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 WARNING: IT IS RECOMMENDED THAT THE WITHIN SHOULD NOT BE COMPLETED WITHOUT PRIOR LEGAL ADVICE

Law Society of Ireland

GENERAL CONDITIONS OF SALE
2019 EDITION

PARTICULARS
and
CONDITIONS OF SALE
of
BISHOP'S SQUARE,
BISHOP'S STREET / KEVIN STREET LOWER, DUBLIN 2

SALE BY PRIVATE TREATY

Vendor: Hines GREIT II Ireland Fund ICAV (for and on behalf of its sub-fund Hines GREIT II Bishop Fund)
Vendor's Solicitor: William Fry
Address: 2 Grand Canal
Dublin 2
Reference: 023311.0009.LAMCC

Law Society General Conditions of Sale
2019 Edition
© Law Society of Ireland

MEMORANDUM OF AGREEMENT made           April, 20                                   2020
BETWEEN
HINES GREIT II IRELAND FUND ICAV for and on behalf of its sub-fund Hines GREIT II Bishop Fund having its registered office at Georges Court, 54-62 Townsend Street, Dublin 2
Tax number:  3329474LH
(VENDOR)

AND
SAINT PATRICK SARL having its principal office at 15, boulevard FW Raiffeisen, L-2411 Luxembourg
(PURCHASER)
whereby it is agreed that the Vendor shall sell and the Purchaser shall purchase in accordance with the annexed Special and General Conditions of Sale the property described in the within Particulars at the Purchase Price mentioned below
															
	Purchase Price   €   181,629,340    Closing Date:   the date of this Agreement
less deposit   €   18,162,934    Interest Rate:   8 per cent per annum
Balance   €   163,466,406
				
					
					
					
	SIGNED	/s/ Brian Moran		SIGNED	/s/ Laura Prinz   /s/ Beate Klaus
		Brian Moran			Laura Prinz         Beate Klaus
		(Vendor)			(Purchaser)
	Witness	Diane Courtney		Witness	Benjamin Schäfer
	Occupation	Solicitor		Occupation	Musician
	Address	2 Grand Canal Sq D2		Address	Fleischstr. 77, Trier, Germany

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PARTICULARS AND TENURE
ALL THAT AND THOSE the multi-storey building at Bishop Street and Kevin Street Lower in the City of Dublin known as “Bishop’s Square” being all the lands and buildings comprised in Folio 206152F County Dublin HELD in fee simple
SUBJECT TO the Leases and Car Space Licences at the current rent levels listed below (the "Occupational Leases") and the ESB Sub-Lease.  
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Occupational Leases
															
	Floor(s)	Date of Lease	Parties	Term	Current Rent
	Ground
(Retail)
	23 October 2015
	(1) The Vendor 
(2) Earces Limited t/a Starbucks
	20 years from 26 August 2015
	€60,000
	Ground
(Office)
	7 September 2001 and Deed of Variation dated 10 March 2014
	(1) Belltrap Limited 
(2) The Commissioners of Public Works in Ireland
	20 years from 18 January 2002
and
additional term expiring on 3 January 2028
	1,023,559 	 
	First
	7 September 2001 and Deed of Variation dated 10 March 2014
	(1) Belltrap Limited 
(2) The Commissioners of Public Works in Ireland
	20 years from 4 January 2002
and
additional term expiring on 3 January 2028
	1,368,195 	 
	Second
	7 September 2001 and Deed of Variation dated 10 March 2014
	(1) Belltrap Limited 
(2) The Commissioners of Public Works in Ireland
	20 years from 4 January 2002
and
additional term expiring on 3 January 2028
	1,395,838 	 
	Third
	13 June 2014
	(1) Violet Yarrow Real Estate (Dublin) Limited
(2) International Financial Data Services (Ireland) Limited
(3) International Financial Data Services Limited
	10 years from 13 June 2014
	1,108,284.00 	 
	Fourth
(part) 
	15 October 2018
	(1) Belltrap Limited 
(2) Tourism Ireland Limited
	20 years from 15 October 2018
	€583,655
24 months' rent free from 15 October 2018

	Fourth (part), Fifth and Sixth
	30 May 2019
	(1) The Vendor and
(2) The Commissioner of Public Works in Ireland
	20 years from 30 May 2019
	€2,420,442
15 months' rent free commencing 3 months from 30 May 2019

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Car Space Licence
												
	Date of Licence	Parties	Spaces	Licence Fee
	13 June 2014
	(1) Violet Yarrow Real Estate (Dublin) Limited
(2) International Financial Data Services (Ireland) Limited
(3) International Financial Data Services Limited
	8	€24,000

ESB Sub Station Lease
												
	ESB Sub Station
	7 September 2001
	(1) Belltrap Limited 
(2) Electricity Supply Board
	100 years from 7 September 2001
(Registered on Folio DN99067L)

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DOCUMENTS SCHEDULE
1.TITLE
1.1. Land Registry Certified copy folio and filed plan Folio 206152F County Dublin
1.2. Land Registry Certified copy folio and filed plan Folio 99067L County Dublin
1.3. Certified Copy Wayleave Agreement dated 12 December 2013 between (1) BT Communications Ireland Limited and (2) Violet Yarrow Real Estate (Ireland) Limited
1.4. Draft Party Wall Agreement (unexecuted)
2.PLANNING DOCUMENTATION
2.1. Copy Commencement Notice dated the 23 February 1999
2.2. Certified Copy Notification of Grant of Permission Reference 1170/99
2.3. Certified Copy Notification of Grant of Permission Reference 2933/99
2.4. Copy Grant of Planning Permission Decision Order No: P3028, dated 4 August 1999
2.5. Copy Grant of Approval Decision Order No: P5842 dated 7 January 2000
2.6. Copy letter from Dublin Corporation – Acknowledgement of receipt of Commencement Notice (Letter dated 28 February 2000)
2.7. Copy Fire Safety Certificate Register Reference 99/1773 dated the 12 June 2000
2.8. Original Letter from Dublin Corporation re Planning Permission Reference: 1170/99, dated 19 December 2000
2.9. Certified Copy Fire Safety Certificate Register Reference No: 01/1160, dated 18 April 2001
2.10. Copy Fire Safety Certificate Register Reference No: 01/1650, dated 1 November 2001 
2.11. Copy opinions on Compliance with the Building Regulations Design & Build Mechanical Installation dated 8 January 2002
2.12. Copy Letter from Update Technology Electrical Engineering Contractors to Ashlin Colman Heelan Architects dated 14 January 2002
2.13. Copy Letter from Michael McNamara & Company to Ashlin Colman Heelan & Partners dated 31 January 2002
2.14. Copy Building Services Chartered Engineer's Opinion on Compliance with the Building Regulations dated 4 February 2002
2.15. Original Opinion on Compliance with Planning Permission (Shell and Core) Gerry Ryan, Architect, Ashlin Coleman Heelan, Architects dated the 11 February 2002
2.16. Copy Opinion on Compliance with Building Regulations Ashlin Coleman Heelan Architects in relation to the fit-out of part of the Ground Floor, First Floor and Second Floor dated 11 February 2002
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2.17. Copy Architect's Opinion on Compliance of Lorcan Lyons & Associates dated 22 March 2002 in respect of Third Floor fit-out
2.18. Copy Certificate of Compliance (Part B of Regulations) dated 5 April 2002
2.19. Original Opinion on Compliance with Building Regulations (Shell and Core) Gerry Ryan, Architect, Ashlin Coleman Heelan Architects, dated 18 April 2002
2.20. Copy letter from Ashlin Coleman Heelan Architects to Thomas Garland & Partners dated 26 November 2002
2.21. Copy Letter from McAllister Devereux Keating dated 27 November 2002
2.22. Original Supplemental Confirmation of Ashlin Coleman Heelan Architects re: inspection of "the relevant documents" dated 2 December 2002
2.23. Certified copy letter Ashlin Coleman Heelan Architects re: Commencement Notice not being required for fit-out works dated 2 December 2002
2.24. Copy Opinion on Compliance O'Connor Sutton Cronin dated 9 January 2002, amended and reissued 3rd December 2002
2.25. Copy fax FESP re: fit-out works to Third Floor obviating requirement for Commencement Notice dated 3 December 2002
2.26. Copy Opinion on Compliance with the Building Regulations Design & Build Mechanical Installation dated 3 December 2002
2.27. Copy Certificate of Practical Completion dated 30 July 2014 for remedial works
2.28. Copy Building Energy Rating Certificate and Advisory Report dated 28 November 2012
2.29. Copy Building Energy Rating Certificate and Advisory Report dated 21 March 2019
2.30. Original Assignment of Letter of Appointment between (1) Violet Yarrow Real Estate (Dublin) Limited, (2) Hines Greit II Ireland Fund PLC and (3) H J Lyons (Architects) Limited 
2.31. Copy Violet Yarrow Real Estate (Dublin) Limited Terms of Contract dated 25 April 2013
2.32. Copy decision An Bord Pleanála reference 54.RL.2940
2.33. Copy Planning Permission Register Reference 1562/07
2.34. Copy Planning Permission Register Reference 6353/07
2.35. Copy Notification of Decision to Grant Planning Permission Register Reference 4074/15
2.36. Copy decision An Bord Pleanála Reference Number PL 29S.246188
2.37. Copy Notification of Grant of Permission Reference 2637/19
2.38. Copy Letter from Dublin City Council confirming compliance with Special Condition 5 and 10 of ABP Plan No. 4074/15 dated 6 February 2019
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2.39. Copy letter from Dublin Fire Brigade to Michael Slattery Associates enclosing Fire Safety Certificate No.: FSC1435/17 dated 14 March 2017 
2.40. Copy Opinion on Compliance with Planning Permission 4074.15 dated 12 October 2018
2.41. Original Architects Opinion(s) on Compliance with Planning Permission regarding Extension dated 24 July 2019
2.42. Original Architects Opinion(s) on Compliance with Building Regulations regarding Extension dated 23 August 2019
2.43. Copy letter dated 4 June 2019 from Dublin City Council confirming compliance with payment of financial contribution.
2.44. Copy Development Contributions Letter dated 10 August 2016 in relation to Planning Application No: 4074/15.
2.45. Copy Disability Access Certificate DAC/2017/0177 
2.46. Copy Disability Access Certificate DAC/2018/0453
2.47. Copy Notification of Grant of Permission Reference 1562/07
2.48. Copy Notification of Grant of Permission Reference 6353/07
2.49. Copy Notification of Grant of Permission Reference 2421/14
2.50. Building Survey Report of Malcolm Hollis Architects dated 28 May 2019 (the “Survey Report”)
2.51. Area Referencing Report of Malcolm Hollis Architects dated 7 March 2019 (the “Measurement Report”)
2.52. Michael Slattery Associates Report dated 19 November 2019.
2.53. Copy emails between ACH Architects and Dublin City Council in relation to planning conditions. 
3.CONSTRUCTION DOCUMENTS
3.1. Certified copy Building Contract dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) JSL Group Limited
3.2. Certified copy Architect Planning Stage Letter of Appointment dated 11 December 2015 between (1) Hines GREIT II Ireland Fund ICAV and (2) ACH Architects Limited 
3.3. Certified copy C&S Engineer Planning Stage Letter of Appointment dated 11 December 2015 between (1) Hines GREIT II Ireland Fund ICAV and (2) O'Connor Sutton Cronin & Associates 
3.4. Certified copy M&E Engineer Planning Stage Letter of Appointment dated 11 December 2015 between (1) Hines GREIT II Ireland Fund ICAV and (2) O'Connor Sutton Cronin & Associates (M+E)
3.5. Certified copy Planning Consultant Planning Stage Letter of Appointment dated 11 December 2015 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tom Phillips and Associates Limited 
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3.6. Certified copy Project Manager and Quantity Surveyor Planning Stage Letter of Appointment dated 11 December 2015 between (1) Hines GREIT II Ireland Fund ICAV and (2) Virtus Contracts Management Limited
3.7. Certified copy Appointment of Project Manager and Quantity Surveyor dated 20 October 2016 between (1) Hines GREIT II Ireland Fund ICAV and (2) Virtus Project Management Limited
3.8. Certified copy Appointment of Planning Consultant dated 22 November 2016 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tom Phillips and Associates Limited
3.9. Certified copy Appointment of Assigned Certifier dated 20 October 2016 between (1) Hines GREIT II Ireland Fund ICAV and (2) Van Dijk International Consultancy Limited 
3.10. Certified copy Performance Bond between (1) Hiscox Insurance Company Limited (2) JSL Group Limited and (3) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund
3.11. Certified copy of the Appointment dated 20 October 2016 between (1) Hines GREIT Il Ireland Fund ICAV and (2) ACH Architects Limited.
3.12. Certified copy of the Novation Agreement dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) ACH Architects Limited and (3) JSL Group Limited
3.13. Certified copy of the Appointment dated 20 October 2016 between (1) Hines GREIT Il Ireland Fund ICAV and (2) O'Connor Sutton Cronin & Associates Limited.
3.14. Certified copy of the Novation Agreement dated 6 October 2018 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) O'Connor Sutton Cronin & Associates Limited and (3) JSL Group Limited
3.15. Certified copy of the Appointment dated 20 October 2016 between (1) Hines GREIT Il Ireland Fund ICAV and (2) O'Connor Sutton Cronin & Associates (M+E) Limited.
3.16. Certified copy of the Novation Agreement dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) O'Connor Sutton Cronin & Associates (M+E) Limited and (3) JSL Group Limited
3.17. Certified copy of the Appointment dated 18 November 2016 between (1) Hines GREIT Il Ireland Fund ICAV and (2) DCON Safety Consultants Limited.
3.18. Certified copy of the Novation Agreement dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) DCON Safety Consultants Limited and (3) JSL Group Limited
3.19. Certified copy of the Appointment dated 20 October 2016 between (1) Hines GREIT Il Ireland Fund ICAV and (2) Michael N. Slattery & Associates Limited
3.20. Certified copy of the Novation Agreement dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) Michael N. Slattery & Associates Limited and (3) JSL Group Limited
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3.21. Certified copy Collateral Warranty dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) ACH Architects Limited and (3) JSL Group Limited
3.22. Certified copy Collateral Warranty dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) O'Connor Sutton Cronin & Associates Limited and (3) JSL Group Limited
3.23. Certified copy Collateral Warranty dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) O'Connor Sutton Cronin & Associates (M+E) and (3) JSL Group Limited
3.24. Certified copy Collateral Warranty dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) Michael N. Slattery & Associates Limited and (3) JSL Group Limited.
3.25. Certified copy Collateral Warranty dated 6 October 2017 between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund (2) DCON Safety Consultants and (3) JSL Group Limited
3.26. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Curran Aluminium and P.V.C Limited 
3.27. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Quinn Downes Limited
3.28. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Update Technology Limited
3.29. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Winroy Limited
3.30. Not Used
3.31. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Fabricat (Ireland) Limited 
3.32. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) Otis Elevator Ireland Limited 
3.33. Original Sub-Contractor Collateral Warranty between (1) Hines GREIT Il Ireland Fund ICAV acting for and on behalf of its sub-fund Hines GREIT II Bishop Fund and (2) O’Brien Roofing & Cladding Limited
3.34. Copy Sub-Contractor Appointment dated 8 December 2017 between (1) JSL Group Limited and (2) Otis Elevator Ireland Limited
3.35. Copy Sub-Contractor Appointment dated 20 October 2017 between (1) JSL Group Limited and (2) Quinn Downes Limited
3.36. Copy Sub-Contractor Appointment dated 20 October 2017 between (1) JSL Group Limited and (2) Update Group
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3.37. Copy Sub-Contractor Appointment dated 23 April 2018 between (1) JSL Group Limited and (2) Winroy Office Furniture Solutions
3.38. Copy Sub-Contractor Appointment dated 12 February 2018 between (1) JSL Group Limited and (2) Castle Group Ltd 
3.39. Copy Sub-Contractor Appointment dated 17 October 2017 between (1) JSL Group Limited and (2) Curran Aluminium & PVC Limited 
3.40. Copy Sub-Contractor Appointment dated 3 October 2018 between (1) JSL Group Limited and (2) O’Brien Roofing & Cladding Limited
3.41. Copy Sub-Contractor Appointment dated 27 October 2017 between (1) JSL Group Limited and (2) Fabricat Ireland Limited
3.42. Copy Fire Safety and Disability Access Consultant Collateral Warranty dated 18 September 2019 between (1) Michael N. Slattery and (2) the Commissioners of Public Works in Ireland 
3.43. Copy M&E Engineer Collateral Warranty dated 18 September 2019 between (1) O'Connor Sutton Cronin & Associates (M+E) Limited and (2) the Commissioners of Public Works in Ireland
3.44. Copy Project Manager and Quantity Surveyor Collateral Warranty dated 18 September 2019 between (1) Virtus Project Management and (2) the Commissioners of Public Works in Ireland
3.45. Copy Architect Collateral Warranty dated 18 September 2019 between (1) ACH Architects Limited and (2) the Commissioners of Public Works in Ireland
3.46. Copy C&S Engineer Collateral Warranty dated 18 September 2019 between (1) O'Connor Sutton Cronin & Associates Limited and (2) the Commissioners of Public Works in Ireland
3.47. Copy Contractor's Collateral Warranty dated 18 September 2019 between (1) JSL Group Limited and (2) the Commissioners of Public Works in Ireland
3.48. Original Agreement for Works dated 19 February 2018 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
3.49. Form of Assignment Agreement to be entered between (1) the Vendor and (2) the Purchaser in relation to the assignment of the sub-contractor collateral warranties listed as documents numbered 3.26 to 3.29 and 3.31 to 3.33 inclusive
3.50. Copy Notice of Assignment of Assigned Certifier dated 2 October 2017
3.51. Copy Notice of Assignment of Builder dated 2 October 2017
3.52. Copy Design Certificate dated 29 September 2017
3.53. Copy Undertaking by Assigned Certifier dated 2 October 2017
3.54. Copy Undertaking by Builder dated 29 September 2017 
3.55. Copy Validation of Commencement Notice re Planning Reference 29S.246188, 4074/15 
3.56. Copy Certificate of Practical Completion issued by Virtus for part of the works under the Building Contract dated 4 October 2018
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3.57. Copy Certificate of Practical Completion issued by ACH Architects for part of the works under the Building Contract dated 4 October 2018
3.58. Copy Certificate of Practical Completion issued by Virtus for part of the works under the Building Contract dated 12 April 2019
3.59. Copy Certificate of Practical Completion issued by ACH Architects for part of the works under the Building Contract dated 12 April 2019 
3.60. Copy Certificate of Practical Completion for the works under the Building Contract dated 15 November 2019
3.61. Copy Certificate on Compliance on Completion relating to 7 Day Notice reference number SN0003159DC dated 2 October 2019
3.62. Copy Certificate on Compliance on Completion relating to commencement notice reference number CN0032756DC dated 12 October 2019
3.63. Copy Certificate on Compliance on Completion relating to commencement notice reference number CN0032756DC dated 29 May 2019
3.64. Copy Certificate on Compliance on Completion relating to commencement notice reference number CN0032756DC dated 25 July 2019
3.65. Copy Certificate of Notification of entry onto Register – Certificate of Compliance on Completion evidencing the Certificate of Compliance on Completion was entered onto the register on 15 October 2019 and number CC00000016461DC relating to 7 Day Notice number SN0003159DC
3.66. Copy Certificate of Notification of entry onto Register – Certificate of Compliance on Completion evidencing the Certificate of Compliance on Completion was entered onto the register on 15 October 2019 and number CC00000016462DC relating to Commencement Notice number CN0032756DC
3.67. Copy Certificate of Notification of entry onto Register – Certificate of Compliance on Completion evidencing the Certificate of Compliance on Completion was entered onto the register on 09 July 2019 and number CC00000021390DC relating to Commencement Notice number CN0032756DC
3.68. Copy Certificate of Notification of entry onto Register – Certificate of Compliance on Completion evidencing the Certificate of Compliance on Completion was entered onto the register on 16 August 2019 and number CC00000022121DC relating to Commencement Notice number CN0032756DC
3.69. Copy Letter from Murray Spelman dated 31 October 2019 in evidence of PI for JSL Group Ltd valid to 8 October 2020
3.70. Copy Letter from Campion Insurance dated 8 April 2019 in evidence of PI insurance for Virtus Project Management valid to 26 November 2019
3.71. Copy Letter from OBF Insurance Group dated 24 June 2019 in evidence of PI insurance for Tom Phillips & Associates Limited valid to 20 June 2020
3.72. Copy Letter from JLT Ireland dated 15 February 2019 in evidence of PI insurance Van Dijk Architects Limited valid to 7 February 2020
3.73. Copy Letter from Cleary Barker (undated) in evidence of PI insurance for ACH Architects valid to 11 April 2020
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3.74. Copy Letter from Griffiths & Armour dated 5 November 2019 in evidence of PI insurance for O'Connor Sutton Cronin & Associates Ltd valid to 31 October 2020
3.75. Copy Letter from Griffiths & Armour dated 5 November 2019 in evidence of PI insurance for O'Connor Sutton Cronin & Associates (M&E) Ltd valid to 31 October 2020
3.76. Copy Letter from Griffiths & Armour dated 10 September 2019 in evidence of PI insurance for Michael N Slattery & Associates Limited valid to 4 September 2020
3.77. Copy Letter from Campion Insurance dated 3 October 2019 in evidence of PI insurance for DCON Safety Consultants Ltd valid to 11 October 2020
3.78. Copy Letter from AON dated 16 September 2019 in evidence of PI insurance for Curran Aluminium and PVC Limited valid to 9 December 2019
3.79. Copy Letter from Thompson Insurance dated 23 May 2019 in evidence of PI insurance for Quinn Downes Ltd valid to 23 May 2020
3.80. Copy Letter from Keaney Insurance Brokers (undated) in evidence of PI insurance for Update Technology valid to 31 August 2020
3.81. Copy Letter from JLT Ireland dated 11 September 2019 in evidence of PI insurance for Winroy Ltd valid to 9 September 2020
3.82. Copy Letter from AON dated 4 October 2019 in evidence of PI insurance for Otis Elevator Ireland Limited valid to 30 September 2020
4.OCCUPATIONAL LEASE DOCUMENTATION
4.1. Ground Floor Retail
4.1.1. Original Counterpart Lease dated 23 October 2015 between (1) Hines GREIT I Ireland Fund ICAV and (2) Earces Limited
4.1.2. Original External Seating Area Licence dated 23 October 2015 between (1) Hines GREIT I Ireland Fund ICAV and (2) Earces Limited
4.1.3. Original Side Letter dated 23 October 2015 from Hines GREIT I Ireland Fund ICAV to Earces Limited
4.1.4. Original Rent Security Deposit Deed dated 23 October 2015 between (1) Hines GREIT I Ireland Fund ICAV and (2) Earces Limited
4.1.5. Original Agreement for Lease dated 25 August 2015 between (1) Hines GREIT I Ireland Fund ICAV and (2) Earces Limited
4.1.6. Original Licence for Works dated 23 October 2015 between (1) Hines GREIT I Ireland Fund ICAV and (2) Earces Limited
4.1.7. Copy fitout plans in relation to the Earces Limited fitout works
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4.2. Ground Floor Office
4.2.1. Original Counterpart Lease dated 7 September 2001 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.2.2. Original Deed of Variation dated 9 January 2003 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.2.3. Original Certificate of Rent Review dated 2008 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.2.4. Original Deed of Variation dated 10 March 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited and (2) The Commissioners of Public Works in Ireland
4.2.5. Original Licence for Works dated 18 September 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited and (2) The Commissioners of Public Works in Ireland
4.3. First Floor
4.3.1. Original Counterpart Lease dated 7 September 2001 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.3.2. Original Deed of Variation dated 9 January 2003 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.3.3. Original Licence for Installations dated 6 December 2002 between (1) Belltrap Limited and (2) The Minister of Foreign Affairs
4.3.4. Original Certificate of Rent Review dated 2008 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.3.5. Original Deed of Variation dated 10 March 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited and (2) the Commissioners of Public Works in Ireland
4.4. Second Floor
4.4.1. Original Counterpart Lease dated 7 September 2001 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.4.2. Copy Deed of Variation dated 9 January 2003 between (1) Belltrap Limited and (2) The Commissioners of Public works in Ireland Commissioner of Public Works in Ireland
4.4.3. Copy Certificate of Rent Review dated 2008 between (1) Belltrap Limited and (2) The Commissioners of Public Works in Ireland
4.4.4. Original Licence for Laser Head Link Installations dated 17 May 2004 between (1) Belltrap Limited and Bank of Ireland Trust Services Limited and (2) The Minister for Justice, Equality and Law Reform
4.4.5. Original Deed of Variation dated 10 March 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited and (2) the Commissioners of Public Works in Ireland
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4.5. Third Floor
4.5.1. Original Counterpart Lease dated 13 June 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited, (2) International Financial Data Services (Ireland) Limited and (3) International Financial Data Services Limited
4.5.2. Original Side Letter dated 13 June 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited and (2) International Financial Data Services (Ireland) Limited
4.5.3. Original Car Space Licence dated 13 June 2014 between (1) Violet Yarrow Real Estate (Dublin) Limited, (2) International Financial Data Services (Ireland) Limited and (3) International Financial Data Services Limited
4.5.4. Original Opinion on due execution of Eversheds UK 13 June 2014
4.5.5. Draft Side Letter
4.6. Fourth Floor (Part)
4.6.1. Original Counterpart Lease dated 19 August 2002 between (1) Belltrap Limited and (2) News International Plc  
4.6.2. Original Deed of Surrender dated 19 August 2017 between (1) News Corp UK and Ireland Limited and (2) Hines GREIT II Fund ICAV
4.6.3. Original Deed of Settlement Agreement dated 23 June 2017 between (1) Hines GREIT II Ireland Fund ICAV and (2) News Corp UK and Ireland Limited
4.6.4. Copy Agreement for Works dated 15 September 2017 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
4.6.5. Original Counterpart Lease dated (the "Tourism Ireland Lease") 15 October 2018 Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
4.6.6. Original Side Letter dated 15 October 2018 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
4.6.7. Original Deed of Variation dated 10 April 2018 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
4.6.8. Original Counterpart Deed of Variation dated 6 July 2018 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
4.6.9. Copy Letter dated 22 March 2019 from the Vendor to Tourism Ireland CLG re Consent to planning application
4.6.10. Copy Notification of Grant of Permission Reference 2637/19
4.6.11. Consent of Deka bank to lease dated 8 October 2018 to Tourism Ireland Limited
4.6.12. Planning application for Bishops roof decking dated 28 March 2019 to Dublin City Council
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4.7. Part Fourth, Fifth and Sixth Floors
4.7.1. Original Agreement for Lease dated 13 March 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) The Commissioners of Public Works in Ireland
4.7.2. Original landlord counterpart stamped lease dated 30 May 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) The Commissioners of Public Works in Ireland (the "OPW Lease")
4.7.3. Original Side Letter re Windows dated 30 May 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) The Commissioners of Public Works in Ireland
4.7.4. Original Supplemental Agreement re Rent Free dated 30 May 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) The Commissioners of Public Works in Ireland 
4.7.5. Original Supplemental Agreement re Defects dated 30 May 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) The Commissioners of Public Works in Ireland 
4.7.6. Original Deed of Surrender dated 15 October 2018 between (1) Tourism Ireland CLG and Hines GREIT II Ireland Fund ICAV re Fifth Floor 
4.7.7. Original Deed of Surrender dated 15 October 2018 between (1) Tourism Ireland CLG and Hines GREIT II Ireland Fund ICAV re Fifth Floor additional area
4.7.8. Signed Joint Measurement Survey dated 9 May 2019 – OPW Lease
4.7.9. Copy Independent Architect's Report dated 6 August 2019 
5. ESB SUB-STATION
5.1. Original Counterpart Sub-Lease dated 7 September 2001 Belltrap Limited to Electricity Supply Board (the "ESB Sub-Lease")
6. CORPORATE DOCUMENTATION
6.1. Copy Authorisation Letter dated 17 April 2015 from Central Bank of Ireland authorising by way of continuation Hines GREIT Ireland Fund ICAV together with the initial sub-fund Hines GREIT II Bishop Fund to carry on business as an ICAV and revoking existing authorisation of Hines GREIT II Ireland Fund plc
6.2. Copy Registration Order dated 17 April 2015 certifying Hines GREIT II Ireland Fund ICAV as a registered ICAV under the Irish Collective Asset-management Vehicles Act 2015 
6.3. Copy Certificate of Incorporation and Memorandum and Articles of Association of Earces Limited
6.4. Copy Certificate of Incorporation and Memorandum and Articles of Association of Violet Yarrow Real Estate (Dublin) Limited
6.5. Copy Certificate of Incorporation on Conversion to a Private Company Limited by of International Financial Data Services Limited
6.6. Copy Certificate of Incorporation and Memorandum and Articles of Association of International Financial Data Services (Ireland) Limited
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6.7. Copy Certificate of Incorporation and Memorandum and Articles of Association of Tourism Ireland Limited
7. MISCELLANEOUS
7.1. Copy Tenancy Schedule dated 5 September 2019
7.2. Replies to Requisitions on Title dated 30 July 2019
7.3. Copy Consolidated Tenant Payment Statements dated 19 February 2019 furnished by Savills 
7.4. Copy Sinking Fund Summary Report dated 31 December 2018
7.5. Copy Service Charge Budget 2019
7.6. Copy Service Charge Account for year ending 30 September 2018 
7.7. Copy Service Charge Account for 15 Months ending December 2017
7.8. Copy Service Charge Account for year ending 30 September 2016
7.9. Executed Terms of Employment dated 2 September 2019 – Donagh Wiseman
7.10. Terms and conditions of Appointment – Malcolm Hollis
7.11. Standard Limitations – Malcolm Hollis
7.12. Copy Agreement for Management dated 17 April 2015 between (1) the Vendor and (2) Savills Commercial Ireland Limited
7.13. Original Declaration of Identity of Eoin Dineen dated 26 February 2015 for the benefit of Hines Global REIT II
7.14. Two original letters from Dublin City Council both dated 6 December 2018 in relation to roads and services
7.15. Original Letter from Dublin City Council to William Fry dated 29 November 2018 re roads and services 
7.16. Letter from Dublin City Council to A & L Goodbody dated 20 December 2012 re roads and services.
7.17. Letter from Irish Water dated 10 October 2019 re water services in charge 
7.18. Tenant Handbook
7.19. Opinion of Eamon Galligan S.C. dated 24 February 2020
7.20. Bishops Square Insurance Premium Apportionment
7.21. Rent Invoices 2020 Q1
7.22. Service Charge Invoices 2020 Q1
7.23.  Sinking Fund Summary dated 24 January 2020
7.24. Bishops Square Service Charge Budget Notes 2020
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7.25. Summary of Insurance Cover for Hines Europe Limited
7.26. Ulster Bank Statement of Accounts 2019
7.27. OSK Audit Limited Signed Certificates 2016 and 2018
7.28. Insurance Premium Apportionment Schedule 2020
7.29. Condensed Underwriting Report
7.30. Document statement claims against Bishops Square
7.31. Starbucks Design Plan
7.32. Replies to PCVE signed and dated 11 September 2019
7.33. Bishops Square Health and Safety Risk Assessment Report December 2019
7.34. Savills Bishops Square Fire Risk Assessment
7.35. Bishops Square Safety Statement 2019
7.36. Draft Hollis Reliance Letter - Area Referencing Report
7.37. Draft Hollis Reliance Letter – Building Survey Report 
7.38. Floral Events 2020
7.39. SAP Landscapes Limited Agreement dated 1 January 2020
7.40. Curran Aluminum Insurance 2020 including PI dated 11 December 2019
7.41. Starbucks Internal Strip and Fit out Plans
7.42. Ion Spac Site Specific Method Statement
7.43. Ion Spac Safety Statement
7.44. Signed Completion Certificate
7.45. Tourism Ireland Certificate of Compliance on Completion
7.46. Dickson & Co. Confirmation of Insurance 2019 to 2020
7.47. Disability Access Certificate Grant dated 2 June 2017
7.48. Disability Access Certificate Grant dated 21 September 2018
7.49. Photographic Survey of Bishops Square
7.50. LPCB Certificate
7.51. MAC Interiors Opinion of Compliance
7.52. Riverside Mechanical works summary
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7.53. Second Floor Plan as built (shell and core)
7.54. Remedial Works Description
7.55. Certificate of Practical Completion dated 17 September 2014
7.56. Bishops Square Mechanical Descriptions
7.57. Fabricat Insurance
7.58. Savills BS Life Cycle Analysis 2020
7.59. Fire Safety Review
7.60. Bishops Square Service Charge Audit Notes 2018
7.61. Bishops Square Service Charges Audit Notes 2020
7.62. RFI Register Building Consultancy dated 16 January 2020
7.63. Accent Solutions Agreement dated 1 January 2020
7.64. Manguard Plus Limited Agreement dated 1 January 2020
7.65. Puresafe Limited Agreement dated 1 January 2020
7.66. JLT Ireland Confirmation of Cover dated 13 February 2020
7.67. Refuge and Fireman Phone Certificate of Installation
7.68. Refuge and Fireman Phone Commissioning Certificate
7.69. Planning Consultant Collateral Warranty executed by Tom Phillips & Associates
7.70. Project Manager and Quantity Surveyor Collateral Warranty executed by Virtus Project Management Limited
7.71. PSDP Collateral Warranty executed by DCOM Safety Consultants Limited
7.72. C&S Engineer Collateral Warranty executed by O'Connor Sutton Cronin and Associates Limited
7.73. Assigned Certifier Collateral Warranty executed by Van Dijk International Consultancy Limited
7.74. Fire Safety and Disability Access Consultant Collateral Warranty executed by Michael N Slattery and Associates
7.75. M&E Engineer Collateral Warranty executed by O'Connor Sutton Cronin and Associates Limited
7.76. International Financial Data Services (UK) Limited Certificate of Incorporation and Memorandum of Association
7.77.  PCVE as signed by Indirect Tax Advisor dated 12 March 2020
7.78. Notice of Adjudication served 13 March 2020
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7.79  Company Constitution and Certificate of Incorporation in respect of JSL Group Limited 
7.80  Company Constitution and Certificate of Incorporation in respect of ACH Architects Limited
7.81 Company Constitution and Certificate of Incorporation in respect of O’Connor, Sutton, Cronin & Associates Limited
7.82 Company Constitution and Certificate of Incorporation in respect of O’Connor Sutton Cronin & Associates (M&E) Limited
7.83  Company Constitution and Certificate of Incorporation in respect of DCON Safety Consultants Limited
7.84  Company Constitution and Certificate of Incorporation in respect of Michael N Slattery & Associates Limited
7.85  Company Constitution and Certificate of Incorporation in respect of Van Dijk International Consultancy Limited
7.86 Company Constitution and Certificate of Incorporation in respect of Tom Phillips and Associates Limited
7.87 Company Constitution and Certificate of Incorporation in respect of Virtus Project Management Limited 

7.88 Snag List number 4 dated 15 November 2019

7.89.  Reliance Letter dated 16 March 2020 – Area Referencing Report 
7.90 Reliance Letter dated 16 March 2020 – Vendor's Building Survey Report
7.91 Emergency Lighting and Fire Safety Certificates 2019 and 2020
7.92 Michael Slattery Associates Technical Design Note dated 29 May 2015 regarding the Ground Floor new door
7.93 Copy Letter from OPW dated 26 March 2020
7.94 Original License Agreement dated 15 November 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG (Decking Area)
7.95 Original Deed of Renunciation dated 15 November 2019 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG (Decking Area)
7.96 Original Deed of Variation dated 27 March 2020 between (1) Hines GREIT II Ireland Fund ICAV and (2) Tourism Ireland CLG
7.97 MSA Letter of Reliance dated 24 March 2020
7.98 MSA Letter of Reliance dated 27 March 2020
7.90  Letter dated 27 March 2020 from William Fry to OPW
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7.91 Email dated 30 March 2020 from CSSO to William Fry together with attached Bishops Square Issues Table Composite dated 27 March 2020

SEARCHES SCHEDULE
None

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SPECIAL CONDITIONS
1. Save where the context otherwise requires or implies or the text hereof expresses to the contrary, the definitions and provisions as to interpretation set forth in the within General Conditions shall be applied for the purposes of these Special Conditions.
1. The said General Conditions shall:
1.1. apply to the Sale in so far as the same are not hereby altered or varied, and these Special Conditions shall prevail in case of any conflict between them and the General Conditions
1.2. be read and construed without regard to any amendment therein, unless such amendment shall be referred to specifically in these Special Conditions.
2. VAT
2.1. In this Special Condition:
“Accountable Person” and “Taxable Person” have the meanings attributed to those terms by Section 2(1) of the VAT Act;
“Capital Goods” has the meaning attributed to that term under Section 2 and Section 63(2) of the VAT Act; 
“Capital Goods Record” has the meaning attributed to that term under Section 64(12) of the VAT Act;
“Interval” has the meaning attributed to this term under Section 63(1) of the VAT Act;
“VAT” means Value Added Tax; and
“VAT Act” means Value-Added Tax Consolidation Act 2010 and related VAT regulations. 
2.2. The Parties consider that the Sale constitutes the transfer of a business to which Section 20(2)(c) and Section 26(2) of the VAT Act applies. 
2.3. The Purchaser warrants to the Vendor that the Purchaser is an Accountable Person for the purposes of Section 20(2)(c) of the VAT Act.  The Purchaser shall take all reasonable steps available to the Purchaser to facilitate the Sale qualifying for relief from VAT under Section 20(2)(c) of the VAT Act, such that the Sale shall not be a supply for the purposes of the VAT Act.  
2.4. The Purchaser shall indemnify and keep the Vendor indemnified against any loss, cost or liability which arises as a result of such warranty being or becoming untrue or incorrect in any respect due to the act, neglect or default of the Purchaser. 
2.5. The Vendor has supplied answers to pre-contract VAT enquiries raised by the Purchaser as referred to in the Document Schedule.
The Vendor has supplied copies of the Capital Goods Records for the period up to the latest date prior to the date hereof for the filing of returns in relation to any Capital Goods comprised in the Subject Property.
The Vendor warrants that such replies, and Capital Goods Records, are based on information presently available to the Vendor and are up to date at the date of furnishing thereof and will remain as such on completion save for such adjustment as may be necessary as a result of the passing of 
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any Interval or Intervals, in which case revised information and copy records will be furnished by the Vendor to the Purchaser on or prior to completion.
The obligations imposed on the Parties under this Agreement shall be in addition to the obligations imposed in relation to the Sale by the VAT Act.
3. TITLE
3.1. Title to the Subject Property shall consist of the documents specified in Section 1 of the Documents Schedule and no objection requisition or enquiry shall be raised in relation thereto. 
3.2. The Purchaser shall be deemed to have satisfied itself in relation to all matters pertaining to the identity of the Subject Property and the boundaries thereof prior to the Date of Sale and shall raise no objection, requisition or enquiry in this regard.  General Condition 11 shall not apply to the Sale.
3.3. The Purchaser acknowledges and accepts that the part of the Subject Property hatched red on the map attached to Appendix 1 hereto now forms part of the public pavement and shall raise no objection requisition or enquiry in respect thereof.  
3.4. The Purchaser shall purchase on notice of a proposal by the owner/occupier of 13 – 16 Redmond’s Hill, Aungier Street, Dublin 8 to treat the dividing wall between the property and the Subject Property as a party wall.  The previous owner of the Subject Property received the draft party wall agreement listed at 1.4 in the Documents Schedule.  The Vendor confirms that to the best of the knowledge and belief of (i) the board of the Vendor and/or (ii) its asset manager, Hines Real Estate Ireland Limited, the Vendor has not received any approach in relation to this matter during its period of its ownership and the Purchaser shall raise no objection, requisition or enquiry in relation thereto. 
3.5. The Purchaser shall purchase on notice of the Wayleave Agreement listed at 1.3 of the Documents Schedule.  The Vendor has no further correspondence in relation to this Wayleave Agreement. The Purchaser shall accept without objection, requisition or enquiry that the original thereof is retained by BT Communications Ireland Limited and the Purchaser shall accept the copy thereof furnished with this Contract and shall not call for any further or better copy thereof. 
3.6. Where at any time between the Date of Sale and the Completion Date the Vendor shall become aware that any of its replies to Requisitions would be untrue, inaccurate or misleading if given as of the Completion Date then as soon as reasonably possible thereafter the Vendor shall provide particulars thereof in writing to the Purchaser. 
4. CHARGE
4.1. The Subject Property is subject to a Charge in favour of Dekabank Deutsche Girozentrale (the “Charge”), which is registered as burden number 3 on Folio 206152F County Dublin.
4.2. The Vendor shall furnish to the Purchaser upon receipt by the Vendor of cleared funds on Completion a duly executed deed of discharge in Form 57A of the Land Registry Rules and a certificate in the form required by Rule 74(5) of the Land Registry Rules to discharge the Charge over the Subject Property provided that no compensation shall be payable by the Vendor to the Purchaser pursuant to General Condition 21(c) in the event of a delay to Completion arising as a result of a breach by the Vendor of this Special Condition 5.2 unless such delay shall exceed five (5) Working Days. 
5. PLANNING
5.1. In these Special Conditions the expression the "Planning Acts" shall mean the Local Government (Planning and Development) Acts 1963 to 1999, the Planning and Development Acts 2000 to 2018, 
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the Local Government (Sanitary Services) Acts 1878 to 2001, the Building Control Act 1990 and 2007, the Fire Services Act 1981, the Safety Health and Welfare at Work Acts 2005 and 2010 and any other statutory enactments, amendments and re-enactments thereof any rules and regulations whatsoever made thereunder and any local authority requirements regulating the use of or the carrying out of works to or the development of property.
5.2. The Vendor does not warrant that the Subject Property or any part thereof or the use thereof is in compliance with the Planning Acts.  The Purchaser shall be deemed to have satisfied itself prior to the date of Sale as to the full status of the Subject Property for the purposes of the Planning Acts and the extent to which the Planning Acts have been complied with.  No objection, requisition or enquiry shall be raised in relation to any matter connected with the Planning Acts or any planning permissions, fire safety certificates, commencement notices or other statutory consents or procedures whether required or obtained in relation to the Subject Property or the use thereof.  Without prejudice to the foregoing, the Purchaser is furnished with the planning documents specified in of the Documents Schedule and no further documentation shall be called for by the Purchaser.
5.3. General Conditions 31 and 32 shall not apply to the Sale.  Notwithstanding and without prejudice to the foregoing the Vendor confirms to the knowledge and belief of (i) the board of the Vendor and/or (ii) its asset manager, Hines Real Estate Ireland Limited:
5.3.1. That save as disclosed in the documents contained in the Documents Schedule, no notice or order made or issued by or at the behest of a Competent Authority in respect of the Subject Property and affecting the Subject Property at the Date of Sale has been served on the Vendor or to the actual knowledge of the Vendor on any of its predecessors in title.
5.3.2. That no material works have been carried out by or on behalf of the Vendor to the Subject Property save as disclosed in the documents contained in the Documents Schedule and that no notice or order made or issued by or at the behest of a Competent Authority in respect of the Subject Property has been notified or given to the Vendor alleging unauthorised development or use in respect of the Subject Property or any breach of Planning Legislation in respect of the Subject Property or any part of it.
5.3.3. On or about the date of the acquisition of the Subject Property the Vendor undertook certain works to the building systems of the Subject Property. The Purchaser is furnished with the related documents in the Documents Schedule and no objection, requisition or enquiry shall be raise in relation thereto.
5.3.4. The Vendor has carried out an extension to the Subject Property and upgrade works (the "Extension") pursuant to Planning Permission Reference 4074/15, including creating additional floor areas on the fourth and fifth levels and an additional sixth floor level.  The Purchaser is furnished with the documentation in relation to the Extension contained in Section 3 of the Documents Schedule and no further objection, requisition or enquiry shall be raised in relation thereto. 
5.3.5. The Purchaser is on notice that Earces Limited t/a Starbucks may not have planning permission for use of its premises as a retail coffee shop which the Purchaser Accepts.
5.3.6. The Purchaser is on notice that 111 car spaces are used in the basement of the car park of the Subject Property notwithstanding condition 3e of planning permission 1170/99 (as numbered in Document 7.19 of the Document Schedule) which the Purchaser Accepts.  The Vendor has not received any notice or order from a Competent Authority in respect of same nor, to the actual knowledge of the Vendor, were any such notices or orders issued to 
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any of its predecessors in title. The Vendor shall provide a statutory declaration on Completion in confirmation of the foregoing.
6. CONDITION AND SERVICES
6.1. The Vendor has disclosed before the Date of Sale, in the Particulars, the documents contained in the Document Schedule and the Special Conditions or otherwise, all easements, rights, reservations, exceptions, privileges, covenants, restrictions, rents, taxes and other liabilities (not already known to the Purchaser or apparent from inspection) which to the knowledge and belief of (i) the board of the Vendor and/or (ii) its asset manager, Hines Real Estate Ireland Limited, affect the Subject Property.  General Condition 13 is hereby deleted and the words "Subject to Condition 13" on the first line of General Condition 14 are hereby deleted.  
6.2. The Purchaser shall be deemed to have satisfied itself prior to the Date of Sale in relation to the actual state and condition of the Subject Property including all easements, rights, reservations, exceptions, privileges, covenants, restrictions, rents, taxes, incidents of tenure and other liabilities affecting the Subject Property and shall raise no objection, requisition or enquiry in this regard.  
6.3. It shall be a matter for the Purchaser to satisfy itself prior to the Date of Sale that the Subject Property is adequately serviced and also that it has the benefit of all easements, rights and privileges required for the full and proper use and enjoyment of same.  No objection, requisition or enquiry shall be raised in relation thereto.
6.4. The Purchaser shall not raise any objection, requisition or enquiry in relation to whether the roads and services abutting and serving the Subject Property are in charge.
6.5. It shall be a condition of Completion that the Vendor shall provide to the Purchaser and its lender with reliance on each of the reports listed at 2.50 to 2.52 (inclusive) of the Documents Schedule in the agreed form.
7. BER CERTIFICATES AND ADVISORY REPORTS
The Purchaser shall accept the BER certificate and advisory report listed in the Documents Schedule and shall not call for an updated certificate or report nor raise any further objections, requisitions or enquiry in relation to the European Communities (Energy Performance of Buildings) Regulations 2006 or the BER certificates.
8. OCCUPATIONAL LEASES 
8.1. The Subject Property is subject to the Occupational Leases in favour of the parties named in those leases (each an "Occupational Tenant" and together the "Occupational Tenants").  As such General Condition 17 (vacant possession) is hereby amended accordingly.  On Completion the Vendor shall not be required to remove the furniture, fixtures or fittings which were in or on the Subject Property on the Date of Sale.
8.2. Copies of all leases and licences currently affecting the Subject Property together with copies of any notices in the Vendor’s actual possession served by or on any lessee of the Subject Property or any part thereof are listed in the Documents Schedule and to the knowledge and belief of (i) the board of the Vendor and/or (ii) its asset manager, Hines Real Estate Ireland Limited, comprise all of the terms and conditions of the relevant tenancies.  The Purchaser shall be deemed to have purchased with full knowledge of the contents thereof.  The Vendor confirms that, as at the Date of Sale, the lessee named in any such lease or licence (or the assignee as disclosed in the Particulars and Tenure, the Special Conditions or otherwise in this Contract) is still the lessee and that the current rent levels stated in the Particulars and Tenure are the current rent levels payable under those leases and 
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licences.  The Vendor gives no warranty express or implied that the terms and conditions of any of the Occupational Leases or notices have been complied with other than confirming that there are no ongoing material disputes with or proceedings issued against any of the tenants under the Occupational Leases in respect of a breach by them of any covenants on their part contained in any of the Occupational Leases and the Purchaser shall be deemed to have satisfied itself in this respect prior to the execution of this Contract.  General Conditions 18 and 19 are hereby deleted.
8.3. An occupational lease in favour of a previous tenant (News International plc) of level 4 of the Subject Property is registered as burden number 2 on Folio 206152F County Dublin.  The Vendor confirms that this tenant validly exercised a break option and the Purchaser is referred to the deed of surrender dated 19 August 2017 between (1) News Corp UK and Ireland Limited and (2) Hines GREIT II Fund ICAV referred to in the Documents Schedule.  The Purchaser accepts that the said lease no longer affects the Subject Property and acquires the Subject Property on notice of this burden.  The Vendor shall not be required to make an application to remove the burden from the Folio.  The Purchaser shall raise no objection, requisition or enquiry in this regard.
8.4. The Vendor gives no warranty, expressed or implied, as to the identity of the actual occupier of any premises the subject of an Occupational Lease.  The Purchaser shall raise no objection, requisition or enquiry in this regard.
8.5. The Purchaser shall purchase on notice that International Financial Data Services (Ireland) Limited ("IFDS") provides maintenance and cleaning services and associated consumables to the toilet facilities located on level three of the Subject Property and these are not serviced through the building services.  This arrangement is informal and there is no written agreement in relation to same. The Vendor has not made deductions to service charges due from IFDS pursuant to its lease of level three. The Purchaser shall raise no objection, requisition or enquiry in this regard.
8.6. The Purchaser is referred to the agreement for Lease with the Commissioners of Public Works in Ireland (the "OPW") listed in the Documents Schedule (the "OPW AFL").  The Purchaser is put on notice that, as successor in title to the Vendor, the Purchaser assumes the obligations of the lessor in relation to the OPW AFL. In particular and without prejudice to the generality of the foregoing, the Purchaser's attention is drawn to the obligation to pay the CAT A Contribution (as defined in the OPW AFL) to the OPW on completion of the CAT A Works (as defined in the OPW AFL).  
8.7. The Vendor shall have no liability to the Purchaser under any circumstances whatsoever, whether in tort, contract, breach of statutory duty or otherwise arising from or in connection with the OPW AFL.  The Purchaser hereby covenants with the Vendor to perform those obligations on the part of the lessor contained in the OPW AFL which are to be performed subsequent to Completion save for the obligations on the part of the lessor specified in clause 6.2 of the OPW AFL. In particular, and without prejudice to the generality of the foregoing, the Purchaser covenants with the Vendor to pay the CAT A Contribution to the OPW when same becomes due in accordance with the OPW AFL.  The Purchaser hereby indemnifies and shall keep indemnified the Vendor from and against all losses, actions, costs, damages, injury, claims or demands incurred, sustained or borne by the Vendor by reason of the failure by the Purchaser to pay the CAT A Contribution.
8.8. The Vendor shall use all reasonable endeavours following Completion to assist the Purchaser in liaising with the OPW in connection with the OPW's initial fit out pursuant to the OPW AFL. The Vendor agrees to cooperate with the Purchaser in a spirit of reasonableness and goodwill on that matter. For the avoidance of any doubt the Purchaser shall be responsible for the costs of the design team in connection therewith. The Vendor shall respond to any request for assistance within ten (10) Working Days from the date of request from the Purchaser.
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8.9. The lease summaries uploaded to the data site have been provided for information purposes only and the Vendor does not warrant the accuracy of the contents thereof.  The Purchaser acknowledges and agrees that it shall be a matter for the Purchaser to review the contents of all documentation in relation to the Occupational Leases and that the lease summaries were provided on a strictly non-reliance basis.
9. CONSTRUCTION DOCUMENTS
9.1. The Purchaser's attention is drawn to the construction documents numbered 3.1 to 3.82 (inclusive) in the Documents Schedule which include the Building Contract numbered 3.1 and is on notice that practical completion in relation to that Building Contract has recently occurred.  
9.2. On completion of the Sale, the Vendor shall furnish to the Purchaser collateral warranties in the agreed form in favour of the Purchaser from the following parties who provided services or carried out works in respect of the Extension:-
9.2.1. Main Contractor – JSL Group Limited; 
9.2.2. Architect – ACH Architects Limited; 
9.2.3. Civil & Structural Engineer - O'Connor Sutton Cronin & Associates Limited; 
9.2.4. Mechanical & Electrical Engineer - O'Connor Sutton Cronin & Associates (M&E) Limited; 
9.2.5. Fire Engineer – Michael N. Slattery & Associates Limited; 
9.2.6. PSDP – DCON Safety Consultants Limited
9.2.7. Project Manager & Quantity Surveyor – Virtus Project Management Limited 
9.2.8. Planning Consultant – Tom Philips and Associates Limited; and 
9.2.9. Assigned Certifier – Van Dijk International Consultancy Limited 
In this Special Condition 10.2 "agreed form" means the form agreed with the parties listed at Special Condition 10.2.1 to 10.2.9 (inclusive) and furnished to the Purchaser prior to the date hereof. 
9.3. The documents numbered 3.26 to 3.29 and 3.31 to 3.33 (Sub-Contractor Warranties) (inclusive) in the Document Schedule (the "Assigned Contracts") shall be assigned by the Vendor to the Purchaser. On completion of the Sale the Vendor and Purchaser shall execute and deliver an assignment agreement in respect of the Assigned Contracts in the form of assignment contained in the Documents Schedule at number 3.49.
10. COMPLIANCE
No objection, requisition or enquiry shall be raised by the Purchaser concerning any licences or statutory requirements, consents or approvals required by any tenant under any of the Occupational Leases to lawfully trade or carry on its business in the Subject Property or any part thereof.
11. IMPROVEMENTS AND TENANT’S WORKS
The Vendor confirms to the knowledge and belief of (i) the board of the Vendor and/or (ii) its asset manager, Hines Real Estate Ireland Limited, that the Vendor has received no Improvement Notices pursuant to the Landlord and Tenant (Amendment) Act 1980 from any of the Occupational Tenants.  
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No objection, requisition or enquiry shall be raised by the Purchaser in relation to any works or improvements carried out by any of the Occupational Tenants or their predecessors in relation to the Subject Property or any part thereof.  In particular, other than such as may be disclosed in the documents furnished in the Documents Schedule, the Vendor shall not be required to produce to the Purchaser evidence of the consent of any party entitled from time to time to the lessor’s interest in any of the Occupational Leases to any works carried out from time to time by any tenant under any Occupational Lease or any evidence of compliance with any local or statutory requirements in respect of such works whether under the Planning Legislation, the Safety Health and Welfare at Work Act, 1989, the Fire Services Act, 1981 and any amendment or re-enactment thereof and all regulations made from time to time thereunder or otherwise.
12. BODY CORPORATE
12.1. Where any Occupational Tenant or any guarantor under any Occupational Lease is a non-Irish body corporate the Purchaser shall conclusively assume without objection requisition or enquiry that the relevant Occupational Tenant or guarantor entity has been properly incorporated or established and that the relevant documentation has been validly executed by the relevant Occupational Tenant and/or guarantor and no further proof or confirmation as to such incorporation or the validity of such execution shall be sought or furnished.  Without prejudice to the foregoing the Vendor shall provide to the Purchaser such evidence in relation to incorporation and/or such execution as appears from the documents specified in the Documents Schedule.
12.2. The Purchaser has been furnished with copies of such Certificates of Incorporation and Memoranda and Articles of Association (or extracts thereof) of Occupational Tenants and guarantors as are in the Vendor’s possession and as are detailed in the Documents Schedule.  The Purchaser shall not require the Vendor to furnish any further Certificates or other evidence of Incorporation or Memoranda or Articles of Association of any Occupational Tenant or guarantor and shall raise no objection requisition on enquiry in relation to the foregoing.
13. RENT AND APPORTIONMENT 
General Condition 23 is hereby varied as follows:-
13.1. The Vendor shall only be required to give an apportionment under General Condition 23 in respect of rent and insurance contribution actually received by the Vendor which relates to any period from and including the Apportionment Date.  For the avoidance of doubt should there be arrears of rent and insurance contribution on the Completion Date then so much thereof which relates to the period up to the Apportionment Date shall belong to the Vendor subject as provided in Special Condition 14.2.
13.2. To the extent that any of the Occupational Tenants shall not have discharged rent or insurance contribution in respect of the period up to the date of actual completion of the Sale (the "Arrears") then, subject as hereinafter provided, the Purchaser shall refund to the Vendor the full amount of the Vendor's entitlement to those Arrears as soon as reasonably possible after the Purchaser receives same from the relevant Occupational Tenant.  For the avoidance of doubt, any sums received by the Purchaser after completion of the Sale from any relevant Occupational Tenant shall first be applied in paying the Arrears.  The Purchaser shall use reasonable endeavours to collect Arrears and shall take such reasonable action to collect Arrears as the Vendor may request but the Purchaser shall not be required to take any legal proceedings against any of the Occupational Tenants. The Purchaser's obligations under this Special Condition 14 and the Vendor's entitlement to any Arrears that have not been collected at that time shall expire on the date which is 6 months after the Completion Date. The Vendor will not be entitled to issue or maintain any legal proceedings against any Occupational Tenant for recovery of any Arrears.
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13.3. On Completion, the Vendor shall allow the following credits to the Purchaser; 
13.3.1. a sum equivalent to the balance of the rent free periods granted to the tenants pursuant to the OPW Lease and the Tourism Ireland Lease then unexpired on the Apportionment Date as if they were apportionable items under General Condition 23; 
13.3.2. the sum of €1,896,300 in respect of the CAT A Contribution to be paid by the Purchaser as referred to in Special Condition 9.6 hereof. 
13.4. On Completion, the Vendor shall transfer to the Purchaser all rent security deposits held by or on behalf of the Vendor under the Occupational Leases. 
14. RATES AND OUTGOINGS 
The Purchaser shall not call for evidence of payment of rates, water rates or refuse charges and similar outgoings (if any) on the Subject Property and accepts that same are the liability of the tenants and occupiers thereof.  The Purchaser shall be deemed to have satisfied itself in that regard prior to the execution hereof and shall raise no objection, requisition or enquiry in relation thereto.  For the avoidance of doubt no apportionment shall be required on completion in respect of any such outgoings.  General Condition 23 is amended accordingly.  
15. INSURANCE
The Vendor shall on the Completion Date cancel its insurances in respect of the Subject Property.  The Purchaser shall effect its own insurances as and from the Completion Date and shall deal with the Occupational Tenants with effect from that date in relation to such insurances.    
16. SERVICE CHARGE
16.1. The service charge payable pursuant to each of the Occupational Leases is payable on an estimated basis subject to a balancing charge for each financial year. 
16.2. No apportionment of service charge shall be required on completion of the Sale.  In relation to any arrears of service charge outstanding at the date of completion of the Sale the Purchaser shall pursue the relevant Occupational Tenant or Tenants in respect of such arrears.  The Vendor shall assist the Purchaser in relation to any proceedings or action taken by the Purchaser in this regard, subject to the Purchaser discharging the Vendor’s reasonable costs in relation thereto.  
16.3. The Vendor shall on completion of the Sale:
16.3.1. transfer to the Purchaser all surplus service charge monies received by or on behalf of the Vendor which having regard to the audited financial statements for the year ending 31 December 2018 are available for service charge expenditure but which have not at the date of completion been offset against current service charge;
16.3.2. transfer to the Purchaser all sinking fund monies received or held by or on behalf of the Vendor;
16.3.3. hand over all original books of account, invoices, receipts and records as may relate to the service charge.
16.4. The Purchaser shall, following completion of the Sale, carry out and complete for its own account the contracts entered into by or on behalf of the Vendor in relation to the provision of services to the Subject Property and listed below (the "Contracts") to the extent that same have not been terminated 
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prior thereto and the Purchaser shall indemnify the Vendor against or reimburse the Vendor for any payment required to be made by the Vendor under or in relation to the Contracts for the remainder of the terms of each of the Contracts: -
16.4.1. Gas supply contract with Electric Ireland.
16.4.2. Electricity Supply contract with Electric Ireland.
16.4.3. FM Provider with Accent Solutions.
16.4.4. Phones - Reception / Lift / Broadband contract with Eircom now Eir.
16.4.5. Building Manager Mobile contract with Three (previously O2).
16.4.6. Security contract with ManGuard Plus Limited.
16.4.7. Cleaning contract with Puresafe.
16.4.8. Landscaping contract with SAP Landscapes.
16.4.9. BMS contract with Accent Solutions.
16.4.10. Lift Maintenance contract with Accent Solutions.
16.4.11. Fire Alarm contract with Accent Solutions.
16.4.12. Fire Extinguishers contract with Accent Solutions.
16.4.13. Smoke Ventilation System contract with Accent Solutions.
16.4.14. Access System / Barriers contract with Accent Solutions.
16.4.15. Fall Arrest System contract with Accent Solutions.
16.4.16. Water Treatment contract with Accent Solutions.
16.4.17. Refuse contract with AES Waste Management.
16.4.18. Water contract with Irish Water.
16.4.19. Cleaning Consumables contract with Puresafe.
16.4.20. Window Cleaning contract with Puresafe (Emerald).
16.4.21. Mat Rental contract with Puresafe (Emerald).
16.4.22. Floral Displays contract with Floral Events Limited. 
16.4.23. Electrical Repairs contract with Accent Solutions.
16.4.24. Generator Maintenance contract with Accent Solutions.
16.4.25. Roller Shutters with Accent Solutions.
16.4.26. Digital Safety File contract with DFM Systems.
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16.4.27. NEC Telephone System contract with Core Communications.
16.4.28. Switchgear Maintenance contract with Accent Solutions.
16.5. Nothing in this Contract shall dis-entitle the Vendor from serving notice of termination of the Contracts or otherwise or from notifying the other parties to the Contracts prior to the date of completion of the Sale that the Vendor has contracted to sell the Subject Property.  The Vendor confirms that the Agreement for Management listed at 7.12 of the Documents Schedule will terminate on completion of the Sale.
16.6. The Vendor shall procure completion of the service charge audit for the year ending 31 December 2019 (the "2019 Audit") as soon as reasonably possible following Completion and shall provide a certified copy of the audited service charge account to the Purchaser. Where it is determined following the 2019 Audit that there is a deficit in the service charge account relating to service charge contribution referable to the OPW premises on the 4th / 5th / 6th floors of the Subject Property in respect of the period prior to the OPW becoming liable for service charge under its lease then the Vendor shall make good the amount of that deficit to the Purchaser.
17. EMPLOYEES
17.1. The Purchaser shall purchase on notice of the fact that there is a manager (the "Building Manager") employed as Building Manager at the Subject Property and that the Building Manager is currently employed by the managing agents contracted to manage the Subject Property and not by the Vendor.  The Purchaser has been furnished with the employee information for the Building Manager listed in the Documents Schedule and shall raise no further objection, requisition or enquiry with regard to the Building Managers terms of employment.
17.2. To the extent that the transfer of assets contemplated by this Contract constitutes the transfer of a business or part of a business within the meaning of the European Communities (Protection of Employees on Transfer of Undertakings) Regulations, 2003 (SI 131/2003) (as amended) (the “Regulations”), the parties acknowledge that the Purchaser shall have no recourse against the Vendor with respect to any liabilities or obligations arising from the application of the Regulations to this Contract and the Purchaser will indemnify the Vendor against all actions, claims, proceedings, judgements, decrees, orders, awards, demands, losses, costs, damages, liabilities and expenses (in each case on an after tax basis) arising out of or by virtue of the application of the Regulations to this Contract.
18. GOOD ESTATE MANAGEMENT
18.1. Until the Completion Date the Vendor shall continue to manage the Subject Property in all respects diligently in accordance with the principles of good estate management so as to comply with the obligations in that respect contained or referred to in the Occupational Leases.
18.2. Until the Completion Date the Vendor shall consult with the Purchaser on the following matters and provided that the Purchaser is not in default of Completion, the Vendor will not without the consent of the Purchaser (not to be unreasonably withheld or delayed);
18.2.1. agree any variations to the Occupational Leases, 
18.2.2. agree any variation in the rent payable pursuant to the Occupational Leases (including any rent review), 
18.2.3. forfeit or accept any surrender of the Occupational Leases; 
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18.2.4. grant or agree to grant any new lease of any part of the Subject Property;
18.2.5. give any licence or consent in respect of any application for which consent is required pursuant to the terms of any of the Occupational Leases; or
18.2.6. approve or carry out any material capital expenditure on the Subject Property,
save where the terms of the Occupational Leases require the Vendor to give the consent or approvals or to make the variations/surrenders described at Special Conditions 19.2.1 to 19.2.6 above.  The Purchaser will indemnify the Vendor against all actions, claims, proceedings, judgements, decrees, orders, awards, demands, losses, costs, damages, liabilities and expenses arising out of the Purchaser wrongfully refusing or delaying consent to the matters set out at Special Conditions 19.2.1 to 19.2.6 (inclusive).  For the avoidance of doubt where the Purchaser is in default of Completion the consent of the Purchaser to the matters set out at Special Conditions 19.2.1 to 19.2.6 shall not be required.
18.3. The Vendor will hand over to the Purchaser on Completion, letters addressed to the Occupational Tenants, notifying them of the change of ownership and informing them that all future rent, insurance contribution and service charge and any other outgoings payable by them should be paid to the Purchaser.
19. CHATTELS
No warranty is given as to the extent of the fixtures and fittings (if any) included in the Sale and no objection, requisition or enquiry shall be raised on account thereof or regarding the ownership of the fixtures and fittings within or on the Subject Property.  
20. ENVIRONMENTAL
20.1. For the avoidance of doubt the Vendor gives no warranty that either the Subject Property or any processes carried out thereon now or at any time in the past comply with Environmental Laws.  It is a matter for the Purchaser to satisfy itself in relation to all aspects of Environmental Laws insofar as they relate to the Subject Property prior to the Date of Sale.  The Purchaser is precluded from making any objection or raising any requisition or enquiry whatsoever in relation to same.
20.2. For the purposes of this Special Condition "Environmental Laws" means all laws (whether criminal, civil or administrative) including common law, statutes, regulations, statutory instruments, directives, bye-laws, orders, codes and judgments having the force of law in Ireland concerning environmental matters and protection of the environment, use of noxious or deleterious materials, contaminants or pollutants and all regulations, bye-laws, orders and codes made thereunder or regulating the use thereof.
21. NO TURN
The Purchaser shall not assign, novate, subsell or otherwise dispose of its interest in the Subject Property or in the Sale.  The Vendor shall only be required to execute the Assurance in favour of the Purchaser and not in favour of any other person or body. Notwithstanding the forgoing, or any other provision of this Contract, the Purchaser may assign the benefit of this Contract by way of a security assignment to: (i) any lender(s) to the Purchaser; (ii) any security agent or security trustee acting on behalf of any such lender(s); (iii) any receiver, delegate or agent acting on behalf of any party at (i) and/or (ii); (iv) any successor in title to any party detailed at (i), (ii) any/or (iii); and / or; (v) any successor in title of the Purchaser
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22. DOCUMENTS 
22.1. Copies of the documents referred to in the Documents Schedule have been made available for inspection to the Purchaser or the Purchaser's solicitors prior to the Date of Sale and the Purchaser, whether availing of such opportunity of inspection or not, shall be deemed to have purchased the Subject Property with full knowledge of the contents of the documents furnished.  The Purchaser shall accept such documentation without objection requisition or enquiry and shall not call for any other documents whether appearing by recital or otherwise.  Where any document is described in the Documents Schedule as being a "copy" (or any derivative of that expression), that document will be furnished on completion in accordance with its description in the Documents Schedule and the Purchaser shall not seek any further or better copies of any such documents or maps annexed thereto nor shall the Purchaser call for production of the original thereof nor the originals of deeds or occupational letting documentation where the Vendor are in possession only of counterparts or copies thereof nor shall the Purchaser require an explanation for the non-production of the original thereof and the Purchaser shall raise no objection, requisition or enquiry in this regard.
22.2. The Vendor shall close the Data Site for the Sale hosted by William Fry on Completion and shall download the contents of the Data Site onto 4 separate USB sticks and shall deliver those USB sticks to the Purchaser on Completion.
23. DEPOSIT AND COMPLETION
23.1. The Vendor agrees that the deposit herein shall be deposited by the Purchaser with and retained by the Purchaser's Solicitors, A&L Goodbody, on foot of the agreed form undertaking (appended hereto at Appendix 2) to be delivered by A&L Goodbody in favour of the Vendor on the Date of Sale. General Condition 27 is amended accordingly. The Vendor acknowledges that the Purchaser's Solicitors are not acting as stakeholders.
23.2. The period of “twenty-eight days” referred to in General Condition 36 is amended so as to refer to “fourteen days”.
24. CAUTION
The Subject Property is subject to a caution in favour of Northern Trust Fiduciary Services (Ireland) Limited ("NTFSIL"). On completion, the Vendor shall furnish and the Purchaser shall accept a Form 75 duly signed on behalf of NTFSIL confirming its withdrawal of the said application and shall furnish an undertaking on closing to use all reasonable endeavours to deal with all Land Registry queries in relation to registration of the Form 75.  The Purchaser shall raise no objection, requisition or enquiry in relation thereto.
25. CAPITAL GAINS TAX
The Vendor confirms that it is an investment undertaking which is exempt from capital gains tax under Section 739C of the Taxes Consolidation Act 1997 and hence qualifies for the exemption under Revenue Statement of Practice 105/15 and 43/16 such that delivery of a CGT clearance certificate is not required for the sale of the Subject Property. The Vendor shall procure a CG50A in the event that the Vendor is unable to confirm in writing on Completion that it remains an investment undertaking in the same terms as in the first sentence of this Special Condition 26.
26. ACKNOWLEDGEMENT AND LIMITED RECOURSE
26.1. For the avoidance of doubt, the Purchaser hereby acknowledges that Hines GREIT II Ireland Fund ICAV is an investment vehicle with variable capital having segregated liability between its sub-funds organised under the laws of Ireland and registered in Ireland.  Hines GREIT II Ireland Fund ICAV 
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qualifies and is authorised in Ireland by the Central Bank of Ireland as an Irish Collective Asset Management Vehicle pursuant to the Irish Collective Asset Management Vehicle (ICAV) Act 2015. Hines GREIT II Ireland Fund ICAV is structured as an umbrella collective asset-management vehicle in that the share capital of Hines GREIT II Ireland Fund ICAV may be divided into different share classes with one or more share classes representing a separate sub-fund of Hines GREIT II Ireland Fund ICAV.
27. Notwithstanding any other provision of this Contract, recourse against the Vendor (ie Hines GREIT II Ireland Fund ICAV for and on behalf of its sub-fund Hines GREIT II Bishop Fund) in respect of any claims that may be brought against, suffered or incurred by the Vendor its permitted delegates, servants or agents shall be limited to the assets of the sub-fund Hines GREIT II Bishops Fund and there shall be no recourse to any other assets of Hines GREIT II Ireland Fund ICAV.
28. NOTICES
The address for any notices to be issued or given to the Vendor on foot of the Conditions shall for the purposes of General Condition 45(b)(i) be for the attention of Brian Moran, Director of Hines GREIT II Ireland Fund ICAV, Clanwilliam Court, 1st Floor, Block 2, House, Clanwilliam Place, Dublin 2 with a copy to the Vendor's solicitors and General Conditions 45(b) (ii), (iii) and 45(c) shall not apply in the case of the Vendor.
29. CONFIDENTIALITY
All information furnished to the Purchaser relating to the Sale (other than matters of public record) (the "Confidential Information"), including, without limitation, any and all information provided by the Vendor and/or the Vendor's agents via the data room and any other information provided by the Vendor and/or the Vendor's representatives in relation to the Subject Property:-
29.1.1. shall be treated by the Purchaser as confidential;
29.1.2. shall not be disclosed by the Purchaser to anyone (except the Purchaser's attorneys, lenders, consultants and employees involved in review of the Subject Property and as may be required by law or by any court or administrative order); and
29.1.3. shall, at the written request of the Vendor, be destroyed or returned by the Purchaser to the Vendor unless Completion occurs in accordance with this Contract.
Notwithstanding anything to the contrary contained herein, the Purchaser and its representatives shall be entitled to retain one copy of the Confidential Information to the extent necessary in order to comply with any applicable laws or regulations and shall only be required to use commercially reasonable efforts to return or destroy any materials stored electronically, and the Purchaser and its representatives shall not be required to return or destroy any electronic copy of the Confidential Information created pursuant to their standard electronic backup and archival procedures.  The Vendor or its affiliates or any entity advised by the Vendor's affiliates) shall be permitted to disclose in press releases, U.S. Securities and Exchange Commission ("SEC") and other filings with governmental authorities, financial statements and/or other communications such information regarding the transaction contemplated by this Contract and/or the terms of this Contract and any such information relating to the Subject Property as may be necessary or advisable to comply with any applicable federal or state securities laws, rules, or regulations (including SEC rules and regulations), "generally accepted accounting principles," or other accounting rules or procedures or in accordance with Hines Global Income Trust's prior custom, practice, or procedure.  Without limiting the foregoing, Hines Global Income Trust may file this Agreement with the SEC after the execution of 
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the same and may file a form "8-K" and/or prospectus supplement to which this Agreement may be attached.
30. DEFECTS
30.1. Under the building contract dated 6 October 2017 (the “Building Contract”) between the Vendor and JSL Group Limited (the “Contractor”) for the design and construction of the Extension, there are 3 defects liability periods that apply in relation to the following parts of the Extension:-
30.1.1. the expired defects liability period in relation to fit out works for ‘Tourism Ireland’ on part of the fourth floor including all new services, partitions, floor coverings, ceilings and all associated finishes and construction of perimeter partitions to leave area to separate the Tourism Ireland demise from the OPW demise (the “A Works”) which expired on 4 October 2019;
30.1.2. defects liability period in relation to the works carried out by the Vendor pursuant to the Agreement for Lease dated 13 March 2019 between (1) the Vendor and (2) The Commissioners of Public Works in Ireland (the “B Works”) which expires on 12 April 2020 (the “B Defects Liability Period”); and
30.1.3. defects liability period in relation all other parts of the Extension not included in the A Works or the B Works  (the “C Works”) which expires on 15 November 2020 (the “C Defects Liability Period”),
(each a “Defects Liability Period” and collectively the “Defects Liability Periods”).
30.2. The Vendor hereby undertakes to use all reasonable endeavours in exercising its rights under the Building Contract (but without any requirement to engage in litigation or arbitration) to procure that the Contractor makes good as soon as reasonably practicable:-
30.2.1. those snags ("Snags") in the Subject Property as listed in the two lists at Parts 1 and 2 of Appendix 4 ("Snag List B" and "Snag List C" respectively); and
30.2.2. all defects, shrinkage or other faults which are not now manifest (“Defects”) but which become manifest in any of the B Works or C Works and are notified to the Vendor prior to the expiration of the relevant Defects Liability Period together with any snags, failures or defects which are notified to the Vendor by the OPW pursuant to clause 6.2 of the OPW AFL in accordance with the provisions of clause 6.2 of the OPW AFL (together, “Notified Defects”),
which the Contractor is obliged to rectify, remedy or make good under the Building Contract.
30.3. The Vendor hereby authorises and agrees that on the Completion Date the aggregate of the Retention Amounts specified below (the "Retention") shall be deducted by the Purchaser from the Purchase Price and deposited and retained by the Purchaser's Solicitors, A&L Goodbody, on foot of the agreed form undertaking (appended hereto at Appendix 3) (the "A&L Goodbody Undertaking") to be delivered by A&L Goodbody in favour of the Vendor on the Completion Date. The payment of the Retention to the Vendor shall be deferred and paid in accordance with the terms of this Special Condition. The Retention amount shall be allocated as against the Snags set out in Snag List B and Snag List C and / or Notified Defects for the B Works and C Works as follows:
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	Snag List and Notified Defects	Retention Amount
	Snag List B and Notified Defects in the B Works	€371,000 (the "B Retention")
	Snag List C and Notified Defects in the C Works	€139,000 (the "C Retention")

30.4. The Purchaser agrees that: 
30.4.1. subject to Special Condition 31.5, once the Snags detailed in Snag List B and all Notified Defects in relation to the B Works are remedied, rectified and made good by the Contractor in accordance with the terms of the Building Contract, the B Retention shall be paid by the Purchaser's Solicitor to the Vendor’s Solicitors; and
30.4.2. subject to Special Condition 31.6, once the Snags detailed in Snag List C and all Notified Defects in relation to the C Works are remedied, rectified and made good by the Contractor in accordance with the terms of the Building Contract, the C Retention shall be paid by the Purchaser's Solicitor to the Vendor’s Solicitors. 
30.5. The Vendor may by giving not less than ten (10) Working Days' notice in writing to the Purchaser and the Purchaser's Solicitor at any time following the expiration of the B Defects Liability Period call for payment of the B Retention.  If the Purchaser notifies the Vendor in writing within the said ten (10) Working Days of receipt of such notice that any of the Snags in Snag List B or any Notified Defects in relation to the B Works have not been corrected, rectified or made good as required in accordance with the Building Contract the Vendor and the Purchaser shall agree the estimated reasonable costs of correcting, rectifying or making good such of the Snags and / or Notified Defects as remain outstanding and the Purchaser's Solicitors shall be entitled to release that amount of the B Retention to the Purchaser and shall release the balance of the B Retention to the Vendor’s Solicitors in accordance with the A&L Goodbody Undertaking. Any dispute as to whether or not any Snag and / or Notified Defect has been properly corrected, rectified or made good or as to the estimated reasonable costs of remedying such Snags and / or Notified Defects shall at the request of either party be referred to the Independent Expert for determination in accordance with the Special Condition 34 below.
30.6. The Vendor may by giving not less than ten (10) Working Days' notice in writing to the Purchaser and the Purchaser's Solicitor at any time following the expiration of the C Defects Liability Period call for payment of the C Retention.  If the Purchaser notifies the Vendor in writing within the said ten (10) Working Days of receipt of such notice that any of the Snags in Snag List C or any Notified Defects in relation to the C Works have not been corrected, rectified or made good as required in accordance with the Building Contract the Vendor and the Purchaser shall agree the estimated reasonable costs of correcting, rectifying or making good such of the Snags and / or Notified Defects as remain outstanding and the Purchaser's Solicitors shall be entitled to release that amount of the C Retention to the Purchaser and shall release the balance of the C Retention to the Vendor’s Solicitors in accordance with the A&L Goodbody Undertaking. Any dispute as to whether or not any Snag and / or Notified Defect has been properly corrected, rectified or made good or as to the estimated reasonable costs of remedying such Snags and / or Notified Defects shall at the request of either party be referred to the Independent Expert for determination in accordance with the Special Condition 34 below. 
30.7. It is agreed that the aggregate maximum liability of the Vendor howsoever arising pursuant to this Special Condition 31 shall not on any account whatsoever exceed the Retention. The Vendor shall not have any other or further liability to the Purchaser whatsoever for any snags or defects whatsoever in the Subject Property. 
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31. ENTIRE AGREEMENT
31.1. The Purchaser agrees and accepts that no information, statement, description, quantity or measurement contained in any advertisements or given orally or contained in any brochure, map, plan, letter, report or handout issued by or on behalf of the Vendor or its architects, engineers, solicitors or agents in respect of any of the Subject Property (whether or not in the course of any representation or negotiations leading to the Sale) shall constitute a representation inducing the Purchaser to enter into the Sale or any condition or warranty forming part of the Sale and any information, statement, description, quantity or measurement so given or contained in any such advertisement, brochure, map, plan, letter, report or handout issued by or on behalf of the Vendor, its architects, engineers, solicitors or agents are for illustration purposes only and are not to be taken as matters of fact and that any mistake, omission, inaccuracy or misdescription given orally or in the form of any advertisement, brochure, map, plan, letter, report or handout by or on behalf of the Vendor, its architects, engineers, solicitors or agents (whether or not in the course of any representation or negotiations leading to the Sale) shall not give rise to any right of action, claim or entitlement to compensation against or from the Vendor, its architects, engineers, solicitors or agents, under the Sale or otherwise or any right of rescission or termination.  This Contract comprises the entire of the agreement between the Vendor and the Purchaser governing the Sale.  Any statement, representation or warranty whatsoever made by the Vendor, its agents or employees during the course of negotiations leading to the Sale which are not herein contained and set forth are hereby treated as having been withdrawn and extinguished and will have no force or effect at law whatsoever.  General Condition No 29 shall be read subject to this Special Condition.
31.2. For the avoidance of doubt, Special Condition 32.1 shall not apply to anything contained in, provided for or referred to in this Contract, the documents exhibited in the Documents Schedule, the replies by the Vendor's Solicitors to the pre-contract enquiries raised by the Purchaser's Solicitors or the explanation/ discharge of any acts appearing on searches
32. OFAC / PATRIOT ACT AML AND FCPA
32.1. As of the Date of Sale and through and until the date of completion of the Sale the Purchaser hereby represents and warrants that: (A) neither the Purchaser, (B) nor any of its officers, managers nor directors, (C) nor any direct or indirect owner of 10% or more of the beneficial interests in the Purchaser, (D) nor, to the Purchaser's knowledge, any other beneficial owner of Purchaser:
32.1.1. is listed in the "Alphabetical Listing of Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Global Terrorists, Foreign Terrorist Organizations, and Specially Designated Narcotics Traffickers" (the "OFAC  List") published by the United States Office of Foreign Assets Control, as in effect from time to time, and as such list is located on the U.S. Department of Treasury's website:  http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx;
32.1.2. is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in Executive Orders issued by the United States government pertaining to the OFAC List (the "U.S. Executive Orders") or, to the Purchaser's knowledge, is otherwise a person, entity or government with whom a United States person is prohibited from transacting business of the type contemplated by this Contract, whether such prohibition arises under United States law, regulation and/or executive orders;
32.1.3. is owned or controlled by, or acts for or on behalf of, any person or entity on the OFAC List or any other person or entity who has been determined by competent authority to be subject to the prohibitions contained in the U.S. Executive Orders pertaining to the OFAC 
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List (any person referenced in this provision, or in Special Conditions 33.1.1 and 33.1.2 above, is hereby referred to herein as a "Blocked Person");
32.1.4. has made any bribe or other financial inducement to a public official or governmental employee in the past in connection with the acquisition, financing, operation or otherwise pertaining to the Subject Property in violation of the Foreign Corrupt Practices Act of the United States of America and the rules and regulations promulgated thereunder.
If the Vendor learns that the Purchaser is, becomes, or appears to be a Blocked Person, the Vendor may delay the sale contemplated by this Contract pending its conclusion of its investigation into the matter of the Purchaser's status as a Blocked Person.  If the Vendor determines that the Purchaser is or becomes a Blocked Person, the Vendor shall have the absolute right to immediately terminate the Sale and take all other actions necessary, or in the opinion of the Vendor, appropriate to comply with applicable laws regarding such Blocked Person and in which event the Purchaser's Solicitors shall retain the deposit.  The provisions of this Special Condition 33 will survive the termination of this Contract.
33. APPOINTMENT OF EXPERT 
33.1. The Independent Expert shall be an architect who is a registered member of the Royal Institute of the Architects of Ireland (RIAI) with at least 10 years standing as agreed between the parties and in default of agreement as to the appointment of any such architect within five (5) Business Days then either party shall be entitled to make application to the RIAI for the appointment by the President or acting President for the time being of the RIAI, of an Independent Expert for the purposes of this Agreement.
33.2. Where the parties have provided for the referral of a matter to the Independent Expert for determination, the decision of the Independent Expert shall be final and binding on the parties and the Independent Expert shall be deemed to act as an expert and not as an Arbitrator and his or her fees shall be paid as he or she shall direct. 
33.3. The Independent Expert shall use all reasonable endeavours to give his or her decision on the matters in dispute within a period of no more than ten (10) Business Days from the date of the referral of the dispute to the Independent Expert in respect of all disputes so referred, and he or she may seek (orally or in written form) such submissions, evidence and information, and may make such enquiries, as he or she may think necessary for determining the matter before him or her.
33.4. The parties shall facilitate the Independent Expert in having such access as he or she may reasonably require to the Subject Property and in the provision of such documentation or evidence to assist in determining the matter before him or her.
33.5. In the case of each referral to the Independent Expert, the Independent Expert shall direct (as between the Vendor on the one hand and the Purchaser on the other) which party or parties and in what proportion each shall be liable for:
33.5.1. the costs of the reference; and 
33.5.2. the reasonable costs, fees and expenses properly incurred and vouched by the other (excluding any VAT thereon) in instructing its professional advisors to engage in and advise that party in relation to such referral provided always that the party claiming the said costs, fees or expenses furnishes to the other party valid invoices therefore no later than one (1) month after the date of determination of such referral by the Independent Expert.
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33.6. Either the Vendor or the Purchaser shall be at liberty to pay the entirety of the fees and expenses of the Independent Expert in which event the party so paying shall be entitled to be reimbursed by and to recover from the other on demand and as a debt due, any proportion of the fees paid on behalf of the other party as determined by the Independent Expert.
34. OPW CLAIMS
34.1. Notwithstanding the provisions of Special Conditions 9.7 and 31, and subject always to the Purchaser ensuring that the Vendor and its contractors and licensees are provided with appropriate access to the Subject Property, the Vendor undertakes to the Purchaser to (i) undertake the actions listed under the 'action list' column of the OPW Issues List attached at Appendix 5 (the "OPW Actions") and, where any such action requires repair or making good, in compliance with the requirements set out in clause 4.2 of the OPW AFL, within a period of six (6) months from the Completion Date (the "OPW Actions Completion Date") save to the extent impeded by force majeure (which for this purpose shall include the COVID-19 crisis) (the "Undertaking") and (ii) respond to the OPW by 3 April 2020 enclosing the OPW Issues List together with an undertaking to carry out the OPW Actions, an offer to submit to a dispute resolution by a suitably qualified independent expert (and to abide by his/her award including implementing any measures determined to be necessary) or otherwise the Vendor will commission a report from an independent fire safety consultant to the same end (such response to be in a form approved by the Purchaser acting reasonably) and to provide a copy of such response to the Purchaser as soon as possible after submission thereof to the OPW . 
34.2. The Vendor agrees to coordinate the carrying out of the OPW Actions in such manner as the Purchaser may reasonably require into the Purchaser's programme for the carrying out of the Purchaser's fire safety capex works to the Subject Property and with a view to commencing the OPW Actions as soon as reasonably possible following Completion. Any dispute as to whether the Vendor has complied with the Undertaking shall, at the request of either party, be referred to the Independent Expert for determination in accordance with Special Condition 34 below.
34.3. In the event that the Vendor fails to complete the OPW Actions in accordance with the Undertaking prior to the OPW Actions Completion Date and the Independent Expert determines that the Vendor has not complied with the Undertaking the Purchaser may undertake the OPW Actions and the reasonable and vouched direct costs of the Purchaser in so doing shall be paid by the Vendor to the Purchaser strictly provided that such reasonable and vouched direct costs are claimed before the Time Bar (as defined below) and that such costs shall not exceed and shall be included in the Financial Cap (defined below).
34.4. The Vendor agrees generally to use all reasonable endeavours to resolve the OPW Issues List before 1 November 2020 and, if requested by the Purchaser, to use all reasonable endeavours to assist the Purchaser in endeavouring to resolve the OPW Issues List. The Vendor agrees to keep the Purchaser fully informed in relation to the steps to be taken by the Vendor in pursuance of the Undertaking and all communications and correspondence with the OPW arising from or relating to the OPW Issues List and shall invite the Purchaser to attend and participate in any meetings between the Vendor and the OPW (which the Purchaser shall have the option to attend). 
34.5. The Vendor hereby indemnifies and shall keep indemnified the Purchaser from and against all losses, actions, costs, damages, injury, claims or demands incurred, sustained or borne by the Purchaser by reason of the failure of the Vendor to comply with the Undertaking and/or arising out of the claims by the OPW in respect of the OPW Issues List (including all fair, reasonable and vouched professional and other costs directly incurred by the Purchaser (provided that in respect of legal costs such costs are taxed and ascertained by a legal costs adjudicator) in connection with any process for confirming compliance with the Undertaking) (the "Indemnity") strictly provided that the maximum aggregate liability of the Vendor pursuant to the Indemnity (including all costs incurred in the defence of any 
39

proceedings issued by the OPW as referred to below) and the reasonable and vouched direct costs of complying with the Undertaking shall be €5,000,000 (five million euro) (the "Financial Cap") and the Indemnity and the Undertaking shall absolutely cease and shall not be amenable to any claim or proceeding whatsoever from 31 May 2021 (the "Time Bar") save in respect of bona fide claims submitted in writing to the Vendor prior to that date (including any proceedings issued by the OPW as referred to below which are notified to the Vendor).
34.6. It is agreed between the Vendor and the Purchaser that if proceedings are issued against the Purchaser and/or the Vendor by the OPW in relation to the OPW Issues List before the Time Bar (the "Proceedings"), then the fair, reasonable and vouched costs and expenses incurred by the Purchaser in defending and/or settling the Proceedings (provided that in respect of legal costs such costs are taxed and ascertained by a legal costs adjudicator) and/or any award in the Proceedings shall be borne by the Vendor subject always to and included in the Financial Cap strictly provided that in respect of the Proceedings;
34.6.1. The Purchaser shall defend the Proceedings and all times consult with the Vendor in relation to the Proceedings, 
34.6.2. The Purchaser shall continue to defend the Proceedings unless the Vendor consents to a settlement of the Proceedings, and
34.6.3. The Purchaser shall not settle the Proceedings without the consent of the Vendor.
If by the end of May 2021 the Proceedings have not been settled and/or determined without possibility of appeal in Ireland then the Purchaser shall be entitled to take such steps as it may determine in its absolute discretion to achieve a commercially negotiated full and final settlement with the OPW of the Proceedings and all issues arising from or relating to the OPW Issues List including without prejudice to the generality of the forgoing undertaking any remaining works specified on the OPW Issues List and or granting additional rent free and which settlement the Vendor agrees and acknowledges shall be fully covered by the terms of the Indemnity notwithstanding the Time Bar.
34.7. The Vendor hereby authorises and agrees that on the Completion Date the sum of €1,210,221 (the "Rent Retention") shall be deducted by the Purchaser from the Purchase Price and deposited and retained by the Purchaser's Solicitors, A&L Goodbody, on foot of the agreed form undertaking (appended hereto at Appendix 5) (the "A&L Goodbody Rent Undertaking") to be delivered by A&L Goodbody in favour of the Vendor on the Completion Date. The Purchaser shall be entitled to request and the Purchaser's Solicitors shall be entitled to release such amount of the Rent Retention to the Purchaser as shall equate to any amount of rent payable by the OPW which the OPW fails to pay on the date required for payment thereof under its lease (the OPW Lease") . Any payment released from the Rent Retention shall be deemed to be a payment to the Purchaser under the Indemnity and the Purchaser will notify the Vendor as soon as such payment is released. The Vendor shall within ten (10) Working Days of receipt of notice of the Purchaser's recourse to the Rent Retention transfer to the Purchaser's Solicitors any deficiency in the Rent Retention so that there is always at least the sum of €1,210,221 in the Rent Retention during the period when the Indemnity has effect.
34.8. In the event that the Purchaser shall have recourse to the Rent Retention then it agrees that it shall seek to actively engage with the OPW to achieve an understanding of why rent has not been paid with a view to achieving commencement of payment of rent by the OPW pursuant to the OPW Lease. The Purchaser shall keep the Vendor fully informed in relation to the Purchaser's engagement with the OPW and all communications and correspondence with the OPW arising from or relating to the non-payment of rent by the OPW. It is acknowledged and agreed by the Vendor that whilst the Purchaser may in its engagement with the OPW threaten and/or issue proceedings against the OPW, the Purchaser cannot give any commitment to the Vendor that the Purchaser will do so nor can the 
40

Vendor issue proceedings against the OPW for non-payment of rent under the OPW Lease without the express agreement of the Purchaser.
34.9. In the event that the Vendor makes any payment to the Purchaser pursuant to the Undertaking and/or the Indemnity and/or payments are released to the Purchaser pursuant to the Rent Retention which amounts are subsequently recovered by the Purchaser from the OPW the Purchaser shall repay such amounts to the Vendor (less the Purchaser's reasonable and vouched costs attributable to recovering such amounts).  During the period when the Indemnity has effect the Purchaser will notify the Vendor as and when rent is received by the Purchaser from the OPW pursuant to the OPW Lease.
34.10. If by the end of May 2021 the OPW Issues List has not been resolved and/or the OPW are in arrears of rent under the OPW Lease then the Purchaser shall be entitled to take such steps as it may determine in its absolute discretion to achieve a commercially negotiated full and final settlement with the OPW of all issues arising from or relating to the OPW Issues List including without prejudice to the generality of the forgoing undertaking any remaining works specified on the OPW Issues List and or granting additional rent free and which settlement the Vendor agrees and acknowledges shall be fully covered by the terms of the Indemnity notwithstanding the Time Bar.   
34.11. The Vendor undertakes with the Purchaser (having regard to the Indemnity) that the Vendor shall retain on deposit for the benefit of the sub-fund to which the Sale relates the sum of €5,000,000 (less the aggregate of the initial amount of the Rent Retention and any amounts transferred to the Purchaser's Solicitors from time to time to be held as part of the Rent Retention) over and above all and any other amounts which it is necessary for the Vendor to retain to meet any other financial liabilities of the relevant sub-fund until the arrangements contemplated by this Special Condition 35 have been satisfied and in particular that any amount to which the Purchaser may be entitled has been discharged (the "Deposit").  In pursuance of the forgoing the Vendor shall (i) place the Deposit on deposit with a licensed bank in a separate identifiable account in the name of the Vendor and shall provide written evidence of this to the Purchaser no later than three (3) Working Days following Completion (ii) notify in writing the Depositary of the relevant sub-fund that the Purchaser has entered into this arrangement and shall request an acknowledgement thereof (iii) provide evidence of notification thereof to the Purchaser on completion of the Sale and a copy of any acknowledgement when received and (iv) provide up-to-date bank statements confirming the amount of the Deposit from time to time upon request by the Purchaser. Notwithstanding the forgoing the Vendor may nominate an alternative entity to take over the obligations of the Vendor contained in this Special Condition 35 subject to the Purchaser's approval and the Purchaser shall act reasonably in considering any alternative entity nominated by the Vendor for this purpose. 
34.12. The Purchaser agrees and acknowledges that the maximum aggregate amount payable by the Vendor pursuant to this Special Condition 35 is €5,000,000 (five million euro) plus any costs incurred by the Vendor in complying with the Undertaking which are not reasonable and vouched direct costs.

41

NON-TITLE INFORMATION
												
	Query
	Reply
		(Please tick and / or insert comments as appropriate)
		YES	NO	COMMENT

	1.   SERVICES
			
	1.1.   How is the Subject Property serviced as to:
1.1.1.   drainage;
1.1.2.   water supply;
1.1.3.   electricity;
1.1.4.   gas; and
1.1.5.   otherwise.
			
	1.2.   Have the services (including roads, lanes, footpaths, sewers and drains) abutting or servicing the Subject Property been taken over by the Local Authority?
Will a letter from the Local Authority or a solicitor's certificate to vouch the position be furnished on or before closing?
If services are not in charge, are there appropriate easements and indemnities in existence?
			
	1.3.   Is the Subject Property serviced by:
1.3.1.   septic tank; or,
1.3.2.   private drainage scheme.
			
	1.4.   Is the Subject Property serviced for television and if so is it by;
1.4.1.   Cable TV;
1.4.2.   Satellite Dish;
1.4.3.   MMDF;
1.4.4.   TV aerial owned by Vendor; or
1.4.5.   TV aerial owned by another.
If 1.4.2 or 1.4.4 applies, will it be included in the Purchase Price?
			
	1.5.   Is there a telephone line to be supplied with the Subject Property?
			
	1.6.   Is there an ISDN line to be supplied with the Subject Property?
			
	2.   CONTENTS
			
	2.1.   Are there any contents included in the Purchase Price?
If so, give Vendor's estimate of value.
			

€

42

												
	Query
	Reply
		(Please tick and / or insert comments as appropriate)
	2.2.   Are there any fixtures, fittings or chattels included in this Sale which are the subject of any Lease, Rent, Hire Purchase Agreement or Chattel Mortgage?
If so, furnish now the Agreement and on closing proof of payment to date or discharge thereof.
			
	3.   OUTGOINGS
			
	3.1.   What is the Rateable Valuation of:
3.1.1.   Lands;
3.1.2.   Buildings.
			

€
€

	3.2.   Give particulars of any other periodic or annual charge which affects the Subject Property or any part of it.
			
	3.3.   Is the Vendor or any predecessor in title liable for any payments under the Local Government (Charges) Act 2009 in respect of the Subject Property?
If so, a letter of clearance from the local authority confirming no outstanding payment will be required on closing.
If not, please state why not.
			
	4.   BUILDING ENERGY RATING ("BER")
			
	Furnish a copy of a valid BER certificate and related advisory report in respect of the Subject Property.
			

43

Appendix 1
Map showing part of the public pavement within the title boundary

 
44

Appendix 2
Deposit Undertaking of A&L Goodbody

45

Appendix 3
Retention Undertaking of A&L Goodbody

46

Appendix 4
Part 1
Snag List B

47

Appendix 4
Part 2
Snag List C

48

Appendix 5
Rent Retention Undertaking

 

49clcs_ex1051.htm

EXHIBIT 10.51
   
SECURITIES PURCHASE AGREEMENT
 
This Securities Purchase Agreement (this “Agreement”) is dated as of July 29, 2020, between Cell Source, Inc., a Nevada corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).
 
WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 3(a)(9) and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company.
 
NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:
 
ARTICLE I.
DEFINITIONS
 
1.1 Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Notes (as defined herein), and (b) the following terms have the meanings set forth in this Section 1.1:
 
“Acquiring Person” shall have the meaning ascribed to such term in Section 4.7.
 
“Action” shall have the meaning ascribed to such term in Section 3.1(j).
 
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 
 
“Board of Directors” means the board of directors of the Company.
 
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
 
“Closing Dates” means the Trading Days on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto in connection with a Closing, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount as to such Closing and (ii) the Company’s obligations to deliver the Securities as to such Closing, in each case, have been satisfied or waived. 
 
“Closing(s)” means the one or more closings of the purchase and sale of the Securities pursuant to Section 2.1.
 
“Commission” means the United States Securities and Exchange Commission.
 
“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.
   
	 
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“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
 
“Company Counsel” means Giordano, Halleran & Ciesla, P.C., with offices located at 125 Half Mile Road, Suite 300, Red bank, New Jersey 07701. 
 
“Conversion Price” shall have the meaning ascribed to such term in the Notes.
 
“Conversion Shares” means, collectively, the shares of Common Stock issuable upon conversion of the Notes.
 
“Disclosure Schedules” shall have the meaning ascribed to such term in Section 3.1.
 
“Evaluation Date” shall have the meaning ascribed to such term in Section 3.1(r). 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
 
“Exempt Issuance” means the issuance of (a) shares of Common Stock and/or options or warrants to employees, officers, directors, advisors or consultants of the Company pursuant to the Company’s existing stock option plans, restricted stock plans or other equity compensation arrangements of the Company, or to service providers as compensation for services (including any shares of Common Stock issued upon the exercise of such options or warrants), (b) shares of Common Stock issued as payment-in-kind dividends, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities and (d) securities upon the exercise of any securities exercisable or exchangeable for or convertible into shares of Common Stock, issued and outstanding on the date of this Agreement, or pursuant to other agreements of the Company existing prior to the date hereof, provided that (i) such securities and/or agreements have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities and (ii) such securities do not provide for an effective exchange, exercise or conversion price less than $0.75 per share.
 
“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.
 
“GAAP” shall have the meaning ascribed to such term in Section 3.1(h).
 
“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).
 
“Legend Removal Date” shall have the meaning ascribed to such term in Section 4.1(c). 
 
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
 
“Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).
 
“Material Permits” shall have the meaning ascribed to such term in Section 3.1(m).
  
	 
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“Maximum Rate” shall have the meaning ascribed to such term in Section 5.17.
 
“Notes” shall mean all of the Notes issued or issuable pursuant to this Agreement, in the form of Exhibit A hereto.
 
“Participation Maximum” shall have the meaning ascribed to such term in Section 4.12(a). 
 
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
 
“Pre-Notice” shall have the meaning ascribed to such term in Section 4.12(b). 
 
“Pro Rata Portion” shall have the meaning ascribed to such term in Section 4.12(e).
 
“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.
 
“Public Information Failure” shall have the meaning ascribed to such term in Section 4.3(b).
 
“Public Information Failure Payments” shall have the meaning ascribed to such term in Section 4.3(b).
  
“Purchaser Party” shall have the meaning ascribed to such term in Section 4.10.
 
“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).
 
“Required Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, including any Conversion Shares issuable upon conversion in full of all of the Notes and any Warrant Shares issuable upon exercise in full of all of the Warrants, ignoring any conversion limits set forth therein.
 
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
 
“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
 
“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
 
“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h).
 
“Securities” means the Notes, the Conversion Shares, the Warrants, and the Warrant Shares.
 
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
  
	 
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“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).
 
“Subscription Amount” shall mean, as to each Purchaser, the aggregate amount to be paid for the Notes and Warrants purchased hereunder as specified below such Purchaser’s name as set forth on the signature page hereto executed by such Purchaser under the heading “Subscription Amount,” in United States dollars and in immediately available funds.
 
“Subsequent Financing” shall have the meaning ascribed to such term in Section 4.12(a).
 
“Subsequent Financing Notice” shall have the meaning ascribed to such term in Section 4.12(b).
 
“Subsidiary” means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.
 
“Trading Day” means a day on which the principal Trading Market is open for trading.
 
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board or the OTC Markets (or any successors to any of the foregoing).
 
“Transaction Documents” means this Agreement, the Notes, the Warrants, the Transfer Agent Instruction Letter, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.
 
“Transfer Agent” means Globex Transfer LLC, the current transfer agent of the Company, with a mailing address of 780 Deltona Boulevard, Suite 202, Deltona, FL 32725, and any successor transfer agent of the Company.
 
“Transfer Agent Instruction Letter” means the letter from the Company to the Transfer Agent which instructs the Transfer Agent to issue shares of Common Stock upon conversion of the Notes and the exercise of the Warrants, in the form of Exhibit C attached hereto.
 
“VWAP” means, for or as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.
 
“Warrants” shall mean all of the Warrants issued or issuable pursuant to this Agreement, in the form of Exhibit D hereto.
 
“Warrant Shares” means, collectively, the shares of Common Stock issuable upon exercise of the Warrants.
  
	 
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ARTICLE II.
PURCHASE AND SALE
 
2.1 Closing. The Purchaser will purchase an aggregate of $500,000 in Subscription Amount of Notes in one (1) tranche (“Tranche”). At Closing, each Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount (as set forth on the signature page hereto executed by such Purchaser), and the Company shall deliver to each Purchaser its respective Notes and Warrants (as set forth on the signature page hereto executed by such Purchaser), and the Company and each Purchaser shall deliver the other items set forth in Section 2.3 deliverable at the respective Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.3 and 2.4 for each Closing, each Closing shall occur at the offices of the Purchaser’s counsel or such other location as the parties shall mutually agree.
 
2.2 Deliveries.
 
(a) On or prior to each Closing Date (or as otherwise indicated below), the Company shall deliver or cause to be delivered to each Purchaser the following:
 
(i) At the first Closing, this Agreement duly executed by the Company;
 
(ii) At the first Closing, the Transfer Agent Instruction Letter, duly executed by the Company and the Transfer Agent;
 
(iii) an executed Note in the amount for such Closing as set forth on the signature page hereto executed by such Purchaser; and
 
(iv) an executed Warrant in the amount for such Closing as set forth on the signature page hereto executed by such Purchaser.
 
(b) On or prior to each Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following:
 
(i) At the first Closing, this Agreement duly executed by such Purchaser; and
 
(ii) such Purchaser’s Subscription Amount for such Closing by wire transfer to the account specified in writing by the Company.
    
	 
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2.3 Closing Conditions.
 
(a) The obligations of the Company hereunder in connection with each Closing are subject to the following conditions being met:
 
(i) the accuracy in all material respects on the applicable Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);
 
(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the applicable Closing Date shall have been performed; and
 
(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.
 
(b) The respective obligations of the Purchasers hereunder in connection with each Closing are subject to the following conditions being met:
 
(i) the accuracy in all material respects when made and on the applicable Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein);
 
(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the applicable Closing Date shall have been performed;
 
(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;
 
(iv) there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and
 
(v) from the date hereof to the applicable Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market and, at any time prior to the applicable Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the applicable Closing.
 
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
 
3.1 Representations and Warranties of the Company. Except as set forth in the SEC Reports or in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:
 
(a) Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.
  
	 
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(b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.
 
(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
 
(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.
  
	 
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(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.6 of this Agreement, (ii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the listing of the Conversion Shares and the Warrant Shares for trading thereon in the time and manner required thereby, and (iii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).
 
(f) Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Conversion Shares and the Warrant Shares, when issued in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the Conversion Shares and the Warrant Share at least equal to 300% of the Required Minimum on the date hereof. 
 
(g) Capitalization. The capitalization of the Company is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth on Schedule 3.1(g), the Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g) and except as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.
  
	 
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(h) SEC Reports; Financial Statements. Except as set forth on Schedule 3.1(h), the Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has ceased to be an issuer subject to Rule 144(i) under the Securities Act, one year has elapsed from the time the Company has filed current Form 10 information with the SEC and has filed all required annual and quarterly reports in the preceding 12 months period. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 
 
(i) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option and restricted stock plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. 
 
(j) Litigation. Except as may be disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.
   
	 
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(k) Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
 
(l) Compliance. Except as set forth in the SEC Reports, neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority, or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. 
 
(m) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.
 
(n) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as may be disclosed in the SEC Reports, (ii) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, and (iii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.
  
	 
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(o) Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as described in the SEC Reports as necessary or required for use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
 
(p) Insurance. Except as set forth on Schedule 3.1(p), the Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.
 
(q) Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company, and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.
 
(r) Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of each Closing Date. Except as disclosed in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.
  
	 
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(s) Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.
 
(t) Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.
 
(u) No “Bad Actor” Disqualification. The Company has exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Securities Act (“Disqualification Events”). To the Company’s knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Securities Act. For purposes of this Agreement, “Company Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities Act; provided, however, that Company Covered Persons do not include (a) any Purchaser, or (b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and any Purchaser.
 
(v) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.
 
(w) Registration Rights. Except as may be disclosed in the SEC Reports, no Person has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.
  
	 
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(x) Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as may be disclosed in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.
 
(y) Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.
 
(z) No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.
 
(aa) Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, whether or not shown or determined to be due on such returns, reports and declarations, and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.
 
(bb) No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.
  
	 
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(cc) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor any agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA.
 
(dd) Accountants. The Company’s accounting firm is set forth in the SEC Reports. To the knowledge and belief of the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2019.
 
(ee) No Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents.
 
(ff) Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 
 
(gg) Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Section 4.15 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after a closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Conversion Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.
  
	 
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(hh) Regulation M Compliance. The Company has not, and no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities.
 
(ii) Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not granted, and there is no and has been no Company policy or practice to grant, stock options prior to, or otherwise coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects. 
 
(jj) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).
 
(kk) U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.
 
(ll) Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
 
(mm) Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.
  
	 
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3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of each Closing Date to the Company as follows (unless as of a specific date therein):
 
(a) Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
 
(b) Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.
 
(c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it converts any Notes or exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.
 
(d) Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.
 
(e) General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.
 
(f) No “Bad Actor” Disqualification. Such Purchaser represents and warrants that neither (A) the Purchaser nor (B) any entity that controls the Purchaser or is under the control of, or under common control with, the Holder, is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed in writing in reasonable detail to the Company. The Purchaser represents that the Purchaser has exercised reasonable care to determine the accuracy of the representation made by the Purchaser in this paragraph, and agrees to notify the Company if the Purchaser becomes aware of any fact that makes the representation given by the Purchaser hereunder inaccurate.
 
The Company acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.
  
	 
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ARTICLE IV.
OTHER AGREEMENTS OF THE PARTIES
 
4.1 Transfer Restrictions.
 
(a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.
 
(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following form:
 
[NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE] [NOR THE SECURITIES FOR WHICH THIS SECURITY MAY BE EXERCISED] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [CONVERSION/EXERCISE] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.
 
The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if the Securities are registered under a registration statement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling stockholders thereunder.
  
	 
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(c) Certificates evidencing the Conversion Shares and the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Conversion Shares or Warrant Shares pursuant to Rule 144, (iii) if such Conversion Shares or Warrant Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Conversion Shares or Warrant Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent promptly after the events described in clauses (i)-(iv) in the immediately preceding sentence if required by the Transfer Agent to effect the removal of the legend hereunder. If all or any Notes are converted or Warrants exercised at a time when there is an effective registration statement to cover the resale of the Conversion Shares or Warrant Shares, or if such Conversion Shares or Warrant Shares may be sold under Rule 144 and the Company is then in compliance with the current public information required under Rule 144, or if the Conversion Shares or Warrant Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Conversion Shares or Warrant Shares and without volume or manner-of-sale restrictions or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Conversion Shares or Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this Section 4.1(c), it will, no later than three Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Conversion Shares or Warrant Shares, as applicable, issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates for Conversion Shares or Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser.
 
(d) In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, for each $1,000 of Conversion Shares or Warrant Shares (based on the VWAP of the Common Stock on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered without a legend. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Company’s failure to deliver certificates representing any Securities as required by the Transaction Documents, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.
  
	 
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4.2 Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Conversion Shares and the Warrant Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.
 
4.3 Furnishing of Information; Public Information. 
 
(a) Until the date on which no Purchaser owns Securities, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.
 
(b) At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a “Public Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to one-half of one percent (0.5%) of the aggregate Subscription Amount of such Purchaser’s Securities on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers to transfer the Conversion Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.3(b) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.
 
4.4 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.
 
4.5 Conversion and Exercise Procedures. The form of Notice of Conversion included in the Notes and the form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to convert the Notes or exercise the Warrants. Without limiting the preceding sentences, no ink-original Notice of Conversion or Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form or Notice of Exercise form be required in order to convert the Notes or exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to convert their Notes or exercise their Warrants. The Company shall honor conversions of the Notes and exercises of the Warrants and shall deliver Conversion Shares or Warrant Shares in accordance with the terms, conditions and time periods set forth in the  Transaction Documents.
  
	 
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4.6 Securities Laws Disclosure; Publicity. The Company shall file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the filing of the Current Report on Form 8-K, the Company represents to the Purchaser that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. The Company and each Purchaser shall consult with each other in issuing any press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. The Company shall not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, employees, affiliates and agents, not to, provide any Purchaser with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of such Purchaser. If a Purchaser has, or believes it has, received any such material, nonpublic information regarding the Company or any of its Subsidiaries from the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents, it may provide the Company with written notice thereof. The Company shall, within one (1) Trading Day of receipt of such notice, make public disclosure of such material, nonpublic information. In the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates and agents, in addition to any other remedy provided herein or in the Transaction Documents, a Purchaser shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates or agents. No Purchaser shall have any liability to the Company, its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates, stockholders or agents for any such disclosure. To the extent that the Company delivers any material, nonpublic information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent not to trade on the basis of, such material, nonpublic information. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).
 
4.7 Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.
 
	 
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4.8 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
 
4.9 Use of Proceeds. The Company shall use the proceeds from this offering for general corporate purposes.
 
4.10 Indemnification of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.10 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.
  
	 
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4.11 Reservation and Listing of Securities.
 
(a) The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as equals 300% of the Required Minimum. 
 
(b) If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than 300% of (i) the Required Minimum on such date, minus (ii) the number of shares of Common Stock previously issued pursuant to the Transaction Documents, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time (minus the number of shares of Common Stock previously issued pursuant to the Transaction Documents), as soon as possible and in any event not later than the 90th day after such date, provided that the Company will not be required at any time to authorize a number of shares of Common Stock greater than the maximum remaining number of shares of Common Stock that could possibly be issued after such time pursuant to the Transaction Documents.
 
(c) The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or quotation, and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Required Minimum on such date on such Trading Market or another Trading Market.
 
4.12 Participation in Future Financing. 
 
(a) From the date hereof until the eighteen (18) month anniversary of the date of this Agreement, upon any issuance by the Company or any of its Subsidiaries of Common Stock, Common Stock Equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), each Purchaser shall have the right to participate in up to an amount of the Subsequent Financing equal to the lesser of (i) the original principal Amount of the Note issued to such Purchaser and (ii) 20% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided for in the Subsequent Financing.
 
(b) At least three (3) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Purchaser a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Purchaser if it wants to review the details of such financing (such additional notice, a “Subsequent Financing Notice”). Upon the request of a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing Notice to such Purchaser. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment. 
  
	 
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(c) Any Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30 p.m. (New York City time) on the second (2nd) Trading Day after all of the Purchasers have received the Pre-Notice that such Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing and warranting that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a Purchaser as of such second (2nd) Trading Day, such Purchaser shall be deemed to have notified the Company that it does not elect to participate. 
 
(d) If by 5:30 p.m. (New York City time) on the second (2nd) Trading Day after all of the Purchasers have received the Pre-Notice, notifications by the Purchasers of their willingness to participate in the Subsequent Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.
 
(e) If by 5:30 p.m. (New York City time) on the second (2nd) Trading Day after all of the Purchasers have received the Pre-Notice, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of the Participation Maximum. “Pro Rata Portion” means the ratio of (x) the Subscription Amount of Securities purchased by a Purchaser participating under this Section 4.12 and (y) the sum of the aggregate Subscription Amounts of Securities purchased by all Purchasers participating under this Section 4.12.
 
(f) The Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of participation set forth above in this Section 4.12, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading Days after the date of the initial Subsequent Financing Notice.
 
(g) The Company and each Purchaser agree that if any Purchaser elects to participate in the Subsequent Financing, the transaction documents related to the Subsequent Financing shall not include any term or provision whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of such Purchaser.
 
(h) Notwithstanding anything to the contrary in this Section 4.12 and unless otherwise agreed to by such Purchaser, the Company shall either confirm in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser will not be in possession of any material, non-public information, by the tenth (10th) Business Day following delivery of the Subsequent Financing Notice. If by such tenth (10th) Business Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by such Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. 
 
(i) Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance. 
 
4.13 Additional Securities Issuances. From the date hereof until ninety (90) days after the date of the Closing, without the prior written consent of the Purchaser, the Company shall not issue any Common Stock, Common Stock Equivalents or indebtedness, other than pursuant to Exempt Issuances.
  
	 
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4.14 Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration is also offered to all of the parties to this Agreement. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.
 
4.15 Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will (i) execute any Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6 or (ii) from the date hereof until the later of (a) the three month anniversary of the date hereof and (b) the date that the Notes are no longer outstanding, execute any Short Sales of the Common Stock (provided that this provision shall not prohibit any sales made where a corresponding Notice of Conversion or Notice of Exercise is tendered to the Company and the shares received upon such conversion or exercise are used to close out such sale) (a “Prohibited Short Sale”). Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.6, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6, (ii) except for a Prohibited Short Sale, no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6, and (iii) no Purchaser shall have any duty of confidentiality to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.6. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.
 
4.16 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.
  
	 
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ARTICLE V.
MISCELLANEOUS
 
5.1 Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the first Closing has not been consummated on or before July 31, 2020; provided, however, that such termination will not affect the right of any party to sue for any breach by any other party (or parties).
 
5.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement; provided that at the Closing the Company shall pay the Purchasers an aggregate of $2,500 for their legal fees (net of any expenses paid in advance). The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any conversion notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.
 
5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
 
5.4 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via email or facsimile at the email or facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via email or facsimile at the email or facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.
 
5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least 67% in interest of the Securities then outstanding or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
 
5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.
 
5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”
  
	 
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5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.10 and this Section 5.8.
 
5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in Bergen, Essex and Hudson Counties, State of New Jersey. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Bergen, Essex and Hudson Counties, State of New Jersey for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.10, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
 
5.10 Survival. The representations and warranties contained herein shall survive each Closing and the delivery of the Securities. 
 
5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.
 
5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
  
	 
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5.13 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the case of a rescission of a conversion of the Notes or exercise of the Warrants, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such rescinded conversion notice or exercise notice concurrently with the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Notes or Warrants.
 
5.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.
 
5.15 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.
 
5.16 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.
 
5.17 Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by any Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at such Purchaser’s election.
  
	 
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5.18 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.
 
5.19 Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.
 
5.20 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
 
5.21 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.
 
5.22 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
 
(Signature Pages Follow)
   
	 
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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
    
	 CELL SOURCE, INC.
	 Address for Notice:
 
57 West 57th Street, Suite 400
New York, New York 10019

    
	By:		
	 Name: 
	Itamar Shimrat	 
	Title: 	Chief Executive Officer	 
	 	 	 
	 With a copy to (which shall not constitute notice):
	  

     
	  
 
	 Giordano, Halleran & Ciesla, P.C.
125 Half Mile Road
Suite 300
Red Bank, NJ 07701
Attn: Philip D. Forlenza, Esq.
PForlenza@ghclaw.com

   
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOR PURCHASER FOLLOWS]
 
	 
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[PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]
 
 
IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
 
Name of Purchaser: 
 
Signature of Authorized Signatory of Purchaser: ____________________________
 
Name of Authorized Signatory: 
 
Title of Authorized Signatory: Manager
 
Email Address of Authorized Signatory: ____________________________________
 
Facsimile Number of Authorized Signatory: _________________________________
 
Address for Notice to Purchaser:
 
Address for Delivery of Securities to Purchaser (if not same as address for notice):
  
Subscription Amount: $500,000
$555,555.55 Aggregate Principal Amount of Notes (10.0% OID)
Warrants for 146,199 Common Shares @ $0.95 per share.
  
	 
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