Purchaser’s Project as defined below as well as the project/s that      will be constructed on the Remainder of the Project  Lands.                                                                                                                                                |
|--------|--------|------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.25   | “The      Purchaser’s Project”                             | – | The      project which the Purchaser will erect on the Company’s Lands, the      Municipality Lands and the Additional Real Estate  Rights.                                                                                                                                                                                                                                    |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.26   | “The      residential section”                                   | – | Residential      buildings that will be erected on the Purchaser’s Project (excluding the      basement floors) and excluding the commercial areas that will be located      in the aforesaid residential buildings.                                                                                                                                                           |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.27   | “The      basement floors”                                       | – | All      the basement floors in the Purchaser’s Project up to and including the      upper ground floor on which the open public areas (as defined in      sub-clause 7.3 below) will be constructed, as well as all the commercial      areas in the Purchaser’s Project whether same are located on the basement      floors or are located above the basement floors. |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.28   | “Buyers      of apartments”                                      | – | Buyers      of apartments in the residential section.                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.29   | “The      attorneys”                                             | – | The      law office of Advocate S. Biran & Co.                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.30   | “The      Trustee”                                               | – | Adv.      David Amid and/or any other attorney from the law office of S. Biran &      Co.                                                                                                                                                                                                                                                                                        |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.31   | “Building      Inputs Index”                                     | – | The      general index of residential building input prices which is published each      month by the Central Bureau of Statistics or any other body that may come      in its stead, or any other index that may be specifically published in its      place (subject to the ratio between them that will be    fixed).                                                             |
|   |   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 1.32   | “Agreement      of individual parties who make up the Purchaser” | – | Agreements,      wherever signed prior to the signing of this Agreement or subsequent      hereto, which are signed by the individual parties who make up the      Purchaser and/or between the Interested Parties in connection with the      transaction that is the subject of this Agreement and/or in connection      with the Purchaser’s Project.                       |

| 2. | Appendices: |
|----|-------------|

|   | Appendices A1-A7 | – | Drawings      of the Company’s Lands and the Municipality Lands. |
|--------|------------------|---------|------------------------------------------------------------------------|
|   |             |    |                                                                   |
|   | Appendices B1-B6 | – | Drawings      of the Additional Real EstateRights.                     |

----

|   | Appendix C      | – | The      2002 Agreement, the Addendum to the 2002 Agreement and the 2010      Agreement.                                          |
|--------|-----------------|---------|-----------------------------------------------------------------------------------------------------------------------------------|
|   |            |    |                                                                                                                              |
|   | Appendix D      | – | Plan      TA/3001 and the Architectural Design Plans (including the appendices      thereto).                                     |
|   |            |    |                                                                                                                              |
|   | Appendix E      | – | Extract      of registration of Parcel 93.                                                                                        |
|   |            |    |                                                                                                                              |
|   | Appendix F      | – | Firm      commitment letter.                                                                                                      |
|   |            |    |                                                                                                                              |
|   | Appendix G      | – | Structure      and percentage holdings in the Housing Company and in the Mall      Company.                                       |
|   |            |    |                                                                                                                              |
|   | Appendix 1.6    | – | The      special conditions of leasehold document.                                                                                |
|   |            |    |                                                                                                                              |
|   | Appendix 1.23   | – | Drawing      of the Kufsa.                                                                                                        |
|   |            |    |                                                                                                                              |
|   | Appendix 3.1(1) | – | Legal      proceedings in connection with the Property Sold to which the Company is a      party.                                 |
|   |            |    |                                                                                                                              |
|   | Appendix 3.1(2) | – | List      of existing encumbrances in favor of Bank Leumi.                                                                        |
|   |            |    |                                                                                                                              |
|   | Appendix 3.1(3) | – | Updated      letter of intent dated March 7, 2010.                                                                                |
|   |            |    |                                                                                                                              |
|   | Appendix 4.13   | – | The      construction contract.                                                                                                   |
|   |            |    |                                                                                                                              |
|   | Appendix 4.15   | – | Declaration      of verifying representations drawn to the date of delivery of the right of      use and the right of possession. |
|   |            |    |                                                                                                                              |
|   | Appendix 4.16   | – | Additional      provisions appendix.                                                                                              |
|   |            |    |                                                                                                                              |
|   | Appendix 4.18   | – | Timetables      appendix.                                                                                                         |
|   |            |    |                                                                                                                              |
|   | Appendix 6.2.8  | – | Text      of letter of instructions to Trustee.                                                                                   |
|   |            |    |                                                                                                                              |
|   | Appendix 6.10.1 | – | Main      points of the specification, simulations and  photographs.                                                              |
|   |            |    |                                                                                                                              |
|   | Appendix 9.1.5  | – | Tax      certificates in respect of the 2002 Agreement.                                                                           |
|   |            |    |                                                                                                                              |
|   | Appendix 9.2    | – | Text      of irrevocable power of attorney to Purchaser for transfer of rights in      the Property Sold.                         |
|   |            |    |                                                                                                                              |
|   | Appendix 9.6    | – | Text      of power of attorney to the Company’s attorneys for expunging of caveat.                                          |
|   |            |    |                                                                                                                              |
|   | Appendix 9.6A   | – | Power      of attorney for specifically attributing caveats and for the      effecting of registrations by the Company.           |
|   |            |    |                                                                                                                              |
|   | Appendix 9.10   | – | Power      of attorney for effecting registrations.                                                                               |
|   |            |    |                                                                                                                              |
|   | Appendix 10.5.4 | – | Notarial      power of attorney for eviction of the Purchaser.                                                                    |
|   |            |    |                                                                                                                              |
|   | Appendix 10.6.2 | – | Text      of deed of assignment of the Obligations and Commitments      Transferred.                                              |

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| 3. | Declarations by the      Company |
|----|----------------------------------|

|   | 3.1 | That      it owns the rights in the Company’s Lands as same are described in this      Agreement and its aforesaid rights in the Company’s Lands are free and      clear of any debt, encumbrance, attachment, mortgage and third party      rights, save and except the existing encumbrances in favor of Bank Leumi      le-Israel B.M. (hereinafter: “Bank Leumi”) as      described in Appendix      3.1 (2) to this Agreement (hereinafter: “the Existing      Encumbrances”), which will be removed by the Company in accordance      with the provisions of Clause 6 below, and apart from a caveat regarding an      antiquities site in favor of the State of Israel pursuant to Deed No.      044510 dated December 1, 1995.  A letter from Bank Leumi giving      details of the balance of the loans as at March 7, 2010 is attached to      this Agreement as Appendix      3.1 (3).  It is      further clarified that the Company is a party to the legal proceedings      described in Appendix 3.1 (1) to thisAgreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | That      it is entitled and empowered to enter into this Agreement and to perform      it, and up to the date of signing of this Agreement it has passed all the      resolutions and obtained the approvals required according to the      provisions of the law and its documents of incorporation for purposes of      its entering into this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Declarations by the      Purchaser |
|----|------------------------------------|

|  | 4.1 | That      each of the individual parties who make up the Purchaser is duly      incorporated and that each of the individual parties who make up the      Purchaser is entitled and empowered toenter      into this Agreement and to perform it, and that it has passed all the      resolutions and obtained the approvals required according to the      provisions of the law and its documents of incorporation for purposes of      its entering into thisAgreement. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | That      no steps have been taken for an arrangement, stay of proceedings,      winding-up, liquidation, expungement, bankruptcy or receivership of any of      the individual parties who make up the Purchaser, and that there is no      threat against any of the individual parties who make up the Purchaser      with regard to such legal proceedings (including the fact that no      attachment has been imposed on their assets), which is likely to have an      impact on their entering into this Agreement and on the performance and      implementation of this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3 | That      it is bound by the declarations and undertakings that were given on its      behalf in the scope of the Sale Process and the Sale Procedure, and that      its declarations and undertakings mentioned in this sub-clause above are      correct, complete, full and updated, and are binding on it in all      respects. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.4 | That      acquisition of the Property Sold is being effected for the Purchaser      alone, and it or any of the individual parties who make up the Purchaser      is not acting, and will not act as an agent, representative, trustee      and/or partner in this regard, with and/or for another, whether directly      or indirectly, including the fact that they have not granted a right or      option to another as aforesaid in connection with the Property Sold and/or      the rights contained herein, prior to signing of this      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.5 | That      it is aware that the Company has agreed to enter into this Agreement with      it inter alia in      reliance on the contents of the Firm Commitment Letter, Appendix F to this      Agreement, and that coupled with that the furnishing of the aforesaid      commitment letter does not derogate from the Purchaser’s obligation to pay      the full consideration at the times specified for the payment thereof in      Clause 6 below, with it being clarified that the Purchaser’s obligation      for full payment of the consideration in accordance with the provisions of      this Agreement is absolute and is not contingent upon receiving finance or      on any other condition. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6 | That      the Purchaser is buying the Property Sold (including the rights in the      Company’s Lands) in the same condition in which the property Sold is at      the time of signing of this Agreement (“as is, where is”) and after the      Purchaser had examined, inspected andseen: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The      Project Lands (including the Company’s Lands, the Municipality Lands and      the Additional Real Estate Rights), the surrounding neighborhood thereof,      their physical and legal condition (including the registration in the Land      Registry of Parcel 242 Block 7104 as “designated lands” and the existence      of leaseholds which have expired and which have not yet been expunged in      Parcel 92 Block 7104 as described in the Municipality Lands Agreement) and      the planning and zoning situation of the Project Lands (including the      Company’s Lands, the Municipality Lands and the Additional Real Estate      rights), adjacent land, and the region in which the Project Lands      (including the Company’s Lands, the Municipality Lands and the Additional      Real Estate Rights) arelocated; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | The      Obligations and Commitments Transferred, as defined in sub-clause 1.7      above. |
|--|------|--------------------------------------------------------------------------------------------|

|  | (iii) | Plans      of any sort pursuant to the Planning and Building Law and on the strength      of any other statute or law, whether approved or in preparation, at any      level and at any planning or other authority or institution, which pertain      to the Project Lands (including the Company’s Lands, the Municipality      Lands and the Additional Real Estate Rights) and all land in the      surrounding area thereof, and included in this they have inspected,      examined and seen the provisions of Plan TA/3001 including all the      appendices thereto and the Architectural Design Plan and all the      appendices thereto, and are familiartherewith; |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | The      ways of access, the possibilities for planning, exploitation, licensing      and building of the Project Lands (including the Company’s Lands, the      Municipality Lands and the Additional Real Estate Rights) and all land in      the surrounding area thereof; |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | The      quality and composition of the Property Sold, including with regard to      matters connected with the environment, antiquities, marketability,      design, quality and so forth, and the suitability of any of the      abovementioned matters for the Purchaser’s  needs; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vi) | Any      relevant information of whatsoever nature at all the relevant authorities,      including the Land Registry, the Taxes Authority, the various planning and      building authorities and the relevant local  authorities; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (vii) | The      provisions of all the statutes, laws, bylaws which relate to the Property      Sold and/or to the Purchaser’s entering into this    Agreement. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.7 | That      it has the experience, know-how and ability to assess its entering into      this Agreement and the significances thereof, and that having regard      thereto, as also having regard to everything stated above and below in      this Agreement, it has carried out its aforesaid examinations in      consultation with all the experts whom it saw fit, in the course of      defining the information it wishes toexamine. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.8 | That      the Purchaser is purchasing the rights in the Property Sold on the      strength of its own independent examinations, assessments and forecasts as      aforesaid only, and it has not relied for purposes of entering into this      Agreement on promises, representations, any undertakings or guarantees      from the Company and/or the Municipality and/or from any of the bodies      connected with either of them, except those that are expressly mentioned      in this Agreement, and without this imposing on the Company and/or the      Municipality and/or any of the bodies connected with either of them, any      liability of whatsoever nature with regard to the Property Sold or to the      value thereof, and without this imposing any obligation for indemnity on      the Company and/or the Municipality and/or any of the bodies connected      with either of them. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.9 | That      acquisition of the Property Sold is in furtherance of a request for      proposals and a sale process that was conducted by the Company and the      Municipality in accordance with the sale procedure and following the      Purchaser’s selection as a preferred bidder.  The Purchaser      further declares and undertakes that it is aware that the documents and      the information that have been placed at its disposal or at the disposal      of someone on its behalf, in connection with its entering into this      Agreement, including documents and information that were exhibited in the      information room, and including answers by the Company, the Municipality      or anyone on their behalf to questions, and including information given      during tours and at meetings, were provided solely for its convenience and      without this imposing any liability on the Company and/or the Municipality      and/or any of the bodies connected with either of them, in respect of the      correctness or completeness of such information and documents or the      absence of any other information or document, and without such information      and documents or the absence thereof being deemed to be a representation      for purposes of entering into theAgreement. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.10 | That      without derogating from the provisions of Clause 13 below, the Purchaser      hereby irrevocably waives any claim and/or allegation and/or right of      set-off and/or right to a reduction in the consideration or a right to      cancel the Agreement, as against the Company and/or the Municipality      and/or as against the bodies connected with either of them, of any type      and based on any cause of action, subject to the condition that the      Company shall fulfill its obligations as expressly enunciated in this      Agreement. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.11 | That      it is aware that in the sole and absolute discretion of the Company and/or      the holders of rights in the Company, it is possible that at any time      after the signing of this Agreement, the Company may be wound up and/or      expunged and/or liquidated and/or corporate or other changes of any sort      may be made in the Company and/or in any of its      shareholders.  The Purchaser declares and undertakes that it      agrees in advance to the performing of any of the abovementioned actions,      including the winding-up of the Company as aforesaid and that it will in      no way, whether directly or indirectly, oppose the winding-up and/or      expungement and/or dissolution of the Company and/or of any of its      shareholders and/or corporate and/or structural changes in the Company      and/or in any of its shareholders as aforesaid.  It is agreed      that the Purchaser’s Agreement as set forth above in this sub-clause shall      also be deemed to be express consent to the performing of any of the      abovementioned actions, to the extent that such consent is required      according to any law, including the Laws of Companies.  For the      removal of doubt it is clarified that nothing in the foregoing shall      derogate from the Company’s obligations pursuant to this      Agreement. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.12 | The      Purchaser declares and confirms that it is aware that the Company will not      attend to the transfer of the rights of leasehold in and to the Company’s      Lands into the Purchaser’s name at the Land Registry, but that it will      deliver the documents specified in Clause 9 below to the      Purchaser.  For the removal of doubt it is clarified that      nothing contained in the provisions of this sub-clause shall derogate from      the Company’s obligations pursuant to Clause 9 of this      Agreement. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.13 | Public      buildings |
|--|------|-----------------------|

|   | 4.13.1 | The      Housing Company is obliged to construct the public buildings, as defined      in the construction contract, in the manner described in the construction      contract and the appendices thereto, which is attached to this Agreement      as Appendix 4.13 and will be signed contemporaneously with the signing of      this Agreement (hereinafter: “the Construction      Contract” and “the      Public Buildings”, respectively).  The Housing Company      undertakes to erect such Public Buildings and to deliver same to the      Municipality, in accordance with its above undertakings and the provisions      set forth below: |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.13.1.1 | The      applications for the issue of excavation and shoring permits for the areas      on which the Sports Center and the School will be built shall be submitted      simultaneously with the lodgment of application for the issue of      excavation and shoring permits for the areas on which the parking areas      and/or commercial space within the confines of the  Kufsa. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.13.1.2 | The      applications for the issue of building permits for the Sports Center and      the School shall be lodged simultaneously with the filing of the      applications for the issue of the building permits (as distinct from      excavation and shoring permits) for the parking areas and/or the      commercial space within the confines of the  Kufsa. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.13.1.3 | The      initial occupation of the parking areas and/or the commercial space within      the Kufsa shall be made contemporaneously with and subject to the      furnishing of a certificate for initial occupation of the Sports Center      and the School.  It is hereby agreed that if the Purchaser      wishes to make use of the parking areas and/or the commercial space within      the Kufsa prior to production of a certificate for initial occupation of      the Sports Center and the School, the Purchaser will be entitled to      address an appropriate application to the Director of the Property      Division at the Municipality.  The Director of the Property      Division at the Municipality will determine whether it is possible to      accede to the Purchaser’s application and what the conditions are in the      scope of which the Municipality is prepared to allow use of the parking      areas and/or the commercial space within the Kufsa prior to production of      a certificate for initial occupation of the Sports Center and the      School. |
|--|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.13.2 | The      Purchaser (including the Mall Company) hereby confirms that it knows and      is familiar with the provisions of the Construction Contract, including      the timetable specified in the Construction Contract.  This      includes the fact that the Purchaser (including the Mall Company) confirms      and agrees to the contingencies laid down in the Construction Contract and      in this Agreement above between the planning, construction, completion and      initial occupation of the parking areas and the commercial space within      the Kufsa, and the planning, construction, completion and initial      occupation of the Sports Center and the School.  In addition,      the Purchaser (including the Mall Company) agrees that the timetable for      constructing the Public Buildings as prescribed in the Construction      Contract and/or in this Agreement will be registered as conditions in the      building permits in the Kufsa, and that it waives any allegation and/or      demand against the Company and/or the Municipality and/or either of them,      in connection with the contingency and the conditions in the building      permit as aforesaid. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.13.3 | It      is further agreed, in relation to the Public Buildings, that the Company      and the Municipality will bear the expenses for the construction thereof      in a manner whereby the Company will pay the Housing Company and will be      directly liable to it with respect to 75.84% of “costs of construction of the      Public Buildings” (as same are defined below) and the Municipality      will pay the Housing Company and will be directly liable to it in respect      of 24.16% of the costs of erecting the Public Buildings.  For      the removal of doubt, it is clarified that the obligations of the      Municipality and the Company to bear such costs applies only in relation      to the Public Buildings as defined above.  With respect to this      sub-clause 4.12 [sic] “costs of constructing the      Public Buildings” means – the specific costs (including a      percentage of the increment to cost that will be added in respect thereof,      to the extent that this is specified in Appendix C1 to the Construction      Contract) which are specified in the aforesaid Appendix C1, provided that      the amounts of the cost components were approved in writing and in advance      by the Company and the Municipality, through the administration as defined      in Appendix 4.16 to this Agreement (hereinbefore and hereinafter: “the      Administration”). |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | 4.14 | Cancelled. |
|--|------|------------|

|  | 4.15 | All      the Purchaser’s representations and declarations pursuant to this Clause 4      will be correct both at the time of signing of this Agreement, and also at      the date of delivery of the right of use and at the date of delivery of      possession.  Declarations verifying the representations are      attached to this Agreement as Appendix      4.15. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.16 | That      by virtue of it having been told that the Company and the Municipality are      the owners of rights in the Remainder of the Project Lands which are not      being sold to the Purchaser in the scope of the transaction that is the      subject of this Agreement, it is agreed that in connection therewith the      provisions of Appendix      4.16 to this Agreement, which forms an integral part hereof, shall      apply to the parties in addition to the provisions of this      Agreement. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.17 | That      it is aware that the sale is being effected in reliance on the correctness      and completeness of all its representations and declarations as set forth      in this Agreement. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.18 | Timetables |
|--|------|------------|

|  | 4.18.1 | The      Purchaser undertakes to act diligently and uninterruptedly in all aspects      connected with the planning, licensing and construction of the Purchaser’s      Project in order to meet the timetables set forth in Appendix 4.18 to this      Agreement (hereinafter: “the      Timetables”).  It is agreed that the Timetables are      indicative, but coupled with that is agreed, in the case of any divergence      of more than 6 months in any of the milestones included in the Timetables      which occurs up to the time of actual payment of the second payment or up      to the time of the implementation of the first building permit (as defined      in Clause 6.2.4 below), whichever is the later, then without derogating      from any remedy available to the Company according to any law and      agreement (excluding only the right to agreed damages as stated in Clause      14 below), the Company will be entitled to agreed damages from the      Purchaser in respect of such divergence in an amount equivalent to NIS      113,760 for each month of default (and for a pro rata portion of      such damages in respect of part of a month), plus indexation differences      (as defined in thisAgreement). |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.18.2 | Without      derogating from the generality of the contents of sub-clause 4.18.1 above,      the Purchaser undertakes to take steps for the issue of an excavation and      shoring permit at the earliest date it is possible to do      so.  The Purchaser further undertakes to commence performing the      excavation and shoring works within nine weeks from a decision being taken      by the local committee / the licensing authority in regard to the issue of      an excavation and shoring permit, subject to payment of fees and levies      only (hereinafter in this sub-clause: “the Decision”) provided      that the Decision is taken before September 2010.  Where the      Decision is taken after September 2010, the Purchaser will commence      execution of the excavation and shoring works not later than March 15,      2011.  It is agreed that in the case of a divergence of more      than six weeks from the Timetables specified in this sub-clause 4.18.2,      the Company will be entitled, without derogating from any remedy available      to the Company according to any law and agreement (excluding only the      right to agreed damages as stated in Clause 14 below), to compensation      according to the amounts of damages specified in sub-clause 4.18.1      above. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.18.3 | The      Purchaser further undertakes that up to the end of 48 months from the date      of implementation of the first building permit (as defined in Clause 6.2.4      below), the commercial areas in the Purchaser’s Project and the Sports      Center and the School will be completed in a manner whereby up to the      aforesaid date an application will be lodged by it for receipt of “Form 4”      (which constitutes approval for initial occupation) in respect of the      commercial areas in the Purchaser’s Project, the Sports Center and the      School.  It is agreed that in the case of a divergence from the      Timetables specified in this sub-clause 4.18.3, the Company will be      entitled, without derogating from any remedy available to the Company      according to any law and agreement (excluding only the right to agreed      damages as stated in Clause 14 below), to agreed damages from the      Purchaser in respect of such divergence in a sum equivalent to NIS 75,840      for each month of default (or a pro rata share of such      damages in respect of part of a month) in respect of the first 6 months of      default or part thereof, plus a sum of NIS 151,680 for each month of      default (and a pro      rata share of such damages in respect of part of a month) in      respect of 6 months default after the first 6 months or any part thereof,      and plus a sum of NIS 227,520 for each month of default (or a pro rata share of such      damages in respect of part of a month) in respect of each month of default      thereafter, or any portion thereof. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.18.4 | It      is agreed that if there should be an impediment to meeting the Timetables      prescribed in sub-clauses 4.18.1-4.18.3 the origin of which is force majeure as      recognized at law, then subject to the condition that the Purchaser shall      invoke all the necessary means in order to remove or eliminate the      impediment, the period of the impediment due to force majeure as      aforesaid will not be counted as part of the times for purposes of this      sub-clause 4.18 above. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.18.5 | It      is agreed that a precondition to the excavating of the basement which will      be below that portion of Parcel 93 which is marked in gray on the drawings      attached to this Agreement as Appendices A1-A2 will be      in coordination with and with the prior consent of the Administration,      including the setting of a timetable for completion of the construction of      that basement and road and finding solutions for entry and exit to the      Remainder of the Project Lands during the period of construction of these      specific basements. |
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|  | 4.19 | The      Purchaser undertakes that within 6 months from the date of signing of this      Agreement it will submit an amended Architectural Design Plan to the Local      Committee and within 10 months from the date of signing of this Agreement      will lodge an application for a building permit in relation to the entire      Purchaser’s Project, which will be based on the aforesaid amended      Architectural Design Plan.  It is clarified that in a case in      which lodgment of the application for a building permit as referred to in      this sub-clause which contains a concession for an addition of 2 extra      floors, that is to say: 14 floors as distinct from 12 floors, encounters      opposition, prior to lodgment of the application, from the authorized      entities at the planning authorities, then the application for a building      permit that will be lodged by the Purchaser will be for only 12      floors.  It is agreed that the Purchaser will be entitled to      include in the application for such building permit, units having an      average area as stated in sub-clause 6.3.5 below.  Nothing      contained in the provisions of this sub-clause shall derogate from the      remaining provisions of this Agreement in regard to the planning and      design of the Purchaser’sProject. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.20 | Without      derogating from the provisions of Appendix 4.16 of this Agreement, the      Purchaser undertakes that the drawing up and signing of the Architectural      Design Plan, applications for a building permit and any other planning      and/or statutory document that may be submitted by it or by someone on its      behalf to the planning authorities, in connection with the Purchaser’s      Project (as distinct from the Public Buildings), will be performed in      relation to the Purchaser’s Project as a whole (as distinguished from the      Public Buildings) and to all the documents mentioned above, by an      architect, constructor and one traffic consultant whose identity shall be      approved by the Company and theMunicipality. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.21 | The      Purchaser declares that it is aware that all the actions and/or      undertakings and/or representations of the Municipality pursuant to this      Agreement and/or in connection herewith are in the Municipality’s capacity      as owner of the Project Lands, and that none of the aforesaid actions      and/or undertakings and/or representations will have the effect of binding      the Local Committee or any other statutory or planning    body. |
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|  | 4.22 | That      it is aware that the undertakings of the Interested Parties as defined at      the foot of this Agreement do not release it from any of its obligations      under this Agreement and that the deed of undertaking of the Interested      Parties and/or the fulfillment of the obligations of the Interested      Parties or any of them pursuant thereto shall not derogate from any of the      remedies available to the Company against the Purchaser in accordance with      the provisions of this Agreement and thelaw. |
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| 5.  | The      transaction: |
|----------|-----------------------|

|   | 5.1 | The      Company hereby sells the Property Sold to the Purchaser, and the Purchaser      hereby buys the Property Sold from the Company, for the consideration and      on the conditions as set forth in this  Agreement. |
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|  | 5.2 | Liability      of individual parties who make up the  Purchaser |
|--|-----|-----------------------------------------------------------------|

|  | 5.2.1 | It      is agreed that the liability of the individual parties who make up the      Purchaser for the fulfillment of the Purchaser’s obligations under this      Agreement are joint and several, except with respect to the following      obligations: |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.1.1 | Payment      of the consideration as set forth in sub-clause 5.2.4    below; |
|--|---------|------------------------------------------------------------------------------|

|  | 5.2.1.2 | Construction      of the Public Buildings as stated in sub-clause 4.12 above, which will be      solely under the responsibility of the Housing  Company; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.1.3 | Declarations      and undertakings of the individual parties who make up the Purchaser which      are the subject of sub-clauses 4.1 and4.2; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.2 | Without      derogating from the foregoing in this sub-clause, it is hereby made known      to the Company by the Purchaser that the individual parties who make up      the Purchaser are buying the Property Sold according to a division that      has been decided upon between them prior to the signing of this Agreement,      without this derogating from any obligations of any of them in accordance      with the provisions of this Agreement.  Solely for the sake of      convenience and only for registration purposes, it is agreed that the      individual parties who make up the Purchaser will be deemed to be      purchasers of the Company’s Lands in relative shares between them (in      musha) as      follows:  the Housing Company – 60%, the Mall Company –      40%.  For the removal of doubt it is clarified that the      proportionate shares mentioned above are made known to the Company solely      for purposes of information, that the Company is not bound in any way in      relation to such division, and that the aforesaid division does not and      will not derogate from any of the Company’s rights vis-à-vis the      individual parties who make up the Purchaser and/or derogate from any of      the Purchaser’s obligations to the Company (both with respect to the joint      and several obligations of the individual parties who make up the      Purchaser to the Company and also in relation to the obligations of any of      the individual parties who make up the Purchaser severally as against the      Company, all according to the provisions of this    Agreement). |
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|  | 5.2.3 | Cancelled. |
|--|-------|------------|

|  | 5.2.4 | With      respect to liabilities for payment of “the consideration” (as      defined below), the following provisions will  apply: |
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|  | 5.2.4.1 | Liability      for payment of the Basic      Consideration (as defined below) will be divided in such a way that      the Housing Company will pay the Company NIS 432,288,000 plus indexation      differences, out of the Basic Consideration, and the Mall Company will pay      the Company NIS 288,192,000 plus indexation differences, out of the Basic      Consideration, all together with V.A.T. as prescribed by law, according to      the following division: |
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|  | 5.2.4.1.1 | “The First Payment” (as      defined below) will be divided in such a way that the Housing Company will      pay the Company NIS 82,362,240 plus indexation differences of the First      Payment, and the Mall Company will pay the Company NIS 54,908,160 plus      indexation differences, of the FirstPayment. |
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|  | 5.2.4.1.2 | “The Additional First      Payment” (as defined below) will be divided in such a way that the      Housing Company will pay the Company NIS 18,201,600 of the Additional      First Payment, and the Mall Company will pay the Company NIS 12,134,400 of      the Additional First Payment, plus indexation  differences. |
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|  | 5.2.4.1.3 | “The Later First      Payment” (as defined below) will be divided in such a way that the      Housing Company will pay the Company NIS 17,296,070 of the Later First      Payment and the Mall Company will pay the Company NIS 11,530,714 of the      Later First Payment, plus indexation  differences. |
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|  | 5.2.4.1.4 | “The Second Payment” (as      defined below) will be divided in such a way that the Housing Company will      pay the Company NIS 291,676,090 of the Second Payment, and the Mall      Company will pay the Company NIS 209,618,726 of the Second Payment, plus      indexation differences. |
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|  | 5.2.4.1.5 | “The Third Payment” (as      defined below) will be paid by the Housing Company in full, together with      indexation differences. |
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|  | 5.2.4.1.6 | Each      of the individual parties who make up the Purchaser undertakes to pay      the Company its share specified above in the Basic Consideration in      relation to each of the payments mentioned in Clause 6 below and at the      times specified in Clause 6below. |
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|  | 5.2.4.2 | The      liability for payment of the additional consideration shall be imposed      solely on the HousingCompany. |
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|  | 5.2.4.3 | Without      derogating from the remaining provisions of this Agreement, it is agreed      that until actual settlement of the Second Payment, in a case of: (1) a      breach of any of the obligations set forth in sub-clauses 5.2.1.1 to      5.2.1.3 above, including the obligations to make any payment on account of      the consideration by any of the individual parties who make up the      Purchaser, which was not rectified by it within the time specified in this      Agreement for rectification of the breach and (2) the occurrence of one of      the events mentioned in sub-clause 18.7 below with respect to any of the      individual parties who make up the Purchaser (hereinafter: “the Defaulting Individual      Purchaser”) the following provisions will  apply: |
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|  | 5.2.4.3.1 | The      right will be conferred on the Company and the Municipality to cancel this      Agreement and the Municipality Lands Agreement vis-à-vis the      Defaulting Individual Purchaser, and to hold forfeit from the Defaulting      Individual Purchaser the      full amount of the agreed damages calculated on a basis of the full      basic consideration as defined in this Agreement and in the Municipality      Lands Agreement (including by way of foreclosing on the sale process      guarantee and/or holding forfeit the amounts that were paid to the Company      and to the Municipality on account of the consideration by the Defaulting      Individual Purchaser up to such time), with this being in addition to the      remaining remedies available to the Company and to the Municipality as      against the Defaulting Individual Purchaser in accordance with any law      and/or agreement. |
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|  | 5.2.4.3.2 | An      individual purchaser who is not the Defaulting Individual Purchaser      (hereinafter: “the      Complying Individual Purchaser”) will be given a period of 45 days      from the date of cancellation of the Agreement as against the Defaulting      Individual Purchaser (hereinafter in this sub-clause: “the Date of      Cancellation”), in the course of which the Complying Individual      Purchaser will be entitled to present for the approval of the Company and      the Municipality the identity of a third party (hereinafter: “the Substitute on behalf of      the Purchaser”) who: (1) has irrevocably undertaken in writing      vis-à-vis the      Complying Individual Purchaser and vis-à-vis the Company      and the Municipality to step into the shoes of the Defaulting Individual      Purchaser under the terms and conditions of this Agreement and to sign the      transfer documents as defined below with the Company and the Municipality;      (2) has been approved by the financing bank (if one exists at that stage)      as being a party who will step into the shoes of the Defaulting Individual      Purchaser in the contractual arrangement with the financing bank and has      signed all the documents in connection therewith; and (3) has undertaken      to the Company and the Municipality to make the additional First Payment      and/or the later First Payment and/or the second payment, as the case may      be, within 30 days from the date of its approval as a substitute by the      Company and the Municipality (and to the extent that the time for making      the additional First Payment and/or the later First Payment and/or the      second payment has not yet arrived – to make payment of each of them on      the due date thereof).  If the Company and the Municipality, in      their sole discretion, approve the identity of the substitute on behalf of      the Purchaser (after having been satisfied, inter alia, that the      substitute has equity capital and financial means to pay its share of the      consideration without delay and to fulfill the remaining obligations under      this Agreement and the Municipality Lands Agreement), then the parties      shall, within 14 days from the date of the approval, sign all the      documents that will be required by the Company and the Municipality for      purposes of arranging the substitute on behalf of the Purchaser’s stepping      into the shoes of the Defaulting Individual Purchaser (hereinafter: “the Transfer      Documents”), and settlement of the additional First Payment and/or      settlement of the later First Payment and/or settlement of the second      payment, as the case may be, will be made not later than 30 days from the      date of approval of the substitute on behalf of the Purchaser, and to the      extent that the time for making the additional First Payment and/or the      later First Payment and/or the second payment has arrived – to make      payment of each of these on the due date  thereof. |
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|  | 5.2.4.3.3 | If      a Substitute on behalf of the Purchaser is not presented to the Company      and/or if the Substitute on behalf of the Purchaser is not approved by the      Company and the Municipality within 45 days from the Date of Cancellation      and/or in a case in which the substitute has not signed the Transfer      Documents with the Company and the Municipality, then the Company and the      Municipality will have a period of 45 days in which to present to the      Complying Individual Purchaser a third party who will step into the shoes      of the Defaulting Individual Purchaser according to the terms and      conditions of this Agreement and the conditions of any additional      agreement that may be signed between the individual parties who make up      the Purchaser as between themselves at the latest up to the date on which      the default by the Defaulting Individual Purchaser occurred (hereinafter:      “the Substitute on behalf      of the Company and theMunicipality”). |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.4.3.4 | If      the Company and the Municipality do not present a Substitute on behalf of      the Company and the Municipality or the Complying Individual Purchaser has      not approved the identity of the Substitute on behalf of the Company and      the Municipality, or if the conditions for the substitute stepping into      the shoes of the Defaulting Individual Purchaser have not been agreed      between the Complying Individual Purchaser and the Substitute on behalf of      the Company and the Municipality, then the Company and the Municipality      will be entitled to cancel this Agreement also vis-à-vis the Complying      Individual Purchaser, and in a situation in which the identity of the      Substitute on behalf of the Company and the Municipality has not been      approved by the Complying Individual Purchaser or in a case in which the      Complying Individual Purchaser fails to sign the Transfer Documents, then      and in that event the Company and the Municipality will be entitled to      agreed damages from the Complying Individual Purchaser in a sum equivalent      to 10% of the total share of the Complying Individual Purchaser in the      Basic Consideration in accordance with this Agreement and pursuant to the      Municipality Lands Agreement (including by way of foreclosure on the Sale      Process Guarantee and/or the holding forfeit of the amounts which were      paid up to such time by the Complying Individual Purchaser to the Company      and the Municipality on account of the  Consideration). |
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|  | 5.2.4.3.5 | For      the removal of doubt it is clarified that cancellation of the Agreement as      against the Defaulting Individual Purchaser in the circumstances as      described in sub-clause 5.2.4.3.1 and cancellation of the Agreement as      against the Complying Individual Purchaser in the circumstances as      described in sub-clause 5.2.4.3.4 will be deemed to be lawful cancellation      for all intents andpurposes. |
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|  | 5.2.4.4 | It      is further clarified for the avoidance of doubt that in the event of a      breach of any of the Purchaser’s obligations under this Agreement by two      individual parties who make up the Purchaser or upon the occurrence of one      of the events mentioned in sub-clause 18.7 below with respect to two      individual parties who make up the Purchaser, the Company will have all      the remedies according to any law and agreement available to it as against      two individual parties who make up the Purchaser (including, and without      derogating from the generality of the foregoing, a right of cancellation,      a right to receive agreed damages, and so forth), subject to the      provisions of sub-clause 18.8below. |
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|  | 5.2.5 | The      Purchaser undertakes that in the agreement between it and the financing      bank (both in relation to financing of the purchase of the Land and also      in relation to the construction loan/s) (hereinafter: “the Construction Loan      Agreement”) the following arrangements and/or provisions will be      included: |
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|  | 5.2.5.1 | The      financing bank’s undertaking to give the Purchaser and/or any of the      individual parties who make up the Purchaser written warning notice prior      to a loan being made immediately due and payable in the scope of which      notice the Purchaser and/or any of the individual parties who make up the      Purchaser will be given an extension of time to cure the breach in respect      of which the warning notice was given (hereinafter: “the Warning Notice”),      except in certain cases as is customary in financing agreements for      projects of this sort in which the bank reserves the right not to give      notice. |
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|  | 5.2.5.2 | The      financing bank’s obligation to send the Company Warning Notices in each of      the cases in which the Purchaser will be entitled to receive same,      simultaneously with sending a Warning Notice to the    Purchaser. |
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|  | 5.2.5.3 | An      arrangement pursuant to which in a situation in which there are grounds      for making a loan immediately due and payable as against two individual      purchasers in consequence of which a Warning Notice will be given by the      financing bank and the time for rectifying the breach that was specified      in the Warning Notice has passed and the breach has not been cured, then      and in that event a period of exclusivity will be granted by the bank to      the Company for a period of 120 days in the course of which the Company      and the bank will conduct exclusive negotiations with the objective of      reaching an agreement that will allow the continued implementation of the      Purchaser’s Project by the Company or by someone on its behalf, whether by      way of the Company or someone on its behalf stepping into the Purchaser’s      shoes as a borrower, or by way of the debt being purchased by the Company      or someone on its behalf, or by way of the purchase by the Company of the      Company’s Lands and/or the Municipality Lands and/or the Additional Real      Estate Rights from the bank or through the bank by realization of the      encumbrance to the financing bank in the court and with its approval, or      in any other manner to the satisfaction of the bank and the      Company.  The Purchaser hereby gives its irrevocable consent to      an arrangement that may be formulated with the agreement of the bank and      the Company and waives any allegation and/or demand in connection      therewith, subject to the condition that the bank acts in accordance with      its obligations according to law, including the fact that the arrangement      between the bank and the Company shall be made in the course of complying      with the bank’s obligations to the Purchaser according to law and in      accordance with the Construction LoanAgreement. |
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|  | 5.2.5.4 | An      arrangement pursuant to which in a case where there are grounds for making      a loan immediately due and payable as against any of the individual      parties who make up the Purchaser (hereinafter in this sub-clause: “the Defaulting Individual      Purchaser”) as a consequence of which a warning notice will be      given by the financing bank in respect of such grounds and the time for      rectifying the breach as was specified in the warning notice has passed      and the breach has not been cured, then and in that event an individual      party who makes up the Purchaser who is not the Defaulting Individual      Purchaser (hereinafter in this sub-clause: “the Complying Individual      Purchaser”), or someone on its behalf, whose identity shall be      approved in advance by the Company and the Municipality in their sole      discretion (hereinafter: “the Substitute vis-à-vis the Bank”) will have      the right vis-à-vis the financing      bank to step into the shoes of the Defaulting Individual Purchaser and      with respect to its rights in the Purchaser’s Project, on terms and      conditions as shall be decided with the financing bank, and in such case,      and subject to compliance by the Substitute vis-à-vis the Bank with the      conditions set forth in Clause 5.2.4.3.2 above and the Substitute      vis-à-vis the Bank signing the Transfer Documents, the Substitute      vis-à-vis the Bank will also be deemed to be a substitute for the      Purchaser who has been approved by the Company and the      Municipality.  If grounds for making a loan immediately due and      payable have occurred, and the Complying Individual Purchaser or someone      on its behalf has not stepped into the shoes of the Defaulting Individual      Purchaser, or in a case in which the identity of the entity on behalf of      the Complying Individual Purchaser has not been approved by the Company      and the Municipality, then subject to the condition that the Company meets      the criteria prevailing at that time at the financing bank for approval of      the identity of a borrower in a project such as the Purchaser’s Project,      the Company will have the right that “someone on behalf” of the Complying      Individual Purchaser shall, vis-à-vis the financing      bank, step into the shoes of the Defaulting Individual Purchaser and its      rights in the Purchaser’s Project, under such conditions as shall be      decided with the financing bank asaforesaid. |
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|  | 5.2.5.5 | The      individual parties who make up the Purchaser undertake that in the      agreement of the individual parties who make up the Purchaser and/or      another agreement that may be made between them, provisions will be      included that conform with the contents of sub-clause 5.2.5      above. |
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| 6. | The      consideration: |
|----|-------------------------|

|  | 6.1 | In      consideration for the Property Sold the Purchaser will pay the Company (in      accordance with the provisions of sub-clause 5.2 above) a Basic      Consideration in an aggregate amount of NIS 720,480,000 (seven hundred and      twenty million four hundred and eighty thousand new shekels), plus      indexation differences and together with V.A.T. as prescribed by law      (hereinafter: “the Basic      Consideration”).  In addition to the Basic Consideration,      the Housing Company will pay the Company the additional consideration as      defined in Clause 6.3 below, plus V.A.T. as prescribed by law (the Basic      Consideration together with the additional consideration will be referred      to below as: “the      Consideration”). |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2 | The      Basic Consideration will be paid by the individual parties who make up the      Purchaser, according to the division described in Clause 5 above, in the      manner and at the times set forthbelow: |
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|  | 6.2.1 | A      sum of NIS 137,270,400, together with indexation differences based on      linkage to the Consumer Price Index and plus interest at an annual rate of      2.5% in respect of the period commencing from April 15, 2010 and up to the      date of signing of this Agreement (hereinafter: “the First Payment”)      shall, on the date of signing of this Agreement, be deposited in a trust      account to be opened by the attorneys (hereinafter: “the Trust Account” and      “the First Payment      Moneys” respectively).  The First Payment shall be paid      out of the Purchaser's independent resources and without any encumbrance      over any of the Purchaser’s rights pursuant to this Agreement and/or the      Company’s Lands. |
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|  | 6.2.2 | A      sum of NIS 30,336,000 together with indexation differences (as defined      above) in respect thereof (hereinafter: “the Additional First      Payment”), plus V.A.T. as prescribed by law (which shall be paid in      the manner stated in Clause 6.8 below), shall be paid by the Purchaser      directly to the Company by way of bank check, within 90 days from the date      of transfer of the First Payment Moneys from the Trustee to the Company,      as stated in sub-clause 6.2.1 above.  The Additional First      Payment shall be paid out of the Purchaser’s own resources and without any      encumbrance on any of the Purchaser’s rights pursuant to this Agreement      and/or in the Company’sLands. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.3 | Within      90 days from the date specified for making of the Additional First      Payment, a sum of NIS 28,826,784 (together with indexation differences)      (as defined above) and plus V.A.T. as prescribed by law (which shall be      paid as stated in sub-clause 6.8 below) shall be paid by the Purchaser to      the Company by way of bank check (hereinafter: “the Later First      Payment”), against return to the Purchaser of      the sale process guarantee.  The Later First Payment shall be      paid out of the Purchaser’s own resources without any encumbrance on any      of the Purchaser’s rights pursuant to this Agreement and/or in the      Company’s Lands.  The Purchaser undertakes to cause an extension      of the sale process guarantee from time to time in a manner whereby the      guarantee will remain in force until actual settlement of the Later First      Payment.  If the sale process guarantee is not extended as      aforesaid at least 21 days before the date of its expiration, the Company      will be entitled to foreclose on the sale process    guarantee. |
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|  | 6.2.4 | A      sum of NIS 501,294,816 together with indexation differences (as defined      above) in respect thereof (hereinafter: “the Second Payment”)      plus V.A.T. as prescribed by law (which shall be paid as stated in Clause      6.8 below) shall be paid by the Purchaser directly to the Company: (1) 7      business days from the date on which notice is given by the Municipality      to the effect that subject to payment of fees and levies only, it will be      possible to issue the first building permit (even if such notice relates      to a building permit that will be issued in relation to only part of the      Company’s Lands and/or the Municipality Lands and/or the Additional Real      Estate Rights, but excluding an excavation and shoring permit, a permit      for a sales office, signboards, fencing and similar other permits that are      only ancillary and subordinate to the Project) (hereinafter: “the First Building      Permit” and “Notice Regarding the First      Building Permit”, respectively), or (2) after the elapse of 24      months from the date of signing of this Agreement, whichever of (1) or (2)      is the later.  For the avoidance of doubt it is hereby clarified      that such notice in relation to a permit for construction of the basement      floors or part thereof (even if it is issued separately from the building      permit for the above-ground areas) will be deemed to be Notice Regarding      the First Building Permit for purposes of this Clause      6.2.4.  The Second Payment shall be made by way of a bank check      and subject to fulfillment of the matters set forth in sub-clause 6.2.5      above. |
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|  | 6.2.5 | The      Second Payment shall be made in a manner whereby at the date specified in      sub-clause 6.2.4 above for the making of the Second Payment, the parties      will meet at the Land Registry, and will simultaneously perform the      following actions: |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.5.1 | The      Company will deliver to the Purchaser the certificates mentioned in      sub-clauses 9.1.2-9.1.3 below, if same have not been delivered up to that      time. |
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|  | 6.2.5.2 | The      Purchaser shall, by way of a bank check, pay the Company and/or Bank Leumi      and/or the Trustee, as the case may be (and as described below), the      Second Payment asfollows: |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 6.2.5.2.1 | The      sum of the balance of the loans as specified in the Updated Letter of      Intent (as defined above), if a balance remains at such time in favor of      Bank Leumi, will be paid to Bank Leumi by way of a bank    check. |
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|  | 6.2.5.2.2 | If      the Company has not furnished the Land Appreciation Tax certificate      mentioned in Clause 9.1.1(a) below, the trust moneys, as defined in Clause      6.2.5.6 below, will be paid to the Trustee by way of a bank      check. |
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|  | 6.2.5.2.3 | The      balance of the First Payment will be paid to the Company, by way of a bank      check. |
|--|-----------|-------------------------------------------------------------------------------------------------|

|  | 6.2.5.3 | The      encumbrance in favor of the financing bank as defined in Clause 16.7.3      below, will be registered in accordance with one of the alternatives      described in Clause 16.7.3 below.  It is agreed that for      purposes of registration of the encumbrance with the Registrar of      Companies, delivery of a debenture and an encumbrance registration form to      the Registrar of Companies, signed by the authorized signatories of the      Company and duly authenticated, shall be deemed to be registration of an      encumbrance for purposes of thissub-clause. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.5.4 | The      encumbrance over the Company’s Lands (as defined in Clause 16.7.3 of the      Municipality Lands Agreement) will be registered in favor of the financing      bank. |
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|  | 6.2.5.5 | The      Company will deliver possession of the Company’s Lands to the Purchaser as      described in Clause 10 below.  In addition, by virtue of      delivery of possession of the Company’s Lands, the amount of the V.A.T.      which is the subject of the Second Payment and the amount of the V.A.T.      which is the subject of the Third Payment will be paid to the Company by      the Purchaser at the Date of Delivery of Possession by way of a bank      check, against a valid taxinvoice. |
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|  | 6.2.5.6 | Notwithstanding      the contents of sub-clause 6.2.5.1 above, if at the date of effecting the      Second Payment, the Land Appreciation Tax certificates mentioned in Clause      9.1.1(a) below has not been delivered to the Purchaser, then the Company      will furnish the Purchaser with a letter from Adv. Udi Barzilai, the      Company’s tax consultant, setting forth an assessment by the tax      consultant with regard to the amount of the Land Appreciation Tax that      will be imposed on the Company in respect of the transaction which is the      subject of this Agreement, after the full objection and appeal proceedings      according to law have been exhausted, taking into account the full gamut      of the relevant circumstances that are known at that time (hereinafter:      “the Tax Consultant’s      Letter” and “the      Anticipated Amount of Tax”, respectively).  In such case,      a deposit will be made out of the Second Payment moneys to the Trust      Account of an amount equal to the Anticipated Amount of Tax as stated in      the Tax Consultant’s Letter (hereinafter: “the Trust      Moneys”).  The Trustee shall hold the trust moneys in its      possession until the Land Appreciation Tax Certificate mentioned in Clause      9.1.1(a) below is delivered to the Purchaser, and in accordance with the      provisions of the written instructions to the Trustee, Appendix 6.2.8 to      this Agreement. |
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|  | 6.2.5.7 | It      is clarified that the making of the Second Payment in accordance with this      Clause 6.2 shall be effected simultaneous with the making of the Second      Payment pursuant to Clause 6.2 of the Municipality Lands Agreement and      according to the conditionsthereof. |
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|  | 6.2.5.8 | It      is hereby agreed that if a registration or procedural problem should arise      in creating any of the encumbrances included in the encumbrance to the      financing bank, then the parties will in good time discuss between      themselves and together with the financing bank the necessity for reaching      an appropriate arrangement that will be agreed upon by the parties and by      the financing bank in a manner that allows for the effecting of the Second      Payment. |
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|  | 6.2.6 | A      sum of NIS 22,752,000 together with indexation differences (as defined      above) in respect thereof (hereinafter: “the Third Payment”)      will be paid by the Housing Company directly to the Company on the date of      receipt of “Form 4” with respect to the first commercial areas that will      be constructed on the Company’s Lands and/or the Municipality Lands and/or      the Additional Real Estate Rights (except if “Form 4” is received solely      with respect to the commercial areas that will be located on the first      floors of the residential buildings in the residential zone, if there are      such) and against delivery of an irrevocable power of attorney as      mentioned in Clause 9.2 below and the minutes referred to in Clause 9.2      below, delivery of the deeds of transfer of right of lease mentioned in      Clause 9.1.4 below and return of a power of attorney for expungement of a      caveat mentioned      in Clause 9.6 below.  The Third Payment shall be made by way of      a bank check. |
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|  | 6.2.7 | It      is agreed between the parties that if the Company presents to the Trustee      demands for payment from the tax authorities, and the Company presents the      Trustee with a certificate from the Company stating that against the      making of the payment specified in the demands for payment the certificate      referred to in Clause 9.1.1(a) below will be issued by the relevant tax      authority, then the Trustee will be empowered, if the Company has so      requested from it in writing with a copy to the Purchaser, to make payment      out of the trust moneys of the payments that are the subject of the      aforesaid demands for payment to the relevant authority, for purposes of      obtaining the aforesaid certificate.  The parties hereby      instruct the Trustee that after the elapse of the time specified in      sub-clause 9.1.5 for the furnishing of the certificate mentioned in Clause      9.1.1(a) below, and on a written demand from the Purchaser, the Trustee      will make use of the Trust Moneys for purposes of making the payments      demanded for the furnishing of the certificate mentioned in Clause      9.1.1(a) below, including the furnishing of suitable bank      guarantees. |
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|  | 6.2.8 | In      relation to any amount that may be deposited in trust with the Trustee in      accordance with the provisions of this Clause 6, the Trustee shall act in      accordance with the letter of instructions to the Trustee which is      attached to this Agreement as Appendix      6.2.8, and deposit of such amount in trust with the Trustee, as      aforesaid, shall be deemed to be performance of the Purchaser’s obligation      to pay the aforesaid amount to theCompany. |
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|  | 6.3 | In      addition to the Basic Consideration, the Company will be entitled to      additional consideration from the Housing Company in relation to the      residential areas that will be erected on Plot No. 1 and in relation to      the areas of Plot No. 6, in the scope of the Purchaser’s Project, as      described below (hereinafter: “the Additional      Consideration”): |
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|  | 6.3.1 | The      terms mentioned in this Clause 6.3 and all the sub-clauses hereof will      have the meaning ascribed to them in Clause 6.7.1  below. |
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|  | 6.3.2 | If      the average selling price per sq.m. should exceed NIS 15,517 (excluding      V.A.T.) linked to the upside index as stated in Clause 6.3.4 below      (hereinafter: “the Basic      Price”), but be less than NIS 16,379 (excluding V.A.T.) linked to      the upside index as stated in sub-clause 6.3.4 below (hereinafter: “the Intermediate      Price”), the Housing Company will pay the Company an amount      equivalent to the full difference between the Intermediate Price and the      Basic Price where this is multiplied by the sale areas and the Company’s      share in the Additional Consideration, plus V.A.T. as prescribed by law      against receipt of a valid taxinvoice. |
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|  | 6.3.3 | If      the average selling price per sq.m. should exceed the Intermediate Price      (hereinafter: “the High      Price”), the Housing Company will pay the Company the following      cumulative amounts, together with V.A.T. according to law and against      receipt of a valid tax invoice: |
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|  | 6.3.3.1 | The      full difference between the Intermediate Price and the Basic Price where      it is multiplied by the sale areas and by the Company’s share in the      Additional Consideration. |
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|  | 6.3.3.2 | 50%      of the difference between the High Price and the Intermediate Price where      this is multiplied by the sale areas and by the Company’s share of the      Additional Consideration. |
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|  | 6.3.4 | The      Basic Price and the Intermediate Price (as will be updated in accordance      with the provisions of sub-clause 6.3.5 below to the extent that same are      updated) will be linked to the index or to the Building Inputs Index,      according to the index to which the proceeds that will be received from      buyers of apartments will be linked and as will be mentioned in the sale      contract with the buyers of apartments (hereinafter: “the Upside Index”) and      will bear indexation differences at the percentage rise of the Upside      Index which is known at the time of doing the relevant accounting as      against the Upside Index that was known at the date of signing of an      agreement for the sale of the first apartment in the Purchaser’s Project      between the Purchaser and a third party, while a decline in the Upside      Index will not lead to a reduction of the Basic Price and the Intermediate      Price, as the case may be. |
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|  | 6.3.5 | If      building construction has been approved to the Housing Company pursuant to      which the average main area of an apartment will be less than 110 sq.m.      but will not be less than 91.7 sq.m. and the Company was held liable in      respect thereof for a betterment levy or payment of betterment and/or if a      concession was approved to the Housing Company in regard to the adding of      two additional floors in the buildings on Plot No. 1 from 12 to 14 floors      and in respect thereof the Housing Company was held liable for a      betterment levy or payment of betterment (hereinafter jointly: “the Specific Planning      Changes”), then: (1) the amount of the betterment or the betterment      levy that was paid by the Housing Company as was fixed according to law as      a consequence of the approval of the specific planning changes only      (whichever is the higher) or (2) an amount in a maximum sum of NIS      10,000,000 linked to the Upside Index (excluding V.A.T.) (hereinafter:      “the Betterment Tax      Ceiling”), whichever of (1) or (2) above is the lower (hereinafter:      “the Determining      Amount”), where same is divided by the sale areas, will be added      both to the Basic Price and to the Intermediate  Price. |
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|  | 6.3.6 | In      addition to the amounts mentioned in Clauses 6.3.2-6.3.3 (inclusive), the      Housing Company shall pay the Company, as part of the Additional      Consideration, an amount equivalent to one-half of the difference, if any,      between the selling price (including V.A.T.) in respect of a sale or      letting under leasehold or conferring of a right of use of any sort of a      parking place in the Purchaser’s Project that will be paid by any buyer of      an apartment or any third party (even if he is not a buyer of an      apartment) in respect of a parking place in the Purchaser’s Project      (excluding only a price that will be paid by any buyer of an apartment in      respect of a first parking place for an apartment) and a sum of NIS      100,000 (including V.A.T.) for each parking place (for the avoidance of      doubt it is clarified that this price is a consideration for all the      direct and indirect costs connected with the construction of parking      places as aforesaid, including and without derogating from the generality      of the foregoing, the envelope of the parking places, sprinklers, fire      extinguishing systems, planning and so forth, all until receipt of Form 4      in respect of the aforesaid parking places) (where same is linked to the      Upside Index commencing from the date of a sale agreement in respect of      the first apartment in the Purchaser’s Project between the Housing Company      and a third party and up to the time of any actual payment), where this is      multiplied by the Company’s share in the Additional      Consideration. |
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|  | 6.4 | The      Additional Consideration will be calculated and paid at the following      times: |
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|  | 6.4.1 | Interim      accounting |
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|  | 6.4.1.1 | On      the 5th      of the first month of each calendar quarter, commencing from the date of      signing of the first agreement for the sale of an apartment between the      Housing Company and a buyer of an apartment, an interim accounting will be      done in relation to the Additional Consideration in respect of the      proceeds of the sales that have been received by the Purchaser in the      preceding quarter (hereinafter: “the Interim      Accounting”).  The Interim Accounting will be carried out      with respect to each and every apartment the proceeds in respect of which      were paid in the preceding quarter in a manner whereby the average selling      price per sq.m. for each apartment will be determined on a basis of the      total proceeds of the sales which were received in respect thereof in the      preceding quarter (hereinafter: “Proceeds of the      Quarter”) where same is divided by “the partial sale      area”. |
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|  | 6.4.1.2 | The      Interim Accounting in each quarter will be carried out on a cumulative      basis having regard to the proceeds, the sale areas which are the subject      of those proceeds and having regard to the Additional Consideration in      respect of the quarters which preceded it.  It is hereby agreed      that only commencing from the date of payment of the full Basic      Consideration, to the extent that it becomes apparent at the time of      conducting any Interim Accounting that overpayments of the Additional      Consideration, on a cumulative basis, have been paid to the Company, the      Company will refund to the Housing Company the amounts that were overpaid      to it as aforesaid, where such amounts are linked to the Upside Index      commencing from the date of the last accounting and up to the date of the      actual refund thereof, plus V.A.T. according to law, against receipt of a      valid tax invoice. |
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|  | 6.4.2 | Final      accounting |
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|  | 6.5 | As      security for payment to the Company of the Additional Consideration, the      Housing Company shall deliver to the financing bank an irrevocable      instruction in relation to the account in which the total proceeds that      will be received from the buyers of apartments will be deposited      (hereinafter: “the      Proceeds Account”) pursuant to which the Housing Company will      instruct the financing bank to act in accordance with the instructions of      the arbiter as defined in sub-clause 6.7 below, in connection with the      release of money from the Proceeds Account to the Company, in accordance      with the results of the Interim Accountings that will be conducted between      the parties as stated in sub-clause 6.4.1 above and that it should not      allow the Housing Company to withdraw/transfer any money from the Proceeds      Account (including a transfer of money from the Proceeds Account to the      Housing Company’s expenses account), unless at the time of any such      withdrawal/transfer an early interim accounting is done, and in accordance      with the results thereof money will simultaneously be transferred to the      Company out of the Proceeds Account in accordance with the instructions of      the aforesaid arbiter.  In the event that the financing bank      refuses to act in accordance with such irrevocable instructions, other      collateral will be decided upon by the parties to secure payments of the      Additional Consideration, to the satisfaction of the      Company.  The Housing Company undertakes that the Mall Company      will not be a partner and/or a holder of rights and/or a beneficiary in      the Proceeds Account, that the Proceeds Account will be specifically      earmarked solely for proceeds that will be received from the buyers of the      apartments, that all the proceeds that will be received from buyers of      apartments will be deposited solely in the Proceeds Account, and it      undertakes to include an appropriate provision in the sale agreements with      the buyers of the apartments.  The Housing Company further      undertakes that the Proceeds Account will be encumbered only to the      financing bank (subject to the Company’s rights to receive proceeds in      accordance with this sub-clause 6.5 and the rights of the Municipality to      receive proceeds in accordance with Clause 6.5 of the Municipality Lands      Agreement), and that no rights of whatsoever nature therein will be      granted to any third party. |
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|  | 6.6 | Once      each month, not later than the 15th      of the succeeding calendar month, the Housing Company shall deliver to the      Company a detailed report of the sales that were made by the Housing      Company in the preceding month and of the proceeds of sales that are the      subject of the aforesaid sales.  The Company will be entitled to      examine the report itself and/or through an accountant on its behalf, and      the Housing Company undertakes to furnish the Company and/or the aforesaid      accountant with all information and/or any document that may be demanded      for purposes of the aforesaidexamination. |
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|  | 6.7 | Differences      of opinion between the parties in connection with the calculation of the      Additional Consideration will be brought for the decision of Gad Somekh,      C.P.A., or if he is prevented from serving as arbiter, another partner in      his office, following a request from one of the parties to him      (hereinafter in this sub-clause: “the      Arbiter”).  The Arbiter will be entitled for purposes of      making a calculation of the areas to be assisted by a real estate      appraiser and/or surveyor.  The Arbiter will act as an expert      and not as an arbitrator, and his decision shall be final and binding on      the parties. |
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|  | 6.7.1 | For      purposes of this Clause 6, the following terms and expressions will have      the meanings set opposite them: |
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|   | 6.7.1.1 | “Sale areas” – the      effective total of the areas of the apartments (which will be measured in      relation to each and every apartment according to the definition of the      term effective area of an apartment, as elucidated below), plus the      following areas (which will also be measured in relation to each apartment      separately in accordance with the provisions set forth in Clause 6.7.1.3      below): 33% of the areas of enclosed or open porches that are linked to      the apartments, 20% of the areas of the storerooms that are linked to the      apartments, 20% of the areas of one parking place which is linked to the      apartment (as distinct from additional parking places in excess of one      parking place per apartment), 5% of the areas of the gardens that are      linked to the apartments, and together with the pro rata share of the      apartment in the landing of its floor.  Under all circumstances      it is hereby clarified that for purposes of calculating “the sale areas”,      areas will be counted onceonly. |
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|   | 6.7.1.2 | “Effective area of      apartment” – |
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|   | (1) | “External      wall” – a wall which separates between the apartment and what is outside      of it, including between the apartment and a sun porch, between it and a      common area on the floor or between it and another apartment or      plan; |
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|   | (2) | “The      outer sides of an external wall” – the sides of the wall without      finishing; in a case of a wall with stone cladding, the sides of the wall      will include the cladding. |
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|   | (3) | In      a multi-level apartment the area will be calculated and particularized      with respect to each level in the apartment; the area of the apartment      will be the total areas of all the levels in the  apartment. |
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|   | (4) | In      calculating the area only the areas the height of which conforms with what      is required under the Planning and Building Regulations (Application for      Permit, Conditions thereof and Fees), 5730-1970 (hereinafter: “the Planning and Building      Regulations (Application for Permit)) will be    included. |
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|   | 6.7.1.3 | The      areas of the porches, storerooms, parking places and the gardens will be      measured and calculated in accordance with the following      provisions: |
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|   | 6.7.1.3.1 | Areas      of enclosed or open porches that are linked to apartments – the floor area      that falls within the polygon created by the lines that pass through the      outer sides of the external walls or the constructed railings of the      porches and through the outer sides of the walls of the apartments that      border on the porch. |
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|   | 6.7.1.3.2 | Areas      of storerooms linked to apartments – the floor area that falls between the      walls of the storeroom plus the area of the wall; where the storeroom wall      separates between it and part of another storeroom/area, only the area      below one-half of the width of the wall will be included; where the      storeroom wall borders on a common area, the area of the wall will be      included in its entirety. |
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|   | 6.7.1.3.3 | Areas      of parking places – (area of one parking place which is linked to an      apartment) – the floor area of the parking place without walls and/or      thoroughfares. |
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|   | 6.7.1.3.4 | Areas      of gardens that are linked to apartments – the garden area includes the      area of the walls which support the perimeter  thereof. |
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|   | 6.7.1.3.5 | “Floor landing” – the      area that falls within the lines that pass between the outer walls of the      floor landing (excluding shafts and voids), including one-half only of the      area of the stairwells that are located between the relevant floor and the      floor below it, which will be calculated according to the horizontal      projection of the sloping and horizontal  surfaces. |
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|   | 6.7.1.4 | “Sale proceeds” – all      the amounts (excluding V.A.T.) that will actually be received from the      buyers of the apartments and/or in connection with the sale of the      apartments to the buyers of the apartments, including by virtue of sale      agreements and addenda to such agreements (including consideration in      respect of one parking place per apartment, porches, roofs, storerooms,      gardens, basements and so forth), and any additional consideration that      may be received from buyers of the apartments including, and without      derogating from the generality of the foregoing, penalty interest and      indexation differences that will be received from buyers of the apartments      in respect of arrears and agreed damages in respect of a cancellation of      agreements / contractual arrangements, together with indexation      differences to the Upside Index at the percentage rise in the known Upside      Index at the time the relevant accounting is done, as against the Upside      Index which was known at the time each payment was actually made by the      buyers of the apartments, where a fall in the Upside Index will not lead      to a reduction in the amount of the sale  proceeds. |
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|   | 6.7.1.4.1 | Any      payment for alterations and additions in excess of the specification for      the apartments, as defined in Clause 6.10.1 below, in the event that same      are paid directly to the executing contractor, and which are not due to      the Housing Company, directly orindirectly. |
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|   | 6.7.1.4.2 | That      portion of the payment in respect of legal expenses and attorneys’ fees      which will be collected from the buyers of apartments (hereinafter: “the Legal Expenses”)      and which will be paid by the Housing Company to the attorneys who      represent it in the sale agreements with the buyers of      apartments.  The balance of the Legal Expenses (which is not      transferred by the Housing Company to the aforesaid attorneys) will be      included as part of the saleproceeds. |
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|   | 6.7.1.4.3 | Payment      of buyers of apartments for water, electricity and gas meters and other      accessories such as that which will be purchased for them by the Housing      Company, on a basis that the full payment by the buyers of apartments will      be transferred onwards to the aforesaid suppliers of the      accessories. |
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|   | 6.7.1.4.4 | Payments      by buyers in respect of refund of fees, costs of preparation of drawings      and payment to the Municipality in respect of the signing of the      condominium registration documents referred to in sub-clause 9.9.1 below,      provided that the total amount per apartment in respect of the components      mentioned in this sub-clause shall not exceed NIS 5,000 (excluding      V.A.T.), where same is linked to the Upside Index commencing from the date      of signing of this Agreement and up to the date of the relevant      accounting. |
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|   | 6.7.1.4.5 | Payments      of management fees will be paid directly by the buyers of apartments to      the management company (and which are not payable, in whole or in part, to      the Housing Company, directly orindirectly). |
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|  | 6.7.1.5 | “Average selling price per      sq.m.” – the total sale proceeds where same are divided by the      total sale areas. |
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|  | 6.7.1.6 | “The Company’s share in the      Additional Consideration” –75.84%. |
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|  | 6.8 | Value      Added Tax payments |
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|  | 6.9 | Plot      No. 6 |
|--|-----|-----------------|

|  | 6.9.1 | It      is agreed between the parties that if any of the built areas on Plot No. 6      should be zoned or designated for use which is not residential, then the      Additional Consideration to which the Company will be entitled in respect      of the proceeds of any transactions (including sale and/or lease and/or      operation and so forth) that may be made in relation to Plot No. 6 will be      according to a mechanism that will be agreed between the      parties. |
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|  | 6.9.2 | The      Housing Company shall notify the Company and the Municipality shortly      after the date on which a decision is taken in connection therewith as to      the intended zoning for Plot No. 6 and in accordance therewith the      Company, the Municipality and the Housing Company will discuss the laying      down of the agreed mechanism for determining the Additional Consideration      in Plot No. 6. |
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|  | 6.9.3 | It      is hereby expressly agreed, that notwithstanding anything else contained      in this Agreement, as long as no mechanism has been agreed in writing      between the Company, the Municipality and the Housing Company for the      Additional Consideration in respect of Plot No. 6, the Housing Company      will not be entitled to enter into sale and/or lease transactions and/or      contractual arrangements and/or other transactions of whatsoever nature in      connection with Plot No. 6, whether with respect to the land or with      respect to the built areas. |
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|  | 6.9.4 | For      the avoidance of doubt it is hereby clarified that if the actual use that      will be planned or will be made of Plot No. 6 is for residential purposes,      then the Additional Consideration to which the Company will be entitled in      relation to the proceeds from Plot No. 6 will be as stipulated in Clauses      6.3-6.6 above. |
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|  | 6.10 | Provisions      regarding the standard of building and technical specifications which will      be attached to the sale agreements with buyers of      apartments |
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|  | 6.10.1 | The      building construction in the residential purposes section and the      apartments therein shall be built at a standard which shall not be      inferior to the standard described in the main features of the      specification, the simulations and in the photographs that are attached to      this Agreement as Appendix      6.10.1, whichever is the higher (hereinafter: “the Basic      Specification”). |
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|  | 6.10.2 | The      apartments shall be sold to the buyers of apartments according to a      technical specification that shall not be inferior to the Basic      Specification (hereinafter: “the Apartments      Specification”). |
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|  | 6.10.3 | Alterations      and additions in relation to the Apartments Specification shall be      requisitioned directly by the buyers of apartments from the executing      contractor.  Any payment for alterations and additions as      aforesaid shall belong to the executing contractor and will not be      included in the sale proceeds.  If and to the extent that the      Housing Company should receive any payments that are connected with the      aforesaid alterations and/or additions, directly or indirectly, then those      payments will be added to the saleproceeds. |
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|  |   | The      Housing Company undertakes that if a credit should be due in respect of      cancellation of works that are included in the Apartments Specification,      it will be obtained from the executing  contractor. |
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|  | 6.11 | Anticipation      of payments |
|--|------|-------------------------------|

| 7. | Development of open      public areas and maintenancethereof |
|----|--------------------------------------------------------------|

|  | 7.1 | Without      derogating from the contents of sub-clause 1.7 above, and in addition      thereto, the Housing Company undertakes to develop and erect open public      areas (which are marked in green on the Leasehold Drawings and which – as      stated in Clause 1.6(a) above – are not part of the Property Sold and will      remain in the sole ownership and possession of the Municipality)      (hereinbefore and hereinafter: “the Open Public      Areas”), and shall do so on its account and at its sole expense, in      accordance with the provisions of Paragraph 9.6 of Plan      TA/3001.  The Housing Company further undertakes that the      current maintenance of the Open Public Areas will be performed through a      management company on its behalf or on behalf of the residents of the      buildings that will be erected by the Purchaser or on behalf of the      representative committee of the condominiums (hereinafter: “the Management      Company”), with such maintenance being at its expense or at the      expense of the Management Company, at an appropriate standard and      according to the customary standard for open public areas of this      sort.  It is agreed that any transaction or transactions that      may be made from time to time, if made, in the Remainder of the Project      Lands shall include provisions that shall bind the buyer/s of the      Remainder of the Project Lands or any part thereof, to bear their pro rata share of the      cost and maintenance of the Open Public Areas, which shall be the same      ratio as the ratio between the building rights (main areas) of each owner      of rights who has acquired rights from the Municipality and the Company as      against all the building rights (main areas) in the Project      Lands. |
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|  | 7.2 | It      is clarified that where the Housing Company has established the Management      Company, as defined above, and has held the buyers of apartments (alone or      together with the occupants of the commercial areas) liable to bear their      pro rata share of      the cost of maintenance of the Open Public Areas as aforesaid, the Housing      Company will no longer be liable to the Municipality in connection with      the maintenance of the Open Public Areas.  Without derogating      from the contents of Clause 16 below, it is agreed that the Housing      Company will be entitled to transfer its obligations for erecting the Open      Public Areas and for establishing a management committee for purposes of      maintenance of the Open Public Areas to a transferee who acquires rights      from the Housing Company in the residential section, to the extent that      such transfer of rights has been approved in accordance with the      provisions of Clause 16 below.  Where the Housing Company has      transferred its obligations in the manner stated above in this sub-clause      7.2, the provisions of sub-clause 7.1 above shall apply to the      transferee. |
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|  | 7.3 | If      the Housing Company has requested to effect a transfer of its obligations      in connection with the Open Public Areas which is not in accordance with      the provisions of sub-clause 7.2 above, then such transfer shall require      the prior written consent of the Municipality, which shall not      unreasonably withhold such consent.  It is clarified that the      only factor the Municipality shall be entitled to consider for purposes of      giving consent as aforesaid and the conditions thereof is the guaranteeing      of construction and maintenance of the Open Public Areas and the setting      up of a management company as describedabove. |
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|  | 7.4 | It      is agreed that the provisions of sub-clauses 7.2-7.3 above shall also      apply in relation to any transferee who may acquire any rights in the      Project Lands from the Purchaser and/or from the Purchaser’s      transferees. |
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|  | 7.5 | Nothing      contained in sub-clauses 7.2-7.4 above shall derogate from the provisions      of Plan TA/3001. |
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|  | 7.6 | Open      private area |
|--|-----|------------------------|

| 8. | Traffic solution –      Paragraph 14.7 of PlanTA/3001 |
|----|-------------------------------------------------------------|

----

| 9. | Registration      of leasehold, easement and tax certificates: |
|----|----------------------------------------------------------------|

|  | 9.1 | The      Company undertakes to furnish the Purchaser with the approvals and      certificates described below, at the times specified in sub-clause 9.1.5      below: |
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|  | 9.1.1 | (a)      Land Appreciation Tax and Sales Tax certificates (if any), from the Land      Taxation authorities for purposes of the registration in the name of the      Purchaser in the Land Registry of the leasehold rights in the Company’s      Lands, and (b) copies of Land Acquisition Tax certificates, Land      Appreciation Tax and Sales Tax certificates from the Land Taxation      authorities for purposes of the registration of the leasehold rights in      the Company’s Lands in the name of the Company, in the text of the      certificates attached to this Agreement as Appendix      9.1.5. |
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|  | 9.1.2 | A      certificate from the Property Tax authorities, to the extent that same      applies, in regard to the Company owing no debt for Property Tax, for      purposes of the registration, in the Land Registry, in the name of the      Purchaser, of the leasehold rights in the Company’s  Lands. |
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|  | 9.1.3 | A      certificate from the Municipality and the Local Committee (in respect of      the period up to the date of delivery of the right of use) for purposes of      the registration in the name of the Purchaser, in the Land Registry, of      the leasehold rights in the Company’s Lands.  It is clarified      and agreed that the amount of the betterment levy as stated in the agreed      betterment levy assessment as defined in sub-clause 1.9 above, solely in      respect of the Company’s Lands, will be paid and defrayed by the Company      to the Municipality within 30 days from the date of delivery of the right      of use in accordance with the provisions of Clause 10      below.  The certificate shall be delivered to the Purchaser at      the latest within 12 months from the date of signing of this Agreement or      within 30 days from the date on which approval of the Local Committee for      the issue of the first Building Permit (as defined in sub-clause 6.2.4      above) on conditions is exhibited to the Company, whichever is the      later. |
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----

|  | 9.1.4 | Deeds      of transfer of a right of lease, duly signed and authenticated by the      Company for purposes of registration in the name of the Purchaser, in the      Land Registry, of the leasehold rights in the Company’s    Lands. |
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|  | 9.1.5 | Land      Appreciation Tax and Sales Tax certificates, if any, in connection with      the transaction that is the subject of this Agreement, shall be delivered      to the Purchaser within 12 months from the date of actual payment of the      full Basic Consideration.  Copies of Land Acquisition Tax, Land      Appreciation Tax and Sales Tax certificates from the Land Taxation      authorities for purposes of registration of the leasehold rights in the      Company’s Lands in the name of the Company, in the text attached to this      Agreement as Appendix      9.1.5, are being delivered to the Purchaser at the time of signing      of this Agreement.  A Property Tax certificate referred to in      sub-clause 9.1.2 will be furnished to the Purchaser up to the date of      making of the Second Payment.  The deeds mentioned in Clause      9.1.4 and the Company’s minutes referred to in sub-clause 9.2 will be      delivered to the Purchaser against payment of the full Basic Consideration      to the Company as stated in Clause 6above. |
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|  | 9.2 | On      the date of payment of the full Basic Consideration, the Company will      deliver to the Purchaser an irrevocable power of attorney in the text      attached to this Agreement as Appendix      9.2, empowering the appointed attorney to register a transfer of      the leasehold rights in the Company’s Lands in the name of the Purchaser      in the Land Registry.  On the aforesaid date the Company will      also furnish the Purchaser with the Company’s minutes confirming and      approving the Company’s entering into this Agreement and the giving of the      power of attorney as mentioned above in this sub-clause      9.2.  The aforesaid appointed attorney shall not make use of the      power of attorney except only in accordance with the provisions of this      Agreement.  The power of attorney will be signed at the time of      signing of this Agreement and shall be lodged with the Trustee in      accordance with the letter of instructions to the Trustee which is      attached hereto as Appendix 6.2.8. |
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|  | 9.3 | Registration      of the leasehold rights in the Company’s Lands in the name of the      Purchaser shall be effected only in accordance with the deeds of transfer      of the right of lease that will be delivered to the Purchaser by the      Company in accordance with the provisions of Clause 9.1.4 above, and the      Purchaser and/or anyone on its behalf through their appointed attorneys,      will be entitled to make use of the power of attorney for purposes of      executing registration of such leasehold only in accordance with what is      stated in such deeds of transfer of the right of lease.  The      Company undertakes to sign all the additional documents that are normally      required (in addition to the aforesaid deeds of transfer of the right of      lease) for purposes of registration of the leasehold in the name of the      Purchaser, provided that this does not have the effect of imposing any      obligations and/or expenses on the Company which go beyond its express      obligations under this Agreement. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.4 | Upon      registration of the parcellation as referred to in sub-clause 9.8 below,      registration of the rights of leasehold in the Company’s Lands in the name      of the Company and the furnishing of the certificates mentioned in      sub-clauses 9.1.1-9.1.3 above, the deeds of transfer of the right of lease      referred to in Clause 9.1.4 above and the power of attorney and the      minutes mentioned in sub-clause 9.2 above, the Company will be deemed to      have fulfilled its full obligations in connection with registration of      transfer of the leasehold rights in the Company’s Lands in the name of the      Purchaser.  It is clarified that all the expenses in respect of      registration of the rights in the name of the Purchaser shall be borne and      paid by the Purchaser. |
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|  | 9.5 | The      Purchaser hereby undertakes to perform registration of the leasehold      rights in the Company’s Lands in its name, in the Land Registry, at the      earliest possible time that it can do so subject to the provisions of this      Agreement, and included in this the Purchaser undertakes to prepare the      registration file and the documents required for purposes of executing the      registration and to procure all the certificates and approvals that it is      responsible for obtaining for purposes of executing the registration, and      to prepare the Transfer Documents (deeds, applications and similar other      documents) and subject to the contents of sub-clause 9.3 above, until      registration of the aforesaid rights has been effected in the name of the      Purchaser in the Land Registry.  The Purchaser undertakes that      it will send the aforesaid registration documents for the Company’s      perusal prior to actual execution of registration, at least 7 days before      lodging of the registration documents with the Land    Registry. |
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----

|  | 9.6 | It      is hereby clarified that until the time of transfer of the First Payment      Moneys from the Trustee to the Company, the Purchaser undertakes not to      register and/or to cause registration of a caveat in its favor      over the Company’s Lands or part thereof and/or over the Existing      Leasehold.  Without derogating from the Purchaser’s undertaking      as set forth above in this sub-clause, at the time the Purchaser signs      this Agreement the Purchaser will sign an irrevocable power of attorney in      the text attached to this Agreement as Appendix      9.6, empowering the attorneys mentioned therein to expunge any      caveat that may      be registered, if registered, in favor of the Purchaser or anyone on its      behalf over the Company’s Lands and/or over the Existing Leasehold or part      thereof.  The appointed attorneys will be entitled to use the      power of attorney and to expunge any such caveat in each of the      cases mentioned below after having given the Purchaser prior written      notice of 14 business days: (1) in every case in which such caveat is registered in      the name of the Purchaser or anyone on its behalf contrary to the      provisions of this sub-clause 9.6; and (2) in any event in which this      Agreement is lawfully cancelled for any reason, including, and without      derogating from the generality of the foregoing, in the case of      non-payments of the Consideration, or any part thereof (subject to the      provisions of sub-clause 18.8 below) by the Purchaser to the Company at      the times specified in Clause 6 above.  For the removal of doubt      and without derogating from any of the Company’s rights according to any      law and agreement, the Purchaser declares and confirms that cancellation      of the Agreement in the circumstances described in sub-clauses 5.2.4.3.1      and 5.2.4.3.4 above will be deemed to be lawful cancellation of this      Agreement.  The aforesaid power of attorney will be returned to      the Purchaser in accordance with the provisions of Clause 6      above.  For the avoidance of doubt it is clarified that      registration of a caveat in favor of the      Purchaser as described in this sub-clause 9.6 shall not have the effect of      preventing and/or limiting the Company and the Municipality from      registering caveats in connection      with the Remainder of the Project Lands.  In addition, the      Purchaser shall, at the time of signing of this Agreement, deliver a power      of attorney to the Company to perform all the registrations required in      connection with the Project Lands, including, and without derogating from      the generality of the foregoing, registration of the parcellation,      registration of easements, registration of the Company’s rights in the      Company’s Lands, registration of caveats and/or      encumbrances and/or rights in the Remainder of the Project Lands, specific      attribution of the caveat/s that will be      registered in favor of the Purchaser over the Company’s Lands and similar      other registrations, in the text attached to this Agreement as Appendix      9.6A.  The Company will be entitled to endorse this power      of attorney to the buyers of rights in the Remainder of the Project Lands      and/or to their appointed attorneys.  The Company undertakes to      obtain a power of attorney for special attribution of caveats from the buyers      of rights in the Remainder of the Project Lands in relation to caveats that will be      registered in their favor over the Remainder of the Project      Lands. |
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|  | 9.7 | The      Purchaser undertakes that on its account and at its expense it will effect      registration of the easements in relation to the Company’s Lands, and by      way of registering an easement to guarantee right of way for vehicles and      right of way for pedestrians from Plot No. 1 to Plot No. 8, all as      described in the provisions of PlanTA/3001. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.8 | The      Purchaser is aware that a map for purposes of registration and a diagram      for sub-division of the Land into a plot and/or plots within the confines      of the Project Lands in accordance with Plan TA/3001 have been approved      (hereinafter: “the      Parcellation”).  The Company undertakes to complete      registration of the Parcellation of the Company’s Lands together with the      Municipality Lands in accordance with the plan that has been approved as      aforesaid, together with the amendments thereto, or according to a new      parcellation, and to register the Parcellation of Parcel 92, within a      period of 36 months from the date of signing of this      Agreement.  It is agreed that in a case in which registration of      the Parcellation is not completed within the aforesaid period of time for      reasons which are not dependent on the Company, the period for completing      registration of the Parcellation as aforesaid will be extended by an      additional six (6) months.  Before or after registration of the      Parcellation, the Company will register the leasehold rights in the      Company’s Lands in its name. |
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|  | 9.9 | Registration      of condominium |
|--|-----|----------------------------------|

|  | 9.9.1 | The      Purchaser undertakes that on its account and at its expense it will      register the buildings that will be erected by it on the Company’s Lands      and the Municipality Lands as a condominium including registration of      house regulations, easements, rights of way, linkages and registration of      leasehold rights.  If it is not possible to register the      condominium as a separate unit and the Purchaser is obliged to register it      as a complex condominium within the meaning thereof under the Land Law,      5729-1969, the Purchaser will act in accordance with the directives of the      Land Registry.  All the documents pertaining to registration of      the building and/or the buildings as a condominium as aforesaid, including      a drawing, cooperative house registration order and house regulations will      be presented for the prior written approval of the Municipality before      same are lodged with the Land Registry or any other entity.  The      Purchaser undertakes that as a precondition to the Municipality signing      the condominium documents the Purchaser will pay the Municipality a sum of      NIS 2,000 multiplied by the number of apartments that will be constructed      on the Company’s Lands, where this amount is linked to the Consumer Price      Index commencing from the date of signing of this Agreement and up to the      date of actual payment, and in addition the Purchaser undertakes to comply      with other customary conditions as prevailing for the time being, provided      that they do not involve any additional monetary    obligation. |
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|  | 9.9.2 | Without      derogating from the contents of sub-clause 9.9.1 above, the Purchaser in      the name of the Municipality, undertakes to register, the lands, of the      Suburban Public Institutions as defined in sub-clause 1.6(a) above,      including the outside areas that are linked thereto, on its account and at      its expense and without consideration from the Municipality, as a separate      unit or as separate units in the framework of registering a      condominium.  The Purchaser undertakes to include in the house      regulations of the condominium a provision in connection with the      management of the condominium, in accordance with sub-clause 7.1.1.2 of      the Municipality Lands Agreement. |
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|  | 9.9.3 | The      Purchaser undertakes that registration of a condominium will be completed      at the earliest possible time it is able to do so and not later than      twenty-four (24) months from the date of receipt of a Certificate of      Completion for the last building that will be constructed on the Project      Lands, or within 24 months from the date of registration of the      appropriate Parcellation, whichever is the  later. |
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|  | 9.9.4 | The      Purchaser undertakes that within the scope of transfer of rights in the      Project Lands, from the Purchaser to third parties (including buyers of      residential units), the Purchaser will arrange with the relevant      transferee or transferees the manner of performing registration of the      Project Lands in the Land Registry, including registration of house      regulations for the condominium in accordance with the foregoing,      including by way of an undertaking by each transferee to perform the      necessary actions and to cooperate with all the relevant entities for      purposes of registering the areas that have been transferred to him in the      Land Registry, and including by way of receiving suitable powers of      attorney from such transferees, in order to facilitate registration of the      condominium on the Project Lands, at the times specified in this      Agreement. |
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|  | 9.9.5 | It      is agreed that the provisions of sub-clause 9.9.4 above will also apply in      relation to any transferee who may acquire any rights in the Project Lands      from the Purchaser and/or from the Purchaser’s  transferees. |
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|  | 9.10 | In      the event that the Purchaser does not perform the registrations described      in Clauses 9.5, 9.7 and 9.9 above, at the time specified in those clauses,      notwithstanding a demand from the Municipality to perform same, the      Municipality shall be entitled, but not obliged, to perform the aforesaid      acts of registration on the Purchaser’s account, after thirty (30) days      from the date of the demand. |
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|  | 9.11 | Notwithstanding      the contents of this Clause 9 above, it is clarified that in a case in      which it is not possible to register a condominium on the Company’s Lands      together with the Municipality Lands, separately from the Remainder of the      Project Lands, the Purchaser will act in cooperation with the owners of      rights in the Remainder of the Project Lands as apply at such time, for      purposes of registering a complex condominium over all the Project Lands,      within the timetable specified in sub-clause 9.9.3 above.  The      cost of performing such registration shall be borne by the Purchaser and      by the owners of rights in the Remainder of the Project Lands according to      their pro rata      share of the Project – that is to say according to the ratio between the      building rights (main areas) owned by all owners of rights who acquired      rights from the Municipality and the Company and the total building rights      (main areas) in that portion of the Project Lands which will be included      in the registration of thecondominium. |
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| 10. | Approval of the      Minister of the Interior, right of use and delivery of      possession |
|-----|---------------------------------------------------------------------------------------------|

|  | 10.1 | Cancelled. |
|--|------|------------|

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|  | 10.2 | The      validity of this Agreement is contingent upon and subject to receiving the      approval of the Minister of the Interior as stated in Clause 12 of the      Municipality Lands Agreement.  In a case in which the condition      precedent set forth in Clause 12 of the Municipality Lands Agreement is      not fulfilled (hereinbefore and hereinafter: “the Condition Precedent to the      Municipality Agreement”) within 60 days from the date of signing of      this Agreement (hereinafter: “the Effective Date”),      this Agreement will be null and void ab initio, the Trustee      shall return the First Payment to the Purchaser together with the fruits      thereof and less the costs of opening the Trust Account, the costs of the      closing thereof and of performing operations therein and none of the      parties will have any claim and/or demand and/or allegation against      another in this regard, and the Purchaser will have no rights of      whatsoever nature in the Company’sLands. |
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|  | 10.3 | Within      2 business days from the date of actual transfer of the First Payment from      the Trustee to the Company, the parties will meet and will act in the      manner stated in sub-clause 10.4 below (hereinbefore and hereinafter:      “Date of Delivery of the      Right of Use”). |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4 | On      the Date of Delivery of the Right of Use, the parties will simultaneously      perform the following actions: |
|--|------|-----------------------------------------------------------------------------------------------------------------------|

|  | 10.4.1 | The      Company will deliver to the Purchaser a temporary right of use (which is      not a proprietary right) in the Company’s Lands in accordance with the      provisions of Clause 10.5 below.  If the provisions of this      Agreement have not been cancelled, such temporary right of use will remain      in force up to the date of delivery of  possession. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4.2 | The      Purchaser shall assume all the obligations which form part of the      Obligations and Commitments Transferred.  For the removal of      doubt it is clarified that the rights which form part of the Obligations      and Commitments Transferred will be assigned to the Purchaser only from      the date of delivery of possession.  In relation to the      agreement between the Company and Hatzlacha Parking Garages Ltd., it is      agreed that the Company will attend to terminating the agreement and to      the evacuation of the Company’s Lands up to the Date of Delivery of the      Right of Use. |
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|  | 10.4.3 | The      Purchaser shall deliver to the Municipality confirmation regarding the      existence of insurance policies as described in sub-clause 13.3      below. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4.4 | The      Purchaser shall deliver to the Company a declaration verifying      representations in the text of Appendix 4.15 to this      Agreement. |
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|  | 10.5 | The      right of use |
|--|------|-----------------------|

|  | 10.5.1 | The      right of use granted to the Purchaser on the Date of Delivery of the Right      of Use is a revocable right, for purposes of performing excavation and      shoring works and for that purpose alone.  For the avoidance of      doubt it is clarified and emphasized that the permission granted to the      Purchaser as aforesaid does not constitute the grant of a proprietary      right to the Purchaser, possession to the Purchaser or a transfer of any      right to the Purchaser, apart from the permission to perform the      excavation and shoring works.  The Purchaser will be a licensee      in respect of that portion of the Company’s Lands which the Purchaser uses      for purposes of performing the excavation and shoring works as a licensee      only.  The Company will be entitled at any time, by way of prior      written notice of 14 business days to cancel the right of use, in any      event in which the Company believes in its sole and absolute discretion      that the Purchaser has breached any of its obligations under this      Agreement and has not rectified the breach within 14 business days from      the date on which written notice regarding the breach was received by      it. |
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|  | 10.5.2 | The      Purchaser will have no right of lien over the Company’s Lands or any      portion thereof. |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | 10.5.3 | During      the period in which a right of use is granted to the Purchaser, the      Purchaser will be entitled to fence-in the Company’s Lands or any portion      thereof and/or to station a portable and temporary structure on the      Company’s Lands that will serve as a sales office, subject to obtaining      all the permits and approvals required according to law, all without      adding rights of way for the Purchaser in its capacity as a licensee and      without derogating from the powers and rights of the Company and the      Municipality with regard to the right of use  period. |
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|  | 10.5.4 | Where      the Company has notified the Purchaser of cancellation of the right of use      as aforesaid and the Purchaser has not cured the breach within the time      specified in sub-clause 10.5.1 above, the Purchaser undertakes to vacate      the Company’s Lands of any person and/or article and/or temporary      structure, and commencing from the date on which the notice is given, the      Company will be entitled to evict the Purchaser and/or anyone on its      behalf from the Company’s Lands and to evacuate any person and article      and/or temporary structure from the Company’s Lands, and to use all the      materials, equipment and installations the Purchaser and/or anyone on its      behalf has left on the Company’s Lands.  It is further agreed      that in a case in which, in addition to cancellation of the right of use,      the Company has cancelled this Agreement as a consequence of such breach,      all the works that were performed on the Company’s Lands up to that time      will be the sole property of the Company, without the Purchaser having any      allegation and/or claim and/or demand against the Company in respect      thereof, and the Purchaser undertakes to include an appropriate clause in      the contractual agreement with the executing contractors, as defined      below.  In addition to all the foregoing and without derogating      therefrom, the Purchaser hereby empowers the Company to take all the steps      and measures required for purposes of realizing the rights and powers of      the Company under this Clause 10.5.  For that purpose the      Purchaser is lodging an irrevocable notarial power of attorney in the text      attached to this Agreement as Appendix      10.5.4 with the Trustee at the time of signing of this Agreement,      which empowers the Company to take all the actions required for purposes      of evicting the Purchaser and/or anyone on its behalf from the Company’s      Lands and for purposes of realizing the Company’s rights under this Clause      10.5, including vacating the Company’s Lands of any person, article and      temporary structure, use of all the materials, equipment and installations      which the Purchaser and/or anyone on its behalf has left on the Company’s      Lands, the giving of instructions and directives to the executing      contractors, the transfer into the Company’s ownership of all the works      that have been performed on the Company’s Lands up to that time, the      giving of notices and instructions and the signing of any document of      whatsoever nature vis-à-vis third parties      and authorities in connection with the vacating of the Company’s Lands      and/or the taking of any actions with respect thereto, and so      forth.  In every case in which the Company notifies the Trustee      that the right of use has been cancelled by it, the Trustee shall, after      the giving of a warning notice to the Purchaser of 14 business days in      advance, transfer the power of attorney to the Company, and the Company      will be entitled to make use thereof in its discretion for purposes of      realizing its rights as describedabove. |
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|  | 10.5.5 | The      Purchaser undertakes that the Company and the Municipality will be a party      to any contractual arrangement between the Purchaser and executing      contractors who perform work for it on the Company’s Lands during the      right of use period (hereinafter: “the Executing      Contractors”), without this imposing on the Company and/or the      Municipality any liability and/or responsibility.  In the scope      of any such contractual arrangement, an undertaking of the Executing      Contractors shall be included, directly as against the Company and the      Municipality, to the effect that in any event in which they receive a      notice from the Company and the Municipality that the Company and the      Municipality have lawfully, in their discretion, cancelled the right of      use they have granted to the Purchaser, then as from the date of receipt      of the notice onwards, the Executing Contractors will act solely in      accordance with the instructions of the Company and the Municipality as      will be given at that time.  The Company and the Municipality      will be entitled to elect whether to complete the works of the Executing      Contractors through the Executing Contractors or to evict them from the      Company’s Lands without the Company and/or the Municipality owing them any      indebtedness of whatsoever nature.  The Purchaser undertakes to      present for the prior written approval of the Company and the Municipality      the identity of the Executing Contractors and the terms and conditions of      the contractual arrangement with them (including the text of the      contractual agreement). |
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|  | 10.6 | Date      of delivery of possession |
|--|------|-------------------------------------|

|  | 10.6.1 | Simultaneous      with and against the making of the second payment, possession of the      Company’s Lands will be delivered to the Purchaser (hereinbefore and      hereinafter: “Date of      Delivery of Possession”).  With regard to the Open Public      Areas (namely: on the upper ground floor only and which are intended for      an Open Public Area, as marked in green on the Leasehold Drawings), the      provisions of sub-clause 1.6(d) of the      Municipality Lands Agreement will apply  accordingly. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 10.6.2 | Without      derogating from the contents of Clause 10.4.3 above, on the Date of      Delivery of Possession, the parties will sign a deed of assignment of      Obligations and Commitments Transferred to the Purchaser, in the text      attached to this Agreement as Appendix      10.6.2.  In addition, on the Date of Delivery of      Possession, the Purchaser will deliver to the Company a declaration      verifying representations in the text of Appendix 4.15 to this      Agreement. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.6.3 | It      is clarified that at the Date of Delivery of Possession the Company’s      rights in the Company’s Lands are free and clear of any attachment and/or      encumbrance and/or mortgage and/or any third party right, save and except      caveats and/or mortgages and/or attachments and/or encumbrances and/or any      third party rights which have their origin in the Purchaser’s and      excluding caveats over an antiquities site. If attachments and/or caveats      and/or mortgages and/or third party rights are imposed on the Company’s      rights in the Company’s Lands where the origin for same does not lie with      the Purchaser (hereinafter: - “the Impediment”), then      the Company undertakes to remove such Impediment within 90 days from the      date the Company becomes aware of the  Impediment. |
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| 11. | Taxes |
|-----|-------|

|  | 11.1 | Land      Appreciation Tax and/or income tax and/or capital gains tax and Sales Tax,      to the extent that same apply, in respect of the sale of the Property Sold      to the Purchaser by the Company shall be borne and paid by the Company,      while Land Acquisition Tax in respect of the sale of such rights shall be      borne by the Purchaser. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.2 | The      Company will bear the payments in respect of water and electricity      consumption on the Company’s Lands, solely in respect of the period up to      the Date of Delivery of the Right of Use.  The Purchaser will      bear such payments for water and electricity consumption commencing from      the Date of Delivery of Right of Useonwards. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.3 | All      taxes, rates, fees, levies, pursuant to any law, and all compulsory      payments of any sort pursuant to any law, as well as any payment which is      imposed on the Purchaser as a leasehold lessee in accordance with the      special conditions of leasehold (Appendix 1.6 to this Agreement) which      applied and/or which apply and existed or which may apply and come into      being in connection with the Company’s Lands, the cause of action for      which pertains to any period, whether before the date of signing of this      Agreement or subsequent thereto, shall be borne and paid by the Purchaser,      solely with the exception of the specific payments mentioned in      sub-clauses 11.3.1 and 11.3.2 below, and apart from amounts in relation to      which it has been specifically stipulated in this Agreement that the      obligation for the payment thereof is imposed on the    Company. |
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|   | 11.3.1 | Payment      of property tax in respect of the Company’s Lands as well as municipal      rates which apply to the Company, the cause of action for which preceded      the Date of Delivery of the Right of Use, shall be borne and paid by the      Company. |
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|   | 11.3.2 | In      regard to a betterment levy – the amount of the betterment levy specified      in the agreed betterment levy assessment in relation only to the Company’s      Lands, shall be paid by the Company to the Municipality within 30 days      from the Date of Delivery of the Right of Use in accordance with the      provisions of Clause 10 above. |
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|   | 11.3.3 | If      the Company and/or the Municipality have paid development levies and/or      payments for connection up to electricity in respect of the Company’s      Lands, and to the extent that a right exists at law for setting off such      development levies against fees and levies that will be imposed on the      Purchaser in connection with the Purchaser’s Project and/or payments for      connection up to the Israel Electric Corporation, it is agreed that the      Company does not object to the Purchaser setting off a pro rata portion of      such development levies and electricity connections against the      development levies and/or the connecting up payments to the Electric      Corporation which the Purchaser will be charged by the Municipality.      “Pro rata share”      in this sub-clause 11.3.3 means, the ratio between the building rights      (main areas) on the Company’s Lands and the Company’s share in the total      building rights (main areas) in the Project Lands.  For the      removal of doubt it is clarified that nothing in the foregoing in this      sub-clause constitutes any form of representation and/or undertaking on      the part of the Company in connection with development levies and/or      payments for connecting up to electricity and/or in connection with the      payment thereof, the amount thereof and/or the right to set-offs in      connection therewith. |
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|  | 11.4 | Without      derogating from the contents of sub-clause 11.3 above, the Purchaser      undertakes to pay the Municipality the full betterment in relation only to      the Company’s Lands, in respect of any change to Plan TA/3001 (including      an application for a concession, exceptional use, alteration to the      approved Plan TA/3001, and so forth) that may be approved after the date      of signing of this Agreement, and will do so in accordance with the      provisions of the special conditions of leasehold      document.  Nothing in the foregoing shall derogate from the      provisions of sub-clause 6.3.5above. |
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|  | 11.5 | It      is hereby clarified that each of the parties is entitled to embark on      objection or appeal proceedings vis-à-vis any relevant authority, in such      party’s discretion, against the charging of any of the payments imposed on      such party in accordance with this Clause 11, provided that this shall not      have the effect of delaying the times specified in this      Agreement. |
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|  | 11.6 | It      is agreed that each party will report to taxes authorities by way of all      the reports it is obliged to make according to law, and at the time      prescribed for this according tolaw. |
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| 12.  | Ongoing legal guidance and      advice and registration ofCondominium |
|-----------|-----------------------------------------------------------------------|

|   | It      is hereby brought to the Purchaser’s notice that the legal services      pertaining to the Company’s rights vis-à-vis the Municipality, for the      Company’s Lands and the rights therein and to the initiation and approval      of Plan TA/3001, including with respect to the Obligations and Commitments      Transferred, the entering into of the 2002 Agreement and the      implementation thereof, and guidance and advice regarding the agreed      betterment tax assessment and the implementation thereof, have been      provided up to this date by the law office of Shraga P. Biran & Co.      (hereinafter: “the      Advocates”). Shortly after the Purchaser’s selection as a preferred      bidder, the Purchaser and the Advocates will enter into discussions for      examining the providing of legal services to the Purchaser by the      Advocates and the consideration in respect thereof, with this being in      relation to periods subsequent to the Date of Delivery of Possession,      i.e., the legal services required for the realization and implementation      of Plan TA/3001, including in connection with the performance of the      Obligations and Commitments Transferred, the issue of building permits,      contractual arrangements with contractors, contractual arrangements with      residents, registration of the long and leasehold rights in and to the      Company’s Lands in the name of the Purchaser, registration of the Project      as a complex condominium, and registration of the rights in the units of      the condominium in the name of the owners of rights    therein. |
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|   | If      the Purchaser and the Advocates have entered into discussions as      aforesaid, and have not reached an arrangement to their mutual      satisfaction and according to their independent discretion, the holding of      such negotiations will not constitute any undertaking on the part of      either of them in connection with the giving or receiving of legal      services as aforesaid. |
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| 13. | Liability,      waiver, indemnity andinterest |
|-----|-----------------------------------------------|

|  | 13.1 | The      Purchaser hereby confirms and undertakes that it waives any claim, demand,      cause of action or allegation (hereinafter: “Claim”) of whatsoever      nature under any law and agreement as against the Company and/or the      Municipality and/or any of the bodies connected with either of them, in      connection with the subject matter of this Agreement and the actions of      any of the aforesaid entities in connection with the signing and      consummation of this Agreement.  The Purchaser’s confirmation as      set forth above is also given in connection with what is stated in Clause      4.10 above. |
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|  | 13.2 | Without      derogating from the Purchaser’s obligations under this Agreement and/or      from its liability as described in this Agreement, any responsibility      and/or liability vis-à-vis any person and/or body, including as against      the various administrative authorities, in connection with the Company’s      Lands and/or the Property Sold and/or the quality thereof and/or the use      thereof and/or acts and/or omissions therein and/or in connection      therewith, the origin and/or the cause of action for which and/or the      facts that serve as the basis for same pertain to the period subsequent to      the Date of Delivery of the Right of Use, shall be borne by the Purchaser      alone, to the exclusion of the Company’s liability.  Included in      this, the Purchaser undertakes to indemnify the Company and/or the      Municipality and/or the local committee and/or any of the bodies connected      with any of them, in respect of any damage and/or expense of whatsoever      nature that may be incurred by any of them, and the responsibility for      which is imposed on the Purchaser in accordance with the provisions of      this sub-clause 13.2 above.  For the removal of doubt it is      clarified that the provisions of this sub-clause 13.2 do not derogate from      the Purchaser’s liability and/or from its obligations in relation to      periods which preceded the Date of Delivery of Right of Use as set forth      in any of the provisions of thisAgreement. |
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|  | 13.3 | Without      derogating from the Purchaser’s liability according to law and/or this      Agreement, commencing from the Date of Delivery of the Right of Use and      throughout the entire period in which any works are performed by the      Purchaser and/or on its behalf on the Company’s Lands, the Purchaser      undertakes to effect and maintain all the insurances at its expense which      are necessary and customary in projects of this sort, in appropriate      amounts, including and without derogating from the generality of the      foregoing, building contracting works insurance, third party liability      insurance, employer’s liability insurance and similar other insurances      (hereinafter: “the      Insurances”).  The Purchaser undertakes to pay the      insurance premiums on due date and to comply with all the remaining      provisions of the insurance policies in order that the insurances remain      in force.  The Insurances, including all the chapters thereof,      will be extended to include the Company and the buyers of rights in the      Remaining Project Lands (as distinguished from the buyers of residential      units) as an additional insured, subject to a cross-liability clause      pursuant to which the insurance will be deemed to have been effected      separately for each of the individual parties who make up the      insured.  All the insurance policies shall contain a provision      stating that the insurer will notify the Company and the Municipality in      writing 30 days in advance before it has the intention of cancelling or      reducing the policies.  In the scope of the contractual      arrangements between the Company and buyers of rights in the Remaining      Project Lands, the Company will oblige the aforesaid buyers of rights to      extend the insurances which will be effected by them and to include the      Purchaser as an additional insured subject to a cross-liability      clause.  Nothing contained in the foregoing shall derogate from      the Purchaser’s right to include the financing bank as a beneficiary in      the insurances and to charge and encumber the insurance compensation that      may be due to the Purchaser in favor of the financing  bank. |
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| 14. | Agreed      damages |
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|  | 14.1 | It      is hereby agreed between the parties that in every case of a material      breach of this Agreement by the Purchaser, which is not the cured in      accordance with the provisions of sub-clause 18.6 below, including, and      without derogating from the generality of the foregoing, in the case of      actual non-payment of the consideration to the Company by the Purchaser at      the time specified in Clause 6 above, for any reason, or in the case of a      registration by the Purchaser of a caveat prior to the times specified in      sub-clause 9.6 above which was not expunged within 48 hours from the time      the Purchaser was called upon to expunge same, the Company will be      entitled, without derogating from any right or remedy available to the      Company according to any law and agreement in respect of a breach of this      Agreement by the Purchaser, to agreed damages in the sum equivalent to 10%      of the amount of the Basic Consideration (hereinafter: “the Agreed Damages”), as      agreed pre-estimated liquidated damages in respect of such material      breach.  It is hereby expressly agreed that in such case the      Company will have the absolute right to confiscate the Agreed Damages,      either by foreclosing on the sale process guarantee or by holding forfeit      the amounts which have been paid to it on account of the consideration up      to such time, without the necessity for giving a warning notice or notice      of any sort to the Purchaser and/or to the Interested    Parties. |
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|  | 14.2 | The      Purchaser hereby declares that the aforesaid Agreed Damages have been      fixed by the parties after careful and reflective assessment of the damage      that will be incurred by the Company as a result of such non-payment of      the consideration, and accordingly no argument by the Purchaser to the      effect that the compensation is unreasonable will be entertained, and the      Purchaser hereby irrevocably, fully and expressly waives any allegation or      argument of any sort by it.  It is further agreed that the      Company will have the absolute right, for purposes of recovering the      Agreed Damages, to foreclose on the sale process guarantee without being      obliged to give notice to the Purchaser about the effecting of such      foreclosure. |
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|  | 14.3 | It      is agreed that the provisions of this Clause 14 above are subject to the      provisions of sub-clause 5.2 above. |
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| 15. | Name      of the Project |
|-----|--------------------------|

|   | It      is hereby agreed and clarified that the Municipality will decide on the      name of the public areas precinct, the public buildings and the open      public areas, and will be entitled to place suitable signboards at such      places, as is the customary practice in the city of Tel Aviv-Jaffa, or as      may be customary in the city of Tel Aviv-Jaffa at such time.  It      is agreed that the Purchaser, the Company and the Municipality will, by      agreement, decide on the name/names of the Project as defined in this      Agreement, in accordance with professional advice which the Purchaser, the      Municipality and the Company will receive in relation thereto (hereinafter      – “the Name of the      Project”).  The Housing Company will be entitled to      decide on the name of the residential precinct (including the inclusion in      this name of the name of “Gindi”) and the Mall Company will be entitled to      decide on the name of the commercial areas in the Purchaser’s Project,      while the Housing Company and the Mall Company undertake that the names      will be given by them as aforesaid will, under all the circumstances,      include the name of the Project as will be decided as      aforesaid.  For example, if it is decided that the name of the      Project is: “New Tel Aviv”, then the Housing Company will be entitled to      call the residential precinct by the name of: “X” in New Tel Aviv” and the      Mall Company will be entitled to call the commercial areas by the name:      “Y” in New Tel Aviv”. |
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|   | Nothing      in the foregoing shall derogate from the Municipality’s power and      authority and/or its duty as a local authority to decide on the name of      the suburb in which the Project will be included, in accordance with      Section 235A of the MunicipalitiesOrdinance. |
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| 16. | Transfer      of rights and encumbrances |
|-----|------------------------------------------|

|  | 16.1 | It      is hereby agreed that until completion of the construction of all the      built areas that can be erected on the Company’s Lands, the Municipality      Lands and the Additional Real Estate Rights (including the public      buildings) in accordance with the provisions of Plan TA/3001 and pursuant      to the provisions of this Agreement, the Purchaser will not be entitled to      transfer any of its rights and obligations in the Property Sold, or any      part thereof, to third parties (excluding a sale of residential units to      the buyers of apartments as defined above and/or the letting of      residential units and/or built commercial areas) (hereinafter for purposes      of this sub-clause: “the      Transferee”) without the prior written consent of the Company and      the Municipality. |
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|  | 16.2 | Notwithstanding      the contents of Clause 16.1 above and subject to Clause 16.3 below, it is      agreed that: |
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|   | 16.2.1 | Until      the date of payment of the full Basic Consideration, the Mall Company will      be entitled to sell portion of its rights and obligations in relation to      the commercial areas that are the subject of this Agreement to a third      party which is a financial entity and/or an entity whose field of business      is the management and operation of yield producing assets (hereinafter for      purposes of this sub-clause – “the Transferee”),      provided that the obligations of the Mall Company and the Transferee      vis-à-vis the Company and the Municipality in relation to the commercial      areas shall be joint and several, and that the provisions of sub-clause      16.5 below shall be compliedwith. |
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|   | 16.2.2 | Commencing      from the date of payment of the full Basic Consideration to the Company      and to the Municipality, the Mall Company will be entitled to sell the      commercial areas or part thereof to any third party, provided that the      Transferee assumes the full obligations of the Mall Company in accordance      with this Agreement as regards the transferred portion of the commercial      areas, and the Mall Company shall remain liable to the Company for the      full obligations pursuant to this Agreement in connection with that      portion of the commercial areas which remains in its possession after the      transfer, if any, and that the provisions of sub-clause 16.5 below are      complied with. |
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|  | 16.3 | If      the Mall Company should wish to sell its rights in the commercial areas      (in whole or in part) prior to the issue of a certificate for initial      occupation (Form 4) in respect of the school, the sports center and the      area of the Municipality’s parking places, as defined in the Municipality      Lands Agreement (hereinafter in this Clause 16: “the School, the Sports Center      and the Municipality’s Parking Places Area”), then such transfer      shall be subject to the prior written consent of the Municipality on such      conditions as the Municipality may stipulate in accordance with the      provisions of this sub-clause below, and subject to fulfillment of the      provisions of sub-clause 16.5 below.  This consent shall be      given if the Municipality has been persuaded that such transfer does not      affect the obligations of the Housing Company for erecting the School and      the Sports Center, the construction and actual completion thereof, and the      obligations of the Mall Company for constructing the Municipality’s      Parking Places Area, the construction and actual completion      thereof.  It is clarified that the only factor the Municipality      will be entitled to take into account for purposes of giving such consent      and the conditions thereof, is the guaranteeing of construction of the      School, the Sports Center and the Municipality’s Parking Places      Area. |
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|  | 16.4 | It      is agreed that in the case of the transfer of rights by the Purchaser in      accordance with the provisions of this Clause 16 above, the Company will      sign the necessary documents for purposes of transferring the Purchaser’s      rights to the Transferee (including consent to registration of a caveat,      amendment of the deeds of mortgage and so forth), provided that within the      framework of such documents the Company’s rights pursuant to this      Agreement will be secured and the Transferee’s stepping into the      Purchaser’s shoes vis-à-vis the Company in all respects shall be      guaranteed, all subject to the condition that the Company’s signing as      aforesaid shall not derogate from any of the Company’s rights under this      Agreement and/or have the effect of the imposing any obligations and/or      expenses on the Company which are not expressly imposed on it in      accordance with this Agreement. |
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|  | 16.5 | The      Company’s consent to a transfer of rights as aforesaid, to the extent that      it is given, will in any event be subject, inter alia, to the expunging of      a caveat that has been registered in favor of the individual party who      makes up the Purchaser who is the transferor or to an amendment thereof,      as the case may be, cancellation of the mortgage that was registered in      favor of the financing bank in connection with the individual party who      makes up the Purchaser who is the transferor or an amendment thereof, as      the case may be, the furnishing of all the powers of attorney required      under this Agreement, the Transferee signing the Transfer Documents that      are demanded by the Company and the Municipality, and similar other      documents. |
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|  | 16.6 | It      is agreed that the provisions of Clause 16 regarding restrictions on the      transfer of rights will also apply to a transfer of shares and/or an      allotment of shares and/or the grant of options for shares and/or any      disposition or act, directly or indirectly (hereinafter – “Operations in Shares”)      in the shares of any of the individual parties who make up the Purchaser      and/or in the shares of their parent companies (up to and not including      Interested Parties) (apart from a public offering of shares of such      companies, provided that there shall be no change in control in any of the      individual parties who make up the Purchaser or in any of their parent      companies), and Operations in Shares as a result of which there will be a      change in control (within the meaning of that term in the Securities Law,      5728-1968) in any of the Interested Parties, in a manner whereby any      Operation in Shares as referred to above in this sub-clause will require      the Company’s consent in accordance with the conditions of Clause 16      above. |
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|   | 16.7 | The      encumbrances |
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|   | 16.7.1 | Up      to the date of actual settlement of the Second Payment, the Purchaser will      not be entitled to encumber any of its rights pursuant to this Agreement      and/or in the Company’s Lands in favor of any third  party. |
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|   | 16.7.2 | Simultaneous      with settlement of the Second Payment, as defined above, the Purchaser      will be entitled to encumber its rights in the Company’s Land and/or its      rights pursuant to this Agreement, solely in favor of a commercial bank      that will provide it with a loan for purposes of financing the transaction      that is the subject matter of this Agreement and/or realization of the      transaction, but subject to the following cumulative conditions      (hereinafter – “the      Financing Bank”, and “the Construction      Loans”), respectively): |
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|   | 16.7.2.1 | The      monies of the Second Payment and the monies of the Third Payment shall be      paid by the Financing Bank directly to the Company and/or to Bank Leumi      and/or to the Trustee, as the case may be, in the manner and at the times      set forth in the provisions of sub-clause 6.2.5 above and sub-clause 6.2.6      above. |
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|   | 16.7.2.2 | In      the scope of the banking documents the Financing Bank shall confirm to the      Company in writing that it is aware, and it agrees thereto, that the      Company will, in its discretion, be entitled to create encumbrances and      third party rights of any sort in the Remaining Project Lands, including      encumbrances ranking pari passu with the encumbrance in favor of the      Financing Bank. |
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|   | 16.7.2.3 | The      credit which is the subject of the Construction Loans shall be given      solely in connection with the Purchaser’s Project and the encumbrance to      the Financing Bank shall secure the obligations to the Financing Bank of      the Purchaser and the Interested Parties in connection with the      Purchaser’s Project only. |
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|   | 16.7.2.4 | All      the expenses, the liability and the obligations in connection with the      construction loans, if same are provided to the Purchaser, including      commissions and costs in respect of the issue of any guarantees, including      Sale Law guarantees to buyers of apartments, shall be borne in their      entirety by the Purchaser, in a manner that there shall be no liability on      the Company in connectiontherewith. |
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|   | 16.7.2.5 | The      signature by the Company to the encumbrance documents to the Financing      Bank will be subject to the condition that the Company’s liability and/or      obligation in connection with receiving the Construction Loans will be      confined to the creating of an encumbrance in favor of the Financing Bank      as stated in Clause 16.7.3 below and to the Financing Bank’s ability to      realize same, to the extent necessary, without additional obligations      being imposed on the Company vis-à-vis the Financing Bank and/or without      the Financing Bank being able to have recourse to the Company’s other      assets (including its rights in the Remaining Project    Lands). |
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|   | 16.7.2.6 | The      Financing Bank shall confirm in writing to the Company that realization of      the encumbrance in favor of the Financing Bank and its sale of the rights      to a third party pursuant to the aforesaid realization of the encumbrance      shall be made subject to the condition that such third party shall step      into the Purchaser’s shoes with respect to all the rights and obligations      according to the provisions of this Agreement and subject to the Company’s      rights pursuant to this Agreement, without this derogating from the      provisions of sub-clause 5.2.5above. |
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|   | 16.7.2.7 | The      Financing Bank shall give consent in writing to registration of the      parcellation, registration of the leasehold rights in favor of the Company      in the Company’s Lands in the name of the Company, as well as registration      of any act required in the Remaining Project Lands, provided that its      rights pursuant to the encumbrance in its favor shall not be adversely      affected. |
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|   | 16.7.3 | It      is agreed that the encumbrances that will be given by the Company in favor      of the Financing Bank will include only the encumbrances particularized in      one of the alternatives described in the sub-clauses of this Clause      16.7.3, with it being agreed that under all circumstances the encumbrance      documents shall conform with the provisions of Clause 16.7.2 above      (hereinafter – “the      Encumbrance in favor of the Financing  Bank”): |
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|   | 16.7.3.1 | Until      registration of the leasehold rights in the Company’s Lands in the name of      the Company in the Land Registry, the Encumbrance in favor of the      Financing Bank shall include: (a) registration of a mortgage over a      specific part of the Company’s Existing Leasehold, as same stands at the      date of signing of this Agreement, with this being by way of registration      of the mortgage on the basis of a drawing (in which the Existing Leasehold      will be marked without the portion of the Remaining Project Lands in      Existing Leasehold) and in the alternative, if that is not possible, by      the registration of a mortgage over all the Company’s rights in the      Existing Leasehold, coupled with an exclusion of the Remaining Project      Lands from the operation of the mortgage, all in the manner which makes      the creation of first ranking encumbrances in favor of third parties over      the Remaining Project Lands possible.  It is clarified that      after registration of the parcellation, the aforesaid mortgage will be      specifically attributed to the Company’s leasehold rights as same will be      upon completion of registration of the parcellation as aforesaid, in a      manner whereby the mortgage will not apply to the Remaining Project Lands;      (b) an undertaking by the Municipality to register a mortgage in favor of      the Financing Bank, in respect of the Company’s Lands only, in the usual      text used by it in transactions of the sort and registration in the Land      Registry of a caveat in respect of such undertaking to register a      mortgage, and (c) a charge at the Registrar of Companies over the      Company’s rights in the Company’s Lands in accordance with the 2002      Agreement. |
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|   | 16.7.3.2 | If      the registration of the leasehold rights in the Company’s Lands in the      Company’s name in the Land Registry is executed after registration of the      Encumbrance in favor of the Financing Bank in accordance with sub-clause      16.7.3.1 above, then in the scope of registering the leasehold rights as      aforesaid, the encumbrance referred to as Clause 16.7.3.1 above, including      all the components thereof, will be replaced by a mortgage that will be      registered only over the Company’s leasehold rights in the Company’s Lands      in accordance with the LeaseholdDrawings. |
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|   | 16.7.3.3 | If      the leasehold rights in the Company’s Lands are registered in the      Company’s Lands in the Land Registry are registered prior to the date of      registration of the Encumbrance in favor of the Financing Bank, then a      mortgage will be registered in favor of the Financing Bank only over the      Company’s leasehold rights in the Company’s Lands in accordance with the      Leasehold Drawings. |
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|   | 16.7.4 | The      Purchaser undertakes to deliver to the Company the documents that are      required by the Bank for purposes of registering the Encumbrance in favor      of the Financing Bank (as defined above) not later than 60 days from the      date of the local committee’s decision on approving the first building      permit on conditions, or at least 60 days before the date specified for      making the Second Payment, whichever is the earlier.  The      Company will be entitled to discuss the wording of the aforesaid documents      with the Financing Bank and the conformance of those documents with the      provisions of this Agreement.  As long as the aforesaid      documents do not conform with the provisions of this Agreement, the      Company will not sign the saiddocuments. |
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|   | 16.7.5 | The      documents as shall be agreed between the Company and the Financing Bank      and which under all circumstances shall conform with the provisions of      this Clause 16.7 will henceforth be referred to as – “the Encumbrance in favor of      the Financing Bank Documents”.  The Encumbrance in favor      of the Financing Bank Documents shall be signed by the Company, and shall      be delivered by the Company to the Purchaser in accordance with the      provisions of Clause 6 above. |
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|  | 16.8 | It      is hereby agreed that in a case in which each of the individual parties      who make up the Purchaser takes a Construction Loan separately from the      other, the sole responsibility for arranging the series of encumbrances      with the separate Financing Bank of each of the individual parties who      make up the Purchaser in a manner whereby the series of encumbrances as      aforesaid shall conform with the provisions of this Agreement, is that of      the Purchaser or the individual parties who make up the Purchaser, as the      case may be, and the Company will sign the encumbrance documents in favor      of each of the Financing Banks only in accordance with and subject to the      provisions of sub-clause 16.7above. |
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|  | 16.9 | It      is agreed that the provisions of Clauses 16.1, to 16.8 above will also      apply in relation to any transferee who may acquire any rights in the      Project Lands from the Purchaser and/or from the Purchaser’s      transferees. |
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| 17. | Sale      of apartments by the HousingCompany |
|-----|-----------------------------------------------|

|  | 17.1 | The      Housing Company undertakes that all the sale agreements that will be      signed between it and buyers of apartments up to the Date of Delivery of      Possession will be contingent upon a condition precedent of settlement of      the Additional First Payment, the Later First Payment and the Second      Payment on due date.  It is further agreed that (1) up to the      date of settlement of the Additional First Payment, the Later First      Payment and the Second Payment – all the proceeds that will be received by      the Housing Company from buyers of apartments will be deposited in a trust      account and/or in the account of the Financing Bank, and under no      circumstances will same be transferred to the Housing Company; (2) if up      to the Date of Delivery of Possession, the Housing Company guarantees the      payments that have been paid to it by buyers of apartments by way of a      Sale Law guarantee, then the Sale Law guarantee will contain an additional      ground for foreclosure pursuant to which a case of cancellation of this      Agreement and/or the Municipality Lands Agreement by the Company and the      Municipality will constitute grounds for foreclosure on the Sale Law      guarantee.  If the Housing Company has secured the monies of      buyers of apartments in another way, a refund of the money shall be      guaranteed accordingly in the case mentioned  above. |
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|  | 17.2 | The      Housing Company undertakes that it will include in all the sale agreements      with buyers of apartments a provision pursuant to which the buyers of      those units declare that the Company and the Municipality do not bear any      responsibility or liability to the buyers of  apartments. |
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|  | 17.3 | The      Housing Company will not be entitled to register a caveat in favor of the      buyers of apartments, until after payment of the full Basic Consideration      and after registration of the leasehold rights in the Company’s Lands in      the name of the Purchaser. |
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| 18. | Miscellaneous |
|-----|---------------|

|  | 18.1 | The      Housing Company undertakes that at the time residential apartments on the      Land that is the subject of this Agreement are offered by it for sale or      rental, every buyer who meets the financial conditions that will be      offered by it at that time in the scope of marketing the apartments, will      be entitled to acquire rights in the apartments that are offered as      aforesaid. |
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|  | 18.2 | This      Agreement embodies everything that has been agreed between the parties up      to the date of the signing hereof.  There shall be no validity      to any representation, statement, exchanges, written or verbal, directly,      indirectly or impliedly, and similar other things on the part of the      Municipality and/or the Company and/or the local committee and/or the      entities connected with any of them, which preceded the signing of this      Agreement.  However, with the removal of doubt it is clarified      that nothing contained at the start of this sub-clause 18.2 shall derogate      from the obligations and commitments of the Purchaser and the Interested      Parties in accordance with the sale procedure, to the extent that same are      not contradicted by the provisions of this  Agreement. |
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|  | 18.3 | No      alteration or waiver of the provisions of this Agreement will be of any      validity unless a written document to that effect has been drawn up and      signed by both the parties. |
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|  | 18.4 | Any      waiver by a party to this Agreement of any of its rights shall be of no      force and validity unless drawn up in writing.  Where in this      Agreement the consent of the party to the contract is required for      purposes of any act, such consent will be of no validity unless given in      writing. |
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|  | 18.5 | Where      a date has been specified for the obligations of all the parties, they      shall have the right to extend that date by way of written      consent. |
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|  | 18.6 | Clauses      3, 4 (excluding sub-clause 4.11), 5, 6, 7, 9 (excluding clause 9.9), 10      (excluding 10.2), 11, 13, 16, 17 constitute basic and fundamental clauses      of this Agreement and a breach of a provision contained in any of them      which has not been cured within 30 days from the date of receipt by the      Purchaser of written notice to that effect will be deemed to be a material      breach.  It is further agreed that a repeated breach (that is to      say, commencing from the third breach onwards) of any of the provisions of      the above  clauses will immediately be deemed to be a material      breach without the necessity for any warning or notice being given by the      Company.  This provision shall be deemed to have been included      at the end of each of the abovementioned  clauses. |
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|  | 18.7 | Without      derogating from the contents of Clause 18.6 above, it is hereby agreed      that each of the following cases will be deemed to be a material breach on      the part of the Purchaser, which will entitle the Company, in its      discretion, inter alia to the remedy of the cancellation of this contract      by written notice to be delivered to the  Purchaser. |
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|   | 18.7.1 | If      an application for a stay of proceedings is filed by any of the individual      parties who make up the Purchaser or by any of the Interest in      Parties.  In a case in which such application is filed by any      third party – only if a stay of proceedings order is    granted. |
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|   | 18.7.2 | In      the event that a liquidation order or receivership order is granted      against any of the individual parties who make up the Purchaser or against      any of the Interested Parties, or if a provisional or permanent receiver      is appointed for the property of any of them, or if a liquidator or      provisional liquidator is appointed for any of the individual parties who      make up the Purchaser or for any of the Interested Parties, or if any of      the individual parties who make up the Purchaser or any of the Interested      Parties files a proposal for making an arrangement with his or its      creditors – all in a case in which such appointment or order has not been      set aside within 90 days from the date the court order was      granted. |
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|   | 18.7.3 | If      an attachment has been imposed on the Purchaser’s rights in the Company’s      Lands and/or the rights of any of the individual parties who make up the      Purchaser and/or any of the Interested Parties in other assets of any sort      which serve as collateral for the banking finance, and the attachment has      not been removed within 90 (ninety) days from the date the attachment was      imposed. |
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|   | 18.7.4 | In      relation to the cases mentioned in sub-clauses 18.7.1-18.7.3 above, which      will be deemed to be material breaches as aforesaid, it is agreed that the      occurrence of the aforesaid events will be examined in relation to each of      the individual parties who make up the Purchaser separately, where an      individual party in respect of whom one of the events mentioned in      sub-clauses 18.7.1-18.7.3 above has occurred will be deemed to be a      Defaulting Individual Purchaser and an individual party who makes up the      Purchaser with respect to whom one of the aforesaid events has not      occurred will be deemed to be a Complying Individual Purchaser, as more      fully described in the provisions of sub-clause 5.2.4.3    above. |
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|   | 18.8 | If      the Purchaser has fulfilled all its obligations under this Agreement up to      and including payment of the full Basic Consideration on due date, and the      Third Payment has been paid in the hands of the Company, then, without      derogating from the remaining remedies available to the Company according      to law and agreement, the Company will no longer have a right to cancel      this Agreement. |
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|   | 18.9 | It      is agreed that any payment which applies to any of the parties to this      Agreement, which is made after the dates specified for the payment thereof      in accordance with this Agreement, will bear penalty interest at an annual      rate of 10%, commencing from the first day of default.  All this      will be without derogating from any other or additional right or remedy to      which the other party is entitled according to any law and/or      agreement. |
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|   | 18.10 | This      Agreement is being signed simultaneously with the signing of the agreement      between the Purchaser and the Municipality for the purchase by the      Purchaser of the rights in the Municipality Lands (hereinbefore and      hereinafter: “the      Municipality Lands Agreement”).  For the removal of doubt      it is clarified and agreed that this Agreement is the separate and      independent agreement from the Municipality Lands Agreement, and that the      transaction which is the subject of this Agreement is a separate and      independent transaction from the transaction that is the subject of the      Municipality Lands Agreement.  The obligations and rights of the      Company, on the one hand, and the Municipality on the other, pursuant to      the above-mentioned agreements, do not constitute joint and several      obligations and rights vis-à-vis the Purchaser, and the Municipality or      the Company are not a guarantor for the fulfillment of the obligations of      one another vis-à-vis the Purchaser in accordance with the aforesaid      agreements, and the existence of the agreements and of the transactions      that are the subject of the Agreements are separate and      independent.  Nothing contained in this clause above shall      derogate from the provisions of sub-clause 10.2 above, sub-clause 6.2.1      above and sub-clause 6.2.5.3above. |
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|   | 18.11 | In      the case of a conflict between the provisions of the sale procedure and      the provisions of this Agreement, the provisions of this Agreement shall      prevail. |
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|   | 18.12 | It      is agreed that the provisions of the Contracts Law (Remedies for Breach of      Contract), 5731-1970 shall apply to this  Agreement. |
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|   | 18.13 | The      Purchaser will not have any right of set-off or lien, for any reason, in      respect of any amount it is obliged to pay in accordance with the      provisions of this Agreement. |
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|   | 18.14 | The      Company reserves the right, in its sole discretion, to assign, transfer or      endorse its rights and/or obligations under this  Agreement. |
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|   | 18.15 | Should      this Agreement be cancelled, such cancellation will not derogate from the      validity of the provisions contained in Clauses 4.1 to 4.4, 4.7 to 4.10,      4.11, 4.17, 4.21, 4.22, 13.1 and 14 above and from the validity of the      undertakings pursuant to the deeds of confidentiality of the Purchaser,      the Interested Parties and their representatives which were delivered in      the scope of the sale process. |
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|   | 18.16 | This      Agreement shall be governed by the laws of the State of Israel and the      court in Tel Aviv will have sole and exclusive jurisdiction to try any      matter connected with this Agreement and/or arising herefrom, according to      its substantive jurisdiction. |
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|   | 18.17 | Each      party to this Agreement shall bear its own costs and    expenses. |
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|   | 18.18 | It      is clarified that if this Agreement is translated into foreign languages,      the translation will be solely for purposes of convenience and under all      circumstances the binding version will be the version in the Hebrew      language. |
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|   | 18.19 | Any      notice that is sent by one party to another shall be deemed to have been      received: |
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|   | 18.19.1 | After      3 business days from the time of its posting by registered mail at a post      office in Israel; |
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|   | 18.19.2 | If      delivered by hand - at the time of itsdelivery; |
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|   | 18.19.3 | If      sent by facsimile – at 12:00 noon on the first business day following the      transmission thereof, as confirmed by notice of the facsimile machine from      which it was sent. |
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|   | 18.20 | The      parties fix their addresses for purposes of the contract as      follows: |
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|   | The      parties are entitled to give notice of a change in their address by way of      notice that shall be delivered in accordance with the provisions of Clause      18.19 above, provided that the addresses of the individual parties who      make up the Purchaser and of the Interested Parties shall be in      Israel. |
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| /s/                      |   | /s/                   |
|--------------------------|--------|-----------------------|
| The      Housing Company |   | The      Mall Company |

| /s/              |
|------------------|
| The      Company |

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| 1. | That      the declarations and undertakings given by us in the scope of the sale      process and the sale procedure are correct, complete, full and updated,      and are binding on us along with the Purchaser, for all intents and      purposes. |
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| 2. | That      we are aware that on the strength of our undertakings as set forth below,      the Company has agreed to accept the Purchaser's offer to buy the Property      Sold and to enter into this Agreement withit. |
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| 2A. | We      confirm the correctness of all the declarations and representations of the      Purchaser as set forth in the Agreement, in a manner whereby those      declarations and representations shall be deemed as if given by us      directly to the Company. |
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| 3. | Each      of the Interested Parties hereby declares and undertakes to the Company      that it is duly incorporated and that it is entitled and authorized to      make the undertakings set forth in this Deed of Undertaking and to perform      same, and has passed all the resolutions and obtained all the approvals      required according to the provisions of the law and its documents of      incorporation for purposes of entering into this Deed of      Undertaking.  Each of the Interested Parties further declares      and undertakes that no steps have been taken with respect to it for an      arrangement, stay of proceedings, winding-up, liquidation, expungement,      bankruptcy or receivership, and that there is no threat against it of such      legal proceedings (including the fact of there being no attachment of its      assets), that are likely to have an effect on its contracting under this      Deed of Undertaking and on the performance of its obligations pursuant      hereto. |
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| 4. | We      are fully conversant with the provisions of the Agreement and we declare      and undertake that we have the ability to abide by all the Purchaser's      obligations pursuant to the Agreement, in accordance with the contents of      Paragraph 5 below. |
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| 5. | We      owe a direct obligation to the Company for the fulfillment of all the      Purchaser's obligations pursuant to the Agreement, including payment of      the Consideration, in accordance with the following      provisions: |
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|   | 5.1 | The      Interested Parties are responsible and liable directly to the Company for      the fulfillment of all the Purchaser's obligations for payment of the      Consideration as follows: |
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|   | 5.1.1 | Dirot      Yukra Ltd. is responsible as a direct debtor to the Company for payment of      50% of the payments of the Consideration imposed on the Housing Company      under the Agreement and also for payment of 50% of the payments of the      Consideration imposed on the Mall Company under the    Agreement. |
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|   | 5.1.2 | Gindi      Investments 1 Ltd. is responsible as a direct debtor to the Company for      payment of 25% of the payments of the Consideration imposed on the Housing      Company under the Agreement and also for payment of 25% of the payments of      the Consideration imposed on the Mall Company under the      Agreement. |
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|   | 5.1.3 | Blue      Square Real Estate Ltd. is responsible as a direct debtor to the Company      for payment of 50% of the payments of the Consideration imposed on the      Housing Company under the Agreement and also for payment of 50% of the      payments of the Consideration imposed on the Mall Company under the      Agreement. |
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|   | 5.1.4 | Without      derogating from the Company's remaining rights pursuant to the Agreement      and according to this Deed of Undertaking, it is clarified for the removal      of doubt that nothing in sub-paragraph 5.1 above has the effect of      derogating from any of the remedies available to the Company according to      any law and agreement in the event that the Housing Company and/or the      Mall Company should default in any of their obligations for payment of the      full Consideration (or any part thereof) under the Agreement (even if the      Interested Parties or any of them has complied with the fulfillment of its      obligations to the Company pursuant to this Paragraph  5.1). |
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|   | 5.2 | The      Interested Parties are directly responsible and liable to the Company for      the fulfillment of all the Purchaser's obligations pursuant to this      Agreement (except only the Purchaser's obligations for payment of the full      Consideration, in respect of which the provisions of sub-clause 5.1 above      will apply) as follows: |
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|   | 5.2.1 | Blue      Square Real Estate Ltd. and Dirot Yukra Ltd. are liable, jointly and      severally, as direct debtors to the Company for 50% of all the Purchaser's      obligations under the Agreement. |
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|   | 5.2.2 | Gindi      Investments 1 Ltd. is responsible as a direct debtor to the Company for      payment of 50% of all the Purchaser's obligations pursuant to this      Agreement. |
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|   | 5.2.3 | For      the removal of doubt it is clarified that included in this sub-clause 5.2,      the Interested Parties in the Housing Company are directly liable and      responsible for all the obligations of the Housing Company for the      construction of the public buildings, as defined in the Agreement above,      with this being in accordance with the provisions of sub-clause 4.13 of      the Agreement above and in accordance with the provisions of the      Municipality Lands Agreement and the provisions of the Construction      Contract between the Housing Company and the  Municipality. |
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|   | 5.3 | Our      undertakings above and below are absolute, irrevocable and unconditional      and included therein our obligations to the Company are not contingent on      prior reference by the Company to any of the individual parties who make      up the Purchaser and/or upon the exhausting of any proceedings and/or      remedies that are available to the Company according to the Agreement      and/or any law. |
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| 6. | The      Interested Parties hereby confirm and undertake that they waive any claim,      demand, cause of action or allegation (hereinafter: "Claim") of whatsoever      nature according to any law and agreement as against the Company and/or      the Municipality and/or any of the bodies connected with either of them,      in connection with the subject matter of this Agreement and the actions of      any of the aforesaid entities in connection with the signing and      consummation thereof.  The confirmation of the Interested      Parties as set forth above is also given in connection with what is stated      in Clause 4.10 of this Agreementabove. |
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| 7. | The      Interested Parties confirm that their obligations under this Deed of      Undertaking are as a principal debtor, directly to the Company, and not as      a guarantor.  Without derogating from the foregoing and for the      sake of caution, the Interested Parties hereby absolutely, unconditionally      and irrevocably waive all or any defense or argument that is available      and/or may be available to them, if any, pursuant to the Guarantee      Law. |
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| 8. | All      the remedies and forms of relief that are available and/or may in the      future be available to the Company as against the Purchaser in accordance      with any law and agreement shall also be available against us in all      respects, including in a manner that none of us will have any argument or      defense which is not expressly available to the  Purchaser. |
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| /s/      Dror Moran, Zeev Stein               |   | /s/                  |
|-----------------------------------------------|--------|----------------------|
|   Blue      Square Real Estate Ltd. |   | Dirot      Yukra Ltd |

| /s/                           |
|-------------------------------|
| Gindi      Investments 1 Ltd. |

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