Document:

Unassociated Document

    Exhibit
      10.1

    DTLL

    

    April
      21,
      2006

    

    Board
      of
      Directors

    GRAND
      SIERRA RESORTS 

    3468
      Rice
      Street

    Vadnais
      Heights MN 55126

    

    RE:
      Letter of Intent

    

    Dear
      Members of the Board,

    

    DTLL
      has
      obtained financing commitments to fund the acquisition of the Reno Hilton as
      well as the working capital needs necessary to renovate the property. Pursuant
      these capabilities DTLL would like to extend an offer to the shareholders of
      Grand Sierra Resorts Corporation (“GSRC”) whereby DTLL would acquire all of the
      assets of GSRC.

    

    The
      Offer
      is as follows:

    

    
      	(1)  	
              The
                holders of GSR common shares, will receive a total of $25 million
                in cash,
                to be paid at a rate of $0.15c per share in
                cash,

            

    

    

    
      	(2)  	
              Additionally,
                GSRC shareholders will receive one share of DTLL common stock for
                every 15
                shares of GSR common stock.

            

    

    

    Pursuant
      to this offer we respectively request the following:

    

    
      	i.  	
              GSRC
                and DTLL will use their respective reasonable efforts to take all
                action
                and to do all things reasonably necessary in order to (i) execute
                the
                Definitive Documents, and (ii) consummate and make effective the
                Transaction and any ancillary matters contemplated by Definitive
                Documents.

            

    

    
      	ii.  	
              DTLL
                and GSRC will cooperate with each other and proceed, as promptly
                as is
                reasonably practicable, to prepare and file any notifications required
                and
                to seek to obtain all necessary consents and approvals in connection
                with
                the execution and consummation of the Definitive
                Documents.

            

    

    
      	iii.  	
              GSRC
                and DTLL will give prompt written notice to the other party of any
                material adverse development causing a breach of any of their covenants
                and agreements in this letter agreement. No disclosure will be deemed
                to
                prevent or cure any such failure to comply with any covenant or agreement
                without the written waiver of same by the other
                party.

            

    

    
      	iv.  	
              The
                parties will reasonably cooperate with each other after the consummation
                of the Transaction in order to fully effectuate the Transaction and
                related matters as set forth in the Definitive
                Documents.

            

    

    
      	v.  	
              DTLL
                and GSRC shall each pay their own fees and expenses and those of
                their
                agents, advisors, attorneys and accountants with respect to negotiation
                of
                this OFFER, the negotiation of the Definitive Documents, and the
                consummation of the Transaction and any other agreements or matters
                contemplated hereby.

            

    

    
      	vi.  	
              From
                the date of this OFFER until such time as this OFFER is terminated,
                DTLL
                shall have reasonable access to review the GSRC operations, during
                normal
                business hours, to fully evaluate its investment. GSRC and its
                representatives shall also assist DTLL in conducting its review and
                due
                diligence.

            

    

    
      	vii.  	
              Each
                of DTLL and GSRC represents to the other that each shall pay their
                own
                fees, commissions or other compensation asserted by any person, firm,
                or
                entity in connection with the transactions contemplated
                hereby.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      Notices
        required or permitted shall be sufficient if given in writing and shall be
        deemed given on the date personally delivered, sent by registered certified
        mail, postage pre-paid, or by facsimile to DTLL as follows:

    

    

    DTLL
      ,
      Inc. Copy to: Jerry Siegan 

    4000
      Main
      Street, Suite 215 Arnstein & Lehr 

    Bay
      Harbor, MI 49770 120 North Riverside, Suite 1200

    Attention:
      John Paulsen, Chairman Chicago. Il 60606

    Facsimile:
      312.264.0205 Facsimile: 312.876.7874

     

    This
      letter shall be interpreted in accordance with the laws of the State of
      Illinois.

    

    We
      look
      forward to working with the company to close this transaction and agree to
      keep
      this offer open until 5 pm EST on Tuesday May 9th,
      2006.

    

    Sincerely,

    

    John
      Paulsen

    ChairmanPURCHASE
        AND SALE AGREEMENT

      

      between

      

      ST.
        AUGUSTINE OUTLET WORLD, LTD. 

       

      Seller

       

      and

      

      PRIME
        OUTLETS ACQUISITION COMPANY LLC\

       

      Purchaser

      

      Dated
        as of November 30, 2005

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

       

      

      
        	
                1.

              	
                Sale.

              	
                1

              
	 	 	 
	
                2.

              	
                Purchase
                  Price

              	
                2

              
	 	 	 
	
                3.

              	
                Apportionments

              	
                2

              
	 	 	 
	
                4.

              	
                Purchaser’s
                  Investigation and Closing Date.

              	
                6

              
	 	 	 
	
                5.

              	
                Title.

              	
                7

              
	 	 	 
	
                6.

              	
                Representations
                  and Warranties.

              	
                8

              
	 	 	 
	
                7.

              	
                Closing
                  Costs

              	
                3

              
	 	 	 
	
                8.

              	
                Conditions
                  Precedent to Closing.

              	
                3

              
	 	 	 
	
                9.

              	
                Deliveries
                  by Seller at Closing.

              	
                5

              
	 	 	 
	
                10.

              	
                Deliveries
                  by Purchaser at Closing.

              	
                7

              
	 	 	 
	
                11.

              	
                Covenants.

              	
                8

              
	 	 	 
	
                12.

              	
                As
                  Is; Release.

              	
                1

              
	 	 	 
	
                13.

              	
                Broker.

              	
                2

              
	 	 	 
	
                14.

              	
                Casualty;
                  Condemnation.

              	
                3

              
	 	 	 
	
                15.

              	
                Remedies.

              	
                4

              
	 	 	 
	
                16.

              	
                Purchaser’s
                  Access to the Property.

              	
                4

              
	 	 	 
	
                17.

              	
                Indemnity.

              	
                6

              
	 	 	 
	
                18.

              	
                Escrow.

              	
                6

              
	 	 	 
	
                19.

              	
                Assignment

              	
                9

              
	 	 	 
	
                20.

              	
                Access
                  to Records; Tax Matters

              	
                30

              
	 	 	 
	 	 	 
	
                21.

              	
                Notices.

              	
                30

              
	 	 	 
	
                22.

              	
                Miscellaneous.

              	
                31

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibits

      

      A
        - Legal
        Descriptions of Parcel

      B
        - Deed

      C
        - Form
        of Lease Assumption

      D
        - Form
        of Bill of Sale

      E
        - Form
        of Contract and Permit Assignment

      F
        - Form
        of FIRPTA Affidavit

      G
        - Form
        of Tenant Estoppel Certificate

      G
        - 1
        Form of Seller Estoppel Certificate

      H
        - Form
        of SNDA

      

      Schedules

      

      
        	
                1(a)(iv)

              	
                Personal
                  Property

              
	
                1(b)
                  

              	
                Excluded
                  Personal Property

              
	
                6(a)(i)(E)

              	
                Rent
                  Rolls and Delinquency Reports

              
	
                6(a)(i)(F)

              	
                Uncured
                  Defaults

              
	
                6(a)(i)(G)

              	
                Service
                  Contracts 

              
	
                6(a)(i)(I)

              	
                Actions
                  and Investigations

              
	
                6(a)(i)(J)

              	
                Condemnation
                  Actions

              
	
                6(a)(i)(K)

              	
                Violation
                  of Governmental Regulations or Private Encumbrances

              
	
                6(a)(i)(M)

              	
                Tax
                  Appeals and Special Assessments

              
	
                6(a)(i)(N)

              	
                Tenant
                  Purchase Options

              
	
                6(a)(i)(R)

              	
                Unpaid
                  Tenant Improvement Allowances

              
	
                6(a)(i)(S)

              	
                Unpaid
                  Broker Commissions

              
	
                7

              	
                Responsibilities
                  for Payment of Closing Costs

              
	
                11(c)(iii)

              	
                Major
                  Tenants

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      DEFINED
        TERMS

       

      The
        following capitalized terms are defined in the respective Section of the
        Agreement identified below:

       

      “Acceptable
        Form”
-
        as
        such term is defined in Section
        11(c)(ii).

       

      “Additional
        Deposit”
-
        as
        such term is defined in Section
        4(e).

       

      “Agreement”
-
        as
        such term is defined in the caption.

       

      “Approval”
-
        as
        such term is defined in Section 8(a)(v).

       

      “Approved
        Institution”
-
        as
        such term is defined in Section
        18(g).

       

      “Approved
        Investment”
-
        as
        such term is defined in Section
        18(g).

       

      “Bill
        of Sale”
-
        as
        such term is defined in Section
        9(a)(iii).

       

      “Business
        Day ́-
        as
        defined in Section
        4(c).

       

      “Closing”
-
        as
        such term is defined in Section
        4(e).

       

      “Closing
        Date”
-
        as
        such term is defined in Section
        4(e).

       

      “Commitment”
-
        as
        that term is defined in Section
        5(b).

       

      “Confidential
        Information”
-
        as
        that term is defined in Section
        22(a).

       

      “Contingency
        Period”
-
        as
        such term is defined in Section
        4(a).
        

       

      “Contract
        and Permit Assignment”
-
        as
        such term is defined in Section
        9(a)(iv).

       

      “Contracts”
-
        as
        such term is defined in Section
        9(a)(iv).

       

      “Deed”
-
        as
        such term is defined in Section
        9(a)(i).

       

      “Deposit”
-
        as
        such term is defined in Section
        2(b).

       

      “Designated
        Employee”
-
        as
        such term is defined in Section
        6(a)(ii).

       

      “Disclosing
        Party”
-
        as
        that term is defined in Section
        22(a).

       

      “Escrow”
-
        as
        such term is defined in Section
        18(a).

       

      “Hazardous
        Material”
-
        as
        such term is defined in Section
        12(f).

       

      “Improvements”
-
        as
        such term is defined in the Background.

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      “Investigations”
-
        as
        such term is defined in Section
        16(d).

       

      “Laws”
-
        as
        such term is defined in Section
        16(a)(ii).

       

      “Lease
        Assumption”
-
        as
        such term is defined in Section
        9(a)(ii).

       

      “Lease
        Year”
-
        as
        such term is defined in Section
        3(b).

       

      “Leases”
-
        as
        such term is defined in Section
        1(a)(vi).

       

      “Liens”
-
        as
        such term is defined in Section
        5(c).

       

      “Major
        Tenants”
-
        as
        such term is defined in Section 11(c)(iii) and as are listed on Schedule
        11(c)(iii).
        

       

      “Notice
        of Objection”
-
        as
        such term is defined in Section
        18(e)(i).

       

      “Seller(s)”
-
        as
        such terms are defined in the Background.

       

      “Parcel(s)”
-
        as
        such terms are defined in the Background.

       

      “Permits”
-
        as
        such term is defined in Section
        1(a)(viii).

       

      “Permitted
        Exceptions”
-
        as
        such term is defined in Section
        5(b).
        

       

      “Personal
        Property”
-
        as
        such term is defined in Section 1(a)(iv).

       

      “Plans”
-
        as
        such term is defined in Section
        1(a)(ix).

       

      “Property”-
        as
        such terms are defined in the Background.

       

      “Property
        Information”
-
        as
        such term is defined in Section 6(a)(ii).

       

      “Proposed
        Transaction”
-
        as
        such term is defined in Section
        22(d).

       

      “Purchase
        Price”
-
        as
        such term is defined in Section
        2.

       

      “Purchaser”
-
        as
        such term is defined in the caption.

       

      “Purchaser’s
        Documents”
-
        as
        such term is defined in Section 6(b)(i)(B).

       

      “Purchaser’s
        Representatives”
-
        as
        such term is defined in Section
        17(b).

       

      “Recipient”
-
        as
        that term is defined in Section
        22(a).

       

      “Seller”
-
        as
        such term is defined in the caption.

       

      “Seller
        Estoppel Certificate”
-
        as
        such term is defined in Section
        11(c)(ii).

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

       

      “Seller’s
        Documents”
-
        as
        such term is defined in Section 6(a)(i)(B).

       

      “Seller’s
        knowledge”
-
        as
        such term is defined in Section 6(a)(ii).

       

      “Seller’s
        Representatives”
-
        as
        such term is defined in Section
        17(a).

       

      “Service
        Contracts”
-
        as
        such term is defined in Section
        1(a)(vii).

       

      “SNDA”
-
        as
        such term is defined in Section
        11(e).

       

      “Subject
        Lease Year”
-
        as
        such term is defined in Section
        3(b).

       

      “Surviving
        Obligations”
-
        as
        such term is defined in Section 6(a)(iii).

       

      “Title
        Company”
-
        as
        such term is defined in Section
        5(a).

       

      “Unacceptable
        Encumbrances”
-
        as
        such term is defined in Section
        5(c).

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

      

      PURCHASE
        AND SALE AGREEMENT

       

      PURCHASE
        AND SALE AGREEMENT
        (this
“Agreement”),
        dated
        as of November 30, 2005 by and between, ST. AUGUSTINE OUTLET WORLD,
        LTD.,
        each
        having an office at 5211 International Drive, Orlando, Florida 32819 (“Seller”),
        and PRIME
        OUTLETS ACQUISITION COMPANY LLC,
        having
        an office c/o The Lightstone Group, 326 Third Street, Lakewood, New Jersey
        08701
        (“Purchaser”).

       

      BACKGROUND

       

      Seller
        owns fee simple title to the retail mall complex known as Belz Outlets at
        St.
        Augustine (the “Mall”).
        The
        Mall consists of the real property more particularly described on Exhibit
        A
        annexed
        hereto (the “Parcel”)
        and
        the buildings, improvements and other structures constructed on the Parcel
        (the
“Improvements”).
        The
        Parcel, together with the Improvements located thereon and the items listed
        in
Section
        1(a)(iv)
        shall be
        referred to herein individually as the “Property,”
and
        collectively as the “Property.”
        

       

      Purchaser
        has agreed to purchase the Property and other assets to be conveyed hereunder
        in
        their “AS-IS,
        WHERE-IS, WITH ALL FAULTS”
        condition and acknowledges that, except as expressly set forth in this
        Agreement, Seller has made no representations or warranties to Purchaser
        regarding the Property and other assets.

       

      NOW,
        THEREFORE,
        in
        consideration of ten ($10.00) dollars and the mutual covenants and agreements
        hereinafter set forth, and intending to be legally bound, the parties agree
        as
        follows:

       

      1. Sale. 

       

      (a) The
        Property.
        Seller
        agrees to sell to convey to Purchaser, and Purchaser agrees to purchase from
        Seller, at the price, upon the terms and subject to the conditions set forth
        in
        this Agreement, (i) the Parcel; (ii) the Improvements; (iii) all of Seller’s
        right, title and interest in and to the easements, rights of way, reservations,
        covenants, restrictions, privileges, appurtenances, development rights,
        underground rights, water rights and other estates and rights, if any,
        pertaining to the Parcel and the Improvements; (iv) all right, title and
        interest in and to all equipment, fixtures, inventory and other tangible
        personal property owned by Seller located on and used in connection with
        the
        operation of the Parcel and the Improvements as a retail mall complex, including
        such items as are listed in Schedule
        1(a)(iv)
        (collectively, the “Personal
        Property”),
        but
        excluding the items of personal property described in Section
        1(b);
        (v) all
        right, title and interest, if any, in and to any strips and gores, alleys
        adjoining the Parcel, and the land lying in the bed of any street, road or
        avenue, opened or proposed, in front of or adjoining the Parcel to the center
        line thereof; (vi) the interest of Seller as landlord in all leases, licenses
        and other occupancy agreements encumbering the Property on the Closing Date
        (collectively, the “Leases”);
        (vii)
        the service, supply, maintenance, utility and commission agreements, and
        equipment leases with respect to the Property (collectively, the “Service
        Contracts”),
        to
        the extent assignable; (viii) the licenses, permits, certificates, approvals,
        authorizations, variances and other written authorizations from any governmental
        or quasi-governmental authorities having jurisdiction necessary or desirable
        for
        the use, operation or ownership of the Property and in the possession or
        control
        of Seller (collectively, the “Permits”),
        to
        the extent assignable; (ix) all right, title and interest in plans and
        specifications in the possession and control of Seller for the Improvements
        (collectively, the “Plans”),
        to
        the extent assignable; and (x) all right, title and interest in warranties
        in
        the possession or control of Seller for such Improvements, to the extent
        assignable. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) Excluded
        Property.
        Specifically excluded from the Property and this sale are all items of personal
        property described in Schedule
        1(b),
        if
        any.

       

      2. Purchase
        Price.
        

       

      (a) Initial
        Purchase Price.
        Subject
        to the provisions of paragraph (b) below, the purchase price to be paid by
        Purchaser to Seller for the Property is Forty-Two Million Dollars
        ($42,000,000.00), (the “Purchase
        Price”).
        The
        Purchase Price shall be payable as follows:

       

      (i) Five
        Hundred Thousand Dollars ($500,000.00) (the “Deposit”),
        within two (2) Business Days following full execution and delivery of this
        Agreement, and as a condition precedent to the effectiveness of this Agreement,
        by a bank wire transfer of immediately available funds to an account designated
        by the Escrow Agent; and 

       

      (ii) By
        Buyer
        paying on the Closing Date, by wire transfer to one or more accounts designated
        by Seller, the amount of the Purchase Price less the Deposit.

       

      3. Apportionments.
        At
        Closing, the following apportionments shall be made with respect to the Property
        as of 11:59 p.m. on the day immediately preceding the Closing Date:

       

      (a) Real
        Estate and Personal Property Taxes.
        Real
        estate and personal property taxes shall be prorated for the calendar year
        or
        fiscal year, as the case may be, for which such taxes are assessed. Such
        proration shall be calculated based upon the actual number of days in such
        calendar year or fiscal year, as the case may be, with Seller being responsible
        for that portion of such calendar or fiscal year occurring prior to midnight
        of
        the day prior to the Closing Date and Purchaser being responsible for that
        portion of such calendar or fiscal year occurring on and after the Closing
        Date.
        All prorations shall be based upon the actual tax assessed and any discounts
        or
        penalties shall inure to the benefit of, or be borne by, Seller. If the real
        estate and/or personal property tax rate and assessments have not been set
        for
        the calendar or fiscal year in which the Closing occurs, then the proration
        of
        such taxes shall be based upon the rate and assessments for the preceding
        calendar or fiscal year, and such proration shall be adjusted between Seller
        and
        Purchaser upon presentation of written evidence that the actual taxes paid
        for
        the calendar or fiscal year in which the Closing occurs differ from the amounts
        used at Closing in accordance with the provisions of Section
        3(g).
        Seller
        shall pay all installments of special assessments due and payable prior to
        the
        Closing Date and Purchaser shall pay all installments of special assessments
        due
        and payable on and after the Closing Date; provided,
        however,
        that
        Seller shall not be responsible for any installments of special assessments
        which have not been finally assessed (even if Seller shall have received
        notice
        that such an assessment is contemplated) or which relate to projects that
        have
        not been completed on the date hereof. 

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (b) Rents.
        All
        collected rents and other payments from tenants, licensees or other occupants
        under the Leases shall be prorated between Seller and Purchaser as of midnight
        on the day prior to the Closing Date. Seller shall be entitled to all rents,
        charges, and other revenue of any kind attributable to any period under the
        Leases to but not including the Closing Date. Purchaser shall be entitled
        to all
        rents, charges and other revenue of any kind attributable to any period under
        the Leases on and after the Closing Date. Minimum rent, percentage only rent
        and
        additional rent shall be prorated for the month in which Closing occurs.
        Percentage rent (as contrasted to percentage only rent) shall be apportioned
        on
        a Lease-by-Lease basis as follows: (i) subject to the balance of this
        subparagraph, Seller shall retain all percentage rent payments received by
        it on
        and prior to the Closing Date and Purchaser shall retain all percentage rent
        payments received by it after the Closing Date; (ii) on the Closing Date,
        Seller
        shall deliver to Purchaser a statement of all percentage rent collected by
        Seller with respect to the Subject Lease Year on a Lease-by-Lease basis along
        with a copy of the percentage rent invoices and sales reports which support
        those collections; (iii) for each Lease, not later than forty-five (45) days
        after the date that gross sales for the Subject Lease Year are finally
        determined, Purchaser shall deliver to Seller a statement of all percentage
        rent
        collected by Purchaser with respect to that Lease along with a copy of the
        annual reconciliation of percentage rent owed under the applicable Lease
        for the
        Subject Lease Year and the related sales information backup; and, (iv) for
        each
        Lease, within fifteen (15) days after the date the statement and reconciliation
        described in subsection
        (iii)
        above is
        delivered to Seller, Purchaser shall pay to Seller or Seller shall pay to
        Purchaser, whichever is applicable, the positive difference between (A) the
        total percentage rent collected by that party with respect to the Subject
        Lease
        Year and (B) the product of (1) the average daily percentage rent received
        with
        respect to the Subject Lease Year after taking into account the annual
        reconciliation and (2) the actual number of days that party was the Owner
        of the
        Property during the Subject Lease Year (with Purchaser being deemed to be
        the
        owner as of the Closing Date). For example, if the tenant’s Lease Year runs from
        February 1 to January 31, the Closing Date occurs on February 16, 2006, Seller
        collects $0 percentage rent for the Subject Lease Year, and Purchaser collects
        $700,000 percentage rent for the Subject Lease Year, then Purchaser shall
        pay to
        Seller $28,767.12 ($700,000 - ($1,917.811 
        x 15
        days)). As used herein, the term "Lease
        Year"
        means
        the twelve (12) month period as to which annual percentage rent is owed under
        each Lease and “Subject
        Lease Year”
means,
        for each Lease, the Lease Year in which the Closing Date occurs. Seller
        shall be entitled to continue or commence audits of percentage rent and
        percentage only rent under the Leases for the Lease Year immediately prior
        to
        the Subject Lease Year, and shall have the right to settle the same in its
        sole
        discretion. 

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Rents,
        CAM charges, utility charges, tax charges and other revenue or reimbursements
        due landlord under the Leases not collected as of the Closing Date shall
        not be
        prorated at the time of Closing, but for a period of twelve (12) months after
        the Closing Date, Purchaser shall make a reasonable, good faith effort to
        collect the same on Seller’s behalf by invoicing delinquent tenants on a monthly
        basis for all past due amounts (which obligation shall survive the Closing
        and
        shall not be merged in the Deed); provided,
        however,
        that
        Purchaser shall have no obligation (unless Purchaser elects in its sole
        discretion) to enforce its rights under the Leases in a court of law or equity,
        to threaten such enforcement, or to commence any action or proceeding whatsoever
        to enforce its rights under the Leases. All rents, CAM charges, utility charges,
        tax charges and other reimbursements due landlord under the Leases collected
        by
        Purchaser on or after the Closing Date shall first be applied to all amounts
        due
        under the Leases at the time of collection for periods from and after the
        Closing Date (i.e.,
        current
        rents and any other sums due Purchaser as the current Owner and landlord),
        next
        to the actual costs incurred by Purchaser to third parties in collecting
        these
        amounts, with the balance (if any) payable to Seller promptly upon receipt
        for
        rents and any other sums due prior to the Closing Date, to be applied in
        reverse
        chronological order of the date on which same became due. Seller may not
        bring
        suit against any such tenant to collect any such sums unless the tenant is
        a
        tenant in other shopping centers owned by Seller or an affiliate of Seller,
        in
        which case Seller shall be permitted to bring suit against that tenant. In
        no
        event shall Seller seek or threaten eviction of any tenant in the Property.
        Purchaser shall receive a credit against the Purchase Price for pre-paid
        rentals
        held by Seller covering the period post-Closing. Advertising or marketing
        funds
        collected by Seller prior to Closing, net of expenses not assumed by Purchaser,
        will be credited against the Purchase Price at Closing. Notwithstanding anything
        herein to the contrary, Seller shall retain all rights and claims against
        tenants and former tenants in bankruptcy which are no longer in possession
        at
        the Property.

       

      (c) Operating
        Expenses.
        Operating expenses for the Property shall be prorated as of 11:59 p.m. of
        the
        day prior to the Closing Date. Seller shall pay all utility charges and other
        operating expenses attributable to the Property (such as amounts due under
        the
        Service Contracts) to, but not including the Closing Date, and Purchaser
        shall
        pay all utility charges and other operating expenses attributable to the
        Property on or after the Closing Date. To the extent that the amount of actual
        utility consumption, other operating expenses or revenues are not determined
        prior to the Closing Date, a proration shall be made at Closing based on
        the
        last available reading, in the case of utility consumption, or on the last
        bill
        or receipt, and post-Closing adjustments between Purchaser and Seller shall
        be
        made ninety (90) days following the Closing Date, which obligation shall
        survive
        the Closing and shall not be merged in the Deeds and Seller will be entitled
        to
        all rights with respect thereto. Seller shall not assign to Purchaser any
        deposits which Seller has with any of the utility services or companies
        servicing the Property, and Seller will be entitled to all rights with respect
        thereto. Purchaser shall arrange with such services and companies to have
        accounts opened in Purchaser’s name beginning at 12:01 a.m. on the Closing
        Date. 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (d) Security
        Deposits.
        At
        Closing, Seller shall account to Purchaser for, and give Purchaser a credit
        against the Purchase Price for the Property in the aggregate amount of, the
        unapplied cash security deposits then held by Seller under the Leases and
        any
        interest required by law or the applicable Lease to be accrued thereon. At
        Closing, Purchaser shall assume liability for, and indemnify and hold Seller
        harmless from and against claims relating to, all unapplied cash security
        deposits so credited. Following Closing, Seller shall assume liability for,
        and
        indemnify and hold Purchaser harmless from and against claims relating to,
        any
        unapplied cash security deposits not so credited. If any security deposit
        is
        held in the form of a letter of credit, the original letter of credit will
        be
        assigned and delivered to Purchaser at Closing together with any other documents
        required to effect the transfer to Purchaser at Closing. The obligations
        of the
        parties pursuant to this Section
        3(d)
        shall
        survive Closing and shall not be merged in the Deeds.

       

      (e) New
        Leases.
        At
        Closing, Purchaser shall reimburse Seller, or assume liability for, and
        indemnify and hold Seller harmless from and against, all brokerage and other
        costs and expenses, including without limitation, incentives, tenant improvement
        costs, allowances and other inducements, paid or payable on account of (i)
        leases entered into following the execution of this Agreement which are approved
        by Purchaser pursuant to Section
        11(b)
        and (ii)
        renewals of existing leases.

       

      (f) Apportionment
        Credit.
        In the
        event the apportionments to be made at the Closing result in a credit balance
        (i) to Purchaser, such sum shall be paid at the Closing by giving Purchaser
        a credit against the Purchase Price in the amount of such credit balance,
        or
        (ii) to Seller, Purchaser shall pay the amount thereof to Seller at the
        Closing by wire transfer of immediately available funds to the account or
        accounts to be designated Seller for the payment of the Purchase
        Price.

       

      (g) Delayed
        Adjustment.
        If at
        any time following the Closing Date, any adjustment under any subsection
        of this
Section
        3
        shall
        prove to be incorrect (whether as a result in an error in calculation or
        a lack
        of complete and accurate information as of the Closing), the party in whose
        favor the error was made shall promptly pay to the other party the sum necessary
        to correct such error upon receipt of proof of such error, provided that
        such
        proof is delivered to the party from whom payment is requested within twelve
        (12) months after the Closing Date for all adjustments other than the adjustment
        of percentage rent, which adjustment shall be made when the calculation and
        payment thereof has been made, and in any event, within sixteen (16) months
        following the Closing Date. The provisions of this Section
        3(g)
        shall
        survive the Closing and shall not be merged in the Deeds.

       

      (h) Purchaser’s
        Investigations.
        Purchaser shall pay for Purchaser’s Investigations and any other due diligence
        performed by Purchaser with respect to the Property.

       

      (i) Attorneys’
        Fees.
        Purchaser and Seller shall each be responsible for paying its own attorneys’,
        consultants’ and other professionals’ fees in connection with this transaction.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (j) CAM
        Audits.
        Seller
        shall remain responsible for, and shall control, any audits of CAM charges
        for
        periods prior to the year of the Closing Date, and shall have the right to
        settle the same in its sole discretion. Purchaser shall cooperate with Seller
        to
        the extent required and shall make any books and records assigned hereunder
        available to Seller in connection with any such audit.

       

      (k) Unpaid
        Tenant Allowances.
        Seller
        shall remain responsible for payment of the unpaid tenant allowances listed
        on
Schedule
        6(a)(i)(R),
        if the
        tenants listed thereon become entitled at any time after the Closing Date
        to
        collect these allowances pursuant to the terms of their respective leases,
        and
        Seller shall indemnify Purchaser for these amounts. Purchaser shall make
        no
        payment to a tenant for any amounts listed on Schedule
        6(a)(i)(R)
        without
        Seller’s written authorization. If a tenant makes a claim for an unpaid
        allowance, Purchaser shall promptly notify Seller and provide Seller with
        any
        correspondence and supporting documentation provided by the tenant, and Seller
        shall be entitled to determine whether the tenant has complied with its
        obligation under its Lease. The provisions of this Section
        3(k)
        shall
        survive the Closing and shall not be merged in the Deeds. If a tenant listed
        on
Schedule
        6(a)(i)(R)
        provides
        an estoppel certificate pursuant to Section
        11(c)
        claiming
        the allowance and complies with all obligations under its Lease required
        to
        collect the allowance, then Seller shall pay the allowance at or prior to
        Closing, and Schedule
        6(a)(i)(R)
        shall be
        revised to reflect the payment made. If a tenant listed on Schedule
        6(a)(i)(R)
        provides
        an estoppel certificate pursuant to Section
        11(c)
        claiming
        the allowance but does not comply with all obligations under its Lease required
        to collect the allowance, then at Closing Seller shall escrow with Purchaser’s
        lender the amount of the allowance for a period of ninety (90) days to permit
        the tenant to comply with the requirements for collection. If the tenant
        complies within that ninety (90) day period, the escrowed amount shall be
        released to the tenant and Schedule
        6(a)(i)(R)
        shall be
        revised to reflect the payment made. If the tenant does not comply, the escrowed
        amount shall be returned to Seller, and Seller’s indemnity with respect to that
        allowance shall remain in full force and effect.

       

      4. Seller’s
        and Purchaser’s Termination Rights; Closing Date. 

       

      (a) Seller’s
        Right to Terminate.
        If
        Seller is unable to obtain the approval of the transaction contemplated hereby
        by the partners of Seller, then Seller shall have the right to terminate
        this
        Agreement by giving written notice thereof to Purchaser, on or before 5:00
        p.m.
        Eastern Daylight Time on December 16__, 2005 (such period from the
        execution hereof to such time and date, the “Contingency
        Period”).
        If
        Seller terminates the Agreement pursuant to this Section
        4(a),
        the
        Deposit shall be returned to Purchaser, and thereafter neither Seller nor
        Purchaser shall have further rights, liabilities or obligations hereunder,
        except for Surviving Obligations. If Seller shall not have provided Purchaser
        with notice of its termination hereof prior to the expiration of the Contingency
        Period:

       

      (i) Seller
        shall be deemed to have irrevocably waived the right of termination granted
        under Section
        4(a)
        and to
        have made the representation set forth in Section 6(a)(i)(B) below without
        exception for the approval of the partners of Seller; and

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (ii) after
        such date, Seller shall have no further right to terminate this Agreement,
        except as expressly set forth herein.

       

      (b) Purchaser’s
        Right to Terminate
        If
        Purchaser is not satisfied with the results of its engineering and environmental
        investigations of the Property because of finding engineering and/or
        environmental defects that, in Purchaser’s reasonable judgment, may be expected
        to cost more then $500,000 in the aggregate to rectify, Purchaser shall have
        the
        right to terminate this Agreement by giving written notice thereof to Seller,
        together with copies of such investigations, on or before 5:00 p.m. Eastern
        Daylight Time on December 19, 2005 (such period from the execution hereof
        to such time and date, the “Contingency
        Period”).
        If
        Purchaser terminates the Agreement pursuant to this Section
        4(b),
        the
        Deposit shall be returned to Purchaser, and thereafter neither Seller nor
        Purchaser shall have further rights, liabilities or obligations hereunder,
        except for Surviving Obligations. If Purchaser shall not have provided Seller
        with notice of its termination hereof prior to the expiration of the Contingency
        Period:

       

      (i) Purchaser
        shall be deemed to have irrevocably waived the right of termination granted
        under Section
        4(b);
        and

       

      (ii) after
        such date, Purchaser shall have no further right to terminate this Agreement,
        except as expressly set forth herein.

       

      (c) Closing.
        The
        delivery of the Deeds and the consummation of the transactions contemplated
        by
        this Agreement (the “Closing”)
        shall
        take place at the offices of Seller’s attorney, at 10:00 A.M. on or before
        February 28, 2006 (such date, as it may be extended pursuant to the terms
        of
        this Agreement, the “Closing
        Date”).
        As
        used herein, a “Business
        Day”
shall
        be any day other than (i) a Saturday or a Sunday, or (ii) a day on which
        national banks in New York, New York are not open for business. Purchaser
        shall
        have the right to extend the originally-scheduled Closing Date for one
        additional period of up to thirty (30) days in order to complete its financing
        by giving Seller written notice thereof prior to the then-scheduled Closing
        Date.

       

      5. Title. 

       

      (a) Good
        and Marketable Title.
        It
        shall be a condition to Purchaser’s obligation to close on the Property (which
        may be waived in whole or in part by Purchaser), that title to the Property
        shall be good and marketable, free and clear of liens and encumbrances except
        the Permitted Exceptions, insurable at regular rates by a national title
        insurance company selected by Purchaser (the “Title
        Company”)
        in the
        amount of the Purchase Price, insuring that fee simple title to the Property
        is
        vested in Purchaser subject only to the Permitted Exceptions (defined below).
        

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (b) Title
        Commitments.
        Purchaser shall obtain from the Title Company a title commitment (the
“Commitment”)
        with
        respect to the Property. Not later than the date that is ten (10) days after
        receipt by Purchaser of the Commitment, Purchaser or Purchaser’s counsel shall
        deliver a letter setting forth Purchaser’s objections to the exceptions to title
        listed on Schedule B to the Commitment. Unless Purchaser shall object to
        any
        such exception on or before the date that is ten (10) days from the date
        of
        receipt by Purchaser of the Commitment, Purchaser shall be deemed to have
        consented to all exceptions to title on Schedule B to the Commitment. Seller
        shall convey or cause to be conveyed and Purchaser shall accept title to
        the
        Property subject to (i) rights of tenants in possession under the Leases
        as
        tenants only, (ii) applicable zoning and building ordinances and land use
        regulations provided they do not interfere with the use and occupancy of
        the
        Property as a retail shopping center, (iii) such exceptions to title as are
        listed on Schedule B-II to any Commitment (unless objected to as provided
        above), (iv) the Lien of taxes not yet due and payable, (v) any exceptions
        caused by Purchaser, its agents, representatives or employees, and (vi) any
        other exceptions (such as utility easements) that do not affect the value
        of the
        Property or its use as a retail mall complex provided they are reasonably
        acceptable to Purchaser’s lender (the foregoing exceptions described in
subsections
        (i) - (vi)
        being
        herein collectively called the “Permitted
        Exceptions”).
        

       

      (c) Unacceptable
        Encumbrances.
        Any
        title exceptions which are timely objected to by Purchaser shall be herein
        collectively called the “Unacceptable
        Encumbrances.”
Seller
        may elect (but shall not be obligated except as otherwise provided in this
        Agreement) to remove, or cause to be removed at its expense, any Unacceptable
        Encumbrances, and shall be entitled to a reasonable adjournment of the Closing
        (not to exceed thirty (30) days) for the purpose of such removal. Seller
        shall
        notify Purchaser in writing within ten (10) Business Days after receipt of
        Purchaser’s notice of Unacceptable Encumbrances whether Seller elects to remove
        the same. Seller shall be deemed to have elected not to remove the applicable
        item if Seller does not so notify Purchaser of such election within such
        ten
        (10) Business Day period. If Seller is unable, or elects not to remove or
        endorse over any Unacceptable Encumbrances, or does not remove the Unacceptable
        Encumbrance to Purchaser and its lender’s reasonable satisfaction, Purchaser may
        elect, in its sole discretion, as its sole and exclusive remedy, either
        (i) to terminate this Agreement by notice to Seller pursuant to
Section
        15(a),
        in
        which event the provisions of Section
        15(a)
        shall
        apply, or (ii) to take such title as Seller can convey without abatement
        of or
        credit against the Purchase Price. Notwithstanding the foregoing, Seller
        agrees
        to satisfy or defease mortgages (real estate taxes, water and sewer charges,
        assessments, judgments against Seller or other liens (collectively, the
“Liens”)
        secured by or affecting the Property which can be satisfied by payment of
        liquidated sums, or bond against the same, and shall deliver to Purchaser
        or the
        Title Company, at Closing, instruments in recordable form and sufficient
        to
        satisfy such Liens or other encumbrances of record, together with the cost
        of
        recording or filing said instruments, or a bond therefor.

       

      6. Representations
        and Warranties. 

       

      (a) Seller’s
        Representations.
        

       

      (i) Seller
        represents and warrants to Purchaser as follows:

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      A. Seller
        is
        duly formed and validly existing under the laws of the State of its formation
        and is qualified to conduct business under the laws of the state in which
        the
        Property is located.

       

      B. Subject
        to the approval of the partners of Seller as provided in Section 4(a) above,
        Seller has the full legal right, power and authority to execute and deliver
        this
        Agreement and all documents now or hereafter to be executed by Seller pursuant
        to this Agreement (collectively, the “Seller’s
        Documents”),
        to
        consummate the transaction contemplated hereby, and to perform their obligations
        hereunder and under Seller’s Documents. Seller is the sole owner of the fee
        simple title to the Property owned by it as set forth on Exhibit
        A.

       

      C. Subject
        to the terms of this Agreement, this Agreement and Seller’s Documents have been
        duly authorized by all requisite action on the part of Seller, and are the
        valid
        and legally binding obligations of Seller, enforceable in accordance with
        their
        respective terms. 

       

      D. This
        Agreement and Seller’s Documents do not and will not contravene any provisions
        of the bylaws, partnership agreements or operating agreements of Seller,
        or any
        judgment, order, decree, writ or injunction issued against Seller, or to
        the
        knowledge of Seller, any provision of any Laws applicable to Seller, except,
        in
        each case, where consents thereto have been obtained. The consummation of
        the
        transactions contemplated hereby will not result in a breach or constitute
        a
        default or event of default by Seller under any agreement to which Seller
        or any
        of its or their assets are subject or bound, except where consents thereto
        have
        been obtained, and will not result in a violation of any Laws applicable
        to
        either Seller.

       

      E. To
        the
        best knowledge of Seller, the rent roll and delinquency reports attached
        hereto
        as Schedule
        6(a)(i)(E)
        for the
        Property are accurate in all material respects as of the date thereof. Neither
        Seller has received any advance payment of rent (other than the current month)
        on account of any Leases except as set forth on Schedule
        6(a)(i)(E).

       

      F. To
        the
        best knowledge of Seller, the Leases, Permits and other documents made available
        for Purchaser’s review in Seller’s management offices are true, correct and
        complete in all material respects. Each Lease is in full force and effect
        and
        has not been amended except as set forth in Schedule
        6(a)(i)(E).
        Neither
        Seller has entered into any written or oral lease, nor any agreement to lease
        any portion of its Property except as set forth in Schedule
        6(a)(i)(E).
        Except
        as set forth in Schedule
        6(a)(i)(F),
        Seller
        has not received or given any notice of a default under the Leases which
        has not
        been cured.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      G. To
        the
        best knowledge of Seller,
        Schedule 6(a)(i)(G)
        lists
        all Service Contracts, broker agreements and other contracts affecting the
        Property which will be binding upon Purchaser after the Closing, and the
        copies
        of these documents provided to Purchaser are true, correct and complete in
        all
        material respects. Each of the Service Contracts listed in Schedule
        6(a)(i)(G)
        is in
        full force and effect and has not been assigned, modified, amended or rescinded
        except as specified in Schedule
        6(a)(i)(G).
        Seller
        has not received or given notice of a default under the Service Contracts
        which
        has not been cured.

       

      H. There
        are
        no employees of Seller and no employee benefit plans for which Purchaser
        will be
        responsible on or after the Closing Date, and there are no union contracts
        with
        employees of the Property.

       

      I. There
        is
        no pending action, suit, proceeding or investigation to which Seller is a
        party
        before any court or other governmental authority with respect to the Property
        which is likely to have a material adverse impact on the transactions
        contemplated hereby or any Property except as set forth on Schedule
        6(a)(i)(I),
        and
        Seller has no knowledge of any of the same being threatened against either
        Seller or any Property. 

       

      J. To
        the
        best knowledge of Seller, there are no pending condemnation proceedings that
        affect all or any portion of any Property and Seller has not received any
        written notice from any condemning authority threatening a condemnation
        proceeding that would affect all or any portion of the Property, except as
        set
        forth in Schedule 6(a)(i)(J).

       

      K. To
        the
        best knowledge of Seller, Seller has not received written notice from any
        governmental authority requiring the correction of any condition with respect
        to
        all or any part of the Property by reason of a violation of any Law except
        as
        set forth in Schedule 6(a)(i)(K).
        Except
        as set forth in Schedule 6(a)(i)(K),
        Seller
        has not received written notice of any pending or (to Seller’s knowledge)
        threatened judicial or administrative action by adjacent land Seller or other
        persons or with respect to any easements or other recorded instruments
        encumbering the Property. 

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      L. To
        the
        best knowledge of Seller, Seller has not received any summons, citation,
        directive, notice of violation, letter, or other related communication from
        the
        United States Environmental Protection Agency or State Department of
        Environmental Protection or other governmental body responsible for
        administering or enforcing environmental laws relating to Seller or the
        Property, except as set forth in Schedule 6(a)(i)(K).
        There
        are no pending requests for information or inquiries from any governmental
        authority or any investigations, actions, suits, claims, or proceedings relating
        to Hazardous Materials in or on the Property except as set forth in Schedule 6(a)(i)(K).
        During
        the time period of Seller’s ownership of the Property, to Seller’s knowledge,
        and except as disclosed in any environmental report provided to or obtained
        by
        Purchaser relating to the Property, the Property has been used for the
        production, deposit, generation, transportation, storage, treatment, or disposal
        of any Hazardous Materials contrary to applicable Laws, and no Hazardous
        Materials were disposed of on, in, or at the Property contrary to applicable
        Laws.

       

      M. Seller
        has not instituted any tax appeals except as set forth in Schedule 6(a)(i)(M),
        nor has
        Seller received written notice of any pending special assessments that affect
        the Property except as set forth in Schedule
        6(a)(i)(M).

       

      N. Seller
        has not entered into any other agreement or option to sell the Property or
        any
        portion thereof other than this Agreement, and no tenant has any option to
        purchase any portion of the Property except as disclosed in Schedule
        6(a)(i)(N).

       

      O. Seller
        has good title to the Personal Property owned by it and listed in Schedule
        1(a)(iv).

       

      P. Seller
        has not (1) commenced a voluntary case, or had entered against it a petition,
        for relief under any federal bankruptcy act or any similar petition, order
        or
        decree under any federal or state law or statute relative to bankruptcy,
        insolvency or other relief for debtors; (2) caused, suffered or consented
        to the
        appointment of a receiver, buyer, administrator, conservator, liquidator,
        or
        similar official in any federal, state, or foreign judicial or non-judicial
        proceeding, to hold, administer and/or liquidate all or substantially all
        of its
        assets; or (3) made an assignment for the benefit of creditors.

       

      Q. Seller
        is
        not a “foreign person” as that term is defined in the Federal Foreign Investment
        in Real Property Tax Act of 1980 or the 1984 Tax Reform Act, as
        amended.

       

      R. No
        unpaid
        tenant improvement allowances are due under the Leases except as set forth
        on
Schedule
        6(a)(i)(R).

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      S. No
        commissions are due or will become due to any broker on account of any of
        the
        Leases for terms currently in effect except as set forth on Schedule
        6(a)(i)(S).

       

      (ii) As
        used
        herein, “the best knowledge of the Seller” shall mean the actual knowledge of
        Lothar Estein, after due inquiry of the property manager for the
        Property.

       

      (iii) The
        representations and warranties of Seller set forth in Section 6(a)(i)
        shall be
        true, accurate and correct in all material respects upon the execution of
        this
        Agreement (except for intervening changes in fact that do not constitute
        a
        breach by Seller of any of its covenants hereunder) and shall be updated
        by
        Seller on and as of the Closing Date. The representations and warranties
        of
        Seller set forth in this Agreement shall remain operative and shall survive
        for
        a period of one hundred eighty (180) days following the Closing Date, and
        shall
        not be merged therein for such period, and no action or claim based thereon
        shall be commenced after such period unless the factual basis of the claim
        or
        cause of action asserted in the action was first identified with reasonable
        clarity in a written notice delivered to Seller not later than one hundred
        eighty (180) days following the Closing Date. 

       

      (b) Purchaser’s
        Representations.
        

       

      (i) Purchaser
        represents and warrants to Seller as follows:

       

      A. Purchaser
        is a duly formed and validly existing limited liability company under the
        laws
        of the State of Delaware, and as of the Closing Date shall be qualified under
        the laws of the state in which the Property is located to conduct business
        therein.

       

      B. Purchaser
        has the full legal right, power, authority and financial ability to execute
        and
        deliver this Agreement and all documents now or hereafter to be executed
        by it
        pursuant to this Agreement (collectively, the “Purchaser’s
        Documents”),
        to
        consummate the transactions contemplated hereby, and to perform its obligations
        hereunder and under Purchaser’s Documents. 

       

      C. This
        Agreement and Purchaser’s Documents have been duly authorized by all requisite
        corporate action on the part of Purchaser, and are the valid and legally
        binding
        obligations of Purchaser, enforceable in accordance with their respective
        terms.

       

      D. This
        Agreement and Purchaser’s Documents do not and will not contravene any provision
        of the articles and bylaws of Purchaser, any judgment, order, decree, writ
        or
        injunction issued against Purchaser, or any provision of any Laws applicable
        to
        Purchaser. The consummation of the transactions contemplated hereby will
        not
        result in a breach or constitute a default or event of default by Purchaser
        under any agreement to which Purchaser or any of its assets are subject or
        bound
        and will not result in a violation of any Laws applicable to
        Purchaser.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      E. Purchaser
        has no knowledge as of the date hereof of pending actions, suits, proceedings
        or
        investigations to which Purchaser is a party before any court or other
        governmental authority which is likely to have a material adverse impact
        on the
        transactions contemplated hereby.

       

      (ii) The
        representations and warranties of Purchaser set forth in Section
        6(b)(i)
        and
        elsewhere in this Agreement shall be true, accurate and correct in all material
        respects upon the execution of this Agreement, shall be deemed to be repeated
        on
        and as of the Closing Date and shall survive the Closing for a period of
        one
        hundred eighty (180) days and shall not be merged therein for such period,
        and
        no action or claim based thereon shall be commenced after such period unless
        the
        factual basis of the claim or cause of action asserted in the action was
        first
        identified with reasonable clarity in a written notice delivered to Purchaser
        not later than one hundred eighty (180) days after the Closing.

       

      7. Closing
        Costs.
        All
        costs and expenses in connection with the transaction contemplated by this
        Agreement (including documentary taxes, transfer taxes, stamp taxes, recording
        taxes and fees, title search fees, and title insurance premiums, but
        specifically excluding legal, consulting and other professional fees or costs,
        which each party shall bear individually, or the costs of Investigations,
        which
        Purchaser shall bear) shall be apportioned between Purchaser and Seller in
        accordance with Schedule
        7.
        This
Section
        7
        shall
        survive the Closing (and shall not be merged in the Deeds) or earlier
        termination of this Agreement.

       

      8. Conditions
        Precedent to Closing. 

       

      (a) Purchaser
        Conditions.
        Purchaser’s obligation under this Agreement to purchase the Property is subject
        to the fulfillment of each of the following conditions, subject, however
        to the
        provisions of Section
        8(c):

       

      (i) The
        representations and warranties of Seller contained herein shall be materially
        true, accurate and correct as of the Closing Date; 

       

      (ii) Seller
        shall have delivered all the documents and other items required by Section
        9
        (including without limitation estoppel certificates that comply with the
        provisions of Section
        11(c))
        and
        shall have performed in all material respects all other covenants, undertakings
        and obligations, and complied in all material respects with all conditions
        required by this Agreement to be performed or complied by Seller at or prior
        to
        the Closing.

       

      (iii) Title
        to
        the Property shall be as required under this Agreement; and

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (iv) On
        or
        prior to the Closing Date, (A) Seller shall not have applied for or consented
        to
        the appointment of a receiver, trustee or liquidator for itself or any of
        its
        assets unless the same shall have been discharged prior to the Closing Date,
        and
        no such receiver, liquidator or trustee shall have otherwise been appointed,
        unless same shall have been discharged prior to the Closing Date; (B) Seller
        shall not have admitted in writing an inability to pay its debts as they
        mature;
        (C) Seller shall not have made a general assignment for the benefit of
        creditors; (D) Seller shall not have been adjudicated a bankrupt or insolvent,
        or had a petition for reorganization granted with respect to Seller; and
        (E)
        Seller shall not have filed a voluntary petition seeking reorganization or
        an
        arrangement with creditors or taken advantage of any bankruptcy, reorganization,
        insolvency, readjustment or debt, dissolution or liquidation law or statute,
        or
        filed an answer admitting the material allegations of a petition filed against
        it in any proceedings under any such law, or had any petition filed against
        it
        in any proceeding under any of the foregoing laws unless the same shall have
        been dismissed, cancelled or terminated prior to the Closing Date.

       

      (b) Seller’s
        Conditions.
        Seller’s obligation under this Agreement to sell the Property to Purchaser are
        subject to the fulfillment of each of the following conditions, subject,
        however
        to the provisions of Section
        8(c):

       

      (i) The
        representations and warranties of Purchaser contained herein shall be materially
        true, accurate and correct as of the Closing Date;

       

      (ii) Purchaser
        shall have delivered the Purchase Price and other funds required hereunder
        and
        all the documents to be executed by Purchaser set forth in Section
        10;
        and

       

      (iii) On
        or
        prior to the Closing Date, (A) Purchaser shall not have applied for or consented
        to the appointment of a receiver, trustee or liquidator for itself or any
        of its
        assets unless the same shall have been discharged prior to the Closing Date,
        and
        no such receiver, liquidator or trustee shall have otherwise been appointed,
        unless same shall have been discharged prior to the Closing Date; (B) Purchaser
        shall not have admitted in writing an inability to pay its debts as they
        mature;
        (C) Purchaser shall not have made a general assignment for the benefit of
        creditors; (D) Purchaser shall not have been adjudicated a bankrupt or
        insolvent, or had a petition for reorganization granted with respect to
        Purchaser; and (E) Purchaser shall not have filed a voluntary petition
        seeking reorganization or an arrangement with creditors or taken advantage
        of
        any bankruptcy, reorganization, insolvency, readjustment or debt, dissolution
        or
        liquidation law or statute, or filed an answer admitting the material
        allegations of a petition filed against it in any proceedings under any such
        law, or had any petition filed against it in any proceeding under any of
        the
        foregoing laws unless the same shall have been dismissed, cancelled or
        terminated prior to the Closing Date.

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      (c) Remedies.
        In the
        event that any condition contained in Section
        8(a)
        or
(b)
        is not
        satisfied, the party entitled to the satisfaction of such condition as a
        condition to its obligation to close title hereunder shall have as its sole
        remedy hereunder the right to elect to (i) waive such unsatisfied condition,
        whereupon title shall close as provided in this Agreement without abatement
        of
        the Purchase Price, or (ii) terminate this Agreement pursuant to Section
        15(a)
        or
(b),
        as
        applicable. By closing, Purchaser and Seller shall be conclusively deemed
        to
        have waived the benefit of any remaining unfulfilled conditions set forth
        in
Sections
        8(a)
        or
(b),
        respectively.

       

      9. Deliveries
        by Seller at Closing. 

       

      (a) Seller’s
        Deliveries.
        At the
        Closing, Seller, shall execute, acknowledge and/or deliver, as applicable,
        the
        following to Purchaser or the Title Company:

       

      (i) A
        deed
        sufficient under the law of the state in which the Property is located to
        convey
        title to such Property to Purchaser with special warranty covenants (or the
        equivalent), substantially in the form of Exhibit
        B
        (each, a
“Deed”).

       

      (ii) An
        assignment and assumption of the Leases for the Property, including all
        unapplied cash security deposits accounted for by Seller (each, a “Lease
        Assumption”),
        substantially in the form of Exhibit
        C
        (with
        such revisions as are necessary to have such Lease Assumption comply with
        the
        law of the state in which such Property is located) assigning Seller’s interest
        in the Leases. 

       

      (iii) A
        bill of
        sale in the form of Exhibit
        D
        (the
“Bill
        of Sale”),
        conveying, transferring and selling to Purchaser without warranty or
        representation all right, title and interest of Seller in and to all Personal
        Property with respect to the Property.

       

      (iv) An
        Assignment and Assumption of Contracts and Permits, in the form of Exhibit
        E
        (the
“Contract
        and Permit Assignment”),
        assigning without warranty or representation all of Seller’s right, title and
        interest, if any, in and to (A) all of the assignable Permits, and (B) all
        assignable Service Contracts relating to the operation of the Property, and
        (collectively, the “Contracts”).
        Seller shall not assign any existing management agreements or any contracts
        or
        policies of insurance for the Property.

       

      (v) An
        updated rent roll and delinquency report as of a date not more than 30 days
        prior to the Closing Date, with a date down of changes through the Closing
        Date
        (or, at Seller’s option, an updated rent roll and delinquency report as of the
        date of Closing) which will reflect only changes in the ordinary course pursuant
        to Section
        11,
        certified as true and correct to the knowledge of Seller.

       

      (vi) A
        memo to
        the tenants under the Leases and vendors under any Service Contracts notifying
        them of the sale of the Property to Purchaser and advising that all future
        payments of rent and other payments due under the Leases and any invoices
        or
        billings under the Service Contracts are to be sent to Purchaser at the address
        of Purchaser specified in Section
        21.

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      (vii) Estoppel
        Certificates received pursuant to Sections
        11(c)
        below,
        provided that Seller shall deliver the minimum estoppel certificates required
        pursuant to subparagraph (iii) of Section 11(c) not later than three (3)
        Business Days prior to the Closing Date.

       

      (viii) Any
        documents Seller is required to provide pursuant to Section
        6(a).

       

      (ix) Copies
        of
        terminations of the management agreements and Service Contracts not assumed
        by
        Purchaser unless Purchaser is permitted and chooses to assume any such
        agreement.

       

      (x) A
        certificate of Seller re-certifying the representations and warranties set
        forth
        in Section
        6(a)(i)
        as of
        the Closing Date.

       

      (xi) A
        “FIRPTA” affidavit sworn to by Seller in the form of Exhibit
        F
        annexed
        hereto. Purchaser acknowledges and agrees that upon Seller’s delivery of such
        affidavit, Purchaser shall not withhold any portion of the Purchase Price
        pursuant to Section 1445 of the Internal Revenue Code of 1986, as
        amended.

       

      (xii) (A)
        Copies of the resolution of Seller authorizing the execution, delivery and
        performance of this Agreement and the consummation of the transactions
        contemplated by this Agreement certified as true and correct by an authorized
        representative of Seller as of the date of Closing; (B) a good standing or
        incumbency certificate issued by the state in which Seller is organized and
        the
        state in which the Property is located, if different, each dated within
        thirty (30) days of the Closing Date; (C) an incumbency certificate
        executed by an authorized representation of Seller with respect to those
        officers of Seller executing any documents or instruments in connection with
        the
        transactions contemplated herein.

       

      (xiii) Duly
        completed and signed real estate transfer tax returns if required by the
        governmental authorities in the state in which the Property is
        located.

       

      (xiv) Title
        Affidavits in customary form, including gap indemnity if customarily provided
        in
        any jurisdiction in which Property is located and required by the Title
        Company.

       

      (xv) A
        settlement statement setting forth the apportionments required by Section
        3
        (and
        Seller shall deliver to Purchaser a draft settlement statement three (3)
        Business Days prior to the Closing Date).

       

      (xvi) Access
        to
        the on-site management offices for the Property (where keys to all locks
        that
        are in Seller’s possession with respect to the Property and other
        Property-specific information are kept).

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (xvii) All
        other
        documents which Seller is required to deliver pursuant to the provisions
        of this
        Agreement or
        that
        Purchaser reasonably requests in order to effectuate the conveyance of the
        Property; provided that any documents requested by Purchaser do not impose
        any
        additional obligations on Seller.

       

      10. Deliveries
        by Purchaser at Closing. 

       

      (a) At
        the
        Closing, Purchaser shall execute, acknowledge and/or deliver, as applicable,
        the
        following to Seller:

       

      (i) The
        Lease
        Assumption, assuming all of each Seller’s obligations and liabilities under the
        relevant Leases including unapplied cash security deposits accounted for
        by
        Seller.

       

      (ii) The
        Contract and Permit Assignment, assuming all of Seller’s right, title and
        interest, if any, in and to the Contracts and Permits.

       

      (b) At
        the
        Closing, Purchaser shall execute, acknowledge and/or deliver, as applicable,
        the
        following to Seller:

       

      (i) The
        Purchase Price, subject to apportionments, credits and adjustments as provided
        in this Agreement.

       

      (ii) (A)
        copies of the certificate of formation and operating agreement of Purchaser
        and
        of the consent of the members of Purchaser authorizing the execution, delivery
        and performance of this Agreement and the consummation of the transactions
        contemplated by this Agreement, certified as true and correct by an authorized
        representative of Purchaser; (B) a good standing certificate issued by the
        state
        of formation of Purchaser, dated within thirty (30) days of the Closing Date;
        and (C) an incumbency certificate executed by an authorized representative
        of
        Purchaser with respect to those officers of Purchaser executing any documents
        or
        instruments in connection with the transactions contemplated
        herein.

       

      (iii) If
        applicable, duly completed and signed real estate transfer tax
        returns.

       

      (iv) A
        Settlement Statement.

       

      (v) All
        other
        documents Purchaser is required to deliver pursuant to the provisions of
        this
        Agreement or that Seller reasonably requests in order to effectuate the
        conveyance of the Property; provided, that any documents requested by Seller
        do
        not impose any additional obligations on Purchaser.

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      11. Covenants. 

       

      (a) Conduct
        of Seller’s Business Prior
        to Closing.
        During
        the period between the date of this Agreement and the Closing Date, except
        as
        specifically contemplated by this Agreement, or consented to in writing by
        Purchaser, Seller will:

       

      (i) Continue
        to operate, manage, lease and maintain the Property in the usual, regular
        and
        ordinary course and in substantially the same manner as heretofore, subject
        to
        ordinary wear and tear; 

       

      (ii) Perform
        all of the landlord’s material obligations under the Leases in a timely manner,
        and use commercially reasonable efforts to enforce the material obligations
        of
        the tenants thereunder;

       

      (iii) Promptly,
        but in all events prior to Closing, deliver to Purchaser copies of all material
        notices delivered or received by Seller in connection with the
        Leases.

       

      (iv) Perform
        all of Seller’s material obligations under the material Contracts, and use
        commercially reasonable efforts to enforce the material obligations of the
        contractors thereunder;

       

      (v) Promptly,
        but in all events prior to Closing, deliver to Purchaser copies of all material
        notices delivered or received by Seller in connection with the
        Contracts.

       

      (vi) Promptly
        notify Purchaser of any material emergency or other material change at the
        Property, including any casualty or condemnation that directly affects any
        portion of the Property;

       

      (vii) Maintain
        its books and records with respect to the Property in accordance with the
        accounting principles currently utilized by Seller, consistently applied,
        and
        not change in any material manner any of their methods, principles or practices
        of accounting or billing currently in effect, except as may be required by
        applicable Law or Seller’s regular accountant;

       

      (viii) Not
        (A)
        encumber or subject the Property to any new Lien, (B) except to effect the
        transaction contemplated hereby or as expressly permitted by the terms of
        this
        Agreement, modify, amend, supplement, terminate or assign any or all of the
        Permits, the Contracts and the Leases, provided, however, that until the
        expiration of the Investigation Period, upon a material default by the vendor
        under a Contract or the tenant under a Lease (other than a Lease to a Major
        Tenant), Seller, upon notice to Purchaser, may terminate any Contract or
        Lease
        without the consent of Purchaser, or (C) transfer, sell, assign, or terminate
        any of the Contracts;

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      (ix) Give
        Purchaser prompt notice of all insurance claims and/or other litigation with
        respect to the Property, and defend such claims and/or other
        litigation;

       

      (x) Keep
        policies of insurance in full force and effect with respect to the
        Property;

       

      (xi) Use
        commercially reasonable efforts to obtain the consents, if any, required
        to
        permit the assignment of Contracts that require consent to assign (without
        being
        required to bring any actions against any person or to pay any amounts to
        any
        person to obtain same).

       

      (xii) Not
        settle any insurance claims or other litigation that would materially and
        adversely affect the Property after the Closing;

       

      (xiii) Not
        perform any capital renovations or alterations with respect to the Property
        (or
        any part thereof), except (A) in connection with the operation of the Property
        in the ordinary course, (B) as expressly permitted by the terms of this
        Agreement following a casualty or condemnation, or (C) as required by any
        Lease
        or applicable Law; and

       

      (xiv) Not
        enter
        into a Contract affecting the Property other than in the ordinary course
        (and
        then, in such event, only if said contract is freely terminable at Closing
        or
        upon thirty-one (31) days (or less) prior written notice); and Seller shall
        promptly notify Purchaser of all Contracts and other agreements entered into
        after the date of this Agreement and deliver to Purchaser copies
        thereof;

       

      (xv) Not
        commence any appeal of real estate taxes for the Property;

       

      (xvi) Not
        sell
        or otherwise dispose of all or any portion of any Property;

       

      (xvii) Deliver
        to Purchaser the monthly rent rolls and delinquency reports prepared by Seller
        in the ordinary course of business, as they become available; and

       

      (xviii) Deliver
        to Purchaser, at such time as the information therein is publicly disclosed,
        quarterly operating statements with respect to the Property, which operating
        statements shall be delivered without representation or
        warranty.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      (b) Leasing.
        Seller
        will conduct its leasing activities consistent with past practices subject
        to
        changes consistent with prevailing market practices. During the period between
        the date of this Agreement and the Closing Date, Seller shall not enter into
        any
        new lease, or amend, modify or terminate any Lease without Purchaser’s prior
        written consent, which consent shall not be unreasonably withheld, conditioned
        or denied. Notwithstanding the forgoing, no consent shall be required for
        any
        option and/or renewal right that is set forth in such Lease except that,
        if the
        rental is to be at fair market value, Purchaser shall have the right to consent
        to the determination of the fair market value if the landlord has this power
        under the Lease (for example, if fair market value is to be determined by
        arbitration, Purchaser shall have no consent rights). Seller will promptly
        (but,
        in all events, prior to the Closing), apprise Purchaser of leasing activities
        with respect to the Property, including notice of any loans made by either
        Seller to any tenant (and deliver to Purchaser copies of all Leases and other
        relevant documents). Any notice from Purchaser rejecting a proposed new lease
        or
        amendment, modification or termination of any Lease shall include a description
        of the reasons for Purchaser's rejection. Seller shall provide Purchaser
        with
        monthly leasing reports and an updated monthly rent roll for the prior month.
        

       

      (c) Tenant
        Estoppels.
        

       

      (i) Seller
        will obtain and deliver to Purchaser estoppel certificates in an Acceptable
        Form
        from each of the tenants under Leases having a term of more than one (1)
        year.
        Seller shall deliver to Purchaser groups of executed estoppel certificates
        promptly following Seller’s receipt thereof.

       

      (ii) An
        estoppel certificate shall be deemed to be in an acceptable form (“Acceptable
        Form”)
        if
        such estoppel certificate is (A) dated not earlier than January 15, 2006,
        (B)
        consistent with the terms of the applicable Lease, Schedule
        6(a)(i)(E)
        and the
        representations and warranties of Seller set forth in this Agreement and
        discloses no material default, and (C) in form substantially similar to the
        form
        of estoppel certificate attached as Exhibit
        G,
        or
        substantially in the form required by the applicable Lease, or, with respect
        to
        a Lease with a Major Tenant, substantially in such form as such Major Tenant
        customarily provides to a purchaser of a retail mall, or in such other form
        as
        Purchaser shall approve in the exercise of its reasonable judgment, or if
        such
        estoppel certificate is signed by Seller as provided below, substantially
        in the
        form attached as Exhibit
        G-1
        (a
“Seller
        Estoppel Certificate”).
        

       

      (iii) If
        Seller
        is unable to deliver an estoppel certificate in Acceptable Form from each
        tenant
        occupying 10,000 or more square feet of space (as listed in Schedule
        11(c)(iii))
        (each,
        a “Major
        Tenant”)
        and
        from tenants who lease seventy-five percent (75%) of the remaining gross
        leased
        area within the Property under leases having a term of more than one (1)
        year,
        Seller may (A) cure any exception, (B) if acceptable to Purchaser’s lender,
        deliver Seller Estoppel Certificates signed by Seller in Acceptable Form
        covering Leases which, together with estoppel certificates from tenants in
        Acceptable Form, equal the requisite seventy-five percent (75%) of the gross
        leaseable area within the Property under Leases having a term of more than
        one
        (1) year, or (C) notify Purchaser that it cannot obtain the requisite estoppel
        certificates in Acceptable Form, and/or is unwilling to cure any exception,
        and/or is unwilling to execute Seller Estoppel Certificates. In the case
        of
        clause (C) above, Purchaser may, at its sole option, (1) accept such estoppel
        certificates as have been delivered, waive the requirements set forth in
        this
Section 11(c)
        and
        proceed to Closing without abatement of the Purchase Price, or (2) terminate
        the
        Agreement by giving Seller written notice thereof, whereupon the Deposit
        shall
        be returned to Purchaser and, thereafter, neither party shall have any rights,
        obligations or liabilities hereunder, except for these obligations that are
        expressly stated to survive the termination of this Agreement (the “Surviving
        Obligations”).
        If
        Seller delivers Seller Estoppel Certificates pursuant to clause
        (B)
        above
        with respect to any Lease and thereafter the tenant under such Lease executes
        an
        estoppel certificate in Acceptable Form, the Seller Estoppel Certificates
        executed by Seller shall be deemed null and void.

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      (d) Intentionally
        Omitted.
        

       

      (e) Subordination,
        Non-Disturbance and Attornment Agreements.
        If
        Purchaser prepares and provides the same to Seller prior to the date that
        Seller
        circulates estoppel certificates, Seller agrees to deliver to tenants with
        each
        estoppel certificate provided pursuant to Section
        11(c)
        a
        subordination, non-disturbance and attornment agreement in favor of Purchaser’s
        lender (an “SNDA”)
        in
        form substantially similar to Exhibit
        I;
        provided that
        SNDAs
        for any Major Tenant shall be prepared on the form, if any, attached to that
        Major Tenant’s Lease. Seller shall forward to Purchaser any SNDAs received, but
        shall not be responsible to negotiate any SNDAs. 

       

      (f) Other
        Actions.
        Each of
        Seller and Purchaser will not take any action that would result in (i) any
        of
        the representations and warranties of such party set forth in this Agreement
        that are qualified as to materiality becoming untrue as of the Closing Date,
        (ii) any of the representations and warranties of such party that are not
        so
        qualified becoming untrue in any material respect as of the Closing Date,
        or
        (iii) any of the conditions to the Closing set forth in Section
        8
        not
        being satisfied.

       

      (g) Purchaser’s
        Consent.
        If,
        pursuant to any provision of this Section
        11,
        Purchaser’s consent is required, such consent shall not be unreasonably
        withheld, conditioned or delayed, and shall be deemed given if no written
        response setting forth the reasons for the non-approval is received by Seller
        within five (5) Business Days of receipt by Purchaser of the request for
        consent. 

       

      12. As
        Is; Release. 

       

      (a) As-Is.
        Purchaser acknowledges and agrees that if Purchaser fails to terminate this
        Agreement on or before the expiration of the Investigation Period, the Property
        shall be sold, and Purchaser shall accept possession of the Property on the
        Closing Date “AS IS - WHERE IS, WITH ALL FAULTS,” with no right of setoff or
        reduction in the Purchase Price, and Purchaser shall assume the risk that
        adverse physical, environmental, economic or legal conditions may not have
        been
        revealed by Purchaser’s Investigations, whether or not Purchaser shall have made
        any such Investigation. Except as expressly set forth in Section
        6(a)(i),
        neither
        Seller nor Seller’s Representatives have or shall be deemed to have made any
        representations or warranties, express or implied, regarding the Property
        or any
        matters affecting the Property, including without limitation the physical
        condition of the Property, title to or boundaries of the Property, soil
        conditions, the presence or absence, location or scope of any Hazardous
        Materials in, at, or under the Property, compliance with building, health,
        safety, land use or zoning Laws, other engineering characteristics, traffic
        patterns, parking and all other information pertaining to the Property.
        Purchaser moreover acknowledges (i) that Purchaser is a sophisticated buyer,
        knowledgeable and experienced in the financial and business risks attendant
        to
        investments in real property and capable of evaluating the merits and risks
        of
        entering into this Agreement and purchasing the Property, (ii) that Purchaser
        has entered into this Agreement with the intention of making and relying
        upon
        its own (or its experts’) investigation of the physical, environmental, economic
        and legal condition of the Property, and (iii) that Purchaser is not relying
        upon any representation or warranty concerning the Property made by Seller
        or
        Seller’s Representatives other than as expressly set forth in this Agreement.
        Except as otherwise expressly provided in this Agreement, Seller shall not
        have
        any liability of any kind or nature for any condition or defect in the Property,
        whether such condition or defect is latent or patent, and regardless of when
        any
        such condition or defect is discovered. 

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      (b) Opportunity
        to Investigate.
        Purchaser acknowledges that Purchaser has been, and while this Agreement
        remains
        in full force and effect shall be, afforded the opportunity for full and
        complete investigations, examinations and inspections of the Property and
        of all
        information and documents in the possession or control of Seller relating
        to the
        Property, the operation and leasing thereof or the sale thereof.

       

      (c) Release.
        Purchaser and anyone claiming by, through or under Purchaser hereby fully
        and
        irrevocably release Seller, each Seller and Seller’s Representatives from any
        and all claims that it may now have or hereafter acquire against Seller or
        Seller’s Representatives for any cost, loss, liability, damage, expense, action
        or cause of action, whether foreseen or unforeseen, arising from or related
        to
        any structural, engineering or environmental condition at the Property,
        including without limitation the presence or absence, location or scope of
        any
        Hazardous Materials in, at, or under the Property (whether patent, latent
        or
        otherwise) as of the Closing Date, except for claims against Seller based
        upon
        any obligations, indemnities and liabilities of Seller expressly provided
        in
        this Agreement or in the documents delivered by Seller at Closing. Purchaser
        further acknowledges and agrees that this release shall be given full force
        and
        effect according to each of its expressed terms and provisions, including
        but
        not limited to those relating to unknown and suspected claims, damages and
        causes of action. As a material covenant and condition of this Agreement,
        Purchaser agrees that in the event of any structural, engineering or
        environmental defects, errors or omissions, including without limitation
        the
        presence or absence, location or scope of any Hazardous Materials in, at,
        or
        under the Property, or any other conditions affecting the Property as of
        the
        Closing Date, Purchaser shall not look to Seller for any redress or relief,
        except for claims against Seller based upon any obligations and liabilities
        of
        Seller expressly provided in this Agreement or in the documents delivered
        by
        Seller at Closing.

       

      (d) Failure
        to Terminate.
        Purchaser’s failure, for any reason whatsoever, to elect to terminate this
        Agreement pursuant to Section
        4(b)
        shall be
        deemed an acknowledgment by Purchaser that Purchaser has inspected the Property,
        is thoroughly acquainted with and accepts their condition. Seller shall not
        be
        liable or bound in any manner by any oral or written “setups” or information
        pertaining to the Property furnished by Seller or Seller’s
        Representatives.

       

      (e) Survival.
        The
        provisions of this Section
        12
        shall
        survive the Closing (and shall not be merged in the Deed) or earlier termination
        of this Agreement.

       

      13. Broker. 

       

      Purchaser
        and Seller represent and warrant to each other that there is no broker with
        whom
        they have dealt in connection with the sale and purchase of the Property
        and the
        transactions described herein. Purchaser and Seller agree to indemnify, defend
        and hold the other harmless from and against any and all claims, causes of
        action, losses, costs, expenses, damages or liabilities, including reasonable
        attorneys’ fees and disbursements, which the other may sustain, incur or be
        exposed to, by reason of any claim or claims by any broker, finder or other
        person, for fees, commissions or other compensation arising out of the
        transactions contemplated in this Agreement if such claim or claims are based
        in
        whole or in part on dealings or agreements with the indemnifying party. The
        obligations and representations and warranties contained in this Section 13
        shall
        survive the Closing (and shall not be merged in the Deed) or earlier termination
        of this Agreement.

      
        
          
          

        

        
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      14. Casualty;
        Condemnation. 

       

      (a) Damage
        or Destruction:
        If a
“material” part (as hereinafter defined) of the Property is damaged or destroyed
        by fire or other casualty, Seller shall promptly notify Purchaser of such
        fact
        and, except as hereinafter provided, Purchaser shall have the option to
        terminate this Agreement by giving written notice to Seller not later than
        thirty (30) days after receipt of Seller’s notice. If this Agreement is so
        terminated, the Deposit shall be refunded to Purchaser and thereafter, neither
        party shall have any further rights, obligations or liabilities hereunder,
        except for the Surviving Obligations. If there is damage to or destruction
        of an
“immaterial” part (“immaterial”
is
        herein deemed to be any damage or destruction which is not “material,” as such
        term is hereinafter defined) of the Property, Purchaser shall close title
        as
        provided in this Agreement and, at the Closing, Seller shall, unless Seller
        has
        repaired such damage or destruction prior to the Closing, (i) cause the net
        proceeds (if any) of any insurance less the amount of all costs incurred
        in
        connection with the repair of such damage or destruction to be paid to
        Purchaser, (ii) assign and transfer to Purchaser all right, title and
        interest in and to any uncollected insurance proceeds (if any) which Seller
        may
        be entitled to receive from such damage or destruction, and (iii) grant
        Purchaser a credit against the Purchase Price in the amount of any deductible
        under the insurance policy for such Property, to the extent that such deductible
        has not already been invested in by Seller toward the restoration of the
        damage.
        A “material”
part
        of
        the Property shall mean that (i) twenty-five (25%) percent or more of the
        gross
        leaseable area of the Property has been destroyed or suffered material casualty
        damage; or (ii) the cost to repair or replace such damaged or destroyed portion
        of the Property will exceed 25% of the Purchase Price allocated to such
        Property, as reasonably estimated by Seller.

       

      (b) Condemnation:
        If,
        prior to the Closing Date, all or any “significant”
portion
        (as hereinafter defined) of the Property is taken by eminent domain or
        condemnation (or is the subject of a pending taking which has not been
        consummated), Seller shall notify Purchaser of such fact and Purchaser shall
        have the option to terminate this Agreement upon notice to Seller given not
        later than thirty (30) days after receipt of Seller’s notice. If this Agreement
        is so terminated, the Deposit shall be refunded to Purchaser and thereafter,
        neither party shall have any further rights, obligations or liabilities
        hereunder, except for the Surviving Obligations. If Purchaser does not elect
        to
        terminate this Agreement, or if an “insignificant” portion (“insignificant”
is
        herein deemed to be any taking which is not “significant”, as such term is
        herein defined) of the Property is taken by eminent domain or condemnation,
        at
        Closing the Seller shall cause the award or proceeds, net of the reasonable
        costs of Seller in connection with obtaining such award or proceeds, to be
        assigned to Purchaser and Purchaser shall be entitled to receive and keep
        all
        awards or other proceeds for such taking by eminent domain or condemnation.
        A
“significant”
portion
        of the Property means (i) any portion of a building which reduces the
        rentable square footage thereof by more than 2%, (ii) a portion of the
        parking areas if the taking thereof reduces the remaining available number
        of
        parking spaces below the minimum legally required, or (iii) any other portion
        of
        the Property, the taking of which would have a material adverse affect in
        the
        operations of the Property.

      
        
          
          

        

        
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      15. Remedies. 

       

      (a) If
        the
        Closing fails to occur by reason of Seller’s material default or the inability
        of Seller to perform its obligations under this Agreement, then Purchaser
        may
        terminate this Agreement by written notice to Seller, or, in the case of
        a
        willful default by Seller, pursue its remedy of specific performance. If
        Purchaser elects to terminate this Agreement, the Deposit shall be refunded
        to
        Purchaser, and thereafter, neither party shall have any further rights,
        obligations or liabilities hereunder. 

       

      (b) If
        the
        Closing fails to occur by reason of Purchaser’s failure or refusal to perform
        its obligations hereunder, then Seller may, as its sole remedy, terminate
        this
        Agreement by written notice to Purchaser. If Seller elects to terminate this
        Agreement, then this Agreement shall be terminated and Seller may retain,
        as its
        sole and exclusive remedy, the Deposit as liquidated and agreed upon damages
        for
        all loss, damage and expenses suffered by Seller, it being agreed that Seller’s
        damages are impractical or extremely difficult to ascertain and that the
        amount
        of the Deposit represents a reasonable estimate of the damages that Seller
        will
        sustain if the Closing fails to occur by reason of Purchaser’s failure or
        refusal to perform its obligations hereunder. Nothing contained herein shall
        limit or restrict Seller’s ability to pursue any rights or remedies they may
        have against Purchaser with respect to the Surviving Obligations. Such retention
        of the Deposit is intended to constitute liquidated damages, and shall not
        be
        deemed to constitute a forfeiture or penalty. Seller hereby expressly waives,
        relinquishes and releases any other right or remedy available to it at law,
        in
        equity or otherwise by reason of Purchaser’s failure or refusal to perform its
        obligations hereunder.

       

      16. Purchaser’s
        Access to the Property. 

       

      (a) Access.
        At all
        times this Agreement remains in effect, Purchaser and Purchaser’s
        Representatives shall have the right to enter upon the Property, for the
        purpose
        of conducting such title, survey, environmental, physical, structural and
        any
        other examinations, inspections, testing, studies and investigations of the
        Property and review all Leases, Service Contracts, Permits, Plans and other
        documents related to the Property as Purchaser deems necessary or appropriate
        (the “Investigations”) provided (a) Purchaser shall give Lothar Estein [and/or
        Denise Purinton] not less than three (3) Business Days’ prior notice before each
        such entry, and (b) the notice shall include reasonably sufficient information
        to permit Seller to review the scope of the proposed Investigations and the
        names of the companies or firms performing such Investigations. Any entry
        upon
        the Property and all Investigations shall be during normal business hours
        and at
        the sole risk and expense of Purchaser and Purchaser’s Representatives, and
        shall not unreasonably interfere with the activities on or about the Property
        of
        Seller’s employees, tenants or invitees. Purchaser and Purchaser’s
        Representative shall, with respect to the Property investigated:

       

      (i) promptly
        repair any damage to the Property resulting from any such Investigations
        and
        replace, refill and regrade any holes made in, or excavations of, any portion
        of
        the Property used for such Investigations so that the Property shall be in
        the
        same condition in all material respects that it existed in prior to such
        Investigations;

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      (ii) fully
        comply with all applicable laws, rules, ordinances, codes, regulations, orders
        or requirements of applicable governmental authorities (collectively, the
        “Laws”)
        applicable to the Investigations and all other activities undertaken in
        connection therewith; 

       

      (iii) permit
        Seller to have a representative present during all Investigations undertaken
        hereunder; 

       

      (iv) take
        all
        actions and implement all protections reasonably necessary to ensure that
        all
        actions taken in connection with the Investigations, and the equipment,
        materials, and substances generated, used or brought onto the Property pose
        no
        threat to the safety or health of persons or the environment, and cause no
        damage to the Property or other property of Seller or other
        persons;

       

      (v) maintain
        or cause to be maintained, at Purchaser’s expense, a policy of commercial
        general liability insurance, with a broad form contractual liability endorsement
        covering Purchaser’s indemnification obligations contained in subsection
        (vii)
        below,
        and with a combined single limit of not less than $1,000,000.00 per occurrence
        for bodily injury and property damage, automobile liability coverage including
        owned and hired vehicles with a combined single limit of $1,000,000.00 per
        occurrence for bodily injury and property damage, insuring Purchaser and
        Seller,
        as an additional insured, against any injuries or damages to persons or property
        that may result from or are related to (A) Purchaser’s and/or Purchaser’s
        Representatives’ entry upon the Property, (B) any Investigations or other
        activities conducted thereon, and (C) any and all other activities undertaken
        by
        Purchaser and/or Purchaser’s Representatives, all of which insurance shall be on
        an “occurrence form” and otherwise in such forms and with an insurance company
        reasonably acceptable to Seller and deliver a certificate of such insurance
        policy to Seller prior to the first entry on the Property;

       

      (vi) not
        allow
        the Investigations or any other activities undertaken by Purchaser or
        Purchaser’s Representatives to result in any liens, judgments or other
        encumbrances being filed or recorded against any Property, and Purchaser
        shall,
        at its sole cost and expense, promptly discharge of record any such liens
        or
        encumbrances that are so filed or recorded (including, without limitation,
        liens
        for services, labor or materials furnished) as a result of Purchaser’s
        Investigations; and

       

      (vii) indemnify
        and hold Seller, the Seller’s Representatives and the Property harmless from and
        against any and all claims, demands, causes of action, losses, damages,
        liabilities, costs and expenses (including, without limitation, reasonable
        attorneys’ fees and disbursements), suffered or incurred by Seller and arising
        out of or in connection with (A) Purchaser’s and/or Purchaser’s Representatives’
entry upon the Property, (B) any Investigations or other activities
        conducted thereon by Purchaser or Purchaser’s Representatives, and/or (C) any
        liens or encumbrances filed or recorded against the Property as a consequence
        of
        the Investigations or any and all other activities undertaken by Purchaser
        or
        Purchaser’s Representatives, except to the extent any of the foregoing is caused
        by the gross negligence or willful misconduct of the indemnified
        party.

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      (b) Security
        for Purchaser’s Obligations.
        Purchaser’s obligations under Section 16(a) shall be secured by the Deposit (but
        the Deposit shall not be the limit of Purchaser’s obligations
        hereunder).

       

      (c) Contact
        with Tenants and Employees.
        Purchaser shall be permitted to contact Seller’s property managers, tenants,
        management staff, employees or vendors after the termination of the Contingency
        Period with the consent of Seller, which shall not be unreasonably withheld,
        conditioned or delayed.

       

      (d) Survival.
        The
        provisions of this Section
        16
        shall
        survive the Closing (and shall not be merged into the Deed) or earlier
        termination of this Agreement.

       

      17. Indemnity. 

       

      (a) Purchaser’s
        Indemnity.
        Purchaser hereby agrees to indemnify, defend against, and hold Seller and
        Seller’s employees, representatives, members, agents, partners, officers,
        directors, trustees, shareholders, principals, parents, subsidiaries,
        affiliates, attorneys and agents (collectively, “Seller’s
        Representatives”)
        harmless from and against all claims, demands, causes of action, losses,
        damages, liabilities, costs and expenses (including, without limitation,
        reasonable attorneys’ fees and disbursements) asserted against or incurred by
        Seller, or Seller’s Representatives in connection with or arising out of
        (i) any breach by Purchaser of any of the Contracts and Leases assigned to
        Purchaser which occurs after the Closing, and (ii) damage to property and
        injuries to third parties on the Property occurring after the Closing.
        Purchaser’s obligations under this Section
        17(a)
        shall
        survive the Closing, and shall not be merged in the Deeds.

       

      (b) Seller’s
        Indemnity.
        Seller
        hereby agrees to indemnify, defend and hold Purchaser and Purchaser’s employees,
        representatives, members, agents, partners, officers, directors, trustees,
        shareholders, principals, parents, subsidiaries, affiliates, attorneys and
        agents (collectively, “Purchaser’s
        Representatives”)
        harmless from all claims, demands, causes of action, losses, damages,
        liabilities, costs and expenses (including, without limitation, attorneys’ fees
        and disbursements) asserted against or incurred by Purchaser or Purchaser’s
        Representatives in connection with or arising out of (i) any breach by
        Seller of any of the Contracts and Leases assigned to Purchaser which occurred
        prior to the Closing, and (ii) damage to property and injuries to third
        parties on the Property occurring prior to the Closing. Seller’s obligations
        under this Section
        17(b)
        shall
        survive Closing, and shall not be merged in the Deeds.

       

      18. Escrow. 

       

      Boose
        Casey Ciklin Lubitz Martens McBane & O'Connell (the “Escrow
        Agent”)
        shall
        hold the Deposit and Purchaser’s and Seller’s Documents in escrow, dispose of
        the Deposit, pro rate expenses and deliver Purchaser’s and Seller’s Documents
        only in accordance with the following provisions:

       

      (a) Escrow
        Agent shall deliver the Deposit to Seller or Purchaser, as the case may be,
        as
        follows:

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      (i) to
        Seller, upon completion of the Closing, to be applied against the Purchase
        Price
        of the Property as Seller shall direct; or

       

      (ii) to
        Seller, after receipt of Seller’s demand in which Seller certifies either that
        (A) Purchaser has materially defaulted under this Agreement, or (B) this
        Agreement has been otherwise terminated or cancelled, and Seller is thereby
        entitled to receive the Deposit; but Escrow Agent shall not honor Seller’s
        demand until more than ten (10) days after Escrow Agent has given a copy
        of such
        demand to Purchaser in accordance with Section
        18(e)(i),
        nor
        thereafter if Escrow Agent receives a Notice of Objection from Purchaser
        within
        such ten (10) day period; or

       

      (iii) to
        Purchaser, after receipt of Purchaser’s demand in which Purchaser certifies
        either that (A) Seller has materially defaulted under this Agreement, or
        (B)
        this Agreement has been otherwise terminated or cancelled, and Purchaser
        is
        thereby entitled to receive the Deposit; but Escrow Agent shall not honor
        Purchaser’s demand until more than ten (10) days after Escrow Agent has given a
        copy of Purchaser’s demand to Seller in accordance with Section
        18(e)(i),
        nor
        thereafter if Escrow Agent receives a Notice of Objection from Seller within
        such ten (10) day period.

       

      Upon
        such
        delivery of the Deposit, Escrow Agent shall be relieved of all liability
        hereunder and with respect to the Deposit. Escrow Agent shall deliver the
        Deposit by a bank wire transfer of immediately available funds to an account
        designated by the party entitled to the Deposit.

       

      (b) Objection
        to Demand.
        

       

      (i) Promptly,
        upon receipt of a written demand from Seller or Purchaser under Section
        18(d)(ii) or (iii), Escrow Agent shall send a copy of such demand to the
        other
        party. Within ten (10) days after the date of receiving same, but not
        thereafter, the other party may object to delivery of the Deposit to the
        party
        making such demand by giving a notice of objection (a “Notice of Objection”) to
        Escrow Agent. After receiving a Notice of Objection, Escrow Agent shall send
        a
        copy of such Notice of Objection to the party who made the demand; and
        thereafter, in its sole and absolute discretion, Escrow Agent may elect either
        (A) to continue to hold the Deposit until Escrow Agent receives a written
        agreement of Purchaser and Seller directing the disbursement of the Deposit,
        in
        which event Escrow Agent shall disburse the Deposit in accordance with such
        agreement; and/or (B) to take any and all actions as Escrow Agent deems
        necessary or desirable, in its reasonable discretion, to discharge and terminate
        its duties under this Agreement, including without limitation depositing
        the
        Deposit into any court of competent jurisdiction and bringing any action
        of
        interpleader or any other proceeding; and/or (C) in the event of any litigation
        between Seller and Purchaser, to deposit the Deposit with the clerk of the
        court
        in which such litigation is pending. 

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      (ii) If
        Escrow
        Agent is uncertain for any reason whatsoever as to its duties or rights
        hereunder (and whether or not Escrow Agent has received any written demand
        under
Section
        18(d)(ii)
        or
(iii),
        or
        Notice of Objection under Section
        18(e)(i)),
        notwithstanding anything to the contrary herein, Escrow Agent may hold and
        apply
        the Deposit pursuant to Section
        18(e)(i)(A),
        (B)
        or
(C)
        and may
        decline to take any other action whatsoever. In the event the Deposit is
        deposited in a court by Escrow Agent pursuant to Section
        18(e)(i)(B)
        or
(C),
        Escrow
        Agent shall be entitled to rely upon the decision of such court. In the event
        of
        any dispute whatsoever among the parties with respect to disposition of the
        Deposit, Purchaser and Seller shall pay the reasonable attorney’s fees and costs
        incurred by Escrow Agent (which they shall share equally) for any litigation
        in
        which Escrow Agent is named as, or becomes, a party.

       

      (iii) Escrow
        Agent is acting as escrow agent hereunder without charge as an accommodation
        to
        Purchaser and Seller, it being understood and agreed that Escrow Agent shall
        not
        be liable for any error in judgment or any act done or omitted by it in good
        faith or pursuant to court order, or for any mistake of fact or law. Escrow
        Agent shall not incur any liability in acting upon any document or instrument
        believed thereby to be genuine. Escrow Agent is hereby released and exculpated
        from all liability hereunder as escrow agent, except only for willful misconduct
        or gross negligence. Escrow Agent may assume that any person purporting to
        give
        it any notice on behalf of any party has been authorized to do so. Escrow
        Agent
        shall not be liable for, and Purchaser and Seller hereby jointly and severally
        agree to indemnify Escrow Agent against, any loss, liability or expense,
        including reasonable attorney’s fees, arising out of any dispute under this
        Agreement, including the cost and expense of defending itself against any
        claim
        arising hereunder, except with respect to Escrow Agent’s willful misconduct or
        gross negligence. 

       

      (c) Notwithstanding
        anything to the contrary in this Agreement, within one (1) Business Day after
        the receipt by the Escrow Agent of the Deposit, Escrow Agent shall place
        the
        Deposit in an Approved Investment. The interest, if any, which accrues on
        such
        Approved Investment shall be deemed part of the Deposit; and Escrow Agent
        shall
        dispose of such interest as and with the Deposit pursuant to this Agreement.
        Escrow Agent may not commingle the Deposit with any other funds held by Escrow
        Agent. Escrow Agent may convert the Deposit from the Approved Investment
        into
        cash or a non-interest-bearing demand account at an Approved Institution
        as
        follows:

       

      (i) at
        any
        time within seven (7) days prior to the Closing Date; or

       

      (ii) if
        the
        Closing Date is accelerated or extended, at any time within seven (7) days
        prior
        to the accelerated or extended Closing Date (provided,
        however,
        that
        Seller and Purchaser shall give Escrow Agent timely notice of any such
        acceleration or extension and that Escrow Agent may hold the Deposit in cash
        or
        a non-interest-bearing deposit account if Seller and Purchaser do not give
        Escrow Agent timely notice of any such adjournment).

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      (d) As
        used
        herein, the term “Approved
        Investment”
means
        (i) any interest-bearing demand account or money market fund in a federally
        insured bank branch located in Orange County or Palm Beach County, Florida,
        or
        in a money market mutual fund with assets in excess of One Billion Dollars
        invested in obligations issued or guaranteed by the United States of America,
        or
        in any other institution otherwise approved by both Seller and Purchaser
        (collectively, an “Approved
        Institution”),
        or
        (ii) any other investment approved by both Seller and Purchaser. The rate
        of interest or yield need not be the maximum available and deposits,
        withdrawals, purchases, reinvestment of any matured investment and sales
        shall
        be made in the sole discretion of Escrow Agent, which shall have no liability
        whatsoever therefor. Discounts earned shall be deemed interest for the purpose
        hereof. Escrow Agent shall not be liable if the institution holding the Deposit
        fails. 

       

      (e) Any
        Notice of Objection, demand or other notice or communication which may or
        must
        be sent, given or made under this Agreement to or by Escrow Agent shall be
        sent
        in accordance with the provisions of Section
        21.
        

       

      (f) Simultaneously
        with their execution and delivery of this Agreement, Purchaser and Seller
        shall
        furnish Escrow Agent with their Federal Taxpayer Identification Numbers so
        that
        Escrow Agent may file appropriate income tax information returns with respect
        to
        any interest in the Deposit or other income from the Approved Investment.
        The
        party ultimately entitled to any accrued interest in the Deposit shall be
        the
        party responsible for the payment of any tax due thereon.

       

      (g) Any
        amendment of this Agreement which could alter or otherwise affect Escrow
        Agent’s
        obligations hereunder will not be effective against or binding upon Escrow
        Agent
        without Escrow Agent’s prior consent, which consent may be withheld in Escrow
        Agent’s sole and absolute discretion.

       

      (h) The
        provisions of this Section
        18
        shall
        survive the Closing (and shall not be merged in the Deeds) or earlier
        termination of this Agreement.

       

      19. Assignment.
        This
        Agreement may not be assigned by Purchaser except in strict accordance with
        this
Section
        19,
        and any
        assignment or attempted assignment by Purchaser in violation of this
Section
        19
        shall
        constitute a default by Purchaser hereunder and shall be null and void.
        Purchaser shall be entitled to assign its rights and obligations with respect
        to
        all or a portion of the Property to any entity or entities consisting of
        Purchaser and/or any entity which is controlled by, controls, or is under
        common
        control of or with Purchaser, and such assignee shall succeed to the rights
        and
        obligations of Purchaser under this Agreement with respect to such Property.
        No
        such assignment shall relieve Purchaser from its obligations
        hereunder.

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      20. Access
        to Records; Tax Matters.
        For a
        period of three (3) years subsequent to the Closing Date, Seller and Seller’s
        Representatives shall be entitled to access during business hours to all
        documents, books and records given to Purchaser by Seller for tax and audit
        purposes, regulatory compliance, and cooperation with governmental
        investigations upon reasonable prior notice to Purchaser, and shall have
        the
        right, at their sole cost and expense, to make copies of such documents,
        books
        and records.

       

      21. Notices. 

       

      (a) Notices.
        All
        notices, elections, consents, approvals, demands, objections, requests or
        other
        communications which Seller, Purchaser or Escrow Agent may be required or
        desire
        to give pursuant to, under or by virtue of this Agreement must be in writing
        and
        sent by (i) first class U.S. certified or registered mail, return receipt
        requested, with postage prepaid, or (ii) express mail or courier (for next
        Business Day delivery), or (iii) facsimile, with hard copy sent within 24
        hours
        pursuant to subsection
        (ii)
        above
        addressed or sent as follows:

       

      If
        to
        Seller:

       

      Estein
        & Associates USA Ltd.

      5211
        International Drive

      Orlando,
        Florida 32819

      Attention: Lothar
        Estein 

      Facsimile: (407)
        354-3243

      

      with
        a
        copy to:

       

      Boose
        Casey Ciklin Lubitz Martens McBane & O'Connell

      Northbridge
        Tower 1, 18th Floor 

      515
        North
        Flagler Drive

      West
        Palm
        Beach, FL 33401

      Attention: Dean
        Vegosen, Esq. 

      Facsimile: 561-820-0389

      

      If
        to
        Purchaser:

       

      c/o
        The
        Lightstone Group LLC 

      326
        Third
        Street

      Lakewood,
        New Jersey 08701

      Attn:
        Angela Mirizzi-Olsen, Senior Vice President and Chief Investment
        Officer

      Facsimile
        No.: (732) 363-7183

      

      with
        a
        copy to:

       

      Herrick,
        Feinstein LLP

      2
        Park
        Avenue

      New
        York,
        New York 10016

      Attn:
        Sheldon Chanales, Esq.

      Facsimile
        No.: (212) 592-1500

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      

      If
        to
        Escrow Agent:

       

      Boose
        Casey Ciklin Lubitz Martens McBane & O'Connell

      Northbridge
        Tower 1, 18th Floor 

      515
        North
        Flagler Drive

      West
        Palm
        Beach, FL 33401

      Attention: Dean
        Vegosen, Esq. 

      Facsimile: 561-820-0389

      

      (b) Change
        of Notice.
        Seller
        or Purchaser or Escrow Agent may designate another addressee or change their
        address for notices and other communications hereunder by a notice given
        to the
        other parties in the manner provided in this Section
        21.
        A
        notice or other communication sent in compliance with the provisions of this
        Section
        21
        shall be
        deemed given and received on (i) the third (3rd) day following the date it
        is
        deposited in the U.S. mail, or (ii) the first Business Day following the
        date it
        is delivered to an express mail provider or courier, or (iii) the day it
        is
        delivered if sent by facsimile before 5:00 p.m. local time on a Business
        Day.

       

      22. Miscellaneous. 

       

      (a) Amendments.
        This
        Agreement shall not be altered, amended, changed, waived, terminated or
        otherwise modified in any respect or particular, and no consent or approval
        required pursuant to this Agreement shall be effective, unless the same shall
        be
        in writing and signed by or on behalf of both Seller and Purchaser.

       

      (b) Binding
        Agreement.
        This
        Agreement shall be binding upon and shall inure to the benefit of the parties
        and to their respective heirs, executors, administrators, successors and
        permitted assigns.

       

      (c) Integration.
        All
        prior statements, understandings, representations and agreements between
        the
        parties with respect to the purchase and sale of the Property, oral or written,
        are superseded by and merged in this Agreement, which alone fully and completely
        expresses the agreement between them in connection with the Proposed Transaction
        and which is entered into after full negotiation, neither party relying upon
        any
        statement, understanding, representation or agreement made by the other not
        embodied in this Agreement. This Agreement shall be given a fair and reasonable
        construction in accordance with the intentions of the parties. The parties
        acknowledge that each party and its counsel have reviewed and revised this
        Agreement and that the normal rule of construction to the effect that any
        ambiguities are to be resolved against the drafting party shall not be employed
        in the interpretation of this Agreement or any amendment, Schedule or Exhibit
        hereto.

       

      (d) Discharge
        of Obligations.
        Except
        as otherwise expressly provided herein, Purchaser’s acceptance of the Deed shall
        be deemed a discharge of all of the obligations of Seller and each Seller
        hereunder and all of Seller’s representations, warranties, covenants and
        agreements herein shall merge in the documents and agreements executed at
        the
        Closing by Seller and each Seller and shall not survive the
        Closing.

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      (e) Venue
        and Jurisdiction.
        Any
        dispute arising from this agreement shall be resolved in the jurisdiction
        of
        Orange County, Florida.

       

      (f) Time
        of the Essence.
        Purchaser and Seller mutually agree that, wherever this Agreement provides
        that
        Purchaser or Seller must send or give any notice, make an election or take
        some
        other action within a specific time period or at or before a specific time
        in
        order to exercise a right or remedy they may have hereunder, time shall be
        of
        the essence with respect to the taking of such action, and either party’s
        failure to take such action within the applicable time period or at or before
        the specific time shall be deemed to be an irrevocable waiver by such party
        of
        such right or remedy.

       

      (g) Delay
        Not a Waiver.
        No
        failure or delay of either party in the exercise of any right or remedy given
        to
        such party hereunder or the waiver by any party of any condition hereunder
        for
        its benefit (unless the time specified herein for exercise of such right
        or
        remedy has expired) shall constitute a waiver of any other or further right
        or
        remedy nor shall any single or partial exercise of any right or remedy preclude
        other or further exercise thereof or any other right or remedy. No waiver
        by
        either party of any breach hereunder or failure or refusal by the other party
        to
        comply with its obligations shall be deemed a waiver of any other or subsequent
        breach, failure or refusal to so comply.

       

      (h) No
        Recordation.
        Neither
        this Agreement nor any memorandum thereof shall be recorded, and any attempted
        recordation hereof shall be void and shall constitute a default hereunder.
        Purchaser agrees to indemnify Seller against all costs, expenses and damages,
        including without limitation reasonable attorneys’ fees and disbursements,
        incurred by Seller by reason of the filing by Purchaser of this Agreement
        or any
        memorandum thereof. The provisions of this Section
        23(h)
        shall
        survive the termination of this Agreement.

       

      (i) No
        Offer; Counterpart Copies.
        Delivery of this Agreement or a draft hereof shall not be deemed an offer,
        and
        neither Seller nor Purchaser shall have any rights or obligations hereunder
        unless and until all parties have signed and delivered an original of this
        Agreement. This Agreement may be executed in one or more counterparts, each
        of
        which so executed and delivered shall be deemed an original, but all of which
        taken together shall constitute but one and the same instrument. A
        facsimile of a signature will have the same legal effect as an originally
        drawn
        signature.

       

      (j) Exhibits
        Incorporated.
        Each of
        the Exhibits and Schedules referred to herein and attached hereto is
        incorporated herein by this reference. 

       

      (k) Captions.
        The
        caption headings in this Agreement are for convenience only and are not intended
        to be a part of this Agreement and shall not be construed to modify, explain
        or
        alter any of the terms, covenants or conditions herein contained.

       

      (l) Governing
        Law.
        This
        Agreement shall be interpreted and enforced in accordance with the laws of
        the
        State of Florida without reference to principles of conflicts of
        laws.

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      (m) Invalid
        Provision.
        If any
        provision of this Agreement shall be unenforceable or invalid, the same shall
        not affect the remaining provisions of this Agreement and to this end the
        provisions of this Agreement are intended to be and shall be severable.
        Notwithstanding the foregoing sentence, if (i) any provision of this
        Agreement is finally determined by a court of competent jurisdiction to be
        unenforceable or invalid in whole or in part, (ii) the opportunity for all
        appeals of such determination have expired, and (iii) such unenforceability
        or invalidity alters the substance of this Agreement (taken as a whole) so
        as to
        deny either party, in a material way, the realization of the intended benefit
        of
        its bargain, such party may terminate this Agreement within ten (10) days
        after
        the final determination by notice to the other. If such party so elects to
        terminate this Agreement, then this Agreement shall be terminated and neither
        party shall have any further rights, obligations or liabilities hereunder,
        except for the Surviving Obligations, and except that Purchaser shall be
        entitled to a return of the Deposit provided that Purchaser is not otherwise
        in
        material default hereunder.

       

      (n) WAIVER
        OF TRIAL BY JURY.
        SELLER AND PURCHASER HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY,
        UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO TRIAL BY
        JURY
        IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR CONTRACT)
        BROUGHT BY THEM AGAINST THE OTHER(S) ON ANY MATTER ARISING OUT OF OR IN ANY
        WAY
        CONNECTED WITH THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED AND DELIVERED
        BY A
        PARTY IN CONNECTION HEREWITH (INCLUDING ANY ACTION TO RESCIND OR CANCEL THIS
        AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE).

       

      (o) Waiver
        of Tender.
        Seller
        and Purchaser hereby waive tender of the Deed and of the Purchase Price.
        

       

      (p) Attorneys’
        Fees.
        If
        either party brings an action to enforce the terms of this Agreement, the
        prevailing party shall be entitled to recover reasonable attorney’s fees
        actually incurred.

       

      (q) Radon
        Gas.
        Radon
        is a naturally occurring radioactive gas that, when it has accumulated in
        a
        building in sufficient quantities, may present health risks to persons who
        are
        exposed to it over time. Levels of radon that exceed federal and state
        guidelines have been found in buildings in Florida. Additional information
        regarding radon and radon testing may be obtained from your county public
        health
        unit.

       

      (r) Electronic
        Signatures. Signatures which are electronically transmitted such as by fax
        or
        email shall be binding as if they were originals.

       

      [The
        remainder of this page is left intentionally blank]

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
        date
        and year first above written.

       

      SELLER:

      ST.
        AUGUSTINE OUTLET WORLD, LTD.

      By:
        WELP
        St. Augustine Outlet, L.C., general partner

      By:
        WELP
        St. Augustine Corporation, manager

      By:
        /s/ Lothar
        Estein                                       

      Name:
        Lothar
        Estein 

      Title:
        President

      

      

      

      PURCHASER:

      

      PRIME
        OUTLETS ACQUISITION COMPANY LLC

      By:
        Lightstone Prime LLC

      

      

      By:
        /s/ Sheldon
        Chanales                                

      Name:
        Sheldon Chanales 

      Title:
        Authorized Signatory

      Executed
        solely for the purpose of 

      accepting
        the escrow on the terms 

      and
        conditions set forth herein: 

      

      BOOSE
        CASEY CIKLIN LUBITZ 

      MARTENS
        MCBANE & O'CONNELL 

       

      By:
        Dean Vegosen, P.L., Partner

      

      By: /s/
        Dean
        Vegosen                                  

            
        Name:  Dean Vegosen

            
        Title: Manager

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      

       

      Legal
        Description

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      

       

      Form
        of Deed

       

      

      RETURN
        TO:

      THIS
        INSTRUMENT PREPARED BY:

      Dean
        Vegosen, Esq.

      Boose
        Casey Ciklin Lubitz Martens McBane & O=Connell

      18th
        Floor - Northbridge Tower I

      515
        North
        Flagler Dr.

      West
        Palm
        Beach, Florida 33401

      

      Property
        Appraiser's I.D. No.: 

      

      SPECIAL

       

      WARRANTY
        DEED

      

                THIS
          SPECIAL WARRANTY
          DEED made the  
          day of
          ____________, 2006, by __ST. AUGUSTINE OUTLET WORLD,
          LTD._______________________, hereinafter called the "Grantor", with an
          address
          c/o Estein & Associates USA, Ltd., 5211
          International Drive,
          Orlando,
          FL 32819,
          to
          ____________________________________________, with an address at 326 Third
          Avenue, Lakewood, New Jersey 08701, hereinafter called
          "Grantee";

         

        (Wherever
          used herein the terms "Grantor" and "Grantee" include all the parties to
          this
          instrument and their respective heirs, legal representatives, successors
          and
          assigns, as the case may be.)

      

      W
        I T N E S S E T H: 

       

      That
        the
        Grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00)
        and other valuable considerations, receipt whereof is hereby acknowledged,
        hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms
        unto the Grantee, all that certain land and the improvements thereon located
        in
        the County of Orange, State of Florida and more particularly described as
        follows:

       

      SEE
        EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF.

       

      TOGETHER
        with the improvements thereon and all the tenements, hereditaments and
        appurtenances thereto belonging or in anywise appertaining.

       

      TO
        HAVE
        AND TO HOLD, the same in fee simple forever, SUBJECT, HOWEVER, to those matters
        set forth on EXHIBIT B attached hereto and made a part hereof.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      AND
        the
        Grantor hereby covenants with said Grantee that except as noted above, at
        the
        time of delivery of this Special Warranty Deed, the premises were free from
        all
        encumbrances made by the Grantor, except for taxes accruing subsequent to
        December 31, 2004 and that the Grantor will warrant and defend the same against
        the lawful claims and demands of all persons claiming by, through or under
        Grantor, but against none other.

       

      Anything
        to the contrary herein contained, each party comprising Grantor shall be
        responsible for the covenants and warranties applicable only to the property
        it
        is conveying to Grantee hereunder.

       

      IN
        WITNESS WHEREOF, the said Grantor has hereunto set its hand and seal the
        day and
        year first above written

       

       

       

      
        

      

      Print:
         

       

      
 

      
        

      

      Print:
         

      

      In
        the
        presence of:

       

      
 

      
        
 Print:  

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      STATE
        OF

      COUNTY
        OF

      

      Before
        me, the undersigned authority, personally came and appeared LOTHAR ESTEIN,
        who
        produced as identification thereof a Driver's License, showing him to be
        the
        individual who executed the foregoing instrument as the President of
        ___________________________________, a Delaware corporation being the Managing
        Member of ______________________, a Florida limited liability company, being
        the
        General Partner of_____________________, a Florida limited partnership named
        therein and who acknowledged to and before me that he executed the same in
        the
        capacities and for the purposes therein expressed by due and regular partnership
        and company authority.

       

      WITNESS
        my hand and official seal in the County and State last aforesaid, this ____
        day
        of ____________, 2005.

       

      Notary
        Public, State of ___________ at Large

       

      My
        commission expires:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      Form
        of Lease Assignment

       

      ASSIGNMENT
        AND ASSUMPTION OF LEASES

       

      ASSIGNMENT
        AND ASSUMPTION OF LEASES made as of _____________ __, 2006 (this
“Assignment”),
        between ST. AUGUSTINE OUTLET WORLD,
        LTD._____________________________________________, having an address c/o
        Estein
& Associates USA Ltd., 5211 International Drive, Orlando, Florida 32819
        (collectively, “Assignor”),
        and
        _______________________________________ having an address at 326 Third Avenue,
        Lakewood, New Jersey 08701 (“Assignee”).
        

       

      For
        good
        and valuable consideration, the receipt and sufficiency of which are
        acknowledged, Assignor hereby assigns, conveys, transfers and sets over to
        Assignee any and all of Assignor’s right, title and interest, as landlord, in,
        to and under any and all leases and tenancies (collectively, the “Leases”)
        covering all or portions of the property described on Exhibit
        A
        attached
        hereto and made a part hereof, together with all the rents, issues, income
        and
        profits derived therefrom (heretofore due and hereafter to become due),
        including intangible rights and Assignor’s rights in respect of any security
        deposits thereunder. Assignee hereby assumes all obligations of Assignor
        under
        the Leases and agrees to perform all of the terms, covenants and conditions
        of
        the Leases on the part of Assignor required therein to be performed arising
        from
        and after the date of this Assignment.

       

      A. This
        Assignment shall be binding upon and shall inure to the benefit of Assignee,
        its
        successors and assigns.

       

      B. Assignee
        for itself, its successors and assigns, hereby accepts and assumes all of
        the
        rights, duties and obligations of the landlord under the Leases accruing
        on and
        after the date hereof and hereby defends, indemnifies and holds harmless
        Assignor from and against any and all loss, liability, damage, cost or expense
        (including, without limitation, reasonable attorneys’ fees and disbursements)
        incurred or sustained by Assignor solely as a result of Assignee’s failure to
        perform any obligations of the landlord under the Leases accruing on and
        after
        the date of this Assignment. 

       

      C. This
        Assignment shall be governed by and construed in accordance with the laws
        of the
        State of Florida, without reference to the choice of laws provisions or conflict
        of laws provisions of that State.

       

      D. This
        Assignment may be executed in multiple counterparts, each of which shall
        be
        deemed an original, but all of which taken together shall constitute one
        and the
        same instrument.

       

      [NO
        FURTHER TEXT ON THIS PAGE]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of
        the
        date and year first above written.

       

      

      ASSIGNOR:

      

      

      

      By: ________________________________

      Name:
        

      Title:

      

      

      

      ASSIGNEE:

      

      

      By: ________________________________

      Name:
        

      Title:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      Form
        of Bill of Sale

      

       

      BILL
        OF SALE

       

      BILL
        OF
        SALE made as of _________________, 2006, by ST. AUGUSTINE OUTLET WORLD, LTD.,
        having an address c/o Estein & Associates USA Ltd., 5211 International
        Drive, Orlando, Florida 32819 (collectively, “Assignor”),
        in
        favor of _______________________________________ having an address at 326
        Third
        Avenue, Lakewood, New Jersey 08701 (“Assignee”).
        

       

      For
        good
        and valuable consideration, the receipt and sufficiency of which is hereby
        acknowledged, Assignor hereby assigns, transfers and sets over unto Assignor,
        from and after the date hereof, without representation or warranty by or
        recourse to Assignor, express or implied, by operation of law or otherwise,
        all
        of Assignor’s right, title and interest in and to the equipment, machinery and
        other tangible personal property of every kind and nature installed in, located
        at, situated on, or used in connection with all or any portion of the property
        described on Exhibit
        A
        attached
        hereto a made a part hereof (the “Property”),
        excluding, however, any such equipment, machinery or other tangible personal
        property belonging to any tenants at the Property, any public utility or
        any
        other person or entity except Assignor (collectively, the “Personal
        Property”).

       

      This
        Bill
        of Sale shall be binding upon and shall inure to the benefit of Assignee,
        its
        successors and assigns.

       

      The
        Personal Property is herein being sold “AS IS” and “WHERE IS,” without any
        representations or warranties of any kind.

       

      [NO
        FURTHER TEXT ON THIS PAGE]

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Assignor has executed this Assignment as of the date and
        year
        first above written.

       

      

      ASSIGNOR:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      Form
        of Contract and Permit Assignment

       

      ASSIGNMENT
        AND ASSUMPTION OF SERVICE CONTRACTS AND PERMITS

       

      THIS
        ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS AND
        PERMITS (this
        “Assignment”)
        is
        made and entered into as of the _____ day of ______________, 2006, by and
        between ___________________________________________,
        having
        an
        address c/o Estein & Associates USA Ltd., 5211 International Drive, Orlando,
        Florida 32819 (collectively, “Assignor”),
        and
        ________________________________ having an address at 326 Third Avenue,
        Lakewood, New Jersey 08701 (“Assignee”).

       

      WITNESSETH

       

      WHEREAS,
        contemporaneously with the execution and delivery hereof, Assignor has conveyed
        to Assignee all that tract or parcel of land more particularly described
        in
Exhibit A
        attached
        hereto and incorporated herein by reference (hereinafter referred to as the
        “Real
        Property”);

       

      WHEREAS,
        the
        purchase and sale of the Real Property is being made pursuant to the terms
        of
        that certain Purchase and Sale Agreement between Assignor and Assignee dated
        September __, 2004 (the “Purchase
        Agreement”);
        and

       

      WHEREAS,
        pursuant to the Purchase Agreement, in connection with such conveyance of
        the
        Real Property, Assignor and Assignee have agreed that Assignor shall transfer
        and assign to Assignee all of Assignor’s right, title and interest under the
        service contracts relating to the Real Property listed on Exhibit
        B
        attached
        hereto and incorporated herein by reference (the “Service
        Contracts”),
        together with, to the extent assignable, all right, title and interest of
        Assignor, in and to any construction or supplier’s warranties or guaranties
        relating to the improvements, fixtures or personal property of Assignor located
        on the Real Property, and any licenses and permits related to the use and
        operation of the Real Property, (the “Other
        Interests”);
        and

       

      WHEREAS,
        Assignor and Assignee have further agreed that Assignee shall expressly assume
        by executing this Assignment all of the obligations of Assignor, from and
        after
        the date hereof, under each of the Service Contracts;

       

      NOW,
        THEREFORE,
        for and
        in consideration of the mutual covenants contained herein and other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged by each party hereto, Assignor and Assignee hereby agree as
        follows:

       

      E. Transfer
        and Assignment.
        Assignor
        hereby sells, transfers, assigns, delivers and conveys the Service Contracts
        and
        Other Interests to Assignee, its successors and assigns.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      F. Assumption/Indemnification.
        Assignee assumes and agrees to perform any and all obligations and duties
        of
        Assignor as Seller of the Real Property under the Service Contracts arising
        on
        or after the date hereof. Assignee indemnifies and agrees to hold Assignor
        harmless from and against any defaults or other liabilities (including, without
        limitation, court costs and attorneys’ fees) under any of the Service Contracts
        relating to circumstances which are incurred or which accrue at any time
        on and
        after the date hereof.

       

      G. Miscellaneous.
        This
        Assignment shall inure to the benefit of, and be binding upon, the respective
        legal representatives, successors, and assigns of the parties. This Assignment
        shall be governed by, and construed under the laws of the State of Florida.
        This
        Assignment may be executed in one or more counterparts and the signature
        of any
        party to any counterpart may be appended to any other counterpart, all of
        which
        counterparts when taken together shall equal one Assignment. This document
        (together with any attached Exhibits and incorporated documents, including
        the
        Purchase Agreement) constitutes the entire agreement on the subject matter
        between the parties. No modification of this Assignment shall be binding
        unless
        in writing and signed by the party against which it is sought to be enforced.
        Each party will execute and deliver all additional documents and do all such
        other acts as may be reasonably necessary to carry out the provisions and
        intent
        of this Assignment.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of
        the
        date and year first above written.

       

      
        	 	
                ASSIGNOR:

                 

                
                  ______________________________

                

                 

                 

                By:_____________________________

                Name:
                  

                Title:
                  

                 

              
	 	
                ASSIGNEE:

                 

                ______________________________

                 

                 

                By:___________________________

                Name:
                  

                Title: 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        A

       

      

       

      Legal
        Description

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        B

       

      

       

      Service
        Contracts

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      FIRPTA
        AFFIDAVIT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

       

      Form
        of Tenant Estoppel Certificate

      

       

      TENANT
        ESTOPPEL CERTIFICATE

       

      The
        undersigned, a tenant (“Lessee”)
        under
        that certain Lease (the “Lease”)
        dated
        __________, with _____________or its predecessor in interest as landlord
        (“Lessor”)
        for
        space identified as _____ (the “Leased
        Space”)
        at
        ________________, Florida (the “Property”),
        certifies as follows:

      

        
          	
                  1.

                	
                  (a)

                	
                  The
                    Lease has not been modified, supplemented or amended except [as
                    set forth
                    below/as follows: _____________].

                
	 	 	 
	 	
                  (b)

                	
                  The
                    current fixed monthly rent presently payable under the Lease
                    is $_______
                    and the next increase in fixed monthly rent is scheduled to occur
                    on
                    __________.

                
	 	 	 
	 	
                  (c)

                	
                  The
                    additional rent presently payable under the terms of the Lease
                    is
                    $________.

                
	 	 	 
	 	
                  (d)

                	
                  The
                    amount of the security deposit under the Lease is $________ in
                    [cash/a
                    letter of credit].

                
	 	 	 
	 	
                  (e)

                	
                  The
                    current Lease term commenced on ________ and shall terminate
                    on
                    ________.

                
	 	 	 
	 	
                  (f)

                	
                  Rent
                    has been paid through
                    __________.

                

        

      

      
      

      2. Lessee
        has taken possession of the Leased Space without any existing condition or
        qualification and is in occupancy of the Leased Space. Lessee has not given
        any
        notice of termination of the Lease.

       

      3. The
        monthly rent due is continuing and is not past due. Lessee has not prepaid
        any
        of the rents under the Lease more than one (1) month in advance. As of the
        date
        hereof, Lessee is not entitled to any rent concessions, rent abatements,
        free
        rent or any rent deductions, and Lessee has no defense as to its obligations
        under the Lease and asserts no set-off, claim or counterclaim against
        Lessor.

       

      4. Neither
        Lessee nor, to the best of Lessee’s knowledge, Lessor is in default under the
        Lease, nor has any event occurred which with the giving of notice, the passage
        of time, or both, would constitute a default under the Lease. The Lease is
        in
        full force and effect. No portion of the Leased Space has been assigned or
        sublet, except: ____________________________.

       

      5. Lessee
        has no option or right to purchase the Property or a right of first offer
        or
        first refusal with respect to leasing additional space at the Property
        except:____________. Lessee has the following options to extend the term
        of the
        Lease: ________________.

       

      6. There
        are
        no actions, whether voluntary or involuntary, pending against Lessee under
        the
        bankruptcy or insolvency laws of the United States or any state or territory
        of
        the United States.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        undersigned understands and acknowledges that (i) ________________________
        (“Purchaser”)
        and
        its respective successors and assigns are relying on this Certificate in
        connection with the purchase and financing of the Property; (ii) this
        Certificate shall be binding upon the undersigned, its successors and assigns;
        and (iii) upon the purchase of the Property, Purchaser will succeed to the
        interest of Lessor under the Lease.

       

      This
        certificate has been duly executed and delivered by an authorized officer
        of the
        undersigned as of ___ day of ____________, 2004.

      

      [NAME
        OF
        TENANT]

      

      By:                            
          

      Name:                                

      Title:                                  

       

      [List
        Lease Amendments, if any]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-1

      

       

      Form
        of Seller Estoppel Certificate

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

       

      Form
        of SNDA

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1(a)(iv)

      

       

      Personal
        Property

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1(b)

      

       

      Excluded
        Personal Property

      

       

      None

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(E)

      

       

      Rent
        Rolls and Delinquency Reports

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(F)

      

      Uncured
        Defaults

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(G)

      

       

      Service
        Contracts

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(I)

      

       

      Actions
        and Investigations

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(J)

      

       

      Condemnation
        Actions

      None

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(K)

      

       

      Violation
        of Governmental Regulations or Private Encumbrances

      None

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(M)

      

      Tax
        Appeals and Special Assessments

      

      None

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(N)

      

       

      Tenant
        Purchase Options

      None

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(R)

      

       

      Unpaid
        Tenant Improvement Allowances

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        6(a)(i)(S)

      

       

      Unpaid
        Tenant Broker Commissions

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        11(c)(iii)

      

       

      Major
        Tenants

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        7

       

      Responsibilities
        for Closing Costs

      

       

      
        	
                Title
                  Search Fee and Title Insurance Premium

              	
                -
                  Purchaser

              
	
                Documentary
                  Stamps on the Deed

              	
                -
                  Seller

              
	
                All
                  assumption fees, including documentary stamps on the assume
                  mortgage

              	
                -
                  Purchaser

              
	
                Cost
                  of defeasing the existing mortgage loan

              	
                -
                  Seller

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]