Document:

EX-10.1

 Exhibit 10.1 
 FIFTH MODIFICATION OF SUBLEASE 
 FIFTH MODIFICATION OF SUBLEASE made as of
July 9, 2012, by and between EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company having its office at One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (hereinafter called “Sublessor”);
and EMPIRE STATE BUILDING COMPANY L.L.C., a New York limited liability company having its office at One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (hereinafter called “Sublessee”). 

W I T N E S S E T H: 

Sublessor is the current sublessor and Sublessee is the current sublessee under that certain sublease described on Schedule A hereto (the
foregoing being hereinafter collectively called the “Sublease”) relating to certain real estate described on Schedule B. 
 Sublessor has negotiated the terms of a loan of up to three hundred million dollars ($300,000,000) (of which $189,000,000 has heretofore been funded and an additional advance of $30,000,000 is being
funded on or about the date hereof) with HSBC Bank USA, N.A., as Agent (“Agent”) for the lenders (“Lenders”) party to a certain loan agreement, as amended, among Empire State Land Associates L.L.C., Sublessor, Agent and Lenders
(the “Loan Agreement”) to provide, inter alia, funds with which to pay for the costs of ongoing capital improvement programs for the Demised Premises. 
 NOW, THEREFORE, in consideration of the sum of ten ($10.00) dollars, the mutual promises and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto, intending to be bound, hereby agree as follows: 
 1. Terms used herein and not
otherwise defined herein have the meanings attributed to them in the Sublease. 
 2. Sublessee consents, as of the date of this
Fifth Modification of Sublease, to an additional draw under the Mortgage Note (as defined in Subdivision (1)(g) of Section 2.01 as set forth in Section 2 of the Third Modification of Sublease) of up to thirty million dollars
($30,000,000), which additional draw, together with all draws heretofore made under the Mortgage Note, aggregate to two hundred nineteen million dollars ($219,000,000). Nothing herein shall affect the terms of that certain Confirmation of
Subordination made by Sublessee in favor of Agent delivered in accordance with the Loan Agreement. 

 3. Sublessee confirms that pursuant to the Sublease, it is responsible for (i) paying
all real estate taxes and similar impositions levied against the Demised Premises; (ii) maintaining, at its cost and expense, the Demised Premises in good condition and repair; (iii) insuring the Demised Premises and paying all premiums
with respect to the insurance; (iv) complying with laws and regulations; (v) keeping the Demised Premises free of mechanics liens and code violations applicable to the use and occupancy of the Demised Premises; and (vi) performing the
acts that would typically be the subject of protective advances by an institutional lender either to cure a default or to preserve the lien of its mortgage and the value of its security. Sublessee acknowledges that (i) it has received a copy of
the Loan Agreement; (ii) it is a party to certain Loan Documents (as defined in the Loan Agreement) and (iii) it shall abide by its obligations thereunder. Nothing herein shall constitute an acknowledgement by Sublessee that Sublessee is
obligated to pay the Debt (as defined in the Loan Agreement). 
 4. Except as herein modified, the Sublease shall be and remain
in full force and effect, and the parties hereby ratify and confirm all of the other terms, covenants and conditions thereof. 

5. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives,
successors and assigns. 
 SIGNATURE PAGE FOLLOWS THIS PAGE 

  
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 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the day and year
first above written. 
  

			
	Sublessor:
	
	 EMPIRE STATE BUILDING ASSOCIATES L.L.C.,
 a New York limited liability company

		
	By:	 	/s/ Peter L. Malkin
		 	  

		 	Peter L. Malkin, Member
		
	By:	 	/s/ Anthony E. Malkin
		 	  

		 	Anthony E. Malkin, Member
		
	By:	 	/s/ Thomas N. Keltner
		 	  

		 	Thomas N. Keltner, Jr., Member
	
	Sublessee:
	
	 EMPIRE STATE BUILDING COMPANY L.L.C.,
 a New York limited liability company

		
	By:	 	/s/ Anthony E. Malkin
		 	  

		 	Anthony E. Malkin, Member

 CONSENTED TO: 
  

			
	 EMPIRE STATE LAND ASSOCIATES L.L.C.,
 a New York limited liability company

	
	 By:   Empire State Building Associates L.L.C., a New York limited liability company, its Sole
Member

		
	         By:	 	/s/ Peter L. Malkin
		 	  

		 	Peter L. Malkin, Member
		
	         By:	 	/s/ Anthony E. Malkin
		 	  

		 	Anthony E. Malkin, Member
		
	         By:	 	/s/ Thomas N. Keltner
		 	  

		 	Thomas N. Keltner, Jr., Member

 Schedule A—Sublease 
 Schedule B—Property 

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On the June 29, 2012, before me, the undersigned, personally appeared Peter L. Malkin, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the individuals, or
the persons upon behalf of which the individual acted, executed the instrument. 
 /s/ Irene
Profetto                                        
 
 Notary Public 
  

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On the June 29, 2012, before me, the undersigned, personally appeared Anthony E. Malkin, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the
individuals, or the persons upon behalf of which the individual acted, executed the instrument. 
 /s/
Irene
Profetto                                        
 
 Notary Public 
  

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On June 29, 2012, before me, the undersigned, personally appeared Thomas N. Keltner, Jr., personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the
individuals, or the persons upon behalf of which the individual acted, executed the instrument. 
 /s/
Irene
Profetto                                        
 
 Notary Public 

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On June 29, 2012, before me, the undersigned, personally appeared Anthony E. Malkin, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the
individuals, or the persons upon behalf of which the individual acted, executed the instrument. 
 /s/ Judy
H.
Love                                        

 Notary Public 
 Judy H. Love 

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On June 29, 2012, before me, the undersigned, personally appeared Peter L. Malkin, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the individuals, or
the persons upon behalf of which the individual acted, executed the instrument. 
 /s/ Irene
Profetto                                        
 
 Notary Public 
  

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On June 29, 2012, before me, the undersigned, personally appeared Anthony E. Malkin, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the
individuals, or the persons upon behalf of which the individual acted, executed the instrument. 
 /s/
Irene
Profetto                                        
 
 Notary Public 
  

			
	STATE OF NEW YORK	  	)
		  	) ss.
	COUNTY OF NEW YORK	  	)

 On June 29, 2012, before me, the undersigned, personally appeared Thomas N. Keltner, Jr., personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacities, and that by his signature on the instrument, the
individuals, or the persons upon behalf of which the individual acted, executed the instrument. 
 /s/
Irene
Profetto                                        
 
 Notary Public 

 SCHEDULE A 
 SUBLEASE 
 That Certain Agreement of Lease dated 12/27/61 and recorded
12/27/1961 in Liber 5173 Cp. 155 made by EMPIRE STATE BUILDING ASSOCIATES, as sub-landlord, to LAWRENCE A. WIEN, HARRY B. HELMSLEY, MARTIN WEINER REALTY CORPORATION and PAREMPCO INC., Joint Venturers, associated under the name of EMPIRE STATE
BUILDING COMPANY, as sub-tenant, which lease is affected by the following instruments: 
 (1) Assignment of sublease from
PAREMPCO, INC. to LAWRENCE A. WIEN and HARRY B. HELMSLEY, dated as of 2/1/1963, recorded on 7/10/1963 in Liber 5239 Cp. 122; 

(2) Assumption of Sublease from LAWRENCE A. WIEN to WICO TRADING CORPORATION dated as of 6/30/1964 and recorded on 7/22/1964 in Liber
5287 Cp. 238; 
 (3) First Modification of Sublease between EMPIRE STATE BUILDING ASSOCIATES, as sub-landlord and LAWRENCE A.
WIEN, HARRY B. HELMSLEY, WICO TRADING CORPORATION and MARTIN WEINER REALTY CORPORATION, Joint Venturers, associated under the name of EMPIRE STATE BUILDING COMPANY, as sub-tenants (with consent from THE PRUDENTIAL INSURANCE COMPANY OF AMERICA) dated
2/15/1965, recorded 2/15/1965 in Liber 5315 Cp. 1; 
 (4) Assignment of Disbursement, Right made by LAWRENCE A. WIEN, HARRY B.
HELMSLEY, WICO TRADING CORPORATION and MARTIN WEINER REALTY CORPORATION, Joint Venturers, associated under the name of EMPIRE STATE BUILDING ASSOCIATES to MORGAN GUARANTY TRUST COMPANY OF NEW YORK dated 2/15/1965 and recorded 2/15/1965 in Liber 5315
Cp . 23; 
 (5) Assignment of Interest in Sublease from LAWRENCE A. WIEN to WILLIAM C. WARREN, as Trustee under a certain Trust
Agreement dated 12/12/1967 for the benefit of COLUMBIA UNIVERSITY, dated as of 12/31/1967 and recorded on 4/1/1971 in Reel 200 Page 1123; 
 (6) Assignment of Interest in Sublease from MARTIN WIENER REALTY CORPORATION to MARTIN WIENER, dated as of 12/31/1968 and recorded on 4/1/1971 in Reel 200 Page 1126; 

(7) Assignment of Interest in Sublease from WILLIAM C. WARREN, as Trustee under a certain Trust Agreement dated 12/12/1967 for the
benefit of COLUMBIA UNIVERSITY to LAWRENCE A. WIEN, dated as of 1/1/1970, recorded 4/1/1971 in Reel 200 Page 1130; 
 (8)
Assignment of Interest in Sublease from SAMFORD G. BLUESTEIN, JOAN KONNER, BENJAMIN NADEL and LAWRENCE A. WIEN, as Executors of the Last Will and Testament of MARTIN WIENER, deceased to MARTIN WIENER ASSOCIATES, dated 6/25/1970, recorded on 4/1/1971
in Reel 200 Page 1133; 

 (9) Assignment of Sublease from WICO TRADING CORPORATION to HARRY B. HELMSLEY, dated as of
8/2/1969, recorded 4/1/1971 in Reel 200 Page 1496; 
 (10) Assignment and Assumption of the Sublease from LAWRENCE A. WIEN,
HARRY B. HELMSLEY and MARTIN WIENER ASSOCIATES, Joint Venturers associated under the name of EMPIRE STATE BUILDING COMPANY to EMPIRE STATE BUILDING COMPANY, dated as of 4/2/1971, recorded on 4/8/1971 in Reel 201 Page 556; 

(11) Certificate of Conversion of EMPIRE STATE BUILDING COMPANY to EMPIRE STATE BUILDING COMPANY LLC dated 12/17/2001 and filed
12/17/2001 in the Office the Department of State of the State of New York; and 
 (12) Second Modification of Sublease, dated
February 25, 2009, between EMPIRE STATE BUILDING ASSOCIATES L.L.C. and EMPIRE STATE BUILDING COMPANY L.L.C., which was not recorded. 
 (13) Third Modification of Sublease, dated July 26, 2011, between EMPIRE STATE BUILDING ASSOCIATES L.L.C. and EMPIRE STATE BUILDING COMPANY L.L.C., recorded on August 9, 2011 as CRFN
20110002xxxxx. 
 (14) Fourth Modification of Sublease, dated April 5, 2012, between EMPIRE STATE BUILDING ASSOCIATES
L.L.C. and EMPIRE STATE BUILDING COMPANY L.L.C., recorded on April 17, 2012 as CRFN 20120001xxxxx. 

 SCHEDULE B 
 PROPERTY 
 ALL that certain plot, piece or parcel of land, situate, lying and being in the
Borough of Manhattan, County of New York, City and State of New York, bounded and described as follows: 
 BEGINNING at the corner formed by the
intersection of the southerly side of West 34th Street with the westerly side of Fifth Avenue; 
 THENCE Southerly along the westerly side of
Fifth Avenue, 197 feet 6 inches to the northerly side of West 33rd Street; 
 THENCE Westerly along the northerly side of West 33rd Street, 500
feet; 
 THENCE Northerly and parallel with the westerly side of Fifth Avenue, 98 feet 9 inches to the middle line of the block; 

THENCE Easterly and parallel with the northerly side of West 33rd Street, 75 feet; 
 THENCE again Northerly and parallel with the westerly side of Fifth Avenue and part of the distance through a party wall, 98 feet 9 inches to the southerly side of West 34th Street; 

THENCE Easterly along the southerly side of West 34th Street, 425 feet to the corner aforesaid, the point or place of BEGINNING.EX-10.2

 Exhibit 10.2 
  

 
  

THIRD AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN 
 DOCUMENTS AND OMNIBUS AMENDMENT 
 Dated as of October 11, 2012

 Between 
 EMPIRE STATE LAND ASSOCIATES L.L.C. and 
 EMPIRE STATE BUILDING
ASSOCIATES L.L.C., 
 collectively, as Borrower, 
 and 
 HSBC BANK USA, NATIONAL ASSOCIATION, 

as Agent, 
 THE
LENDERS NAMED HEREIN, 
 as Lender, 
 and 
 HSBC BANK USA, NATIONAL ASSOCIATION 

and 
 DEKABANK
DEUTSCHE GIROZENTRALE, 
 as Lead Arrangers 
 Property: Empire State Building 

                New York, New York 

 
  

 

 THIRD AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN 

DOCUMENTS AND OMNIBUS AMENDMENT 

THIS THIRD AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN DOCUMENTS AND OMNIBUS AMENDMENT, dated as of
October 11, 2012 (this “Third Amendment”), between EMPIRE STATE LAND ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central
Place, 60 East 42nd Street, New York, New York 10165
(“ESLA”), EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESBA” and
together with ESLA, collectively, “Borrower”), and HSBC BANK USA, NATIONAL ASSOCIATION, a bank organized under the laws of the United States of America (“HSBC”), having an address at
452 Fifth Avenue, New York, New York 10018, as administrative agent (including any of its successors and assigns, “Agent”) for itself and the other Lenders signatory hereto (collectively, together with such other
co-lenders as may exist from time to time, “Lenders” and individually, each a “Lender”). 
 W I T N E S S E T H : 
 WHEREAS, Agent, Lenders and Borrower entered into that certain Loan Agreement, dated as of July 26, 2011 (the “Original Loan Agreement”), as amended by First Amendment
to Loan Agreement, Ratification of Loan Documents and Omnibus Amendment, dated as of November 2, 2011 (the “First Amendment”), between Agent, Lenders and Borrower, as further amended by Second Amendment to Loan
Agreement, Ratification of Loan Documents and Omnibus Amendment, dated as of November 23, 2011 (the “Second Amendment”), between Agent, Lenders and Borrower (the Original Loan Agreement, as amended by the First Amendment
and the Second Amendment is referred to herein as the “Loan Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement; and 

WHEREAS, Agent, Lenders and Borrower desire to amend the Loan Agreement to, among other things, increase the Loan Amount to
$500,000,000 (the “Amended Loan Amount”) in accordance with Section 2.7 of the Loan Agreement. 

NOW, THEREFORE, in consideration of the covenants set forth in this Third Amendment and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree, represent and warrant as follows: 

 1. Definitions. 

(a) The definitions of “Debt Yield”, “Extension Fee”, “Loan”,
“Loan Amount”, “Loan-to-Value Ratio”, “Note”, “Observatory Tenant”, “Operating Company Consent” and “Terrorism Premium
Limit” are hereby deleted from Section 1.1 of the Loan Agreement in their entirety and the following definitions are hereby substituted therein in lieu thereof: 

“‘Debt Yield’ shall mean, as of any date of determination, the percentage obtained by
dividing (a) the NOI for a trailing twelve (12) month period, by (b) the then principal balance of the Loan (or the Loan Amount where specified). 

‘Extension Fee’ shall mean, with respect to each of the First Extension Period and the Second
Extension Period, one-quarter of one percent (0.25%) of the Loan Amount, payable in connection with Borrower’s option, subject to and in accordance with the terms of this Agreement, to extend the term of the Loan for the First Extension Period
or the Second Extension Period, as applicable. 
 ‘Loan’ shall mean the loan in the
original principal amount of up to Five Hundred Million and 00/100 Dollars ($500,000,000.00) made by Lenders to Borrower pursuant to this Agreement. 
 ‘Loan Amount’ shall mean Five Hundred Million and 00/100 Dollars ($500,000,000.00). 
 ‘Loan-to-Value Ratio’ shall mean, as of any date, the ratio of (a) the Loan Amount to (b) the Appraised Value of the Property evidenced by an Appraisal as of such date.

 “Note” shall mean (i) that certain Consolidated, Amended and Restated Promissory
Note, dated as of July 26, 2011, between Borrower and Lenders in the original principal amount of One Hundred Fifty-Nine Million and 00/100 Dollars ($159,000,000.00) (the “Original Note”), which Original Note was split
pursuant to that certain Note Splitter and Modification Agreement, dated as of July 26, 2011, between Borrower and Lenders into the following Notes: that certain Promissory Note A-1, dated as of July 26, 2011, in the principal amount
of $91,340,425.53 and that certain Promissory Note A-2, dated as of July 26, 2011, in the principal amount of $67,659,574.47 (collectively, the “Original Replacement Notes”), and which Original Replacement Notes were
replaced as of November 2, 2011 with the following notes: that certain Replacement Promissory Note A-1, dated as of July 26, 2011, in the principal amount of $53,000,000.00, that certain Replacement Promissory Note A-2, dated as of
July 26, 2011, in the principal amount of $42,400,000.00, that certain Replacement Promissory Note A-3, dated as of July 26, 2011, in the principal amount of $31,800,000.00, and that certain Replacement Promissory Note A-4, dated as of
July 26, 2011, in the principal amount of $31,800,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively, the “Second
Replacement Notes”), which Second Replacement Notes did as of November 2, 2011 replace and supersede in their entirety the Original Replacement Notes, (ii) that certain Promissory Note A-1 (Series No. 2), dated as of
April 5, 2012, in the principal amount of $10,000,000.00, that certain Promissory Note A-2 (Series No. 2), dated as of April 5, 2012, in the principal amount of 

  
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$8,000,000.00, that certain Promissory Note A-3 (Series No. 2), dated as of April 5, 2012, in the principal amount of $6,000,000.00, and that certain Promissory Note A-4
(Series No. 2), dated as of April 5, 2012, in the principal amount of $6,000,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively,
the “Series 2 Notes”), and (iii) that certain Promissory Note A-1 (Series No. 3), dated as of July 9, 2012, in the principal amount of $10,000,000.00, that certain Promissory Note A-2 (Series
No. 3), dated as of July 9, 2012, in the principal amount of $8,000,000.00, that certain Promissory Note A-3 (Series No. 3), dated as of July 9, 2012, in the principal amount of $6,000,000.00, and that certain Promissory
Note A-4 (Series No. 3), dated as of July 9, 2012, in the principal amount of $6,000,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time,
collectively, the “Series 3 Notes”), which Second Replacement Notes, Series 2 Notes and Series 3 Notes were replaced as of October 11, 2012 with the following notes: that certain Replacement Promissory Note A-1,
dated as of October 11, 2012, in the principal amount of $54,750,000.00, that certain Replacement Promissory Note A-2, dated as of October 11, 2012, in the principal amount of $54,750,000.00, that certain Replacement Promissory Note A-3,
dated as of October 11, 2012, in the principal amount of $54,750,000.00, and that certain Replacement Promissory Note A-4, dated as of October 11, 2012, in the principal amount of $54,750,000.00 (as each of the same may be amended,
supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively, the “Third Replacement Notes”). The Third Replacement Notes shall as of October 11, 2012 replace and
supersede in their entirety the Second Replacement Notes, the Series 2 Notes and the Series 3 Notes. In addition, the term Note shall include the Series Notes, as applicable.” 

‘Observatory Tenant’ shall mean Empire State Realty Observatory TRS, LLC, a New York limited
liability company. 
 ‘Operating Company Consent’ shall mean, collectively, (a) a
consent from the requisite members of the Operating Company in connection with any Advance, which shall include an agreement by the Operating Company that the proceeds of such Advance are to be paid to Borrower or as Borrower may direct and an
agreement as to the use of such funds, in form and substance acceptable to Agent in its reasonable discretion; and (b) an amendment to the Sublease in connection with any Advance substantially in the form attached hereto as
Exhibit B and otherwise reasonably acceptable to Agent and which provides that the Operating Company will increase the Rent payable under the Sublease in an amount necessary to pay Debt Service hereunder on the then outstanding principal
balance of the Loan (through the Maturity Date (as it may be extended) (including, without limitation, interest at the Default Rate) or the increase thereof as reflected in the pending Draw Request, which outstanding principal balance may be
increased to include the Tax Funds and Insurance Funds, as applicable, protective advances or the obligations to pay costs related thereto, accrued but unpaid interest on the Debt, legal expenses, costs of collection and all other amounts due and
payable hereunder 

  
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and under the other Loan Documents (collectively, the “Imputed Debt Service”). Any such amendment to the Sublease shall also provide that Operating Company shall be
responsible to (a) pay such Imputed Debt Service at any time prior to the payment in full of the Debt, whether or not the Mortgage continues to be a Lien on the Property, or (b) to repay such Imputed Debt Service, with interest, over a
twenty-five (25) year term in equal monthly payments, whether or not the Mortgage continues to be a Lien on the Property. In addition, pursuant to one or more of such Sublease amendments, Operating Company shall require ESBA to expend
$65,000,000.00 in the aggregate of proceeds of the Loan for Capital Expenditures, tenant improvement costs and leasing commissions and for reimbursement to Operating Company with respect to Capital Expenditures, tenant improvement costs and leasing
commissions. The parties acknowledge and agree that the execution and delivery by Operating Company of an Operating Company Consent or an amendment to the Sublease shall not constitute, in any instance, a waiver by Operating Company with respect to
the necessity of an Operating Company Consent and Sublease amendment with respect to subsequent Advances. 

‘Terrorism Premium Limit’ shall mean, for each calendar year, an annual Insurance Premium that is
equal to the lesser of (a) $0.25 per $100 of the “total insured value” of the Property (where “total insured value” shall mean the one hundred percent (100%) replacement cost of the Improvements and the Personal
Property on the Property and the required business income value) and (b) $0.25 per $100 of the Loan Amount. The parties hereto hereby agree that the Terrorism Premium Limit shall only apply to that portion of the terrorism coverage maintained
by Borrower in excess of the Loan Amount.” 
 (b) The following definitions are hereby added to Section 1.1 of the
Loan Agreement in the appropriate alphabetical order: 
 “‘Accordion Loan Fee
Letter’ shall mean that certain letter agreement, dated as of the date of the Third Amendment, between Agent and Borrower pertaining to the fees payable by Borrower to Agent and/or Lenders, as the same extended, renewed, supplemented,
amended or modified from time to time. 
 ‘Third Amendment’ shall have the meaning set
forth in the Preamble to the Third Amendment.” 
 (c) The definition of “Accordion” is hereby deleted from
Section 1.1 of the Loan Agreement in its entirety. 
 2. Initial Advance; Subsequent Advances. Section 2.1.2 of
the Loan Agreement is hereby amended as follows: 
 Section 2.1 The words and numbers “Three Hundred Million and 00/100
Dollars ($300,000,000.00)” in the second sentence are hereby deleted therefrom in their entirety and the words and numbers “Five Hundred Million and 00/100 Dollars ($500,000,000.00)” are hereby inserted therein in lieu thereof;

  
 -4-

 Section 2.2 (a) The word “and” at the end of Section 2.1.2(m) is
hereby deleted from Section 2.1.2(m), (b) Section 2.1.2(n) is hereby moved to Section 2.1.2(o), and (c) the following provision shall be inserted into the Agreement as Section 2.1.2(n);

 “(n) Loan-to-Value Ratio. If any Advance of the Loan would cause the outstanding principal balance thereof to
exceed $300,000,000.00, then as a condition precedent to any such Advance, the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent, at Borrower’s expense, shall not exceed fifty percent (50%) on an “as is” basis
(it being understood that the foregoing requirement shall only apply to the first Advance of the Loan that would cause the outstanding principal balance thereof to exceed $300,000,000.00). Agent hereby agrees that if Agent determines that the
Loan-to-Value Ratio exceeds fifty percent (50%) and the Appraised Value, based on Agent’s determination thereof is lower than the Appraised Value as reflected on the Appraisal delivered to Agent in connection with this
Section 2.1.2(n), such that the Loan-to-Value Ratio, based on the lower value determined by Agent, would be greater than fifty percent (50%), Agent shall review the basis for and details surrounding such determination of the Appraised
Value by Agent with Borrower and/or its representatives (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by Agent and the final
determination of the Appraised Value shall be shall be unilaterally made by Agent); and” 
 3. Accordion.
Section 2.7 of the Loan Agreement is hereby deleted therefrom in its entirety and is of no further force and effect. Lenders hereby acknowledge and agree that the following conditions to the Accordion have been waived solely with respect to the
increase of the Loan Amount pursuant to this Third Amendment: (a) the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent at Borrower’s expense, not exceeding fifty percent (50%) on an “as is” basis and
(b) the NOI of the Property providing for a Debt Yield of not less than sixteen percent (16%) based on the Loan Amount. 
 4. Origination Fee, the Arrangement Fee, the Unused Fee and Administrative Fee. The text of Section 4.1.14 of the Loan Agreement is hereby deleted in its entirety therefrom and the
following is hereby inserted therein in lieu thereof: 
 “Borrower shall pay to Agent the Accordion Origination Fee (as
defined in the Accordion Loan Fee Letter) and the Accordion Arrangement Fee (as defined in the Accordion Loan Fee Letter) in accordance with the Accordion Loan Fee Letter. Borrower shall pay to Agent the Administrative Fee in accordance with the
Loan Fee Letter. Borrower shall pay to Agent, for the ratable benefit of the Lenders, an unused fee (the “Unused Fee”) equal to 0.25% per annum, in arrears, of that portion of the Loan Amount which remains unfunded (it
being understood that (i) from the Closing Date to the date of the First Amendment, the Unused Fee shall be payable on that portion of $235,000,000.00 which remains unfunded, (ii) from the date of the First Amendment to the date of the
Third Amendment, the Unused Fee shall be payable on that portion of $300,000,000.00 which remains unfunded and (iii) from the date of the Third Amendment onward, the Unused Fee shall be payable on that portion of $500,000,000.00 which remains
unfunded). The first payment of the Unused Fee shall be made on October 1, 2011 and payments shall be made quarterly thereafter.” 

  
 -5-

 5. Insurance Policies. Section 5.1.1(ii)(E) of the Loan Agreement is hereby
amended to delete the words “(plus the amount of the Accordion, to the extent that the Accordion has been effected and regardless of whether the Accordion has been advanced)” from the third and fifth paragraphs thereof each of the
four (4) times they appear. 
 6. Permitted Transfers. Section 8.3(a)(v) of the Loan Agreement is hereby
amended to delete words “and, with respect to this Loan, including the Accordion (both the advanced and unadvanced portions thereof) if the Accordion is then in place” from clause (D) thereof and insert the words “including,
without limitation, the Loan (both the advanced and unadvanced portions thereof)” in lieu thereof. 
 7. Notices.
Section 10.6 of the Loan Agreement and the notice provision of each Loan Document, as applicable, are hereby amended to replace the notice address for Agent in its entirety to read as follows: 

 

					
		 	“If to Agent:	  	HSBC Bank USA, National Association, as Agent
		 		  	545 Washington Boulevard, 10th Floor
		 		  	Jersey City, New Jersey 07310
		 		  	Attention: Commercial Mortgage Servicing Department
		 		  	Facsimile No. (212) 704-8499
			
		 	with a copy to:    	  	HSBC Bank USA, National Association, as Agent
		 		  	452 Fifth Avenue
		 		  	New York, New York 10018
		 		  	Attention: Robert Gominiak
		 		  	Facsimile No. (212) 525-1152
			
		 	with a copy to:	  	Cadwalader, Wickersham & Taft LLP
		 		  	One World Financial Center
		 		  	New York, New York 10281
		 		  	Attention: Steven M. Herman, Esq.
		 		  	Facsimile No. (212) 504-6666”

 8. Lenders’ Ratable Share. Schedule IV of the Loan Agreement is hereby deleted therefrom in
its entirety and replaced with Schedule IV attached hereto. 
 9. Credit Party Representations. Borrower
represents and warrants that: 
 (a) each of the representations and warranties of the Credit Parties and Guarantor contained or
incorporated in the Loan Agreement, as amended by this Third Amendment or any of the other Loan Documents, is true and correct in all material respects on and as of the date hereof (except if any such representation or warranty is expressly stated
to have been made as of a specific date, then as of such specific date and except with respect to the representations set forth in Section 3.1.10 and Section 3.1.21 of the Loan Agreement); 

  
 -6-

 (b) with respect to the representations set forth in Section 3.1.10 of the Loan
Agreement, such representations are true and correct as of June 30, 2012, the date of the most recently delivered quarterly financial statements of Borrower; 
 (c) (i) the rent roll attached hereto as Schedule I is true, complete and correct and the Property is not subject to any Leases other than the Leases described in Schedule I, (ii) the
Leases identified on Schedule I are in full force and effect and, except as set forth on said Schedule I and to the best knowledge of the undersigned, there are no defaults thereunder by either party, (iii) the copies of the
Leases delivered to Agent as of the date of the Original Loan Agreement and subsequent thereto are true and complete, and there are no oral agreements with respect thereto, (iv) no Rent has been paid more than one (1) month in advance of
its due date, (v) except as set forth on Schedule I, all work to be performed by Borrower and/or Operating Company, as applicable, under each Lease has been performed as required as of the date that this representation is being made and
all such work has been accepted by the applicable Tenant, (vi) except as set forth on Schedule I, any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower
or Operating Company, as applicable, to any Tenant as of the date that this representation is being made has already been received by such Tenant, and (vii) each Lease includes an attornment provision from the Tenant in favor of any
“Superior Interest” (as defined in the Leases), which includes the interests of Agent and the Lenders; 
 (d) as of the
date hereof and immediately after giving effect to this Third Amendment and the actions contemplated hereby, no Default or Event of Default has occurred and is continuing; 
 (e) as of the date hereof the outstanding balance of the Loan is $219,000,000.00 and there are no defenses, offsets or counterclaims against any of its obligations under the Loan Documents to which it is
a party. 
 (f) each Credit Party and Guarantor has taken all necessary action to authorize the execution, delivery and
performance of this Third Amendment by it and has the power and authority to execute, deliver and perform under this Third Amendment and all the transactions contemplated hereby. This Third Amendment has been duly and validly executed and delivered
by each Credit Party and Guarantor and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’ rights and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(g) no consent, approval, authorization or order of any court or Governmental Authority or other Person is required for the execution,
delivery and performance by a Credit Party or Guarantor or compliance by any such Person with this Third Amendment, other than those which have been obtained by Borrower or such Person, as applicable; and 

  
 -7-

 (h) the execution and delivery of this Third Amendment by each Credit Party and Guarantor
and the performance of its obligations hereunder will not conflict with any provision of any law or regulation to which such Person is subject, or conflict with, result in the breach of, or constitute a default under any of the terms, conditions or
provisions of any such Person’s organizational documents or any agreement or instrument to which such Person is a party or by which it is bound, the result of which breach or default of any such agreement or instrument would reasonably be
expected to have, or does have a Material Adverse Effect, or any order or decree applicable to such Person or result in the creation or imposition of any lien, in a material amount, on any of such Person’s assets or property (other than
pursuant to the Loan Documents). 
 10. Other References. All references in the Loan Documents to the Loan Agreement
shall mean the Loan Agreement, as modified by the First Amendment, the Second Amendment and this Third Amendment, and as the same may hereafter be supplemented, amended, modified, extended, renewed, restated or replaced from time to time.

 11. Omnibus Amendment to All Loan Documents. As of the date hereof, each reference in any of the Loan Documents to
Three Hundred Million and 00/100 Dollars ($300,000,000.00) shall be deemed to mean Five Hundred Million and 00/100 Dollars ($500,000,000.00). 
 12. Amendment to the Co-Lender Agreement. As of the date hereof, each reference in the Co-Lender Agreement to Three Hundred Million and 00/100 Dollars ($300,000,000.00) shall be deemed to mean Five
Hundred Million and 00/100 Dollars ($500,000,000.00). 
 13. Ratification of Loan Documents. Agent, Lenders and the
Credit Parties hereby ratify and confirm the Loan Agreement and the other Loan Documents, as modified hereby. Except as modified and amended by this Third Amendment, the Loan, the Loan Agreement and the other Loan Documents and the respective
obligations of Agent, Lenders and the Credit Parties thereunder shall be and remain unmodified and in full force and effect. 

14. Ratification of Environmental Indemnity and Guaranty. Guarantor hereby ratifies and confirms the Environmental Indemnity and
the Guaranty, as modified hereby. Except as modified and amended by this Third Amendment, the Environmental Indemnity and Guaranty and the obligations of Guarantor thereunder shall be and remain unmodified and in full force and effect. 

15. Acknowledgement by Agent. Pursuant to Section 10.25(g) of the Loan Agreement, Agent hereby acknowledges that it has
received the Assignments dated as of the date hereof and has recorded the information contained in the Assignments in Agent’s Register. Agent hereby gives notice to Borrower and the Lenders of Agent’s acceptance of the Assignments dated as
of the date hereof and the recordation of the Assignments dated as of the date hereof in Agent’s Register. 
 16.
Continued Force and Effect. This Third Amendment is not intended to, and shall not be construed to, effect a novation, and except as expressly provided in this Third Amendment, the Loan Agreement has not been modified, amended, cancelled,
terminated, released, satisfied, superseded or otherwise invalidated by execution of this Third Amendment. In the event of any conflict between the terms of this Third Amendment and the terms of the Loan Agreement, the terms of this Third Amendment
shall control. 

  
 -8-

 17. Governing Law. This Third Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York pursuant to Section 5-1401 of the General Obligations Law without regard to its principles of conflicts of laws. 
 18. Successors and Assigns. This Third Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. 

19. Further Assurances. From time to time, upon the request of Agent, Borrower shall promptly and duly execute, acknowledge and
deliver any and all such further instruments and documents as Agent may deem reasonably necessary or desirable to confirm this Third Amendment and the terms and conditions hereof, to carry out the purpose and intent hereof or to enable Agent to
enforce any of its rights hereunder. 
 20. Fees and Expenses. Borrower shall pay all fees and expenses (including
reasonable attorney’s fees and disbursements) incurred by Agent in connection with this Third Amendment. 
 21.
Modifications. No modification, amendment, extension, discharge, termination or waiver of any provision of this Third Amendment shall in any event be effective unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the specific purpose, for which given. 
 22. Entire Agreement. This Third Amendment contains the entire agreement of the parties hereto in respect of the transactions contemplated hereby, and all prior agreements among or between such
parties, whether oral or written are superseded by the terms of this Third Amendment. 
 23. Interpretation. Wherever
possible, each provision of this Third Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Third Amendment shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Third Amendment. 

24. Headings. The Section headings in this Third Amendment are included herein for convenience of reference only and shall not
constitute a part of this Third Amendment for any other purpose. 
 25. Counsel. Each party to this Third Amendment
understands that this is a legally binding agreement that may affect such party’s rights. Each party hereto represents to each other party hereto that it has obtained independent counsel and received legal advice about the meaning and legal
significance of this Third Amendment. 

  
 -9-

 26. Construction. Should any provision of this Third Amendment require judicial
interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be
construed more strictly against the party who itself or through its agent prepared the same, it being agreed that all parties to this Third Amendment participated in the preparation hereof. 

27. Counterparts. This Third Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all of which, when taken together, shall constitute one and the same instrument and shall become effective when copies hereof, when taken together, bear the signatures of each of the parties hereto and it shall not be necessary in
making proof of this instrument to produce or account for more than one of such fully executed counterparts. Manually executed counterparts of this Third Amendment shall be delivered to all parties hereto; provided, that delivery of a
signature of this Third Amendment by facsimile transmission or by .pdf, .jpeg, .TIFF or other form of electronic mail attachment shall be effective as delivery of a manually executed counterpart hereof prior to manual delivery thereof. 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed by their duly authorized representatives, all
as of the day and year first above written. 
 [SIGNATURE PAGES TO FOLLOW] 

  
 -10-

 
					
	BORROWER:
	
	 EMPIRE STATE LAND ASSOCIATES
 L.L.C., a New York limited liability Company

		
	 By:
	 	Empire State Building Associates L.L.C., its
 Sole
Member

			
		 	By:	 	/s/ Peter L. Malkin
		 		 	Peter L. Malkin, Member
			
		 	By:	 	/s/ Anthony E. Malkin
		 		 	Anthony E. Malkin, Member
			
		 	By:	 	/s/ Thomas N. Keltner
		 		 	Thomas N. Keltner, Jr., Member
	
	EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company
		
	 By:
	 	/s/ Peter L. Malkin
		 	Peter L. Malkin, Member
		
	 By:
	 	/s/ Anthony E. Malkin
		 	Anthony E. Malkin, Member
		
	 By:
	 	/s/ Thomas N. Keltner
		 	Thomas N. Keltner, Jr., Member

 [signatures continue on next page] 

 
			
	AGENT:
	
	 HSBC BANK USA, NATIONAL
     ASSOCIATION, as Agent

		
	By:	 	/s/ Robert Gominiak
		 	Name: Robert Gominiak
		 	Title: VP

 [signatures continue on next page] 

 
			
	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	/s/ Robert Gominiak
		 	Name: Robert Gominiak
		 	Title: VP
	
	Applicable Lending Office:  
 HSBC Bank USA, National Association
 545 Washington Boulevard, 10th Floor
 Jersey City, New Jersey 07310

Attention: Commercial Mortgage Servicing Department
 Facsimile No. (212) 704-8499
 HSBC Bank USA, National
Association
 452 Fifth Avenue

New York, New York 10018

Attention: Robert Gominiak

Facsimile No. (212) 525-1152
  

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Attention: Steven M. Herman, Esq.

	 Facsimile No. (212) 504-6666

 [signatures continue on next page] 

  

 
			
	LENDER:
	
	DEKABANK DEUTSCHE GIROZENTRALE,
		
	By:	 	/s/ Burkhard Mau
		 	Name: Burkhard Mau
		 	Title: Executive Director
		
	By:	 	 /s/ Dorothee Geray

		 	Name: Dorothee Geray
		 	Title: Vice Preisdent
	
	 Applicable Lending Office:

	
	 Mainzer Landstrasse 16

	 60325 Frankfurt am Main, Germany

 [signatures continue on next page] 

 
			
	LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Gregory Egli
		 	  

		 	Name: Gregory Egli
		 	Title: Senior Vice President
	
	Applicable Lending Office:
	
	One Bryant Park, 35th Floor
	New York, New York 10036

 [signatures continue on next page] 

 
			
	LENDER:
	
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	/s/ Kevin M. Smith
		 	  

		 	Name: Kevin M. Smith
		 	Title: Vice President, Commercial Real Estate
	
	Applicable Lending Office:
	
	275 Broadhollow Road
	Melville, NY 11747

 [signatures continue on next page] 

 With respect to Section 13 only: 

 

			
	CREDIT PARTY:
	
	 EMPIRE STATE BUILDING COMPANY L.L.C., a New York limited liability company

		
	By:	 	/s/ Anthony. E. Malkin
		 	  

		 	Anthony E. Malkin, Authorized Signatory
	
	 EMPIRE STATE REALTY
OBSERVATORY TRS, LLC (f/k/a ESB Observatory LLC), a New York limited liability
company

		
	By:	 	/s/ Anthony E. Malkin
		 	  

		 	Anthony E. Malkin, Authorized Signatory

 [signatures continue on next page] 

 With respect to Section 14 only: 

 

			
	GUARANTOR:
		
	By:	 	/s/ Anthony E. Malkin
		 	  

	Anthony E. Malkin, an individual

 SCHEDULE I 
 RENT ROLL 
 [Schedule omitted] 

SCH. I 

 SCHEDULE IV 
 LENDERS’ RATABLE SHARE 
  

									
	Lender’s Name	  	Ratable Loan
Amount	 	  	Percentage/Ratable
Share	 
	 HSBC BANK USA, National Association
	  	$	125,000,000.00	  	  	 	25	% 
	 DEKABANK DEUTSCHE GIROZENTRALE
	  	$	125,000,000.00	  	  	 	25	% 
	 BANK OF AMERICA, N.A.
	  	$	125,000,000.00	  	  	 	25	% 
	 CAPITAL ONE, National Association
	  	$	125,000,000.00	  	  	 	25	% 

 SCH. IV

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