Document:

Exhibit 10.9

 

One Memphis Pl., 200 Jefferson Ave., Memphis, TN

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HH HUB
PROPERTIES LLC,

 

as
Seller,

 

and

 

GOVERNMENT
PROPERTIES INCOME TRUST,

 

as
Purchaser

 

 

June 14,
2010

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title
  Policy

  	
  2

  
	
  1.7

  	
  Ground Lease

  	
  2

  
	
  1.8

  	
  Improvements

  	
  2

  
	
  1.9

  	
  Land

  	
  2

  
	
  1.10

  	
  Leases

  	
  2

  
	
  1.11

  	
  Other Property

  	
  2

  
	
  1.12

  	
  Permitted Exceptions

  	
  2

  
	
  1.13

  	
  Property

  	
  3

  
	
  1.14

  	
  Purchase Price

  	
  3

  
	
  1.15

  	
  Purchaser

  	
  3

  
	
  1.16

  	
  Rent Roll

  	
  3

  
	
  1.17

  	
  Seller

  	
  3

  
	
  1.18

  	
  Title Company

  	
  3

  
	
  1.19

  	
  Update

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  PURCHASE AND
  SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and
  Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  5

  
	
  3.1

  	
  Title

  	
  5

  
	
  3.2

  	
  No Other
  Diligence

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  CONDITIONS TO
  THE PURCHASER’S OBLIGATION TO CLOSE

  	
  6

  
	
  4.1

  	
  Closing
  Documents

  	
  6

  
	
  4.2

  	
  Title Policy

  	
  8

  
	
  4.3

  	
  Environmental
  Reliance Letters

  	
  8

  
	
  4.4

  	
  Condition of
  Property

  	
  8

  
	
  4.5

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS TO
  SELLER’ OBLIGATION TO CLOSE

  	
  8

  
	
  5.1

  	
  Purchase Price

  	
  8

  
	
  5.2

  	
  Closing
  Documents

  	
  8

  
	
  5.3

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REPRESENTATIONS
  AND WARRANTIES OF SELLER

  	
  9

  
	
  6.1

  	
  Status and
  Authority of the Seller, Etc.

  	
  9

  
	
  6.2

  	
  Action of the
  Seller, Etc.

  	
  9

  
	
  6.3

  	
  No Violations of
  Agreements

  	
  9

  

 

i

 

	
  6.4

  	
  Litigation

  	
  9

  
	
  6.5

  	
  Existing
  Leases, Etc.

  	
  9

  
	
  6.6

  	
  Agreements, Etc.

  	
  11

  
	
  6.7

  	
  Not a Foreign
  Person

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  REPRESENTATIONS
  AND WARRANTIES OF PURCHASER

  	
  12

  
	
  7.1

  	
  Status and
  Authority of the Purchaser

  	
  12

  
	
  7.2

  	
  Action of the
  Purchaser

  	
  12

  
	
  7.3

  	
  No Violations of
  Agreements

  	
  13

  
	
  7.4

  	
  Litigation

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  COVENANTS OF THE
  SELLER

  	
  13

  
	
  8.1

  	
  Approval of
  Agreements

  	
  13

  
	
  8.2

  	
  Operation of
  Property

  	
  13

  
	
  8.3

  	
  Compliance with
  Laws, Etc.

  	
  14

  
	
  8.4

  	
  Compliance with
  Agreements

  	
  14

  
	
  8.5

  	
  Notice of
  Material Changes or Untrue Representations

  	
  14

  
	
  8.6

  	
  Insurance

  	
  14

  
	
  8.7

  	
  Cooperation

  	
  14

  
	
  8.8

  	
  Approval of 2011
  Capital Expenditure Budget

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  14

  
	
  9.1

  	
  Real Property
  Apportionments

  	
  14

  
	
  9.2

  	
  Closing Costs

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  DAMAGE TO OR
  CONDEMNATION OF PROPERTY

  	
  18

  
	
  10.1

  	
  Casualty

  	
  18

  
	
  10.2

  	
  Condemnation

  	
  18

  
	
  10.3

  	
  Survival

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFAULT

  	
  19

  
	
  11.1

  	
  Default by the
  Seller

  	
  19

  
	
  11.2

  	
  Default by the
  Purchaser

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  20

  
	
  12.1

  	
  Allocation of
  Liability

  	
  20

  
	
  12.2

  	
  Brokers

  	
  20

  
	
  12.3

  	
  Publicity

  	
  20

  
	
  12.4

  	
  Notices

  	
  20

  
	
  12.5

  	
  Waivers, Etc.

  	
  22

  
	
  12.6

  	
  Assignment;
  Successors and Assigns

  	
  22

  
	
  12.7

  	
  Severability

  	
  22

  
	
  12.8

  	
  Counterparts, Etc.

  	
  23

  
	
  12.9

  	
  Performance on
  Business Days

  	
  23

  
	
  12.10

  	
  Attorneys’ Fees

  	
  23

  
	
  12.11

  	
  Section and
  Other Headings

  	
  23

  
	
  12.12

  	
  Time of Essence

  	
  24

  
	
  12.13

  	
  Governing Law

  	
  24

  
	
  12.14

  	
  Arbitration

  	
  24

  
	
  12.15

  	
  Like Kind
  Exchange

  	
  25

  

 

ii

 

	
  12.16

  	
  Recording

  	
  25

  
	
  12.17

  	
  Non-liability of
  Trustees of Purchaser

  	
  25

  
	
  12.18

  	
  Waiver

  	
  26

  
	
  12.19

  	
  Further
  Assurances

  	
  26

  
	
  12.20

  	
  Financials

  	
  26

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HH
HUB PROPERTIES LLC, a Delaware limited liability company (the “Seller”),
and GOVERNMENT PROPERTIES INCOME TRUST, a Maryland real estate investment
trust (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Seller is the owner of the Property (this and
other capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in Section 1); and

 

WHEREAS, the Seller wishes to sell to the Purchaser, and the
Purchaser desires to purchase from the Seller, the Property, subject to and
upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, the Seller and the
Purchaser hereby agree as follows:

 

SECTION 1.         DEFINITIONS.

 

Capitalized terms used in this
Agreement shall have the meanings set forth below or in the section of this
Agreement referred to below:

 

1.1           “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.

 

1.2           “Business Day”  shall mean any day other than a Saturday,
Sunday or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.

 

1.3           “Closing”  shall have the meaning given such term in Section 2.2.

 

1.4           “Closing Date”  shall have the meaning given such term in Section 2.2.

 

1.5           “Existing Survey”  shall
mean the existing ALTA survey of the Property.

 

 

1.6           “Existing Title Policy”  shall mean the existing title
insurance policy for the Property.

 

1.7           “Ground Lease”  shall
mean a Lease Agreement, between the City of Memphis, as ground lessor, and One
Memphis Place Venture, as ground lessee, and assigned to the Seller, with
respect to certain air rights for the elevated walkway over Fourth Alley.

 

1.8           “Improvements”  shall mean, the Seller’s
entire right, title and interest in and to the existing office buildings,
fixtures and other structures and improvements situated on, or affixed to, the
Land.

 

1.9           “Land” 
shall mean, the Seller’s entire right, title and interest in and to (a) the
parcel(s) of land described in Schedule A hereto, together with (b) all
easements, rights of way, privileges, licenses and appurtenances which the
Seller may own with respect thereto.

 

1.10         “Leases” 
shall mean the leases identified in the Rent Roll and any other leases
hereafter entered into in accordance with the terms of this Agreement.

 

1.11         “Other Property”  shall
mean the Seller’s entire right, title and interest in and to (a) all
fixtures, machinery, systems, equipment and items of personal property owned by
the Seller and attached or appurtenant to, located on and used in connection
with the ownership, use, operation or maintenance of the Land or Improvements,
if any, and (b) all intangible property owned by the Seller arising from
or used in connection with the ownership, use, operation or maintenance of the
Land or Improvements, if any.

 

1.12         “Permitted Exceptions”  shall mean, collectively, (a) liens for
taxes, assessments and governmental charges not yet due and payable or due and
payable but not yet delinquent; (b) the Leases; (c) the exceptions to
title set forth in the Existing Title Policy (other than the mortgages, deeds
of trust and other documents and instruments executed and delivered in
connection with the promissory note dated as of December 30, 2003, made by
the HH Hub Properties Trust, in the original principal amount of $20,890,000,
in favor of HRPT Properties Trust, which promissory note, mortgages, deed of
trust and other documents and instruments are to be paid and discharged in full
on or prior to Closing Date); (d) all matters shown on the Existing
Survey, and (e) such other nonmonetary encumbrances with respect to the
Property as may be shown on the Update which 

 

2

 

are not objected to by the Purchaser (or which are
objected to, and subsequently waived, by the Purchaser) in accordance with Section 3.1.

 

1.13         “Property” 
shall mean, collectively, all of the Land, the Improvements and the
Other Property.

 

1.14         “Purchase Price”  shall mean Nine Million Eight Hundred
Fourteen Thousand Nine Hundred Fifty-Nine Dollars ($9,814,959).

 

1.15         “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.16         “Rent Roll”  shall mean Schedule B to this
Agreement.

 

1.17         “Seller” 
shall have the meaning given such term in the preambles to this
Agreement, together with any permitted successors and assigns.

 

1.18         “Title Company”  shall mean Stewart Title Guaranty Company.

 

1.19         “Update”  shall have the meaning given such
term in Section 3.1.

 

SECTION 2.         PURCHASE
AND SALE; CLOSING.

 

2.1           Purchase and Sale.  In consideration of the payment of the
Purchase Price by the Purchaser to the Seller and for other good and valuable
consideration, the Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from the Seller, the Property for the
Purchase Price, subject to and in accordance with the terms and conditions of
this Agreement.

 

2.2           Closing.  The purchase and sale of the Property shall
be consummated at a closing (the “Closing”) to be held at the offices of
Sullivan & Worcester LLP, One Post Office Square, Boston,
Massachusetts, or at such other location as the Seller and the Purchaser may
agree, at 10:00 a.m., local time, on September 17, 2010, as the same
may be accelerated or extended pursuant to this Section 2.2 (the “Closing Date”).

 

Notwithstanding the foregoing,
either party may accelerate the Closing Date, by giving not less than ten (10) Business
Days 

 

3

 

prior written notice (an “Acceleration
Notice”) to the other, in which event the Closing Date shall be the date
set forth in such Acceleration Notice, unless the party receiving the
Acceleration Notice gives written notice (a “Rejection Notice”) to the
other within five (5) Business Days after its receipt of the Acceleration
Notice, which Rejection Notice either objects to the accelerated date set forth
in the Acceleration Notice or proposes an alternative accelerated date
acceptable to the other party.  In the
event that any party shall give a Rejection Notice, the Closing Date shall
either be not accelerated and shall occur as set forth in the first paragraph
of this Section 2.2 or accelerated to such proposed alternative
accelerated Closing Date; provided, however, that the Seller
shall have the right to give a Rejection Notice only if the acceleration of the
Closing Date will adversely effect the Seller’s ability to conclude a like kind
exchange pursuant to Section 12.15, and the Purchaser shall have
the right to give a Rejection Notice only if the acceleration of the Closing
Date will adversely effect any financing of the acquisition.

 

In addition, the Purchaser may
extend the Closing Date for up to one hundred eighty (180) days (but no later
than March 31, 2011), by giving not less than ten (10) Business Days
prior written notice (an “Extension Notice”) to the Seller, in which
event the Closing Date shall be the date set forth in such Extension Notice
unless the Seller gives written notice (an “Extension Rejection Notice”)
to the Purchaser within five (5) Business Days after its receipt of the
Extension Notice which Extension Rejection Notice either objects to the
extended date set forth in the Extension Notice or proposes an alternative
extended date acceptable to the Purchaser, in which event, the Closing Date
shall either be not extended and shall occur as set forth in the first
paragraph of this Section 2.2 or extended to such proposed
alternative extended Closing Date; provided, however, that the
Seller shall have the right to give an Extension Rejection Notice only if the
extension of the Closing Date will adversely effect the Seller’s ability to
conclude a like kind exchange pursuant to Section 12.15, and the
Purchaser shall have the right to give an Extension Notice only if the
extension of the Closing Date will adversely affect any financing of the
acquisition.

 

4

 

2.3           Purchase Price.

 

(a)   At Closing,
the Purchaser shall pay the Purchase Price, subject to adjustment as provided
in Article 9, to the Seller.

 

(b)   The
Purchase Price, as adjusted as provided herein, shall be payable by wire
transfer of immediately available funds on the Closing Date to an account or
accounts to be designated by the Seller.

 

SECTION 3.         TITLE,
DILIGENCE MATERIALS, ETC.

 

3.1           Title.  Prior to the execution of this Agreement, the
Seller has delivered the Existing Title Policy and the Existing Survey to the
Purchaser.

 

Within five (5) days after the
execution hereof, the Purchaser shall order an update to the Existing Title
Policy (an “Update”) from the Title Company.  The Purchaser shall deliver to the Seller a
copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set forth
on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser shall
make any such election by written notice to the 
Seller given on or prior to the fifth (5th) Business Day
after the Seller’s notice of its unwillingness or inability to cure (or deemed
election not to cure) such defect and time shall be of the essence with respect
to the giving of such notice.  Failure of
the Purchaser to give such notice shall be deemed an election by the Purchaser
to 

 

5

 

proceed in accordance with
clause (ii) above.

 

3.2           No Other Diligence.  The
Purchaser acknowledges that, except as provided in Section 3.1,
(i) the Purchaser has had the opportunity to fully investigate and inspect the
physical and environmental condition of the Property, and to review and analyze
all title examinations, surveys, environmental assessment reports, building
evaluations, financial data and other investigations and materials pertaining
to the Property which the Purchaser deems necessary to determine the
feasibility of the Property and its decision to acquire the Property, (ii) the
Purchaser shall not be conducting any further title examinations, surveys,
environmental assessments, building evaluations, financial analyses or other
investigations with respect to the Property, and (iii) the Purchaser shall not
have any right to terminate this Agreement as a result of any title
examinations, surveys, environmental assessments, building valuations,
financial analyses or other investigations with respect to the Property.

 

SECTION 4.                            CONDITIONS TO THE PURCHASER’S OBLIGATION
TO CLOSE.

 

The obligation of the Purchaser to
acquire the Property shall be subject to the satisfaction of the following
conditions precedent on and as of the Closing Date:

 

4.1           Closing Documents.  The Seller shall have delivered, or cause to
have been delivered, to the Purchaser the following:

 

(a)   A good and
sufficient deed in the form attached as Schedule C hereto, with respect
to the Property, in proper statutory form for recording, duly executed and
acknowledged by the Seller, conveying title to the Property, free from all
liens and encumbrances other than the Permitted Exceptions;

 

(b)   An assignment
by the Seller and an assumption by the Purchaser, in form and substance
reasonably satisfactory to the Seller and the Purchaser, duly executed and
acknowledged by the Seller and the Purchaser, of all of the Seller’s right,
title and interest in, to and under the Ground Lease;

 

(c)   An assignment
by the Seller and an assumption by the Purchaser, in form and substance
reasonably satisfactory to the Seller and the Purchaser, duly executed and
acknowledged by the Seller and the Purchaser, of all of the Seller’s right,
title and interest in, to and under the Leases and including, without
limitation, (i) the Seller’s agreement
to request the tenants 

 

6

 

thereunder
to provide novation or other agreements as may be required under the Leases in
connection with the assignment thereof to the Purchaser, and (ii) the Seller’s
agreement to, within one (1) Business Day of receipt thereof, transfer to the
Purchaser all rent and other payments made by the tenants under the Leases with
respect to the period from and after the Closing Date, and to hold all such
rent and other payments in trust for the benefit of the Purchaser pending
transfer;

 

(d)   An assignment
by the Seller and an assumption by the Purchaser, in form and substance
reasonably satisfactory to the Seller and the Purchaser, duly executed and
acknowledged by the Seller and the Purchaser, of all of the Seller’s right,
title and interest, if any, in, to and under all transferable licenses,
contracts, permits and agreements affecting the Property;

 

(e)   A bill of
sale by the Seller, without warranty of any kind, in form and substance
reasonably satisfactory to the Seller and the Purchaser, with respect to any
personal property owned by the Seller, situated at the Property and used
exclusively by the Seller in connection with the Property (it being understood
and agreed that no portion of the Purchase Price is allocated to personal
property);

 

(f)    Evidence
reasonably satisfactory to the Purchaser and the Title Company that the
promissory note dated as of December 30, 2003, made by the HH Hub Properties
Trust, in the original principal amount of $20,890,000, in favor of HRPT
Properties Trust, and all mortgages, deeds of trust and other documents and
instruments executed and delivered in connection therewith shall have been paid
and discharged in full on or prior to Closing Date];

 

(g)   To the extent
the same are in the Seller’s possession, original, fully executed copies of all
material documents and agreements, plans and specifications and contracts,
licenses and permits pertaining to the Property;

 

(h)   To the extent
the same are in the Seller’s possession, duly executed original copies of the
Leases;

 

(i)    A closing
statement showing the Purchase Price, apportionments and fees, and costs and
expenses paid in connection with the Closing; and

 

(j)    Such other
conveyance documents, certificates, deeds and other instruments as the
Purchaser, the Seller or the Title 

 

7

 

Company may reasonably require and
as are customary in like transactions in sales of property in similar
transactions.

 

4.2           Title Policy.  The Title Company shall be prepared to
issue, upon payment of the title premium at its regular rates, a title policy
in the amount of the Purchase Price, insuring title to the Property is vested
in the Purchaser or its designee or assignee, subject only to the Permitted
Exceptions, with such endorsements as shall be reasonably required by the
Purchaser.

 

4.3           Environmental Reliance Letters.  The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.

 

4.4           Condition of Property.  The Property shall be in substantially
the same physical condition as on the date of this Agreement, ordinary wear and
tear and, subject to Section 10.1, casualty excepted.

 

4.5           Other Conditions.  All representations and warranties of the
Seller herein shall be true, correct and complete in all material respects on
and as of the Closing Date and the Seller shall have performed in all material
respects all covenants and obligations required to be performed by the Seller
on or before the Closing Date.

 

SECTION 5.         CONDITIONS
TO SELLER’ OBLIGATION TO CLOSE.

 

The obligation of the Seller to
convey the Property to the Purchaser is subject to the satisfaction of the
following conditions precedent on and as of the Closing Date:

 

5.1           Purchase Price.  The Purchaser shall deliver to the Seller the
Purchase Price payable hereunder, subject to the adjustments set forth in Section
2.3, together with any closing costs to be paid by the Purchaser under Section
9.2.

 

5.2           Closing Documents.  The Purchaser shall have
delivered to the Seller duly executed and acknowledged counterparts of the
documents described in Section 4.1, where applicable.

 

5.3           Other Conditions.  All representations and warranties of the
Purchaser herein shall be true, correct and complete in all material respects
on and as of the Closing Date 

 

8

 

and the Purchaser shall have performed in all material
respects all covenants and obligations required to be performed by the
Purchaser on or before the Closing Date.

 

SECTION 6.         REPRESENTATIONS
AND WARRANTIES OF SELLER.

 

To induce the Purchaser to enter
into this Agreement, the Seller represents and warrants to the Purchaser as
follows:

 

6.1           Status and Authority
of the Seller, Etc.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.

 

6.2           Action of the Seller, Etc.  The Seller has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and upon
the execution and delivery of any document to be delivered by the Seller on or
prior to the Closing Date, this Agreement and such document shall constitute
the valid and binding obligation and agreement of the Seller, enforceable
against the Seller in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws of general application affecting the rights and remedies of creditors.

 

6.3           No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Seller, nor compliance with the terms and
provisions hereof, will result in any breach of the terms, conditions or
provisions of, or conflict with or constitute a default under, or result in the
creation of any lien, charge or encumbrance upon the Property pursuant to the
terms of any indenture, mortgage, deed of trust, note, evidence of indebtedness
or any other agreement or instrument by which the Seller is bound.

 

6.4           Litigation.  To the Seller’s actual knowledge, it has not
received written notice that any investigation, action or proceeding is pending
or threatened, which (i) questions the
validity of this Agreement or any action taken or to be taken pursuant hereto,
or (ii) involves condemnation or eminent
domain proceedings against the Property or any portion thereof.

 

6.5           Existing Leases, Etc.  Subject to Section 8.1, other than the Leases listed in the Rent Roll,
the Seller has not entered into a contract or agreement with respect to the 

 

9

 

occupancy of the Property that will be binding on
the Purchaser after the Closing.  To the
Seller’s actual knowledge: (a) the copies of the Leases heretofore delivered by
the Seller to the Purchaser are true, correct and complete copies thereof; and
(b) such Leases have not been amended except as evidenced by amendments
similarly delivered and constitute the entire agreement between the Seller and
the tenants thereunder.  Except as otherwise set forth in the Rent Roll or the
Leases: (i) to the Seller’ actual knowledge, each of its Leases is in full
force and effect on the terms set forth therein; (ii) to the Seller’s actual
knowledge, there are no uncured defaults or circumstances which with the giving
of notice, the passage of time or both would constitute a default thereunder
which would have a material adverse effect on the business or operations of the
Property; (iii) to the Seller’s actual knowledge, each of its tenants is
legally required to pay all sums and perform all material obligations set forth
therein without any ongoing concessions, abatements, offsets, defenses or other
basis for relief or adjustment; (iv) to the Seller’s actual knowledge, none of
its tenants has asserted in writing or has any defense to, offsets or claims
against, rent payable by it or the performance of its other obligations under
its Lease which would have a material adverse effect on the on-going business
or operations of the Property; (v) the Seller has no outstanding obligation to
provide any of its tenants with an allowance to perform, or to perform at its
own expense, any tenant improvements; (vi) none of its tenants has prepaid any
rent or other charges relating to the post-Closing period; (vii) to the Seller’s
actual knowledge, none of its tenants has filed a petition in bankruptcy or for
the approval of a plan of reorganization or management under the Federal
Bankruptcy Code or under any other similar state law, or made an admission in
writing as to the relief therein provided, or otherwise become the subject of
any proceeding under any federal or state bankruptcy or insolvency law, or has
admitted in writing its inability to pay its debts as they become due or made
an assignment for the benefit of creditors, or has petitioned for the
appointment of or has had appointed a receiver, trustee or custodian for any of
its property, in any case that would have a material adverse effect on the
business or operations of the Property; (viii) to the Seller’s actual
knowledge, none of its tenants has requested in writing a modification of its
Lease, or a release of its obligations under its Lease in any material respect
or has given written notice terminating its Lease, or has been released of its
obligations thereunder in any material respect prior to the normal expiration
of the term thereof, in any case that would have a material adverse effect on
the on-

 

10

 

going
business or operations of the Property; (ix) to the Seller’s actual knowledge,
except as set forth in the Leases, no guarantor has been released or
discharged, voluntarily or involuntarily, or by operation of law, from any
obligation under or in connection with any of its Leases or any transaction
related thereto; and (x) all brokerage commissions currently due and payable
with respect to each of its Leases have been paid.  To the Seller’s actual knowledge, the other
information set forth in the Rent Roll is true, correct and complete in all
material respects.

 

6.6           Agreements, Etc.  Other than the Leases, the Seller has not
entered into any contract or agreement with respect to the Property which will
be binding on the Purchaser after the Closing other than contracts and
agreements being assumed by the Purchaser or which are terminable upon thirty
(30) days notice without payment of premium or penalty.

 

6.7           Not a Foreign Person.  The Seller is not a “foreign person” within
the meaning of Section 1445 of the United States Revenue Code of 1986, as
amended, and the regulations promulgated thereunder.

 

The representations and warranties
made in this Agreement by the Seller shall be continuing and shall be deemed
remade by the Seller as of the Closing Date, with the same force and effect as
if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Seller shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Purchaser gives the Seller
written notice prior to the expiration of said three hundred sixty (360) day
period of such alleged breach with reasonable detail as to the nature of such
breach.

 

Except as otherwise expressly
provided in this Agreement or in any documents to be delivered to the Purchaser
at the Closing, the Seller has not made, and the Purchaser has not relied on,
any information, promise, representation or warranty, express or implied,
regarding the Property, whether made by the Seller, on the Seller’s behalf or
otherwise, including, without limitation, the physical condition of the
Property, the financial condition of the tenants under the Leases, title to or
the boundaries of the Property, pest control matters, soil conditions, the
presence, existence or absence of hazardous wastes, toxic substances or other
environmental matters, compliance with building, health, safety, land use and
zoning 

 

11

 

laws, regulations and orders,
structural and other engineering characteristics, traffic patterns, market
data, economic conditions or projections, and any other information pertaining
to the Property or the market and physical environments in which they are
located.  The Purchaser acknowledges that
(i) the Purchaser has entered into this Agreement with the intention of relying
upon its own investigation or that of third parties with respect to the
physical, environmental, economic and legal condition of the Property and (ii)
the Purchaser is not relying upon any statements, representations or warranties
of any kind, other than those specifically set forth in this Agreement or in
any document to be delivered to the Purchaser at the Closing, made (or
purported to be made) by the Seller or anyone acting or claiming to act on the
Seller’s behalf.  The Purchaser has
inspected the Property and is fully familiar with the physical condition
thereof and, subject to the representations and warranties made in this
Agreement, shall purchase the Property in its “as is”, “where is” and “with all
faults” condition on the Closing Date. 
Notwithstanding anything to the contrary contained herein, in the event
that any party hereto has actual knowledge of the default of any other party (a
“Known Default”), but nonetheless elects to consummate the transactions
contemplated hereby and proceeds to Closing, then the rights and remedies of
such non-defaulting party shall be waived with respect to such Known Default
upon the Closing and the defaulting party shall have no liability with respect
thereto.

 

SECTION 7.         REPRESENTATIONS AND WARRANTIES OF
PURCHASER.

 

To induce the Seller to enter into
this Agreement, the Purchaser represents and warrants to the Seller as follows:

 

7.1           Status and Authority of the Purchaser.  The Purchaser is duly organized, validly
existing and in good standing under the laws of its state of organization or
formation, and has all requisite power and authority under its charter documents
to enter into and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

 

7.2           Action of the Purchaser.  The Purchaser has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and
upon the execution and delivery of any document to be delivered by the
Purchaser on or prior to the Closing Date, this Agreement and such document
shall constitute the valid and binding obligation and agreement of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be 

 

12

 

limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws of general application affecting the rights and
remedies of creditors.

 

7.3           No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Purchaser, nor compliance with the terms
and provisions hereof, will result in any breach of the terms, conditions or
provisions of, or conflict with or constitute a default under, or result in the
creation of any lien, charge or encumbrance upon any property or assets of the
Purchaser pursuant to the terms of any indenture, mortgage, deed of trust,
note, evidence of indebtedness or any other agreement or instrument by which
the Purchaser is bound.

 

7.4           Litigation.  The Purchaser has received no written notice
that any investigation, action or proceeding is pending or threatened which
questions the validity of this Agreement or any action taken or to be taken
pursuant hereto.

 

The representations and warranties
made in this Agreement by the Purchaser shall be continuing and shall be deemed
remade by the Purchaser as of the Closing Date with the same force and effect as
if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Seller gives the Purchaser
written notice prior to the expiration of said three hundred sixty (360) period
of such alleged breach with reasonable detail as to the nature of such breach.

 

SECTION 8.         COVENANTS OF
THE SELLER.

 

The Seller hereby covenants with
the Purchaser between the date of this Agreement and the Closing Date as
follows:

 

8.1           Approval of Agreements.  Not to enter into, modify, amend or terminate
any Lease or any other material agreement with respect to the Property, which
would encumber or be binding upon the Property from and after the Closing Date,
without in each instance obtaining the prior written consent of the Purchaser.

 

8.2           Operation of Property.  To continue to operate the Property
consistent with past practices.

 

13

 

8.3           Compliance with Laws, Etc.  To comply in all material respects with (i)
all laws, regulations and other requirements from time to time applicable of every
governmental body having jurisdiction of the Property, or the use or occupancy
thereof, and (ii) all material terms, covenants and conditions of all
agreements affecting the Property.

 

8.4           Compliance with Agreements.  To comply with each and every material term,
covenant and condition contained in the Leases and any other material document
or agreement affecting the Property and to monitor compliance thereunder
consistent with past practices.

 

8.5           Notice of Material Changes or Untrue
Representations.  Upon
learning of any material change in any condition with respect to the Property
or of any event or circumstance which makes any representation or warranty of
the Seller to the Purchaser under this Agreement untrue or misleading, promptly
to notify the Purchaser thereof.

 

8.6           Insurance.  To maintain, or cause to be maintained, all
existing property insurance relating to the Property.

 

8.7           Cooperation.  The Purchaser and the Seller shall reasonably
cooperate in complying with the requirements under the Leases in connection
with the transfer and assignment of the Property and the Leases to the
Purchaser.  The provisions of this Section
8.7 shall survive the Closing hereunder.

 

8.8           Approval of 2011 Capital Expenditure Budget.  In the event that the Closing Date shall be
extended to a date on or after January 1, 2011 pursuant to the provisions of Section
2.2, the Seller shall prepare for the Purchaser’s review and approval a
2011 capital expenditure budget, which budget shall include, without
limitation, budgeted items for “building improvements” and “development and
redevelopment”.

 

SECTION 9.         APPORTIONMENTS.

 

9.1           Real Property Apportionments.  (a) 
The following items shall be apportioned at the Closing as of the close
of business on the day immediately preceding the Closing Date:

 

	
  (i)

  	
   

  	
  annual rents, operating
  costs, taxes and other fixed charges payable under the Leases;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  percentage rents and other unfixed charges payable
  under the Leases;

  

 

14

 

	
  (iii)

  	
   

  	
  fuel, electric, water and
  other utility costs;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  municipal assessments and
  governmental license and permit fees;

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  Real estate taxes and
  assessments other than special assessments, based on the rates and assessed
  valuation applicable in the fiscal year for which assessed;

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  water rates and charges;

  
	
   

  	
   

  	
   

  
	
  (vii)

  	
   

  	
  sewer and vault taxes and
  rents; and

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  all other items of income
  and expense normally apportioned in sales of property in similar situations
  in the jurisdiction where the Property is located.

  

 

If any of the foregoing cannot be
apportioned at the Closing because of the unavailability of the amounts which
are to be apportioned, such items shall be apportioned on the basis of a good
faith estimate by the parties and reconciled as soon as practicable after the
Closing Date but, in any event, no later than one (1) year after the Closing
Date.

 

(b)   If there are
water, gas or electric meters located at the Property, the Seller shall obtain
readings thereof to a date not more than thirty (30) days prior to the Closing
Date and the unfixed water rates and charges, sewer taxes and rents and gas and
electricity charges, if any, based thereon for the intervening time shall be
apportioned on the basis of such last readings. 
If such readings are not obtainable by the Closing Date, then, at the
Closing, any water rates and charges, sewer taxes and rents and gas and
electricity charges which are based on such readings shall be prorated based
upon the per diem charges obtained by using the most recent period for which
such readings shall then be available. 
Upon the taking of subsequent actual readings, the apportionment of such
charges shall be recalculated and the Seller or the Purchaser, as the case may
be, promptly shall make a payment to the other based upon such
recalculations.  The parties agree to
make such final recalculations within sixty (60) days after the Closing Date.

 

(c)   If any
refunds of real property taxes or assessments, water rates and charges or sewer
taxes and rents shall be made after the Closing, the same shall be held in
trust by the Seller or the Purchaser, as the case may be, and shall first be
applied 

 

15

 

to the unreimbursed costs incurred
in obtaining the same, then to any required refunds to tenants under the
Leases, and the balance, if any, shall be paid to the Seller (for the period
prior to the Closing Date) and to the Purchaser (for the period commencing with
the Closing Date).

 

(d)   If, on the
Closing Date, the Property shall be or shall have been affected by any special
or general assessment or assessments or real property taxes payable in a lump
sum or which are or may become payable in installments of which the first
installment is then a charge or lien and has become payable, the Seller shall
pay or cause to be paid at the Closing the unpaid installments of such
assessments due and as of the Closing Date.

 

(e)   No insurance
policies of the Seller are to be transferred to the Purchaser, and no
apportionment of the premiums therefor shall be made.

 

(f)    At the
Closing, the Seller shall transfer to the Purchaser the amount of all unapplied
security deposits held pursuant to the terms of the Leases.

 

(g)   Brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as landlord under Leases entered into by the Seller after the date
hereof, or in connection with the renewal or extension of any existing Lease,
shall be the responsibility of the Purchaser, and the Purchaser shall reimburse
the Seller at the Closing for all such brokerage commissions, tenant
improvement expenses and other amounts paid by the Seller prior to the
Closing.  The Purchaser shall receive a
credit at Closing for all unpaid brokerage commissions, tenant improvement
expenses and other amounts payable by the Seller as landlord under Leases
entered into by the Seller prior to the date hereof.

 

(h)   Amounts
payable after the date hereof on account of capital expenditures under the 2010
capital expenditure budget prepared as of March 31, 2010 (the “CapEx Budget”)
(including, without limitation, budgeted items for “building improvements” and “development
and redevelopment”), shall be the responsibility of the Purchaser, and the
Purchaser shall reimburse the Seller at the Closing for all amounts paid by the
Seller prior to the Closing on account of capital expenditures under the CapEx
Budget payable after the date hereof. 
The Purchaser shall receive a credit at Closing for all unpaid amounts
payable on account of capital expenditures under the 

 

16

 

CapEx Budget prior to the date
hereof.  A copy of the CapEx Budget has
been previously provided to the Purchaser.

 

(i)    If a net
amount is owed by the Seller to the Purchaser pursuant to this Section 9.1,
such amount shall be credited against the Purchase Price.  If a net amount is owed by the Purchaser to
the Seller pursuant to this Section 9.1, such amount shall be added to
the Purchase Price paid to the Seller.

 

(j)    If, on the
Closing Date, there are past due rents with respect to any Lease, amounts
received by the Purchaser with respect to such Lease after the Closing Date
shall be applied, first, to rents due or to become due during the
calendar month in which the Closing occurs, and then, to all other rents
due or past due in inverse order to the order in which they became due (i.e.,
first to arrearages most recently occurring, then to older arrearages).  In no event shall the Seller have any right
to take any action to collect any past due rents or other amounts following the
Closing; provided, however, the Purchaser shall use commercially
reasonable efforts to collect such past due rents and other amounts, except
that the Purchaser shall have no obligation to institute any legal action or
proceeding or otherwise enforce any of its rights and remedies under any Lease
in connection with such commercially reasonable efforts.

 

The provisions of this Section
9.1 shall survive the Closing.

 

17

 

9.2           Closing Costs.

 

(a)   The Purchaser
shall pay (i) the costs of closing and diligence in connection with the
transactions contemplated hereby (including, without limitation, all premiums,
charges and fees of the Title Company in connection with the title examination
and insurance policies to be obtained by the Purchaser, including affirmative
endorsements), (ii) fifty percent (50%) of all documentary, stamp, sales,
intangible and other transfer taxes and fees incurred in connection with the
transactions contemplated by this Agreement, and (iii) fifty percent (50%) of
all state, city, county, municipal and other governmental recording and filing
fees and charges.

 

(b)   The Seller
shall pay (i) fifty percent (50%) of all documentary, stamp, sales, intangible and
other transfer taxes and fees incurred in connection with the transactions
contemplated by this Agreement, and (ii) fifty percent (50%) of all state,
city, county, municipal and other governmental recording and filing fees and
charges.

 

(c)   Each party shall
pay the fees and expenses of its attorneys and other consultants.

 

SECTION 10.       DAMAGE
TO OR CONDEMNATION OF PROPERTY.

 

10.1         Casualty.  If, prior to the Closing, the Property is
materially destroyed or damaged by fire or other casualty, the Seller shall
promptly notify the Purchaser of such fact. 
In such event, the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days after the
giving the Seller’s notice (and, if necessary, the Closing Date shall be
extended until one day after the expiration of such ten-day period).  If the Purchaser elects to terminate this
Agreement as aforesaid, this Agreement shall terminate and be of no further
force and effect and no party shall have any liability to the other
hereunder.  If less than a material part
of the Property shall be affected by fire or other casualty or if the Purchaser
shall not elect to terminate this Agreement as aforesaid, there shall be no
abatement of the Purchase Price and the Seller shall assign to the Purchaser at
the Closing the rights of the Seller to the proceeds, if any, under the Seller’s
insurance policies covering the Property with respect to such damage or
destruction and there shall be credited against the Purchase Price the amount
of any deductible, any proceeds previously received by Seller on account
thereof and any deficiency in proceeds.

 

10.2         Condemnation.  If, prior to the Closing, a material part of
the Property (including access or parking thereto), is 

 

18

 

taken by eminent domain (or is the subject of a pending
taking which has not yet been consummated), the Seller shall notify the
Purchaser of such fact promptly after obtaining knowledge thereof and the
Purchaser shall have the right to terminate this Agreement by giving notice to
the Seller not later than ten (10) days after the giving of the Seller’s notice
(and, if necessary, the Closing Date shall be extended until one day after the
expiration of such ten-day period).  If
the Purchaser elects to terminate this Agreement as aforesaid, this Agreement
shall terminate and be of no further force and effect and no party shall have
any liability to the other hereunder.  If
less than a material part of the Property shall be affected or if the Purchaser
shall not elect to terminate this Agreement as aforesaid, the sale of the
Property shall be consummated as herein provided without any adjustment to the
Purchase Price (except to the extent of any condemnation award received by the
Seller prior to the Closing) and the Seller shall assign to the Purchaser at
the Closing all of the Seller’s right, title and interest in and to all awards,
if any, for the taking, and the Purchaser shall be entitled to receive and keep
all awards for the taking of the Property or portion thereof.

 

10.3         Survival.  The parties’ obligations, if any, under this Section
10 shall survive the Closing.

 

SECTION 11.       DEFAULT.

 

11.1         Default by the Seller.  If the transaction herein contemplated fails
to close as a result of the default of the Seller hereunder, or the Seller
having made any representation or warranty herein which shall be untrue or
misleading in any material respect, or the Seller having failed to perform any
of the covenants and agreements contained herein to be performed by the Seller,
the Purchaser may, as its sole remedy, either (x) terminate this Agreement or
(y) pursue a suit for specific performance.

 

11.2         Default by the Purchaser.  If the transaction herein contemplated fails
to close as a result of the default of the Purchaser hereunder, or the
Purchaser having made any representation or warranty herein which shall be
untrue or misleading in any material respect, or the Purchaser having failed to
perform any of the covenants and agreements contained herein to be performed by
it, the Seller may terminate this Agreement (in which case, the Purchaser shall
reimburse the Seller for all of the fees, charges, disbursements and expenses
of the Seller’s attorneys).

 

19

 

SECTION 12.       MISCELLANEOUS.

 

12.1         Allocation of Liability.  It is expressly understood and agreed that
the Seller shall be liable to third parties for any and all obligations,
claims, losses, damages, liabilities, and expenses to the extent arising out of
events, contractual obligations, acts, or omissions of the Seller that occurred
in connection with the ownership or operation of the Property during the period
in which the Seller owned the Property prior to the Closing and the Purchaser
shall be liable to third parties for any and all obligations, claims, losses,
damages, liabilities and expenses to the extent arising out of events,
contractual obligations, acts, or omissions of the Purchaser that occur in
connection with the ownership or operation of the Property during the period in
which the Purchaser owns the Property after the Closing.  The provisions of this Section 12.1
shall survive the Closing.

 

12.2         Brokers.  Each of the parties hereto represents to the
other parties that it dealt with no broker, finder or like agent in connection
with this Agreement or the transactions contemplated hereby.  Each party shall indemnify and hold harmless
the other party and its respective legal representatives, heirs, successors and
assigns from and against any loss, liability or expense, including reasonable
attorneys’ fees, charges and disbursements arising out of any claim or claims
for commissions or other compensation for bringing about this Agreement or the
transactions contemplated hereby made by any other broker, finder or like
agent, if such claim or claims are based in whole or in part on dealings with
the indemnifying party.  The provisions
of this Section 12.2 shall survive the Closing.

 

12.3         Publicity.  The parties agree that, except as otherwise
required by law and except for the exercise of any remedy hereunder, no party
shall, with respect to this Agreement and the transactions contemplated hereby,
contact or conduct negotiations with public officials, make any public
pronouncements, issue press releases or otherwise furnish information regarding
this Agreement or the transactions contemplated to any third party without the
consent of the other party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

12.4         Notices.  (a) 
Any and all notices, demands, consents, approvals, offers, elections and
other communications required or permitted under this Agreement shall be deemed
adequately given if in writing and the same shall be delivered 

 

20

 

either in hand, by telecopier with confirmed receipt, or
by mail or Federal Express or similar expedited commercial carrier, addressed
to the recipient of the notice, postpaid and registered or certified with
return receipt requested (if by mail), or with all freight charges prepaid (if
by Federal Express or similar carrier).

 

(b)   All notices
required or permitted to be sent hereunder shall be deemed to have been given
for all purposes of this Agreement upon the date of acknowledged receipt, in
the case of a notice by telecopier, and, in all other cases, upon the date of
receipt or refusal, except that whenever under this Agreement a notice is
either received on a day which is not a Business Day or is required to be
delivered on or before a specific day which is not a Business Day, the day of
receipt or required delivery shall automatically be extended to the next
Business Day.

 

(c)   All such
notices shall be addressed,

 

if to the Seller, to:

 

c/o HRPT Properties Trust

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

[Telecopier No. (617) 928-1305]

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

[Telecopier No. (213) 621-5035]

 

if to the Purchaser, to:

 

Government Properties Income Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David M. Blackman

[Telecopier No. (617) 796-8267]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

 

21

 

Attn:  Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

(d)   By notice
given as herein provided, the parties hereto and their respective successor and
assigns shall have the right from time to time and at any time during the term
of this Agreement to change their respective addresses effective upon receipt
by the other parties of such notice and each shall have the right to specify as
its address any other address within the United States of America.

 

12.5         Waivers, Etc.  Subject to the terms of the last paragraph of
Section  6, any waiver of any term or condition of this Agreement,
or of the breach of any covenant, representation or warranty contained herein,
in any one instance, shall not operate as or be deemed to be or construed as a
further or continuing waiver of any other breach of such term, condition,
covenant, representation or warranty or any other term, condition, covenant,
representation or warranty, nor shall any failure at any time or times to
enforce or require performance of any provision hereof operate as a waiver of
or affect in any manner such party’s right at a later time to enforce or
require performance of such provision or any other provision hereof.  This Agreement may not be amended, nor shall
any waiver, change, modification, consent or discharge be effected, except by
an instrument in writing executed by or on behalf of the party against whom
enforcement of any amendment, waiver, change, modification, consent or
discharge is sought.

 

12.6         Assignment; Successors and Assigns.  Subject to Section 12.15, this
Agreement and all rights and obligations hereunder shall not be assignable,
directly or indirectly, by any party without the written consent of the other,
except that the Purchaser may assign this Agreement to any entity wholly owned,
directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create any rights in or to be enforceable in any part by any
other persons.

 

12.7         Severability.  If any provision of this Agreement shall be
held or deemed to be, or shall in fact be, invalid, 

 

22

 

inoperative or unenforceable as applied to any
particular case in any jurisdiction or jurisdictions, or in all jurisdictions
or in all cases, because of the conflict of any provision with any constitution
or statute or rule of public policy or for any other reason, such circumstance
shall not have the effect of rendering the provision or provisions in question
invalid, inoperative or unenforceable in any other jurisdiction or in any other
case or circumstance or of rendering any other provision or provisions herein
contained invalid, inoperative or unenforceable to the extent that such other
provisions are not themselves actually in conflict with such constitution, statute
or rule of public policy, but this Agreement shall be reformed and construed in
any such jurisdiction or case as if such invalid, inoperative or unenforceable
provision had never been contained herein and such provision reformed so that
it would be valid, operative and enforceable to the maximum extent permitted in
such jurisdiction or in such case.

 

12.8         Counterparts, Etc.  This Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.  This Agreement constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof and shall supersede and take the place of any other instruments
purporting to be an agreement of the parties hereto relating to the subject
matter hereof.

 

12.9         Performance on Business Days.  In the event the date on which performance or
payment of any obligation of a party required hereunder is other than a
Business Day, the time for payment or performance shall automatically be
extended to the first Business Day following such date.

 

12.10       Attorneys’ Fees.  If any lawsuit or arbitration or other legal
proceeding arises in connection with the interpretation or enforcement of this
Agreement, the prevailing party therein shall be entitled to receive from the
other party the prevailing party’s costs and expenses, including reasonable
attorneys’ fees incurred in connection therewith, in preparation therefor and
on appeal therefrom, which amounts shall be included in any judgment therein.

 

12.11       Section and Other Headings.  The headings contained in this Agreement are
for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

23

 

12.12       Time of Essence.  Time shall be of the essence with respect to
the performance of each and every covenant and obligation, and the giving of
all notices, under this Agreement.

 

12.13       Governing Law.  This Agreement shall be interpreted,
construed, applied and enforced in accordance with the laws of The Commonwealth
of Massachusetts.

 

12.14       Arbitration.  Any party hereto may elect to submit any
dispute hereunder that has an amount in controversy in excess of $250,000 to
arbitration hereunder.  Any such
arbitration shall be conducted in Boston, Massachusetts in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining and the decision of the arbitrators with respect to such dispute
shall be binding, final and conclusive on the parties.

 

In the event any party hereto shall
elect to submit any such dispute to arbitration hereunder, the Seller and the
Purchaser shall each appoint and pay all fees of a fit and impartial person as
arbitrator with at least ten (10) years’ recent professional experience in the
general subject matter of the dispute. 
Notice of such appointment shall be sent in writing by each party to the
other, and the arbitrators so appointed, in the event of their failure to agree
within thirty (30) days after the appointment of the second arbitrator upon the
matter so submitted, shall appoint a third arbitrator.  If either the Seller or the Purchaser shall
fail to appoint an arbitrator, as aforesaid, for a period of ten (10) days after
written notice from the other party to make such appointment, then the
arbitrator appointed by the party having made such appointment shall appoint a
second arbitrator and the two (2) so appointed shall, in the event of their
failure to agree upon any decision within thirty (30) days thereafter, appoint
a third arbitrator.  If such arbitrators
fail to agree upon a third arbitrator within forty five (45) days after the
appointment of the second arbitrator, then such third arbitrator shall be
appointed by the American Arbitration Association from its qualified panel of
arbitrators, and shall be a person having at least ten (10) years’ recent
professional experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for by the
parties, shall be paid by the respective party engaging such counsel or calling
or engaging such witnesses.

 

24

 

The decision of the arbitrators
shall be rendered within thirty (30) days after appointment of the third
arbitrator.  Such decision shall be in
writing and in duplicate, one counterpart thereof to be delivered to the Seller
and one to the Purchaser.  A judgment of
a court of competent jurisdiction may be entered upon the award of the
arbitrators in accordance with the rules and statutes applicable thereto then
obtaining.

 

12.15       Like
Kind Exchange.  At either
party’s request, the non-requesting party will take all actions reasonably
requested by the requesting party in order to effectuate all or any part of the
transactions contemplated by this Agreement as a forward or reverse like-kind
exchange for the benefit of the requesting party in accordance with Section
1031 of the Internal Revenue Code and, in the case of a reverse exchange, Rev.
Proc. 2000-37, including executing an instrument acknowledging and consenting
to any assignment by the requesting party of its rights hereunder to a
qualified intermediary or an exchange accommodation titleholder.  In furtherance of the foregoing and
notwithstanding anything contained in this Agreement to the contrary, the
requesting party may assign its rights under this Agreement to a “qualified intermediary” or an “exchange accommodation titleholder” in order to facilitate, at no cost or expense to the other, a
forward or reverse like-kind exchange under Section 1031 of the Internal
Revenue Code; provided, however, that such assignment will not
relieve the requesting party of any of its obligations hereunder.  The non-requesting party will also agree to
issue all closing documents, including the deed, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the
requesting party prior to Closing. 
Notwithstanding the foregoing, in no event shall the non-requesting
party incur or be subject to any liability that is not otherwise provided for
in this Agreement.

 

12.16       Recording.  This Agreement may not be recorded without
the prior written consent of both parties.

 

12.17       Non-liability of Trustees of Purchaser.  The Amended and Restated Declaration of Trust
establishing Government Properties Income Trust, dated June 8, 2009, as amended
and supplemented, as filed with the State Department of Assessments and
Taxation of Maryland, provides that no trustee, officer, shareholder, employee
or agent of Government Properties Income Trust shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against,
Government Properties Income Trust.  All
persons dealing with Government Properties Income Trust in any way shall look
only to the assets 

 

25

 

of Government Properties Income Trust for the payment of
any sum or the performance of any obligation.

 

12.18       Waiver. 
The Purchaser hereby acknowledges that it is a sophisticated purchaser
of real properties and that it is aware of all disclosures the Seller is or may
be required to provide to the Purchaser in connection with the transactions
contemplated hereby pursuant to any law, rule or regulation (including those of
Massachusetts and those of the state in which the Property is located).   The Purchaser hereby acknowledges that,
prior to the execution of this Agreement, the Purchaser has had access to all
information necessary to acquire the Property and the Purchaser acknowledges
that the Seller has fully and completely fulfilled any and all disclosure
obligations with respect thereto.  The
Purchaser hereby fully and completely discharges the Seller from any further
disclosure obligations whatsoever relating to the Property.

 

12.19       Further Assurances.  In addition to the actions recited herein and
contemplated to be performed, executed, and/or delivered by the Seller and the
Purchaser, the Seller and the Purchaser agree to perform, execute and/or
deliver or cause to be performed, executed and/or delivered at the Closing or
after the Closing any and all such further acts, instruments, deeds and
assurances as may be reasonably required to establish, confirm or otherwise
evidence the Seller’s satisfaction of any disclosure obligations or to
otherwise consummate the transactions contemplated hereby.

 

12.20       Financials.  The Seller shall provide
the Purchaser with access to the books and records of the Seller for the
purpose of preparing audited financial statements for the Property with respect
to the 2007, 2008, 2009 calendar years and stub 2010 period, such financial
statements to be prepared at the Purchaser’s sole cost and expense.  The provisions of this Section 12.20
shall survive the Closing.

 

[Signature page follows.]

 

26

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as a sealed instrument as of the date first above written.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HH HUB PROPERTIES LLC , a Delaware limited liability
  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name:

  	
  John A. Mannix

  
	
   

  	
  Its:

  	
  President & Chief Investment
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  GOVERNMENT PROPERTIES INCOME
  TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Blackman

  
	
   

  	
  Name:

  	
  David M. Blackman

  
	
   

  	
  Its:

  	
  Treasurer & CFO

  

 

27

 

SCHEDULE A

 

Land

 

[See attached legal
description.]

 

 

	
   

  	
  One
  Memphis Place

  
	
   

  	
  200
  Jefferson Avenue

  
	
   

  	
  Memphis,
  TN

  

 

Legal Description

 

PARCEL I

 

Being all of Lot [ILLEGIBLE] of the Original
Plan of Memphis as recorded in instrument Number AE [ILLEGIBLE] (Tract 3) at
the Shelby County Register’s Office and being more particularly described by metes
and bounds as follows

 

Beginning of the intersection of the
east right of way line of North Third Street (66 feet wide), with the south
right of way line of Adams Avenue (66 feet wide); thence South [ILLEGIBLE] East
along [ILLEGIBLE] south right of way line of Adams Avenue a distance of 150.65
feet to an iron pin set in the west line of Fourth Alley (24.75 feet wide);
thence South [ILLEGIBLE] West along the west line of Fourth Alley a distance of
[ILLEGIBLE] feet to a set iron pin at the intersection of said west line of
Fourth Alley and north right of way line of Adams Alley (16.5 feet wide) (not
open); thence South [ILLEGIBLE] West along said north right of way line of
Adams Alley a distance of 150.45 feet to a set iron pin in the east right of
way of North Third Street; thence North [ILLEGIBLE] East along the [ILLEGIBLE]
line of North Third Street a distance of 150.60 feet to the point of beginning

 

PARCEL II

 

*Y4–9127 and Instrument No.

Being all of Lot 411 of the Original Plan of
Memphis as recorded in instrument number AE 7199 (Tract 1) and also being a
closed portion of Adams Alley as recorded in instrument number [ILLEGIBLE] AE 7199 (part of Tract 4)
at the Shelby County Register’s Office and being more particularly described by
metes
and bounds as follows:

 

Beginning of a point in the east right of way line
of North Third Street (66 feet wide’ [ILLEGIBLE] point being North [ILLEGIBLE] East a distance of 19.98
feet from the [ILLEGIBLE]
intersection of said east right of way line of North Third Street and the north
right of way line of Jefferson Avenue (66 feet wide); thence North [ILLEGIBLE] East along said east
right of way line of North Third Street a distance of 145.16 feet to a set iron
pin of the intersection of said east right of way line of North Third Street
and the south right of way line of Adams Alley (16.5 feet wide) (not open);
thence North [ILLEGIBLE]
East along said south right of way line of Adams Alley a distance of 150.45
feet to a set iron pin, in the west line of Fourth Alley (24.75 feet wide);
thence South [ILLEGIBLE]
West along the west line of Fourth Alley a distance of 165.63 feet to a set
iron pin at the intersection of said west line of Fourth Alley and north right
of way line of Jefferson Avenue, thence North [ILLEGIBLE] West along said north
right of way line of Jefferson Avenue a distance of 130.24 feet to a point of curvature, thence northwestwardly along the arc of a curve
to the right having a radius of 20.00 feet on arc distance of 31.39 feet (chord
= North [ILLEGIBLE] West 28.27 feet) to the point of beginning

 

PARCEL III

 

Being an easement and lease across
Fourth Alley for an elevated walkway and being more particularly described by
metes and bounds as follows:

 

Beginning at the
southeast corner of parcel II, thence North [ILLEGIBLE] East along the east
line of said Parcel II and the west line of Fourth Alley (24.75 feet wide) a
distance of 34.14 feet to the point of beginning; thence continuing North
[ILLEGIBLE] East along said east line of parcel II and west line of Fourth
Alley a distance of 19.61 feet to a point, thence North [ILLEGIBLE] East a
distance of 24.76 feet to a point in the east line of said Fourth Alley and the
west line of Parcel IV, thence South [ILLEGIBLE] West along said east line of
Fourth Alley and west line of Parcel IV a distance of 19.61 feet to a point;
thence South [ILLEGIBLE] West a distance of 24.76 feet to the point of
beginning

 

ii

 

Legal
Description

 

PARCEL IV

 

Being all of Lot 550 & Part of Lot 551 in County Lot 478 of the
Original Plan of Memphis as recorded in instrument number AE 7199 (part of
Tract 2) at the Shelby County Register’s Office and being more particularly
described by metes and bounds as follows:

 

Beginning of a found chiseled mark of the intersection of the cost line
of Fourth Alley (24.75 feet wide) and the north right of way line of Jefferson
Avenue (66 feet wide) thence; North [ILLEGIBLE] East along said east line of
Fourth Alley a distance of 135.97 feet to a point of curvature, thence northeastwardly
along the arc of a curve to the right having a radius of 12.00 feet an arc
distance of 18.52 feet (chord = North [ILLEGIBLE] East 16.74 feet) to a point
in the south line of Adams Alley: thence North [ILLEGIBLE] East along the south
line of said alley a distance of 203.00 feet to a point: thence North [ILLEGIBLE]
West a distance of 1.50 feet to a point in the south line of Adams Alley (16.50
feet wide), thence North [ILLEGIBLE] East along said south line of Alley a
distance of 3.65 feet to a set iron pin; thence South [ILLEGIBLE] West a
distance of 149.93 feet to a set iron pin in the north line of Jefferson
Avenue; thence North [ILLEGIBLE] West along said north right of way line of
Jefferson Avenue a distance of 218.66 feet to the point of beginning

 

PARCEL V

 

Being part of Lot 551 in County Lot 478 of the Original Plan of Memphis
as recorded in instrument Number AE 7199 (part of Tract 2) at the Shelby County
Register’s Office and being more particularly described by metes and bounds as
follows:

 

Beginning at a set iron pin in
the north right of way line of Jefferson Avenue (66 feet wide), said iron pin
being 218.66 feet east of the east line Fourth Alley (24.75 feet wide); thence
North [ILLEGIBLE] East a distance of 149.93 feet to a set iron pin; thence
North [ILLEGIBLE] East along said south line of Alley a distance of 155.84 feet
to a point of the northwest corner of the Spyros K. Vrionis & wife property
as recorded in instrument Number V2 2572 of the Shelby County Register’s
Office, thence South [ILLEGIBLE] West along the west line of said Spyros K.
Vrionis & wife property a distance of 150.45 feet to a found iron pin of
the southwest corner of said Spyros K. Vrionis & wife property, said point
also being in said north right of way line of Jefferson Avenue, thence North [ILLEGIBLE]
West along said north right of way line of Jefferson Avenue a distance of 155.84
feet to the point of beginning

 

 

iii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-04B-30003),  dated December 14, 1989, by and between One Memphis
Place Venture (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1,  dated October 18, 1990, by and between One Memphis
Place Venture (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2,  dated July 16, 1991, by and between One Memphis
Place Venture (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3,  dated March 13, 1992, by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 3A,  dated September 29, 1993, by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

6.                                       Supplemental Lease Agreement No. 4,  dated April 27, 1992,  by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

7.                                       Supplemental Lease Agreement No. 5,  dated November 18, 1992, by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

8.                                       Supplemental Lease Agreement No. 5A,  dated December 31, 1992, by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

9.                                       Supplemental Lease Agreement No. 5B,  dated September 29, 1993, by
and between One Memphis Place Venture (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

10.                                 Supplemental Lease Agreement No. 6,  dated January 23, 1996, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

ii

 

11.                                 Supplemental Lease Agreement No. 7,  dated May 22, 1996, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

12.                                 Supplemental Lease Agreement No. 8,  dated March 6, 1997, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

13.                                 Supplemental Lease Agreement No. 9,  dated September 23, 1997, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

14.                                 Supplemental Lease Agreement No. 10,  undated, by and
between One Memphis Place L.P. (“Owner/Lessor”) and United States of America (“Government/Lessee”).
(not signed)

 

15.                                 Supplemental Lease Agreement No. 11,  dated January 19, 1999, by
and between Hub Properties Trust, successor in interest to One Memphis Place
L.P. (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

16.                                 Supplemental Lease Agreement No. 12,  dated March 25, 1999,  by and between Hub Properties Trust (“Owner/Lessor”) and
United States of America (“Government/Lessee”).

 

17.                                 Supplemental Lease Agreement No. 13,  dated July 30, 1999, by and between Hub Properties
Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

18.                                 Supplemental Lease Agreement No. 14,  dated October 12, 2000, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

19.                                 Supplemental Lease Agreement No. 15,  dated July 6, 2000, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

20.                                 Supplemental Lease Agreement No. 16,  dated August 16, 2000, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

21.                                 Supplemental Lease Agreement No. 17, dated March 26, 2002, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

iii

 

22.                                 Supplemental Lease Agreement No. 18,  dated December 18, 2002, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

23.                                 Supplemental Lease Agreement No. 19,  dated February 21, 2007, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

24.                                 Supplemental Lease Agreement No. 20,  dated June 15, 2007, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

25.                                 Supplemental Lease Agreement No. 21, dated March 25, 2008, by and between HH Hub
Properties LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).  Re: New Lessor/Payee Address

 

26.                                 Supplemental Lease Agreement No. 22,  dated March 25, 2008, by and between HH Hub
Properties LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

27.                                 Supplemental Lease Agreement No. 23, dated February 1, 2009, by and between HH Hub
Properties LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

iv

 

INDEX

 

Lease

 

1.                                       Lease Agreement (GS-04B-37042),  dated March 12, 1997, by and between One Memphis
Place L.P. (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1,  dated July 24, 1997, by and between One Memphis
Place L.P. (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2,  undated, by and between One Memphis Place L.P. (“Owner/Lessor”)
and United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3,  dated November 20, 1998, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4,  dated November 20, 1998, by
and between One Memphis Place L.P. (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

6.                                       Supplemental Lease Agreement No. 5,  dated May 21, 1999, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).  Re:  Contract amended to reflect change of
ownership.

 

7.                                       Supplemental Lease Agreement No. 6,  dated June 4, 1999, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”). (not executed)

 

8.                                       Supplemental Lease Agreement No. 7,  dated June 4, 1999, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”). (not executed)

 

9.                                       Supplemental Lease Agreement No. 8,  dated May 28, 2002, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

10.                                 Supplemental Lease Agreement No. 9,  dated March 10, 2003, by
and between Hub Properties Trust (“Owner/Lessor”) and 

 

v

 

United States of America (“Government/Lessee”).  Note: Voids SLA #8.

 

11.                                 Supplemental Lease Agreement No. 10,  dated June 17, 2003, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

12.                                 Supplemental Lease Agreement No. 11,  dated July 10, 2003, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

13.                                 Supplemental Lease Agreement No. 12,  dated December 9, 2003, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

14.                                 Supplemental Lease Agreement No. 13,  dated December 9, 2003, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

15.                                 Supplemental Lease Agreement No. 14,  dated February 6, 2004, by
and between Hub Properties Trust (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

16.                                 Supplemental Lease Agreement No. 15,  dated April 20, 2005, by
and between HH Hub Properties Trust (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

17.                                 Supplemental Lease Agreement No. 16,  dated July 21, 2005, by
and between HH Hub Properties Trust (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

18.                                 Supplemental Lease Agreement No. 17, dated September 12, 2006, by
and between HH Hub Properties LLC (“Owner/Lessor”) and United States of America
(“Government/Lessee”).

 

19.                                 Supplemental Lease Agreement No. 18,  dated February 21, 2007, by
and between HH Hub Properties Trust (“Owner/Lessor”) and United States of
America (“Government/Lessee”).

 

20.                                 Supplemental Lease Agreement No. 19,  dated October 2, 2007, by and between HH Hub
Properties LLC (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

21.                                 Supplemental Lease Agreement No. 20, dated October 23, 2008, by and between HH Hub
Properties LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

vi

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-04B-47088), commencing July 1, 2007, by and between HH Hub
Properties LLC (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

vii

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-04B-47129), dated October 10, 2007, by and between HH Hub
Properties LLC (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

viii

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-04B-39078), dated May 1, 2000, by and between Hub
Properties Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).
-COPY

 

2.                                       Supplemental Lease No. 1, dated July 13, 2000, by and between Hub Properties
Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease No. 2, dated May 26, 2006, by and between Hub
Properties Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease No. 3, dated February 21, 2007, by and between Hub
Properties Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).
Re:  New payee HH Hub Properties LLC -COPY

 

5.                                       Supplemental Lease No. 4, dated March 12, 2010, by and between Hub Properties
Trust (“Owner/Lessor”) and United States of America (“Government/Lessee”).  – COPY

 

ix

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-04B-47094), commencing July 1, 2007, by and between HH Hub
Properties LLC (“Owner/Lessor”) and United States of America (“Government/Lessor”).

 

x

 

INDEX

Lease

 

1.                                       Lease Agreement, dated May 21, 2008, by and between HH Hub
Properties LLC (“Landlord”) and Sylvia Ford Brown, Chapter 13 Trustee (“Tenant’).

 

xi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated June 10, 1997, by and between One Memphis
Place, L.P. (“Landlord”) and David M. Schuermann (“Tenant”).

 

2.                                       First Amendment to Lease, dated August 22, 1997, by and between One
Memphis Place, L.P. (“Landlord”) and David M. Schuermann (“Tenant”).

 

3.                                       Assignment of Lease, dated August 22, 1997, by and between David M.
Schuermann (“Assignor”), Hale, Headrick & Dewey, PLLC (“Assignee”) and
One Memphis Place, L.P.(“Landlord”)

 

4.                                       Second Amendment to Lease, dated March 30, 1998, by and between One
Memphis Place, L.P. (“Landlord”) and Hale, Headrick & Dewey, PLLC (“Tenant”).

 

5.                                       Third Amendment to Lease, dated August 29, 1998, by and between Hub
Properties Trust (“Landlord”) and Hale, Headrick & Dewey, PLLC (“Tenant”).

 

6.                                       Fourth Amendment to Lease, dated May 16, 2001, by and between Hub
Properties Trust, successor in interest to One Memphis Place, L.P. (“Landlord”)
and Hale, Headrick, Dewey, Wolf, Goldwen, Thornton & Chance, PLLC,
successor in interest to Hale, Headrick & Dewey, PLLC (“Tenant”).

 

7.                                       Fifth Amendment to Lease, dated August 16, 2001, by and between Hub
Properties Trust (“Landlord”), Hale, Headrick, Dewey, Wolf, Golwen, Thornton &
Chance, PLLC (“Tenant”) and Stephen P. Hale, S. Russell Headrick, H. Tucker
Dewey and John S. Golwen (“Guarantor”).

 

8.                                       Sixth Amendment to Lease, dated July 31, 2006, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and
Husch & Eppenberger LLC, successor in interest to Hale, Headrick,
Dewey, Wolf, Golwen, Thornton & Chance, PLLC (“Tenant”).

 

9.                                       Assignment and Assumption of
Lease, dated February 29,
2008, by and between Husch & Eppenberger, LLC (“Assignor”) and Husch
Blackwell Sanders LLP (“Assignee”).

 

10.                                 Consent to Assignment and
Assumption of Lease,
dated February 29, 2008, by and between HH Hub Properties LLC 

 

xii

 

(“Landlord”),
Husch & Eppenberger, LLC (“Tenant”) and Husch Blackwell Sanders LLP (“Assignee”).

 

xiii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated June 6, 1994, by and between One Memphis
Place Venture (“Landlord”) and Leslie I. Ballin, P.C., Marvin E. Ballin, P.C.
and Randall J. Fishman, P.C. (“Tenant”).

 

2.                                       First Amendment to Lease, dated February 24, 1995, by and between One
Memphis Place L.P. (“Landlord”) and Leslie I. Ballin, P.C., Marvin E. Ballin,
P.C. and Randall J. Fishman, P.C. (“Tenant”).

 

3.                                       Second Amendment to Lease, dated August 1, 1995, by and between One
Memphis Place L.P. (“Landlord”) and Leslie I. Ballin, P.C., Marvin E. Ballin,
P.C. and Randall J. Fishman, P.C. (“Tenant”).

 

4.                                       Third Amendment to Lease, dated January 9, 2004, by and between Hub
Properties Trust, successor in interest to One Memphis Place L.P. (“Landlord”)
and Ballin, Ballin, & Fishman, P.C., successor in interest to Leslie
I. Ballin, P.C., Marvin E. Ballin, P.C. and Randall J. Fishman, P.C. (“Tenant”).

 

5.                                       Fourth Amendment to Lease, dated August 13, 2004, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and
Ballin, Ballin, & Fishman, P.C. (“Tenant”).

 

6.                                       Fifth Amendment to Lease, dated December 2, 2004, by and between HH Hub
Properties LLC (“Landlord”) and Ballin, Ballin, & Fishman, P.C. (“Tenant”).

 

7.                                       Sixth Amendment to Lease, dated May 7, 2010, by and between HH Hub
Properties LLC (“Landlord”) and Ballin, Ballin, & Fishman, P.C. (“Tenant”).

 

xiv

 

INDEX

Lease

 

1.                                       Lease Agreement, dated August 24, 2009, by and between HH Hub
Properties LLC (“Landlord”) and Corbin Johnson, PLLC (“Tenant”). Re: Ste.775.

 

2.                                       Guaranty, dated August 24, 2009, from Felicia Corbin
Johnson (“Guarantor”) to HH Hub Properties LLC (“Landlord”).

 

3.                                       Confirmation of Lease Term, dated October 5, 2009, by and between HH Hub
Properties LLC (“Landlord”) and Corbin Johnson, PLLC (“Tenant”). Re: The
Commencement Date is September 2, 2009 and the Original Term shall expire
on September 30, 2012.

 

xv

 

INDEX

Lease

 

1.                                       Lease Agreement, dated December 1, 2006, by and between HH Hub
Properties LLC (“Landlord”) and Sidney W. Gilreath (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed January 22, 2007, by HH Hub Properties
Trust LLC (“Landlord”) and Sidney W. Gilreath (“Tenant”). Re: Commencement Date
occurred on March 9, 2007, and the Original Term will expire on March 8,
2012.

 

xvi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated May 11, 2009, by and between HH Hub
Properties LLC (“Landlord”) and Barbara Loevy (“Tenant’).

 

2.                                       Confirmation of Lease Term, dated July 28, 2009, by and between HH Hub Properties
LLC (“Landlord”) and Barbara Loevy (“Tenant”). 
Commencement date is June 24, 2009, and the Original Term shall
expire on August 31, 2016.

 

xvii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated January 6, 2010, by and between HH Hub
Properties LLC (“Landlord”) and Terita Hewlett (“Tenant”).  Re: Ste. 225

 

2.                                       Confirmation of Lease Term, dated April 8, 2010, by and between HH Hub
Properties LLC (“Landlord”) and Terita Hewlett (“Tenant”).  Re: 
The Commencement Date is February 6, 2010, and the Original Term
shall expire on February 28, 2013.

 

xviii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated April 23, 2008, by and between HH Hub
Properties LLC (“Landlord”) and Baer & Baer PC (“Tenant”).

 

2.                                       Confirmation of Lease Term,  dated September 3, 2008, by and between HH Hub
Properties LLC (“Landlord”) and Baer & Baer PC (“Tenant”).  Re: 
The Commencement Date is August 15, 2008 and the Original Term
shall expire on March 14, 2016.

 

xix

 

INDEX

Lease

 

1.                                       Lease Agreement, dated August 9, 2001, by and between Hub
Properties Trust (“Landlord”)
and Butler, Snow, O’Mara, Stevens & Cannada, PLLC  (“Tenant”).

 

2.                                       First Amendment to Lease, dated September 20, 2004, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and Butler, Snow, O’Mara,
Stevens & Cannada, PLLC  (“Tenant”).

 

3.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed January 31, 2005, by HH Hub Properties
Trust LLC (“Landlord”) and Butler, Snow, O’Mara, Stevens & Cannada,
PLLC  (“Tenant”).    Re: Relocation Date occurred on September 24,
2004, and the Original Term will expire on September 30, 2007.

 

4.                                       Second Amendment to Lease, dated September 25,
2007, by and between HH Hub Properties LLC (“Landlord”) and Butler, Snow, O’Mara,
Stevens & Cannada, PLLC (“Tenant”).

 

xx

 

INDEX

Lease

 

1.                                       Lease Agreement, dated August 22, 1994, by and between One
Memphis Place L.P. (“Landlord”) and James A. Cohen and Thomas Fila (“Tenant”).

 

2.                                       First Amendment to Lease, dated September 15, 1995, by and between One
Memphis Place L.P. (“Landlord”) and James A. Cohen and Thomas Fila (“Tenant”).

 

3.                                       Second Amendment to Lease, dated November 6, 1998, by and between Hub
Properties Trust, successor in interest to One Memphis Place L.P. (“Landlord”)
and James A. Cohen and Thomas Fila (“Tenant”).

 

4.                                       Third Amendment to Lease, dated December 18, 2001, by and between Hub
Properties Trust (“Landlord”) and James A. Cohen and Thomas Fila (“Tenant”).

 

5.                                       Fourth Amendment to Lease, dated November 4, 2004, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and
James A. Cohen and Thomas Fila (“Tenant”).

 

6.                                       Fifth Amendment to Lease, dated January 10, 2007, by and between HH Hub
Properties LLC (“Landlord”) and James A. Cohen and Thomas Fila (“Tenant”).

 

7.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed September 12, 2007, by HH Hub
Properties Trust (“Landlord”) and James A. Cohen and Thomas Fila
(“Tenant”).  Re: Relocation Date occurred
on February 12, 2007.

 

xxi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated July 1, 1990, by and between One Memphis
Place Venture (“Landlord”) and Edward L. Montedonico, Jr. (“Tenant”).

 

2.                                       First Amendment to Lease, dated May 19, 1992, by and between One Memphis
Place Venture (“Landlord”) and Edward L. Montedonico, Jr. (“Tenant”).

 

3.                                       Letter — Notice of Amendment of
Paragraph 34 of the Lease Agreement,
dated September 14, 1994, from Lisa A. Groff, Property Manager, One
Memphis Place to Mr. Edward L. Montedonico, Jr.

 

4.                                       Second Amendment to Lease, dated June 14, 1995, by and between One Memphis
Place Venture, L.P. (“Landlord”) and Edward L. Montedonico, Jr.
(“Tenant”).

 

5.                                       Third Amendment to Lease, dated August 30, 1996, by and between One Memphis
Place Venture, L.P. (“Landlord”) and Edward L. Montedonico, Jr.
(“Tenant”).

 

6.                                       Fourth Amendment to Lease, dated July 25, 1997, by and between One Memphis
Place Venture, L.P. (“Landlord”) and Edward L. Montedonico, Jr.
(“Tenant”).

 

7.                                       Fifth Amendment to Lease, dated September 29, 1999, by and between Hub
Properties Trust (“Landlord”), and Edward L. Montedonico, Jr. (“Tenant”).

 

8.                                       Sixth Amendment to Lease,  dated August 11, 2004, by and between HH Hub
Properties, LLC, successor in interest to Hub Properties Trust, One Memphis
Place Venture and One Memphis Place L.P. (“Landlord”) and Edward Montedonico, Jr.
(“Tenant”).

 

9.                                       Seventh Amendment to Lease,  dated July 16, 2007, by and between HH Hub
Properties, LLC (“Landlord”) and Edward L. Montedonico, Jr. (“Tenant”).

 

xxii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated February 15, 2005, by and between HH Hub
Properties LLC (“Landlord”) and Allied Security, LLC (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed August 31, 2005, by HH Hub Properties
LLC (“Landlord”) and Allied Security, LLC (“Tenant”). Re: Commencement Date
occurred on April 1, 2005, and the Original Term will expire on March 31,
2010.

 

3.                                       First Amendment to Lease, dated February 11, 2010, by and between HH Hub
Properties Trust LLC (“Landlord”) and SpectaGuard Acquisitions, LLC, successor
in interest to Allied Security, LLC (“Tenant”).

 

xxiii

 

INDEX

Lease

 

1.                                       Antenna Lease Agreement, dated June 3, 1996, by and between One Memphis
Place, L.P. (“Lessor”) and Intercel Memphis MTA, Inc. (“Lessee”).

 

2.                                       First Amendment to Antenna Lease, dated October 31, 2006, by and between HH Hub
Properties LLC, successor in interest to One Memphis Place, L.P. (“Landlord”)
and Powertel/Memphis Inc. fka Intercel Memphis MTA, Inc. (“Tenant”).

 

3.                                       Acknowledgement and Consent
Letter for Enhancement of the Antenna Facilities Site : 9ME0004A, dated January 8, 2008, to Jennifer Monroy, CBRE
Management from Kristi Anderson, Real Estate and Zoning Manager, T-Mobile South
LLC, Powertel Memphis, Inc. d/b/a T-Mobile USA (“Tenant”) acknowledged,
accepted and agreed to by David M. Lepore, Senior Vice president HH Hub
Properties LLC.

 

4.                                       Right of Entry Agreement, dated July 1, 2009, by and between HH Hub
Properties LLC (“Owner”) and Zayo Bandwidth Tennessee, LLC (“Operator”). –COPY - original in Zayo Bandwith file.

 

xxiv

 

INDEX

Lease

 

1.                                       Lease Agreement, dated November 21, 1997, by and between One
Memphis Place, L.P. (“Lessor”) and Nextel South Corp. (“Lessee”).

 

2.                                       First Amendment to Lease, dated December 31, 2001, by and between Hub
Properties Trust, successor to the interest of One Memphis Place, L.P. (“Lessor”)
and Nextel South Corp. (“Lessee”).

 

3.                                       Second Amendment to Lease, dated January 14, 2008, by and between HH Hub
Properties LLC, successor to the interest of Hub Properties Trust (“Lessor”)
and Nextel South Corp (“Lessee”).

 

xxv

 

INDEX

Lease

 

1.                                       Lease Agreement, dated November 16 2006, by and between HH Hub
Properties LLC (“Landlord”) and Jacob Erwin and Eric Scott Hall (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, dated January 22, 2007, by and between HH Hub
Properties LLC (“Landlord”) and Jacob Erwin and Eric Scott Hall (“Tenant”).

 

xxvi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated October 29, 1997, by and between One
Memphis Place, L.P. (“Landlord”) and Federal Building Federal Credit Union (“Tenant”).

 

2.                                       First Amendment to Lease, dated April 9, 2007, by and between HH Hub
Properties LLC, successor in interest to One Memphis Place, L.P. (“Landlord”)
and Federal Building Federal Credit Union (“Tenant”).

 

xxvii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated (according to First Amendment) May 9,
2000, by and between Hub Properties Trust (“Landlord”) and James Everette
McElroy (“Tenant”).

 

2.                                       First Amendment to Lease, dated March 14, 2005, by and between HH Hub
Properties LLC, successor in interest to between Hub Properties Trust (“Landlord”)
and James Everette McElroy (“Tenant”).

 

xxviii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated March 18, 1994, by and between One
Memphis Place Venture (“Landlord”) and Memphis Cellular Telephone Company (“Tenant”).

 

2.                                       Letter Agreement, dated March 25, 2004, by and between between
Hub Properties Trust and Waller Lansden Dortch & Davis, PLLC on behalf
of Verizon Wireless Tennessee Partnership d/b/a Verizon Wireless successor to
Memphis Cellular Telephone Company.

 

3.                                       First Amendment to Lease, dated April 21, 2008, by and between HH Hub
Properties LLC, successor in interest to One Memphis Place Venture (“Landlord”)
and Verizon Wireless Tennessee Partnership d/b/a Verizon Wireless (“Tenant”).

 

xxix

 

INDEX

Lease

 

1.                                       Right of Entry Agreement, dated July 1, 2009, by and between HH Hub
Properties LLC (“Owner”) and Zayo Bandwidth Tennessee, LLC (“Operator”).

 

xxx

 

INDEX

Lease

 

1.                                       Lease Agreement, dated February 15, 2005, by and between HH Hub
Properties LLC (“Landlord”) and Allied Security, LLC (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed August 31, 2005, by HH Hub Properties
LLC (“Landlord”) and Allied Security, LLC (“Tenant”). Re: Commencement Date
occurred on April 1, 2005, and the Original Term will expire on March 31,
2010.

 

3.                                       First Amendment to Lease, dated February 11, 2010, by and between HH Hub
Properties Trust LLC (“Landlord”) and SpectaGuard Acquisitions, LLC, successor
in interest to Allied Security, LLC (“Tenant”).

 

xxxi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated July 31, 2002, by and between Hub
Properties Trust (“Landlord”) and Charles E. Waldman (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed August 7, 2002, by Hub Properties
Trust (“Landlord”) and Charles E. Waldman (“Tenant”). Re: Commencement Date
occurred on August 1, 2002, and the Original Term will expire on July 31,
2007.

 

3.                                       First Amendment to Lease, dated July 31, 2007, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and
Charles E. Waldman (“Tenant”).

 

xxxii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated June 29, 1995, by and between One Memphis
Place, L.P. (“Landlord”) and The Wagerman Law Firm, Howard L. Wagerman (“Tenant”).

 

2.                                       First Amendment to Lease, dated May 14, 2002, by and between Hub
Properties Trust, successor to the interest to One Memphis Place, L.P. (“Landlord”)
and The Wagerman Law Firm, Howard L. Wagerman (“Tenant”)

 

3.                                       Second Amendment to Lease, dated July 26, 2007, by and between HH Hub
Properties LLC, successor in interest to Hub Properties Trust (“Landlord”) and
The Wagerman Law Firm, Howard L. Wagerman (“Tenant”)

 

xxxiii

 

INDEX

Lease

 

1.                                       Lease, dated May 12, 2010, by and between HH Hub
Properties LLC (“Landlord”) and United Gold, LLC (“Tenant”). Re:  Ste. 1350

 

xxxiv

 

INDEX

Lease

 

1.                                       Lease Agreement, dated March 12, 2008, by and between HH Hub
Properties LLC (“Landlord”) and Alonzo Thompson and Cedric Anderson (“Tenant”).

 

xxxv

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

RETURN TO:

CHICAGO TITLE INSURANCE CO.

6060 POPLAR AVE.-SUITE LL37

MEMPHIS, TN 38119-0916

 

#2039279 [ILLEGIBLE]

 

[One Memphis Place, TN]

 

This Instrument Prepared
by and after recording return to::

 

Elizabeth S. Wigon, Esq. 

Sullivan & Worcester LLP 

One Post Office Square 

Boston, MA 02109

 

QUITCLAIM DEED

 

KNOW ALL PERSONS
BY THESE PRESENTS that HUB PROPERTIES TRUST, a Maryland real estate investment
trust whose address is 400 Centre Street, Newton, MA 02458 (“Grantor”),
for and in consideration of Five Dollars ($5.00) cash in hand paid, and other
good and valuable consideration, the receipt of all of which is hereby
acknowledged, does hereby bargain, sell, remise, release, quitclaim and convey
unto HH HUB PROPERTIES LLC, a Delaware limited liability company, whose address
is 400 Centre Street, Newton, MA 02458 (“Grantee”), all of Grantor’s
right, title and interest in and to the following described real estate
situated and being in the City of Memphis, County of Shelby, State of
Tennessee, to-wit:

 

All that certain
real estate described in Exhibit A attached hereto and incorporated
herein by reference.

 

This being the
same real estate conveyed to Grantor by Quitclaim Deed of record as Instrument
No. 03076804 on April 22, 2003 in the Shelby County Register’s Office. The
foregoing legal description was taken from the previous deed of record, no new
boundary survey having been prepared in connection with this conveyance.

 

Property Address:

 

200 Jefferson Avenue 

One Memphis Place 

Memphis, TN

 

	
  mail Tax Bills to: Owner

  	
   

  	
  Re-Recording

  
	
   

  	
   

  	
   

  
	
  Hub Properties Trust

  	
   

  	
  Please
  Record & Return to: 101-2711

  
	
  400 Centre Street

  	
   

  	
  Bridge Service Corp.

  
	
  Newton, MA 02458

  	
   

  	
  800-225-2736

  
	
  ATTN: John A. Mannix,
  President

  	
   

  	
  277 Broadway, #1710

  
	
  Tax Parcel Nos.: 02-28-1C, 02-28-19, 02-28-20C

  	
   

  	
  New York, NY 10007-2001

  

 

THIS DEED IS BEING
RE-RECORDED TO CORRECT A SCRIVENER’S ERROR.

 

2

 

THE DECLARATION OF
TRUST ESTABLISHING GRANTOR, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS
THERETO (THE “DECLARATION”), IS DULY FILED WITH
THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND, PROVIDES
THAT THE NAME “HUB PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE
DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND
THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF GRANTOR SHALL BE
HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY FOR ANY OBLIGATION OF, OR
CLAIM AGAINST GRANTOR. ALL PERSONS DEALING WITH GRANTOR, IN ANY WAY, SHALL LOOK
ONLY TO THE ASSETS OF GRANTOR FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF
ANY OBLIGATION.

 

IN WITNESS
WHEREOF, the said Grantor has caused this instrument to be executed and its
name to be assigned hereto by its authorized officer as of the 30th day of December, 2003.

 

 

	
   

  	
  GRANTOR:

  
	
   

  	
   

  
	
   

  	
  HUB PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name: 

  	
  John A. Mannix

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
  COMMONWEALTH OF
  MASSACHUSETTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF MIDDLESEX

  	
   

  	
   

  

 

Before me, the undersigned authority, a Notary Public in and for said
county and state, personally appeared the within named bargainor, John A.
Mannix, with whom I am personally acquainted (or proved to me on the basis of
satisfactory evidence), and who upon oath acknowledged himself/herself to be
the President of HUB PROPERTIES TRUST, the within named bargainor, a real
estate investment trust, and that he/she as such officer being authorized so to
do, executed the within instrument for the purposes therein contained by
signing the name of said corporation by himself/herself as such President.

 

Witness my hand
and official seal of office in the aforesaid county, this 23rd day of December, 2003.

 

	
  My commission
  expires:  August 18, 2006

  	
  /s/ Nancy M. Coyne

  
	
   

  	
  Notary Public

  
	
   

  	
  Nancy M. Coyne

  

 

 

3

 

COMMONWEALTH OF
MASSACHUSETTS 

COUNTY OF SUFFOLK

 

I hereby swear or
affirm that to the best of affiant’s knowledge, information and belief that the
actual consideration for this transfer, is $5.00.

 

	
   

  	
  /s/ John A. Mannix

  
	
   

  	
  Affiant John A. Mannix

  

 

 

Sworn to and subscribed
before me

this 29th day
of December, 2003.

 

	
  /s/ Laura H. Brophy

  	
   

  
	
  Notary Public Laura H.
  Brophy

  	
   

  
	
  My commission
  expires:  12/23/2005

  	
   

  

[SEAL]

 

4

 

Exhibit A

 

The Premises

 

[See attached copy.]

 

THE PREPARER OF THIS
INSTRUMENT MAKES NO WARRANTIES OR REPRESENTATIONS CONCERNING THE STATUS OF THE
TITLE TO THE ABOVE PREMISES OR THE DESCRIPTION OF THE PROPERTY HEREIN OR THE
ACCURACY THEREOF, SINCE THE DESCRIPTION HAS BEEN PREPARED FROM INFORMATION
FURNISHED TO THE PREPARER BY OTHER PARTIES.

 

5

 

“EXHIBIT A”

 

PARCEL I

 

Being all of Lot 410 of the Original Plan
of Memphis as recorded in instrument Number AE [ILLEGIBLE] (Tract 3) of the Shelby
County Register’s Office and being more particularly described by metes and
bounds as follows

 

Beginning of the intersection of the
east right of way line of North Third Street (66 feet wide), with the south
right of way line of Adams Avenue (66 feet wide); thence South [ILLEGIBLE] East
along said south right of way line of Adams Avenue a distance of 150.65 feet to
an iron pin set in the west line of Fourth Alley (24.75 feet wide); thence
South [ILLEGIBLE] West along the west line of Fourth Alley a distance of 149.34
feet to a set iron pin of the intersection of said west line of Fourth Alley
and north right of way line of Adams Alley (16.5 feet wide) (not open); thence
South [ILLEGIBLE] West along said north right of way line of Adams Alley a
distance of 150.45 feet to a set iron pin in the east right of way of North
Third Street; thence North [ILLEGIBLE] East along the east line of North Third
Street a distance of 150.60 feet to the point of beginning

 

PARCEL II

 

*Y4-9127 and Instrument No.

Being all of Lot 411 of the Original Plan of
Memphis as recorded in instrument number AE 7199 (Tract 1) and also being a closed
portion of Adams Alley as recorded in instrument number AE 7199 (part of Tract
4) of the Shelby County Register’s Office and being more particularly described
by metes and bounds as follows:

 

Beginning of a point in the east right of way line
of North Third Street (66 feet wide) said point being North [ILLEGIBLE] East a distance of 19.98
feet from the P.I. intersection of said east right of way line of North Third
Street and the north right of way line of Jefferson Avenue (66 feet wide);
thence North [ILLEGIBLE]
East along said east right of way line of North Third Street a distance of
145.16 feet to a set iron pin of the intersection of said east right of way
line of North Third Street and the south right of way line of Adams Alley (16.5
feet wide) (not open); thence North [ILLEGIBLE] East along said south right of
way line of Adams Alley a distance of 150.45 feet to a set iron pin, in the
west line of Fourth Alley (24.75 feet wide); thence South [ILLEGIBLE] West along the west line
of Fourth Alley a distance of 165.63 feet to a set iron pin of the intersection
of said west line of Fourth Alley and north right of way line of Jefferson
Avenue, thence North [ILLEGIBLE] West along said north right of
way line of Jefferson Avenue a distance of 130.24 feet to a point of curvature, thence northwestwardly along the arc of a curve
to the right having a radius of 20.00 feet on arc distance of 31.39 feet (chord
= North [ILLEGIBLE] West 28.27 feet) to the point of beginning

 

PARCEL III

 

Being an easement and lease across
Fourth Alley for an elevated walkway and being more particularly described by
metes and bounds as follows:

 

Beginning of the southeast corner of
parcel II, thence North [ILLEGIBLE] East along the east line of said Parcel II
and the west line of Fourth Alley (24.75 feet wide) a distance of 34.14 feet to
the point of beginning; thence continuing North [ILLEGIBLE] East along said
east line of parcel II and west line of Fourth Alley a distance of 19.61 feet
to a point, thence North [ILLEGIBLE] East a distance of 24.76 feet to a point
in the east line of said Fourth Alley and the west line of Parcel IV, thence
South [ILLEGIBLE] West along said east line of Fourth Alley and west line of
Parcel IV a distance of 19.61 feet to a point; thence South [ILLEGIBLE] West a
distance of 24.76 feet to the point of beginning

 

6

 

“EXHIBIT A” Continued

 

PARCEL IV

 

Being all of Lot 550 & Part of Lot 551 in County Lot 478 of the
Original Plan of Memphis as recorded in instrument number AE 7199 (part of
Tract 2) of the Shelby County Register’s Office and being more particularly
described by moles and bounds as follows:

 

Beginning of a found [ILLEGIBLE] mark of the intersection
of the east line of Fourth Alley (24.75 feet wide) and the north right of way
line of Jefferson Avenue ([ILLEGIBLE] feet wide) thence; North [ILLEGIBLE] East along said east line
of Fourth Alley a distance of 135.97 feet to a point of curvature, thence northeastwardly along the arc of a curve
to the right having a radius of 12.00 feet an arc distance of 16.52 feet (chord [ILLEGIBLE] North [ILLEGIBLE] East 16.74 feet) to a
point in the south line of Adams Alley; thence North [ILLEGIBLE] East along the south line
of said alley a distance of 203.00 feet to a point; thence North [ILLEGIBLE] West a distance of 1.50
feet to a point in the south line of Adams Alley (16.50 feet wide), thence
North [ILLEGIBLE]
East along said south line of Alley a distance of 3.65 feet to a set iron [ILLEGIBLE] thence South [ILLEGIBLE] West a distance of 149.93
feet to a set iron pin in the north line of Jefferson Avenue; thence North [ILLEGIBLE] West [ILLEGIBLE] said north right of way
line of Jefferson Avenue a distance of [ILLEGIBLE] feet to the point of [ILLEGIBLE]

 

PARCEL V

 

Being part of lot 551 in County lot 478 of the Original Plan of Memphis
as recorded in instrument Number AE 7199 (part of Tract 2) of the Shelby County
Register’s Office and being more particularly described by moles and bounds as
follows:

 

Beginning of a set iron pin in the north right of way line of Jefferson
Avenue ([ILLEGIBLE]
feet wide), said iron pin being [ILLEGIBLE] feet east of the east line
Fourth Alley 24.75 feet wide); thence North [ILLEGIBLE] East a distance of 149.93 feet to a set iron pin; thence
North [ILLEGIBLE]
East along said south line of Alley a distance of 155.84 feet to a point of the
northwest corner of the [ILLEGIBLE] property as recorded in
instrument Number [ILLEGIBLE] of the Shelby County Register’s
Office, thence South [ILLEGIBLE] West along the [ILLEGIBLE] line of said [ILLEGIBLE] property a distance of 150.45
feet to a found iron pin of the southwest corner of said Spyros K. Vrionis & wife
property, said point also being in said north right of way line of Jefferson
Avenue, thence North [ILLEGIBLE] West along said north right of
way line of Jefferson Avenue a distance of 155.84 feet to the point of
beginning

 

7

 

 

Tom Leatherwood

Shelby County Register

 

As evidenced by the instrument number shown
below, this document has been recorded as a permanent record in the archives of
the Office of the Shelby County Register.

 

12/31/2003 – 02:25 PM

 

	
  6
  PGS: R – QUIT CLAIM

  	
   

  	
   

  	
   

  
	
  MAX
  195485 – 3252614

  	
   

  	
   

  	
   

  
	
  VALUE

  	
   

  	
  5.00

  	
   

  
	
  MORTGAGE
  TAX

  	
   

  	
  0.00

  	
   

  
	
  TRANSFER
  TAX

  	
   

  	
  0.00

  	
   

  
	
  RECORDING
  FEE

  	
   

  	
  30.00

  	
   

  
	
  DP
  FEE

  	
   

  	
  2.00

  	
   

  
	
  REGISTER’S
  FEE

  	
   

  	
  0.00

  	
   

  
	
  WALK
  THRU FEE

  	
   

  	
  0.00

  	
   

  
	
  TOTAL
  AMOUNT

  	
   

  	
  32.00

  	
   

  

 

TOM LEATHERWOOD

REGISTER OF
DEEDS SHELBY COUNTY TENNESSEE

 

160 N. Main St., Suite 519 ~ Memphis,
Tennessee 38103 ~ (901) 545-4366

http://register.shelby.tn.us

 

8

 

 

Tom Leatherwood

Shelby County Register

 

As evidenced by the instrument number shown
below, this document has been recorded as a permanent record in the archives of
the Office of the Shelby County Register.

 

10/07/2005 – 09:35 AM

 

	
  7
  PGS: R – QUIT CLAIM

  	
   

  	
   

  	
   

  
	
  FRED
  350274 – 5164672

  	
   

  	
   

  	
   

  
	
  VALUE

  	
   

  	
  0.00

  	
   

  
	
  MORTGAGE
  TAX

  	
   

  	
  0.00

  	
   

  
	
  TRANSFER
  TAX

  	
   

  	
  0.00

  	
   

  
	
  RECORDING
  FEE

  	
   

  	
  35.00

  	
   

  
	
  DP
  FEE

  	
   

  	
  2.00

  	
   

  
	
  REGISTER’S
  FEE

  	
   

  	
  0.00

  	
   

  
	
  WALK
  THRU FEE

  	
   

  	
  0.00

  	
   

  
	
  TOTAL
  AMOUNT

  	
   

  	
  37.00

  	
   

  

 

TOM LEATHERWOOD

REGISTER OF
DEEDS SHELBY COUNTY TENNESSEE

 

160 N. Main St., Suite 519 ~ Memphis,
Tennessee 38103 ~ (901) 545-4366

http://register.shelby.tn.us

 

9Exhibit 10.10

 

3285 E. Hemisphere Loop, Tucson, AZ

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB REALTY
FUNDING, INC.,

 

as
Seller,

 

and

 

GOVERNMENT
PROPERTIES INCOME TRUST,

 

as
Purchaser

 

 

June 14,
2010

 

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title
  Policy

  	
  2

  
	
  1.7

  	
  Improvements

  	
  2

  
	
  1.8

  	
  Land

  	
  2

  
	
  1.9

  	
  Leases

  	
  2

  
	
  1.10

  	
  Other Property

  	
  2

  
	
  1.11

  	
  Permitted
  Exceptions

  	
  2

  
	
  1.12

  	
  Property

  	
  2

  
	
  1.13

  	
  Purchase Price

  	
  2

  
	
  1.14

  	
  Purchaser

  	
  3

  
	
  1.15

  	
  Rent Roll

  	
  3

  
	
  1.16

  	
  Seller

  	
  3

  
	
  1.17

  	
  Title Company

  	
  3

  
	
  1.18

  	
  Update

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  PURCHASE AND
  SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and
  Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  4

  
	
  3.1

  	
  Title

  	
  4

  
	
  3.2

  	
  No Other
  Diligence

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  CONDITIONS TO
  THE PURCHASER’S OBLIGATION TO CLOSE

  	
  6

  
	
  4.1

  	
  Closing
  Documents

  	
  6

  
	
  4.2

  	
  Title Policy

  	
  7

  
	
  4.3

  	
  Environmental
  Reliance Letters

  	
  7

  
	
  4.4

  	
  Condition of
  Property

  	
  7

  
	
  4.5

  	
  Other Conditions

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS TO
  SELLER’ OBLIGATION TO CLOSE

  	
  8

  
	
  5.1

  	
  Purchase Price

  	
  8

  
	
  5.2

  	
  Closing
  Documents

  	
  8

  
	
  5.3

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REPRESENTATIONS
  AND WARRANTIES OF SELLER

  	
  8

  
	
  6.1

  	
  Status and
  Authority of the Seller, Etc.

  	
  8

  
	
  6.2

  	
  Action of the Seller, Etc.

  	
  8

  
	
  6.3

  	
  No Violations of
  Agreements

  	
  8

  
	
  6.4

  	
  Litigation

  	
  9

  

 

i

 

	
  6.5

  	
  Existing
  Leases, Etc.

  	
  9

  
	
  6.6

  	
  Agreements, Etc.

  	
  10

  
	
  6.7

  	
  Not a Foreign
  Person

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  REPRESENTATIONS
  AND WARRANTIES OF PURCHASER

  	
  11

  
	
  7.1

  	
  Status and
  Authority of the Purchaser

  	
  12

  
	
  7.2

  	
  Action of the
  Purchaser

  	
  12

  
	
  7.3

  	
  No Violations of
  Agreements

  	
  12

  
	
  7.4

  	
  Litigation

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  COVENANTS OF THE
  SELLER

  	
  13

  
	
  8.1

  	
  Approval of
  Agreements

  	
  13

  
	
  8.2

  	
  Operation of
  Property

  	
  13

  
	
  8.3

  	
  Compliance with
  Laws, Etc.

  	
  13

  
	
  8.4

  	
  Compliance with
  Agreements

  	
  13

  
	
  8.5

  	
  Notice of
  Material Changes or Untrue Representations

  	
  13

  
	
  8.6

  	
  Insurance

  	
  13

  
	
  8.7

  	
  Cooperation

  	
  13

  
	
  8.8

  	
  Approval of 2011
  Capital Expenditure Budget

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  14

  
	
  9.1

  	
  Real Property
  Apportionments

  	
  14

  
	
  9.2

  	
  Closing Costs

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  DAMAGE TO OR
  CONDEMNATION OF PROPERTY

  	
  17

  
	
  10.1

  	
  Casualty

  	
  17

  
	
  10.2

  	
  Condemnation

  	
  17

  
	
  10.3

  	
  Survival

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFAULT

  	
  18

  
	
  11.1

  	
  Default by the
  Seller

  	
  18

  
	
  11.2

  	
  Default by the
  Purchaser

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  18

  
	
  12.1

  	
  Allocation of
  Liability

  	
  18

  
	
  12.2

  	
  Brokers

  	
  19

  
	
  12.3

  	
  Publicity

  	
  19

  
	
  12.4

  	
  Notices

  	
  19

  
	
  12.5

  	
  Waivers, Etc.

  	
  21

  
	
  12.6

  	
  Assignment;
  Successors and Assigns

  	
  21

  
	
  12.7

  	
  Severability

  	
  21

  
	
  12.8

  	
  Counterparts, Etc.

  	
  22

  
	
  12.9

  	
  Performance on
  Business Days

  	
  22

  
	
  12.10

  	
  Attorneys’ Fees

  	
  22

  
	
  12.11

  	
  Section and
  Other Headings

  	
  22

  
	
  12.12

  	
  Time of Essence

  	
  22

  
	
  12.13

  	
  Governing Law

  	
  23

  
	
  12.14

  	
  Arbitration

  	
  23

  
	
  12.15

  	
  Like Kind
  Exchange

  	
  24

  
	
  12.16

  	
  Recording

  	
  24

  

 

ii

 

	
  12.17

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.18

  	
  Waiver

  	
  25

  
	
  12.19

  	
  Further
  Assurances

  	
  25

  
	
  12.20

  	
  Financials

  	
  25

  
	
  12.21

  	
  State Specific
  Provisions

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
REALTY FUNDING, INC., a Delaware corporation (the “Seller”),
and GOVERNMENT PROPERTIES INCOME TRUST, a Maryland real estate investment
trust (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Seller is the owner of the Property (this and
other capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in Section 1); and

 

WHEREAS, the Seller wishes to sell to the Purchaser, and the
Purchaser desires to purchase from the Seller, the Property, subject to and
upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, the Seller and the
Purchaser hereby agree as follows:

 

SECTION 1.         DEFINITIONS.

 

Capitalized terms used in this
Agreement shall have the meanings set forth below or in the section of this
Agreement referred to below:

 

1.1           “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.

 

1.2           “Business Day”  shall mean any day other than a Saturday,
Sunday or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.

 

1.3           “Closing”  shall have the meaning given such term in Section 2.2.

 

1.4           “Closing Date”  shall have the meaning given such term in Section 2.2.

 

1.5           “Existing Survey”  shall
mean the existing ALTA survey of the Property.

 

 

1.6           “Existing Title Policy”  shall mean the existing title
insurance policy for the Property.

 

1.7           “Improvements”  shall mean, the Seller’s
entire right, title and interest in and to the existing office buildings,
fixtures and other structures and improvements situated on, or affixed to, the
Land.

 

1.8           “Land” 
shall mean, the Seller’s entire right, title and interest in and to (a) the
parcel(s) of land described in Schedule A hereto, together with (b) all
easements, rights of way, privileges, licenses and appurtenances which the
Seller may own with respect thereto.

 

1.9           “Leases” 
shall mean the leases identified in the Rent Roll and any other leases
hereafter entered into in accordance with the terms of this Agreement.

 

1.10         “Other Property”  shall
mean the Seller’s entire right, title and interest in and to (a) all
fixtures, machinery, systems, equipment and items of personal property owned by
the Seller and attached or appurtenant to, located on and used in connection
with the ownership, use, operation or maintenance of the Land or Improvements,
if any, and (b) all intangible property owned by the Seller arising from
or used in connection with the ownership, use, operation or maintenance of the
Land or Improvements, if any.

 

1.11         “Permitted Exceptions”  shall mean, collectively, (a) liens for
taxes, assessments and governmental charges not yet due and payable or due and
payable but not yet delinquent; (b) the Leases; (c) the exceptions to
title set forth in the Existing Title Policy; (d) all matters shown on the
Existing Survey, and (e) such other nonmonetary encumbrances with respect
to the Property as may be shown on the Update which are not objected to by the
Purchaser (or which are objected to, and subsequently waived, by the Purchaser)
in accordance with Section 3.1.

 

1.12         “Property” 
shall mean, collectively, all of the Land, the Improvements and the
Other Property.

 

1.13         “Purchase Price”  shall mean Two Million Eight Hundred
Eighty-Four Thousand Two Hundred Sixty-Six Dollars ($2,884,266).

 

2

 

1.14         “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.15         “Rent Roll”  shall mean Schedule B to this
Agreement.

 

1.16         “Seller” 
shall have the meaning given such term in the preambles to this
Agreement, together with any permitted successors and assigns.

 

1.17         “Title Company”  shall mean Stewart Title Guaranty Company.

 

1.18         “Update”  shall have the meaning given such
term in Section 3.1.

 

SECTION 2.         PURCHASE AND SALE; CLOSING.

 

2.1           Purchase and Sale.  In consideration of the payment of the
Purchase Price by the Purchaser to the Seller and for other good and valuable
consideration, the Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from the Seller, the Property for the
Purchase Price, subject to and in accordance with the terms and conditions of
this Agreement.

 

2.2           Closing.  The purchase and sale of the Property shall
be consummated at a closing (the “Closing”) to be held at the offices of
Sullivan & Worcester LLP, One Post Office Square, Boston,
Massachusetts, or at such other location as the Seller and the Purchaser may
agree, at 10:00 a.m., local time, on July 16, 2010, as the same may
be accelerated or extended pursuant to this Section 2.2 (the “Closing Date”).

 

Notwithstanding the foregoing,
either party may accelerate the Closing Date, by giving not less than ten (10) Business
Days prior written notice (an “Acceleration Notice”) to the other, in
which event the Closing Date shall be the date set forth in such Acceleration
Notice, unless the party receiving the Acceleration Notice gives written notice
(a “Rejection Notice”) to the other within five (5) Business Days
after its receipt of the Acceleration Notice, which Rejection Notice either
objects to the accelerated date set forth in the Acceleration Notice or
proposes an alternative accelerated date acceptable to the other party.  In the event that any party shall give a
Rejection Notice, the Closing Date shall either be not accelerated and shall
occur as set forth in the first paragraph of this Section

 

3

 

2.2 or accelerated to such proposed alternative accelerated
Closing Date; provided, however, that the Seller shall have the
right to give a Rejection Notice only if the acceleration of the Closing Date
will adversely effect the Seller’s ability to conclude a like kind exchange
pursuant to Section 12.15, and the Purchaser shall have the right
to give a Rejection Notice only if the acceleration of the Closing Date will
adversely effect any financing of the acquisition.

 

In addition, the Purchaser may
extend the Closing Date for up to one hundred eighty (180) days (but no later
than March 31, 2011), by giving not less than ten (10) Business Days
prior written notice (an “Extension Notice”) to the Seller, in which
event the Closing Date shall be the date set forth in such Extension Notice
unless the Seller gives written notice (an “Extension Rejection Notice”)
to the Purchaser within five (5) Business Days after its receipt of the
Extension Notice which Extension Rejection Notice either objects to the
extended date set forth in the Extension Notice or proposes an alternative
extended date acceptable to the Purchaser, in which event, the Closing Date
shall either be not extended and shall occur as set forth in the first
paragraph of this Section 2.2 or extended to such proposed
alternative extended Closing Date; provided, however, that the
Seller shall have the right to give an Extension Rejection Notice only if the
extension of the Closing Date will adversely effect the Seller’s ability to
conclude a like kind exchange pursuant to Section 12.15, and the
Purchaser shall have the right to give an Extension Notice only if the
extension of the Closing Date will adversely affect any financing of the
acquisition.

 

2.3           Purchase Price.

 

(a)   At Closing, the
Purchaser shall pay the Purchase Price, subject to adjustment as provided in Article 9,
to the Seller.

 

(b)   The
Purchase Price, as adjusted as provided herein, shall be payable by wire
transfer of immediately available funds on the Closing Date to an account or
accounts to be designated by the Seller.

 

SECTION 3.         TITLE, DILIGENCE MATERIALS, ETC.

 

3.1           Title.  Prior to the execution of this Agreement, the
Seller has delivered the Existing Title Policy and the Existing Survey to the
Purchaser.

 

4

 

Within five (5) days after the
execution hereof, the Purchaser shall order an update to the Existing Title
Policy (an “Update”) from the Title Company.  The Purchaser shall deliver to the Seller a
copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set
forth on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser
shall make any such election by written notice to the  Seller given on or prior to the fifth (5th)
Business Day after the Seller’s notice of its unwillingness or inability to
cure (or deemed election not to cure) such defect and time shall be of the
essence with respect to the giving of such notice.  Failure of the Purchaser to give such notice
shall be deemed an election by the Purchaser to proceed in accordance with
clause (ii) above.

 

3.2           No Other Diligence.  The
Purchaser acknowledges that, except as provided in Section 3.1,
(i) the Purchaser has had the opportunity to fully investigate and inspect
the physical and environmental condition of the Property, and to review and
analyze all title examinations, surveys, environmental assessment reports,
building evaluations, financial data and other investigations and materials
pertaining to the Property which the Purchaser deems necessary to determine the
feasibility of the Property and its decision to acquire the Property, (ii) the
Purchaser shall not be conducting any further title examinations, surveys,
environmental assessments, building evaluations, financial analyses or other
investigations with respect to the Property, and (iii) the Purchaser shall
not have any right to terminate this Agreement as a result of any title 

 

5

 

examinations,
surveys, environmental assessments, building valuations, financial analyses or
other investigations with respect to the Property.

 

SECTION 4.                                                    CONDITIONS TO THE PURCHASER’S
OBLIGATION TO CLOSE.

 

The obligation of the Purchaser to
acquire the Property shall be subject to the satisfaction of the following
conditions precedent on and as of the Closing Date:

 

4.1           Closing Documents.  The Seller shall have delivered, or cause to
have been delivered, to the Purchaser the following:

 

(a)   A good and
sufficient deed in the form attached as Schedule C hereto, with respect
to the Property, in proper statutory form for recording, duly executed and
acknowledged by the Seller, conveying title to the Property, free from all
liens and encumbrances other than the Permitted Exceptions;

 

(b)   An assignment
by the Seller and an assumption by the Purchaser, in form and substance
reasonably satisfactory to the Seller and the Purchaser, duly executed and
acknowledged by the Seller and the Purchaser, of all of the Seller’s right,
title and interest in, to and under the Leases and including, without
limitation, (i) the Seller’s
agreement to request the tenants thereunder to provide novation or other
agreements as may be required under the Leases in connection with the
assignment thereof to the Purchaser, and (ii) the Seller’s agreement to,
within one (1) Business Day of receipt thereof, transfer to the Purchaser
all rent and other payments made by the tenants under the Leases with respect
to the period from and after the Closing Date, and to hold all such rent and
other payments in trust for the benefit of the Purchaser pending transfer;

 

(c)   An assignment
by the Seller and an assumption by the Purchaser, in form and substance
reasonably satisfactory to the Seller and the Purchaser, duly executed and
acknowledged by the Seller and the Purchaser, of all of the Seller’s right,
title and interest, if any, in, to and under all transferable licenses, contracts,
permits and agreements affecting the Property;

 

(d)   A bill of
sale by the Seller, without warranty of any kind, in form and substance
reasonably satisfactory to the Seller and the Purchaser, with respect to any
personal property owned by the Seller, situated at the Property and used
exclusively by the Seller in connection with the Property (it 

 

6

 

being understood and agreed that no
portion of the Purchase Price is allocated to personal property);

 

(e)   To the extent
the same are in the Seller’s possession, original, fully executed copies of all
material documents and agreements, plans and specifications and contracts,
licenses and permits pertaining to the Property;

 

(f)    To the
extent the same are in the Seller’s possession, duly executed original copies
of the Leases;

 

(g)   A closing
statement showing the Purchase Price, apportionments and fees, and costs and
expenses paid in connection with the Closing; and

 

(h)   Such other
conveyance documents, certificates, deeds and other instruments as the
Purchaser, the Seller or the Title Company may reasonably require and as are
customary in like transactions in sales of property in similar transactions.

 

4.2           Title Policy.  The Title Company shall be prepared to issue,
upon payment of the title premium at its regular rates, a title policy in the
amount of the Purchase Price, insuring title to the Property is vested in the
Purchaser or its designee or assignee, subject only to the Permitted
Exceptions, with such endorsements as shall be reasonably required by the
Purchaser.

 

4.3           Environmental Reliance Letters.  The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.

 

4.4           Condition of Property.  The Property shall be in substantially
the same physical condition as on the date of this Agreement, ordinary wear and
tear and, subject to Section 10.1, casualty excepted.

 

4.5           Other Conditions.  All representations and warranties of the
Seller herein shall be true, correct and complete in all material respects on
and as of the Closing Date and the Seller shall have performed in all material
respects all covenants and obligations required to be performed by the Seller
on or before the Closing Date.

 

7

 

SECTION 5.         CONDITIONS TO SELLER’ OBLIGATION TO CLOSE.

 

The obligation of the Seller to
convey the Property to the Purchaser is subject to the satisfaction of the
following conditions precedent on and as of the Closing Date:

 

5.1           Purchase Price.  The Purchaser shall deliver to the Seller the
Purchase Price payable hereunder, subject to the adjustments set forth in Section 2.3,
together with any closing costs to be paid by the Purchaser under Section 9.2.

 

5.2           Closing Documents.  The Purchaser shall have delivered
to the Seller duly executed and acknowledged counterparts of the documents
described in Section 4.1, where applicable.

 

5.3           Other Conditions.  All representations and warranties of the
Purchaser herein shall be true, correct and complete in all material respects
on and as of the Closing Date and the Purchaser shall have performed in all
material respects all covenants and obligations required to be performed by the
Purchaser on or before the Closing Date.

 

SECTION 6.         REPRESENTATIONS AND WARRANTIES OF SELLER.

 

To induce the Purchaser to enter
into this Agreement, the Seller represents and warrants to the Purchaser as
follows:

 

6.1           Status and Authority
of the Seller, Etc.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.

 

6.2           Action of the Seller, Etc.  The Seller has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and upon
the execution and delivery of any document to be delivered by the Seller on or
prior to the Closing Date, this Agreement and such document shall constitute
the valid and binding obligation and agreement of the Seller, enforceable
against the Seller in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws of general application affecting the rights and remedies of creditors.

 

6.3           No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Seller, nor compliance with the terms and
provisions hereof, will result in 

 

8

 

any breach of the terms, conditions or provisions of, or
conflict with or constitute a default under, or result in the creation of any
lien, charge or encumbrance upon the Property pursuant to the terms of any
indenture, mortgage, deed of trust, note, evidence of indebtedness or any other
agreement or instrument by which the Seller is bound.

 

6.4           Litigation.  To the Seller’s actual knowledge, it has not
received written notice that any investigation, action or proceeding is pending
or threatened, which (i) questions
the validity of this Agreement or any action taken or to be taken pursuant
hereto, or (ii) involves
condemnation or eminent domain proceedings against the Property or any portion
thereof.

 

6.5           Existing Leases, Etc.  Subject to Section 8.1, other than the Leases listed in the Rent Roll,
the Seller has not entered into a contract or agreement with respect to the
occupancy of the Property that will be binding on the Purchaser after the Closing.  To the Seller’s actual knowledge: (a) the
copies of the Leases heretofore delivered by the Seller to the Purchaser are
true, correct and complete copies thereof; and (b) such Leases have not
been amended except as evidenced by amendments similarly delivered and
constitute the entire agreement between the Seller and the tenants
thereunder.  Except as otherwise
set forth in the Rent Roll or the Leases: (i) to the Seller’ actual
knowledge, each of its Leases is in full force and effect on the terms set
forth therein; (ii) to the Seller’s actual knowledge, there are no uncured
defaults or circumstances which with the giving of notice, the passage of time
or both would constitute a default thereunder which would have a material
adverse effect on the business or operations of the Property; (iii) to the
Seller’s actual knowledge, each of its tenants is legally required to pay all
sums and perform all material obligations set forth therein without any ongoing
concessions, abatements, offsets, defenses or other basis for relief or
adjustment; (iv) to the Seller’s actual knowledge, none of its tenants has
asserted in writing or has any defense to, offsets or claims against, rent
payable by it or the performance of its other obligations under its Lease which
would have a material adverse effect on the on-going business or operations of
the Property; (v) the Seller has no outstanding obligation to provide any
of its tenants with an allowance to perform, or to perform at its own expense,
any tenant improvements; (vi) none of its tenants has prepaid any rent or
other charges relating to the post-Closing period; (vii) to the Seller’s
actual knowledge, none of its tenants has filed a petition in bankruptcy or for
the approval of a plan of 

 

9

 

reorganization
or management under the Federal Bankruptcy Code or under any other similar
state law, or made an admission in writing as to the relief therein provided,
or otherwise become the subject of any proceeding under any federal or state
bankruptcy or insolvency law, or has admitted in writing its inability to pay
its debts as they become due or made an assignment for the benefit of
creditors, or has petitioned for the appointment of or has had appointed a
receiver, trustee or custodian for any of its property, in any case that would
have a material adverse effect on the business or operations of the Property; (viii) to
the Seller’s actual knowledge, none of its tenants has requested in writing a
modification of its Lease, or a release of its obligations under its Lease in
any material respect or has given written notice terminating its Lease, or has
been released of its obligations thereunder in any material respect prior to
the normal expiration of the term thereof, in any case that would have a
material adverse effect on the on-going business or operations of the Property;
(ix) to the Seller’s actual knowledge, except as set forth in the Leases,
no guarantor has been released or discharged, voluntarily or involuntarily, or
by operation of law, from any obligation under or in connection with any of its
Leases or any transaction related thereto; and (x) all brokerage
commissions currently due and payable with respect to each of its Leases have
been paid.  To the Seller’s actual knowledge,
the other information set forth in the Rent Roll is true, correct and complete
in all material respects.

 

6.6           Agreements, Etc.  Other than the Leases, the Seller has not
entered into any contract or agreement with respect to the Property which will
be binding on the Purchaser after the Closing other than contracts and
agreements being assumed by the Purchaser or which are terminable upon thirty
(30) days notice without payment of premium or penalty.

 

6.7           Not a Foreign Person.  The Seller is not a “foreign person” within
the meaning of Section 1445 of the United States Revenue Code of 1986, as
amended, and the regulations promulgated thereunder.

 

The representations and warranties
made in this Agreement by the Seller shall be continuing and shall be deemed
remade by the Seller as of the Closing Date, with the same force and effect as
if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Seller shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged 

 

10

 

breach, the Purchaser gives the
Seller written notice prior to the expiration of said three hundred sixty (360)
day period of such alleged breach with reasonable detail as to the nature of
such breach.

 

Except as otherwise expressly
provided in this Agreement or in any documents to be delivered to the Purchaser
at the Closing, the Seller has not made, and the Purchaser has not relied on,
any information, promise, representation or warranty, express or implied,
regarding the Property, whether made by the Seller, on the Seller’s behalf or
otherwise, including, without limitation, the physical condition of the
Property, the financial condition of the tenants under the Leases, title to or
the boundaries of the Property, pest control matters, soil conditions, the
presence, existence or absence of hazardous wastes, toxic substances or other
environmental matters, compliance with building, health, safety, land use and
zoning laws, regulations and orders, structural and other engineering
characteristics, traffic patterns, market data, economic conditions or
projections, and any other information pertaining to the Property or the market
and physical environments in which they are located.  The Purchaser acknowledges that (i) the
Purchaser has entered into this Agreement with the intention of relying upon
its own investigation or that of third parties with respect to the physical,
environmental, economic and legal condition of the Property and (ii) the
Purchaser is not relying upon any statements, representations or warranties of
any kind, other than those specifically set forth in this Agreement or in any
document to be delivered to the Purchaser at the Closing, made (or purported to
be made) by the Seller or anyone acting or claiming to act on the Seller’s
behalf.  The Purchaser has inspected the
Property and is fully familiar with the physical condition thereof and, subject
to the representations and warranties made in this Agreement, shall purchase
the Property in its “as is”, “where is” and “with all faults” condition on the
Closing Date.  Notwithstanding anything
to the contrary contained herein, in the event that any party hereto has actual
knowledge of the default of any other party (a “Known Default”), but
nonetheless elects to consummate the transactions contemplated hereby and
proceeds to Closing, then the rights and remedies of such non-defaulting party
shall be waived with respect to such Known Default upon the Closing and the
defaulting party shall have no liability with respect thereto.

 

SECTION 7.         REPRESENTATIONS AND WARRANTIES OF PURCHASER.

 

To induce the Seller to enter into
this Agreement, the Purchaser represents and warrants to the Seller as follows:

 

11

 

7.1           Status and Authority of the Purchaser.  The Purchaser is duly organized, validly
existing and in good standing under the laws of its state of organization or
formation, and has all requisite power and authority under its charter
documents to enter into and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

 

7.2           Action of the Purchaser.  The Purchaser has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and
upon the execution and delivery of any document to be delivered by the
Purchaser on or prior to the Closing Date, this Agreement and such document
shall constitute the valid and binding obligation and agreement of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws of general application affecting the rights and
remedies of creditors.

 

7.3           No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Purchaser, nor compliance with the terms
and provisions hereof, will result in any breach of the terms, conditions or
provisions of, or conflict with or constitute a default under, or result in the
creation of any lien, charge or encumbrance upon any property or assets of the
Purchaser pursuant to the terms of any indenture, mortgage, deed of trust,
note, evidence of indebtedness or any other agreement or instrument by which
the Purchaser is bound.

 

7.4           Litigation.  The Purchaser has received no written notice
that any investigation, action or proceeding is pending or threatened which
questions the validity of this Agreement or any action taken or to be taken
pursuant hereto.

 

The representations and warranties
made in this Agreement by the Purchaser shall be continuing and shall be deemed
remade by the Purchaser as of the Closing Date with the same force and effect
as if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Seller gives the Purchaser
written notice prior to the expiration of said three hundred sixty (360) period
of such alleged breach with reasonable detail as to the nature of such breach.

 

12

 

SECTION 8.         COVENANTS OF THE SELLER.

 

The Seller hereby covenants with
the Purchaser between the date of this Agreement and the Closing Date as follows:

 

8.1           Approval of Agreements.  Not to enter into, modify, amend or terminate
any Lease or any other material agreement with respect to the Property, which
would encumber or be binding upon the Property from and after the Closing Date,
without in each instance obtaining the prior written consent of the Purchaser.

 

8.2           Operation of Property.  To continue to operate the Property
consistent with past practices.

 

8.3           Compliance with Laws, Etc.  To comply in all material respects with (i) all
laws, regulations and other requirements from time to time applicable of every
governmental body having jurisdiction of the Property, or the use or occupancy
thereof, and (ii) all material terms, covenants and conditions of all
agreements affecting the Property.

 

8.4           Compliance with Agreements.  To comply with each and every material term,
covenant and condition contained in the Leases and any other material document
or agreement affecting the Property and to monitor compliance thereunder
consistent with past practices.

 

8.5           Notice of Material Changes or Untrue
Representations.  Upon
learning of any material change in any condition with respect to the Property
or of any event or circumstance which makes any representation or warranty of
the Seller to the Purchaser under this Agreement untrue or misleading, promptly
to notify the Purchaser thereof.

 

8.6           Insurance.  To maintain, or cause to be maintained, all
existing property insurance relating to the Property.

 

8.7           Cooperation.  The Purchaser and the Seller shall reasonably
cooperate in complying with the requirements under the Leases in connection
with the transfer and assignment of the Property and the Leases to the
Purchaser.  The provisions of this Section 8.7
shall survive the Closing hereunder.

 

8.8           Approval of 2011 Capital Expenditure Budget.  In the event that the Closing Date shall be
extended to a date on or after January 1, 2011 pursuant to the provisions
of Section 2.2, the Seller shall prepare for the Purchaser’s review
and approval 

 

13

 

a 2011
capital expenditure budget, which budget shall include, without limitation,
budgeted items for “building improvements” and “development and redevelopment”.

 

SECTION 9.         APPORTIONMENTS.

 

9.1           Real Property Apportionments.  (a)  The following items shall be
apportioned at the Closing as of the close of business on the day immediately
preceding the Closing Date:

 

	
  (i)

  	
   

  	
  annual rents, operating
  costs, taxes and other fixed charges payable under the Leases;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  percentage rents and other
  unfixed charges payable under the Leases;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  fuel, electric, water and
  other utility costs;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  municipal assessments and
  governmental license and permit fees;

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  Real estate taxes and
  assessments other than special assessments, based on the rates and assessed
  valuation applicable in the fiscal year for which assessed;

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  water rates and charges;

  
	
   

  	
   

  	
   

  
	
  (vii)

  	
   

  	
  sewer and vault taxes and
  rents; and

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  all other items of income
  and expense normally apportioned in sales of property in similar situations
  in the jurisdiction where the Property is located.

  

 

If any of the foregoing cannot be
apportioned at the Closing because of the unavailability of the amounts which
are to be apportioned, such items shall be apportioned on the basis of a good
faith estimate by the parties and reconciled as soon as practicable after the
Closing Date but, in any event, no later than one (1) year after the
Closing Date.

 

(b)   If there are
water, gas or electric meters located at the Property, the Seller shall obtain
readings thereof to a date not more than thirty (30) days prior to the Closing
Date and the unfixed water rates and charges, sewer taxes and rents and gas and
electricity charges, if any, based thereon for the intervening time shall be
apportioned on the basis of such last readings. 
If such readings are not obtainable by the Closing 

 

14

 

Date, then, at the Closing, any
water rates and charges, sewer taxes and rents and gas and electricity charges
which are based on such readings shall be prorated based upon the per diem
charges obtained by using the most recent period for which such readings shall
then be available.  Upon the taking of subsequent
actual readings, the apportionment of such charges shall be recalculated and
the Seller or the Purchaser, as the case may be, promptly shall make a payment
to the other based upon such recalculations. 
The parties agree to make such final recalculations within sixty (60)
days after the Closing Date.

 

(c)   If any
refunds of real property taxes or assessments, water rates and charges or sewer
taxes and rents shall be made after the Closing, the same shall be held in
trust by the Seller or the Purchaser, as the case may be, and shall first be
applied to the unreimbursed costs incurred in obtaining the same, then to any
required refunds to tenants under the Leases, and the balance, if any, shall be
paid to the Seller (for the period prior to the Closing Date) and to the
Purchaser (for the period commencing with the Closing Date).

 

(d)   If, on the
Closing Date, the Property shall be or shall have been affected by any special
or general assessment or assessments or real property taxes payable in a lump
sum or which are or may become payable in installments of which the first
installment is then a charge or lien and has become payable, the Seller shall
pay or cause to be paid at the Closing the unpaid installments of such
assessments due and as of the Closing Date.

 

(e)   No insurance
policies of the Seller are to be transferred to the Purchaser, and no
apportionment of the premiums therefor shall be made.

 

(f)    At the
Closing, the Seller shall transfer to the Purchaser the amount of all unapplied
security deposits held pursuant to the terms of the Leases.

 

(g)   Brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as landlord under Leases entered into by the Seller after the date
hereof, or in connection with the renewal or extension of any existing Lease,
shall be the responsibility of the Purchaser, and the Purchaser shall reimburse
the Seller at the Closing for all such brokerage commissions, tenant
improvement expenses and other amounts paid by the Seller prior to the
Closing.  The Purchaser shall receive a
credit at Closing for all unpaid brokerage commissions, tenant improvement
expenses and other amounts payable by the Seller as 

 

15

 

landlord under Leases entered into
by the Seller prior to the date hereof.

 

(h)   Amounts
payable after the date hereof on account of capital expenditures under the 2010
capital expenditure budget prepared as of March 31, 2010 (the “CapEx
Budget”) (including, without limitation, budgeted items for “building
improvements” and “development and redevelopment”), shall be the responsibility
of the Purchaser, and the Purchaser shall reimburse the Seller at the Closing
for all amounts paid by the Seller prior to the Closing on account of capital
expenditures under the CapEx Budget payable after the date hereof.  The Purchaser shall receive a credit at
Closing for all unpaid amounts payable on account of capital expenditures under
the CapEx Budget prior to the date hereof. 
A copy of the CapEx Budget has been previously provided to the
Purchaser.

 

(i)    If a net
amount is owed by the Seller to the Purchaser pursuant to this Section 9.1,
such amount shall be credited against the Purchase Price.  If a net amount is owed by the Purchaser to
the Seller pursuant to this Section 9.1, such amount shall be added
to the Purchase Price paid to the Seller.

 

(j)    If, on the
Closing Date, there are past due rents with respect to any Lease, amounts
received by the Purchaser with respect to such Lease after the Closing Date
shall be applied, first, to rents due or to become due during the
calendar month in which the Closing occurs, and then, to all other rents
due or past due in inverse order to the order in which they became due (i.e.,
first to arrearages most recently occurring, then to older arrearages).  In no event shall the Seller have any right
to take any action to collect any past due rents or other amounts following the
Closing; provided, however, the Purchaser shall use commercially
reasonable efforts to collect such past due rents and other amounts, except
that the Purchaser shall have no obligation to institute any legal action or
proceeding or otherwise enforce any of its rights and remedies under any Lease
in connection with such commercially reasonable efforts.

 

The provisions of this Section 9.1
shall survive the Closing.

 

9.2           Closing Costs.

 

(a)   The Purchaser
shall pay (i) the costs of closing and diligence in connection with the
transactions contemplated hereby (including, without limitation, all premiums,
charges and fees of the Title Company in connection with the title 

 

16

 

examination and insurance policies
to be obtained by the Purchaser, including affirmative endorsements), (ii) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (iii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(b)   The Seller
shall pay (i) fifty percent (50%) of all documentary, stamp, sales,
intangible and other transfer taxes and fees incurred in connection with the
transactions contemplated by this Agreement, and (ii) fifty percent (50%)
of all state, city, county, municipal and other governmental recording and
filing fees and charges.

 

(c)   Each party
shall pay the fees and expenses of its attorneys and other consultants.

 

SECTION 10.       DAMAGE TO OR CONDEMNATION OF PROPERTY.

 

10.1         Casualty.  If, prior to the Closing, the Property is
materially destroyed or damaged by fire or other casualty, the Seller shall
promptly notify the Purchaser of such fact. 
In such event, the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days
after the giving the Seller’s notice (and, if necessary, the Closing Date shall
be extended until one day after the expiration of such ten-day period).  If the Purchaser elects to terminate this
Agreement as aforesaid, this Agreement shall terminate and be of no further
force and effect and no party shall have any liability to the other
hereunder.  If less than a material part
of the Property shall be affected by fire or other casualty or if the Purchaser
shall not elect to terminate this Agreement as aforesaid, there shall be no
abatement of the Purchase Price and the Seller shall assign to the Purchaser at
the Closing the rights of the Seller to the proceeds, if any, under the Seller’s
insurance policies covering the Property with respect to such damage or
destruction and there shall be credited against the Purchase Price the amount
of any deductible, any proceeds previously received by Seller on account
thereof and any deficiency in proceeds.

 

10.2         Condemnation.  If, prior to the Closing, a material part of
the Property (including access or parking thereto), is taken by eminent domain
(or is the subject of a pending taking which has not yet been consummated), the
Seller shall notify the Purchaser of such fact promptly after obtaining
knowledge thereof and the Purchaser shall have the right to terminate this 

 

17

 

Agreement by giving notice to the Seller not later than
ten (10) days after the giving of the Seller’s notice (and, if necessary,
the Closing Date shall be extended until one day after the expiration of such
ten-day period).  If the Purchaser elects
to terminate this Agreement as aforesaid, this Agreement shall terminate and be
of no further force and effect and no party shall have any liability to the
other hereunder.  If less than a material
part of the Property shall be affected or if the Purchaser shall not elect to
terminate this Agreement as aforesaid, the sale of the Property shall be
consummated as herein provided without any adjustment to the Purchase Price
(except to the extent of any condemnation award received by the Seller prior to
the Closing) and the Seller shall assign to the Purchaser at the Closing all of
the Seller’s right, title and interest in and to all awards, if any, for the taking,
and the Purchaser shall be entitled to receive and keep all awards for the
taking of the Property or portion thereof.

 

10.3         Survival.  The parties’ obligations, if any, under this Section 10
shall survive the Closing.

 

SECTION 11.       DEFAULT.

 

11.1         Default by the Seller.  If the transaction herein contemplated fails
to close as a result of the default of the Seller hereunder, or the Seller
having made any representation or warranty herein which shall be untrue or
misleading in any material respect, or the Seller having failed to perform any
of the covenants and agreements contained herein to be performed by the Seller,
the Purchaser may, as its sole remedy, either (x) terminate this Agreement
or (y) pursue a suit for specific performance.

 

11.2         Default by the Purchaser.  If the transaction herein contemplated fails
to close as a result of the default of the Purchaser hereunder, or the
Purchaser having made any representation or warranty herein which shall be
untrue or misleading in any material respect, or the Purchaser having failed to
perform any of the covenants and agreements contained herein to be performed by
it, the Seller may terminate this Agreement (in which case, the Purchaser shall
reimburse the Seller for all of the fees, charges, disbursements and expenses
of the Seller’s attorneys).

 

SECTION 12.       MISCELLANEOUS.

 

12.1         Allocation of Liability.  It is expressly understood and agreed that
the Seller shall be liable to third parties for 

 

18

 

any and all
obligations, claims, losses, damages, liabilities, and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Seller that occurred in connection with the ownership or operation of the
Property during the period in which the Seller owned the Property prior to the
Closing and the Purchaser shall be liable to third parties for any and all
obligations, claims, losses, damages, liabilities and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Purchaser that occur in connection with the ownership or operation of the
Property during the period in which the Purchaser owns the Property after the
Closing.  The provisions of this Section 12.1
shall survive the Closing.

 

12.2         Brokers.  Each of the parties hereto represents to the
other parties that it dealt with no broker, finder or like agent in connection
with this Agreement or the transactions contemplated hereby.  Each party shall indemnify and hold harmless
the other party and its respective legal representatives, heirs, successors and
assigns from and against any loss, liability or expense, including reasonable
attorneys’ fees, charges and disbursements arising out of any claim or claims
for commissions or other compensation for bringing about this Agreement or the
transactions contemplated hereby made by any other broker, finder or like
agent, if such claim or claims are based in whole or in part on dealings with
the indemnifying party.  The provisions
of this Section 12.2 shall survive the Closing.

 

12.3         Publicity.  The parties agree that, except as otherwise
required by law and except for the exercise of any remedy hereunder, no party
shall, with respect to this Agreement and the transactions contemplated hereby,
contact or conduct negotiations with public officials, make any public
pronouncements, issue press releases or otherwise furnish information regarding
this Agreement or the transactions contemplated to any third party without the
consent of the other party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

12.4         Notices.  (a)  Any and all notices, demands,
consents, approvals, offers, elections and other communications required or
permitted under this Agreement shall be deemed adequately given if in writing
and the same shall be delivered either in hand, by telecopier with confirmed
receipt, or by mail or Federal Express or similar expedited commercial carrier,
addressed to the recipient of the notice, postpaid and registered or certified
with return receipt requested (if by 

 

19

 

mail), or with all freight charges prepaid (if by
Federal Express or similar carrier).

 

(b)   All notices
required or permitted to be sent hereunder shall be deemed to have been given
for all purposes of this Agreement upon the date of acknowledged receipt, in
the case of a notice by telecopier, and, in all other cases, upon the date of
receipt or refusal, except that whenever under this Agreement a notice is
either received on a day which is not a Business Day or is required to be
delivered on or before a specific day which is not a Business Day, the day of
receipt or required delivery shall automatically be extended to the next
Business Day.

 

(c)   All such
notices shall be addressed,

 

if to the Seller, to:

 

c/o HRPT Properties Trust

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

[Telecopier No. (617) 928-1305]

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

[Telecopier No. (213) 621-5035]

 

if to the Purchaser, to:

 

Government Properties Income Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David M. Blackman

[Telecopier No. (617) 796-8267]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

Attn:  Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

20

 

(d)   By notice
given as herein provided, the parties hereto and their respective successor and
assigns shall have the right from time to time and at any time during the term
of this Agreement to change their respective addresses effective upon receipt
by the other parties of such notice and each shall have the right to specify as
its address any other address within the United States of America.

 

12.5         Waivers, Etc.  Subject to the terms of the last paragraph of
Section 6, any waiver of any term or condition of this Agreement,
or of the breach of any covenant, representation or warranty contained herein,
in any one instance, shall not operate as or be deemed to be or construed as a
further or continuing waiver of any other breach of such term, condition, covenant,
representation or warranty or any other term, condition, covenant,
representation or warranty, nor shall any failure at any time or times to
enforce or require performance of any provision hereof operate as a waiver of
or affect in any manner such party’s right at a later time to enforce or
require performance of such provision or any other provision hereof.  This Agreement may not be amended, nor shall
any waiver, change, modification, consent or discharge be effected, except by
an instrument in writing executed by or on behalf of the party against whom
enforcement of any amendment, waiver, change, modification, consent or
discharge is sought.

 

12.6         Assignment; Successors and Assigns.  Subject to Section 12.15, this
Agreement and all rights and obligations hereunder shall not be assignable,
directly or indirectly, by any party without the written consent of the other,
except that the Purchaser may assign this Agreement to any entity wholly owned,
directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create any rights in or to be enforceable in any part by any
other persons.

 

12.7         Severability.  If any provision of this Agreement shall be
held or deemed to be, or shall in fact be, invalid, inoperative or
unenforceable as applied to any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions or in all cases, because of the conflict
of any provision with any 

 

21

 

constitution or statute or rule of public policy or
for any other reason, such circumstance shall not have the effect of rendering
the provision or provisions in question invalid, inoperative or unenforceable
in any other jurisdiction or in any other case or circumstance or of rendering
any other provision or provisions herein contained invalid, inoperative or unenforceable
to the extent that such other provisions are not themselves actually in
conflict with such constitution, statute or rule of public policy, but
this Agreement shall be reformed and construed in any such jurisdiction or case
as if such invalid, inoperative or unenforceable provision had never been
contained herein and such provision reformed so that it would be valid,
operative and enforceable to the maximum extent permitted in such jurisdiction
or in such case.

 

12.8         Counterparts, Etc.  This Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.  This Agreement constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof and shall supersede and take the place of any other instruments
purporting to be an agreement of the parties hereto relating to the subject
matter hereof.

 

12.9         Performance on Business Days.  In the event the date on which performance or
payment of any obligation of a party required hereunder is other than a
Business Day, the time for payment or performance shall automatically be
extended to the first Business Day following such date.

 

12.10       Attorneys’ Fees.  If any lawsuit or arbitration or other legal
proceeding arises in connection with the interpretation or enforcement of this
Agreement, the prevailing party therein shall be entitled to receive from the
other party the prevailing party’s costs and expenses, including reasonable
attorneys’ fees incurred in connection therewith, in preparation therefor and
on appeal therefrom, which amounts shall be included in any judgment therein.

 

12.11       Section and Other Headings.  The headings contained in this Agreement are
for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

12.12       Time of Essence.  Time shall be of the essence with respect to
the performance of each and every covenant and obligation, and the giving of
all notices, under this Agreement.

 

22

 

12.13       Governing Law.  This Agreement shall be interpreted,
construed, applied and enforced in accordance with the laws of The Commonwealth
of Massachusetts.

 

12.14       Arbitration.  Any party hereto may elect to submit any
dispute hereunder that has an amount in controversy in excess of $250,000 to
arbitration hereunder.  Any such
arbitration shall be conducted in Boston, Massachusetts in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining and the decision of the arbitrators with respect to such dispute
shall be binding, final and conclusive on the parties.

 

In the event any party hereto shall
elect to submit any such dispute to arbitration hereunder, the Seller and the
Purchaser shall each appoint and pay all fees of a fit and impartial person as
arbitrator with at least ten (10) years’ recent professional experience in
the general subject matter of the dispute. 
Notice of such appointment shall be sent in writing by each party to the
other, and the arbitrators so appointed, in the event of their failure to agree
within thirty (30) days after the appointment of the second arbitrator upon the
matter so submitted, shall appoint a third arbitrator.  If either the Seller or the Purchaser shall
fail to appoint an arbitrator, as aforesaid, for a period of ten (10) days
after written notice from the other party to make such appointment, then the
arbitrator appointed by the party having made such appointment shall appoint a
second arbitrator and the two (2) so appointed shall, in the event of
their failure to agree upon any decision within thirty (30) days thereafter,
appoint a third arbitrator.  If such
arbitrators fail to agree upon a third arbitrator within forty five (45) days
after the appointment of the second arbitrator, then such third arbitrator
shall be appointed by the American Arbitration Association from its qualified
panel of arbitrators, and shall be a person having at least ten (10) years’
recent professional experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for by the
parties, shall be paid by the respective party engaging such counsel or calling
or engaging such witnesses.

 

The decision of the arbitrators
shall be rendered within thirty (30) days after appointment of the third
arbitrator.  Such decision shall be in
writing and in duplicate, one 

 

23

 

counterpart thereof to be delivered
to the Seller and one to the Purchaser. 
A judgment of a court of competent jurisdiction may be entered upon the
award of the arbitrators in accordance with the rules and statutes
applicable thereto then obtaining.

 

12.15       Like
Kind Exchange.  At either
party’s request, the non-requesting party will take all actions reasonably
requested by the requesting party in order to effectuate all or any part of the
transactions contemplated by this Agreement as a forward or reverse like-kind
exchange for the benefit of the requesting party in accordance with Section 1031
of the Internal Revenue Code and, in the case of a reverse exchange, Rev. Proc.
2000-37, including executing an instrument acknowledging and consenting to any
assignment by the requesting party of its rights hereunder to a qualified
intermediary or an exchange accommodation titleholder.  In furtherance of the foregoing and
notwithstanding anything contained in this Agreement to the contrary, the
requesting party may assign its rights under this Agreement to a “qualified intermediary” or an “exchange accommodation titleholder” in order to facilitate, at no cost or expense to the other, a
forward or reverse like-kind exchange under Section 1031 of the Internal
Revenue Code; provided, however, that such assignment will not
relieve the requesting party of any of its obligations hereunder.  The non-requesting party will also agree to
issue all closing documents, including the deed, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the requesting
party prior to Closing.  Notwithstanding
the foregoing, in no event shall the non-requesting party incur or be subject
to any liability that is not otherwise provided for in this Agreement.

 

12.16       Recording.  This Agreement may not be recorded without
the prior written consent of both parties.

 

12.17       Non-liability of Trustees of Purchaser.  The Amended and Restated Declaration of Trust
establishing Government Properties Income Trust, dated June 8, 2009, as
amended and supplemented, as filed with the State Department of Assessments and
Taxation of Maryland, provides that no trustee, officer, shareholder, employee
or agent of Government Properties Income Trust shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against,
Government Properties Income Trust.  All
persons dealing with Government Properties Income Trust in any way shall look
only to the assets of Government Properties Income Trust for the payment of an
sum or the performance of any obligation.

 

24

 

12.18       Waiver. 
The Purchaser hereby acknowledges that it is a sophisticated purchaser
of real properties and that it is aware of all disclosures the Seller is or may
be required to provide to the Purchaser in connection with the transactions
contemplated hereby pursuant to any law, rule or regulation (including
those of Massachusetts and those of the state in which the Property is
located).   The Purchaser hereby
acknowledges that, prior to the execution of this Agreement, the Purchaser has
had access to all information necessary to acquire the Property and the
Purchaser acknowledges that the Seller has fully and completely fulfilled any
and all disclosure obligations with respect thereto.  The Purchaser hereby fully and completely
discharges the Seller from any further disclosure obligations whatsoever
relating to the Property.

 

12.19       Further Assurances.  In addition to the actions recited herein and
contemplated to be performed, executed, and/or delivered by the Seller and the
Purchaser, the Seller and the Purchaser agree to perform, execute and/or
deliver or cause to be performed, executed and/or delivered at the Closing or
after the Closing any and all such further acts, instruments, deeds and
assurances as may be reasonably required to establish, confirm or otherwise
evidence the Seller’s satisfaction of any disclosure obligations or to
otherwise consummate the transactions contemplated hereby.

 

12.20       Financials.  The Seller shall provide
the Purchaser with access to the books and records of the Seller for the
purpose of preparing audited financial statements for the Property with respect
to the 2007, 2008, 2009 calendar years and stub 2010 period, such financial
statements to be prepared at the Purchaser’s sole cost and expense.  The provisions of this Section 12.20
shall survive the Closing.

 

12.21       State Specific Provisions.  The provisions set forth in Schedule D
hereto are hereby incorporated herein by reference as if fully set forth
herein.

 

[Signature page follows.]

 

25

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as a sealed instrument as of the date first above written.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HUB REALTY FUNDING, INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name:

  	
  John A. Mannix

  
	
   

  	
  Its:

  	
  President & Chief
  Investment Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  GOVERNMENT PROPERTIES INCOME
  TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Blackman

  
	
   

  	
  Name:

  	
  David M. Blackman

  
	
   

  	
  Its:

  	
  Treasurer & CFO

  
				

 

26

 

SCHEDULE A

 

Land

 

[See attached legal
description.]

 

 

	
   

  	
  3285 E. Hemisphere Loop

  
	
   

  	
  Tucson, AZ

  

 

Legal
Description

 

PARCEL
I:

 

Lot
33, of TUCSON INTERNATIONAL BUSINESS CENTER, according to the plat of record in
the office of the County Recorder of Pima County, Arizona, recorded in Book 37,
of Maps, Page 50.

 

EXCEPTING
therefrom that portion described as follows:

 

BEGINNING
at the Northwest corner of said Lot 33;

 

THENCE
South 00 degrees 27 minutes 53 seconds East, a distance
of 104.20 feet;

 

THENCE
North 89 degrees 31 minutes 49 seconds East, a distance of 387.29 feet;

 

THENCE
North 57 degrees 45 minutes 24 seconds East, a distance of 140.51 feet;

 

THENCE
North 32 degrees 14 minutes 36 seconds West, a distance of 35.54 feet;

 

THENCE
South 89 degrees 31 minutes 49 seconds West, a distance of 390.83 feet to the
Southwest corner of Lot 32;

 

THENCE
South 89 degrees 31 minutes 49 seconds West, a distance of 97.18 feet to the
Point of Beginning.

 

PARCEL
II:

 

A
non-exclusive easement for ingress and egress over and through a private
street, together with an access easement over adjoining lots to make necessary
repairs, as granted in the Declaration of Covenants, Conditions and
Restrictions for Tucson International Business Center recorded in the office of
the County Recorder of Pima County, Arizona, recorded June 28, 1985 in
Docket 7565, Page 1630.

 

ii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-09B-91890), dated August 27, 1992, by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1, dated March 2, 1993, by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2, dated December 10, 1993, by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3, dated January 1, 1994, by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4, dated April 7, 1994, by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

6.                                       Supplemental Lease Agreement No. 5, dated August 1, 1994, by and between Reywest
Development (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

7.                                       Supplemental Lease Agreement No. 6, dated August 10, 1994, by and between Reywest
Development (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

8.                                       Supplemental Lease Agreement No. 7, dated February 13, 1996 by and between Reywest
Development (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

9.                                       Supplemental Lease Agreement No. 8, dated February 20, 1996 by and between Reywest
Development Corporation (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

10.                                 Supplemental Lease Agreement No. 8, dated June 27, 1996, by and between Rosecliff
Realty, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

ii

 

11.                                 Supplemental Lease Agreement No. 9 dated February 13, 1997, by and between
Rosecliff Realty Funding, Inc. (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

12.                                 Supplemental Lease Agreement No. 10, dated July 7, 1998, by and between Hub Realty
Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

13.                                 Supplemental Lease Agreement No. 11, dated September 9, 1998, by and between Hub
Realty Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

14.                                 Supplemental Lease Agreement No. 12, dated June 6, 2001, by and between Hub Realty
Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

15.                                 Supplemental Lease Agreement No. 13, dated August 15, 2002, by and between Hub
Realty Funding, Inc. (“Lessor”) and The United States of America (“Government”).

 

16.                                 Supplemental Lease Agreement No. 14, dated January 13, 2004, by and between Hub
Realty Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

17.                                 Supplemental Lease Agreement No. 15, dated December 14, 2005, by and between Hub
Realty Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

18.                                 Supplemental Lease Agreement No. 16, dated July 10, 2007, by and between Hub Realty
Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

19.                                 Supplemental Lease Agreement No. 17,
dated January 3, 2008,
by and between Hub Realty Funding, Inc. (“Owner/Lessor”) and The United
States of America (“Government/Lessee”).

 

20.                                 Supplemental Lease Agreement No. 18,
dated December 10,
2009, by and between Hub Realty Funding, Inc. (“Owner/Lessor”) and The
United States of America (“Government/Lessee”).

 

iii

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

Tucson,
AZ

EASTSIDE

 

	
  F. ANN  RODRIGUEZ, RECORDER

  	
   

  	
  DOCKET:

  	
  11745

  	
   

  
	
  RECORDED
  BY: YRN

  	
   

  	
  PAGE:

  	
  2334

  	
   

  
	
  DEPUTY RECORDER

  	
  NO.
  OF PAGES:

  	
  11

  	
   

  
	
  5131 [ILLEGIBLE]

  	
  SEQUENCE:

  	
  20020390541

  	
   

  
	
   

  	
   

  	
  02/27/2002

  	
   

  
	
  TLATI

  	
  WTDEED

  	
  16:02

  	
   

  
	
  KRISTIN
  C GARVIN

  	
   

  	
  AFFIDAVIT

  	
   

  	
   

  
	
  ONE
  POST OFFICE SQUARE

  	
   

  	
  MAIL

  	
   

  	
   

  
	
  BOSTON
  MA 02102

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AMOUNT
  PAID

  	
  $

  	
  18.00

  	
   

  
						

 

When recorded return to:

KRISTIN C GARVIN ESQ

SULLIVAN & WORCHESTER LLP

ONE POST OFFICE SQUARE

BOSTON MA 02102

 

DOCUMENT TITLE:
Special Warranty Deed

 

11745  2334

 

Pg:
1 of 11

 

ii

 

When
recorded, return to:

Sullivan & Worcester LLP

One Post Office Square

Boston,
MA 02109

Attn:
Kristin C. Garvin, Esq.

 

SPECIAL
WARRANTY DEED

 

For the consideration of
Ten Dollars ($10.00) and other valuable considerations, BIG
TUCSON LIMITED PARTNERSHIP, a
Texas limited
partnership (“Grantor”), hereby grants, sells, transfers and conveys to HUB
PROPERTIES TRUST,  a Maryland real estate investment trust (“Grantee”), the following real property situated in
Pima County, Arizona (the “Property”), together with all rights and privileges appurtenant thereto:

 

See Exhibit A attached hereto and made a part hereof
and incorporated herein by this reference

 

SUBJECT to all matters
indicated on Exhibit B attached hereto, Grantor warrants title to the
Property against all persons whomsoever from the date of acquisition of title
by Grantor to the date hereof.

 

DATED this 27 day of February, 2002.

 

	
   

  	
  BIG TUCSON
  LIMITED PARTNERSHIP

  
	
   

  	
  a Texas limited partnership

  
	
   

  	
   

  
	
   

  	
  By: Cummings-Baccus Big Tucson LLC, General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ross M. Cummings

  
	
   

  	
   

  	
  Ross M. Cummings, President/Manager

  

 

 

	
  STATE OF TEXAS

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF TRAVIS

  	
  )

  

 

The foregoing instrument
was acknowledged before me this 25th
day of February,
2002, by Ross M. Cummings, President and Manager of the General Partner of Big
Tucson Limited Partnership, a Texas  limited partnership, for and on behalf of
that limited partnership, being authorized so to do.

 

	
   

  	
  /s/ Linda Henderson

  
	
   

  	
  Notary Public

  
	
  My commission expires:

  	
   

  
	
  5/29/2005

  	
   

  	
   

  
			

 

 

11745
2335

 

Pg:
2 of 11

 

iii

 

Exhibit A

 

Legal
Description

 

[See
attached]

 

11745
2336

 

Pg:
3 of 11

 

iv

 

Exhibit A

 

CASE NO. 424147

 

1 S. Church Parcels

 

Parcel A

 

A part of Block 209, City of Tucson, as
recorded in Book 3 of Maps and Plats at page 70, Pima County Recorder’s
Office, Pima County, Arizona, and Block 506, PUEBLO CENTER, as recorded in Book
20 of Maps and Plats at page 83, Pima County Recorder’s Office, described
as follows:

 

COMMENCING at the survey monument at the
intersection of Church Street and Broadway Boulevard;

 

THENCE North 18 degrees 04 minutes 40 seconds
East along the centerline of Church Street a distance of 49.05 feet to a survey
monument;

 

THENCE South 76 degrees 19 minutes 07 seconds
East 52.14 feet to a point on the arc of a non tangent curve concave to the
West, a radial line of said curve through said point having a bearing of South
72 degrees 20 minutes 07 seconds  East, said curve being the West line of said Block 506;

 

THENCE Northerly along the said West line,
along the arc of said curve, to the left, having a radius of 652.00 feet and a
central angle of 14 degrees 34 minutes 15 seconds for an arc distance of 165.81
feet to a point of reverse curvature of a tangent curve concave to the
Southeast;

 

THENCE Northerly along the said West line,
along the arc of said curve, to the right, having a radius of 25.00 feet and a
central angle of 86 degrees 54 minutes 22 seconds for an arc distance of 37.92
feet to a point of tangency on the North line of said Block 506;

 

THENCE East along the said North line and the
South right of way line of Congress Street a distance of 159.52 feet to the
POINT OF BEGINNING;

 

THENCE continue East along the said South
right of way line a distance of 69.74 feet to the West right of way line of Stone
Avenue;

 

THENCE South 01 degrees 22 minutes 47 seconds
East along the said West right of way line a distance of 118.00 feet;

 

THENCE West 85.80 feet;

 

THENCE North 00 degrees 22 minutes 44 seconds
West 35.07 feet;

 

THENCE North 88 degrees 17 minutes 16 seconds
East 14.00 feet;

 

THENCE North 00 degrees 22 minutes 44 seconds
West 82.48 feet to the POINT OF BEGINNING.

 

TOGETHER WITH a subsurface easement and easements
for entrance and exit ramps recorded in Docket 7548 at page 504 as amended
in Docket 11649 at page 1752.

 

Tower I Parcel

CASE No. 00424147

 

11745
2337

 

Pg
4 of 11

 

v

 

A part of Block 209,
City of Tucson, as recorded in Book 3 of Maps and Plats at page 70, Pima
County Recorder’s Office, Pima County, Arizona, and Block 506, PUEBLO CENTER,
as recorded in Book 20 of Maps and Plats at page 83, Pima County
Recorder’s Office, described as follows:

 

COMMENCING at the
survey monument at the intersection of Church Street and Broadway Boulevard;

 

THENCE North 18
degrees 04 minutes 40 seconds East along the centerline of Church Street a
distance of 49.05 feet to a survey monument;

 

THENCE South 76
degrees 19 minutes 07 seconds East 52.14 feet to a point on the arc of a non
tangent curve concave to the West, a radial line of said curve through said
point having a bearing of South 72 degrees 20 minutes 07 seconds East, said
curve being the West line of said Block 506;

 

THENCE Northerly
along the said West line, along the arc of said curve, to the left, having a
radius of 652.00 feet and a central angle of 14 degrees 34 minutes 15 seconds
for an arc distance of 165.81 feet to a point of reverse curvature of a tangent
curve concave to the Southeast;

 

THENCE Northerly
along the said West line, along the arc of said curve, to the right, having a
radius of 25.00 feet and a central angle of 86 degrees 54 minutes 22 seconds
for an arc distance of 37.92 feet to a point of tangency on the North line of
said Block 506;

 

THENCE East along
the said North line and the South right of way line of Congress Street a
distance of 229.26 feet to the West right of way line of Stone Avenue;

 

THENCE South 01
degrees 22 minutes 47 seconds East along the said West right of way line a
distance of 248.93 feet to the North right of way line of Broadway Boulevard;

 

THENCE North 88
degrees 43 minutes 40 seconds West along the said North right of way line a
distance of 150.93 feet;

 

THENCE North 00 degrees
27 minutes 23 seconds East along the said North right of way line a distance of
1.68 feet to a point on the arc of a non tangent curve concave to the North, a
radial line of said curve through said point having a bearing of South 05
degrees 40 minutes 03 seconds West;

 

THENCE Westerly
along the said North right of way line, along the arc of said curve, to the
right, having a radius of 570.00 feet and a central angle of 12 degrees 41
minutes 13 seconds for an arc distance of 126.21 feet to a point of compound
curvature of a tangent curve concave to the Northeast;

 

THENCE Westerly and
Northerly along the said North right of way line, along the arc of said curve,
to the right, having a radius of 25.00 feet and a central angle of 89 degrees 18
minutes 46 seconds for an arc distance of 38.97 feet to the POINT OF BEGINNING.

 

EXCEPT that part of
Block 209 described as follows:

 

COMMENCING at the
survey monument at the intersection of Church Street and Broadway Boulevard;

 

THENCE North 18
degrees 04 minutes 40 seconds East along the centerline of Church Street a
distance of 49.05 feet to a survey monument;

 

CASE
No. 00424147

 

11745
2338

 

Pg:
5 of 11

 

vi

 

THENCE South 76 degrees 19 minutes 07 seconds
East 52.14 feet to a point on the arc of a non tangent curve concave to the
West, a radial line of said curve through said point having a bearing of South
72 degrees 20 minutes 07 seconds East, said curve being the West line of said Block 506;

 

THENCE Northerly along the said West line,
along the arc of said curve, to the left, having a radius of 652.00 feet and a
central angle of 14 degrees 34 minutes 15 seconds for an arc distance of 165.81
feet to a point of reverse curvature of a tangent curve concave to the
Southeast;

 

THENCE Northerly along the said West line,
along the arc of said curve, to the right, having a radius of 25.00 feet and a
central angle of 86 degrees 54 minutes 22 seconds for an arc distance of 37.92
feet to a point of tangency on the North line of said Block 506;

 

THENCE East along the said North line and the
South right of way line of Congress Street a distance of 159.52 feet to the
POINT OF BEGINNING;

 

THENCE continue East along the said South
right of way line a distance of 69.74 feet to the West right of way line of Stone Avenue;

 

THENCE South 01 degrees 22 minutes 47 seconds
East along the said West right of way line a distance of 118.00 feet;

 

THENCE West 85.80 feet;

 

THENCE North 00 degrees 22 minutes 44 seconds
West 35.07 feet;

 

THENCE North 88 degrees 17 minutes 16 seconds East 14.00 feet;

 

THENCE North 00 degrees 22 minutes 44 seconds
West 82.48 feet to the POINT OF BEGINNING.

 

EXCEPT that part of Block 209 and Block 506,
described as follows:

 

COMMENCING at the survey monument at the intersection of Church Street and
Broadway Boulevard;

 

THENCE North 18 degrees 04 minutes 40 seconds
East along the centerline of Church Street a distance of 49.05 feet to a survey monument;

 

THENCE South 76 degrees 19 minutes 07 seconds
East 52.14 feet to a point on the arc of a non tangent curve concave to the
Northeast, a radial line of said curve through said point having a bearing of
North 72 degrees 20 minutes 07 seconds West, said curve being the West line of
said Block 506;

 

THENCE Southeasterly along the said West line,
along the arc of said curve, to the left, having a radius of 25.00 feet and a
central angle of 89 degrees 18 minutes 46 seconds for an arc distance of 38.97
feet to a point of compound
curvature of a tangent curve concave to the North, said curve being the North
right of way line of Broadway Boulevard;

 

THENCE Easterly along the said North right of way line, along the arc of said curve, to
the left, having a radius of 570.00 feet and a central angle of 03 degrees 48
minutes 42 seconds for an arc distance of 37.42 feet to the POINT OF BEGINNING
on a non tangent line;

 

THENCE North 45 degrees 00 minutes 00 seconds
East 205.58 feet;

 

THENCE North 88 degrees  17 minutes 16 seconds East
3.15 feet;

 

CASE No. 00424147

 

11745
2339

 

Pg:
6 of 11

 

vii

 

THENCE South 00 degrees 22 minutes 44 seconds
East 35.07 feet; 

 

THENCE East 85.80 feet to the West right of
way line of Stone Avenue;

 

THENCE South 01 degrees 22 minutes 47 seconds
East along the said West right of way line a distance of 130.93 feet to the
North right of way line of Broadway Boulevard;

 

THENCE North 88 degrees 43 minutes 40 seconds
West along the said North right of way line
a distance of 150.93 feet;

 

THENCE North 00 degrees 27 minutes
23 seconds East along the said North right of way line a distance of 1.68 feet
to a point on the arc of a non tangent curve concave to the North, a radial
line of said curve through said point having a  bearing of South 05 degrees
40 minutes 03 seconds West;

 

THENCE Westerly along the said North right of
way line, along the arc of said curve, to the right, having a radius of 570.00
feet and a central angle of 08 degrees 52 minutes 23 seconds for an arc
distance of 88.27 feet to the POINT OF BEGINNING.

 

TOGETHER WITH a subsurface easement and
easements for entrance and exit ramps recorded in Docket 7548 at page 504
as amended in Docket 11649 at page 1752.

 

Tower II Parcel

 

A part of Block 209, City of Tucson, as
recorded in Book 3 of Maps and Plats at page 70, Pima County  Recorder’s
Office, Pima County, Arizona, and Block 506, PUEBLO CENTER, as recorded in Book
20  of
Maps and Plats at page 83, Pima County Recorder’s Office, described as
follows:

 

COMMENCING at the survey monument at the intersection of Church Street and
Broadway Boulevard;

 

THENCE North 18 degrees 04 minutes 40 seconds
East along the centerline of Church Street a distance of 49.05 feet to a survey
monument;

 

THENCE South 76 degrees 19 minutes 07 seconds
East 52.14 feet to a point on the arc of a non tangent curve concave to the
Northeast, a radial line of said curve through said point having a bearing of
North 72 degrees 20 minutes 07 seconds West, said curve being the West line of
said Block 506;

 

THENCE Southeasterly along the said West line,
along the arc of said curve, to the left, having a radius of 25.00 feet and a
central angle of 89 degrees 18 minutes 46 seconds for an arc distance of 38.97
feet to a point of compound curvature of a tangent curve concave to the North, said curve being the North
right of way line of Broadway Boulevard;

 

THENCE Easterly along the said North right of
way line, along the arc of said curve, to the left, having a radius of 570.00
feet and a central angle of 03 degrees 48 minutes 42 seconds for an arc
distance of 37.92 feet to the POINT OF BEGINNING on a non tangent line;

 

THENCE North 45 degrees 00 minutes 00 seconds
East 205.58 feet; 

 

THENCE North 88 degrees 17 minutes 16 seconds
East 3.15 feet; 

 

THENCE South 00 degrees 22 minutes 44 seconds
East 35.07 feet; 

 

CASE No. 00424147

 

11745
2340

 

Pg:
7 of 11

 

viii

 

THENCE East 85.80 feet to the West right of
way line of Stone Avenue;

 

THENCE South 01 degrees 22 minutes 47 seconds
East along the said West right of way line a distance of 130.93 feet to the
North right of way line of Broadway Boulevard;

 

THENCE North 88 degrees 43 minutes 40 seconds
West along the said North right of way line a distance of 150.93 feet;

 

THENCE North 00 degrees 27 minutes 23 seconds
East along the said North right of way line a distance of 1.68 feet to a point
on the arc of a non tangent curve concave to the North, a radial line of said
curve through said point having a bearing of South 05 degrees 40 minutes 03
seconds West;

 

THENCE Westerly along the said North right of
way line, along the arc of said curve, to the right, having a radius of 570.00
feet and a central angle of 08 degrees 52 minutes 23 seconds for an arc
distance of 88.27 feet to the POINT OF BEGINNING.

 

TOGETHER WITH subsurface easement and easements
for entrance and exit ramps and sidewalks as set forth in Easement and
License recorded in Docket 7548 at page 504 as amended in Docket 11649 at page 1752.

 

CASE No. 00424147

 

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Exhibit
B

 

1.                                       Reservations in the Patent from the
United States of America, recorded in Book 2 of Deeds at page 311, reading
as follows: No title shall be hereby acquired to any mine of gold, silver,
cinnabar, or copper, or to any valid mining claim or possession held under
existing laws of Congress.

 

2.                                       TAXES for the second half of the year
2001, a lien not yet due and payable.

 

3.                                       Inclusion within El Centro Redevelopment Plan Area
recorded in Docket 7131 at page 1022.

 

4.                                       Inclusion within Downtown Tucson Enhanced
Municipal Services District as set forth in Docket 10918 at pages 964 and
984.

 

5.                                       EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 13 of Miscellaneous Records

Page:                                           24

Purpose:                         communication facilities

 

6.                                       EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 57 of Miscellaneous Records

Page:                                           256

Purpose:                         communication facilities

 

7.                                       EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 57 of
Miscellaneous Records

Page:                                           257

Purpose:                         communication facilities

 

8.                                       EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book
57 of Miscellaneous Records

Page:                                           258

Purpose:                         communication facilities

 

9.                                       EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book
57 of Miscellaneous Records

Page:                                           268

Purpose:                         communication facilities

 

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10.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 57 of
Miscellaneous Records

Page:                                           270

Purpose:                         communication facilities

 

11.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 59 of
Miscellaneous Records

Page:                                           554

Purpose:                         electric transmission

 

12.                                 EASEMENT and rights incident thereto, a
set forth in instrument:

 

Recorded in Book 59 of
Miscellaneous Records

Page:                                           566

Purpose:                         electric transmission

 

13.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Book 60 of
Miscellaneous Records

Page:                                           79

Purpose:                         electric transmission

 

14.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Docket:            88

Page:                                                                                           229

Purpose:                                                                         electric transmission

 

15.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Docket:            260

Page:                                                                                           417

Purpose:                                                                         electric transmission

 

16.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Docket:            2130

Page:                                                                                           589

Purpose:                                                                         electric transmission

 

17.                                 EASEMENT and rights incident thereto, as
set forth in instrument:

 

Recorded in Docket:            2203

Page:                                                                                           417

Purpose:                                                                         communication facilities

 

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18.                                 Terms and conditions of
License Agreement recorded in Docket 7548 at page 504. Amendment recorded
in Docket 11649 at page 1752.

 

19.                                 EASEMENT and
rights incident thereto, as set forth in instrument:

 

Recorded
in Docket:            7824

Page:                                                                                           1417

Purpose:                                                                         drainageways

 

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SCHEDULE D

 

State Specific Provisions

 

ARIZONA

 

1.             No Thirteen Days Notice.  Notwithstanding anything to the contrary
contained herein, the Seller and the Purchaser hereby specifically reject any
clause, code or statute purportedly granting a time (whether 13 days or
otherwise) during which a defaulting party might cure its default, and the
Seller and the Purchaser hereby affirmatively state and agree that, upon the
default of any party to this Agreement, the parties shall abide by the waiver
set forth in this section, and the non-defaulting party may immediately invoke
any of its remedies in accordance with the terms of this Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]