Document:

Exhibit 10.3

 

One Montvale Ave., Stoneham, MA

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB
ACQUISITION TRUST,

 

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 Seller

  	
  24

  
	
  12.18

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.19

  	
  Waiver

  	
  25

  
	
  12.20

  	
  Further
  Assurances

  	
  25

  
	
  12.21

  	
  Financials

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
ACQUISITION TRUST, a Maryland real estate investment trust (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 Fourteen Million Seven Hundred
Eight Thousand Six Hundred Ninety-Four Dollars ($14,708,694).

 

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 June 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 Seller.  The
Declaration of Trust of the Seller, dated March 14, 1997, 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
the Seller shall be held to any personal liability, jointly or severally, for
any obligation of, or claim against, the Seller.  All persons dealing with the Seller, in any
way shall look only to the assets of the Seller for the payment of any sum or
the performance of any obligation.

 

12.18               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

 

24

 

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 any sum or the performance of any
obligation.

 

12.19               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.

 

12.20               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.

 

12.21               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 12.21
shall survive the Closing.

 

[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 ACQUISITION TRUST,

  
	
   

  	
  a Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  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.]

 

 

	
   

  	
  One Montvale Avenue

  
	
   

  	
  Stoneham, MA

  

 

Legal
Description

 

PARCEL I

 

A
certain parcel of land with the buildings thereon situated on Main Street at
the corner of Flint Avenue in Stoneham, Middlesex County, Massachusetts, being
shown as Parcel F on a Plan recorded with Middlesex South District Registry of
Deeds in Book 12886. Page 65 and further bounded and described as follows:

 

	
  SOUTHEASTERLY:

  	
   

  	
  by
  Main Street, one hundred seventeen and 21/100 (117.21) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHWESTERLY:

  	
   

  	
  by
  land shown on said plan as Barbo’s Inc., one hundred sixty-five (165) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY:

  	
   

  	
  by
  Lot E, one hundred thirty and 45/100 (130.45) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHEASTERLY:

  	
   

  	
  by
  Flint Avenue, one hundred fifty-one and 54/100 (151.54) feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHEASTERLY
  and EASTERLY:

  	
   

  	
  by
  a curved line measuring about twenty-five and 42/100 (25.42) feet.

  

 

PARCEL
II (REGISTERED LAND)

 

That
certain parcel of land with the buildings thereon, situated in Stoneham, in the
County of Middlesex, Commonwealth of Massachusetts, bounded and described as follows:

 

	
  EASTERLY:

  	
   

  	
  by
  Main Street, eighty-seven and 70/100 (87.70) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  one
  hundred three and 60/100 (103.60) feet;

  
	
   

  	
   

  	
   

  
	
  EASTERLY

  	
   

  	
  thirty-four
  and 05/100 (34.05) feet, by land now or formerly of McKenna Bros.;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  twenty-eight
  and 25/100 (28.25) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  twenty-three
  and 10/100 (23.10) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  four
  and 5/10 (4.5) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  fifteen
  (15) feet;

  

 

ii

 

	
  SOUTHERLY

  	
   

  	
  ninety-seven
  and 05/100 (97.05) feet, by land now or formerly of A. Fisher & Son
  Incorporated;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  twenty-six
  and 52/100 (26.52) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHERLY

  	
   

  	
  fifty-three
  and 72/100 (53.72) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  forty-two
  and 51/100 (42.51) feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHERLY

  	
   

  	
  one
  hundred sixty-five (165) feet, by land now or formerly of Mary Cogan et al.

  

 

All
of said boundaries are determined by the Court to be located as shown on a
plan, as modified and approved by the Court, filed in the Land Registration
Office, a copy of a portion of which is filed in the Registry of Deeds for the South
Registry District of Middlesex County in Registration Book 184, Page 353,
with Certificate 28402.

 

PARCEL
III

 

That
certain parcel of land with the buildings thereon situate in said Stoneham,
bounded and described as follows:

 

Commencing
at the northeasterly corner of said premises on Main Street, being the southeasterly
corner of Parcel II above described:

 

	
  Thence

  	
   

  	
  running
  westerly, one hundred three and 60/100 (103.60) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  southerly,
  thirty-four and 05/100 (34.05) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, twenty-eight and 25/100 (28.25) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly,
  twenty-three and 10/100 (23.10) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, four and 5/10 (4.5) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly
  again, fifteen (15) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, ninety-seven and 05/100 (97.05) feet, said last mentioned bounds being
  all by First Parcel;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  continuing
  westerly as shown on a plan entitled “Plan of Land in Stoneham, Mass., owned
  by A. Fisher & Son, Inc., dated May 1928, by Philip J. Leary,
  Civil Engineer.” recorded with Middlesex South District Deeds, Book 5233,
  Page 505, twenty-three and 67/100 (23.67) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  continuing
  westerly by land formerly of Cogan and land formerly of Dunbar, seventy-four
  (74) feet;

  

 

iii

 

	
  Thence

  	
   

  	
  southerly
  by land formerly of Dunbar to Montvale Avenue, one hundred twenty-three (123)
  feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  easterly
  by said Montvale Avenue to a parcel taken by the County Commissioners in the
  relocation of said Montvale Avenue by instrument recorded with said Deeds,
  Book 6952, Page 273, shown on a plan recorded with Middlesex South
  District Registry in Plan Book 434, Page 28, seventy-four (74) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly
  again by said taking, seven (7) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  easterly
  again by the northerly side of said Montvale Avenue as presently located to
  the curving intersection of Montvale Avenue with said Main Street, two
  hundred thirty-seven and 36/100 (237.36) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  by
  said curving intersection, fifty-seven and 30/100 (57.30) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly
  again by said Main Street to the point of beginning, about ninety (90) feet.

  

 

PARCEL IV

 

A
certain parcel of land with the buildings thereon situated on Flint Avenue in Stoneham,
Middlesex County, Massachusetts, being shown as Parcel A of plan of land in
Stoneham, Massachusetts, prepared by Vanasse/Hangen Engineering, Inc., dated February 14,
1985, recorded in the Middlesex South District Registry of Deeds as Plan No. 325
of 1985, and further bounded and described as follows:

 

	
  NORTHEASTERLY

  	
   

  	
  by
  Flint Avenue five and 00/100 (5.00) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY

  	
   

  	
  by
  Lot F on said plan one hundred thirty and 45/100 (130.45) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHEASTERLY

  	
   

  	
  by
  land shown on said Plan as Stanley C. Adelstein, Trustee of Puritan-Stoneham
  Realty Trust, forty-two and 51/100 (42.51) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHWESTERLY

  	
   

  	
  by
  said land now or formerly of Stanley C. Adelstein, Trustee of
  Puritan-Stoneham Realty Trust, five and 01/100 (5.01) feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY

  	
   

  	
  by
  two lines forty-two and 41/100 (42.41) feet and one hundred thirty and 00/100
  (130.00) feet.

  

 

iv

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Lease Agreement, dated January, 1991, by and between One Montvale
Ave. Limited Partnership (“Landlord” or “Lessor”) and Massachusetts Eye &
Ear Infirmary (“Tenant” or “Lessee”).

 

2.                                       First Amendment to Lease, dated August 29, 1995, by and between SKW II
Real Estate Limited Partnership (“Landlord” or Lessor”) and Massachusetts Eye &
Ear Infirmary (“Tenant” or “Lessee”).

 

3.                                       Second Amendment to Lease, dated April 2, 1998, by and between WMP II Real
Estate Limited Partnership (“Landlord”) and Massachusetts Eye & Ear
Infirmary (“Tenant”).

 

4.                                       Third Amendment to Lease, dated June 10, 2003, by and between Hub
Acquisition Trust (“Landlord”) and Massachusetts Eye & Ear Infirmary (“Tenant”).

 

5.                                       Fourth Amendment to Lease, dated March 4, 2010, by and between Hub
Acquisition Trust (“Landlord”) and Massachusetts Eye & Ear Infirmary (“Tenant”).

 

ii

 

INDEX

Lease

 

1.                                       Lease, dated February 27, 1997, by and between WMP II
Real Estate Limited Partnership (“Lessor”) and Sprint Spectrum, L.P. (“Lessee”).

 

2.                                       First Amendment to Lease, dated June 24, 1997, by and between WMP II
Real Estate Limited Partnership (“Lessor”) and Sprint Spectrum, L.P. (“Lessee”).

 

3.                                       Letter Agreement, dated October 25, 2006, from Leslie
Baggenstoss, Sprint Spectrum Realty Company (“Tenant”), acknowledged and agreed
to by David M. Lepore (“Landlord”). 
Re:  Notice of renewal.

 

iii

 

INDEX

Lease

 

1.                                       U.S. Government Lease for Real
Property No. GS-01B(1PEL)-04120, dated February 24, 2000, by and between WMP II
Real Estate Limited Partnership (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. SLA-FDA-100, dated April 10, 2000, by and between WPM II
Real Estate Partnership (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 1, dated March 3, 2000, by and between WMP II
Real Estate Limited Partnership (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 2, dated July 31, 2002, by and between HUB
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 3, dated September 12, 2002, by and between HUB
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

iv

 

INDEX

Lease

 

1.                                       U.S. Government Lease for Real
Property No. GS-01B(1PB)-04521, dated October 21, 2009, by and between HUB
Acquisition Trust (“Owner/Lessor”) and the United States of America — Internal
Revenue Service (“Government/Lessee”).

 

v

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

Property
Address: One Montvale Avenue, Stoneham, Massachusetts 02180

 

QUITCLAIM DEED

 

WMP
III REAL ESTATE LIMITED PARTNERSHIP, a Delaware limited partnership with an
address c/o Archon Group, L.P., 1275 K Street NW, Suite 900, Washington,
DC 20005 (“Grantor”), for consideration of NINE MILLION TWO HUNDRED THOUSAND
DOLLARS ($9,200,000.00), the receipt and sufficiency of which are hereby
acknowledged, grants to HUB ACQUISITION TRUST, a Maryland real estate
investment trust, having an address c/o HRPT Properties Trust, 400 Centre
Street, Newton, Massachusetts 02459-2076 (“Grantee”)

 

with
QUITCLAIM COVENANTS,

 

The
land and all improvements thereon located in Stoneham, Middlesex County,
Massachusetts, presently known as and numbered One Montvale Avenue, more fully
described on Exhibit A attached hereto, together with all
hereditaments and appurtenances belonging thereto (the “Property”),
subject to, however, and with the benefit of, all rights, agreements,
easements, reservations and restrictions of record, insofar as the same are or
may become in force and applicable, and also subject to the lien of real property taxes for fiscal years 2001 and  2002
(i.e., the  taxes
assessed as of 1/l/00 and 1/1/01), and to the extent not yet due and payable,
which taxes Grantee, by acceptance and recording of this Deed, assumes and
agrees to pay.

 

For Grantor’s title, see Deed of WMP II Real Estate Limited Partnership,
dated September 13, 2000, recorded with Middlesex South District Registry of
Deeds in Book 31937, Page 73 and filed with Middlesex South Registry
District of the Land Court as Document No. 1152720.

 

EXECUTED
UNDER SEAL this 24 day of September, 2001.

 

 

	
   

  	
  WMP
  III Real Estate Limited Partnership, a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  WMP
  III Gen-Par, L.L.C.,

  
	
   

  	
   

  	
  a
  Delaware limited liability company, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Susan Sack

  
	
   

  	
   

  	
   

  	
  Name:

  	
  SUSAN SACK

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  VICE PRESIDENT

  

 

[see next page for acknowledgment]

 

ii

 

STATE OF NEW YORK

 

	
  New York, New York, SS.

  	
  September 24, 2001

  

 

Then personally appeared the above-named Susan L.Sack, the Vice
President of WMP III Gen-Par, L.L.C., the General Partner of WMP III  Real
Estate Limited Partnership as aforesaid, and acknowledged the foregoing
instrument to be his/her free act and deed, and the free act and deed of WMP
III Gen-Par, L.L.C., as General Partner of WMP III Real Estate Limited
Partnership, before me,

 

	
   

  	
  /s/
  E. Anne Musella

  
	
   

  	
  Notary
  Public

  
	
   

  	
  My
  commission expires:

  
	
   

  	
   

  
	
  Exchange
  3314249.1

  	
   

  
	
   

  	
   

  
	
   

  	
  E. ANNE MUSELLA

  
	
   

  	
  Notary Public,
  State of New York

  
	
   

  	
  No. 01MU6030326

  
	
   

  	
  Qualified in Kings County

  
	
   

  	
  Certificate filed in New York County

  
	
   

  	
  Commission Expires Aug. 18, 2005

  

 

iii

 

Exhibit A to Quitclaim
Deed

 

LEGAL DESCRIPTION  

 

PARCEL I

 

A
certain parcel of land with the buildings thereon situated on Main Street at
the corner of Flint Avenue in Stoneham, Middlesex County, Massachusetts, being
shown as Parcel F on a Plan recorded with Middlesex South District Registry of
Deeds in Book 12886, Page 65 and further bounded and described as follows:

 

	
  SOUTHEASTERLY:

  	
   

  	
  by
  Main Street, one hundred seventeen and 21/100 (117.21) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHWESTERLY:

  	
   

  	
  by
  land shown on said plan as Barbo’s Inc., one hundred sixty-five (165) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY:

  	
   

  	
  by
  Lot E, one hundred thirty and 45/100 (130.45) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHEASTERLY:

  	
   

  	
  by
  Flint Avenue, one hundred fifty-one and 54/100 (151.54) feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHEASTERLY

  and EASTERLY:

  	
   

  	
  by a curved line measuring about twenty-five and
  42/100 (25.42) feet.

  

 

PARCEL II (REGISTERED LAND)

 

That
certain parcel of land with the buildings thereon, situated in Stoneham, in the
County of Middlesex, Commonwealth of Massachusetts, bounded and described as
follows:

 

	
  EASTERLY:

  	
   

  	
  by
  Main Street, eighty-seven and 70/100 (87.70) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  one
  hundred three and 60/100 (103.60) feet;

  
	
   

  	
   

  	
   

  
	
  EASTERLY

  	
   

  	
  thirty-four
  and 05/100 (34.05) feet, by land now or formerly of McKenna Bros.;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  twenty-eight
  and 25/100 (28.25) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  twenty-three
  and 10/100 (23.10) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHERLY

  	
   

  	
  four
  and 5/10 (4.5) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  fifteen
  (15) feet;

  

 

iv

 

	
  SOUTHERLY

  	
   

  	
  ninety-seven
  and 05/100 (97.05) feet, by land now or formerly of A. Fisher & Son
  Incorporated;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  twenty-six
  and 52/100 (26.52) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHERLY

  	
   

  	
  fifty-three
  and 72/100 (53.72) feet;

  
	
   

  	
   

  	
   

  
	
  WESTERLY

  	
   

  	
  forty-two
  and 51/100 (42.51) feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHERLY

  	
   

  	
  one
  hundred sixty-five (165) feet, by land now or formerly of Mary Cogan et al.

  

 

All
of said boundaries are determined by the Court to be located as shown on a
plan, as modified and approved by the Court, filed in the Land Registration
Office, a copy of a portion of which is filed in the Registry of Deeds for the
South Registry District of Middlesex County in Registration Book 184, Page 353,
with Certificate 28402.

 

PARCEL III

 

That
certain parcel of land with the buildings thereon situate in said Stoneham,
bounded and described as follows:

 

Commencing
at the northeasterly corner of said premises on Main Street, being the
southeasterly corner of Parcel II above described:

 

	
  Thence

  	
   

  	
  running
  westerly, one hundred three and 60/100 (103.60) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  southerly,
  thirty-four and 05/100 (34.05) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, twenty-eight and 25/100 (28.25) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly,
  twenty-three and 10/100 (23.10) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, four and 5/10 (4.5) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly
  again, fifteen (15) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  westerly
  again, ninety-seven and 05/100 (97.05) feet, said last mentioned bounds being
  all by First Parcel;

  
	
   

  	
   

  	
   

  
	
  Thence
  

  	
   

  	
  continuing
  westerly as shown on a plan entitled “Plan of Land in  Stoneham,
  Mass., owned by A. Fisher & Son, Inc., dated May 1928, by
  Philip J. Leary, Civil Engineer.” recorded with Middlesex South District
  Deeds, Book 5233, Page 505, twenty-three and 67/100 (23.67) feet;

  
	
   

  	
   

  	
   

  
	
  Thence
  

  	
   

  	
  continuing
  westerly by land formerly of Cogan and land formerly of Dunbar, seventy-four
  (74) feet;

  

 

v

 

	
   

  	
   

  	
  formerly
  of Dunbar, seventy-four (74) feet;

  
	
   

  	
   

  	
   

  
	
  Thence
  

  	
   

  	
  southerly
  by land formerly of Dunbar to Montvale Avenue, one hundred twenty-three (123)
  feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  easterly
  by said Montvale Avenue to a parcel taken by the County Commissioners in the
  relocation of said Montvale Avenue by instrument recorded with said Deeds,
  Book 6952, Page 273, shown on a plan recorded with Middlesex South
  District Registry in Plan Book 434, Page 28, seventy-four (74) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  northerly
  again by said taking, seven (7) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  easterly
  again by the northerly side of said Montvale Avenue as presently located to
  the curving intersection of Montvale Avenue with said Main Street, two
  hundred thirty-seven and 36/100 (237.36) feet;

  
	
   

  	
   

  	
   

  
	
  Thence

  	
   

  	
  by
  said curving intersection, fifty-seven and 30/100 (57.30) feet;

  
	
   

  	
   

  	
   

  
	
  Thence
  

  	
   

  	
  northerly
  again by said Main Street to the point of beginning, about ninety (90) feet.

  

 

PARCEL IV

 

A
certain parcel of land with the buildings thereon situated on Flint Avenue in
Stoneham, Middlesex County, Massachusetts, being shown as Parcel A of plan of
land in Stoneham, Massachusetts, prepared by Vanasse/Hangen Engineering, Inc.,
dated February 14, 1985, recorded in the Middlesex South District Registry
of Deeds as Plan No. 325 of 1985, and further bounded and described as
follows:

 

	
  NORTHEASTERLY

  	
   

  	
  by
  Flint Avenue five and 00/100 (5.00) feet;

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY

  	
   

  	
  by
  Lot F on said plan one hundred thirty and 45/100 (130.45) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHEASTERLY

  	
   

  	
  by
  land shown on said Plan as Stanley C. Adelstein, Trustee of Puritan-Stoneham
  Realty Trust, forty-two and 51/100 (42.51) feet;

  
	
   

  	
   

  	
   

  
	
  SOUTHWESTERLY

  	
   

  	
  by said land now or formerly of Stanley C.
  Adelstein, Trustee of Puritan-Stoneham Realty Trust, five and 01/100 (5.01)
  feet; and

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERLY

  	
   

  	
  by two lines forty-two and 41/100 (42.41) feet and
  one hundred thirty and 00/100 (130.00) feet.

  

 

viExhibit 10.4

 

330 South Second Ave., Minneapolis, MN

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB
ACQUISITION TRUST,

 

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 Seller

  	
  24

  
	
  12.18

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.19

  	
  Waiver

  	
  25

  
	
  12.20

  	
  Further
  Assurances

  	
  25

  
	
  12.21

  	
  Financials

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
ACQUISITION TRUST, a Maryland real estate investment trust (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 Twenty-Three Million Two Hundred
Thirty Thousand Seven Hundred Forty-Six Dollars ($23,230,746).

 

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 Seller.  The Declaration of Trust of the Seller, dated
March 14, 1997, 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 the Seller shall be held to any
personal liability, jointly or severally, for any obligation of, or claim
against, the Seller.  All persons dealing
with the Seller, in any way shall look only to the assets of the Seller for the
payment of any sum or the performance of any obligation.

 

12.18               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 

 

24

 

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 any sum or the performance of any
obligation.

 

12.19               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.

 

12.20               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.

 

12.21               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 12.21
shall survive the Closing.

 

[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 ACQUISITION TRUST, a Maryland real estate
  investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  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.]

 

 

	
   

  	
  330
  South Second Avenue

  
	
   

  	
  Minneapolis,
  MN

  

 

Legal Description

 

Lots 49, 50, 51, 52, 53, 54 and 55, Auditor’s
Subdivision No. 156 according to the recorded plat thereof on file and of
record in the office of the County Recorder, Hennepin County, Minnesota;

 

Lot 1, Auditor’s Subdivision No. 80
according to the recorded plat thereof on file and of record in the office of
the County Recorder, Hennepin County, Minnesota;

 

All that part of the vacated 20 foot alley
originally platted in Block 64 of Town of Minneapolis lying Southeasterly of
the Northwesterly line of Lot 49, Auditor’s Subdivision No. 156 according
to the recorded plat thereof on file and of record in the office of the County
Recorder, Hennepin County, Minnesota, extended Southwesterly to the Southwesterly
line of said vacated alley;

 

All of the vacated 12 foot alley abutting
Lots 50 through 55, Auditor’s Subdivision No. 156 and Lot 1, Auditor’s
Subdivision No. 80 according to the recorded plats thereof on file and of
record in the office of the County Recorder, Hennepin County, Minnesota;

 

Together with all of the rights and easements
contained in that certain Skyway Agreement dated August 24, 1981, filed of
record April 14, 1993, as Document No. 4785244 in the office of the
County Recorder, Hennepin County, Minnesota; and

 

Together with all of the rights and easements
contained in that certain Third Street Skyway Agreement dated September
14, 1982, filed of record September 24, 1986, as Document
No. 5162030 in the office of the County Recorder, Hennepin County,
Minnesota.

 

ii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                      U.S. Government Lease for Real
Property No. GS-05B-16511, dated May 7, 1999, by and between Liberty
Property Limited Partnership (“Owner/Lessor”) and the United States of America
(“Government/Lessee”).

 

2.                                      Supplemental Lease Agreement No. 1, dated July 9, 1999, by and between Liberty
Property Limited Partnership (“Owner/Lessor”) and the United States of America
(“Government/Lessee”).

 

3.                                      Supplemental Lease Agreement No. 2, undated, by and between Hub Acquisition Trust (“Owner/Lessor”)
and the United States of America (“Government/Lessee”). Note:  Not executed by Tenant — COPY ONLY

 

4.                                      Supplemental Lease Agreement No. 3, dated December 18, 2002, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

5.                                      Supplemental Lease Agreement No. 4, dated June 15, 2006, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
— COPY ONLY

 

6.                                      Supplemental Lease Agreement No. 5, dated August 25, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

7.                                      Supplemental Lease Agreement No. 6, dated July 21, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
Re: Extension of Lease for the period of July 1, 2009 through June 30,
2012.

 

8.                                      Supplemental Lease Agreement No. 7, dated August 25, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
Re: Clarification of how future tax adjustments are made.

 

ii

 

INDEX

Lease

 

1.                                      Lease Agreement No. GS-05B-17802, dated November 14, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

2.                                      Supplemental Lease Agreement No. 1A, dated October 15, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

3.                                      Supplemental Lease Agreement No. 2, dated January 5, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

4.                                      Supplemental Lease Agreement No. 3,  dated April 20, 2010, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

iii

 

INDEX

Lease

 

1.                                      U.S. Government Lease for Real
Property No. GS-05B-17801, dated November 1, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

2.                                      Supplemental Lease Agreement No. 1A, dated January 15, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
— COPY ONLY

 

iv

 

INDEX

Lease

 

1.                                      Lease, dated November    , 2000, by
and between Hub Acquisition Trust (“Landlord”) and Municipal Building
Commission (“Tenant”).

 

2.                                      First Amendment to Lease, dated June 25, 2004, by and between Hub
Acquisition Trust (“Landlord”) and Municipal Building Commission (“Tenant”). Note: Partial of Original document — COPY ONLY

 

3.                                      Second Amendment to Lease, dated August 31, 2009, by and between Hub
Acquisition Trust (“Landlord”) and Municipal Building Commission (“Tenant”).
Re: The term of the Lease is extended for a period of four (4) years,
commencing on January 1, 2011 and expiring on December 31, 2014.

 

v

 

INDEX

Lease

 

1.                                      Lease Agreement, date October 17, 2007, by and between Hub
Acquisition Trust (“Landlord”) and Gamer Packaging, Inc. (“Tenant”).

 

vi

 

INDEX

Lease

 

1.                                      U.S. Government Lease for Real
Property No. GS-05B-16244, dated June 23, 1997, by and between Liberty
Properties Limited Partnership (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

2.                                      Supplemental Lease Agreement No. 1, dated August 7, 1997, by and between Liberty Properties
Limited Partnership (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

3.                                      Supplemental Lease Agreement No. 2, dated March 4, 1998, by and between Liberty
Properties Limited Partnership (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

4.                                      Supplemental Lease Agreement No. 3, dated May 4, 1998, Revised November 10,
1998, by and between Liberty Properties Limited Partnership (“Owner/Lessor”)
and the United States of America (“Government/Lessee”).

 

5.                                      Supplemental Lease Agreement No. 4, dated June 26, 2003, by and between Hub
Acquisition Trust c/o Jill Cassidy (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

6.                                      Supplemental Lease Agreement No. 5A, dated June 5, 2003, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

7.                                      Supplemental Lease Agreement No. 6, dated January 4, 2004, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

8.                                      Supplemental Lease Agreement No. 7, dated December 13, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

9.                                      Supplemental Lease Agreement No. 8, dated July 17, 2006, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

10.                               Supplemental Lease Agreement No. 9, dated September 8, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

vii

 

11.                               Supplemental Lease Agreement No. 10, dated July 24, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

12.                               Supplemental Lease Agreement No. 11, dated August 25, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

viii

 

INDEX

Lease

 

1.                                      U.S. Government Lease for Real
Property No. GS-05B-15970,
dated January 30, 1995, by and between 330 Associates, Inc. (“Owner/Lessor”)
and the United States of America (“Government/Lessee”).

 

2.                                      Supplemental Lease Agreement No. 1, dated September 12, 2001, by and between Hub Acquisition
Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

3.                                      Supplemental Lease Agreement No. 1A, dated December 18, 2002, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

4.                                      Supplemental Lease Agreement No. 2, dated January 4, 2004, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

5.                                      Supplemental Lease Agreement No. 3, dated January 23, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
— COPY ONLY

 

6.                                      Supplemental Lease Agreement No. 4, dated September 8, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

7.                                      Supplemental Lease Agreement No. 5, dated August 4, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

8.                                      Supplemental Lease Agreement No. 6, dated March 4, 2010, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

ix

 

INDEX

Lease

 

1.                                      U.S. Government Lease for Real
Property No. GS-05B-18307,
dated January 7, 2010, by and between Hub Acquisition Trust (“Owner/Lessor”)
and the United States of America (“Government/Lessee”).

 

x

 

INDEX

Lease

 

1.                                       U.S. Government Lease for Real
Property No. GS-05B-16176,
dated March 10, 1997, by and between 330 Associates Limited Partnership
c/o CB Commercial Real Estate Group (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1, dated December 1, 1997, by and between Liberty
Property Limited Partnership (“Owner/Lessor”) and the United States of America
(“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2, dated March 10, 1998, by and between Liberty
Property Limited Partnership (“Owner/Lessor”) and the United States of America
(“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3, undated, by and between Liberty Property Limited
Partnership (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4, undated, by and between Liberty Property Ltd.
Partnership (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
Note:  Not
Executed by either parties.

 

6.                                       Supplemental Lease Agreement No. 5, dated December 27, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

7.                                       Supplemental Lease Agreement No. 6, dated December 27, 2007, by and between Hub Acquisition
Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

8.                                       Supplemental Lease Agreement No. 7, dated May 13, 2008, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

9.                                       Supplemental Lease Agreement No. 8, dated June 18, 2008 by and between Hub Acquisition
Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

xi

 

10.                                 Supplemental Lease Agreement No. 9, dated November 10, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

xii

 

INDEX

Lease

 

1.                                       Office Building Lease, dated August 29, 1996, by and between 330
Associates Limited Partnership (“Landlord”) and Metro Legal Services, Inc.
(“Tenant”).

 

2.                                       First Amendment to Lease, dated August 6, 2002, by and between Hub
Acquisition Trust successor in interest to 330 Associates Limited Partnership (“Landlord”)
and Metro Legal Services, Inc. (“Tenant”).

 

3.                                       Second Amendment to Lease, dated October 17, 2007, by and between Hub
Acquisition Trust (“Landlord”) and Metro Legal Services, Inc. (“Tenant”).

 

xiii

 

INDEX

Lease

 

1.                                      Lease Agreement, dated March 1989, by and between Towle Real
Estate Buildings (“Lessor”) and Metropolitan Fiber Systems of Minneapolis/St.
Paul, Inc. (“Tenant”).

 

2.                                       First Amendment to Lease, dated April 19, 1994, by and between Towle Real
Estate Building (“Lessor”) and Metropolitan Fiber Systems of Minneapolis/St.
Paul, Inc. (“Tenant”).

 

3.                                      Second Amendment to Lease, dated February 18, 1999, by and between
Liberty Property Limited Partnership (“Landlord”) and Metropolitan Fiber
Systems of Minneapolis/St. Paul, Inc. (“Tenant”).  Re: Lease extended for 60 months commencing April 1,
1999 and expiring March 31, 2004.

 

4.                                       Third Amendment to Lease, dated April 6, 2004, by and between Hub
Acquisition Trust successor in interest to Liberty Property Limited Partnership
(“Landlord”) and Metropolitan Fiber Systems of Minneapolis/St. Paul, Inc.
(“Tenant”). — COPY

 

5.                                      Notification of Restructuring, dated May 7, 2004 from MFS of Minn.St. PA and
MCI Lease Administration to Hub Acquisition Trust. Re: Plan of Reorganization
under Chapter 11 and merger of Metropolitan Fiber Systems of Minneapolis/St.
Paul, Inc. into MCImetro Access Transmission Services, LLC. — COPY

 

6.                                       Fourth Amendment to Lease, dated April 1, 2009, by and between Hub
Acquisition Trust (“Landlord”) and MCImetro Access Transmission Services, LLC (“Tenant”).  Re: Lease extended for five (5) years
commencing April 1, 2009 and expiring March 31, 2014. — COPY

 

xiv

 

INDEX

Lease

 

1.                                       Lease of Storage Space, dated January 24, 2002, by and between Hub
Acquisition Trust (“Landlord”) and Kieran’s Irish Pub (“Tenant”). Re: S0004

 

2.                                       First Amendment to Lease of
Storage Space, dated May 23,
2007, by and between Hub Acquisition Trust (“Landlord”) and Kieran’s Irish Pub
LLC (“Tenant”). Re: Storage space relocation to S2

 

xv

 

INDEX

Lease

 

1.                                       Antenna Lease Agreement, dated April 19, 2000, by and between Hub
Acquisition Trust (“Landlord”) and APT Minneapolis, Inc. (“Tenant”).

 

2.                                       Memorandum of Lease Agreement, dated November 30, 2000, by and between Hub
Acquisition Trust (“Owner”) and APT Minneapolis, Inc.

 

3.                                       First Amendment to Antenna Lease, dated May 15, 2005, by and between Hub Acquisition
Trust (“Landlord”) and Voice Stream Minneapolis, Inc, f/k/a APT
Minneapolis, Inc. (“Tenant”).

 

4.                                       Acknowledgment and Consent
Letter, dated October 16,
2007, by and between Hub Acquisition Trust (“Landlord”) and T-Mobile Central
LLC successor in interest to APT Minneapolis, Inc. (“Tenant”).

 

xvi

 

INDEX

Lease

 

1.                                       Lease of Storage Space, dated September 4, 2003, by and between Hub
Acquisition Trust (“Landlord”) and Metro Legal Services, Inc. (“Tenant”).  Re: Storage space S8.

 

2.                                       First Amendment to Lease of
Storage Space, dated October 17,
2007, by and between Hub Acquisition Trust (“Landlord”) and Metro Legal
Services, Inc. (“Tenant”). Re: Storage space expansion to S9.

 

xvii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated May 29, 2001, by and between Hub
Acquisition Trust (“Landlord”) and REIT Management and Research, Inc. (“Tenant”).

 

2.                                       First Amendment to Lease, dated October 30, 2007, by and between Hub
Acquisition Trust (“Landlord”) and REIT Management & Research LLC (“Tenant”).

 

3.                                       Second Amendment to Lease, dated January 21, 2009, by and between Hub
Acquisition Trust (“Landlord”) and REIT Management & Research LLC (“Tenant”).

 

xviii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated April 2, 1997, by and between Liberty
Property Limited Partnership (“Landlord”) and Leo N. Short III and Roger Coady
(“Tenant”).

 

2.                                       Assignment of Lease, dated November 13, 1998, by and between Leo N.
Short III and Roger Coady (“Assignor”) and Sisters Coffee Inc. dba Sister
Sludge Coffee (“Assignee”).

 

3.                                       Consent to Assignment, dated November 13, 1998, by and between Liberty
Property Limited Partnership (“Landlord”), Leo N. Short III and Roger Coady (“Tenant”)
and Sisters Coffee Inc. dba Sister Sludge Coffee (“Assignee”).

 

4.                                       Amendment to Lease, dated November 13, 1998, by and between Liberty
Property Limited Partnership (“Landlord”) and Sisters Coffee Inc. dba Sister
Sludge Coffee (“Tenant”).

 

5.                                       Guaranty, dated November 13, 1998, by Jon Lonneman and
Sandra Lonneman (jointly and severally, “Guarantor”) to Liberty Property
Limited Partnership (“Landlord”).

 

6.                                       Second Amendment to Lease, dated May 31, 2002, by and between Hub Acquisition
Trust (“Landlord”) and Sisters Coffee Inc, dba Sister’s Sludge Coffee (“Tenant”).

 

7.                                       Third Amendment to Lease, dated September 6, 2005, by and between Hub
Acquisition Trust (“Landlord”) and Sisters Coffee Inc. d/b/a Sisters’ Sludge
Coffee (“Tenant”).

 

xix

 

INDEX

Lease

 

1.                                       Entry and Testing Agreement, dated April 11, 1996, by and between 330
Associates Limited Partnership (“Owner”) and MajorCo, LP. dba Sprint
Telecommunications Venture Spectrum, L.P. (“STV”).

 

2.                                       PCS Site Agreement, dated May 30, 1996, by and between 330 Associates
Limited Partnership (“Owner”) and Sprint Spectrum, L.P. (“SSLP”).

 

3.                                       PCS Site Agreement Supplement #1, dated November 19, 1996, by and between 330
Associates Limited Partnership (“Owner”) and Sprint Spectrum, L.P. (“SSLP”).

 

4.                                       PCS Site Agreement Supplement #2, dated November 19, 1996, by and between 330
Associates Limited Partnership (“Owner”) and Sprint Spectrum, L.P. (“SSLP”).

 

xx

 

INDEX

Lease

 

1.                                       Lease Agreement, dated December 15, 1998, by and between Liberty
Property Limited Partnership (“Landlord”) and The Tax Center, Inc. (“Tenant”).

 

2.                                       Amendment to Lease, dated June 8, 1999, by and between Liberty
Property Limited Partnership (“Landlord”) and The Tax Center, Inc. (“Tenant”).

 

3.                                       Second Amendment to Lease, dated June 24, 2004, by and between Hub
Acquisition Trust (“Landlord”) and The Tax Center, Inc. (“Tenant”).

 

4.                                       Third Amendment to Lease, dated June 16, 2009, by and between Hub
Acquisition Trust (“Landlord”) and The Tax Center, Inc. (“Tenant”).

 

xxi

 

INDEX

Lease

 

1.                                       Office Building Lease, dated February 28, 1994, by and between 330
Partners (“Landlord”) and Kieran P. Folliard (“Tenant”).

 

2.                                       Amendment to Lease, dated May 1, 1996, by and between 330
Associates Limited Partnership as successor to 330 Partners (“Landlord”) and
Kieran P. Folliard (“Tenant”).

 

3.                                       Amendment to Lease, dated November 20, 1998, by and between Liberty
Property Limited Partnership (“Landlord”) Kieran’s Irish Pub Inc. successor in
interest to Kieran P. Folliard (“Tenant”).

 

4.                                       Exhibit D - Guaranty, dated November 20, 1998, by Kieran P. Folliard
(“Guarantor”) to Liberty Property Limited Partnership (“Landlord”) Note: Guarantor is the principal of Tenant.

 

5.                                       Amendment to Lease, dated February 6, 1999, by and between Liberty
Property Limited Partnership (“Landlord”) Kieran’s Irish Pub Inc. (“Tenant”)

 

6.                                       Amendment to Lease, dated March 22, 1999, by and between Liberty
Property Limited Partnership (“Landlord”) Kieran’s Irish Pub Inc. (“Tenant”)

 

7.                                       Lease of Parking Spaces, dated March 12, 2001, by and between Hub
Acquisition Trust (“Landlord”) and Kieran’s Irish Pub Inc. (“Tenant”).

 

8.                                       Amendment to Lease, dated November 27, 2002, by and between by and
between Hub Acquisition Trust successor in interest to Liberty Property Limited
Partnership (“Landlord”) and Kieran’s Irish Pub Inc. (“Tenant”).

 

9.                                       Assignment and Assumption
Agreement, dated December     ,
2003, by and between Kieran’s Irish Pub, Inc. ( “Assignor”) and Kieran’s
Irish Pub LLC (“Assignee”)

 

10.                                 Consent to Assignment of Lease, dated January 5, 2004, by and between Hub
Acquisition Trust (“Landlord”) and Kieran’s Irish Pub LLC (“Tenant”).

 

xxii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated November 24, 2009, by and between Hub
Acquisition Trust (“Landlord”) and India Express Fresh, Inc. (“Tenant”).

Re: Ste. 280.

 

xxiii

 

INDEX

Lease

 

1.                                       Guaranty, dated August 19, 2002, from Sabir Dairkee (“Guarantor”0
to Hub Acquisition Trust (“Landlord”).

 

2.                                       Lease, dated August 20, 2002, by and between Hub
Acquisition Trust (“Landlord”) and Niamet’s Minnesota Mart, Inc. (“Tenant”).

 

3.                                       Consent to Assignment of Lease, dated May 30, 2003, by and between Hub Acquisition
Trust (“Landlord”), Niamet’s Minnesota Mart, Inc. (“Tenant”) and Susan L.
Mulsof (“Assignee”).

 

4.                                       Assignment of Lease, dated June 3, 2003, by and between Hub Acquisition
Trust (“Landlord”), Niamet’s Minnesota Mart, Inc. (“Tenant”) and Susan L.
Mulsof (“Assignee”).

 

5.                                       First Amendment to Lease, dated August 6, 2003, by and between Hub
Acquisition (“Landlord”) and Susan L. Musolf (“Tenant”).

 

6.                                       Declaration by Landlord and Tenant
as to Date of Delivery and Acceptance of Possession of Premises, executed October 3, 2003 by Hub Acquisition (“Landlord”)
and Susan L. Musolf (“Tenant”).  Re:  Commencement Date occurred on December 1,
2002, and the Original Term will expire on November 30, 2007.

 

7.                                       Assignment of Lease, dated February 24, 2006, by and between Hub
Acquisition Trust (“Landlord”), Susan L. Mulsof known as Pearl & Co.,
LLC of which she owns 100% of the membership units (“Assignor”) and Mai See
Vang and Tou Thao (“Assignees”).

 

8.                                       Consent to Assignment of Lease, dated November 13, 2006, by and between Hub
Acquisition (“Landlord”), Susan L. Musolf (“Tenant”) and Mai See Vang and Tou
Thao (“Assignee”).

 

9.                                       Second Amendment to Lease, dated August 29, 2007, by and between Hub Acquisition
Trust (“Landlord”) and Mai See Vang and Tou Thao doing business as Gateway
Variety (“Tenant”).

 

xxiv

 

INDEX

Lease

 

1.                                       Letter Agreement, dated March 2, 2006, from Hub Acquisition Trust
(“Landlord”) agreed to and accepted by Alla Grig (“Tenant”). Re: Unit # 219.

 

2.                                       Lease Agreement, dated October 5, 2007, by and between Hub
Acquisition Trust (“Landlord”) and Alla Grig doing business as Lite Bite (“Tenant’).

 

xxv

 

INDEX

Lease

 

1.                                       Office Building Lease, dated August, 1994, by and between 330 Associates
Limited Partnership (“Landlord”) and Alan B. Wohl and Jayne L. Wohl dba
Franks-a-Million (“Tenant”).

 

2.                                       Amendment to Lease, dated May 26, 1999, by and between Liberty
Property Limited Partnership successor in interest to 330 Associates Limited
Partnership (“Landlord”) and Alan B. Wohl and Jayne L. Wohl dba
Franks-a-Million (“Tenant”).

 

3.                                       Assignment, Assumption and
Consent, dated February 13, 2002, by and between Alan
Wohl and Jayne L. Wohl (“Assignor”) and Oslad, Inc. (“Assignee”).

 

4.                                       Consent to Assignment of Lease, dated February 27, 2002, by and between Hub
Acquisition Trust successor in interest to Liberty Property Limited Partnership
(“Landlord”), Alan B. Wohl and Jayne L. Wohl dba Franks-a-Million (“Tenant”)
and Oslad, Inc. (“Assignee”).

 

5.                                       Second Amendment to Lease, dated January 5, 2004, by and between Hub
Acquisition Trust (“Landlord”) and Oslad, Inc. dba Franks-a-Million (“Tenant”).
Note: Vitaly Razumny, Owner, Oslad, Inc.

 

6.                                       Lease Assignment, dated February 29, 2004, by and between Vitaly
Razumny (“Assignor”), Alla Grig (“Assignee”) and Hub Acquisition Trust (“Landlord”).

 

7.                                       Consent to Assignment of Lease, dated May 6, 2004, by and between Hub Acquisition
Trust (“Landlord”), Oslad, Inc. dba Franks-a-Million (“Tenant”), and Alla
Grig (“Assignee”).

 

8.                                       Third Amendment to Lease, dated December 31, 2009, by and between Hub
Acquisition Trust (“Landlord”) and Alla Grig dba Franks-a-Million (“Tenant”).

 

9.                                       Consent to Assignment and
Assumption of Lease,
dated May 5, 2010, by and between Hub Acquisition Trust (“Landlord”), Alla
Grig (“Tenant”) and Valeriy Venher and Lioudmila Venher (“Assignee”).

 

xxvi

 

INDEX

Lease

 

1.                                       Lease Agreement, dated August 26, 1997, by and between Liberty
Property Limited Partnership (“Landlord”) and Craig Thompson and Cathlene R.
Eagan (“Tenant”).

 

2.                                       First Amendment to Lease, dated November 17, 2000, by and between Hub
Acquisition Trust (“Landlord”) and Craig Thompson and Cathlene R. Eagan (“Tenant”).

 

3.                                       Second Amendment to Lease, dated April 17, 2002, by and between Hub
Acquisition Trust (“Landlord”) and Craig Thompson and Cathlene R. Eagan (“Tenant”).

 

4.                                       Third Amendment to Lease, dated September 12, 2007, by and between Hub
Acquisition Trust (“Landlord”) and Cathlene Egan d/b/a Skyway Barbers.

 

xxvii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated October 25, 2005, by and between Hub
Acquisition Trust (“Landlord”) and Hyung S. Choi d/b/a Crazy Tacos (“Tenant”).

 

xxviii

 

INDEX

Lease

 

1.                                       Lease Agreement, dated October 31, 2001, by and between Hub
Acquisition Trust (“Landlord”) and Asian Max of Minnesota, Inc. (“Tenant”).

 

2.                                       Declaration by Landlord and
Tenant as to Date of Delivery and Acceptance of Possession of Premises, executed May 7, 2002, by Hub Acquisition Trust
(“Landlord”) and Asian Max of Minnesota, Inc. (“Tenant”).  Re: Possession of Premises was delivered on April 15,
2002 and the Original Term will expire on April 30, 2012.

 

3.                                       Lease Assignment Agreement, dated August 30, 2007, by and between Asian Max
of Minnesota, Inc. (“Assignor”) and Asian Mill, Inc. (“Assignee”) and
Hub Acquisition Trust (“Landlord”).

 

4.                                       Consent to Assignment of Lease, dated November 20, 2007, by and between Hub
Acquisition Trust (“Landlord”), Asian Max of Minnesota, Inc. (“Tenant”)
and Asian Mill, Inc. (“Assignee”)

 

5.                                       First Amendment to Lease, dated November 20, 2007, by and between Hub
Acquisition Trust (“Landlord”) and Asian Mill, Inc. (“Tenant”).

 

xxix

 

INDEX

Lease

 

1.                                       Lease, dated January 2000, by and between Hub
Properties Trust (“Landlord”) and Andrea Gambino dba Andrea’s Pizza (“Tenant”).

 

2.                                       First Amendment to Lease, dated June 30, 2000, by and between Hub
Acquisition Trust (“Landlord”) and Andrea Gambino (“Tenant”).

Note: 
Due to a scrivener’s error, the Lease misstated the name of Landlord as
Hub Properties Trust.

 

3.                                       Second Amendment to Lease, dated February 6, 2004, by and between Hub
Acquisition Trust (“Landlord”) and Andrea Gambino (“Tenant”).

 

4.                                       Third Amendment to Lease, dated January 26, 2009, by and between Hub
Acquisition Trust (“Landlord”) and Andrea Gambino (“Tenant”).

 

xxx

 

INDEX

Lease

 

1.                                       U.S. Government Lease for Real
Property No. GS-05B-16219,
dated January 15, 1999, by and between Liberty Property Limited
Partnership (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1, dated November 1, 1999, by and between Liberty
Property Limited Partnership (“Owner/Lessor”) and the United States of America
(“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2,  - MISSING*

 

4.                                       Supplemental Lease Agreement No. 3, dated February 5, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4E, dated September 4, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

xxxi

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

	
  [ILLEGIBLE]  Form No. 23.M—LIMITED WARRANTY DEED

  	
  Minnesota Uniform
  Conveyancing Blanks (1/15/97)

  	
  Miller-Davis Co.,
  St. Paul

  

 

	
  Corporation,
  Partnership or Limited Liability Company [ILLEGIBLE] Corporation, Partnership
  or Limited Liability Company 

  	
   

  	
  Minneapolis, MN 572

  
	
   

  	
   

  	
   

  
	
  No
  delinquent taxes and transfer entered: Certificate of Real Estate Value
  [ILLEGIBLE] filed (         )
  not required.

  Certificate
  of Real Estate Value No.

  	
   

  	
  REC
  FEE               15-

  COPY
  FEE            1-

  	
  7191582

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  County Auditor

  	
   

  	
   

  
	
  by:

  	
   

  	
   

  	
   

  
	
  COMMONWEALTH LAND TITLE INSURANCE CO.

  	
  Deputy

  	
   

  	
   

  
	
  101612 C BOX 312

  	
   

  	
   

  	
   

  
	
  DEED TAX DUE: [ILLEGIBLE]

  	
   

  	
   

  	
   

  
	
  Date: September 30, 1999

  	
   

  	
   

  	
  (reserved for recording data)

  
							

 

FOR
VALUABLE CONSIDERATION, LIBERTY PROPERTY LIMITED PARTNERSHIP, a limited
partnership under the laws of Pennsylvania, Grantor, hereby conveys and quitclaims to HUB ACQUISITION
TRUST, Grantee, a real estate under the laws of Maryland, real property in
investment trust Hennepin County, Minnesota, described as follows:

 

*
together with the buildings and improvements thereon,

 

See Exhibit A attached hereto and made a part hereof.

 

This Deed is given as part of a tax deferred exchange under
Section 1031 of the Internal Revenue Code.

 

together
with all hereditaments and appurtenances.

 

This Deed conveys after-acquired title.  Grantor warrants that Grantor has not done or
suffered anything to encumber the property, EXCEPT: See Exhibit B attached
hereto and made a part hereof.

 

Check
box if applicable:

x  The Seller certifies that the seller does not
know of any wells on the described real property. 

o  A well disclosure certificate accompanies this
document.

o  I am familiar with the property described in
this instrument and I certify that the status and number of wells on the
described real property have not changed since the last previously filed well
disclosure certificate.

 

	
   

  	
  LIBERTY
  PROPERTY LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
  Affix Deed Tax Stamp Here

  	
  By
  

  	
  Liberty
  Property Trust

  
	
   

  	
   

  	
  Its

  	
  Sole
  General Partner

  
	
  STATE
  OF MINNESOTA

  	
   

  	
  ss.

  	
  By
  

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Its

  	
  Senior
  Vice President

  
	
  COUNTY
  OF HENNEPIN

  	
   

  	
   

  

 

	
  This
  instrument was acknowledged before me on 

  	
  September
  30, 1999. 

  
	
   

  	
  (Date)

  
	
  by [ILLEGIBLE] the Senior
  Vice President [ILLEGIBLE] Liberty Property Trust, a Maryland business
  [ILLEGIBLE] trust, the sole general partner of [ILLEGIBLE]
                                                                               
  [ILLEGIBLE] Liberty Property Limited Partnership, a limited partnership under
  the laws of Pennsylvania, on behalf of the limited partnership.

  

 

	
  NOTARIAL STAMP OR SEAL
  (OR OTHER TITLE OR RANK):

  	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
   

  	
  SIGNATURE OF NOTARY
  PUBLIC OR OTHER OFFICIAL

  
	
  

  	
   

  	
   

   

  check here if part or all of the land is
  Registered (Torrens) o

  
	
   

  	
   

  	
  Tax Statements for the real
  property described in this instrument should be sent to (include name and
  address of Grantee):

  
	
  THIS INSTRUMENT WAS
  DRAFTED BY (NAME AND ADDRESS):

  	
   

  	
   

  
	
   

  Dorsey
  & Whitney LLP (jrb)

  Pillsbury
  Center South

  200
  South Sixth Street

  Minneapolis,
  MN 55402

  	
   

  	
  Hub
  Acquisition Trust

  400
  Centre Street

  Newton,
  Massachusetts 02158

  

 

2

 

EXHIBIT
A

 

LEGAL
DESCRIPTION

 

Lots 49, 50, 51, 52, 53, 54 and 55, Auditor’s
Subdivision No. 156 according to the recorded plat thereof on file and of
record in the office of the County Recorder, Hennepin County, Minnesota;

 

Lot 1, Auditor’s Subdivision No. 80
according to the recorded plat thereof on file and of record in the office of
the County Recorder, Hennepin County, Minnesota;

 

All that part of the vacated 20 foot alley
originally platted in Block 64 of Town of Minneapolis lying Southeasterly of
the Northwesterly line of Lot 49, Auditor’s Subdivision No. 156 according
to the recorded plat thereof on file and of record in the office of the County
Recorder, Hennepin County, Minnesota, extended Southwesterly to the
Southwesterly line of said vacated alley;

 

All of the vacated 12 foot alley abutting
Lots 50 through 55, Auditor’s Subdivision No. 156 and Lot 1, Auditor’s
Subdivision No. 80 according to the recorded plats thereof on file and of
record in the office of the County Recorder, Hennepin County, Minnesota;

 

Together with all of the rights and easements
contained in that certain Skyway Agreement dated August 24, 1981, filed of
record April 14, 1993, as Document No. 4785244 in the office of the
County Recorder, Hennepin County, Minnesota; and

 

Together with all of the rights and easements
contained in that certain Third Street Skyway Agreement dated September
14, 1982, filed of record September 24, 1986, as Document
No. 5162030 in the office of the County Recorder, Hennepin County,
Minnesota.

 

3

 

EXHIBIT
B

PERMITTED
ENCUMBRANCES

 

1.                                      Real estate
taxes payable in 1999 and thereafter.

 

2.                                      Terms and
conditions of Skyway Agreement dated August 24, 1981, filed of record
April 14, 1983, as Document No. 4785244 as amended by unrecorded
Supplementary Skyway Agreement dated March 22, 1982. Consent to Skyway
Agreement dated August 31, 1988, filed of record February 6, 1989, as Document No. 5504642.

 

3.                                      Terms and
conditions of Third Street Skyway Agreement dated September 14, 1982,
filed of record September 24, 1986, as Document No. 5162030.

 

4.                                      PCS Site
Agreement dated October 16, 1997, filed of record December 3, 1997,
as Document No. 6817403 between 330 Associates Limited Partnership and
Sprint Spectrum L.P.

 

4

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