Document:

REDACTED COPY 

CONFIDENTIAL TREATMENT REQUESTED 

 

*** Confidential treatment has been requested for portions of
this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Pages where confidential treatment
has been requested are stamped, “Confidential Treatment Requested” and the redacted material has been separately filed
with the Securities and Exchange Commission. All redacted material has been marked by three asterisks (***).

 

EXECUTION VERSION

 

LIMITED LIABILITY COMPANY AGREEMENT

OF 

LEGACY YARDS LLC

 

by
and between

 

PODIUM FUND TOWER C SPV LLC

 

and

 

COACH LEGACY YARDS LLC

 

Project:

 

Office Tower C, Eastern Rail Yard

New York, New York

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1 FORMATION AND OFFICES	7
	 	 
	1.1.	Formation	7
	1.2.	Name	8
	1.3.	Purposes	8
	1.4.	Powers	9
	1.5.	Term	10
	1.6.	Principal Office and Registered Agent	10
	1.7.	Members	11
	1.8.	Beneficial Ownership of Condo Units	11
	1.9.	Project Documents	11
	1.10.	Separateness	11
	1.11.	Construction Loan Closing Day Transactions	13
	 	 	 
	ARTICLE
    2 DEFINITIONS	15
	 	 
	2.1.	Terms Defined Herein	15
	2.2.	Other Definitional Provisions	42
	 	 	 
	ARTICLE
    3 DEVELOPMENT OF THE PROJECT	44
	 	 
	3.1.	Development of the Project	44
	3.2.	Development Agreement; Development Management Agreement	44
	3.3.	Expansion of Coach Unit	44
	3.4.	Financing of the Construction of the Project; Funding; Etc.	46
	3.5.	Construction of the Project; Guarantees	49
	3.6.	Budget; Allocation of the Costs of the Project; Audit; Books and Records	50
	3.7.	Condominium Regime	52
	3.8.	Conditions to Transfer of Coach Unit; Closing Payments and Deliveries	54
	3.9.	Cooperation; Covenants	65
	3.10.	Arbitration	67
	3.11.	Municipal Incentives	68
	 	 	 
	ARTICLE
    4 CAPITALIZATION OF THE COMPANY	69
	 	 
	4.1.	Initial Capital Contributions	69
	4.2.	Additional Capital Contributions	69
	4.3.	Capital Contributions and Remedies	71
	4.4.	Capital Accounts	72
	4.5.	Capital al Rights, Interest and Priority	73
	4.6.	Pledge of Equity Commitments	73

 

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	ARTICLE
    5 PROFITS AND LOSSES	73
	 	 	 
	5.1.	Allocation of Profits and Losses	73
	 	 	 
	ARTICLE
    6 DISTRIBUTION OF CASH; INSURANCE PROCEEDS AND CONDEMNATION AWARDS	75
	 	 
	6.1.	Distribution of Cash	75
	6.2.	Insurance Proceeds and Condemnation Awards	77
	6.3.	Subject to Loan Documents	78
	 	 	 
	ARTICLE
    7 MANAGEMENT AND CONTROL	78
	 	 
	7.1.	Powers of the Fund Member	78
	7.2.	Restrictions on Powers	78
	7.3.	Rights of Members	84
	7.4.	Easements	84
	7.5.	Activities of Members	84
	7.6.	Development Agreement.	84
	7.7.	Management Change Event; Limitation on Approval Rights.	86
	7.8.	Rights of Fund Member.	88
	 	 	 
	ARTICLE
    8 LIABILITY AND INDEMNIFICATION; INSURANCE	91
	 	 	 
	8.1.	Limited Liability of Members	91
	8.2.	Liability of Members	91
	8.3.	Right to Indemnification	92
	8.4.	Member Indemnity	93
	8.5.	Survival	93
	8.6.	Advance Payment	93
	8.7.	Nonexclusivity of Rights	94
	8.8.	Savings Clause	94
	8.9.	Insurance	94
	 	 	 
	ARTICLE
    9 TRANSFERS OF INTERESTS	94
	 	 	 
	9.1.	General Restrictions	94
	9.2.	Permitted Transfers	97
	9.3.	Substitute Members	97
	9.4.	Effect of Admission as a Substitute Member	98
	9.5.	Additional Members	98
	9.6.	Withdrawal	98
	 	 	 
	ARTICLE
    10 EVENT OF DEFAULT	98
	 	 	 
	10.1.	Event of Default	98
	10.2.	Remedies and Damages	99

 

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	ARTICLE
    11 DISSOLUTION AND TERMINATION	100
	 	 	 
	11.1.	Events Causing Dissolution	100
	11.2.	Cash Distributions Upon Dissolution; Procedures	100
	11.3.	Certificate of Cancellation..	101
	 	 	 
	ARTICLE
    12 ACCOUNTING, BANK ACCOUNTS, BOOKS, RECORDS AND REPORTS	101
	 	 	 
	12.1.	Fiscal Year and Accounting Method	101
	12.2.	Books and Records	101
	12.3.	Financial Reports	102
	12.4.	Tax Returns, Elections and Tax Matters Member	102
	12.5.	Bank Accounts	102
	 	 	 
	ARTICLE
    13 REPRESENTATIONS AND WARRANTIES	102
	 	 	 
	13.1.	Representations and Warranties of the Coach Member	102
	13.2.	Representations and Warranties of the Fund Member	104
	 	 	 
	ARTICLE
    14 MISCELLANEOUS	105
	 	 	 
	14.1.	Title to Assets; Certain Waivers	105
	14.2.	Nature of Interest in the Company	106
	14.3.	Waiver of Default	106
	14.4.	Amendment	106
	14.5.	No Third Party Rights	106
	14.6.	Severability	106
	14.7.	Binding Agreement	106
	14.8.	Headings; Exhibits; Schedules	107
	14.9.	Governing Law	107
	14.10.	Jurisdiction; Waiver of Trial by Jury	107
	14.11.	Notices	108
	14.12.	Counterparts	109
	14.13.	Further Assurances	110
	14.14.	Rights Upon Withholding of Consent	110
	14.15.	Brokerage	110
	14.16.	Non-Recourse; Exculpation	110
	14.17.	Fiduciary Duty.	110
	14.18.	Confidentiality	111
	14.19.	Prevailing Party Entitled to Fees and Costs	112
	14.20.	Partition	112
	14.21.	Survival	112

 

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Exhibits:

 

	Exhibit A	Legal Description
	Exhibit B	Office Unit Competitors
	Exhibit C-1	Form of Declaration
	Exhibit C-2	Form of By-laws
	Exhibit D	MTA Project Documents
	Exhibit E-1	Mezzanine Loan Documents
	Exhibit E-2	Mortgage Loan Documents
	Exhibit F	Permitted Encumbrances
	Exhibit G	Retail Premises Competitors
	Exhibit H	Form of Coach Unit Deed
	Exhibit I	Form of FIRPTA Certification
	Exhibit J	Form of Coach Release
	Exhibit K	Form of Redemption/Amendment
	Exhibit L	Form of Punch List Escrow Agreement
	Exhibit M	Form of Right of First Negotiation Agreement
	Exhibit N	Form of Option Agreement
	Exhibit O-1	Severed Parcel Plan
	Exhibit O-2	Temporary Aesthetic Treatment Plan
	Exhibit P	Arbiters
	Exhibit Q	Approved Replacement Developers
	 	 
	Schedules:	 
	 	 
	Schedule 1	Initial Percentage Interests
	Schedule 2	Initial Capital Contributions
	Schedule 3	Member Representatives
	Schedule 4	Construction Loan Statement of Sources and Uses
	Schedule 5	Schedule of Pre-Development Costs and Project Costs

 

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LIMITED LIABILITY COMPANY AGREEMENT

OF

LEGACY YARDS LLC

 

(A Delaware Limited Liability Company)

 

THIS LIMITED LIABILITY
COMPANY AGREEMENT (as the same may be amended from time to time, this “Agreement”) of LEGACY YARDS LLC
(the “Company”) is made and entered into as of the 10th day of April, 2013, by and between PODIUM FUND TOWER
C SPV LLC, a Delaware limited liability company (together with its permitted successors and assigns, the “Fund Member”),
and COACH LEGACY YARDS LLC, a Delaware limited liability company (together with its permitted successors and assigns, the “Coach
Member”) (the Fund Member and the Coach Member, together with such other Persons who may hereafter become a member of
the Company as provided herein, are hereinafter referred to as the “Members” or individually as a “Member”).
Capitalized terms used, but not otherwise defined in this Agreement, shall have the meaning ascribed to each term, respectively,
in Article 2 of this Agreement.

 

WITNESSETH: 

 

WHEREAS, the
Company was formed as a limited liability company pursuant to the Delaware Limited Liability Company Act (as it may be amended
from time to time, or any successor statute, the “Act”) and as required thereunder, the Members do hereby intend
to adopt this Agreement as the operating agreement of the Company;

 

WHEREAS, the
Fund Member is an affiliate of The Related Companies, L.P., a New York limited partnership (together with its permitted successors
and assigns, “Related”), and the Coach Member is an affiliate of Coach, Inc., a Maryland corporation (together
with its successors and permitted assigns, the “Coach Guarantor”);

 

WHEREAS, the
Company is the sole member of and owns 100% of the limited liability company interests in Legacy Yards Mezzanine LLC, a Delaware
limited liability company (“Legacy Mezzanine”), and Legacy Mezzanine is the sole member of and owns 100% of
the limited liability company interests in Legacy Yards Tenant LLC, a Delaware limited liability company (“Legacy Tenant”);

 

WHEREAS, on
the date hereof the Company has caused Legacy Tenant to enter into that certain Agreement of Severed Parcel Lease (Eastern Rail
Yard Section of the John D. Caemmerer West Side Yard), dated as of the date hereof, with the Metropolitan Transportation Authority
(the “MTA”), a body corporate and politic constituting a public benefit corporation of the State of New York
(as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this
Agreement, the “Building C Lease”), pursuant to which Legacy Tenant holds a leasehold estate (the “Leasehold
Estate”) in that certain portion of the Eastern Rail Yard Section (the “ERY”) of the John D. Caemmerer
West Side Yard located on terra firma on the northwest corner of West 30th Street and 10th Avenue, New York, New York, as more
particularly described on Exhibit A attached hereto (the “Land”), and any improvements now or hereafter
located thereon;

 

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WHEREAS, the
Company intends to develop and construct the Building, which upon substantial completion thereof will be submitted to a condominium
regime of ownership and consist of the Coach Unit and the Fund Member Units;

 

WHEREAS, the
Members agree and intend that the Coach Member is the sole beneficial owner of the Coach Unit and the Leasehold Estate with respect
thereto, and the Fund Member is the sole beneficial owner of the Fund Member Units and the Leasehold Estate with respect thereto,
but the Members have determined that (i) having Legacy Tenant own Leasehold Estate and develop and construct the Building (rather
than having each Member hold title to its respective Unit) facilitates development and construction financing for the Building,
and (ii) it is not practicable to submit the Land and Building to a condominium regime, as herein provided, until the core and
shell of the Building is completed;

 

WHEREAS, subject
to the terms and conditions of this Agreement, (i) the Coach Member will receive all benefits, and bear all obligations, attributable
to the Coach Unit and the Leasehold Estate with respect thereto, and all items of profit and loss, tax deductions and credits,
and cash flow attributable to the Coach Unit and the Leasehold Estate with respect thereto will be fully allocated to the Coach
Member, and (ii) the Fund Member will receive all benefits, and bear all obligations, attributable to the Fund Member Units and
the Leasehold Estate with respect thereto, and all items of profit and loss, tax deductions and credits, and cash flow attributable
to the Fund Member Units and the Leasehold Estate with respect thereto will be fully allocated to the Fund Member; and

 

WHEREAS, (i)
the Coach Member will have no beneficial interest in the Fund Member Units or the Leasehold Estate with respect thereto and (ii)
the Fund Member will have no beneficial interest in the Coach Unit or the Leasehold Estate with respect thereto.

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements contained herein, the parties agree as follows:

 

ARTICLE
1

FORMATION AND OFFICES

 

1.1.         Formation.

 

(a)          The
Company was formed as a limited liability company under the provisions of the Act by the filing of the Certificate of Formation
of the Company with the Delaware Secretary of State on October 16, 2012, (as the same may be amended from time to time, the “Articles”).
This Agreement shall constitute the limited liability company agreement between the Members within the meaning of the Act.

 

(b)          The
Fund Member shall immediately, and from time to time hereafter, as may be required by law, execute or cause to be executed all
amendments of the Articles, and do all filing, recording and other acts as may be appropriate under the Act and that are necessary
for the Company to qualify to do business in New York, and shall cause a copy of each such amendment to be delivered to the other
Members. The rights and obligations of the Members shall be as set forth in the Act except as this Agreement expressly provides
otherwise.

 

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1.2.         Name.

 

(a)          All
Company business shall be conducted in the name of the Company as set forth above or such other name as the Members may jointly
select from time to time and which is in compliance with all applicable laws.

 

(b)          The
Building shall not be named after any Person, including, without limitation, the Coach Member, the Fund Member and/or any other
owner, user or tenant of any Unit, any portion thereof, or any other portion of the Building. Except as required by Law, (i) there
shall be no signs at the top of the Building (such as the “MetLife” sign on top of 200 Park Avenue, New York, New York,
as of the date hereof), (ii) there shall be no signs identifying any office unit tenant or owner anywhere in or on the Building
that are more prominent than the signage of the Coach Member in or on the Building, and (iii) all Building signage shall comply
with the Signage Plan.

 

1.3.         Purposes.

 

(a)          The
purpose and business of the Company shall be solely to be the sole member of and own 100% of the limited liability company interests
in Legacy Mezzanine, the sole purpose of which is to be the sole member of and own 100% of the limited liability company interests
in Legacy Tenant, and to do the following, either directly or indirectly through Legacy Mezzanine and/or Legacy Tenant, as applicable:

 

(i)          cause
Legacy Tenant to acquire and own the Leasehold Estate pursuant to the Building C Lease; (B) subject to and in accordance with the
terms and provisions of this Agreement and the Tenant LLC Agreement, obtain the Mortgage Loan and otherwise borrow money, issue
evidence of indebtedness and secure the same by mortgages, deeds of trust, pledges or other liens on or security interests in the
Leasehold Estate and any other real and personal property of Legacy Tenant or any portion thereof, all in furtherance of any and
all of the business of Legacy Tenant; (C) subject to and in accordance with the terms and provisions of this Agreement, the Building
C Lease and the other Project Documents, and the Mortgage Loan Documents, develop and construct, and cause Developer to construct
in accordance with the Development Management Agreement and the Development Agreement, a commercial building containing office
space, a podium with retail space, parking facilities, loading docks and other facilities, and other improvements on the Land as
shown on the Plans (as the same exist from time to time, the “Building”; and the Land and the Building, collectively
(whether or not submitted to a condominium regime), the “Property”); (D) subject to and in accordance with the
terms and provisions of this Agreement, the Building C Lease and the other Project Documents, the Development Management Agreement,
the Development Agreement, and the Mortgage Loan Documents, improve, manage, maintain, lease, sublease, acquire fee title to, sell,
exchange, transfer, dispose of and otherwise realize upon the value of all or any portion of the Property; (E) subject to and in
accordance with the terms and provisions of this Agreement, subject the Land and the Building to a condominium form of ownership
pursuant to the Condominium Documents; (F) following the creation of the Condominium, and upon satisfaction of the conditions for
conveyance set forth herein and in the Development Agreement, convey fee title to the Coach Unit to the Coach Member as more fully
provided in Section 3.8 hereof and, at the Fund Member’s election and subject to the provisions of this Agreement,
convey fee title to any of the Fund Member Units to the Fund Member or to any other Person; and (G) develop, redevelop, hold, lease,
finance, refinance, operate, maintain, manage, mortgage or otherwise deal with the Property or any portion thereof;

 

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(ii)         cause
Legacy Mezzanine to (A) be the sole member of and own 100% of the membership interests in Legacy Tenant, (B) cause Legacy Tenant
to do any and all things which may be necessary, incidental or convenient to carry on its business as described in clause (i)
above in accordance with the terms of the Tenant LLC Agreement, this Agreement, the Development Agreement, the Building C Lease
and the other Project Documents, the Development Management Agreement, and the Mortgage Loan Documents, (C) obtain the Mezzanine
Loan and otherwise borrow money, issue evidence of indebtedness and secure the same by mortgages, deeds of trust, pledges or other
liens or security interests in Legacy Mezzanine’s membership interest in Legacy Tenant and any other property or assets of
Legacy Mezzanine, and (D) subject to and in accordance with the terms and provisions of the Mezzanine LLC Agreement, this Agreement
and the Mezzanine Loan Documents, sell, exchange, transfer, dispose of and otherwise realize upon the value of all or any portion
of Legacy Mezzanine’s membership interest in Legacy Tenant and any of its other property or assets;

 

(iii)        subject
to and in accordance with the terms and provisions of this Agreement, sell, exchange, transfer, dispose of and otherwise realize
upon the value of all or any portion of the Company’s membership interest in Legacy Mezzanine and any other property or assets
of the Company; and

 

(iv)        do
any and all things which may be necessary, incidental or convenient to carry on the business of the Company as described herein
and which are permitted under the Act, all on the terms and subject to the conditions set forth herein.

 

(b)          The
Company shall not engage in any other business or activity without the prior written consent of the Members.

 

1.4.         Powers.
Subject to the terms and conditions of this Agreement, including, without limitation, Section 1.10
and Section 7.2, the Company shall have the power to do any and all acts
reasonably necessary, appropriate, proper, advisable, incidental or convenient to or for the furtherance of the purposes set forth
in Section 1.3(a), including, but not limited to, the power:

 

(a)          to
conduct its business, carry on its operations and have and exercise the powers granted to a limited liability company by the Act
in any state, territory, district or possession of the United States that may be necessary, convenient or incidental to the accomplishment
of the purposes of the Company;

 

(b)          to
acquire (by purchase, lease, contribution of property or otherwise), own, hold, operate, maintain, finance, improve, lease, sell,
convey, mortgage, transfer, demolish or dispose of any real or personal property, in whole or in part, that may be necessary, convenient
or incidental to the accomplishment of the purposes of the Company;

 

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(c)          to
enter into, perform and carry out contracts of any kind, including, without limitation, contracts with any Member, any Affiliate
thereof, or any agent of the Company necessary to, in connection with, convenient to, or incidental to the accomplishment of the
purpose of the Company;

 

(d)          to
sue and be sued, complain and defend, and participate in administrative and other proceedings, in its name;

 

(e)          to
retain employees and agents of the Company, and define their duties and fix their compensation;

 

(f)          to
indemnify any Person in accordance with the Act and this Agreement, and to obtain any and all types of insurance;

 

(g)          to
negotiate, enter into, renegotiate, extend, renew, terminate, modify, amend, waive, execute, acknowledge or take any other action
with respect to any lease, contract or security agreement in respect of any assets of the Company;

 

(h)          to
borrow money and issue evidences of indebtedness, and to secure the same by a mortgage, pledge or other lien on the assets of the
Company;

 

(i)          to
pay, collect, compromise, litigate, arbitrate or otherwise adjust or settle any and all other claims or demands of or against the
Company or to hold such proceeds against the payment of contingent liabilities;

 

(j)          to
purchase at the expense of the Company, liability, casualty and other insurance and bonds to protect the Company’s properties,
operations, Members and the affiliates, officers, directors and employees of each Member;

 

(k)          to
make, execute, acknowledge and file any and all documents or instruments necessary, convenient or incidental to the accomplishment
of the purpose of the Company; and

 

(l)          to
form, operate, own, sell, exchange, transfer, dispose of and otherwise its interest in Legacy Mezzanine or any additional Subsidiary
of the Company in accordance with the terms and conditions hereof.

 

1.5.          Term.
The Company commenced on the date of the filing of the Articles and shall continue in existence until such time as may be determined
in accordance with the terms of this Agreement.

 

1.6.          Principal
Office and Registered Agent. The principal office
of the Company shall be located c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023, or at such other
place in the City of New York as the Fund Member may determine from time to time, and the Company shall maintain records there
as required by the Act. The registered office of, and the registered agent for service of process upon, the Company in the State
of Delaware is: Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The
Fund Member may change the registered office and registered agent from time to time and shall promptly notify the Members of any
such change.

 

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1.7.          Members.
The Coach Member and the Fund Member are the sole members of the Company, each with an interest in the Company, which (a) in the
case of the Coach Member, consists of all right, title and interest of the Coach Member in the Company and in and to the Coach
Unit as provided in Section 1.8 below, and (b) in the case of the Fund Member,
consists of all right, title and interest of the Fund Member in the Company and in and to the Fund Member Units as provided in
Section 1.8 below (such interest, with respect to each Member, as the same
may be modified in accordance with the provisions of this Agreement, being a “Membership Interest”).
Except as expressly provided in this Agreement, no Person other than the Coach Member and the Fund Member shall be admitted as
an additional or substitute member of the Company.

 

1.8.          Beneficial
Ownership of Condominium Units. The Coach Member shall
be the sole beneficial owner of the Coach Unit and the Leasehold Estate with respect thereto, and the Fund Member shall be the
sole beneficial owner of the Fund Member Units and the Leasehold Estate with respect thereto, (a) the Coach Member shall be entitled
to all benefits, rights, entitlements and interests attributable to, derived from and/or relating to the Coach Unit and the Leasehold
Estate with respect thereto, and (b) the Related/Oxford shall be entitled to all benefits, rights, entitlements and interests attributable
to, derived from and/or relating to the Fund Member Units and the Leasehold Estate with respect thereto. Nothing in this Section
1.8 shall modify, limit or excuse the performance by the Members of their respective
obligations under this Agreement.

 

1.9.          Project
Documents. Without limiting the obligations of each
Member under this Agreement, or the obligations of each Member or its respective Affiliates, as applicable, under the Development
Agreement, the Related/Oxford Guaranty, the Coach Guaranty or any other agreements between such parties, each Member hereby acknowledges
that Legacy Tenant’s rights with respect to the Property are subject to the provisions of the Building C Lease and the other
Project Documents, and agrees that it will not knowingly take any action in violation of any of the terms of, the Building C Lease
or any of the other Project Documents. The Fund Member represents and warrants that neither its obligations hereunder, nor the
obligations of Developer under the Development Agreement or the Development Management Agreement, nor the obligations of the Related/Oxford
Guarantor under the Related/Oxford Guaranty conflict or are inconsistent with the Building C Lease or any of the other Project
Documents or would result in a breach of or default thereunder. Each Member further agrees that it will not knowingly take any
action in violation of any of the terms of the Loan Documents, the Mezzanine LLC Agreement or the Tenant LLC Agreement.

 

1.10.         Separateness.
The Company shall at all times:

 

(a)          maintain
books and records separate from any other Person, and, without limiting the generality of the foregoing, maintain its own bank
accounts in its own name;

 

(b)          hold
itself out to the public and all other Persons as a legal entity separate from any Member and any other Person;

 

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(c)          file
its own tax returns as may be required under applicable Law to the extent (i) not part of a consolidated group filing a consolidated
return or (ii) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable
Law;

 

(d)          not
commingle assets with those of any other Person, including, without limitation, any of its Members;

 

(e)          conduct
its own business in its own name;

 

(f)          maintain
and periodically prepare separate financial statements and not consolidate its financial statements with any other Person for any
purpose;

 

(g)          pay
its own liabilities out of its own funds and not hold out the credit or assets of any other Person as being able to satisfy the
obligations of the Company;

 

(h)          observe
all formalities required by the Act, the Articles, and this Agreement;

 

(i)          maintain
an “arm’s-length relationship” with its Affiliates;

 

(j)          pay
the salaries of its own employees, if any;

 

(k)          not
hold out its credit or assets as being available to satisfy the obligations of any other Person;

 

(l)          to
the extent that it shares office space with its Members or Affiliates and pays any overhead costs or other expenses therefor, allocate
fairly and reasonably, based on fair market value (without mark-up to the Company) any overhead and expense for shared office space;

 

(m)          use
separate bank accounts and checks;

 

(n)          not
(i) incur any indebtedness, secured or unsecured, direct or indirect, absolute or contingent, with any Affiliate (other than nonrecourse
loans made by Members in lieu of capital contributions to the Company and loans made by Members pursuant to Section 4.3),
and (ii) not to pledge any of its assets for the benefit of any Affiliate;

 

(o)          correct
any known misunderstanding regarding its separate identity;

 

(p)          not
make any loans or advances to any third party other than in the ordinary course and not acquire the securities of any Member;

 

(q)          maintain
its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual asset or
assets, as the case may be, from those of any Affiliate or any other Person;

 

(r)          not
engage in any business or own any assets other than as provided in Section 1.3;

 

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(s)          direct
any agent acting on its behalf to hold itself out as acting on its behalf;

 

(t)          otherwise
hold itself out as a separate legal entity;

 

(u)          not
take or cause to be taken any Bankruptcy Action with respect to the Company in violation of the terms of this Agreement or with
respect to any Subsidiary without the without the affirmative vote of each of the Members and in compliance with the terms of the
limited liability company of such Subsidiary.

 

1.11.         Construction
Loan Closing Day Transactions. The following actions,
transactions and events (the “Construction Loan Closing Day Transactions”)
shall occur, or be deemed to have occurred, simultaneously on the Construction Loan Closing Date and are hereby consented to and
approved, authorized and ratified by the Members, and the Company is hereby authorized and directed to, and to cause Legacy Mezzanine
and Legacy Tenant to, execute and deliver the agreements to which it is a party and other documents, each as identified below,
and to make such payments, incur such obligations and take such other actions as shall be required thereunder or otherwise reasonably
necessary and suitable and consistent with the Budget to cause the successful completion of the Construction Loan Closing Day Transactions:

 

(a)          The
Company shall execute the Limited Liability Company Agreement of Legacy Yards Mezzanine LLC (the “Legacy Mezzanine Agreement”),
and shall cause each independent manager thereof to execute and deliver the Legacy Mezzanine Agreement, and shall cause Legacy
Mezzanine to execute the Limited Liability Company Agreement of Legacy Yards Tenant LLC (the “Legacy Tenant Agreement”),
and shall cause each independent manager thereof to execute and deliver the Legacy Tenant Agreement;

 

(b)          The
Company shall cause Legacy Tenant to execute and deliver (i) the Building C Lease and lease the Property from the MTA pursuant
thereto, (ii) the Memorandum of Building C Lease, (iii) the Termination of Memorandum of Lease, (iv) the PILOST Agreement, (v)
all New York City and State transfer tax returns and filings required in connection with the Building C Lease and/or the recordation
of the Memorandum of Building C Lease and any other Building C Lease Documents, and (vi) any and all other Building C Lease Documents,
and shall pay or cause Legacy Tenant to pay all costs and expenses incurred in connection with the foregoing to the extent not
funded with the proceeds of the Construction Loan at the sole expense of the Fund Member, except to the extent the same are properly
included in Coach Total Development Costs or are otherwise payable by the Coach Member pursuant to this Agreement or the Development
Agreement, in which case the Coach Member shall fund its share or all of such costs, as applicable, in accordance with the terms
of this Agreement and the Development Agreement;

 

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*** Confidential Treatment Requested

 

(c)          The
Company shall cause Legacy Tenant to execute and deliver (i) the Agency Lease Agreement, (ii) the Company Lease Agreement, (iii)
the PILOT Mortgage, (iv) the Mortgage Loan NDA, (v) all New York City and State transfer tax returns and filings required in connection
with the Agency Lease Agreement, the Company Lease Agreement, the PILOT Mortgage, (vi) the Mortgage Loan NDA, and (vii) all other
IDA Documents, and shall pay or cause Legacy Tenant to pay all costs and expenses incurred in connection with the foregoing to
the extent not funded with the proceeds of the Construction Loan at the sole expense of the Fund Member, except to the extent the
same are properly included in Coach Total Development Costs or are otherwise payable by the Coach Member pursuant to this Agreement
or the Development Agreement, in which case the Coach Member shall fund its share or all of such costs, as applicable, in accordance
with the terms of this Agreement and the Development Agreement;

 

(d)          The
Company shall cause Legacy Tenant to execute and deliver the L’Oreal Lease, the SAP Lease, the Leasing Agreements and the
Brokerage Commission Agreements;

 

(e)          The
Company shall cause Legacy Tenant to execute and deliver the Owners’ Association Agreement;

 

(f)          The
Company shall cause Legacy Tenant to obtain the Mortgage Loan, to execute and deliver, as borrower, the Mortgage Loan Documents,
and to pay any and all Mortgage Loan Closing Costs which, to the extent not funded with the proceeds of the Construction Loan,
shall be funded by the Fund Member except to the extent the same are properly included in Coach Total Development Costs or are
otherwise payable by the Coach Member pursuant to this Agreement or the Development Agreement, in which case the Coach Member shall
fund its share or all of such Mortgage Loan Closing Costs, as applicable, in accordance with the terms of this Agreement and the
Development Agreement;

 

(g)          The
Company shall cause Legacy Mezzanine to obtain the Mezzanine Loan, to execute and deliver, as borrower, the Mezzanine Loan Documents,
and to pay any and all Mezzanine Loan Closing Costs which, to the extent not funded with the proceeds of the Mezzanine Loan, shall
be funded by the Fund Member except to the extent the same are properly included in Coach Total Development Costs or are otherwise
payable by the Coach Member pursuant to this Agreement or the Development Agreement, in which case such the Coach Member shall
fund its share or all of such Mezzanine Loan Closing Costs, as applicable, in accordance with the terms of this Agreement and the
Development Agreement;

 

(h)          Each
Member shall fund, to the extent not funded with the proceeds of the Construction Loan, its Allocable Share of all Project Costs
and Pre-Development Costs incurred by or on behalf of Legacy Tenant prior to the Construction Loan Closing Date which are due and
payable, the Coach Member shall fund, to the extent not funded with the proceeds of the Coach Unit Loan, an amount equal to *** of the Coach Fixed Land Cost (which amount is a portion of the Coach Total Development Costs), and the Fund Member,
shall fund, to the extent not funded with the proceeds of the Third Party Loan, a portion of the Fund Member Land Costs equal to
the percentage of completion of the Podium Infrastructure as of the Construction Loan Closing Date;

 

(i)          The
Company shall pay or cause Legacy Tenant to pay any and all Pre-Development Costs and other Project Costs incurred by or on behalf
of Legacy Tenant due and owing as of the Construction Loan Closing Date;

 

    	14

    	 

    

 

 

(j)          Coach
Guarantor shall execute and deliver the Coach Guaranty and the Coach Funding Guaranties, and shall cause the Coach Lender to execute
and deliver the Loan Documents;

 

(k)          Related/Oxford
Guarantor shall execute and deliver the Related/Oxford Guaranty and the Construction Loan Guaranties, and cause the Fund Member
Guarantors to execute and deliver the Fund Member Guaranties; and

 

(l)          The
Members shall cause their respective Affiliates to execute and deliver the Purchase Agreement.

 

ARTICLE
2

DEFINITIONS

 

2.1.          Terms
Defined Herein. As used herein, the following terms
shall have the following meanings, unless the context otherwise requires:

 

“Act”
shall have the meaning set forth in the Recitals.

 

“Additional
Capital Contribution” shall have the meaning set forth in Section 4.2.

 

“Additional
Member” shall have the meaning set forth in Section 9.5.

 

“Additional
Office Unit(s)” shall mean, collectively, “Office Unit 2A”, “Office Unit 2B” and “Office
Unit 3” each as defined in the Condominium Declaration, consisting inter alia of office space and related improvements
and Facilities, as described in the Condominium Declaration and as shown on the Floor Plans, less (a) Office Unit 2A, if the Coach
Expansion Right is exercised pursuant to Section 3.3 with respect thereto, and (b)
Office Unit 2B, if the Coach Expansion Right is exercised pursuant to Section 3.3 with
respect thereto.

 

“Additional
Office Unit Competitors” shall mean a list of the Coach Member’s competitors, which list of competitors as of the
date hereof is set forth on Exhibit B attached hereto.

 

“Affiliate”
shall mean, with respect to any Person, a Person which directly or indirectly, through one or more intermediaries, Controls, is
Controlled by or is under common Control with, such Person.

 

“Agency Lease
Agreement” shall mean that certain Agency Lease Agreement, dated as of the date hereof, by and between the IDA, as sublessor,
and Legacy Tenant, as sublessee, pursuant to which the IDA sub-subleased to Legacy Tenant the Property, as the same may be amended,
restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

    	15

    	 

    

 

 

“Allocable
Share” shall mean the Project Costs or an element thereof allocated to each Unit in accordance with the Cost Allocation
Methodology and the applicable provisions of the Development Agreement.

 

“Ancillary
Unit” shall mean the “Ancillary Unit” as defined in the Condominium
Declaration and as shown on the Floor Plans.

 

“Approved
Replacement Developer” shall mean each of the property developers set forth on Exhibit Q attached hereto.

 

“Arbiter(s)”
shall have the meaning set forth in Section 3.10.

 

“Articles”
shall have the meaning set forth in Section 1.1(a).

 

“Bankruptcy
Act” shall mean the United States Bankruptcy Reform Act of 1978, as amended, or any successor bankruptcy statute and
the rules promulgated thereunder.

 

“Bankruptcy
Action” shall mean, with respect to any Person, (a) the commencement of any case, action or proceeding by such Person
relating to bankruptcy, insolvency, reorganization or relief of debtors of such Person, (b) the institution of any proceedings
by such Person to be adjudicated as bankrupt or insolvent, (c) the consent by such Person to the institution of bankruptcy or insolvency
proceedings against such Person, (d) the filing by such Person of a petition, or consent by such Person to a petition, seeking
reorganization, arrangement, adjustment, winding up, to the fullest extent permitted by law, dissolution, composition, liquidation
or other relief or other action by or on behalf of such Person under the Bankruptcy Act or any other existing or future law of
any jurisdiction on behalf of such Person under the Bankruptcy Act or any other federal or state law relating to bankruptcy, (e)
the seeking or consenting by such Person to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian
or any similar official for such Person or for all or substantially all of such Person’s assets, or (f) the making by such
Person of an assignment for the benefit of the creditors of such Person. The foregoing definition of “Bankruptcy Action”
is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1)
and 18-304 of the Act.

 

“Base Building”
shall have the meaning ascribed to such term in the Development Agreement.

 

“Base
Building Lighting” means the lighting scheme for the Building
exterior set forth on Exhibit C to the Development Agreement, as the same may be amended from
time to time in accordance with the terms of this Agreement and the Development Agreement.

 

“Base Building
Work” shall have the meaning ascribed to such term in the Development Agreement.

 

“Block”
shall have the meaning ascribed to such term in the Development Agreement.

 

“Broker”
shall have the meaning set forth in Section 14.15.

 

    	16

    	 

    

 

 

“Brokerage
Commission Agreements” shall mean, collectively, (a) that certain Brokerage Commission Agreement, dated as of the date
hereof, by and between Legacy Tenant, as owner, and CBRE, Inc., as agent, and agreed to by LOA Realty, LLC with respect to the
L’Oreal Lease (“L’Oreal Brokerage Agreement”), (b) that certain Brokerage Commission Agreement,
dated as of the date hereof, by and between Legacy Tenant, as owner, and Jones Lang LaSalle Brokerage, Inc., as agent, and agreed
to by Clifford Fischer & Company, d/b/a Fischer & Company, with respect to the SAP Lease, and (c) that certain Brokerage
Agreement effective as of November 5, 2012, by and between CBRE, Inc., as agent, and Legacy Tenant, as owner.

 

“Budget”
shall mean the budget setting forth all budgeted costs of constructing the Building, including all budgeted Project Costs for the
Developer Work and the Base Building Work, approved by the Members on the date hereof and attached as Exhibit D to the Development
Agreement (subject to the rights of each of Developer and the Coach Member
to review and, as applicable, revise from time to time the allocation of costs set forth therein in accordance with the Cost Allocation
Methodology and other applicable provisions of the Development Agreement), as the same may be
amended from time to time in accordance with the terms of this Agreement and the Development Agreement.

 

“Building”
shall have the meaning set forth in Section 1.3(a).

 

“Building
C Lease” shall have the meaning set forth in the Recitals.

 

“Building
C Lease Documents” shall mean, collectively, the Building C Lease, the Memorandum of Building C Lease, the Termination
of Memorandum of Building C Lease, and the PILOST Agreement.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which national banks are permitted or required
to be closed in the City of New York.

 

“Capital Account”
shall have the meaning set forth in Section 4.4(a).

 

“Capital Contribution”
shall mean, with respect to any Member, the Initial Capital Contribution of such Member specified on Schedule 2 and any
Additional Capital Contribution made by such Member to the Company pursuant to this Agreement.

 

“Cash Flow
From the Building” shall mean any cash flow received by the Company and attributable to the General Common Elements,
including, without limitation, any revenues, rents, income or other sums received by the Company from advertising placed on construction
bridges, or from real estate tax or PILOT or PILOST refunds relative to the Property. Cash Flow From the Building does not include
casualty insurance proceeds or condemnation awards received or collected on account of the Property or the Common Elements, nor
does Cash Flow from the Building include any Construction Loan proceeds or the proceeds of any refinancing (by Legacy Tenant, the
Company or of any Unit by the Member that beneficially owns such Unit).

 

“Cash Flow
From a Unit” shall mean cash flow received by the Company and attributable to a Unit, including, without limitation,
revenues, rents, income or other sums arising specifically from the leasing or operation of such Unit (e.g., revenues from
the leasing of retail space within the Retail Unit or revenues from the Parking Unit, which shall accrue solely to the benefit
of the Fund Member).

 

    	17

    	 

    

 

 

“Change Order
Grace Period” shall have the meaning ascribed thereto in the Development Agreement.

 

“Closing”
shall mean the closing of the conveyance of the Coach Unit to Coach Member and Coach Member’s withdrawal as a Member of the
Company, all in accordance with and as contemplated under the terms of this Agreement and the Development Agreement.

 

“Closing Date”
shall mean the date on which the Closing occurs.

 

“Coach Approval
Areas” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Areas”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach
Atrium” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Change
Delays” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Costs
Cap” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Designee”
shall have the meaning set forth in Section 3.8(a)(viii).

 

“Coach Exclusive
Systems” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Expansion
Notice” shall have the meaning set forth in Section 3.3(a).

 

“Coach
Expansion Premises” shall mean (a) “Office Unit 2A” as defined in the Condominium Declaration, consisting
inter alia of the 21st floor of the Building and related improvements and
Facilities, as described in the Condominium Declaration and as shown on the Floor Plans,
and which shall be deemed to contain 46,263 rentable square feet based on the Plans on the date
hereof (subject to re-measurement pursuant to Section 16.02 of the Development Agreement), and (b) “Office Unit 2B”
as defined in the Condominium Declaration, consisting inter alia of the 22nd floor of the Building and related improvements,
and Facilities, as described in the Condominium Declaration and
as shown on the Floor Plans, and which shall be deemed to contain 45,513 rentable square feet
based on the Plans on the date hereof subject to re-measurement pursuant to Section 16.02 of the Development Agreement).

 

“Coach
Expansion Right” shall mean the right of the Coach Member to purchase the Coach Expansion Premises or applicable portion
thereof pursuant to and in accordance with the terms of Section 3.3.

 

    	18

    	 

    

 

 

“Coach Finish
Work” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Fixed
Land Cost” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Funding
Guaranties” shall mean, collectively, (a) that certain Loan Funding Guaranty, dated as of the date hereof, made by Coach
Guarantor in favor of Starwood Property Mortgage, L.L.C., in its capacity as the Third Party Lender with respect to the funding
of the Coach Unit Loan, and (b) that certain Equity Funding Guaranty (Mortgage Loan), dated as of the date hereof, made by Coach
Guarantor in favor of the Mortgage Loan Agent for the benefit of the Third Party Lender with respect to the funding of the Coach
Member’s Additional Capital Contributions (the “Coach Equity Funding Guaranty (Mortgage Loan)”), and (c)
that certain Equity Funding Guaranty (Mezzanine Loan), dated as of the date hereof, made by Coach Guarantor in favor of the Mezzanine
Loan Agent for the benefit of the Third Party Lender with respect to the funding of the Coach Member’s Additional Capital
Contributions (the “Coach Equity Funding Guaranty (Mezzanine Loan”), as each of the same may be amended, restated
or supplemented or otherwise modified from time to time.

 

“Coach Guarantor”
shall have the meaning set forth in the Recitals.

 

“Coach Guaranty”
shall mean that certain Guaranty Agreement, dated as of the date hereof, made by the Coach Guarantor in favor of the Fund Member
and Developer, as the same may be amended, restated or supplemented or otherwise modified from time to time.

 

“Coach Holdover
Costs” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Lease”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Lender”
shall mean Coach Legacy Yards Lender LLC, a Delaware limited liability company, together with its successors and assigns as the
holder of Mortgage Note A-2 and Mezzanine Note A-2.

 

“Coach
Lobby” shall have the meaning ascribed thereto in the Development Agreement.

 

    	19

    	 

    

“Coach Matters
of CL Concern” shall mean: (a) the creditworthiness of any replacement for the Third Party Lender or any additional lender
providing financing for the development and construction of the Project, and its qualification as an Institutional Lender or other
approval by the MTA under or pursuant to the relevant MTA Project Documents; (b) the sufficiency to complete the Project of the
unfunded proceeds of the Construction Loan (or any replacement or additional financing), taking into account the amount of all
equity contributions required to be paid or funded by the Coach Member and the Fund Member pursuant to the terms of this Agreement
and the Development Agreement (the availability of which is evidenced to the Coach Member’s reasonable satisfaction) and
all Fund Member Equity Commitments; (c) any modification or change to the draw procedures or other conditions to the obligation
of the Third Party Lender under the Loan Documents (and the draw procedures or other conditions to the obligation of any replacement
or additional lender under its loan documents) to fund the proceeds of the Third Party Loan (or such replacement or additional
financing), including, any modification or change to the Loan Documents (and any terms of the loan documents of any replacement
or additional lender) permitting the Third Party Lender (or such replacement or additional lender) to cease funding by reason of
any cross-default, “MAC clause” or similar provisions, it being agreed that customary construction loan draw procedures
and deliveries shall be permitted; (d) any modification or change to any events of default (or conditions to funding) under the
Loan Documents (and any events of default or conditions to funding under the loan documents for any replacement or additional financing)
which would permit the Third Party Lender (or the applicable replacement or additional lender) to declare an event of default or
cease to fund the proceeds of the Third Party Loan (or the applicable replacement or additional financing) as a result of events
or occurrences that are extrinsic to the Project; (e) any modification or change to any construction milestone dates set forth
in the Loan Documents (and any construction milestone dates set forth in the loan documents for any replacement or additional financing)
that if not achieved trigger a default thereunder (other than milestone dates and any modification or change thereto that are consistent
with the milestone dates set forth in or established pursuant to the Development Agreement); (f) any modification or change to
the unit release provisions of the Loan Documents (and the unit release provisions set forth in the loan documents for any replacement
or additional financing) relating to or otherwise affecting the Coach Unit; (g) any modification or change to the mortgage severance
and assignment provisions of the Loan Documents (and the mortgage severance and assignment provisions of the loan documents for
any replacement or additional financing) as they relate to the Coach Member’s right or ability to obtain and assume the Coach
Severed Loan as provided herein; (h) any modification or change to the Loan Documents limiting (and the terms of the loan documents
for any replacement or additional financing regarding) the availability of casualty proceeds for restoration; (i) the consistency
of any modification or change to the Loan Documents (and the terms of the loan documents for any replacement or additional financing)
with the terms of this Agreement; (j) any modification or change to the recourse carveouts under the Loan Documents (and the recourse
carveouts under the loan documents for any replacement or additional financing); and (k) any modification or change to the obligations
of the Third Party Lender under the Loan Documents (and any obligation of a replacement or additional lender under its loan documents)
that is inconsistent in any material respect with the terms of this Agreement or the Development Agreement.

 

“Coach Member”
shall have the meaning set forth in the preamble.

 

“Coach Member’s
Knowledge” shall mean the actual knowledge, without any imputation of knowledge of other people and without any duty
of investigation, of Todd Kahn or Mitchell L. Feinberg.

 

“Coach Mezzanine
Loan” shall mean that portion the Mezzanine Loan evidenced by Mezzanine Note A-2, to be advanced
by the Coach Lender pursuant to the Mezzanine Loan Documents in respect of Coach Total Development Costs, including, without
limitation, all interest thereon and all amounts payable with respect thereto in accordance with the terms of the Mezzanine Loan
Documents.

 

    	20

    	 

    

“Coach Mortgage
Loan” shall mean that portion of the Mortgage Loan evidenced by Mortgage Note A-2, to be advanced
by the Coach Lender pursuant to the Mortgage Loan Documents in respect of Coach Total Development Costs, including, without
limitation, all interest thereon and all amounts payable with respect thereto in accordance with the terms of the Mortgage Loan
Documents.

 

“Coach Severed
Loan” shall mean, collectively, the Coach Severed Mortgage Loan and the Coach Severed Mezzanine Loan.

 

“Coach Severed
Mezzanine Loan” shall have the meaning set forth in Section 3.8(a)(v).

 

“Coach Severed
Mortgage Loan” shall have the meaning set forth in Section 3.8(a)(v).

 

“Coach Severed
Mortgage” shall have the meaning set forth in Section 3.8(a)(v).

 

“Coach Total
Development Costs” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach
Unit” shall mean “Office Unit 1” as defined in the Condominium Declaration,
consisting inter alia of floors 6 through 20 of the Building and related improvements and
Facilities, as described in the Condominium Declaration and as shown on the Floor Plans,
and which shall be deemed to contain 737,774 rentable square feet in the aggregate based on the Plans on the date hereof (subject
to re-measurement pursuant to Section 16.02 of the Development Agreement), together with any portion of the Coach Expansion
Premises with respect to which the Coach Expansion Right is exercised pursuant to Section 3.3.

 

“Coach Unit
Documents” shall mean the following documents to be delivered at the Closing: (a) a copy of all operating manuals, Service
Contracts and service records for any Coach Exclusive Systems; and (b) each and every Coach Warranty (except to the extent such
warranties (or elements thereof) do not commence on the Closing Date, in which event the Fund Member shall assign or cause to be
assigned such warranties (or such elements) to the Coach Member or Coach Designee, as applicable, promptly following the commencement
thereof).

 

“Coach Unit
Loan” shall mean, collectively, the Coach Mortgage Loan and the Coach Mezzanine Loan.

 

“Coach Warranty”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach Work
Delays” shall have the meaning ascribed thereto in the Development Agreement.

 

“Coach’s
Consultant(s)” shall have the meaning set forth in the Development Agreement.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Common Charges”
shall have the meaning ascribed thereto in the Condominium Declaration.

 

    	21

    	 

    

 

 

“Common Elements”
shall have the meaning ascribed thereto in the Condominium Declaration.

 

“Company”
shall have the meaning set forth in the preamble.

 

“Company Lease
Agreement” shall mean that certain Company Lease Agreement, dated as of the date hereof, by and between Legacy Tenant,
as sublessor, and the IDA, as sublessee, pursuant to which Legacy Tenant subleased to the IDA the Property, as the same may be
amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Company Minimum
Gain” shall have the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d) for “partnership minimum
gain”.

 

“Company’s
Accountants” shall mean Ernst & Young, having an address at 380 Madison Avenue, New York, New York, or such other
reputable, nationally recognized accounting firm designated by the Fund Member and reasonably approved by the Coach Member from
time to time.

 

“Condominium”
shall have the meaning set forth in Section 3.7(a).

 

“Condominium
Act” shall have the meaning set forth in Section 3.7(a).

 

“Condominium
Board” shall have the meaning ascribed thereto in the Development Agreement.

 

“Condominium
By-Laws” shall have the meaning set forth in Section 3.7(c).

 

“Condominium
Declaration” shall have the meaning set forth in Section 3.7(b).

 

“Condominium
Documents” shall mean, collectively, the Condominium Declaration, the Condominium By-Laws and the Floor Plans.

 

“Condominium
Warranty” shall have the meaning ascribed thereto in the Development Agreement.

 

“Confidential
Information” shall have the meaning set forth in Section 14.18.

 

“Construction
Lender” shall mean, collectively, the Mortgage Lender and the Mezzanine Lender.

 

“Construction
Loan” shall mean, collectively, the Mortgage Loan and the Mezzanine Loan.

 

“Construction
Loan Agreement” shall mean, collectively, the Mortgage Loan Agreement and the Mezzanine Loan Agreement.

 

    	22

    	 

    

 

 

“Construction
Loan Closing” shall mean the closing of the Construction Loan and the funding of the first draw of proceeds under the
Mortgage Loan and the Mezzanine Loan on the date hereof.

 

“Construction
Loan Closing Costs” shall mean, collectively, the Mortgage Loan Closing Costs and the Mezzanine Loan Closing Costs.

 

“Construction
Loan Closing Date” shall mean the day on which the Construction Loan Closing shall occur.

 

“Construction
Loan Closing Day Transactions” shall have the meaning ascribed thereto in Section 1.11.

 

“Construction
Loan Funding Phase” shall
have the meaning ascribed thereto in the Development Agreement.

 

“Construction
Loan Guaranties” shall mean, collectively, the Mortgage Loan Guaranties and the Mezzanine Loan Guaranties.

 

“Construction
Manager” shall have the meaning ascribed thereto in the Development Agreement.

 

“Construction
Management Agreement” shall have the meaning ascribed thereto in the Development Agreement.

 

“Consultant”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Contributing
Member” shall have the meaning set forth in Section 4.3(a).

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct (or cause the direction of)
the management and policies of a Person, whether through the ownership of voting securities or
other ownership interest, by contract or otherwise, provided that the fact that such power may be subject to certain approval
or veto rights in favor of one or more other Persons shall not ipso facto be deemed to mean that the Person
possessing such power lacks Control of the Person in question for purposes hereof. “Controlled”
and “Controlling” each have the meanings correlative thereto.

 

“Cost Allocation
Methodology” shall have the meaning ascribed thereto in the Development Agreement. The parties hereto have approved the
Cost Allocation Methodology.

 

“Deed”
shall have the meaning set forth in Section 3.8(e)(i).

 

“Declaration
of Easements” shall mean that certain Declaration of Easements (Eastern Rail Yard Section of the John D. Caemmerer West
Side Yard) made by the Metropolitan Transportation Authority, dated as of May 26, 2010, and recorded in the Register’s Office
on June 10, 2010 as City Register File No. (CRFN) 2010000194078, as amended by that certain First Amendment to Declaration of Easements
made by Metropolitan Transportation Authority, dated as of the date hereof, and intended to be recorded in the Register’s
Office.

 

    	23

    	 

    

 

 

“Defaulting
Member” shall have the meaning set forth in Section 10.1.

 

“Depreciation”
shall mean, for each Fiscal Year (or other period), an amount equal to the depreciation, amortization, or other cost recovery deduction
allowable for federal income tax purposes with respect to an asset for such Fiscal Year (or other period), except that (a) with
respect to any asset the Gross Asset Value of which differs from its adjusted tax basis for federal income tax purposes at the
beginning of such Fiscal Year (or other period) and which difference is being eliminated by use of the “remedial method”
as defined by Section 1.704-3(d) of the Regulations, Depreciation for such Fiscal year (or other period) shall be the amount of
book basis recovered for such Fiscal Year (or other period) under the rules prescribed by Section 1.704-3(d)(2) of the Regulations,
and (b) with respect to any other asset the Gross Asset Value of which differs from its adjusted tax basis for federal income tax
purposes at the beginning of such Fiscal Year (or other period), Depreciation shall be an amount which bears the same ratio to
such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such
Fiscal Year (or other period) bears to such beginning adjusted tax basis; provided, however, that in the case of
clause (b) above, if the adjusted tax basis for federal income tax purposes of an asset at the beginning of such Fiscal
Year (or other period) is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable
method selected by the Fund Member.

 

“Destination
Retail Access Unit” shall mean the “Destination Retail Access Unit”
as defined in the Condominium Declaration and as shown on the Condominium Plans.

 

“Developer”
shall mean ERY Developer LLC, a Delaware limited liability company, and any permitted successor or assign thereof pursuant to the
terms of the Development Agreement.

 

“Developer’s
Consultant(s)” shall have the meaning ascribed thereto in the Development Agreement.

 

“Developer
Violations” shall have the meaning ascribed thereto in the Development Agreement.

 

“Developer
Work” shall have the meaning ascribed thereto in the Development Agreement.

 

“Development
Agreement” shall mean that certain Development Agreement, dated as of the date hereof, by and between Developer and the
Coach Member, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the
terms of this Agreement.

 

“Development
Fee” shall have the meaning ascribed thereto in the Development Agreement.

 

“Development
Management Agreement” shall mean that certain Development Management Agreement, dated as of the date hereof, by and between
Legacy Tenant and Developer, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance
with the terms of this Agreement.

 

    	24

    	 

    

 

 

“Draw Request”
shall mean, as the context requires (a) a requisition made by a Member or Developer or Replacement Developer
(on behalf of a Member) to the Members for an Additional Capital Contribution by such Member(s) to fund Project Costs pursuant
to and in accordance with the terms of this Agreement and the Development Agreement or Replacement Development Agreement, and (b)
a requisition to fund Project Costs submitted by (i) Legacy Tenant or Developer or Replacement Developer (on behalf of Legacy Tenant)
requesting an advance of the Mortgage Loan from the Mortgage Lender or (ii) Legacy Mezzanine or Developer or Replacement Developer
(on behalf of Legacy Mezzanine) requesting an advance of the Mezzanine Loan from the Mezzanine Lender, in each case which complies
with the applicable provisions of this Agreement, the Development Agreement and the applicable Loan Documents. 

 

“Early Work”
shall mean the portion of the Developer Work and Base Building Work performed or caused to be performed by Developer prior to the
date hereof.

 

“Encumbrance”
shall mean a mortgage, security agreement, security interest, lien, levy, lease, pledge, hypothecation, charge, claim, license,
judgment, covenant, easement, and/or any other encumbrance or restriction of any and every kind whatsoever.

 

“ERY”
shall have the meaning set forth in the Recitals.

 

“ERY Tenant”
shall mean ERY Tenant LLC, a Delaware limited liability company.

 

“Event of
Default” shall have the meaning set forth in Section 10.1.

 

“Executive
Construction Manager” shall have the meaning ascribed thereto in the Development Agreement.

 

“Executive
Construction Management Agreement” shall have the meaning ascribed thereto in the Development Agreement.

 

“Existing
Contractors/Consultants” shall have the meaning ascribed thereto in the Development Agreement.

 

“Expansion
Premises Notice” shall have the meaning set forth in Section 3.3(b).

 

“Facilities”
shall have the meaning set forth in the Condominium Declaration.

 

“Failed Contribution”
shall have the meaning set forth in Section 4.3(a).

 

“Final Completion”
shall have the meaning set forth in the Development Agreement.

 

“Finish Work”
shall have the meaning set forth in the Development Agreement.

 

“Fiscal Year”
shall mean each twelve (12) month period during the term of this Agreement beginning on January 1st and ending on the following
December 31st, except that the first Fiscal Year of the Company shall commence on the date of commencement of the Company and end
on the next December 31st, and the last Fiscal Year of the Company shall end on the date on which the Company shall terminate and
commence on the January 1st immediately preceding such date of termination.

 

    	25

    	 

    

 

 

“Floor Plans”
shall have the meaning ascribed thereto in the Condominium Declaration, as the same may be amended, modified or supplemented from
time to time in accordance with the terms of this Agreement and the Development Agreement. The Floor Plans approved by the Members
are attached to the Condominium Declaration.

 

“Force Majeure”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Form By-Laws”
shall have the meaning set forth in Section 3.7(b).

 

“Form Declaration”
shall have the meaning set forth in Section 3.7(b).

 

“Forty-Seventh
Floor Curtain Wall Adjustment” shall have the meaning ascribed thereto in the Development Agreement.

 

“Fund Member”
shall have the meaning set forth in the preamble.

 

“Fund Member
Equity Commitment(s)” shall have the meaning set forth in Section 4.6.

 

“Fund Member
Guaranties” shall mean, collectively, (a) that certain Equity Funding Guaranty, dated as of the date hereof, made by
the Related/Oxford Guarantor in favor of the Mortgage Loan Agent, for the benefit of the Third Party Lender, with respect to the
funding of the equity commitment of Podium Fund MM to the Podium Fund JV, (b) that certain Equity Funding Guaranty, dated as of
the date hereof, made by the Related/Oxford Guarantor in favor of the Mezzanine Loan Agent, for the benefit of the Third Party
Lender, with respect to the funding of the equity commitment of Podium Fund MM to the Podium Fund JV, (c) that certain Equity Funding
Guaranty, dated as of the date hereof, made by Related in favor of the Mortgage Loan Agent, for the benefit of the Third Party
Lender, with respect to the funding of the equity commitment of Related Hudson Yards to the Podium Fund JV, (d) that certain Equity
Funding Guaranty, dated as of the date hereof, made by Related in favor of the Mezzanine Loan Agent, for the benefit of the Third
Party Lender, with respect to the funding of the equity commitment of Related Hudson Yards to the Podium Fund JV, (e) that certain
Equity Funding Guaranty, dated as of the date hereof, made by Oxford Guarantor in favor of the Mortgage Loan Agent, for the benefit
of the Third Party Lender, with respect to the funding of the equity commitment of Oxford Podium Fund Investor LLC (“Oxford
Investor”) to the Podium Fund JV, (f) that certain Equity Funding Guaranty, dated as of the date hereof, made by Oxford
Guarantor in favor of the Mezzanine Loan Agent, for the benefit of the Third Party Lender, with respect to the funding of the equity
commitment of Oxford Investor to the Podium Fund JV, (g) that certain Limited Equity Commitment Guaranty, dated as of the date
hereof, made by Podium Fund REIT LLC (“Podium Fund REIT”) in favor of the Mortgage Loan Agent, for the benefit
of the Third Party Lender, with respect to the funding of the equity commitment of HY Acquisition Company LLC, a Delaware limited
liability company (“HY Acquisition”) to the Podium Fund JV; (h) that certain Limited Equity Commitment Guaranty,
dated as of the date hereof, made by Podium Fund REIT in favor of the Mezzanine Loan Agent, for the benefit of the Third Party
Lender, with respect to the funding of the equity commitment of HY Acquisition to the Podium Fund JV; (i) that certain Equity Commitment
Guaranty, dated as of the date hereof, made by Commingled Pension Trust (Strategic Property) of JP Morgan Chase Bank N.A. (“JPM
Fund”) in favor of Podium Fund REIT with respect to the funding of the equity commitment of HY Acquisition, as assigned
by Podium Fund REIT to the Mortgage Loan Agent and the Mezzanine Loan Agent, for the benefit of the Third Party Lender, with the
consent and agreement of JPM Strategic Property Fund pursuant to that certain Assignment of Equity Commitment Guaranty, dated as
of the date hereof, and (j) that certain Collateral Assignment of Rights, dated as of the date hereof, made by Podium Fund JV,
Fund Member, Podium-K Investors LLC, a Delaware limited liability company (“Podium-K”), Podium Fund Capital
LLC, a Delaware limited liability company (“Podium Capital”), and Podium Fund Tower C Corp., a Delaware corporation
(“Tower C Corp.”), as assignors, in favor to the Mortgage Loan Agent and the Mezzanine Loan Agent, for the benefit
of the Third Party Lender (the “Collateral Assignment of Rights”). Each of the Fund Member Guaranties is referred
to herein as a “Fund Member Guaranty”.

 

    	26

    	 

    

 

 

“Fund Member
Guarantors” shall mean, collectively, (a) Related, (b) Oxford Guarantor, (c) Podium Fund REIT, by its execution and delivery
of its Fund Member Guaranty and its concurrent assignment of the JPM Fund Equity Commitment Guaranty, and (d) Fund Member, Podium
Fund JV, Podium-K, Podium Capital, and Tower C Corp., by their execution of the Collateral Assignment of Rights.

 

“Fund Member
Land Cost” shall mean an amount equal to $29,357,002.00 as set forth in the Budget
for the land costs allocable to the Additional Office Units, which amount shall be funded by the Fund Member, as a Capital Contribution
or from the proceeds of the Third Party Loan, in accordance with the terms of this Agreement.

 

“Fund
Member Units” shall mean, collectively, the Additional Office Units, the Retail Unit,
the Parking Unit, the Loading Dock Unit, the Ancillary Unit, the Destination Retail Access Unit (i.e.,
all Units in the Condominium other than the Coach Unit).

 

“Fund Member’s
Knowledge” shall mean the actual knowledge, without any imputation of knowledge of other people and without any duty
of investigation, of L. Jay Cross, Bruce Warwick, Jeff T. Blau or Richard O’Toole.

 

“GAAP”
shall mean the generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board or the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants (or agencies with similar functions of comparable stature and authority within
the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the
U.S. accounting profession, consistently applied.

 

“General Common
Elements” shall have the meaning ascribed thereto in the Condominium Declaration.

 

“Government
Entity” shall mean the United States of America; the State of New York; the City of New York; any other political subdivision
of any of the foregoing; and any agency, authority, department, court, commission or other legal entity of any of the foregoing.

 

“Gross Asset
Value” shall mean, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows:

 

    	27

    	 

    

 

 

(i)          The
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset
at the time of such Member’s contribution to the Company, as determined by the Members;

 

(ii)         The
Gross Asset Values of all Company assets may be adjusted to equal their respective gross fair market values, if and as determined
by the Members collectively, as of the following times: (a) the acquisition of an additional interest in the Company by any new
or existing Member in exchange for more than a de minimis Capital Contribution; (b) the distribution by the Company
to a Member of more than a de minimis amount of property as consideration for an interest in the Company; (c) the
liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); (d) the date of a grant of any additional
interest to any new or existing member in consideration of the provision of services to or for the benefit of the Company; and
(e) such other times as may be permitted under the Regulations;

 

(iii)        The
Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of such
asset on the date of distribution as determined by the Members;

 

(iv)        The
Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross
Asset Values shall not be adjusted pursuant to this clause (iv) to the extent the Members determine that an adjustment pursuant
to clause (ii) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant
to this clause (iv); and

 

If the Gross Asset Value
of an asset has been determined or adjusted pursuant to clause (i), (ii) or (iv) of this definition, such
Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of
computing Profits and Losses.

 

“Highline
Easement” shall mean that certain Amended, Modified and Restated High Line Easement Agreement to be entered into by and
among the Metropolitan Transportation Authority, the Long Island Rail Road Company, and The City of New York, dated as of April
10, 2013, and intended to be recorded in Register’s Office, as the same may be amended, restated or supplemented or otherwise
modified from time to time in accordance with the terms of this Agreement.

 

“HYIC”
shall mean Hudson Yards Infrastructure Corporation.

 

“IDA”
shall mean the New York City Industrial Development Agency, and its successors or assigns.

 

“IDA Documents”
shall mean, collectively, all instruments and agreements required under the terms of UTEP in connection with obtaining benefits
for the Property thereunder, including, without limitation, the Agency Lease Agreement, the Company Lease Agreement, the PILOT
Mortgage, the Mortgage Loan NDA, an affidavit of the IDA stating that the PILOT Mortgage is exempt from mortgage recording taxes,
and the Tenant SNDAs.

 

    	28

    	 

    

 

 

“Indemnified
Person” shall have the meaning set forth in Section 8.3(a).

 

“Indirect
Owner” shall mean a Person having an ownership interest, whether direct or indirect, legal or beneficial, in a Member.

 

“Initial Capital
Contribution” shall have the meaning set forth in Section 4.1.

 

“Institutional
Lender” shall have the meaning ascribed to it in the Building C Lease.

 

“Interest
Rate” means, with respect to any amount advanced or contributed, interest at the rate per annum equal to the sum of (a)
the LIBOR Rate (as defined in the Mortgage Loan Agreement) then in effect (taking into account any interest rate cap or hedging
agreements with respect thereto) plus (b) seven hundred and fifty (750) basis points (7.50%).

 

“JPMorgan
Strategic Property Fund” shall mean Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A.,
a New York trust.

 

“Land”
shall have the meaning set forth in the Recitals.

 

“Landscaping”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Law”
or “Laws” shall mean any law, rule, regulation, order, statute, ordinance, resolution, regulation, code, decree,
judgment, injunction, mandate or other legally binding requirement of any Government Entity.

 

“Leasehold
Estate” shall have the meaning set forth in the Recitals.

 

“Leasing Agreements”
shall mean, collectively, (a) that certain Leasing Agreement, dated as of the date hereof, by and between Legacy Tenant, as owner,
and ERY Manager LLC, as agent, with respect to the Additional Office Units, (b) that certain Retail Leasing Agreement, dated as
of the date hereof, by and between Legacy Tenant, as Owner, and Related Urban Management Company, L.L.C., as agent, with respect
to the Retail Unit, and (c) that certain Leasing Agreement, dated as of November 5, 2012, by and between Legacy Tenant and CBRE,
Inc.

 

“Legacy Mezzanine”
shall have the meaning set forth in the Recitals.

 

“Legacy Tenant”
shall have the meaning set forth in the Recitals.

 

“L’Oreal
Lease” shall mean, collectively, (a) that certain Lease, dated as of the date hereof, by and between Legacy Tenant,
as landlord, and L’Oreal USA, Inc., a Delaware corporation (“L’Oreal”), as tenant, with respect
to a portion of Floor 3 and Floor 23, and all of Floors 24 through 32 of the Building, (b) that certain Design and Construction
Agreement, dated as of the date hereof, by and between Legacy Tenant, as landlord, and L’Oreal, as tenant, and (c) that certain
Holdover Liability Indemnity Agreement, dated as of the date hereof, made by Legacy Tenant in favor of L’Oreal, as tenant,
as each of the same may be amended, modified and/or restated from time to time.

 

    	29

    	 

    

 

 

“Loading
Dock Unit” shall mean the “Loading Dock Unit” as defined in the Condominium
Declaration and as shown on the Floor Plans.

 

“Loan”
shall mean, individually or collectively, as the context requires, any loan or loans made to the Company, but excluding any Member
Loans.

 

“Loan Documents”
shall mean, collectively, the Mortgage Loan Documents and the Mezzanine Loan Documents.

 

“Major Event”
shall mean either of the following occurring before the Closing: (a) fire or other casualty causing damage or destruction to the
Building; or (b) the giving of official notice by a Government Entity of a condemnation or taking under the power of eminent domain
of any part of the Property; which, in either case, is so substantial that (i) restoration or reconstruction is not economically
practicable (with or without insurance proceeds or condemnation awards), as determined by the Members, and (ii) the Company elects
to abandon construction of the Building, Legacy Tenant and Related/Oxford Guarantor are released from their respective obligations
under the Mortgage Loan Documents, the Building C Lease Documents and the MTA Completion Guaranty to complete construction of the
Building, and Legacy Mezzanine and Related/Oxford Guarantor are released from their respective obligations under the Mezzanine
Loan Documents to complete or cause the completion of the construction of the Building.

 

“Major Decision”
shall have the meaning set forth in Section 7.2(b).

 

“Management
Change Event” shall have the meaning set forth in Section 7.7(a).

 

“Material
Adverse Effect” shall mean a fact or circumstance which materially and adversely affects the ownership, operation and/or
use of, or access to, the Coach Unit for its intended or permitted purpose.

 

“Material
Litigation” shall mean any litigation that is not commenced by or against the Coach Member or any of its Affiliates which
(a) affects the Coach Unit, (b) is reasonably likely to be adversely determined against the Company, any of its Subsidiaries, Developer,
the Executive Construction Manager, Related or Oxford Guarantor, or any of their respective Affiliates, and (c) if adversely determined,
(i) would not be covered in full by an insurance policy which is in effect (other than for any deductible which may apply) or (ii)
is reasonably likely to have a Material Adverse Effect.

 

“Member”
and “Members” shall have the meaning set forth in the preamble.

 

“Member Indemnified
Person” shall have the meaning set forth in Section 8.4.

 

“Member Indemnitor”
shall have the meaning set forth in Section 8.4.

 

“Member Loan”
shall have the meaning set forth in Section 4.3(b).

 

    	30

    	 

    

 

 

“Member Loan
Interest Rate” shall mean an interest rate equal to twenty percent (20%) per annum, compounded monthly, computed on the
basis of a 360 day year (or the maximum lesser rate permitted by applicable Law).

 

“Member Nonrecourse
Debt” has the meaning set forth in Section 1.704-2(b)(4) of the Regulations for “partner nonrecourse debt.”

 

“Member Nonrecourse
Debt Minimum Gain” shall mean an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain
that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Section
1.704-2(i)(3) of the Regulations.

 

“Member Nonrecourse
Deductions” shall have the meaning set forth in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Regulations for “partner
nonrecourse deductions.”

 

“Membership
Interest” shall have the meaning set forth in Section 1.7.

 

“Memorandum
of Building C Lease” shall mean that certain Memorandum of Lease, dated as of the date hereof, by and between Legacy
Tenant and the MTA, and intended to be recorded in Register’s Office.

 

“Mezzanine
Lender” shall mean, individually or collectively as the context requires, the Third Party Lender and the Coach
Lender, and their respective successors and assigns as a lender under the Mezzanine Loan Documents.

 

“Mezzanine
LLC Agreement” shall mean that certain Limited Liability Company Agreement of Legacy Yards Mezzanine LLC, dated as of
the date hereof, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with
its terms and the terms of this Agreement.

 

“Mezzanine
Loan” shall mean that certain mezzanine loan made by the Third Party Lender and the
Coach Lender to Legacy Mezzanine pursuant to the Mezzanine Loan Documents.

 

“Mezzanine
Loan Agent” shall mean Starwood Property Mortgage, L.L.C., a Delaware limited liability company, and its successors
or permitted assigns, as administrative agent for the Mezzanine Lender.

 

“Mezzanine
Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement, dated as of the date hereof, by
and among Legacy Mezzanine, Mezzanine Loan Agent and Mezzanine Lender, as the same may be amended, restated or supplemented or
otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Mezzanine
Loan Closing Costs” shall mean, collectively, any and all reasonable and actual third party costs and expenses
incurred by Legacy Mezzanine or the Company on or prior to the Construction Loan Closing Date to obtain the Mezzanine Loan, including,
without limitation, commitment fees, title insurance costs and premiums for the mortgagee title policy and endorsements issued
to the Mezzanine Lender, the funding of initial reserves, legal fees and disbursements, Mezzanine Loan Agent’s and Mezzanine
Lender’s fees and expenses, brokerage fees, mortgage recording taxes, recording charges and all other third party costs and
expenses relating thereto, as shown on Schedule 4 attached hereto.

 

    	31

    	 

    

 

 

“Mezzanine
Loan Documents” shall mean, collectively, Mezzanine Note A-1, Mezzanine Note A-2, the
Mezzanine Loan Agreement, the Mezzanine Loan Guaranties, and each of the other documents set forth on Exhibit E-1
hereto, and any other agreements, instruments or certificates executed and delivered in connection with the Mezzanine Loan, as
the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this
Agreement.

 

“Mezzanine
Loan Guaranties” shall mean, collectively, the Mezzanine Completion Guaranty, the Mezzanine
Guaranty of Recourse Obligations, the Mezzanine Environmental Indemnity Agreement, the Mezzanine Interest Payment Guaranty, and
the Fund Member Guaranties made in favor of the Mezzanine Loan Agent for the benefit of the applicable Mezzanine Lender
and described on Exhibit E-1 hereto, as the same may be amended, restated or supplemented or otherwise modified or replaced
from time to time in accordance with the terms of this Agreement.

 

“Mezzanine
Note A-1” shall mean that certain Mezzanine Loan Promissory Note A-1, made by Legacy
Mezzanine to the Third Party Lender, as the same may be amended, restated or supplemented or otherwise modified from time
to time in accordance with the terms of this Agreement.

 

“Mezzanine
Note A-2” shall mean that certain Mezzanine Loan Promissory Note A-2, made by Legacy
Mezzanine to the Coach Lender, as the same may be amended, restated or supplemented or otherwise modified from time to time
in accordance with the terms of this Agreement.

 

“Mortgage
Lender” shall mean, individually or collectively as the context requires, the Third Party Lender and the Coach
Lender, and their respective successors and assigns as a lender under the Mortgage Loan Documents.

 

“Mortgage
Loan” shall mean, collectively, the Project Loan and the Building Loan made by the Third Party Lender and the
Coach Lender to Legacy Tenant pursuant to the Mortgage Loan Documents.

 

“Mortgage
Loan Agent” shall mean Starwood Property Mortgage, L.L.C., a Delaware limited liability company, and its successors
or permitted assigns, as administrative agent for the Mortgage Lender.

 

“Mortgage
Loan Agreement” shall mean, collectively, that certain Building Loan And Security Agreement and that certain Project
Loan and Security Agreement, each dated as of the date hereof, by and among Legacy Tenant, Mortgage Loan Agent and the Mortgage
Lender, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms
of this Agreement.

 

    	32

    	 

    

“Mortgage
Loan Closing Costs” shall mean, collectively, any and all reasonable and actual third party costs and expenses
incurred by Legacy Tenant or the Company on or prior to the Construction Loan Closing Date to obtain the Mortgage Loan, including,
without limitation, commitment fees, title insurance costs and premiums for the mortgagee title policy and endorsements issued
to the Mortgage Lender, the funding of initial reserves, legal fees and disbursements, Mortgage Loan Agent’s and Mortgage
Lender’s fees and expenses, brokerage fees, mortgage recording taxes, recording charges and all other third party costs and
expenses relating thereto, as shown on Schedule 4 attached hereto.

 

“Mortgage
Loan Documents” shall mean, collectively, the Mortgage Note A-1, the Mortgage Note
A-2, the Mortgage Loan Agreement, the Mortgage Loan Guaranties, and each of the other documents set forth on Exhibit
E-2 hereto, and any other agreements, instruments or certificates executed and delivered in connection with the Mortgage Loan,
as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this
Agreement.

 

“Mortgage
Loan Guaranties” shall mean, collectively, the Completion Guaranty, the Guaranty of
Recourse Obligations, the Environmental Indemnity Agreement, the Interest Payment Guaranty, and the Fund Member Guaranties
made in favor of the Mortgage Loan Agent, for the benefit of the applicable Mortgage Lender and described on Exhibit E-2
hereto, as the same may be amended, restated or supplemented or otherwise modified or replaced from time to time in accordance
with the terms of this Agreement.

 

“Mortgage
Loan NDA” shall mean that certain Non-Disturbance Agreement, dated as of the date hereof, by and between the IDA, as
senior creditor, and the Mortgage Loan Agent, for the benefit of the Mortgage Lender, as junior creditor, with respect to the subordination
of the mortgage(s) securing the Mortgage Loan to the PILOT Mortgage, as the same may be amended, restated or supplemented or otherwise
modified from time to time in accordance with the terms of this Agreement.

 

“Mortgage
Note A-1” shall mean, collectively, that certain Building Loan Promissory Note A-1 (Mortgage) and that certain
Project Loan Promissory Note A-1 (Mortgage), made by Legacy Tenant to the Third Party Lender,
as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this
Agreement.

 

“Mortgage
Note A-2” shall mean, collectively, that certain Building Loan Promissory Note A-2 (Mortgage) and that certain
Project Loan Promissory Note A-2 (Mortgage), made by Legacy Tenant to the Coach Lender, as the
same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“MTA”
shall mean the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit corporation of
the State of New York.

 

“MTA Completion
Guaranty” shall mean that certain Tower C Building Completion Guaranty (Eastern Rail Yard Section of the John D. Caemmerer
West Side Yard), dated as of the date hereof, made by the Related/Oxford Guarantor in favor of the MTA, as the same may be amended,
restated or supplemented or otherwise modified from time.

 

    	33

    	 

    

 

 

“MTA Parties”
shall mean, collectively, the MTA and the Long Island Rail Road Company, a body corporate and politic constituting a public benefit
corporation of the State of New York.

 

“MTA Project
Documents” shall mean the documents set forth on Exhibit D attached hereto, as the same may be amended, restated
or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“No Action
Letter” shall have the meaning set forth in Section 3.7(e).

 

“Non-Contributing
Member” shall have the meaning set forth in Section 4.3(a).

 

“Non-Defaulting
Member” shall have the meaning set forth in Section 10.1.

 

“Nonrecourse
Deductions” has the meaning set forth in Section 1.704-2(b)(1) of the Regulations.

 

“Nonrecourse
Liability” has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

 

“Notice”
shall have the meaning set forth in Section 14.11(a).

 

“NYS Law Department”
shall have the meaning set forth in Section 3.7(e).

 

“Office Unit
Competitors” shall mean a list of the Coach Member’s competitors, which list as of the date hereof is set forth
on Exhibit B attached hereto, as the same may be updated from time to time pursuant to Section 3.9(e).

 

“Office Units”
shall mean (a) the Coach Unit and (b) the Additional Office Units.

 

“OFAC”
shall have the meaning set forth in Section 9.3(b).

 

“Option Agreement”
shall mean that certain Option Agreement to be entered into by and among Legacy Tenant, the Fund Member and the Coach Member or
the Coach Designee, as applicable, at Closing in substantially the form attached as Exhibit N hereto.

 

“Outside
Closing Date” shall have the meaning set forth in Sections 3.8(k).

 

“Owners’
Association Declaration” shall that certain Declaration establishing the ERY Facility Airspace Parcel Owners’ Association
and of Covenants, Conditions, Easements and Restrictions, dated as of the date hereof and submitted
for recording in the Register’s Office on the date hereof, as the same may be amended,
restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“Owners’
Association Agreement” shall that certain Limited Liability Company Agreement of ERY Facility Airspace Parcel Owners’
Association, LLC, dated as of the date hereof, as the same may be amended, restated or supplemented or otherwise modified from
time to time in accordance with the terms of this Agreement.

 

    	34

    	 

    

 

 

“Oxford”
shall mean Oxford Hudson Yards LLC, a Delaware limited liability company, together with its permitted successors and assigns.

 

“Oxford Guarantor”
shall mean OP USA Debt Holdings Limited Partnership, an Ontario limited partnership, together with its permitted successors and
assigns.

 

“Parking Unit”
shall mean the “Parking Unit” as defined in the Condominium Declaration and as shown on the Floor Plans,
which is intended to be operated exclusively on a valet basis.

 

“PDF”
shall have the meaning set forth in Section 14.12.

 

“Percentage
Interest” shall mean, (a) as of the date hereof until the Condominium Declaration is filed (unless the Coach Expansion
Right is exercised), with respect to each Member, the percentage interest indicated for such Member on Schedule 1 attached
hereto, (b) if the Coach Expansion Right is exercised prior to the date on which the Condominium Declaration
is recorded, (i) 59.69% with respect to the Fund Member and 40.31% with respect to the Coach Member if the Coach Expansion Right
is exercised pursuant to Section 3.3 with respect to Office Unit 2A and (ii) 57.51% with respect to the Fund Member
and 42.49% with respect to the Coach Member if the Coach Expansion Right is exercised pursuant to Section 3.3 with
respect to Office Unit 2A and Office Unit 2B and (c) from and after the date on which the Condominium Declaration is filed
until the Closing, such Member’s percentage interest in the Common Elements, as specified in the recorded Condominium Declaration.

 

“Permitted
Encumbrances” shall mean, (a) the Coach Severed Mortgage or any other mortgage, pledge or
security instrument made by the Coach Member (or any of its Affiliates) encumbering all or any portion of the Coach Unit or the
Coach Member’s (or the Coach Designee’s) interest therein, (b) any lease entered into by the Coach Member (or the Coach
Designee) and the IDA and any mortgage made by the Coach Member (or the Coach Designee) in favor of the IDA; (c) the Condominium
Documents, (d) the Highline Easement, (e) the Restrictive Declarations, (f) the MTA Project Documents (other than, from and after
the Closing, the Building C Lease Documents), (g) the ZLDA, (h) those certain other encumbrances and title matters described on
Exhibit F attached hereto, (i) easements, covenants, conditions and restrictions for utilities for the Building which are
customary and reasonably necessary for the provision of utilities to the Building, provided that in each case the same shall not
adversely affect in any material respect the value, ownership, operation and/or permitted use of, or access to, the Coach Unit
for its intended purposes or the rights or obligations of the Coach Member (or Coach Designee) as owner of the Coach Unit, (j)
easements, covenants, conditions and restrictions which are required by the MTA pursuant to the MTA Project Documents or any governmental
authorities, including, without limitation, any utility agreements and vault agreements, provided that in each case the same does
not adversely affect or would reasonably be expected to adversely affect in any material respect the value, ownership, operation
and/or permitted use of, or access to, the Coach Unit for its intended purposes or the rights or obligations of the Coach Member
(or Coach Designee) as owner of the Coach Unit, and (k) such other title matters, encumbrances, covenants, conditions and restrictions
which are granted by the Coach Member (or the Coach Designee, as applicable) or which are approved by the Coach Member in writing,
which approval shall not be unreasonably withheld, conditioned or delayed, provided that the Coach Member shall have the right
to approve or disapprove in its sole and absolute discretion any other title matter, encumbrance, covenant, condition or restriction
that adversely affects in any material respect the value, ownership, operation and/or permitted use of, or access to, the Coach
Unit for its intended purposes or the rights or obligations of the Coach Member (or Coach Designee) as owner of the Coach Unit.

 

    	35

    	 

    

 

 

“Permitted
Estate/Family Transfer” shall mean a transfer (a) upon the death of an Indirect Owner to the estate of such Indirect
Owner or to an inter vivos trust established and Controlled by such Indirect Owner, (b) to the legal representative
of an Indirect Owner in the event such Indirect Owner is no longer legally competent to conduct his or her affairs, (c) upon the
death of an Indirect Owner, to any beneficiary under the will of such Indirect Owner or any trust established pursuant thereto,
or (d) to the spouse, child, sibling or parent of an Indirect Owner.

 

“Person”
shall mean any individual, general partnership, limited partnership, limited liability company, corporation, joint venture, trust,
business trust, cooperative or association, and the heirs, executors, administrators, legal representatives, successors and assigns
of such person where the context so admits.

 

“PILOST Agreement”
shall mean that certain PILOST Agreement, dated as of the date hereof, by and between Legacy Tenant and the MTA, as the same may
be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“PILOST”
shall mean payments in lieu of sales and use taxes that would otherwise have been levied under the New York State Tax Law on the
tangible materials and equipment incorporated into the Land but for the exemption therefrom arising on account of the ownership
of the Land by the MTA.

 

“PILOT”
shall mean payments in lieu of taxes that are imposed on the Property and payable to the IDA, the Hudson Yards Infrastructure Corporation
or any other applicable taxing authority.

 

“PILOT Mortgage”
shall mean, collectively, (a) that certain PILOT Leasehold Mortgage No. 1, dated as of the date hereof, made by Legacy Tenant and
the IDA, as mortgagors, to the IDA, as mortgagee, to secure the principal
amount of $25,000,000.00, and intended to be recorded in the Register’s Office, (b) that certain PILOT Leasehold Mortgage
No. 2, dated as of the date hereof, made by Legacy Tenant and the IDA, as mortgagors, to the IDA, as mortgagee, to
secure the principal amount of $225,000,000.00, and intended to be recorded in the Register’s Office, and (c) that
certain PILOT Leasehold Mortgage No. 3, dated as of the date hereof, made by Legacy Tenant and the IDA, as mortgagors, to the IDA,
as mortgagee, to secure the principal amount of $225,000,000.00, and intended
to be recorded in the Register’s Office, as each such Leasehold Mortgage was assigned by the IDA to HYIC pursuant an Assignment
and Assumption Agreement, dated as of the date hereof by and among The City of New York, the IDA and HYIC dated and intended to
be recorded in the Register’s Office, each encumbering the Property and securing Legacy Tenant’s obligation
to pay PILOT to the IDA under the Agency Lease Agreement, as the same may be amended, restated or supplemented or otherwise modified
from time to time in accordance with the terms of this Agreement.

 

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“Plans”
shall have the meaning ascribed thereto in the Development Agreement.

 

“POA”
shall mean, collectively, the Owners’ Association Declaration and the Owners’ Association Agreement.

 

“Podium”
shall have the meaning ascribed to such term in the Development Agreement.

 

“Podium Fund
JV” shall mean Podium Fund Investments LLC, a Delaware limited liability company.

 

“Podium Fund
MM” shall mean Podium Fund MM LLC, a Delaware limited liability company.

 

“Pre-Development
Costs” shall mean all of the costs and expenses incurred by or on behalf of Legacy Tenant or the Company on or prior
to the Construction Loan Closing Date relating to the design, permitting, and pre-development of the Building, including, without
limitation, architectural and engineering fees, legal fees, construction consultants costs, costs incurred in connection with the
formation of the Company and its authority to conduct business in the State of New York, title insurance premiums for the owner’s
policy for Legacy Tenant, the mortgagee policy for or for the benefit of the Mortgage Lender and the UCC policy for or for the
benefit of the Mezzanine Lender, and certain other Construction Loan Closing Costs incurred by or on behalf of Legacy Tenant, Legacy
Mezzanine or the Company and allocated to the Members, all as set forth on Schedule 5 attached hereto; it being acknowledged
and agreed that the Fund Member shall be responsible for the payment of its legal fees and all Construction Loan Closing Costs
payable solely with respect to the Third Party Loan and the Coach Member shall be responsible for the payment of its legal fees
and all Construction Loan Closing Costs payable solely with respect to the Coach Unit Loan.

 

“Proceeding”
shall have the meaning set forth in Section 8.3(a).

 

“Profits”
and “Losses” shall mean, for each Fiscal Year, an amount equal to the Company’s taxable income or loss
for such Fiscal Year, determined in accordance with Code Section 703(a) (for these purposes, all items of income, gain, loss, or
deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with
the following adjustments:

 

(i)          Any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses
shall be added to such taxable income or loss;

 

(ii)         Any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses shall be subtracted
from such taxable income or loss;

 

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(iii)        In
the event the Gross Asset Value of any Company asset is adjusted pursuant to clauses (ii) or (iii) of the definition of Gross Asset
Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes
of computing Profits or Losses;

 

(iv)        Gain
or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis
of such Property differs from its Gross Asset Value;

 

(v)         In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such Fiscal Year;

 

(vi)        To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b)
is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as
a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the
basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Profits or Losses;
and

 

(vii)       Notwithstanding
any other provision of this definition, any items which are specially allocated pursuant to Sections 5.1(b) and 5.1(c)
shall not be taken into account in computing Profits or Losses.

 

“Project”
shall mean the design, construction and development of the Base Building, including all Developer Work and Base Building Work.

 

“Project Architect”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Project Architect
Agreement” shall have the meaning ascribed thereto in the Development Agreement.

 

“Project Costs”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Project Documents”
shall mean, collectively, the MTA Project Documents and the IDA Documents.

 

“Project Labor
Agreement” shall have the meaning ascribed thereto in the Development Agreement.

 

“Property”
shall have the meaning set forth in Section 1.3(a).

 

“Punch List”
shall have the meaning ascribed thereto in the Development Agreement.

 

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“Punch List
Escrow Agreement” shall mean that certain Punch List Escrow Agreement to be entered into by and between the Company,
the Fund Member, the Coach Member and Developer or the Replacement Developer, as applicable, at closing in substantially the form
attached as Exhibit L hereto.

 

“Punch List
Work” shall have the meaning ascribed thereto in the Development Agreement.

 

“Purchase
Agreement” shall mean that certain Purchase and Sale Agreement, dated as of the date hereof, by and between 510-514 West
34th Street Corp. and 516 West 34th Street LLC, Affiliates of the Coach Member, collectively, as seller,
and ERY 34th Street Acquisition LLC, an Affiliate of Related and Oxford, as purchaser,
with respect to the purchase and sale of certain parcels of land known as 510-514 West
34th Street and 516-520 West 34th Street (Block 705, Lots 45 and 46 on the Tax Map of the City of New York), together with the
buildings and all other improvements located thereon, as the same may be amended, restated or supplemented or otherwise
modified from time to time.

 

“Redemption
Agreement” shall mean that certain Redemption Agreement and Amendment to be entered into by and between the Company,
the Fund Member and the Coach Member at Closing, in substantially the form attached as Exhibit K hereto.

 

“Register’s
Office” shall mean the Office of the Register of the City of New York.

 

“Regulations”
shall mean the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations).

 

“Related”
shall have the meaning set forth in the Recitals.

 

“Related Affiliate”
shall mean any Person (a) over which any Related Control Person exercises day-to-day operational and managerial control as a managing
member or otherwise, and (b) of which one or more Related Beneficial Owners collectively own, directly or indirectly, at least
three percent (3%) of the economic interests; provided, that the aggregate equity investment
of such Related Control Persons with respect to both the ERY and the Western Rail Yard Section of the John D. Caemmerer
West Side Yard shall not be required to exceed $100,000,000.00.

 

“Related Beneficial
Owners” shall mean any of Stephen M. Ross and/or Jeff T. Blau and/or Bruce A. Beal, Jr. and their respective spouses,
descendants, heirs, legatees and devisees and any trust created for the benefit of any such persons.

 

“Related Control
Person” shall mean any of Stephen M. Ross and/or Jeff T. Blau and/or Bruce A. Beal, Jr.

 

“Related Hudson
Yards” shall mean Related Hudson Yards LLC, a Delaware limited liability company.

 

“Related/Oxford
Guarantor” shall mean, collectively, and jointly and severally, Related and Oxford
Guarantor, together with their respective permitted successors and assigns.

 

    	39

    	 

    

 

 

“Related/Oxford
Guaranty” shall mean that certain Guaranty Agreement, dated as of the date hereof, made by the Related/Oxford Guarantor
in favor of the Coach Member.

 

“Replacement
Developer” shall mean any Approved Replacement Developer appointed by the Coach Member pursuant to Section 7.6.

 

“Restrictive
Declarations” shall mean, collectively, (a) that certain Restrictive Declaration for
the Eastern Rail Yard, dated as of the date hereof, made by Master Tenant and Legacy Tenant, and delivered to the Title Company
for recording in the Register’s Office, and (b) that certain Restrictive Declaration (Zoning Resolution Section 93.70), dated
as of the date hereof, made by Master Tenant and Legacy Tenant, and delivered to the Title Company for recording in the Register’s
Office, as each of the same may be amended, restated or supplemented or otherwise modified from time to time.

 

“Retail Premises
Competitors” shall mean a list of the Coach Member’s competitors, which list as of the date hereof is set forth
on Exhibit G attached hereto and which may be updated from time to time in accordance with Section 3.8(a).

 

“Retail Unit”
shall mean the “Retail Unit” as defined in the Condominium Declaration and as shown on the Floor Plans.

 

“Right of
First Negotiation Agreement” shall mean that certain Right of First Negotiation Agreement to be entered into by and among
the Fund Member and the Coach Member or the Coach Designee, as applicable, at Closing in substantially the form attached as Exhibit
M hereto.

 

“SAP
Lease” shall mean, collectively, (a) that certain Lease, dated as of the date hereof, by and between Legacy Tenant,
as landlord, and SAP America Inc., a Delaware corporation (“SAP”), as tenant, with respect to Floors 44 through
47 of the Building, and (ii) that Design and Construction Agreement, dated as of the date hereof, by and between Legacy Tenant,
as landlord, and SAP, as tenant, as each of the same may be amended, modified and/or restated from time to time.

 

“Schedule”
shall have the meaning ascribed thereto in the Development Agreement.

 

“Service Contract”
shall mean any contract or agreement to which Developer or the Company is a party for the furnishing of management, maintenance,
repairs, supplies or other services exclusively to the Coach Unit, the Coach Exclusive Systems or any other Coach Areas, and all
amendments thereof. All Service Contracts shall be terminable on thirty (30) days’ notice, and without the payment of any
termination fee or like payment, unless otherwise consented to by the Coach Member.

 

“SFPF”
shall have the meaning set forth in Section 9.3(b).

 

“Signage Plan”
shall mean the Signage Plan attached as Exhibit M to the Development Agreement.

 

“Subsidiaries” shall mean, collectively, the wholly owned direct or indirect subsidiaries
of the Company formed in accordance with the terms and conditions of this Agreement. Each of the Subsidiaries is referred to herein
as a “Subsidiary”. The Subsidiaries of the Company on the date hereof are Legacy Tenant and Legacy Mezzanine.

 

    	40

    	 

    

 

“Substantial
Completion” or “Substantially Completed” shall have the meaning ascribed thereto in the Development
Agreement.

 

“Substantial
Completion Date” shall have the meaning ascribed thereto in the Development Agreement.

 

“Substitute
Member” shall have the meaning set forth in Section 9.2.

 

“Tax Matters
Member” shall have the meaning set forth in Section 12.4.

 

“Tenant”
means any tenant of any of the Fund Member Units, including, without limitation, L’Oreal USA, Inc. and SAP America, Inc.

 

“Tenant LLC
Agreement” shall mean that certain Liability Company Agreement of Legacy Yards Tenant LLC, dated as of the date hereof,
as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with its terms and the
terms of this Agreement.

 

“Tenant SNDAs”
shall mean, collectively, (a) that certain Subordination, Non-Disturbance and Attornment Agreement, dated as of the date hereof,
by and between HYIC, as mortgagee, and SAP, as tenant, with the consent and agreement of Legacy Tenant, as landlord, (b) that certain
Subordination, Non-Disturbance and Attornment Agreement, dated as of the date hereof, by and between HYIC, as mortgagee, and L’Oreal,
as tenant, with the consent and agreement of Legacy Tenant, as landlord, and (c) any other subordination, non-disturbance and attornment
agreement entered into by HYIC and any Tenant.

 

“Termination
of Memorandum of Lease” shall mean that certain Termination of Memorandum of Lease, executed by Legacy Tenant and the
MTA and delivered by Legacy Tenant to the MTA on the date hereof pursuant to the terms of the Building C Lease.

 

“Third Party
Lender” shall mean Starwood Property Mortgage, L.L.C., a Delaware limited liability company,
and its successors and assigns, as the holder of Mortgage Note A-1 and Mezzanine Note A-1.

 

“Third Party
Loan” shall mean, collectively, the Third Party Mortgage Loan and the Third Party Mezzanine Loan.

 

“Third Party
Mezzanine Loan” shall mean that portion of the Mezzanine Loan evidenced by Mezzanine Note
A-1, to be advanced by the Third Party Lender pursuant to the Mezzanine Loan Documents, including, without limitation, all
interest thereon and all amounts payable with respect thereto in accordance with the terms of the Mezzanine Loan Documents.

 

    	41

    	 

    

 

“Third Party
Mortgage Loan” shall mean that portion of the Mortgage Loan evidenced by Mortgage Note A-1,
to be advanced by the Third Party Lender pursuant to the Mortgage Loan Documents, including, without limitation, all interest
thereon and all amounts payable with respect thereto in accordance with the terms of the Mortgage Loan Documents.

 

“Title Company”
shall mean, collectively, First American Title Insurance Company, Stewart Title Insurance Company, Old Republic Title Insurance
Company, and Fidelity National Title Insurance Company.

 

“Title
Defect” shall mean any Encumbrance that is recorded against or otherwise affects title
to the Coach Unit and that is not a Permitted Encumbrance.

 

“Title Insurance
Commitment” shall mean a commitment from the Title Insurer to issue an owner’s policy of title insurance (on NYBTU
current form) insuring the fee simple title to the Coach Unit free of all Encumbrances other than the Permitted Encumbrances.

 

“Title Insurer”
shall mean a nationally recognized title insurance company licensed to do business in the State of New York selected by the Coach
Member.

 

“Transfer”
shall have the meaning set forth in Section 9.1(a).

 

“Transfer
Tax Forms” shall have the meaning set forth in Section 3.8(e)(iii).

 

“Units”
shall mean, collectively, the Coach Unit, the Additional Office Units, the Retail Unit, the Parking Unit, the Ancillary Unit, the
Destination Retail Access Unit and the Loading Dock Unit. Each of the Units is referred to herein as
a “Unit”.

 

“UTEP”
shall mean the Third Amended and Restated Uniform Tax Exemption Policy of the New York City Industrial Development Agency, as approved
by the Board of Directors of New York City Industrial Development Agency on August 3, 2010, as amended, and as further amended,
modified or supplemented from time to time by the Board of Directors of New York City Industrial Development Agency.

 

“Violations”
shall have the meaning ascribed thereto in the Development Agreement.

 

“ZLDA”
shall mean that certain Zoning Lot Development Agreement (Eastern Rail Yard Section of the John D. Caemmerer West Side Yard), dated
as of the date hereof, made by the MTA and intended to be recorded in the Register’s Office.

 

		2.2.	Other Definitional Provisions.

 

(a)          As
used in this Agreement, (i) accounting terms not defined in this Agreement, and accounting terms partly defined to the extent not
defined, shall have the respective meanings given to them under GAAP, and (ii) terms defined in the Act and not otherwise defined
in this Agreement shall have the respective meanings given to them under the Act.

 

(b)          The
words “hereof,” “herein” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section,
subsection and exhibit references are to this Agreement unless otherwise specified.

 

    	42

    	 

    

 

(c)          The
word “including” when used in this Agreement shall mean “including, without limiting the generality of
the foregoing.”

 

(d)          The
word “day” when used in this Agreement shall mean a calendar day unless otherwise specified.

 

(e)          The
word “party” when used in this Agreement shall mean one or more of the signatories to this Agreement, as the
context requires.

 

(f)          Unless
otherwise specifically provided herein to the contrary, all consents and approvals to be granted hereunder shall, in order to be
valid and recognized by the parties, be and be required to be in writing, whether or not specifically so stated.

 

(g)          The
word “month” when used in this Agreement shall mean a calendar month unless otherwise specified.

 

(h)          The
word “amended” when used in this Agreement shall mean “amended, modified, extended, renewed, changed or
otherwise revised”; and the word “amendment” shall mean “amendment, modification, extension, change, renewal
or other revision”.

 

(i)          The
phrase “subject to the terms of this Agreement” when used in this Agreement shall mean “upon and subject
to all terms, covenants, conditions and provisions of this Agreement.

 

(j)          The
word “or” when used in this Agreement is not exclusive and the word “including” when used
in this Agreement is not limiting.

 

(k)          The
word “delay” when used in this Agreement shall mean a delay or interference to a particular schedule which (i)
will require more than a minimal rearrangement of or delay in other activities or commitments by the affected party; (ii) was not
caused by action or inaction of the affected party; and (iii) is the sole cause of the rearrangement of or delay in other activities
or commitments by the affected party.

 

(l)          All
pronouns when used in this Agreement shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the
identity of the person or persons may require.

 

    	43

    	 

    

 

ARTICLE
3

DEVELOPMENT OF THE PROJECT

 

3.1.         Development
of the Project. The Members hereby approve the Plans, the Budget and the Schedule. The Members agree that the Project shall
be constructed and developed substantially as shown on the Plans, as modified from time to time in accordance with the terms of
this Agreement and the Development Agreement. Subject to and in accordance with the provisions of this Agreement and the Development
Agreement (including, without limitation, the Coach Costs Cap), the Coach Member shall be responsible to fund, or cause to be funded,
the Coach Total Development Costs, and the Fund Member shall be responsible to fund, or cause to be funded, all other Project Costs
incurred by Legacy Tenant or the Company. The obligations of the Coach Member hereunder are guaranteed by the Coach Guarantor subject
to and in accordance with the Coach Guaranty, and the obligations of the Fund Member hereunder are guaranteed by the Related/Oxford
Guarantor subject to and in accordance with the Related/Oxford Guaranty.

 

3.2.         Development
Agreement; Development Management Agreement.

 

(a)          Developer,
an Affiliate of the Fund Member, as developer, and the Coach Member have, as of the date hereof, entered into the Development Agreement,
pursuant to which Developer has agreed, among other things, to perform and complete the Developer Work in accordance with the provisions
of the Development Agreement. The Fund Member and the Coach Member, each for itself, hereby acknowledges and consents to, the Development
Agreement and the terms, covenants and conditions thereof.

 

(b)          Developer
and Legacy Tenant have, as of the date hereof, entered into the Development Management Agreement, pursuant to which Developer has
agreed to develop and construct or cause to be constructed the Building and other improvements on the Land in accordance with the
Plans and the terms of the Development Management Agreement and the Development Agreement. Notwithstanding anything to the contrary
contained herein or in the Development Management Agreement, nothing in the Development Management Agreement shall limit or otherwise
affect the obligations of the Fund Member under this Agreement or the obligations of Developer under the Development Agreement
or the rights of the Coach Member under this Agreement or the Development Agreement, and in the event of any inconsistency or conflict
between (i) the terms of this Agreement and the terms of the Development Management Agreement or (ii) the terms of the Development
Agreement and the terms of the Development Management Agreement, then in each case the terms of this Agreement or the Development
Agreement, as applicable, shall prevail. Subject to the foregoing, (A) the Fund Member and the Coach Member, each for itself, hereby
acknowledges and consents to, the Development Management Agreement and the terms, covenants and conditions thereof, and (B) the
Fund Member shall, on behalf of the Company and Legacy Tenant, cause Developer to perform all of its obligations under the Development
Agreement and the Development Management Agreement in accordance with the terms thereof.

 

3.3.         Expansion
of Coach Unit.

 

(a)          From
and after the date hereof but prior to the Substantial Completion Date, but subject to Section 3.3(b), the Coach Member
shall have the right, from time to time, to exercise the Coach Expansion Right by delivery of written notice to the Fund Member
(a “Coach Expansion Notice”) identifying the portion of the Coach Expansion Premises with respect to which the
Coach Member is electing to exercise the Coach Expansion Right; provided that (i) the Coach Expansion Right may be exercised
only with respect to all of Office Unit 2A or all of Office Unit 2A and Office Unit 2B (i.e., the Coach Expansion Right
may not be exercised with respect to a portion of Office Unit 2A or Office Unit 2B); and (ii) if the Coach Member elects to exercise
the Coach Expansion Right with respect to less than all of the Coach Expansion Premises, then the Coach Expansion Right shall be
exercisable in ascending vertically contiguous Unit increments only (i.e., the Coach Expansion Right with respect to Office
Unit 2B may only be exercised after or simultaneously with the exercise of the Coach Expansion Right with respect to Office Unit
2A). From and after the date of a Coach Expansion Notice, the Coach Unit shall for all purposes of this Agreement and the Development
Agreement include the Coach Expansion Premises which are the subject of such Coach Expansion Notice (including
for purposes of applying the Cost Allocation Methodology).

 

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(b)          If
at any time prior to the Substantial Completion Date the Fund Member shall enter into or cause Legacy Tenant to enter into active
negotiations and exchange one or more drafts of a term sheet, letter of intent, lease or purchase and sale agreements with a prospective
tenant or purchaser of all or a portion of the Coach Expansion Premises, then the Fund Member shall provide written notice thereof
to the Coach Member (an “Expansion Premises Notice”) and the Coach Member may, at its option, elect to exercise
the Coach Expansion Right for the entire Coach Expansion Premises or the portion thereof which is the subject of such Expansion
Premises Notice by delivering a Coach Expansion Notice to the Fund Member within ten (10) Business Days following the receipt by
the Coach Member of the Expansion Premises Notice. If the Coach Member shall fail to timely provide a Coach Expansion Notice with
respect to all or any portion of the Coach Expansion Premises which is the subject of an Expansion Premises Notice as provided
in this Section 3.3(b), then the Coach Expansion Right shall be deemed waived by the Coach Member with respect to the portion
of the Coach Expansion Premises subject to the Expansion Premises Notice, provided, that if the Fund Member shall not actually
execute and deliver a binding lease or purchase and sale agreement, as the case may be, with the prospective tenant or purchaser
described in an Expansion Premises Notice within six (6) months following the date of such Expansion Premises Notice, then the
Coach Expansion Right shall be reinstated with respect to the applicable Coach Expansion Premises for the period from the date
that is six (6) months following the date of such Expansion Premises Notice to the Substantial Completion Date; provided,
further, that if such six (6) month period would extend beyond the Substantial Completion Date and the Fund Member shall
not have executed and delivered a binding lease or purchase and sale agreement prior to the date that is thirty (30) days prior
to the then anticipated Substantial Completion Date, then Fund Member shall provide written notice thereof on or prior to such
date to the Coach Member and the Coach Member shall have the right to exercise the Coach Expansion Right by delivering a Coach
Expansion Notice to the Fund Member within ten (10) days following the receipt by the Coach Member of such notice.

 

(c)          In
the event that the Coach Member shall deliver a Coach Expansion Notice to the Fund Member in accordance with this Section 3.3,
then Coach’s Allocable Share, the Coach Total Development Costs, the Coach Costs Cap and the Coach Fixed Land Costs shall
be increased in accordance with the terms of the Development Agreement to reflect the inclusion of the applicable Coach Expansion
Premises in the Coach Unit, and the Coach Member shall pay or cause to be paid (with Additional Capital Contributions or proceeds
of the Coach Unit Loan) an amount equal to (i) all Coach Total Development Costs allocable to the applicable Coach Expansion Premises
incurred and funded with proceeds of the Third Party Loan prior to the date of the Coach Expansion Notice, together with interest
thereon at an annual rate equal to the Interest Rate, from the date such Project Costs were funded with proceeds of the Third Party
Loan until paid hereunder, and (ii) all Coach Fixed Land Costs, other than the portion of the Coach Fixed Land Cost equal to the
Option Price (as defined in the Building C Lease) for the applicable Coach Expansion Premises, due and payable pursuant to the
applicable terms of the Development Agreement as of the date of the Coach Expansion Notice, which amount shall be paid pursuant
to the first Draw Request submitted after the date of Coach Expansion Notice which includes the computation of the amounts in clauses
(i) and (ii) above. From and after the date of such Draw Request, the Coach Member shall pay or cause to be paid (with Additional
Capital Contributions or proceeds of the Coach Unit Loan), subject to and in accordance with the terms of this Agreement and the
Development Agreement, all Coach Total Development Costs allocable to the applicable Coach Expansion Premises incurred thereafter
and the balance of the Coach Fixed Land Costs for the applicable Coach Expansion Premises.

 

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3.4.         Financing
of the Construction of the Project; Funding; Etc.

 

(a)          Simultaneously
herewith, the Company has (i) caused Legacy Tenant to enter into the Mortgage Loan Documents, pursuant to which the Mortgage Lender
has agreed to make the Mortgage Loan to Legacy Tenant, and (ii) caused Legacy Mezzanine to enter into the Mezzanine Loan Documents,
pursuant to which the Mezzanine Lender has agreed to make the Mezzanine Loan to Legacy Mezzanine, which will be funded by the Coach
Lender in an aggregate amount equal to the Coach Unit Loan and by the Third Party Lender in an aggregate amount equal to the Third
Party Loan. The Coach Lender has satisfied both the Fund Member and the Third Party Lender of the financial capability of the Coach
Lender to fulfill all of its funding obligations under the Loan Documents with respect to the Coach Unit Loan. The Third Party
Lender has satisfied both the Coach Member and the Coach Lender of the financial capability of the Third Party Lender to fulfill
all of its funding obligations under the Loan Documents with respect to the Third Party Loan. Without limiting its obligations
hereunder or under the Development Agreement, but subject to the provisions of Section 6.1(e), Section 8.4 and Article
10, the Coach Member acknowledges and agrees that it shall be responsible for the repayment of the Coach Unit Loan, including
the payment, when due, of all interest thereon and all other amounts payable to the Coach Lender or otherwise with respect to the
Coach Unit Loan. Without limiting its obligations hereunder, but subject to the provisions of Section 6.1(e), Section
8.4 and Article 10, the Fund Member shall be responsible for the repayment of the Third Party Loan, including the payment,
when due, of all interest thereon and all other amounts payable to the Third Party Lender or otherwise with respect to the Third
Party Loan. Nothing contained in this Section 3.4(a) shall limit the rights or remedies of either Member with respect to
any breach by the other Member of its obligations under this Agreement.

 

(b)          All
Project Costs of any and every kind or nature which constitute Coach Total Development Costs, including, without limitation, the
Coach Fixed Land Cost, and all other amounts otherwise payable by the Coach Member under this Agreement or the Development Agreement,
shall be paid and funded by the Coach Member, as a Capital Contribution or from the proceeds of the Coach Unit Loan, subject to
the terms and conditions of this Agreement and the Development Agreement (including, as applicable, the Coach Costs Cap), and
all other Project Costs of any and every kind or nature shall be paid or funded by the Fund Member, as a Capital Contribution
or from the proceeds of the Third Party Loan. Without limiting the obligation of the Coach Member to pay the Coach Fixed Land
Costs and the other Coach Total Development Costs or any other amounts payable by the Coach Member hereunder or under the Development
Agreement, the Fund Member shall pay or caused to be paid, as a Capital Contribution or from the proceeds of the Third Party Loan,
all rent and other payments due to the MTA under the Building C Lease, the payment to the MTA of the applicable Option Price to
acquire fee title to the Coach Unit and to otherwise cause the Closing to occur on the terms and subject to the conditions set
forth herein.

 

    	46

    	 

    

 

*** Confidential Treatment Requested

 

(c)          The
Members hereby acknowledge and agree that, prior to the date hereof, (i) the Fund Member and its Affiliates have incurred Pre-Development
Costs in connection with the Project, and (ii) Developer commenced or caused to be commenced, on behalf of Legacy Tenant, the Early
Work, and Developer and its Affiliates have incurred certain Project Costs, on behalf of Legacy Tenant, in connection therewith,
as such Pre-Development Costs and Project Costs are set forth in more detail on Schedule 5 attached hereto. On the Construction
Loan Closing Date, (A) each Member agrees to fund, to the extent not funded under the initial Construction Loan Draw Request, as
provided in Section 1.11(e) hereof, its Allocable Share of all Pre-Development Costs and Project Costs incurred prior to
the date hereof, (B) the Coach Member agrees to fund ***, to the extent not funded under the
initial Construction Loan Draw Request, and (C) the Fund Member agrees to fund ten percent (10%) of the Fund Member Land Costs
in an amount equal Two Million Nine Hundred Thirty-Five Thousand Seven Hundred and 00/100 Dollars ($2,935,700.00),
to the extent not funded under the initial Construction Loan Draw Request. All amounts funded by the Members or with the
proceeds of the Construction Loan pursuant to this Section 3.4(c) (1) in respect of Pre-Development Costs shall be applied
on the Construction Loan Closing Date to the payment of unpaid Pre-Development Costs and to reimburse the Fund Member and its Affiliates
for Pre-Development Costs previously paid by such Persons on behalf of Legacy Tenant or the Company prior to the date hereof, and
(2) in respect of Project Costs incurred by or on behalf of Legacy Yards prior to the date hereof (which portion funded by the
Coach Member or with the proceeds of the Coach Unit Loan is a portion of the Coach Total Development Costs) shall be paid to Developer
on the Construction Loan Closing Date for the payment or reimbursement of Project Costs incurred by or on behalf of Developer prior
to the date hereof, in each case as set forth in more detail on Schedule 5 attached hereto. The portion of the Coach Fixed
Land Costs funded by the Coach Member or with the proceeds of the Coach Unit Loan on the Construction Loan Closing Date (which
amount is a portion of the Coach Total Development Costs), and the portion of the Fund Member Land Costs funded by the Fund Member
or with the proceeds of the Third Party Loan on the Construction Loan Closing shall be paid to or as directed by ERY Tenant on
the Construction Loan Closing Date for the payment or reimbursement of costs incurred by or on behalf of ERY Tenant in connection
with the ERY, including with respect to the Required Podium Infrastructure. From and after the Construction Loan Closing Date,
the Fund Member shall pay, or cause the Third Party Lender to advance Third Party Loan proceeds to pay,
the balance of the Fund Member Land Cost monthly on the basis of the percentage of completion
of the Required Podium Infrastructure until construction of the Required Podium Infrastructure is completed. Subject to the terms
of the Loan Documents, all amounts funded by (x) the Coach Member, as a Capital Contribution or from the proceeds of the
Coach Unit Loan, for the payment of Coach Fixed Land Costs, except a portion thereof equal to the amount
described in Section 10.08(a) of the Development Agreement, and (y) the Fund Member, as a Capital Contribution or from the
proceeds of the Third Party Loan, for the payment of Fund Member Land Costs shall be paid to or as directed
by ERY Tenant upon receipt for the payment or reimbursement of costs incurred by or on behalf of ERY Tenant in connection
with the ERY, including with respect to the Required Podium Infrastructure.

 

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(d)          The
Coach Member will have full audit rights with respect to the Coach Total Development Costs, which shall be done on an “open
book” basis as provided in Article 4 of the Development Agreement. The Fund Member shall, or shall cause Developer to, provide
any and all such items and materials referenced in Article 4 of the Development Agreement to the Coach Member in accordance with
the requirements set forth therein (to the attention of the Coach Member Representatives named in Schedule 3 attached hereto,
provided that the Coach Member shall have the right to add and remove names from such Schedule 3 from time to time by Notice
to the Fund Member), in each case promptly following the preparation of same; and shall in any event promptly do so following request
of the Coach Member. In addition, if the Coach Member shall terminate the Development Agreement, the Development Management Agreement
and/or the Executive Construction Management Agreement in accordance with the terms of Section 7.7, then (i) the Fund Member
will have full audit rights with respect to all Project Costs incurred after the replacement of Developer as the developer of the
Project, including with respect to the books and records of the Company and its Subsidiaries or the Replacement Developer (but,
in such case, only to the extent relating to the Project or Project Costs), the Coach Member or the Coach Guarantor (but, in each
case, only to the extent that any such Person has records relating to expenses charged to the Project which are not otherwise available
to the Fund Member), which shall be done on an “open book” basis as provided in Article 4 of the Development Agreement,
which for the purposes of this Section 3.4(d) is hereby incorporated herein as if fully set forth herein and all references
therein to Developer, the Coach Member and Coach Total Development Costs shall instead refer to the Replacement Developer, the
Fund Member and all Project Costs, respectively, and (ii) the Coach Member shall or shall cause the Replacement Developer to provide
any and all such items and materials referenced in Article 4 of the Development Agreement which are in the possession or control
of the Coach Member or such Replacement Developer to the Fund Member in accordance with the requirements set forth therein (to
the attention of the Fund Member Representatives named in Schedule 3 attached hereto, provided that the Fund Member shall
have the right to add and remove names from such Schedule 3 from time to time by Notice to the Coach Member), in each case
promptly following the preparation of same; and shall in any event promptly do so following request of the Fund Member.

 

(e)          The
Coach Member acknowledges and agrees that (i) the Mortgage Note A-2 and the Mezzanine Note A-2 each provide for accrual of interest
thereon, and that no principal or interest is payable on the Mortgage Note A-2 and the Mezzanine Note A-2 on a current monthly
basis prior to the maturity thereof, and (ii) without the prior written consent of the Members in each instance (which consent
may be granted or withheld in each Member’s sole discretion), neither Member may cause or permit the Company or any Subsidiary
to amend or modify any of the terms of the Mortgage Note A-2 or any of the Mortgage Loan Documents or the Mezzanine Note A-2 or
any of the Mezzanine Loan Documents to require the payment of interest or any principal on a current monthly basis under the Mortgage
Note A-2 and/or the Mezzanine Note A-2 prior to the Closing and the severance of the Mortgage Loan and the other Mortgage Loan
Documents and of the Mezzanine Loan and the other Mezzanine Loan Documents.

 

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3.5.         Construction
of the Project; Guarantees

 

(a)          Subject
to the provisions of this Agreement and the Development Agreement, including, without limitation, the provisions hereof and thereof
with respect to the rights of one or more Members or the Coach Member, as the case may be, to grant or withhold its consent or
approval, including, without limitation, pursuant to Section 7.2, and the terms of Section 7.7, the Fund Member,
in the name of and on behalf of the Company, at the Fund Member’s sole cost and expense (except to the extent any such cost
and expense is included in Coach Total Development Costs, subject, however, to the Coach Costs Cap, or is otherwise required to
be paid by the Coach Member pursuant to the provisions of this Agreement or the Development Agreement), shall have the authority
and the obligation to do or cause to be done each and all of the following:

 

(i)          cause
the Company to design, develop and construct, or cause to be designed, developed and constructed on behalf of the Company and Legacy
Tenant, the Building and in accordance with all applicable Laws, the Plans and the provisions of this Agreement, the Development
Agreement, the Development Management Agreement and the Loan Documents;

 

(ii)         cause
the Company to obtain or cause to be obtained on behalf of Legacy Tenant such licenses and permits as are necessary or appropriate
for the design, construction, and occupancy of the Building;

 

(iii)        comply,
and cause the Company and Legacy Tenant to comply with all the Laws applicable to the Project and, in the case of the Company,
all Laws applicable to the Company and its Subsidiaries;

 

(iv)         cause
the Company to comply and cause its Subsidiaries to comply with the Project Documents;

 

(v)          cause
the Company to comply and cause Legacy Tenant to comply with the terms of the Mortgage Loan Documents, the Development Management
Agreement, the Executive Construction Management Agreement, and all other agreements to which Legacy Tenant is a party, including,
without limitation, any design, development or construction agreements (such compliance to include, without limitation, the preparation,
processing, and approval of Draw Requests, the payment of contractors and consultants, and the design and construction of the Building);

 

(vi)         cause
the Company to comply and cause Legacy Mezzanine to comply with the terms of the Mezzanine Loan Documents and all other agreements
to which Legacy Mezzanine is a party;

 

(vii)        cause
Legacy Tenant to select, or cause Developer or the Executive Construction Manager to select, and hire, engage, administer, monitor
and supervise, or cause Developer or the Executive Construction Manager to hire, engage, administer, monitor and supervise, the
services of, the Project Architect, all engineers, the Construction Manager, and all contractors, materialmen, suppliers and consultants
with respect to the design, development and construction of the Building, and to delegate authority to Developer and/or the Executive
Construction Manager to hire, engage, administer, monitor and supervise such Persons pursuant to the Development Management Agreement
or the Executive Construction Management Agreement, as applicable;

 

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(viii)      subject
to the provisions of Section 7.9, make judgments or decisions concerning the exercise and enforcement of the Company’s
or a Subsidiary’s rights under all other agreements to which the Company or such Subsidiary is a party, as applicable; and

 

(ix)         cause
Legacy Tenant to enforce, or cause Developer or the Executive Construction Manager to enforce, the rights and remedies of Legacy
Tenant, Developer or the Executive Construction Manager, as applicable, under all dual obligee payment and performance bonds and
any guaranty obtained with respect to the Developer Work and the Base Building Work pursuant to Section 7.01(b) of the Development
Agreement.

 

(b)          Simultaneously
herewith, the Related/Oxford Guarantor has executed and delivered to the Coach Member the Related/Oxford Guaranty, and the Coach
Guarantor has executed and delivered to the Fund Member and Developer the Coach Guaranty.

 

3.6.         Budget;
Allocation of the Costs of the Project; Audit; Books and Records.

 

(a)          The
Members hereby approve the Budget and the Cost Allocation Methodology. All disputes with respect to the Coach Total Development
Costs or the allocation of Project Costs or any other cost or expenses to a Member shall be resolved, as applicable, by arbitration
as provided in Article 14 of the Development Agreement or Section 3.10 of this Agreement, as applicable. The Coach Member
agrees that the Fund Member shall have the right to have a representative attend (without participation) or to participate in any
such arbitration pursuant to the Development Agreement to the extent the subject matter thereof involves any matter that is subject
to the approval or consent of the Fund Member pursuant to the terms of this Agreement.

 

(b)          Without
duplication of any reports provided by Developer to the Coach Member pursuant to the Development Agreement, the Fund Member shall
provide or cause Developer to provide the Coach Member with monthly reports, commencing one month from the date hereof and ending
on the date of Final Completion, detailing the status of construction and comparing Project Costs actually incurred with Project
Costs anticipated in the Budget and the actual progress of construction with the Schedule. To the extent not delivered by Developer
to the Coach Member pursuant to the Development Agreement, the Fund Member shall deliver or cause to be delivered to the Coach
Member copies of all written status reports, invoices, shop drawings, field changes, Draw Requests, lien waivers and releases received
or given by the Company or Legacy Tenant under any agreement with respect to the Project to which the Company or Legacy Tenant
is a party, including, without limitation, the Loan Documents, promptly upon giving or receiving any such notice, approval, report,
other document or communication.

 

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(c)          Each
Member and its representatives shall have the right, on a semi-annual basis, to inspect, audit and make copies of all books and
records of the Company, and all materials in the possession of the Company, the Executive Construction Manager, Developer or any
Replacement Developer, the Construction Manager (but, in the latter case, only to the extent the Company has the right under the
Construction Management Agreement to inspect, audit and make copies of any books and records of the Construction Manager), and
the Project Architect (but only to the extent the Company has the right under the Project Architect’s Agreement to inspect,
audit and make copies of any books and records of the Project Architect). In addition, the Coach Member shall have the right, on
a semi-annual basis, to inspect, audit and make copies of all books and records of the Fund Member relating to the Company or any
Subsidiary, but only to the extent such books and records relate to costs and expenses charged to the Developer Work or Project
Costs allocated to Coach Member pursuant to the Cost Allocation Methodology. Notwithstanding the foregoing, if the Coach Member
exercises its right to replace Developer pursuant to Section 7.7, the Fund Member shall thereafter have the right, on a
semi-annual basis, to inspect, audit and make copies of all books and records of the Coach Member relating to the Company or any
Subsidiary, but only to the extent such books and records relate to costs and expenses allocated to Fund Member pursuant to the
Cost Allocation Methodology after the date of such replacement. The Fund Member shall cause all relevant agreements entered into
prior to any Management Change Event, and the Coach Member shall cause all relevant agreements entered into upon or following any
Management Change Event, to contain reasonable audit and inspection rights as provided above. Any such audit shall be conducted
during business hours, on reasonable notice, and at the auditing Member’s cost and expense, unless such audit of the Company’s
or, prior to any replacement of Developer, Developer’s books and records shall determine that the amount allocated to the
auditing Member was overstated by more than 3%, in which case the costs and expenses for such audit shall be paid by the other
Member. Each Member shall submit a report of its findings (in each audit) to the Company and the other Member not later than ten
(10) Business Days after it concludes each such audit.

 

(d)          The
Members shall consult in good faith to resolve any matter in dispute raised in any audit conducted by a Member as provided in Section
2.6(c) within ten (10) Business Days of receipt by the Company and the other Member of an audit report. If the Members cannot
resolve a particular dispute (with respect to any matter raised in such audit report) within such ten (10) Business Day period,
the dispute shall be submitted to Arbitration pursuant to the provisions of Section 3.10 hereof; provided, however,
that in no event shall any dispute prevent or delay Draw Requests from being processed and paid, subject in all events to the satisfaction
of all conditions applicable thereto.

 

(e)          If
any amounts paid by or on behalf of the Coach Member or funded by the Coach Lender are ultimately determined to have been improperly
charged to the Coach Total Development Costs under the terms of this Agreement or the Development Agreement, then the Coach Total
Development Costs will be appropriately reduced and credited, with interest, as provided in Section 4.02 or Section 4.03 of the
Development Agreement. If any amounts paid by or on behalf of the Fund Member or funded by the Third Party Lender for Project Costs
incurred following the replacement of Developer are ultimately determined to have been improperly charged to the Fund Member under
the terms of this Agreement, then the Coach Total Development Costs will be appropriately increased and paid, with interest, as
provided in Section 4.02 or Section 4.03 of the Development Agreement which are hereby incorporated herein.

 

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(f)          Nothing
herein shall prevent the Coach Member from conducting an inspection of all books and records of the Company for purposes of a final
accounting described in Section 13.05 of the Development Agreement.

 

(g)          The
Company shall maintain copies of all Draw Requests, invoices and other documentation as shall be necessary to establish and verify
the Project Costs for a period of two (2) years following the date on which Final Completion occurs; provided, that such
maintenance shall give the Coach Member no additional rights or time periods for audit; and provided, further, that
if the Coach Member requests (at any time prior to the expiration of such two-year period) that the Company deliver to the Coach
Member (at the Coach Member’s sole cost and expense) copies of all such Draw Requests, invoices and other documentation,
then the Company shall deliver all such materials to the Coach Member.

 

(h)          In
the event that the Coach Member exercises its right to replace Developer pursuant to Section 7.6, then the Coach Member
shall thereafter provide or cause the Replacement Developer to provide to the Fund Member all monthly Draw Requests in accordance
with Section 4.2(e) hereof and copies of all written status reports and other information, documents and materials with
respect to the Project that the Replacement Developer, pursuant to the replacement development agreement or otherwise, provides
to Legacy Tenant, the Company or the Coach Member.

 

3.7.         Condominium
Regime.

 

(a)          The
Fund Member, on behalf of the Company and Legacy Tenant, shall cause the MTA to, immediately prior to the Closing, submit the Building
to a condominium form of ownership (the “Condominium”) in accordance with the provisions of Article 9-B of the
New York State Real Property Law (the “Condominium Act”) and this Section 3.7.

 

(b)          Attached
hereto as Exhibit C-1 is the form condominium declaration for the Condominium (the “Form Declaration”),
which Form Declaration is hereby approved by the Coach Member and the Fund Member. The Form Declaration, with any revisions thereto
approved by the Coach Member in accordance with Section 3.7(f) is referred to herein as the “Condominium Declaration”.

 

(c)          Attached
hereto as Exhibit C-2 is the form of by-laws of the Condominium (“Form By-laws”), which Form By-laws
are hereby approved by Coach Member and Fund Member. The Form By-laws, together with any revisions approved by the Coach Member
in accordance with Section 3.7(f) are referred to herein as the “Condominium By-laws”.

 

(d)          Attached
hereto as Exhibit C-3 are the form Floor Plans (“Form Floor Plans”), which Form Floor Plans are hereby
approved by Coach Member and Fund Member. The Form Floor Plans, together with any revisions thereto approved by the Coach Member
in accordance with Section 3.7(f) are referred to herein as the “Floor Plans”. The Fund Member shall
cause the approved Floor Plans to be filed with (and in the form required by) the New York City Department of Finance Tax Map Unit
and recorded in the Register’s Office.

 

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(e)          The
Fund Member shall, on behalf of the MTA, use its commercially reasonable efforts to obtain or cause Legacy Tenant to obtain a “no
action” letter from the New York State Department of Law (the “NYS Law Department”) permitting the distribution
of the Coach Unit to the Coach Member or the Coach Designee and the other Units without the necessity of filing an offering plan
and without such distribution being made pursuant to an offering plan (the “No Action Letter”). The Fund Member
shall, on behalf of the MTA, file or cause Legacy Tenant to file the applicable application with the NYS Law Department requesting
that the NYS Law Department issue the No Action Letter (the “Application”). The Coach Member will, upon the
Fund Member’s request, at no expense to the Coach Member, execute and deliver to the Fund Member an affidavit of a principal
of the Coach Member, in support of the No Action Letter, in form and substance reasonably acceptable to the Fund Member and the
Coach Member, which affidavit the Fund Member shall submit or cause Legacy Tenant to submit, on behalf of the MTA, to the NYS Law
Department together with MTA’s written request for the No Action Letter. The Coach Member will reasonably cooperate with
the Fund Member, at no cost or expense to the Coach Member, in connection with the Fund Member’s efforts to obtain the No
Action Letter, which cooperation shall include furnishing to the NYS Law Department such additional information and/or documents
as the NYS Law Department may reasonably request, including, but not limited to, executing and delivering a new affidavit which
has been revised at the direction of the NYS Law Department, all subject to the reasonable approval of the Coach Member. If the
NYS Law Department shall decline to issue the No Action Letter, then the Fund Member shall prepare and file or cause Legacy Tenant
to prepare and file, on behalf of the MTA, an offering plan with respect to, and shall take all other action necessary to legally
permit, the distribution of the Coach Unit to the Coach Member or the Coach Designee as contemplated in this Agreement at the Closing.
The Fund Member shall be responsible for all costs and expenses incurred in connection with the No Action Letter or, if the No
Action Letter is not issued by the NYS Law Department, any required offering plan and other action.

 

(f)          The
Fund Member shall, no later than thirty (30) days prior to recording the Condominium Declaration, provide to the Coach Member copies
of the proposed final versions of the Condominium Documents (as defined below) prepared and/or revised by the Fund Member or its
counsel. Within ten (10) Business Days of the Fund Member’s delivery of the Condominium Declaration, the Condominium By-laws
and/or the Floor Plans to the Coach Member, the Coach Member shall notify the Fund Member in writing of its approval or disapproval
of such proposed final version of the Condominium Declaration, Condominium By-laws and/or the Floor Plans, as the case may be;
which approval or disapproval shall be granted or withheld in the Coach Member’s sole discretion with respect to any changes
to the Form Declaration, Form By-laws or Form Floor Plans which affect the use or occupancy of the Coach Areas for their permitted
purposes or the rights or obligations of the Coach Member or the Coach Designee, as the owner of the Coach Unit or otherwise, including,
without limitation, any common charges or other costs or expenses allocable or otherwise payable to the Coach Member or the Coach
Designee, as the owner of the Coach Unit or otherwise, or any changes to the Form Declaration with respect to the Core Wall Installation
(as defined therein), and granted or withheld in the Coach Member’s reasonable discretion with respect to any other changes.
If the Coach Member timely notifies the Fund Member that it does not approve the proposed final version of the Condominium Declaration,
Condominium By-laws and/or any of the Floor Plans, as the case may be, such notice shall specify in reasonably sufficient detail
the provisions or components with respect to which Coach Member is withholding its consent and the reasons therefor. If, the Coach
Member fails to deliver such written notice to the Fund Member within such ten (10) Business Day period, the Fund Member may send
a second notice to the Coach Member of such failure to respond and if the Coach Member does not respond to such second notice within
five (5) Business Days after receipt of the same, then, (i) with respect to matters for which the Coach Member has reasonable discretion,
the Coach Member shall be deemed to have approved the proposed final version of such matters in the Condominium Declaration, the
Condominium By-laws and/or the Floor Plans, as the case may be, and (ii) with respect to matters for which the Coach Member has
sole discretion, the Coach Member shall be deemed to have disapproved the proposed final version of such matters in the Condominium
Declaration, the Condominium By-laws and/or the Floor Plans, as the case may be.

 

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(g)          Each
of the Fund Member and the Coach Member shall, subject to the provisions of this Agreement and the Development Agreement, reasonably
cooperate with the other party with respect to the Condominium Documents, including providing all reasonable information and executing
and delivering all documents, forms and affidavits required under the Condominium Act or otherwise required with respect to the
Condominium Declaration or any other Condominium Document.

 

3.8.         Conditions
to Distribution of Coach Unit; Closing Payments and Deliveries.

 

(a)          Coach
Member’s Conditions to Close. The Coach Member’s obligation to consummate Closing pursuant to this Agreement is
conditioned upon the satisfaction (or waiver in writing by the Coach Member) of the following conditions on and as of the Closing
Date:

 

(i)          The
Fund Member shall have delivered or caused to be delivered to the Coach Member all of the documents and deliveries under Section
3.8(e) and shall have performed all of its other obligations under this Agreement to be performed on or prior to the Closing
Date in all material respects.

 

(ii)         (A)
Substantial Completion has been achieved, and (B) the Punch List Work has been agreed upon by the Coach Member and Developer, in
accordance with the applicable terms and provisions of the Development Agreement (it being understood that the schedule for completing
the Punch List Work may not and need not be finally agreed upon, as provided in Section 9.02(h) of the Development Agreement).

 

(iii)        The
Coach Member has received an updated environmental report, showing no adverse change to environmental conditions from that shown
in the environmental report obtained by the Mortgage Lender and the Mezzanine Lender in connection with the closing of the Construction
Loan.

 

(iv)         The
Fund Member has provided, or caused to be provided, to the Coach Member reasonably satisfactory evidence that, based on the Budget
as of the Closing Date, sufficient Fund Member Equity Commitments remain to be called (or other funds are available, in addition
to the Coach Member’s Allocable Share) to pay for the costs of achieving Final Completion in accordance with the Plans, the
Development Agreement and all applicable Laws.

 

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(v)          The
conditions to release of the Coach Unit under the Mortgage Loan Documents shall be satisfied or waived by the Mortgage Loan Agent
(it being understood that other than the payment of the Coach Total Development Costs in accordance with the terms and provisions
of this Agreement and the Development Agreement and all other amounts required to be paid by the Coach Member pursuant to Section
3.8(h)(i) below, the Fund Member shall have the obligation to cause all such conditions to be timely satisfied); the Mortgage
Loan and the applicable Mortgage Loan Documents shall be severed to separately evidence and secure the amount of the Coach Mortgage
Loan (the “Coach Severed Mortgage Loan”), which Coach Severed Mortgage Loan shall be (A) evidenced by Mortgage
Note A-2, as the same may be amended to reflect the severance of the Mortgage Loan and the other Mortgage Loan Documents, in the
aggregate outstanding principal amount of the Coach Mortgage Loan, and (B) secured by a mortgage and other security instruments
required by the Coach Lender solely encumbering the Coach Unit (collectively, the “Coach Severed Mortgage”),
and any Mortgage Loan Documents not so severed shall be amended or terminated in part to exclude the Coach Unit thereunder, in
each case as contemplated in the Mortgage Loan Documents; unless repaid by the Coach Member to the Coach Lender or otherwise extinguished
at Closing, the Mezzanine Loan and the applicable Mezzanine Loan Documents shall be severed to separately evidence and secure the
amount of the Coach Mezzanine Loan (the “Coach Severed Mezzanine Loan”), which Coach Severed Mezzanine Loan
shall be (1) evidenced by Mezzanine Note A-2, as the same may be amended to reflect the severance of the Mezzanine Loan and the
other Mezzanine Loan Documents, in the aggregate outstanding principal amount of the Coach Mezzanine Loan, and (2) secured by a
pledge and other security instruments required by the Coach Lender, as contemplated in the Mezzanine Loan Documents, it being understood
and agreed that in no event shall the Coach Severed Loan be secured by any interest in the Company or its Subsidiaries or any of
the Property other than the Coach Unit or the Coach Member’s (or the Coach Designee’s) interest therein or an interest
in the Coach Member; and the Fund Member shall cause Legacy Tenant, Legacy Mezzanine or the Company, as applicable, to execute
such agreements as are reasonably necessary in order to effectuate and memorialize the assignment to and assumption by the Coach
Member or the Coach Designee of the borrower’s obligations under the Coach Severed Mortgage Loan, Mortgage Note A-2, the
Coach Severed Mortgage, Mezzanine Note A-2 and any other agreements or instruments evidencing or securing the Coach Severed Mortgage
Loan and the Coach Severed Mezzanine Loan, and the assignment of the lender’s interest therein to the Coach Lender (to the
extent not held by the Coach Lender) or another lender designated by the Coach Member.

 

(vi)         The
Mortgage Loan Agent and Mortgage Lender shall execute and deliver such documents as it is obligated to execute and deliver pursuant
to the Mortgage Loan Documents in order to release the Coach Unit and sever the Mortgage Loan and the applicable Mortgage Loan
Documents as provided in clause (v) above, and to cause the Mortgage Loan to be subordinate in priority to the Condominium
Documents and the Option Agreement, and the Mezzanine Loan Agent and Mezzanine Lender shall execute and deliver such documents
as it is obligated to execute and deliver pursuant to the Mezzanine Loan Documents in order to sever the Mezzanine Loan and the
applicable Mezzanine Loan Documents as provided in clause (v) above;

 

(vii)        The
IDA shall execute and deliver such documents as it is obligated to execute and deliver pursuant to the IDA Documents in order to
release the Coach Unit from the PILOT Mortgage and other IDA Documents and, if the Coach Member desires to obtain benefits under
UTEP with respect to the Coach Unit from and after the Closing and shall satisfy all the requirements and conditions thereto, to
separately grant benefits to the Coach Member under UTEP with respect to the Coach Unit in accordance with the terms and conditions
of the IDA Documents and UTEP.

 

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(viii)      Title
to the Coach Unit is free of Encumbrances other than the Permitted Encumbrances, and, at the Coach Member’s election and
its sole cost and expense, a binding and enforceable ALTA form of Title Insurance Commitment (showing no Encumbrances other than
the Permitted Encumbrances) has been issued to the Coach Member, naming the Coach Member or an Affiliate of the Coach Member as
the Coach Member may designate to acquire fee title to the Coach Unit (“Coach Designee”), as the insured thereunder.

 

(ix)         Subject
to Section 3.8(i), there is not then existing any Material Litigation.

 

(x)          The
receipt by the Coach Member and the Coach Lender of an updated survey of the Property and a surveyor’s certification (such
certification to be substantially in the form delivered to the Construction Lender on the date hereof) dated no more than sixty
(60) days prior to Closing.

 

(xi)         The
receipt by the Coach Member of satisfactory evidence from its Title Insurer and/or Department of Buildings expediter that there
are (A) no Developer Violations that have a Material Adverse Effect (except those routinely issued during construction and which
Developer will cause to be removed in the ordinary course pursuant to the terms of the Development Agreement), and (B) no mechanics’
or materialmens’ liens affecting or filed of record against the Coach Unit unless caused or resulting from Coach Finish Work
or otherwise arising from any affirmative act or wrongful omission of the Coach Member or any Coach Consultant (i.e., where
there is an obligation to affirmatively act) which have not been bonded or removed of record or insured over.

 

(xii)        Subject
to the payment by the Coach Member at Closing of the balance of the Coach Fixed Land Cost and all other Coach Total Development
Costs then due and payable as provided in Section 3.8(h)(i), the Company shall have caused Legacy Tenant to subsever the
Building C Lease with respect to the Coach Unit in accordance with the terms thereof and to terminate such subsevered lease or
to amend the Building C Lease to exclude the Coach Unit as of the Closing Date, and the Fund Member shall have paid or caused to
be paid to the MTA or such other party as directed by the MTA the Option Price for the Coach Unit, and delivered or caused to be
delivered to the Coach Member the Deed and each of the other items to be delivered at Closing pursuant to Section 3.8(e).
The Members acknowledge and agree that pursuant to Section 10.08 of the Development Agreement a portion of the Coach Fixed Land
Cost equal to the Option Price shall be advanced by or on behalf of the Coach Member at the Closing, and such amount may be paid
directly to the MTA by the Coach Member at the Closing and if so paid shall be credited toward the amounts to be paid by the Coach
Member at the Closing pursuant to Section 3.8(h).

 

(xiii)      There
having not occurred any Major Event, and any portion of the Project damaged or destroyed as a result of any other casualty or condemnation
shall have been repaired and restored by Legacy Tenant subject to and in accordance with the terms of this Agreement;

 

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(xiv)        The
No Action Letter shall have been issued by the NYS Department of Law or any required offering plan shall have been filed and accepted
by the NYS Department of Law.

 

(xv)         The
Fund Member shall have caused Legacy Tenant to file with the Real Property Assessment Bureau and to record in the Register’s
Office the Condominium Declaration and the Floor Plans immediately prior to or simultaneously with the Closing, and shall have
caused Legacy Tenant or Developer, as applicable, to assign to the Condominium each Condominium Warranty required to be delivered
and assigned to the Condominium upon the creation thereof pursuant to the Development Agreement, including, without limitation,
Section 9.04 thereof, and each such Condominium Warranty shall be in full force and effect; provided, however, that
to the extent that any Condominium Warranty has not commenced as of the Closing and is therefore not assignable to the Condominium
in accordance with the terms hereof or of the Development Agreement, the Fund Member shall cause Legacy Tenant or Developer, as
applicable, to deliver an assignment of such Condominium Warranty to the Condominium as promptly as possible thereafter;

 

(xvi)        To
the extent that any of the other Units in the Building shall remain subject to the Building C Lease, the Condominium Declaration
shall be superior to the Building C Lease to the extent remaining in effect.

 

(xvii)      The
New York City Department of Finance shall have issued a separate tax lot for the Coach Unit.

 

(xviii)     An
all-risk casualty insurance policy with standard coverages and endorsements (as specified in the Condominium Declaration) covering
the Common Elements (to the extent constructed and in existence as of such date) to the extent of the full replacement value thereof
shall be obtained and maintained by the Board of Managers of the Condominium and shall be in force, valid and enforceable on the
Closing Date.

 

(xix)        Except
for the Project Labor Agreement, there being no agreement or letter with any union (or relative to labor matters) which relates
to or will impact or affect the Coach Finish Work or the performance thereof, and, in any event, there being no union contracts
or letters or understandings with any union (other than any such contracts, letters or understandings entered into by the Coach
Member or Coach Guarantor) which relate to the operation or management of the Coach Unit.

 

(b)          Fund
Member’s Conditions to Close. The Fund Member’s obligation to consummate the Closing pursuant to this Agreement
is conditioned upon the satisfaction (or waiver by the Fund Member in writing) of the following conditions on and as of the Closing
Date:

 

(i)          The
Coach Member shall have delivered to the Fund Member all of the documents and deliveries required to be delivered by the Coach
Member under Section 3.8(h)(ii); and

 

(ii)         The
Coach Member shall have made all payments required to be made by the Coach Member under Section 3.8(h)(i).

 

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(c)          Right
to Waive Conditions. Each of the Coach Member and the Fund Member shall have the right to waive compliance by the Company and/or
any other Member with any of the conditions to its obligation to consummate the Closing pursuant to this Agreement. Any such waiver
must be in writing and must refer specifically to the condition (or matter) being waived. However, if the Closing occurs, the conditions
in Sections 3.8(a) and (b) shall be deemed to have been satisfied whether or not specifically waived in writing (unless
otherwise agreed to by the Members in writing at that time).

 

(d)          Closing
and Closing Date. Subject to the provisions of this Section 3.8(d), the Closing shall take place at 10:00 a.m. at the
offices of the Construction Lender’s counsel located in New York, New York or another location in New York, New York to be
agreed upon by the Coach Member and the Fund Member, on a Business Day agreed to by the Coach Member and the Fund Member in writing
at least ten (10) days but not later than thirty (30) days after the conditions set forth in Sections 3.8(a) and 3.8(b)
are satisfied (excepting those conditions which may be satisfied on the Closing Date).

 

(e)          Fund
Member’s Closing Deliveries. Subject to the terms of this Agreement, at the Closing the Fund Member shall cause the Company
to execute and deliver, or, as appropriate, cause Developer, Legacy Tenant or the MTA to execute and deliver, to the Coach Member,
the following:

 

(i)          a
recordable condominium unit deed to the Coach Unit, in the form attached hereto as Exhibit H, duly executed and acknowledged
by the MTA, conveying fee title in and to the Coach Unit to the Coach Member or the Coach Designee (the “Deed”);

 

(ii)         an
assignment of the Coach Severed Mortgage Loan and the Coach Severed Mortgage Loan Documents, together with an affidavit under Section
275 of Article 8 of the Real Property Law of the State of New York (so as to permit the Coach Member or Coach Designee, as applicable,
to enjoy a mortgage recording tax credit, in connection with such assignment, to the extent of Coach’s Allocable Share of
mortgage recording tax paid by the Coach Member in connection with the recording of the mortgages securing the Mortgage Loan),
and an assignment of the Coach Severed Mezzanine Loan and the Coach Severed Mezzanine Loan Documents;

 

(iii)        such
transfer tax returns and forms required to be filed in connection with recordation of the Deed or any other agreement or instrument
executed in connection with the Closing to be recorded in the Register’s Office (collectively, the “Transfer Tax
Forms”);

 

(iv)         such
title affidavits or indemnities (if any) as the Title Insurer shall reasonably require to cause any title insurance policy issued
to the Coach Member and its lender(s) with respect to the Coach Unit or the Coach Severed Mortgage Loan to have as exceptions to
coverage only Permitted Encumbrances;

 

(v)          a
certificate of non-foreign status pursuant to Section 1445 of the IRC Code, duly executed and acknowledged by the MTA, in the form
attached hereto as Exhibit I;

 

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(vi)         a
certificate of good standing of the Company and all approvals, authorizations, consents or other actions by or filings with any
Person (if any) which are required to be obtained or completed by the Company or Legacy Tenant in connection with the execution
and delivery of any of the Closing documents;

 

(vii)        originals
(or, if neither the Company, Legacy Tenant, the Fund Member nor Developer have originals, true and complete copies) of the Coach
Unit Documents, together with an assignment by Legacy Tenant or Developer, as applicable, to the Coach Member of each Coach Warranty
required to be assigned to the Coach Member at Closing pursuant to the Development Agreement, including, without limitation, Section
9.04 thereof; provided, however, that to the extent certain of the operating manuals that constitute the Coach Unit
Documents are not available to Legacy Tenant or Developer at the time of the Closing, and to the extent that any Coach Warranty
has not commenced as of the Closing and is therefore not assignable to the Coach Member in accordance with the terms hereof or
of the Development Agreement, the Fund Member shall cause Legacy Tenant or Developer, as applicable, to deliver such Coach Unit
Documents to the Coach Member, or to deliver an assignment of each such Coach Warranty to the Coach Member as promptly as possible
thereafter, which obligation shall survive the Closing and the withdrawal of the Coach Member from the Company and the termination
of this Agreement;

 

(viii)      an
assignment by Legacy Tenant or Developer, as applicable, to the Condominium Board of each Condominium Warranty required to be assigned
to the Condominium Board at Closing pursuant to the Development Agreement; provided, however, that to the extent
that any such Condominium Warranty has not commenced as of the Closing and is therefore not assignable to the Condominium Board
in accordance with the terms hereof or of the Development Agreement, the Fund Member shall cause Legacy Tenant or Developer, as
applicable, to deliver an assignment of each such Condominium Warranty to the Condominium Board as promptly as possible thereafter,
which obligation shall survive the Closing and the withdrawal of the Coach Member from the Company and the termination of this
Agreement;

 

(ix)         the
Redemption Agreement, executed by the Company and the Fund Member;

 

(x)          a
release executed by the Fund Member of the Coach Member from all obligations under this Agreement arising from and after the Closing
Date (subject to the continued validity of all obligations of the Coach Member which expressly survive the conveyance of the Coach
Unit pursuant to the express terms of this Agreement) in the form attached hereto as Exhibit J;

 

(xi)         the
Option Agreement, executed by Legacy Tenant and the Fund Member;

 

(xii)        the
Memorandum of Option Agreement, executed by Legacy Tenant and the Fund Member;

 

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(xiii)        the
Right of First Negotiation Agreement, executed by the Fund Member;

 

(xiv)        the
Punch List Escrow Agreement, executed by the Company, the Fund Member and Developer;

 

(xv)        such
instruments and documents which are reasonably necessary or desirable to evidence the release of the Coach Unit and severance of
the Construction Loan (and the Loan Documents) and to cause the Third Party Mortgage Loan to be subordinate in priority to the
Condominium Documents and the Option Agreement;

 

(xvi)       such
instruments and documents which are reasonably necessary or desirable to evidence the superiority of the Condominium Documents
to the Building C Lease to the extent the Building C Lease shall remain in effect with respect to any of the Units in the Building
other than the Coach Unit; and

 

(xvii)      any
other instruments or documents to be executed and/or delivered by Legacy Tenant, the Company and Developer pursuant to this Agreement,
the Development Agreement, the Project Documents and/or the Loan Documents, or as may be reasonably required to consummate the
conveyance of the Coach Unit to the Coach Member; it being acknowledged and agreed that Developer shall not be required to deliver
the Punch List Escrow Agreement or any of the foregoing items required to be delivered by Developer if the Development Agreement
is terminated by the Coach Member pursuant to Section 7.7 prior to the Closing Date.

 

(f)          Utility
Company Deposits. If applicable, at the Closing, the Fund Member shall cause Legacy Tenant to assign to the Coach Member all
deposits or escrows held for Legacy Tenant’s account at or by any utility company in connection with utility services furnished
solely to the Coach Unit. The Coach Member shall reimburse the Company or Legacy Tenant at the Closing for the amount of the deposits
or escrows so assigned, and the Coach Member will thereafter become responsible for utility charges due thereafter with respect
solely to the Coach Unit (in addition to any utility charges included in and required to be paid by the Coach Member as Common
Charges and allocable to the Coach Unit pursuant to the Condominium Declaration). Alternatively, the Fund Member may direct Legacy
Tenant or Developer, as applicable, to terminate such utility accounts. Prior to the Closing Date, the Fund Member shall cause
Legacy Tenant to notify all such utility companies in writing (with copies to the Coach Member) of the applicable transfer of service
to the Coach Member or the Coach Designee.

 

(g)          Service
Contracts. At or prior to the Closing, if requested by the Coach Member, the Fund Member shall cause Legacy Tenant to terminate
all Service Contracts, if any, as of the date of Closing.

 

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(h)          Coach’s
Closing Payment and Closing Deliveries.

 

(i)          At
the Closing, the Coach Member shall (1) accept delivery of the Deed and title to the Coach Unit free of all Encumbrances other
than the Permitted Encumbrances; (2) unless repaid by the Coach Member or otherwise extinguished, assume or cause the Coach Designee
to assume the Coach Severed Mortgage Loan and Coach Severed Mezzanine Loan and all of the obligations of Legacy Tenant and Legacy
Mezzanine, respectively, with respect thereto; (3) subject to the provisions of Section 3.8(i) below, pay, or cause to be
paid, subject to and in accordance with the applicable provisions hereof and of the Development Agreement (including, without limitation,
the Coach Costs Cap), the Coach Total Development Costs, including the balance of the Coach Fixed Land Cost payable pursuant to
Section 10.08 of the Development Agreement, less all amounts previously funded by the Coach Member or the Coach Lender on account
of the Coach Total Development Costs, and all other amounts payable by the Coach Member hereunder or under the Development Agreement
on or prior to the Closing Date; provided that the Coach Member shall holdback at Closing from its payment of the Coach
Total Development Costs and (x) deposit with the Title Company pursuant to the Punch List Escrow Agreement an amount equal to the
product of 125% and the reasonably estimated cost to complete the items set forth in the Punch List as reasonably determined by
the Coach Member and Developer in accordance with Section 10.06 of the Development Agreement, which funds will be released to the
party entitled thereto as such Punch List Work is completed (with the balance, if any, being paid to the Company or the Coach Member,
as applicable, upon final completion of all Punch List Work), and (y) deposit in an interest-bearing escrow account to be held
by the Title Company, as escrowee, a portion of the Coach Total Development Costs equal to 105% of the cost of all disputed items
of Coach Total Development Costs (not in excess of $12,500,000), which funds will be paid to the party entitled thereto as such
dispute(s) are resolved pursuant to Section 10.01(e) of the Development Agreement or Section 3.10 hereof, as applicable;
it being agreed that the Coach Member shall identify and inform Developer and the Fund Member on the Closing Date of all such amounts
in dispute on and as of the Substantial Completion Date in order for the Closing to occur as provided herein; and (3) accept a
redemption of its Membership Interest in the Company and withdraw from the Company pursuant to the Redemption Agreement; it being
acknowledged and agreed, however, that such redemption and withdrawal of the Coach Member shall be deemed to have occurred automatically
upon consummation of the Closing on the Closing Date notwithstanding any failure of the Coach Member to execute and deliver the
Redemption Agreement in accordance with Section 3.8(h)(ii). All payments made by or on behalf of the Coach Member or the
Coach Lender at Closing shall be by wire transfer of immediately available federal funds drawn on a member of the New York Clearinghouse
to such accounts as the Fund Member shall designate.

 

(ii)         The
Coach Member shall execute and deliver, or cause to be executed and delivered, at the Closing:

 

(1)         an
assumption of the Coach Severed Mortgage Loan and the Coach Severed Mortgage Loan Documents, and the Coach Severed Mezzanine Loan
and the Coach Severed Mezzanine Loan Documents, executed by the Coach Member or the Coach Designee, as applicable, in form reasonably
acceptable to the Third Party Lender, the Fund Member and the Coach Member;

 

(2)         the
Transfer Tax Forms, executed by the Coach Member or the Coach Designee, as applicable;

 

(3)         the
Redemption Agreement, executed by the Coach Member;

 

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(4)         the
Option Agreement, executed by the Coach Member or the Coach Designee, as applicable, as fee owner of the Coach Unit;

 

(5)         the
Memorandum of Option Agreement, executed by the Coach Member or the Coach Designee, as applicable;

 

(6)         the
Right of First Negotiation Agreement, executed by the Coach Member or the Coach Designee, as applicable, as fee owner of the Coach
Unit;

 

(7)         the
Punch List Escrow Agreement; and

 

(8)         any
other instruments, statements or documents to be executed or delivered by the Coach Member at Closing pursuant to the provisions
of this Agreement or the Development Agreement or required in order to release the Coach Unit and sever the Mortgage Loan and Mezzanine
Loan under the applicable Loan Documents.

 

(i)          Title
Defects; Material Litigation. The Coach Member may give the Fund Member notice of any Title Defect at least ten (10) days prior
to the Closing Date (except that the Coach Member may give notice of any Title Defect of which the Coach Member first receives
notice during such ten (10) day period at any time on or prior to the Closing Date), in which event the Fund Member shall have
such additional period of time as it may require (but not more than thirty (30) days in the aggregate) in order to cure and remove
the Title Defect(s) specified in the Coach Member’s notice(s) and the Closing shall be adjourned for such period of time
up to the Outside Closing Date. Subject to the provisions of this Section 3.8(i), (A) the Fund Member shall cause the Company
to remove or cause Legacy Tenant to remove, by payment, bonding or otherwise, any Title Defect, and (B) the Coach Member shall
cooperate reasonably with the Fund Member as required in order to remove such Title Defect. The costs of removing any Title Defect
shall be a Project Cost allocable in accordance with the Cost Allocation Methodology and the applicable provisions of the Development
Agreement (and shall be subject to the Coach Costs Cap, except if such Title Defect arose as provided in clause (y) below)
and based on the nature of the underlying claim, provided, that (x) if such Title Defect results from an act or omission
(where there is an obligation to affirmatively act) of Developer, the Fund Member or any of their respective Affiliates, then all
such costs shall be borne in their entirety by the Fund Member and (y) if such Title Defect results from an act or omission (where
there is an obligation to affirmatively act) of the Coach Member or any of its Affiliates, then all such costs shall be borne in
their entirety by the Coach Member (in addition to the Coach Total Development Costs). The foregoing allocation of costs shall
not limit the obligations of the Fund Member to cause any Title Defect to be removed from the Coach Unit, subject to the payment
by the Coach Member of such costs allocated to the Coach Member at Closing. Subject to the provisions of this Section 3.8(i),
(1) the Fund Member shall cause the Company to satisfy or cause Legacy Tenant to satisfy any Material Litigation, and (2) the Coach
Member shall cooperate reasonably with the Fund Member as required in order to satisfy such Material Litigation. The costs of satisfying
any such Material Litigation shall be a Project Cost allocable in accordance with the Cost Allocation Methodology and the applicable
provisions of the Development Agreement (and shall be subject to the Coach Costs Cap, except if such Material Litigation arose
as provided in clause (ii) below) and based on the nature of the underlying claim, provided, that (i) if such Material
Litigation results from an act or omission (where there is an obligation to affirmatively act) of Developer, the Fund Member or
any of their respective Affiliates, then all such costs shall be borne in their entirety by the Fund Member and (ii) if such
Material Litigation results from an act or omission (where there is an obligation to affirmatively act) of the Coach Member or
any of its Affiliates, then all such costs shall be borne in their entirety by the Coach Member (in addition to the Coach Total
Development Costs). The foregoing allocation of costs shall not limit the obligations of the Fund Member to cause any Material
Litigation to be satisfied in connection with the Closing, subject to the payment by the Coach Member of such costs allocated to
the Coach Member at Closing.

 

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(j)          Title
Insurance Premiums; Transfer Taxes; Apportionments; Common Charges.

 

(i)          At
the Closing, the Coach Member shall pay the costs for the issuance of the Title Insurance Commitment and, should the Coach Member
elect to obtain title insurance with respect to the Coach Unit, the Coach Severed Mortgage and/or the Coach Severed Mezzanine Loan,
the insurance effected pursuant the Title Insurance Commitment and any mortgagee or UCC policy for the Coach Lender (or any assignee
thereof). Should the Coach Member elect to obtain title insurance, the costs of satisfying any indemnity delivered in any affidavit
given by the Company, Legacy Tenant, Legacy Mezzanine or the Fund Member on behalf of the Company, Legacy Tenant or Legacy Mezzanine
to the Title Insurer that is customarily given by a seller to induce the Title Insurer to issue a commitment
to issue an owner’s policy of title insurance insuring the fee simple title to the buyer free of Encumbrances other than
the Permitted Encumbrances, or any obligation assumed in any such affidavit, shall be a Project Cost allocable among the
Coach Unit and the Fund Member Units in accordance with the Cost Allocation Methodology and the applicable provisions of
the Development Agreement (and shall be subject to the Coach Costs Cap, except if such claim arose as provided in clause (B)
below) based on the nature of the underlying claim, unless caused by (A) Developer, the Fund Member or any of their respective
Affiliates, in which case any such cost or obligation shall be borne in its entirety by the Fund Member, or (B) the Coach Member
or any of its respective Affiliates, in which case any such cost or obligation shall be borne in its entirety by the Coach Member.
The foregoing allocation of costs shall not limit the obligations of the Company, Legacy Tenant or the Fund Member, on behalf of
the Company or Legacy Tenant, to deliver any such indemnity or affidavit in connection with the Closing, subject to the payment
by the Coach Member of such costs allocated to the Coach Member at Closing.

 

(ii)         The
Members acknowledge and agree that (A) on the date hereof the Fund Member has caused to be paid all New York State transfer taxes
imposed on the Leasehold Estate granted to Legacy Tenant pursuant to the Building C Lease, (B) New York City and New York State
transfer taxes may be payable at Closing in connection with the transfer of fee title to the Coach Unit to the Coach Member or
the Coach Designee based on the Option Price for the Coach Unit, subject to partial credit for a portion of the New York State
transfer taxes paid upon the execution of the Building C Lease, and (C) payments of Annual Base Rent under the Building C Lease
will be subject to New York City commercial rent tax. The Coach Member shall pay all New York City and New York State transfer
taxes payable at Closing in connection with the transfer of fee title to the Coach Unit to the Coach Member or the Coach Designee
(whether or not included in the Coach Total Development Costs), without giving effect to the amount of any credit received on account
of New York State transfer taxes paid with respect to the Leasehold Estate upon the execution of the Building C Lease, and the
Fund Member shall be responsible for all other transfer taxes imposed on the transactions contemplated herein and all commercial
rent tax imposed with respect to the Annual Base Rent payable under the Building C Lease. The Fund Member or the Coach Member may
elect to cause the Company to obtain a ruling from the relevant taxing authorities with regard to transfer taxes and to extend
the Closing in order to obtain such ruling, and each party will cooperate with the other and pay its allocable share of the costs
incurred by the Company in connection with efforts to obtain any such ruling.

 

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(iii)        At
the Closing, the Company and the Coach Member shall apportion real property taxes, water and sewer charges, utility deposits, and
payments under any Service Contracts with respect to the Coach Unit, all as shall be customary for transactions of this nature
as well as Common Charges for the Coach Unit, if any. The Fund Member and the Coach Member acknowledge and agree that such apportionments
shall be made in such a manner as to avoid duplication, so that the Coach Member will not be charged with costs both as part of
Coach Total Development Costs and as part of its Common Charges under the Condominium Declaration as the owner of the Coach Unit.

 

(iv)         Subject
to its obligations under clause (iii) above, the obligation of the Coach Member or the Coach Designee, as applicable, to
pay Common Charges under the Condominium Declaration will commence from and after the Closing Date.

 

(k)          Outside
Closing Date. Without limiting the provisions of this Agreement or the Development Agreement, if the Closing fails to occur
on or before the earlier to occur of (i) June 1, 2015, as such date shall be extended on a day-for-day basis by reason of Force
Majeure, Coach Change Delays extending beyond the Change Order Grace Period or Coach Work Delays, or (ii) the Substantial Completion
Date (such date, the “Outside Closing Date”), as a result of the failure of any of the conditions
set forth in Section 3.8(a) of this Agreement (the “Coach Closing Conditions”) to be satisfied on or
prior to the Outside Closing Date, then (A) if such failure shall result from any act of or failure to act in accordance
with the terms of this Agreement or the Development Agreement by the Fund Member or Developer, as applicable, the Coach Member
shall have the right (but not the obligation) to seek and obtain equitable relief by way of injunction or compel specific performance
to cause the Fund Member and the Company to take any and all actions that may be necessary to effectuate the Closing; (B) the Coach
Member shall have the right (but not the obligation) to take any actions and incur any expenses (including, without limitation,
the expenditure of additional monies and the performance of overtime work) which the Coach Member in good faith believes may mitigate
any delay in the Coach Member’s performance of the Coach Finish Work or the ability of the Coach Member to commence
occupying the Coach Unit for the normal conduct of business in the ordinary course resulting from or arising out of the
failure of the Closing to occur on or prior to the Outside Closing Date, and the Fund Member shall reimburse, or cause Developer
to reimburse, without duplication of any amounts paid by Developer pursuant to Section 9.03 of the Development Agreement, the Coach
Member for any and all costs so incurred by the Coach Member within ten (10) Business Days of the Coach Member’s demand therefor,
and (C) the Fund Member shall pay, or cause Developer to pay, without duplication of any amounts paid by Developer pursuant
to Sections 8.02(d), 9.03 or 13.01(c) of the Development Agreement, all Coach Holdover Costs, and any
other actual losses, damages, costs or expenses incurred by the Coach Member resulting from the
Coach Member’s inability to complete timely the Coach Finish Work and occupy timely the Coach Unit as a result of
such failure of the Closing to occur on or prior to the Outside Closing Date, such payment to be due
as and when such costs are incurred and within ten (10) days after demand by the Coach
Member (the amounts payable pursuant to clauses (B) and (C) above, collectively,
the “Outside Date Amount”).  Any dispute regarding whether (x) the Coach Member’s
mitigation efforts were made in good faith or (y) the incurrence by the Coach Member of mitigation costs (but not the amount thereof)
in connection therewith was reasonable giving due regard to the nature of the delay in question shall in each case be submitted
to Arbitration pursuant to the provisions of Section 3.10. The obligation of the Fund Member
to pay the Outside Date Amount is guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford
Guaranty. The obligation of the Fund Member to pay the Outside Date Amount, if any, pursuant
to this Section 3.8(k) shall survive the Closing and the withdrawal of the Coach Member from the Company.

 

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(l)          If
the Fund Member or Developer shall fail to pay any expense that is required to be paid by such party under this Agreement or the
Development Agreement, as applicable, in connection with the Closing, including, but not limited to, the cost to remove any Title
Defect or to satisfy any Material Litigation, the Coach Member shall have the right to pay any such expense and the amount of such
expense shall be credited toward Coach Total Development Costs or shall be reimbursed to the Coach Member by the Fund Member or
Developer, as applicable, and the obligation to reimburse the Coach Member for such expenses is guaranteed by the Related/Oxford
Guarantor subject to and in accordance with the Related/Oxford Guaranty. The provisions of this Section 3.8(l) and the obligations
of the Fund Member hereunder shall survive the Closing and the withdrawal of the Coach Member from the Company.

 

3.9.         Covenants;
Cooperation.

 

(a)          The
Fund Member hereby covenants and agrees to satisfy or cause to be satisfied, on or prior to the Closing Date, all conditions to
Closing set forth in Section 3.8(a) except for (i) the condition set forth in clause (ii)(B) of Section 3.8(a),
and (ii) subject to the obligations of the Fund Member under clauses (i) and (j) of Section 3.8(a), the payment
of any costs for any Title Insurance Commitment provided to the Coach Member set forth in clause (viii) of Section 3.8(a)
or any policy issued to the Coach Member or the Coach Designee pursuant thereto or to the Coach Lender or any assignee of the Coach
Severed Mortgage Loan or Coach Severed Mezzanine Loan. The Coach Member hereby covenants and agrees to satisfy on or prior to the
Closing Date all conditions to Closing set forth in Section 3.8(b) and agrees to cooperate and to cause the Coach Lender
to reasonably cooperate with the Fund Member, Legacy Tenant, Legacy Mezzanine, the Company and the Third Party Lender, as applicable,
in connection with the satisfaction of the conditions to Closing set forth in clauses (v), (vi), (vii), (ix),
(xiv), (xv), (xvii) and (xviii) of Section 3.8(a), but such agreement to cooperate shall not
limit the obligation of the Fund Member to cause such conditions to be satisfied. The Members agree that any dispute with respect
to the satisfaction of any condition to Closing or any other failure of the Closing to occur in accordance with this Agreement
shall be submitted to Arbitration in accordance with the terms of Section 3.10.

 

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(b)          Following
the distribution to the Coach Member or the Coach Designee of the Coach Unit at Closing, the Fund Member and the Coach Member shall,
and shall cause their respective contractors, construction managers, agents and other Consultants, to coordinate their ongoing
construction efforts and to cooperate in all reasonable respects with respect thereto, including making hoists available in accordance
with the Site Logistics Plan and permitting access to shared elements of the Building at reasonable times.

 

(c)          The
Fund Member hereby covenants and agrees, on behalf of itself and its Affiliates, (i) that the ERY will not contain more than 6,270,000
zoning square feet of Floor Area (as such term is defined in and construed pursuant to the Zoning Resolution
of the City of New York, effective as of December 15, 1961, as amended from time to time), with the various buildings and
other structures and open space to be located thereon substantially in the locations designated on the Severed Parcel Plan attached
hereto as Exhibit O-1, without the Coach Member’s reasonable approval, and (ii) that from and after Substantial Completion,
the Cultural Facility pad and the Building D pad identified on Exhibit O-2 attached hereto will be subject to the temporary
aesthetic treatment shown on Exhibit O-2 until the commencement of construction thereon (including any required pre-construction
work, without any material lag between pre-construction and commencement of construction).

 

(d)          The
Coach Member hereby covenants and agrees to pay or remove by bonding or otherwise any Violations, mechanics’ or materialmens’
liens filed of record against the Property by any contractor or subcontractor or other service provider retained by or on behalf
of Coach Member in connection with the performance of any Coach Finish Work.

 

(e)          The
Fund Member covenants and agrees that (i) it shall not lease or cause Legacy Tenant to lease (or otherwise permit the occupancy
of) any space in the Additional Office Units to any Office Unit Competitors or any space in the Retail Unit to any Retail Premises
Competitors, and (ii) all tenants of the Retail Unit (including any supermarket) shall satisfy a “first class” standard
comparable to the standard of the retail tenants (including Whole Foods) at Time Warner Center on the date hereof. The Coach Member
shall have the right to update the list of Office Unit Competitors set forth on Exhibit B hereto and the list of Retail
Premises Competitors set forth on Exhibit G hereto by notice to the Fund Member once during each three (3) year period following
the date hereof, on a go-forward basis, with each list containing not more than fifteen (15) named competitors at any one time,
and both lists containing not more than twenty-one (21) named competitors in the aggregate; it being agreed that (A) any update
of the list of Office Unit Competitors or Retail Premises Competitors will not apply to (1) any prospective tenant with whom the
Company, Legacy Tenant or the Fund Member is in active negotiation at the time of such update or (2) any then-existing tenants
of, as applicable, the Additional Office Units or the Retail Unit, and (B) any update of the list of Office Unit Competitors or
Retail Premises Competitors will include only retailers comparable in reputation to the Coach Member or to the competitors set
forth on Exhibit B or Exhibit G, as applicable, attached hereto). The Fund Member and the Coach Member
shall consult in good faith to resolve any dispute with respect to whether a particular retail tenant of the Retail Unit satisfies
the “first class” standard described above within ten (10) Business Days of receipt by the Fund Member of notice from
the Coach Member of its objection to any proposed retail tenant of the Retail Unit (it being agreed that a tenant that operates
one or more supermarkets that are fixtured and maintained in a manner that is consistent in all material respects with the first
class standard of Whole Foods at Time Warner Center on the date hereof shall be deemed to satisfy such standard). If they cannot
resolve a dispute with respect to such retail tenant within such ten (10) Business Day period, the dispute shall be submitted to
Arbitration pursuant to the provisions of Section 3.10 below.

 

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(f)          The
provisions of this Section 3.9 shall survive the Closing, the termination of this Agreement and/or the redemption or withdrawal
of the Coach Member from the Company.

 

3.10.        Arbitration.

 

(a)          If
a dispute arises that the Members are unable to resolve and for which this Agreement provides resolution by Arbitration or pursuant
to the provisions of this Section 3.10, then, in any such case, the Coach Member or the Fund Member shall present the dispute
to the arbiters identified in Exhibit P attached hereto (each, an “Arbiter”), who are listed in the order
of priority (i.e., the second individual serves only if the first is not available and the third individual serves only
if the first and second are not available) and who will resolve the dispute as provided in this Section 3.10. If one from
among the panel of Arbiters resigns or becomes unable to serve hereunder, a successor individual shall be selected by the parties
hereto. Except during the pendency of an arbitration proceeding pursuant to the procedures contained herein, either party may,
by written notice to the other, disqualify any of the Arbiters for reasonable cause and propose additional arbitrators to be Arbiters
to be agreed upon by the parties hereto.

 

(b)          A
party (“Disputing Party”) may submit a request for resolution of a dispute (a “Dispute”)
pursuant to the provisions of this Agreement by giving a written notice to of the Dispute (a “Dispute Notice”)
to the other party to the Dispute (the “Other Disputing Party”) and to the Arbiter, which Dispute Notice shall
identify the provision of the Agreement at issue and shall specify in reasonable detail: (i) the nature of the dispute and the
interpretation or decision requested; (ii) the party’s proposal to resolve the dispute; and (iii) a written explanation of
its position, together with any materials that it deems relevant for such purpose.

 

(c)          Within
five (5) Business Days after receiving the Dispute Notice, the Other Disputing Party to the Dispute shall have the right to deliver
to the Arbiter, with a copy to the Disputing Party, its written statement setting forth (i) its position in reasonable detail with
respect to the matters in Dispute, (ii) its proposal to resolve the dispute, and (iii) a written explanation of its position, together
with any materials that it deems relevant for such purpose. The Arbiter shall coordinate among the Disputing Party and the Other
Disputing Party in order to arrange for a time or time(s) to meet and present positions within the time deadlines as provided below.
The Disputing Party and the Other Disputing Party shall each make themselves available during such time deadlines and if no mutually
convenient time is agreed upon, each party shall be available during business hours on the last Business Day of such time deadline.

 

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(d)          The
Disputing Party and Other Disputing Party shall each be entitled to present additional evidence and arguments to the Arbiter (in
addition to the initial written statements described above) in accordance with procedures, if any, determined by the Arbiter, which
procedures shall be implemented by the Arbiter so as to cause the time deadlines set forth below to be met. All evidence and arguments
must be presented to the Arbiter within five (5) Business Days after the expiration of the five (5) Business Day period described
in Section 3.10(c) above. The Arbiter shall in all events render its decision by the later of (i) ten (10) Business Days
after receipt of the second initial statements of the Other Disputing Party pursuant to Section 3.10(c) above or (y) seven
(7) Business Days after all evidence and arguments have been presented under this Section 3.10(d). The Arbiter shall issue
a single written decision stating, in reasonable detail, the basis for its decision. The Arbiter shall allocate the costs of the
Dispute (including the costs of the arbitration, any expert witnesses and reasonable attorney’s fees) between the Disputing
Parties as it deems appropriate and shall set forth such cost allocation in its decision. Although the Arbiter cannot vary the
terms of this Agreement, the decision of the Arbiter need not accept, in its entirety, the position(s), or the specific cost allocations,
advanced by any one Disputing Party. The Arbiter’s decision shall be conclusive and binding on all Parties to the Dispute
and shall be confirmable in a court of competent jurisdiction.

 

(e)          The
Company shall not cause or permit Developer to stop the design or construction of the Building during the pendency of any dispute,
except for any aspects of the work at issue in the dispute if any work performed might have to be changed depending on the resolution
of the Arbitration.

 

(f)          Proceedings
before or involving dispute resolution under this Section 3.10 in and of themselves shall not constitute events of Force
Majeure.

 

(g)          No
dispute or matter arising under this Agreement shall be subject to resolution under this Section 3.10 unless this Agreement
provides for such dispute or matter to be resolved by Arbitration under this Section 3.10.

 

(h)          The
decision of the Arbiters with respect to the allocation of fees incurred in any Arbitration shall be final and binding on all parties
to the Arbitration.

 

(i)          The
provisions of this Section 3.10 shall survive the Closing and the withdrawal of the Coach Member from the Company.

 

3.11.        Municipal
Incentives.

 

(a)          The
Members acknowledge that Legacy Tenant has entered into the IDA Documents, and that the Building is intended to be designed and
constructed in accordance with the terms thereof in order for Legacy Tenant to receive benefits under UTEP. The Members further
acknowledge and agree that Legacy Tenant is required to pay PILOT to the IDA or the HYIC pursuant the Agency Lease Agreement and
during any period in which the Agency Lease Agreement is not in effect, to the MTA pursuant to Section 4.11 of the Building C Lease,
and that all such PILOT payments shall be a Project Cost and allocated to the Members in accordance with the terms of the Cost
Allocation Methodology. The Members further acknowledge and agree that, during the term of the Construction Loan, PILOT payments
will be funded to a reserve held by the Mortgage Loan Agent or Mezzanine Loan Agent for payment of PILOT to the IDA or HYIC, or
to the MTA, as applicable, in accordance with the terms of the IDA Documents, pursuant to the terms of the Loan Documents.

 

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(b)          Relief
from sales and use tax has been obtained from the City of New York with respect to the improvements to be constructed on the Land
as evidenced by the PILOST Agreement executed by Legacy Tenant the date hereof pursuant to Section 4.11 of the Building C Lease,
and that certain Letter executed by the MTA on July 24, 2012. The Members acknowledge and agree that Legacy Tenant is required
to pay PILOST to the MTA pursuant to the PILOST Agreement, and that all such PILOST payments shall be a Project Cost and allocated
to the Members in accordance with the terms of the Cost Allocation Methodology. The Members further acknowledge and agree that,
during the term of the Construction Loan, PILOST payments will be funded to a reserve held by the Mortgage Loan Agent or Mezzanine
Loan Agent for payment of PILOST to the MTA in accordance with the terms of the PILOST Agreement, pursuant to the terms of the
Loan Documents.

 

ARTICLE
4

CAPITALIZATION OF THE COMPANY

 

4.1.         Initial
Capital Contributions. As of the date hereof, each Member has made the Capital Contribution specified on Schedule 2
attached hereto as such Member’s “Initial Capital Contribution” (such Capital Contribution made by each Member
being referred to in this Agreement as such Member’s “Initial Capital Contribution”). 

 

4.2.         Additional
Capital Contributions. The Members shall make Additional Capital Contributions as follows:

 

(a)          On
and after the date hereof, as and when required pursuant and subject to the terms of the Development Agreement or this Agreement
(including, without limitation, the Coach Costs Cap and any amounts that are the responsibility of Developer under the Development
Agreement), the Coach Member shall fund equity, or shall cause the Coach Lender to fund the proceeds of the Coach Unit Loan, for
the payment of the Coach Total Development Costs and any other amounts required to be paid by the Coach Member pursuant to this
Agreement or the Development Agreement (taking into account any and all amounts previously funded by the Coach Member or Coach
Lender, including a portion of the Coach Member’s Initial Capital Contribution as set forth in Section 4.1). Without
limiting the foregoing, the obligations of the Coach Member described in this Section 4.2(a) shall not be conditioned upon
or contingent upon the funding of any portion of the Coach Unit Loan. The obligations of the Coach Member under this Section
4.2(a) are guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty.

 

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(b)          From
and after the date hereof, as and when required pursuant and subject to the terms of this Agreement, the Fund Member shall fund
with equity or the proceeds of the Third Party Loan: (i) all Project Costs of any type or nature which are not otherwise properly
included in the Coach Total Development Costs (or which would otherwise properly be included in Coach Total Development Costs but
which would cause the Coach Total Development Costs to exceed the Coach Costs Cap) or other amounts which are not otherwise payable
by the Coach Member hereunder or under the Development Agreement or which are the responsibility of the Fund Member under this
Agreement; (ii) any additional equity that may be required to be funded by the Company or the Fund Member under the Loan Documents
(including in respect of cost overruns and any Completion Deposits required to keep the Construction Loan in balance except and
to the extent such cost overruns or Completion Deposits are required to be paid in whole or in part by the Coach Member pursuant
to the terms of the Development Agreement); and (iii) except to the extent included in Coach Fixed Land Cost and Coach’s
Member’s Allocable Share of transfer taxes required to be paid by the Coach Member pursuant to this Agreement, (A) all costs
associated with acquiring fee title to the Coach Unit from the MTA in order to effectuate the Closing, including, without
limitation, any deposits payable to the MTA and, if applicable, any contributions required to be made
to the LIRR Work Fund, (B) all rental and other amounts that may be payable under the Building C Lease (including,
if applicable, any rental in respect of Estimated ERY Roof Costs or the LIRR Work Cost Allocable Share or the Guaranteed Default
Payments), and (C) all costs of constructing the Podium. The obligations of the Fund Member under this Section 4.2(b)
are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty, and neither
the Coach Contingency nor any portion of the Coach Unit Loan may be used to pay any such amounts and costs. Without limiting
the foregoing, payment of all of the foregoing costs and amounts (whether by the Fund Member or the Related/Oxford Guarantor) shall
not be conditioned upon or contingent upon the funding of any portion of the Third Party Loan.

 

(c)          To
the extent not funded on behalf of the Coach Member from the proceeds of the Coach Unit Loan or the Fund Member from the proceeds
of the Third Party Loan pursuant to a Draw Request submitted to the Mortgage Loan Agent and Mortgage Lender in accordance with
the Mortgage Loan Documents or to the Mezzanine Loan Agent and Mezzanine Lender in accordance with the Mezzanine Loan Documents,
the Fund Member may call for additional capital to be contributed to the Company by a Member or the Members for the payment of
amounts required to be funded and paid by such Member pursuant to this Section 4.2 by delivering or causing Developer or
the Replacement Developer, as applicable, to deliver to such Member or the Members a Draw Request setting forth the amount allocated
to each Member; provided, however, that the Coach Member shall pay or cause to be paid directly to Developer the
amount of the Development Fee then due and payable by the Coach Member to Developer, if any, as provided in the Development Agreement.
In the event that each or any Member is required to contribute capital to the Company for the payment of any amount required to
be funded and paid by such Member pursuant to this Section 4.2 and with respect to which Developer or the Replacement Developer,
as applicable, is not required to prepare or submit a Draw Request pursuant to the terms of the Development Agreement or the replacement
development agreement entered into with the Replacement Developer, as applicable, then either Member may call for such capital
to be contributed by the Members or such Member to the Company by delivering to each Member a written request for such contribution,
setting forth the amount to be contributed by each Member or such Member (a “Capital Call Notice”). Each Member
shall contribute to the Company within ten (10) days of its receipt of a Draw Request or a Capital Call Notice the amount set forth
in such Draw Request or Capital Call Notice to be contributed by such Member. Each contribution made by a Member pursuant to this
Section 4.2 is referred to herein as an “Additional Capital Contribution” and all of the contributions
made by a Member pursuant this Section 4.2 are sometimes collectively referred to as the “Additional Capital
Contributions” of such Member.

 

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(d)          Notwithstanding
anything to the contrary contained in this Agreement, the Members acknowledge and agree that the Construction Loan will be funded
by the Third Party Lender and the Coach Lender in accordance with their fixed pro rata percentages pursuant to the
terms of the Loan Documents, and further acknowledge and agree that if as a result of the funding of Project Costs through the
Construction Loan in the manner described above, the Coach Unit Loan has funded as of last day of the Construction Loan Funding
Phase either more or less Coach Total Development Costs than would have been funded had the relative funding of advances of the
Coach Unit Loan and the Third Party Loan been made in accordance with the provisions of Section 10.01(h)(i) of the Development
Agreement, then concurrently with the funding by the Coach Member and the Fund Member of the first monthly Draw Request to be funded
with Additional Capital Contributions, the following shall apply: (i) in the case of an overfunding of the Coach Unit Loan, the
Fund Member to pay to the Coach Member the amount of such overfunding, or (ii) in the case of an underfunding of the Coach Unit
Loan, the Coach Member shall pay to the Fund Member the amount of such underfunding, in either case in accordance with the provisions
of Section 10.01(h)(ii) of the Development Agreement.

 

(e)          In
the event that the Development Agreement and Development Management Agreement are terminated and Developer is replaced by a Replacement
Developer pursuant to Section 7.6 hereof, (i) the Coach Member shall or shall cause the Replacement Developer to prepare
and submit to the Fund Member each Draw Request (including a copy of all supporting documentation to be submitted with such Draw
Request to the Construction Lender), prior to the submission of such Draw Request to the Construction Lender, and (ii) the Fund
Member shall have the right to review and dispute all or any portion of each Draw Request in accordance with the provisions of
Section 4.02(b) of the Development Agreement, which for the purposes of this Section 4.2 are hereby incorporated herein
as if fully set forth herein and all references therein to Developer, the Coach Member and Coach Total Development Costs shall
instead refer to the Replacement Developer, the Fund Member and all Project Costs allocated to the Fund Member in accordance with
the terms of this Agreement and the Development Agreement, respectively; it being acknowledged and agreed, however, that in no
event shall any dispute with respect to any Draw Request prevent or delay the submission of such Draw Request to the Construction
Lender or the Members, as applicable, for funding, or reduce the amount of any Draw Request so submitted.

 

4.3.         Failed
Capital Contributions and Remedies.

 

(a)          If
any Member (the “Non-Contributing Member”) fails to timely make any Additional Capital Contribution (or any
portion thereof) required pursuant to Section 4.2 (such amount is hereinafter referred to as the “Failed Contribution”)
and the other Member has funded all Additional Capital Contributions which it is required to fund as of such date, if any, then
such Member, its Indirect Owners or their Affiliates (the “Contributing Member”) may, at its election, fund
all of the Failed Contribution as a Member Loan in accordance with Section 4.3(b).

 

(b)          Any
Failed Contribution made by the Contributing Member shall be a loan to the Non-Contributing Member (a “Member Loan”),
which Member Loan shall be repaid from Cash Flow From the Building and/or Cash Flow From a Unit, as the case may be, otherwise
distributable to the applicable Non-Contributing Member and shall bear interest at a per annum fixed rate equal to the Member Loan
Interest Rate. Any Cash Flow From the Building and/or Cash Flow From a Unit, as applicable, or proceeds of liquidation used to
repay any Member Loan as provided above shall be applied first to interest and then to the principal amount of such Member Loan.
If any Member has made a Member Loan which has not been repaid prior to Closing, such Member Loan shall be paid in full by the
Non-Contributing Member to the Contributing Member at Closing.

 

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(c)          Without
limiting any of the other rights and remedies of any Member pursuant to this Agreement, but subject to the provisions of this Section
4.3(c), the Fund Member hereby grants and pledges to the Coach Member, as secured party, a security interest in the Fund Member’s
Membership Interest to secure its obligation to repay any Member Loans made by the Coach Member to the Fund Member in accordance
with the provisions of this Section 4.3, and shall prepare and execute any documents, instruments and agreements, and such
financing, continuation statements, and other instruments and documents as may be necessary to perfect, continue and enforce such
security interest in favor of the Coach Member. The Coach Member acknowledges and agrees that: (i) it shall have no right to enforce
or foreclose upon any such security interest unless and until (A) the Fund Member shall have failed to make any Additional Capital
Contribution or Additional Capital Contributions required under Section 4.2(b) that individually or in the aggregate outstanding
exceed $20,000,000, (B) the Coach Member shall have made a Member Loan or Member Loans to the Fund Member on account of such Failed
Contribution(s), (C) if timely disputed by the Fund Member, the amount of each such Failed Contribution has
been finally determined by the Arbiters pursuant to Section 3.10, and (D) the Fund Member or the Related/Oxford Guarantor
fails to fully repay such Member Loan(s), including all accrued interest thereon, to the Coach Member within thirty (30) days after
the later to occur of the date that (x) any such Member Loan or the Member Loan causing the aggregate principal amount of all such
Members Loans outstanding to exceed $20,000,000 is made by the Coach Member, and (y) the determination referred to in clause
(C) above has been made with respect to the Failed Contribution or Failed Contributions with respect to which such Member Loan
or Members Loans were made by the Coach Member; and (ii) the enforcement of any security interest in the Fund Member’s Membership
Interest shall be subject to and comply in all respects with the applicable the Project Documents (unless such compliance is waived
by the MTA or applicable party or parties thereto) and the Loan Documents (unless such compliance is waived by or on behalf of
the Third Party Lender).

 

(d)          Notwithstanding
anything to the contrary set forth in this Agreement, in the event that the Coach Member shall fail to make any Additional Capital
Contribution required under Section 4.2(b), one or more members of the Podium Fund JV shall have the right, but not the
obligation, to make Member Loan(s) directly to the Coach Member on account of such Failed Contribution(s) in accordance with the
terms of this Section 4.3, any such Member Loan shall be treated for all purposes of this Agreement as if the same had been
a Member Loan made directly by the Fund Member to the Coach Member.

 

4.4.        Capital
Accounts.

 

(a)          The
Company shall maintain for each Member a separate capital account in accordance with the rules applicable to partnerships in Treasury
Regulations Section 1.704-1(b)(2)(iv) (a “Capital Account”).

 

(b)          In
the event any Membership Interest is transferred in accordance with the terms of this Agreement, the transferee shall succeed to
the Capital Account of the transferor to the extent it relates to the transferred Membership Interest.

 

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(c)          Capital
Accounts may be revalued as permitted in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(f).

 

4.5.         Capital
Withdrawal Rights, Interest and Priority. Except as expressly provided in this Agreement, no Member shall be entitled to withdraw
or reduce such Member’s Capital Account. A Member who withdraws or purports to withdraw as a Member of the Company without
the consent of the other Member or as otherwise allowed by this Agreement (including, without limitation, as allowed pursuant to
Section 3.8 hereof with respect to the Coach Member) shall be liable to the Company for any damages suffered by the Company
on account of the breach and shall not be entitled to receive any payment of its Membership Interest or a return of its Capital
Contribution until the time otherwise provided herein for distributions to Members.

 

4.6.         Pledge
of Interests; Fund Member Guaranties. The Members acknowledge and agree that (a) the Company shall cause Legacy Mezzanine to
pledge and grant a security interest in 100% of its membership interest in Legacy Tenant to the Mezzanine Loan Agent for the benefit
of the Mezzanine Lender as security for the Mezzanine Loan, (b) the Fund Member shall cause each Fund Member Guarantor to execute
and deliver its Fund Member Guaranty for the benefit of the Third Party Lender with respect to the equity capital commitment made
by each member of the Podium Fund JV (each a “Fund Member Equity Commitment” and collectively, the “Fund
Member Equity Commitments”) for the Additional Capital Contributions to be made by the Fund Member to the Company as
and when required pursuant to the terms of this Agreement, and (c) the Coach Member shall cause Coach Guarantor to execute and
deliver the Coach Funding Guaranty for the benefit of the Third Party Lender for the Additional Capital Contributions to be made
by the Coach Member to the Company as and when required pursuant to the terms of this Agreement.

 

ARTICLE
5

PROFITS AND LOSSES

 

5.1.         Allocation
of Profits and Losses.

 

(a)          Profits,
Losses and items thereof shall be allocated, consistent with Section 1.8, as follows:

 

(i)          100%
to the Coach Member if such item is attributable to the Company’s ownership and/or development of the Coach Unit (and the
Leasehold Estate with respect thereto), and

 

(ii)         100%
to the Fund Member if such item is attributable to the Company’s ownership and/or development of the Fund Member Units (and
the Leasehold Estate with respect thereto).

 

For purposes of making
the allocations provided in this Section 5.1(a), the Members, collectively, shall determine, in a manner which reasonably
reflects the intention of the parties and this Agreement, the portion of each particular item of income, gain, loss or deduction
properly attributable to the Fund Member Units (and the Leasehold Estate with respect thereto) or the Coach Unit (and the Leasehold
Estate with respect thereto).

 

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(b)          Liabilities
shall be allocated as follows:

 

(i)          The
Coach Unit Loan and all deductions attributable thereto shall be allocated to the Coach Unit Member.

 

(ii)         The
Third Party Loan and all deductions attributable thereto shall be allocated to the Fund Member.

 

(iii)        Any
remaining liabilities shall be allocated in proportion to each Member’s Percentage Interest.

 

(c)          Nonrecourse
Deductions, if any, for any Fiscal Year and any “excess nonrecourse liabilities” of the Company within the meaning
of Treasury Regulations Section 1.752-3(a)(3) shall be specially allocated among the Members in a manner consistent with the allocation
of liabilities provided in Section 5.1(b). Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated
to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse
Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1).

 

(d)          The
parties hereto agree that, notwithstanding anything herein to the contrary, including, without limitation, in the definition of
Gross Asset Value, (i) the Gross Asset Values of the assets of the Company (or Gross Asset Value of any subset thereof) shall not
be revalued by the Company, and (ii) no Profits, Losses or any items thereof shall be realized by the Company, in each case by
reason of or in connection with the transfer or distribution (or deemed transfer or deemed distribution) of any Unit (including
any Leasehold Estate with respect thereto) to any Member (including, for the avoidance of doubt, the transfer or distribution (or
deemed transfer or deemed distribution) of the Coach Unit (and any Leasehold Estate with respect thereto) to the Coach Member or
the Coach Designee).

 

(e)          Tax
Allocations.

 

(i)          For
federal, state and local income tax purposes, each item of income, gain, loss, deduction and credit of the Company shall be allocated
among the Members as nearly as possible in the same manner as the corresponding item of income, gain, loss or expense is allocated
pursuant to Section 5.1(a), Section 5.1(b), Section 5.1(c) and Section 5.1(d).

 

(ii)         In
accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property
contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account
of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross
Asset Value.

 

(iii)        In
the event the Gross Asset Value of any Company asset is adjusted pursuant to the definition of such term, subsequent allocations
of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis
of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the
Regulations thereunder.

 

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(iv)         Any
elections or other decisions relating to such allocations shall be made by the Members in any manner that reasonably reflects the
purpose and intention of this Agreement. Allocations pursuant to this Section 5.1(e) are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account
or share of Profits, Losses, other items, or distributions pursuant to any provisions of this Agreement.

 

(f)          The
provisions set forth in this Article 5 governing Company allocations are intended to comply with the requirements of Code
Sections 704(b) and 704(c) and the Regulations that have been or may be promulgated thereunder, consistent with Section 1.8,
and shall be interpreted and applied in a manner consistent therewith. If, in the reasonable opinion of the Members, the allocations
of income, gain, loss and/or expense provided for herein do not comply with the preceding sentence, then, notwithstanding anything
to the contrary contained in this Agreement, such allocations shall be modified in such manner as the Members, collectively, reasonably
determine is necessary to satisfy the relevant provisions of the Code and/or Treasury Regulations so
as to carry out the intention expressed in Section 1.8 that each Member shall be treated as the beneficial owner of its
respective Unit or Units (and the Leasehold Estate with respect thereto).

 

ARTICLE
6 

DISTRIBUTION OF CASH; INSURANCE PROCEEDS

AND CONDEMNATION AWARDS

 

6.1.         Distribution
of Cash.

 

(a)          Subject
to Section 4.3, each Member shall be entitled to receive and keep one hundred percent (100%) of the Cash Flow From a Unit
attributable to the Unit that such Member has a beneficial ownership interest in (or the portion of the Project to become such
Unit, including, for the avoidance of doubt, the Leasehold Estate with respect to such Unit). In the event the Company realizes
any Cash Flow From a Unit, it shall remit such Cash Flow From a Unit to the Member having a beneficial ownership interest in or
ownership of such Unit promptly upon receipt of same (in each case subject to the provisions of Section 4.3). In the event
the Company realizes any Cash Flow From the Building (e.g., advertising on the sidewalk bridge or similar elements during
construction), it shall (i) first allocate such revenues among the Units in accordance with the Percentage Interest of the Members
in the Company, and (ii) then apply the portion of such revenues so allocated among the Units in accordance with each Member’s
applicable Allocable Share to the respective Project Costs of each Member (i.e., with respect to the Coach Member, such
revenues shall be applied towards Coach Total Development Costs subject to and in accordance with the provisions of the Development
Agreement, and with respect to the Fund Member, such revenues shall be applied towards other Project Costs).

 

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(b)          In
the event that, to the extent permitted under the Loan Documents and the Project Documents, both Members unanimously approve a
sale by Legacy Tenant of the Coach Unit or subject to the provisions of Section 7.2(b)(xvii) and Section 7.8, the
Fund Member, in its sole discretion, determines to sell any Fund Member Unit, then (i) all net cash proceeds realized in connection
with the sale of any of the Fund Member Units, after payment of all closing costs, transfer taxes, and broker’s and finder’s
fees incurred in connection with the sale of such Fund Member Unit, any applicable release price with respect to such Fund Member
Unit under the Third Party Loan, and any amounts then due hereunder or under the Development Agreement to the Coach Member (including
any Member Loans), shall be paid to the Fund Member, and (ii) all net cash proceeds realized in connection with the sale of the
Coach Unit, after payment of all closing costs, transfer taxes, and broker’s and finder’s fees incurred in connection
with the sale of the Coach Unit, any amounts then due hereunder to the Fund Member (including any Member Loans), plus any unpaid
Coach Total Development Costs and other amounts then due and payable under the Development Agreement, and the Coach Unit Loan shall
be paid to the Coach Member.

 

(c)          In
the event that, to the extent permitted under the Loan Documents and the Project Documents, both Members unanimously approve the
sale by Legacy Tenant of the entire Building or the Property (or an assignment of the Building C Lease), all net sales proceeds
realized in connection with such sale, after payment of all closing costs, transfer taxes, and broker’s and finder’s
fees incurred in connection therewith and payment in full of the Construction Loan, shall, subject to the provisions of Section
4.3, be applied and distributed, to the Members pari passu, in accordance with their respective Percentage Interest;
it being acknowledged that the distribution of payments on and of a Member Loan shall be deemed to have been paid to the borrower
thereunder and not to the Member receiving such payments.

 

(d)          To
the extent that all of the Units will be conveyed on the Closing Date or thereafter such that all of Legacy Tenant’s assets
shall have been distributed or conveyed, as the case may be, the Fund Member shall or shall cause Legacy Tenant and the Company
to continue, even after all the Units have been distributed to the Members or other Persons, to (i) perform all remaining obligations
of the Fund Member and the Company hereunder or the remaining obligations of Legacy Tenant with respect to the development and
construction of the Project, and (ii) requisition remaining monies under the Third Party Loan and from the Coach Member to the
extent payable by the Coach Member pursuant to the express provisions of this Agreement, including, without limitation, pursuant
to Section 3.8(h) hereof, or the Development Agreement (subject, in the case of Coach Total Development Costs, to the Coach
Costs Cap). The provisions of this Section 6.1(d) shall survive the Closing and the withdrawal of the Coach Member from
the Company.

 

(e)          Notwithstanding
anything to the contrary contained herein, if (i) the Building, Property or the interest of Legacy Yards under the Building C Lease
shall be sold or assigned in connection with a foreclosure or other enforcement action by the Mortgage Loan agent or any Mortgage
Lender following the occurrence of an event of default under the Mortgage Loan Documents or (ii) the interests of the Company in
Legacy Tenant shall be sold or assigned in connection with a foreclosure or other enforcement action by the Mezzanine Loan Agent
or any Mezzanine Lender following the occurrence of an event of default under the Mezzanine Loan Documents (a “Foreclosure
Sale”), and in the case of clause (i) or clause (ii) such event of default is caused by any act or omission
by a Member or any of its Affiliates (the “Breaching Member”), then any excess proceeds after payment of all
amounts due in respect of the Mortgage Loan or the Mezzanine Loan, as applicable, that may be payable to Legacy Tenant, Legacy
Mezzanine or the Company in connection with such event of default and Foreclosure Sale shall be distributed (A) first, to the Member
which is not the Breaching Member in the amount of its previously unreturned Capital Contributions, together with interest thereon
at the rate of fifteen percent (15%) per annum, compounded quarterly, (B) second, to the Breaching Member in the amount of its
previously unreturned Capital Contributions together with interest thereon at the rate of fifteen percent (15%) per annum, compounded
quarterly, and (C) to the Members in accordance with their respective Percentage Interests.

 

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(f)          The
Members agree that the Fund Member Units may continue to be owned by Legacy Tenant after the Closing and the withdrawal of the
Coach Member from the Company. In such event, neither the Company nor any of its Subsidiaries shall be dissolved and the Fund Member
shall be the sole member of the Company and control all aspects of the Company and its Subsidiaries, including the performance
by the Company and its Subsidiaries of their respective obligations and the exercise by the Company and its Subsidiaries of their
respective rights, and continue to perform the Fund Member’s obligations and exercise its rights, under this Agreement, including,
without limitation, under Section 6.1(d) above. The preceding sentence shall not vitiate or reduce the Fund Member’s
or the Company’s rights or obligations under Section 6.1(d) above.

 

6.2.         Insurance
Proceeds and Condemnation Awards.

 

(a)          In
the event of a casualty or condemnation of the Building (or any portion thereof) prior to the Closing, the Fund Member shall cause
Legacy Yards, or Developer on behalf of Legacy Yards, to repair and restore any damage to the Building to the extent that such
damage affects any portion of the Building that constitutes or originally constituted Developer Work) and is capable of being repaired
and restored (or reconstructed), exclusive of any Finish Work (other than Developer Finish Work). Notwithstanding the foregoing,
if such casualty or condemnation constitutes a Major Event and/or if the insurance proceeds or condemnation award received by the
Company with respect to any casualty or condemnation are or is insufficient to fund in full the costs of such repair and restoration,
then the Members shall, subject to the terms of the Loan Documents and the Project Documents, either agree (in their respective
discretion) to sell the assets of the Company and, after paying all liabilities of the Company and its Subsidiaries, including,
without limitation, the Construction Loan, liquidate the Company in accordance with the provisions of Article 11 hereof
or, in the absence of such agreement, to make Capital Contributions or loans to fund the unfunded Project Costs of such repair
and restoration, which, in the case of the Coach Member, shall be subject to the terms and conditions of the Development Agreement
(including, without limitation, the Coach Costs Cap).

 

(b)          If,
prior to the date on which the Condominium Declaration is filed, the Company collects property insurance proceeds or condemnation
awards and, after the completion of all required restoration, all of such monies have not been applied to the repair or restoration
of the Building, then after paying any expenses of collecting the insurance and any amounts due with respect to the Construction
Loan, the Fund Member shall allocate the remaining insurance proceeds or condemnation award among the Members (and disburse the
proceeds or award to the Members) in proportion to the Member’s Percentage Interests; provided that, subject to the terms
of the Loan Documents, any such proceeds or award to the extent attributable to (i) the Coach Unit shall be allocated to the Coach
Member and the Coach Lender, and (ii) any Fund Member Unit shall be allocated to the Fund Member and the Third Party Lender.

 

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(c)          Following
the date on which the Condominium Declaration is filed, each Member shall collect insurance proceeds or condemnation awards as
set forth in (and shall be governed by the insurance, casualty and condemnation provisions of) the Condominium Declaration.

 

6.3.         Subject
to Loan Documents and Project Documents. The provisions of this Article 6 are subject to the terms of the Loan Documents
and the Project Documents.

 

ARTICLE
7

MANAGEMENT AND CONTROL

 

7.1.         Powers
of the Fund Member. Subject to the specific limitations set forth in Section 1.10, Section 7.2, Section 7.3,
Section 7.4, and Section 7.7 hereof, and as otherwise provided in this Agreement, the Fund Member shall have discretion
in the management and control of the business of the Company and its Subsidiaries, and will make decisions affecting the day-to-day
operation of the businesses of the Company and its Subsidiaries. Subject to the foregoing limitation, (a) the Fund Member will
have full power and authority to execute and deliver in the name of and on behalf of the Company or any Subsidiary the Loan Documents
and such other documents or instruments as the Fund Member reasonably deems appropriate for the conduct of the Company’s
business in accordance with the terms of this Agreement, the conduct of Legacy Yards’ business in accordance with the terms
of Tenant LLC Agreement, and the conduct of Legacy Mezzanine’s business in accordance with the terms of the Mezzanine LLC
Agreement, and (b) no Person dealing with the Company or any of its Subsidiaries will be required to inquire into the authority
of the Fund Member to take any action or make any decision. The Fund Member shall be required to devote to the conduct of the
operations of the Company and its Subsidiaries such time and attention as shall be necessary to accomplish the purposes, and to
conduct properly the operations, of the Company and its Subsidiaries.

 

7.2.         Restrictions
on Powers.

 

(a)          Subject
to the provisions of Section 7.7 and Section 7.8, if any matter requires (i) the unanimous consent or approval of
the Members pursuant to the terms of this Agreement, then neither Member shall have any right, power or authority to take any action
without the consent or approval of the other Member, and (ii) the consent or approval of the Coach Member pursuant to this Agreement,
then, notwithstanding any provision of Section 7.1 to the contrary, the Fund Member shall have no right, power or authority
to take any action without the consent or approval of the Coach Member. The Member desiring the Company to take any action requiring
unanimous consent or approval of the Members or the consent or approval of the other Member shall submit a proposal in writing
to the other Member.

 

(b)          Subject
to the provisions of Section 7.7 and Section 7.8, the taking of any of the following acts and the making of any of
the following decisions with respect to the Company or any Subsidiary (each, a “Major Decision”) shall require
the unanimous consent of the Members:

 

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(i)          amending,
modifying or supplementing the Plans or any construction documents to the extent such amendment, modification or supplement relates
to Developer Work or Coach Approval Areas or would otherwise affect any Coach Total Development Costs (it being understood that
the Forty-Seventh Floor Curtain Wall Adjustment shall be a permitted modification to the Plans
without the Coach Member’s consent) and that, regardless of the Coach Member’s approval rights, the balance of the
Building will be constructed in accordance with a first class standard and in accordance with the Plans);

 

(ii)         the
selection and any replacement of the Project Architect, the Executive Construction Manager, the Construction Manager, the Developer’s
Consultant(s) and any other principal project design professionals retained by or on behalf of the Company with respect to the
design, development and construction of the Developer Work and/or any other Coach Approval Areas, except to the extent expressly
permitted under the Development Agreement without the consent of the Coach Member (the Fund Member and the Coach Member hereby
agree that Kohn Pederson Fox Associates PC will be the initial Project Architect and approve the Existing Consultants/Contractors
(as defined in the Development Agreement)) as provided in Section 3.01 of the Development Agreement;

 

(iii)        subject
to the further terms and conditions of this Agreement, the Development Agreement and the Loan Documents, amending, modifying or
supplementing the Budget, the Cost Allocation Methodology or the Schedule, except to the extent expressly permitted under the Development
Agreement without the consent of the Coach Member;

 

(iv)         except
as expressly provided in the Development Agreement or this Agreement, any increase in, or change to, any capital commitment of
any Member;

 

(v)          any
dilution, decrease or reduction in any of any Member’s rights, entitlements and/or interests in and to the Company (in each
event, other than to a de minimis extent);

 

(vi)         the
Company acquiring any material assets, other than its direct or indirect interest in its Subsidiaries and the Property, or creating
or acquiring any Subsidiary other than the Subsidiaries existing on the date hereof;

 

(vii)        amending,
modifying or supplementing the Base Building Lighting, the Signage Plan or the Landscaping; it being acknowledged and agreed that
the Condominium Declaration shall govern and control all signage with respect to the Building from and after the recordation thereof;

 

(viii)       subject
to Section 3.9(e), the identity of the tenants for the Retail Unit;

 

(ix)         amending,
modifying, supplementing or terminating the Loan Documents in any manner that affects the Coach Unit Loan or the rights of the
Coach Lender thereunder, except as expressly provided herein or therein in connection with the Closing and the release of the Coach
Unit or the severance of the Mortgage Loan and the Mezzanine Loan in accordance with the terms of this Agreement and the applicable
Loan Documents; or, except as otherwise provided in Section 7.8, extending or renewing the term of the Construction Loan
or any Loan Documents; or, to the extent that the Company has any approval or consent rights under the Loan Documents with respect
thereto, amending, modifying or supplementing, or granting any approvals or consents with respect to, any Coach Matters of CL Concern;

 

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(x)           the
incurrence of any indebtedness by the Company or, subject to Section 7.4 and Article 9 hereof, the granting of any
Encumbrance on any asset of the Company or any of its Subsidiaries, including, without limitation, the Leasehold Estate, the Property
and any fixtures or personal property of the Company or any Subsidiary, and the terms of the documents evidencing and/or securing
any such debt or Encumbrance, other than the Construction Loan, the Loan Documents and any other debt permitted thereunder, the
Project Documents, and the Condominium Documents (all of which have been approved by the Members) and any Permitted Encumbrance;
any modification, amendment, extension, renewal or other change or waiver of or to (or of, to or under any of the documents evidencing
and/or securing) any such debt or Encumbrance; any commitment letter or term sheet with respect to any such debt or Encumbrance,
and any amendment, extension or other change thereto, including, without limitation, the Loan Documents;

 

(xi)          the
making of any loan or other extension of credit by the Company, including, without limitation, any loan or extension of credit
to any Member or any Affiliate of any Member, or the provision by the Company of, or agreement by the Company to provide, any guarantee
of the indebtedness or obligations of any Person whatsoever;

 

(xii)         the
admission of any additional Member to the Company, or the sale, issuance or other Transfer of any Membership Interest or additional
Membership Interest in the Company other than as expressly permitted pursuant to the provisions of Article 9, or the admission
of any additional member into any Subsidiary, or the sale, issuance or other Transfer of any direct membership interest in any
Subsidiary, other than the Transfer to the Mezzanine Loan Agent or any Mezzanine Lender or its designee or in a Foreclosure Sale
by the Mezzanine Loan Agent or Mezzanine Lender pursuant to the Mezzanine Loan Documents;

 

(xiii)        causing
the Company to take any Bankruptcy Action with respect to the Company or any Subsidiary;

 

(xiv)        if
there shall be commenced against the Company or any Subsidiary any Bankruptcy Action or if any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets, any decision of the Company (A) to take any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in any such Bankruptcy Action or proceeding or (B) to take no action to controvert or to otherwise dismiss or discharge in a timely
and appropriate manner any such Bankruptcy Action or proceeding;

 

(xv)        causing
the Company to issue any guarantees of obligations of any other Person, including guarantees of any obligations of any Affiliate
of any Member, or any action whereby the Company becomes a surety, endorser or accommodation endorser for any Person;

 

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(xvi)        causing
the Company or any Subsidiary to engage in any business other than the purposes of the Company set forth in Section 1.3
unrelated to the Property or Project;

 

(xvii)      selling
or otherwise Transferring the Leasehold Estate or any portion of the Property (including any Unit) thereof or any interest in or
assets of any Subsidiary, other than (A) any Transfer pursuant to a Foreclosure Sale under the Mortgage Loan Documents or the Mezzanine
Loan Documents, it being agreed that the delivery of a deed or assignment in lieu of foreclosure shall, unless consented to by
the Coach Lender, require the consent of the Coach Member, (B) any Transfer as a result of the exercise by the MTA of its remedies
under the Building C Lease or the exercise by the IDA of its remedies under the IDA Documents, (C) the conveyance of the Coach
Unit to the Coach Member or (D) the sale or other Transfer of any Fund Member Unit in accordance with the provisions of this Agreement;

 

(xviii)     causing
the Company or any Subsidiary to enter into, modify or amend any transaction or agreement with any Member or any of their respective
Affiliates (including, without limitation, Developer, Related, Oxford or any of their respective Affiliates), other than the Construction
Loan and the applicable Loan Documents, the Executive Construction Management Agreement, the Development Management Agreement,
and the Development Agreement;

 

(xix)        the
performance of any act by the Company in contravention of any applicable Law or the terms of this Agreement, the Loan Documents,
the Building C Lease or any other Project Documents or any other agreement to which the Company or a Subsidiary is a party;

 

(xx)         amending,
modifying or supplementing the terms of the Building C Lease or any other Project Documents, except as expressly provided herein
or therein in connection with the release of the Coach Unit, provided, that the approval of the Coach Member to any such amendment,
modification or supplement shall not be unreasonably withheld to the extent the same shall not affect the use and occupancy of
the Coach Areas for their permitted purposes or the rights and obligations of the Coach Member or the Coach Designee, as owner
of the Coach Unit;

 

(xxi)        (A)
deciding to repair and restore the Building after any Major Event or any casualty in excess of $2,000,000.00 (unless the terms
of the Loan Documents or any of the Project Documents require restoration, in which case the same shall not be a Major Decision),
and (B) the adjustment and settlement of any insurance claims or condemnation proceedings in excess of $2,000,000.00;

 

(xxii)      except
in accordance with the provision of Section 3.7 and Section 3.8 in connection
with the Closing or as otherwise provided in Section 7.8, causing the Condominium Documents to be filed or the Condominium
to be formed; or, subject to the provisions of Section 3.7 and except as otherwise provided in Section 7.7 and Section
7.8, amending, modifying or supplementing the terms of the Condominium Declaration or the Condominium By-laws or Floor Plans;
provided that the Coach Member shall approve any amendment, modification or supplement required as a result of any changes to the
Building made at the request of, or with the approval of, the Coach Member in accordance with the terms of this Agreement or the
Development Agreement;

 

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(xxiii)     approving
the initial operating, capital and other initial budgets of the Condominium;

 

(xxiv)     the
dissolution of the Company;

 

(xxv)      any
decision by the Company or any Subsidiary to be part of or take part in any merger or consolidation or any decision by the Company
or any Subsidiary to sell, lease, transfer or otherwise dispose of all or any substantial part of its assets (other than the conveyance
of the Coach Unit to the Coach Member or any Fund Member Unit or as a result of creation of the Condominium pursuant to the Condominium
Documents in accordance with the provisions of this Agreement);

 

(xxvi)     any
action or other matter for which (A) unanimous consent is expressly required pursuant to any provision of this Agreement, or (B)
subject to the provisions of Section 7.8, the consent of the Coach Member is expressly required pursuant to any provision
of this Agreement, or (C) subject to the provisions of the Section 7.7(b), the consent of the Fund Member is expressly required
pursuant to any provision of this Agreement, or (D) subject to the provisions of Section 7.2(e), the consent of the Coach
Member is expressly required pursuant to any provision of the Development Agreement;

 

(xxvii)   
(A) the settlement of any legal action, lawsuit, litigation or dispute to which the Company or any Subsidiary
is a party, or the agreement to the confession of judgment against the Company or any Subsidiary, if the terms of such settlement
or such judgment, as the case may be, would involve the payment by the Company or such Subsidiary of an amount in excess of $1,000,000.00
(provided, that the settlement of legal actions, lawsuits, litigation or disputes which are insured (subject to customary deductibles)
under a valid policy of insurance and any settlement of any Material Litigation at Closing in accordance with Section 3.8(i)
shall not constitute a Major Decision), and (B) the commencement of any legal proceeding or litigation by the Company or any Subsidiary
that seeks recovery of $1,000,000.00 or more in any one instance that is or may be expected
to have a material and adverse impact on the business, operations or financial results of the Company or such Subsidiary;

 

(xxviii)  the
approval of, or consent to, any amendment, modification or supplement of the POA and the approval of the initial Loading Dock Guidelines
(as defined in Association Declaration), provided that the Coach Member shall not unreasonably withhold its consent thereto to
the extent any amendment, modification or supplement thereof shall not affect the use and occupancy of the Coach Areas for their
intended purposes or the rights and obligations of the Coach Member or the Coach Designee (as owner of the Coach Unit or otherwise),
including, without limitation, any change in Common Charges (as defined in the Condominium By-laws) or other costs or expense allocable
to, or otherwise payable by, the owner of the Coach Unit pursuant to the Condominium Documents or the POA;

 

(xxix)     approving
the operating, capital and other budgets of the ERY Facility Airspace Parcel Owners’ Association;

 

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(xxx)       amending,
modifying or supplementing, or approving, or consenting to, any amendment, modification or supplement of, the Project Labor Agreement;

 

(xxxi)      the
retention of employees and agents of the Company or any Subsidiary and the defining of their duties and fixing of their compensation;
and

 

(xxxii)     except
as expressly provided for herein, the indemnification by the Company of any Person, other than the Construction Lender, the MTA
Parties and the IDA pursuant to the Loan Documents or the Project Documents, as applicable.

 

(c)          Notwithstanding
anything to the contrary contained in this Section 7.2 or any other provision of this Agreement, so long as the Construction
Loan remains outstanding, the Members shall not, and shall not cause or permit the Company or any Subsidiary to, take any Bankruptcy
Action without the affirmative vote of both of the Members and, in the case of any Subsidiary, the affirmative vote of both of
the independent managers thereof.

 

(d)          The
Coach Member shall also have the right to propose action by the Company for consideration by the Fund Member (it being agreed that
the Fund Member will consider such proposals in good faith but will have no obligation to consent to any such proposed action except
as otherwise expressly provided in this Agreement or the Development Agreement).

 

(e)          Notwithstanding
anything to the contrary contained in this Agreement, but without limiting or expanding the rights or obligations of Developer
or the Coach Member under the Development Agreement, if the Coach Member has requested, consented to or approved (or is deemed
to have consented to or approved) pursuant to the Development Agreement the taking of any action (i) by Developer itself or on
behalf of Legacy Yards, the Company or the Coach Member or (ii) that constitutes a Major Decision, then the Coach Member shall
be deemed to have consented to and approved the taking of such action or such Major Decision pursuant to and for all purposes of
this Agreement; it being acknowledged and agreed that the right of the Coach Member to consent to approve any Major Decision or
other matter subject to the approval of the Members hereunder shall not be, and is not intended to be, duplicative of the Coach
Member’s right to approve or consent to the same decision or matter pursuant to the Development Agreement or any right of
the Coach Lender to approve or consent the same decision or matter pursuant to the Loan Documents. In addition, without limiting
or expanding the rights or obligations of Developer or the Coach Member under the Development Agreement, the Fund Member and the
Related/Oxford Guarantor shall have the right to cure any default by Developer under the Development Agreement and to participate
in any Arbitration pursuant thereto, and to exercise all rights and perform all obligations of Developer under the Development
Agreement, subject to and in accordance with the terms thereof.

 

(f)          The
Fund Member shall promptly and timely provide the Coach Member with copies of any written notice of default received under the
Loan Documents, the Building C Lease or any other Project Documents or any other agreement to which the Company or any Subsidiary
is a party.

 

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7.3.         Rights
of Members. The Members hereby expressly agree that each Member shall have the sole and absolute authority to manage, operate,
sell, lease, fit-out and equip (and enter into contracts or agreements for the management, leasing, operation, fit-out and equipping
of) such Member’s Unit(s), subject to and in compliance with the applicable terms of this Agreement, the Development Agreement,
the Loan Documents, the Project Documents and, upon the formation of the Condominium, the Condominium Documents.

 

7.4.         Easements. Notwithstanding
anything contained in this Agreement or the Development Agreement to the contrary, the Fund Member shall have the authority, on
behalf of the Company or Legacy Yards, to obtain and execute all easements and rights of way which are reasonably necessary or
required (as determined by the Fund Member in its reasonable discretion) for the use, operation, access to or construction of
the Project (and all such easements and rights of way shall be deemed Permitted Encumbrances); provided,
however, any new easements and rights of way affecting the Coach Unit or
the use or occupancy thereof which are to be entered into or otherwise made effective after the date hereof shall be subject to
the prior written consent of the Coach Member.

 

7.5.         Activities
of Members. Any Member (as well as the members, partners, principals, shareholders, officers and directors of each Member
and each Indirect Owner) may engage in and have an interest in other business ventures of every nature and description, independently
or with others, including, but not limited to, the ownership, financing, leasing, operating, construction, rehabilitation, renovation,
improvement, management and development of real property whether or not such real property is directly or indirectly in competition
with the Project. Neither the Company nor any other Member shall have any rights by virtue of this Agreement in and to such independent
ventures or the income or profits derived therefrom, regardless of the location of such real property and whether or not such
venture was presented to such Member or person as a direct or indirect result of its connection with the Company or the Project.

 

7.6.         Development
Agreement; Development Management Agreement.

 

(a)          The
Members acknowledge and agree that Legacy Tenant has entered into the Development Management Agreement with Developer, an Affiliate
of Fund Member, that the Coach Member has entered into the Development Agreement with Developer, and that Developer is contractually
obligated to take certain actions and the Coach Member has certain approval and consent rights with respect to the Project pursuant
to the Development Agreement. Subject to the terms of Section 7.6(b), the Fund Member agrees that it shall not take, and
shall not cause or permit the Company or any Subsidiary to take, any action in violation of or which conflicts with the obligations
of Developer under the terms of the Development Agreement.

 

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(b)          Notwithstanding
anything to the contrary contained in this Agreement or the Development Agreement, in the event that the Coach Member shall deliver
a Removal Notice in accordance with the terms of Section 7.7(a), then subject to the terms and conditions of the Loan Documents
and the Project Documents, the Coach Member shall have the right to terminate or cause Legacy Tenant to terminate each of the Development
Agreement, the Development Management Agreement and the Executive Construction Management Agreement, without the consent or approval
of the Fund Member. Upon any such termination of the Development Agreement, the Development Management Agreement and the Executive
Construction Management Agreement, the Coach Member shall, in consultation with (but without approval by) the Fund Member, and
in compliance with the terms of the Loan Documents and the Project Documents, select and retain an Approved Replacement Developer
for the Project and cause Legacy Tenant to enter into a replacement development agreement for the Project with such Approved Replacement
Developer on such terms and conditions as the Coach Member shall, in consultation with the Fund Member, determine in its sole but
good faith discretion and in compliance with the terms of the Loan Documents and the Project Documents; provided that such replacement
development agreement shall provide for allocation of Project Costs to the Coach Member and the Fund Member in accordance with
the Cost Allocation Methodology and shall otherwise not be inconsistent with the rights and obligations of the Members under this
Agreement.

 

(c)          In
the event of any termination of the Development Agreement, the Development Management Agreement, and the Executive Construction
Manager, and the replacement of Developer, in accordance with the terms of this Agreement and the Loan Documents, the Fund Member
shall and shall cause Developer and the Executive Construction Manager to reasonably cooperate with the Coach Member and the Replacement
Developer, and to deliver to the Replacement Developer all Plans, books and records and other materials with respect to the development
and construction of the Project in the possession of Developer and the Executive Construction Manager for use solely in connection
with the completion of the construction of the Project. Subject to the terms of the Loan Documents and the rights of the Construction
Lender thereunder, Developer and the Executive Construction Manager shall assign, and the Replacement Developer shall assume, the
Construction Management Agreement and, to the extent assignable, all trade contracts and other agreements with respect to the Project
to which Developer or Construction Manager is a party, effective as of the date of the termination of the Development Management
Agreement and the Executive Construction Agreement.

 

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7.7.         Management
Change Event; Limitation on Approval Rights.

 

(a)          In
the event that (i) Developer shall fail to achieve any of the third through the thirteenth Major Milestone Events set forth in
Section 6.02(a) of the Development Agreement within nine (9) months of the applicable Major Milestone Outside Date (as extended
on a day-for-day basis by reason of Force Majeure, Coach Change Delays extending beyond the Change Order Grace Period or Coach
Work Delays) in accordance with the terms of the Development Agreement, and in the event of any dispute with respect thereto, it
shall have been determined by the Arbiters pursuant to Article 14 of the Development Agreement or the final, non-appealable judgment
of a court of competent jurisdiction that Developer failed to achieve such milestone, (ii) the Fund Member shall have been grossly
negligent, engaged in willful misconduct or committed fraud in connection with the management of the Company and its Subsidiaries
or the construction of the Project, or misappropriated Project funds or insurance proceeds, and in the event of any dispute with
respect thereto, it shall have been determined by the Arbiters pursuant to Section 3.10 or the final, non-appealable judgment
of a court of competent jurisdiction that the Fund Member was grossly negligent, engaged in such willful misconduct, committed
such fraud or misappropriated such funds or proceeds, as the case may be, or (iii) an Event of Default occurs and is continuing
with respect to the Fund Member (but not any other Person) under Section 10.1(a) or Section 10.1(b), and in the event
of any dispute with respect to any such Event of Default under Section 10.1(b), it shall have been determined by the Arbiters
pursuant to Section 3.10 or the final, non-appealable judgment of a court of competent jurisdiction that such Event of Default
occurred with respect to the Fund Member (any of the events described in this clause (iii) or in clause (i) or clause
(ii) above, a “Management Change Event”), then, in any such case and subject to compliance by the Coach
Member with the terms and conditions of the Loan Documents and the Project Documents, the Coach Member shall have the right, by
written notice given to the Fund Member (a “Removal Notice”) at any time following the occurrence of such Management
Change Event but, in the case of a Management Change Event described in clause (i) above, prior to the date on which such
Major Milestone Event is achieved, to assume the right to make all decisions affecting the day-to-day operation of the Company’s
business and the discretion in the management and control of the business of the Company granted to the Fund Member hereunder,
including, but not limited to, the matters contained in Article 3, subject to and in accordance with the terms of this Agreement.
From and after the delivery by the Coach Member of a Removal Notice, the Coach Member (x) shall be deemed to have all discretion
in the management and control of the business of the Company and its Subsidiaries, and the right to make all decisions affecting
the day-to-day operation of the business of the Company and its Subsidiaries, subject to and in accordance with the terms of this
Agreement, (y) will have full power and authority to execute and deliver in the name of and on behalf of the Company and its Subsidiaries
such documents or instruments as the Coach Member deems appropriate for the conduct of the business of the Company in accordance
with this Agreement, the business of Legacy Tenant in accordance with the terms of the Tenant LLC Agreement and the business of
Legacy Mezzanine in accordance with the Mezzanine LLC Agreement, and (z) no Person dealing with the Company or any Subsidiary will
be required to inquire into the authority of the Coach Member to take any action or make any decision. The Coach Member acknowledges
and agrees that it shall have no authority in such capacity to take any action or make any decision in violation of the terms of
this Agreement, the Tenant LLC Agreement, the Mezzanine LLC Agreement, the Loan Documents or the Project Documents, and the Members
acknowledge and agree that the assumption of management of the Company by the Coach Member shall have no effect on the obligations
and limitations of the Members to provide funding to the Company or the Project as provided herein and the Development Agreement.

 

(b)          From
and after the delivery by the Coach Member of a Removal Notice in accordance with the terms of Section 7.7(a), the approval
of the Fund Member shall not be required with respect to any Major Decision pursuant to:

 

(i)          clauses
(ii), (xviii), (xxiii), (xxvi), (xxvii), (xxx), (xxxi) or (xxxii) of Section 7.2(b);

 

(ii)         clause
(i) of Section 7.2(b), provided that a change to the Plans or Construction Documents does not affect in any material respect
the overall design of the Building or the construction of the Building in accordance with a first class standard, is reasonably
necessary in order to achieve Final Completion in accordance with the terms of the Development Agreement, the Loan Documents or
the Project Documents, and does not adversely affect in any material respect the Fund Member Units in any discriminatory manner;

 

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(iii)        clause
(iii) of Section 7.2(b), except with respect to any modification of the Cost Allocation Methodology;

 

(iv)         clause
(ix) of Section 7.2(b), provided that any such amendment, modification, supplement or termination of any Loan Document does
not adversely affect in any material respect any economic terms of the Construction Loan and is reasonably necessary in order to
achieve Final Completion in accordance with the terms of the Development Agreement; provided, however, that the consent
of the Fund Member shall be required in connection with any amendment, modification or supplement or termination of, or any amendment,
modification, supplement or termination of any Loan Document that limits the rights or increase the obligation of the guarantor
under, any of Construction Loan Guaranties.

 

(v)          clause
(x) of Section 7.2(b), provided that any indebtedness or Encumbrance affects the Project as a whole, is reasonably necessary
in order to achieve Final Completion in accordance with the terms of the Development Agreement, and does not affect the use and
occupancy of the Fund Member Units for their permitted purposes;

 

(vi)         clauses
(xx) and (xxviii) of Section 7.2(b), provided that any amendment, modification or supplement to the terms of the Building
C Lease or any Project Document does not adversely affect in any material respect any economic terms thereof, is reasonably necessary
in order to achieve Final Completion in accordance with the terms of the Development Agreement, and does not affect the use and
occupancy of the Fund Member Units for their permitted purposes or the rights and obligations of the Fund Member as the owner of
the Fund Member Units.

 

For the avoidance of
doubt, from and after the delivery of a Removal Notice in accordance with the terms of Section 7.7, the Fund Member shall
retain the right to approve any Major Decision pursuant to clauses (vi), (vii), (viii), (xi), (xii), (xiii), (xiv), (xv), (xvi),
(xvii), (xix), (xxi), (xxiv), (xxv) and (xxix) of Section 7.2(b); clause (iv), except for any increase or change in the
capital commitment of the Fund Member due to changes or increases in Project Costs; clause (v) of Section 7.2(b), except
for any dilution, decrease or reduction in the Fund Member’s rights pursuant to this Section 7.7; and clause (xxii)
of Section 7.2(b), except and to the extent an amendment, modification or supplement to the Condominium Documents is reasonably
necessary in order to form the Condominium and record the applicable Condominium Documents in compliance with applicable Law (and
does not affect the use and occupancy of the Fund Member Units for their permitted purposes).

 

(c)          Upon
the delivery by the Coach Member of a Removal Notice in accordance with the terms of Section 7.7(a) or any foreclosure of
the security interest granted to the Coach Member pursuant to Section 4.3(c), the Coach Member shall cause the Coach Guarantor
to execute and deliver to the (i) Mortgage Loan Agent a Guaranty of Recourse Obligations and an Environmental Indemnity Agreement
in accordance with the terms of the Mortgage Loan Documents, which Guaranty of Recourse Obligations and Environmental Indemnity
Agreement shall, upon such delivery, be included within the definition of Mortgage Loan Guaranties, and (ii) the Mezzanine Loan
Agent a Mezzanine Guaranty of Recourse Obligations and a Mezzanine Environmental Indemnity Agreement in accordance with the terms
of the Mezzanine Loan Documents, which Mezzanine Guaranty of Recourse Obligations and Mezzanine Environmental Indemnity Agreement
shall, upon such delivery, be included within the definition of Mezzanine Loan Guaranties. The Coach Member shall deliver an opinion
or opinions of counsel with respect to the enforceability of such Guaranties of Recourse Obligations and Environmental Indemnity
Agreements as the Mortgage Loan Agent or the Mezzanine Loan Agent shall require in accordance with the terms of the Mortgage Loan
Documents or the Mezzanine Loan Documents, as applicable.

 

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7.8.         Rights
of Fund Member.

 

(a)          Without
limiting any of the other rights and remedies of the Fund Member pursuant to this Agreement, but subject to the provisions of this
Section 7.8, if (i) the Coach Member shall have failed to make any Additional Capital Contribution or Additional Capital
Contributions as and when required pursuant to this Agreement that individually or in the aggregate exceed $20,000,000, (ii) the
Fund Member shall have made a Member Loan or Member Loans to the Coach Member on account of such Failed Contribution(s), (iii)
the amount of each such Failed Contribution has been finally determined by the Arbiters pursuant to Section 3.10 to be due
and payable by the Coach Member, and (iv) the Coach Member or the Coach Guarantor fails to fully repay such Member Loans(s), including
all accrued interest thereon, to the Fund Member on or prior to the Closing Date, then the Fund Member shall have the right at
any time from and after the Substantial Completion Date to: (A) amend, modify or supplement the Condominium Documents to the extent
reasonably necessary in order to form the Condominium and record the applicable Condominium Documents in compliance with applicable
Law (provided that any such amendment, modification or supplement does not affect the use and occupancy of the Coach Unit for its
permitted purposes), and to record the Condominium Documents, without the consent or approval of the Coach Member, and (B) following
the creation of the Condominium, to take any or all of the following actions, without the consent or approval of the Coach Member:
(1) acquire fee title to, lease, sell or otherwise transfer, including pursuant to any Transfer, any or all of the Fund Member
Units or any portion thereof; (2) subsever the Property into two or more subsevered parcels, including, without limitation, a subsevered
parcel with respect to all of the Fund Member Units or the Coach Unit, and enter into (x) a separate severed parcel lease with
the MTA with respect to each such subsevered parcel pursuant to and in accordance with the terms of the Building C Lease and (y)
each of the IDA Documents with respect to each such subsevered parcel in accordance with the terms of the PILOT Documents; (3)
sever the lien of each of the mortgages securing the Mortgage Loan and the Mortgage Loan Documents in accordance with the terms
thereof to separately evidence and secure the Coach Mortgage Loan and the Third Party Mortgage Loan, and the PILOT Mortgage and
the IDA Documents in accordance with the terms of the IDA Documents; (4) obtain a release of any or all of the Fund Member Units
from the lien of each of the mortgages securing the Mortgage Loan and the Mortgage Loan Documents or any severed mortgage and loan
documents evidencing and securing the Third Party Mortgage Loan in accordance with the applicable terms thereof; (5) sever the
Mezzanine Loan Documents to separately evidence and secure the Third Party Mezzanine Loan and the Coach Mezzanine Loan in accordance
with the applicable terms thereof; (6) extend the term of the Mortgage Loan or the Third Party Mortgage Loan and/or the Mezzanine
Loan or Third Party Mezzanine Loan in accordance with the terms of the applicable Loan Documents; (7) repay or refinance Third
Party Mortgage Loan secured by a severed mortgage lien on the Fund Member Units and the Third Party Mezzanine Loan or the Mezzanine
Loan; (8) mortgage, pledge or otherwise encumber the Fund Member Units, and the leasehold estate under any subsevered parcel lease
entered into with respect to the Fund Member Units or, if the Fund Member shall have caused the Company to enter into a subsevered
parcel lease with respect to the Coach Unit, the Building C Lease, provided that any subsevered parcel lease with respect to the
Coach Unit shall not be subject to any lien or encumbrance in connection therewith, other than pursuant to the any severed Mortgage
Loan Documents evidencing and securing the Coach Mortgage Loan, the IDA Documents and any Permitted Encumbrance; (9) Transfer all
or any part of the Fund Member’s Membership Interest, and (10) otherwise deal with the Fund Member Units and its interest
therein and its Membership Interest in the Company as if the Closing had occurred. In no event shall the Fund Member have any obligation,
pursuant to this Section 7.8(a) or otherwise, to pay all or any portion of the Coach Unit Loan. In the event that the Fund
Member shall repay the Coach Mezzanine Loan pursuant to this Section 7.8(a), the Coach Member shall be obligated to pay
to the Fund Member the full amount of the Coach Mezzanine Loan.

 

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(b)          If
the Fund Member exercises any of its rights pursuant to Section 7.8(a), then (i) the Coach Member shall be responsible for
the payment of any and all transfer taxes, mortgage recording taxes, recording fees, and title premiums payable with respect to
any new owners or mortgagee title insurance policy required in connection therewith, and (ii) the Fund Member shall have the right
to pay any expense that would otherwise be required to be paid by the Coach Member at Closing, including, but not limited to, the
cost to remove any Title Defect or to satisfy any Material Litigation, and the amount of any expense actually incurred by Legacy
Tenant, Legacy Mezzanine, the Fund Member or its designee that acquires title to the Fund Member Units, pursuant to clauses
(i) and (ii) shall be paid or reimbursed to the Fund Member by the Coach Member. The obligations of the Coach Member
pursuant to this Section 7.8 are guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty,
and shall survive the Closing and the withdrawal of the Coach Member from the Company and the termination of this Agreement.

 

7.9.          Affiliate/Project
Architect Agreements. Notwithstanding anything to the contrary contained in this Agreement,
if (a) either (i) Developer or any other Affiliate of the Fund Member breaches or fails to comply with any of its material obligations
under the Development Management Agreement or any agreement between the Company or Legacy Tenant and such Affiliate with respect
to the Project (each an “Affiliate Agreement”), and such breach
or failure to comply continues beyond the expiration of any applicable notice and cure period therein provided, (ii) Developer
or any other Affiliate of the Fund Member shall have engaged in willful misconduct, fraud or gross negligence with respect to the
Project, or (iii) the Project Architect breaches or fails to comply with any of its obligations under the Project Architect Agreement
and (b) the Fund Member shall fail to cause the Company or Legacy Tenant, as applicable, to take commercially reasonable steps
to enforce against Developer, such Affiliate or the Project Architect, as applicable, the obligations of such party or any claim
which the Company or Legacy Tenant may have under such Affiliate Agreement or the Project Architect Agreement with respect to such
breach or failure to comply or bad act, then the Coach Member may notify the Fund Member of such failure and request that the Fund
Member cause the Company to take action to enforce any claim the Company or Legacy Tenant, as applicable, may have under such Affiliate
Agreement or the Project Architect Agreement. If such failure shall continue for five (5) Business Days after such notice (of if
after such five-Business Day period the Fund Member shall not be continuing to diligently pursue the enforcement of the applicable
claim(s) the Company or Legacy Tenant may have under such Affiliate Agreement or the Project Architect Agreement), or if the “owner”
under such Affiliate Agreement shall otherwise become entitled to terminate such Affiliate Agreement, as the case may be, pursuant
to the terms thereof, then the Coach Member shall thereafter have the right (but not the obligation) to exercise, on behalf of
the Company or Legacy Tenant, as applicable, all rights of the Company or Legacy Tenant, as the case may be, as a party to any
such Affiliate Agreement or the Project Architect Agreement to enforce the rights of “owner” under any such agreement,
including the right to terminate such Affiliate Agreement or the Project Architect Agreement (if and to the extent such Affiliate
Agreement or the Project Architect Agreement provides for such termination as a remedy under such circumstances) and/or to institute
litigation against Developer, Affiliate or the Project Architect, in each case upon and subject to the applicable provisions of
such Affiliate Agreement or the Project Architect Agreement (including, without limitation, any notice requirements and cure periods
provided for therein to the extent such cure periods shall not theretofore have expired).

 

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7.10.         Subsidiaries.
The Fund Member shall cause the Company to manage the business and affairs of each Subsidiary to the same extent and subject to
the same limitations as it is authorized and obligated to manage the business and affairs of the Company. For the avoidance of
doubt, all Subsidiaries shall be governed, managed and operated on the same basis as set forth herein with respect to the Company
and, without limiting the foregoing, any matter that is a Major Decision with respect to the Company shall be a Major Decision
with respect to each Subsidiary and may not be taken by a subsidiary of the Company without the unanimous consent of the Members
as herein provided. For the avoidance of doubt, the fact that certain provisions of this Agreement specifically refer to both the
Company and any Subsidiary, while others refer only to the Company, shall not limit the application of this Section 7.10.

 

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ARTICLE
8

LIABILITY AND INDEMNIFICATION; INSURANCE

 

8.1.         Limited
Liability of Members.

 

(a)          No
Member or Indirect Owner, in such capacity, shall (i) be liable for the debts, liabilities, contracts or any other obligation of
the Company, except to the extent expressly provided in this Agreement or in the Act, (ii) be liable for the debts or liabilities
of any other Member, (iii) be required to contribute to the capital of, or loan, the Company any funds other than as expressly
required in this Agreement, (iv) be liable, except as provided in this Agreement or as required by the Act, for the return of all
or any portion of the Capital Contributions of any Member, or (v) except as otherwise expressly provided in this Agreement, have
any priority over any other Member as to the return of its contributions to capital or as to compensation by way of income. Except
as expressly provided in the Act or this Agreement, all debts, obligations and liabilities of the Company, whether arising in contract,
tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member or Indirect Owner shall
be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member or Indirect
Owner. Notwithstanding the foregoing, nothing herein shall effect or limit in any manner the Coach Guaranty or the Related/Oxford
Guaranty.

 

(b)          Except
as expressly required by the Act or this Agreement, a Member shall not have any liability in excess of the amount it has committed
to contribute or pay hereunder.

 

8.2.         Liability
of Members.

 

(a)          A
Member shall only be liable to make the payment of the Member’s Capital Contributions in accordance with the provisions of
this Agreement, which, for the avoidance of doubt, shall include all amounts that (i) the Coach Member is required to pay or contribute
pursuant and subject to the terms of this Agreement and the Development Agreement (including, without limitation, the Coach Costs
Cap) or (ii) the Fund Member is required to pay or contribute pursuant and subject to the terms of this Agreement (and, in addition,
the foregoing shall not be deemed to vitiate a Member’s obligation to make other payments expressly provided for in this
Agreement). No Member shall, by virtue of its interest as a Member or an owner of a Membership Interest, be liable for any debts,
obligations or liabilities of the Company.

 

(b)          No
distribution to any Member shall be deemed a return or withdrawal of a Capital Contribution unless so designated by the Company,
and no Member shall be obligated to pay any such amount to or for the account of the Company or any creditor of the Company except
as otherwise required by law.

 

(c)          Except
as otherwise required by law, no Member with a negative balance in such Member’s Capital Account shall have any obligation
to the Company or any other Member to restore said negative balance to zero.

 

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8.3.         Right
to Indemnification.

 

(a)          Subject
to the limitations and conditions provided in this Article 8 and in the Act, including, without limitation, Section 8.4,
and only to the extent not covered by insurance, each Person (an “Indemnified Person”) who is made a party or
is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative, arbitrative or investigative (“Proceeding”), or any appeal in a Proceeding
or any inquiry or investigation that could lead to a Proceeding, by reason of the fact that he, she or it was or is a Member or
an Indirect Owner, or he, she or it was or is the legal representative of or a manager, director, officer, partner, member, co-venturer,
proprietor, trustee, employee, agent or Affiliate of a Member, or any guarantor of such Member’s obligations hereunder, shall
be indemnified by the Company against judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements
and reasonable costs and expenses (including attorneys’ fees and expenses) actually incurred by such Indemnified Person in
connection with the defense or settlement of such Proceeding if (i) such Indemnified Person acted in good faith and in a manner
he, she or it reasonably believed to be in, or not opposed to, the best interest of the Company and (ii) the Indemnified Party’s
conduct did not constitute gross negligence or willful or wanton misconduct or a breach of this Agreement. The termination of any
action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Indemnified Person did not act in good faith and in a manner which he, she
or it reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action
or proceeding, that the Indemnified Person had reasonable cause to believe that his, her or its conduct was unlawful.

 

(b)          The
aforesaid indemnity shall apply only to third party claims made against an Indemnified Person, and shall not apply to or cover
any claims or suits or proceedings made or asserted or instituted by any Member or any of its Affiliates against the other Member
or any of its Affiliates (including the Coach Lender, the Coach Guarantor, the Related/Oxford Guarantor or Developer), or any loss,
liability, cost or expense suffered by such Member or any of its Affiliates as a result of any such claim or suit or proceeding,
under this Agreement, the Development Agreement, the Loan Documents, the Coach Guaranty or the Related/Oxford Guaranty. In addition,
the aforesaid indemnity shall not apply to or cover any claim or suit or proceeding made or asserted or instituted against (or
any loss, liability, cost or expense suffered by) the Fund Member, Developer, Related, Oxford Guarantor or any of their respective
Affiliates or their respective legal representatives, managers, directors, officers, partners, members, co-venturers, proprietors,
trustees, employees or agents, arising out of or under any of the guarantees or indemnifications or undertakings provided by any
of them to the Construction Lender or the MTA Parties, unless and to the extent such claim or suit or proceeding arises out of
any act or, where there is an affirmative obligation of the Coach Member to act, any omission, by the Coach Member or any of its
Affiliates.

 

(c)          The
satisfaction of any indemnification under this Section 8.3 or under Section 3.11(c) shall be a Project Cost and each
Member shall be responsible for its proportionate share thereof based on their respective Percentage Interest (subject, in the
case of the Coach Member, to the Coach Costs Cap).

 

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8.4.          Member
Indemnity. Each Member (in such capacity, a “Member Indemnitor”)
shall indemnify the Company, the other Member and any Affiliate, legal representative, manager, director, officer, partner, member,
co-venturer, proprietor, trustee, employee, or agent of such other Member, and the Related/Oxford Guarantor, if the Coach Member
is the Member Indemnitor, or the Coach Guarantor and the Coach Lender, if the Fund Member is the Member Indemnitor (each a “Member
Indemnified Person”), and shall hold each Member Indemnified Person harmless
from and against any claims, judgments, penalties, fines, settlements, damages, liabilities, and costs and expenses (including
reasonable attorneys’ fees and expenses) actually incurred by such Member Indemnified Person (i) by reason of, or in connection
with, the construction by or on behalf of such Member Indemnitor of any Finish Work in the Unit or Units owned (or beneficially
owned) by the Member Indemnitor, (ii) arising out of or resulting from the fraud or willful misconduct of such Member Indemnitor
or any of its Affiliates or any of its constituent direct or indirect investors, or a breach by any such Person of this Agreement,
the Development Agreement or any of the Loan Documents or (iii) arising out of, or otherwise resulting from the breach by such
Member Indemnitor or any of its Affiliates of the Project Documents, in each case unless the Member Indemnified Person’s
actions constitute gross negligence or willful or wanton misconduct or a breach of this Agreement. In addition, the Fund Member,
as Member Indemnitor, shall indemnify the Coach Member and its other Member Indemnified Persons, and shall hold the Coach Member
and each such other Member Indemnified Person harmless, from and against any claims, judgments, penalties, fines, settlements,
damages, liabilities, and costs and expenses (including reasonable attorneys’ fees and expenses) arising out of or in connection
with any claim for commission or similar fee under the L’Oreal Brokerage Agreement. In no event shall any Member be liable
for, and each Member, on behalf of itself and its respective Affiliates, hereby waives any claim for, any special, punitive or
consequential damages, including loss of profits or business opportunity arising under or in connection with this Agreement. Without
limiting the terms of the Coach Guaranty or the Related Oxford Guaranty, the satisfaction of any indemnification provided for
in this Section 8.4 shall be made from, and limited to, the Membership
Interest of the Member Indemnitor.

 

8.5.          Survival.
The rights granted under Section 8.3 and Section 8.4
shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder
and shall be deemed contract rights, and no amendment, modification or repeal of this Article 8
shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings arising prior to any
such amendment, modification or repeal.

 

8.6.          Advance
Payment. The right to indemnification conferred by Section 8.3,
subject to the terms and conditions of such provision, shall include the right to be paid or reimbursed by the Company for the
reasonable expenses incurred in advance of the final disposition of the Proceeding and without any determination as to the Person’s
ultimate entitlement to indemnification; provided, however,
that the payment of such expenses incurred in advance of the final disposition of a Proceeding shall be made only upon delivery
to the Company of (a) a written affirmation by such Person of his, her or its good faith belief that he, she or it has met the
standard of conduct necessary for indemnification under this Article 8,
(b) a written undertaking, by or on behalf of such Person, to repay all amounts so advanced if it shall ultimately be determined
that such Person is not entitled to be indemnified under this Article 8
or otherwise, and (c) a pledge of such Person’s (or the applicable Member’s) Membership Interest in form reasonably
acceptable to the other Member to secure the repayment obligation described in the foregoing clause (b).

 

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8.7.          Nonexclusivity
of Rights. The right to indemnification and the advancement and payment of expenses conferred by this Article 8
shall not be exclusive of any other right which a Person may have or hereafter acquire under any law (common or statutory), provision
of the Articles, or otherwise. 

 

8.8.          Savings
Clause. If Section 8.3
or Section 8.4 or any portion of either thereof shall be invalidated
on any ground by any court of competent jurisdiction, then the Company or the Member Indemnitor, as applicable, shall nevertheless
indemnify and hold harmless each Indemnified Person or Member Indemnified Person, as applicable, as to costs, charges and expenses
(including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement with respect to any Proceeding
to the full extent permitted by any applicable portion of this Article 8
that shall not have been invalidated.

 

8.9.          Insurance.
During the performance of Developer Work, the Company shall cause Legacy Tenant to carry such insurance in at least the amounts
and types required under the Loan Documents and the Project Documents. In addition, the Company shall obtain and maintain insurance,
at the Company’s expense, on behalf of the Members and such other Persons as the Members shall determine, against any liability
that may be asserted against, or any expense that may be incurred by, such Person in connection with the activities of the Company
and/or the Members’ acts or omissions as the Members of the Company regardless of whether the Company would have the power
to indemnify such Person against such liability under the provisions of this Agreement. The cost of all insurance obtained by
the Legacy Tenant or the Company pursuant to this Section 8.9, or by Developer
pursuant to the Development Agreement, shall be a Project Cost as set forth in the Budget (subject, in the case of the Coach Member’s
allocable share thereof, to the Coach Costs Cap), and, during the term of the Construction Loan, premiums for all such insurance
shall be funded to a reserve held by the Mortgage Loan Agent or Mezzanine Loan Agent for the payment of insurance premiums pursuant
to the terms of the Loan Documents.

 

ARTICLE
9

TRANSFERS OF INTERESTS

 

9.1.         General
Restrictions.

 

(a)          Prior
to the Closing and the conveyance of the Coach Unit to the Coach Member pursuant to this Agreement, no Member may, directly or
indirectly, transfer, sell, convey, assign, mortgage, pledge, hypothecate, or otherwise dispose of or encumber all or any part
of such Member’s Membership Interest (each of the foregoing a “Transfer”), or cause, permit or suffer
to occur any Transfer, except as expressly required or permitted under this Agreement or with the prior written consent of the
other Member. As used in this Section 9.1, a “Transfer” also includes with respect to a Member or any
Indirect Owner of such Member that is not a natural person, (i) a Transfer in respect of any ownership interest in such Member
or Indirect Owner, and (ii) except as expressly permitted under this Agreement, any change in Control of such Member. Any purported
Transfer of a Membership Interest in violation of the terms of this Agreement shall be null and void ab initio and
of no effect. A Transfer permitted hereunder shall be effective as of the date specified in the instruments relating thereto. Any
Transfer made by any permitted transferee hereunder shall be subject to the provisions of this Article 9 to the same
extent and in the same manner as any Member desiring to make any Transfer.

 

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(b)          A
Transfer shall not include, for any purpose under this Agreement, any direct or indirect, issuance, transfer, sale, conveyance,
assignment, mortgage, pledge, hypothecation, or other disposition or encumbrance, however structured, in respect of any direct
or indirect interest in, or any change in Control of, any Person whose securities are listed on a nationally or internationally
recognized exchange or quotation system (such Person, a “Public Person”), which shall include, without limitation,
the merger, consolidation or combination of a Public Person with or into any other Person (regardless of which party is the surviving
Person and regardless of whether the surviving Person continues to be a Public Person), or the sale, assignment, conveyance or
other disposition of all or substantially all of the assets of a Public Person to any Person (regardless of whether the assignee
is or continues to be a Public Person). A Transfer shall also not include (i) any lease of all or any portion of any Unit entered
into in accordance with the terms of this Agreement, (ii) any transfer of the Fund Member’s Membership Interest made pursuant
to Section 4.3(c), (iii) any change in Control of the Company pursuant to Section 7.8 or in the Fund Member upon
or at any time following any change in Control of the Company pursuant to Section 7.8 or any change in Control of Coach
Guarantor at any time, or (iv) any Transfer made as a result of any foreclosure or other enforcement action taken by the Mezzanine
Loan Agent, on behalf of the Mezzanine Lender, or the Mezzanine Lender under the Mezzanine Loan Documents.

 

(c)          Notwithstanding
the prohibitions contained in Section 9.1(a) (but subject to, and without limiting, the provisions of Section 9.1(b)),
the following Transfers shall be permitted:

 

(i)          the
Coach Member may, without the consent or approval of the Fund Member, (A) admit as debt and equity members or partners, directly
or indirectly, into the Coach Member, (B) Transfer all or any part of its Membership Interest to, and (C) may cause or permit the
interest of any Indirect Owner of the Coach Member to be Transferred to (1) the Coach Lender or its Affiliates, (2) the Coach Guarantor
or one or more other Affiliates of the Coach Member or the Coach Guarantor, (3) an entity created by merger, reorganization or
recapitalization of or with the Coach Guarantor or any of its Affiliates, (4) a purchaser of all or substantially all of the assets
of the Coach Guarantor or any of its Affiliates or of a controlling interest in the Coach Guarantor or any of its Affiliates, or
(5) any of the direct or indirect constituent members of the Coach Member, provided that (x) following such Transfer, the Coach
Member shall continue to be Controlled directly or indirectly by the Coach Guarantor or the purchaser of all or substantially all
of the assets of or a controlling interest in, or any successor by merger, reorganization or recapitalization of or with, the Coach
Guarantor, (y) such Transfer shall not impair, vitiate or otherwise adversely affect the Coach Guaranty made by the Coach Guarantor
(or any replacement guarantor(s) acceptable to the Fund Member), and (z) the Coach Member shall be responsible for all costs and
expenses in connection therewith (including, without limitation, any state or local transfer taxes that may arise as a result of
such Transfer); and

 

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(ii)         the
Fund Member may, without the consent or approval of the Coach Member, (A) admit as debt and equity members or partners directly
or indirectly into the Fund Member, (B) Transfer all or any part of its Membership Interest to (1) Related or any other Affiliate
of the Fund Member or the Related/Oxford Guarantor, or (2) among the direct or indirect constituent members of the Fund Member,
and (C) cause or permit the interest of any Indirect Owner of the Fund Member to be Transferred, provided that (w) following such
Transfer, unless a Removal Notice has been delivered by the Coach Member pursuant to Section 7.7 hereof, (i) the Fund Member
shall continue to be Controlled by Related or Related and Oxford, it being acknowledged and agreed that a change in Control of
the Fund Member may occur upon or following the giving of a Removal Notice, and (ii) Related and Related Affiliates shall continue
to own (directly or indirectly) at least 75% of the economic interest in the Fund Member owned by Related
as of the date hereof (of which 15% may be owned by Related Affiliates), (x) such Transfer shall not impair, vitiate or
otherwise affect the Related/Oxford Guaranty made by the Related/Oxford Guarantor (or any replacement guarantor(s) approved by
the Coach Member), (y) such Transfer shall be permitted (or all required consents thereto shall have been obtained) under the Building
C Lease and other Project Documents and from the Third Party Lender under the Loan Documents, and (z) the Fund Member shall be
responsible for all costs and expenses in connection therewith (including, without limitation, any state or local transfer taxes
that may arise as a result of such Transfer); and

 

(iii)        any
Transfer that constitutes a Permitted Estate/Family Transfer shall be permitted, without the consent or approval of the other Member,
provided that any such Transfer shall comply with the foregoing provisions of this Section 9.1(c).

 

(d)          Notwithstanding
the foregoing provisions of Section 9.1(c), neither the Coach Member nor the Fund Member shall have the right, at any time,
to consummate or agree to consummate any Transfer which has the effect of either diluting the other Member’s equity interest
in and to the Company or which will otherwise result in a decrease in the other Member’s rights, entitlements and/or benefits
contained herein with respect to the Company, the Company’s business and/or the Company’s assets.

 

(e)          For
purposes of clarity, (i) any Indirect Owner of any interest in the Company shall have the right to pledge its indirect interest
in the Company as security for any default member loan, and Person having an ownership interest, whether direct or indirect, legal
or beneficial, in Podium Fund JV other than Podium Fund MM shall have the right to pledge its indirect interest in the Company
as security for any debt or otherwise, and (ii) the Fund Member shall have the right to enter into any lease or any agreement to
sell or otherwise transfer fee simple title to all or any portion of any of the Fund Member Units with any Person other than a
Retail Premises Competitor or Additional Office Premises Competitor without the consent or approval of the Coach Member, subject
to and in accordance with the terms and conditions of the Project Documents and the Loan Documents, provided that, except as otherwise
provided in Section 7.8(a), the Tenant under any lease of the Additional Office Units shall not be permitted to occupy the
premises demised under such lease, and any sale or other transfer of fee title to any of the Fund Member Units shall not occur
or close pursuant to any such agreement, as applicable, prior to Substantial Completion and the consummation of the Closing and
conveyance of the Coach Unit to the Coach Member in accordance with the terms of this Agreement. Nothing in this Section 9.1(e)
or any other provisions of this Agreement shall prohibit (A) Legacy Tenant, Developer or any Tenant under any lease of all or any
portion of any Additional Office Unit from performing any finish or other work in any Additional Office Unit prior to the Closing
Date, or (B) Legacy Tenant from leasing all or any portion of the Retail Unit or the Parking Unit or the tenant or operator under
any such lease from occupying and using all or any portion of the Retail Unit or the Parking Unit for the conduct of business prior
to the Closing Date.

 

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9.2.         Rights
of Transferees. A transferee of a Membership Interest (or a part thereof) pursuant to a Transfer permitted by Section 9.1
shall be admitted to the Company as a “Substitute Member”
(to the extent of the Membership Interest so Transferred in the case of a Transfer of less than all of the Membership Interest
of the transferor Member) entitled to all the rights, and subject to all of the obligations and restrictions, of the transferor
Member (to the extent of the Membership Interest so Transferred) in accordance with the terms of Section 9.3.

 

9.3.         Substitute
Members.

 

(a)          No
transferee of all or part of a Member’s Membership Interest shall become a Substitute Member in place of the transferor unless
and until:

 

(i)          The
transferor (if living) has stated such intention in the instrument of Transfer;

 

(ii)         The
transferee has executed an instrument, in form and substance reasonably satisfactory to the Company and the non-Transferring Member,
accepting and adopting the terms and provisions of the Articles and this Agreement; and

 

(iii)        The
transferee has caused to be paid all reasonable out-of-pocket expenses actually incurred by the Company in connection with the
admission of the transferee as a Substitute Member.

 

Upon satisfaction of
all the foregoing conditions with respect to a particular permitted transferee, the Members shall cause this Agreement to be duly
amended to reflect the admission of the transferee as a Substitute Member.

 

(b)          Notwithstanding
any provision in this Agreement to the contrary, no Transfer otherwise permitted by this Article 9 shall be permitted if
(i) such Transfer would (A) result in a violation of the terms of the Loan Documents, (B) such Transfer would result in the Company
being treated, for U.S. tax purposes, as a publicly traded partnership taxable as a corporation, or (C) violate any applicable
Laws, or with respect to a Transfer made by the Fund Member only, would violate the terms of the Building C Lease or any of the
other Project Documents, or (ii) the proposed transferee is (A) domiciled in a jurisdiction identified by the Financial Action
Task Force for Money laundering as being a non-cooperative country or territory or by the United States Secretary of the Treasury
as warranting special measures because of money laundering concerns under Section 311 or 312 of the USA PATRIOT Act, (B) subject
to sanctions administered by the Office of Foreign Asset Control of the United States Department of Treasury (“OFAC”)
or included in any Executive Orders or on the list of “Specially Designated Nationals” and “Blocked Persons”
maintained by OFAC, or (C) is a Senior Foreign Political Figure under Section 312 of the USA PATRIOT Act (“SFPF”),
an immediate family member of a SFPF, or a person who maintains a close personal relationship with any such individual or a corporation,
business or other entity that has been formed by or for the benefit of such individual. A transferee of a Membership Interest (or
a part thereof) pursuant to a Transfer permitted by Section 9.1 shall represent and warrant to the non-transferring Member
and the Company that is complies with the foregoing clause (ii) of this Section 9.3(b), and that any monies used by such
Person to fund its investments are not derived from or related to any illegal activities, including, but not limited to, money
laundering activities, or derived from, invested for the benefit of or related in any way to the governments of, or persons within,
any country under a United States embargo enforced by OFAC.

 

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9.4.          Effect
of Admission as a Substitute Member. Unless and until admitted as a Substitute Member
pursuant to Section 9.3, a transferee of a Member’s Membership Interest
shall not be entitled to exercise any rights of a Member in the Company, including the right to vote, grant approvals or give
consents with respect to such Membership Interest, the right to require any information or accounting of the Company’s business
or the right to inspect the Company’s books and records, but such transferee shall be entitled to receive, to the extent
of the Membership Interest transferred to such transferee, the distribution to which the transferor would be entitled. A transferee
who has become a Substitute Member has, to the extent of the Membership Interest transferred to such Substitute Member, all the
rights and powers of the Person for whom such Substitute Member is substituted and is subject to the restrictions and liabilities
of a Member under the Articles, this Agreement and the Act. Upon admission of a transferee as a Substitute Member, the transferor
of the Membership Interest so acquired by the Substitute Member shall cease to be a Member of the Company to the extent of such
transferred Membership Interest. A Person shall cease to be a Member upon Transfer of all of such Member’s Membership Interest
whether or not the transferee becomes a Substitute Member.

 

9.5.          Additional
Members. Upon approval of all of the Members, any Person may become an additional
member (an “Additional Member”) of the Company and additional
Membership Interests may be issued to such Person and existing Members for such consideration and on such terms and conditions
as all of the Members, collectively, may determine at the time of admission. No Additional Member shall be entitled to any retroactive
allocation of losses, income or expense deductions incurred by the Company.

 

9.6.          Withdrawal.
Except as otherwise expressly provided in this Agreement (including, without limitation, as permitted pursuant to Section 3.8
of this Agreement with respect to the Coach Member), a Member shall not have any right to withdraw from the Company as a Member
prior to its dissolution and winding up.

 

ARTICLE
10

EVENT OF DEFAULT

 

10.1.          Event
of Default. If any of the following events (each such event, an “Event
of Default”) occurs and is continuing with respect to a Member, then such Member
shall be deemed to be a “Defaulting Member” and the other Member
shall be deemed to be a “Non-Defaulting Member” (unless a separate
Event of Default has occurred and is continuing with respect to that Member):

 

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(a)          the
occurrence of any Bankruptcy Action with respect to such Member or, in the case of the Coach Member, the Coach Guarantor, or, in
the case of the Fund Member, Related or Oxford Guarantor; provided, however, that an involuntary Bankruptcy Action
filed against any such Person by a Person which is not affiliated such Person shall not be an Event of Default unless such involuntary
Bankruptcy Action is not discharged within ninety (90) days;

 

(b)          a
Transfer has occurred with respect to such Member in violation of Article 9;

 

(c)          such
Member has caused the Company to take any action without the prior consent of the other Member to the extent such consent is required
pursuant to the terms of this Agreement, including, without limitation, such Member causing any Bankruptcy Action to occur with
respect to the Company or any of its Subsidiaries.

 

10.2.        Remedies
and Damages.

 

(a)          Upon
the occurrence and during the continuance of an Event of Default, the Non-Defaulting Member shall have the right, and without prejudice
to any rights and remedies otherwise available to the Non-Defaulting Member under this Agreement or at law or in equity, to (i)
seek equitable relief by way of injunction, or (ii) to compel specific performance without the need to prove actual damages. The
failure or delay by a Member in exercising any right, power or privilege hereunder shall not operate as a waiver thereof, nor shall
any single or partial exercise thereof preclude any other or further exercise hereunder. Upon the occurrence and during the continuance
of an Event of Default pursuant to Section 10.1(a) above, then in addition to all other rights the Company or the Non-Defaulting
Member may have as a result of such Event of Default, all rights of approval or consent granted to the Defaulting Member under
Section 7.2 or elsewhere in this Agreement shall be suspended and terminate from and after the date of such Event of
Default; provided, however, such Defaulting Member shall still retain any approval rights with respect to (i) any
action which would cause the Company or any of its Subsidiaries to become an entity other than a Delaware limited liability company;
(ii) the merger, consolidation, dissolution, liquidation, reorganization or filing of a Bankruptcy Action with respect to the Company
or any of its Subsidiaries; (iii) amending this Agreement; (iv) entering into any agreement which would cause the Defaulting Member
or any of its Affiliates to become a guarantor or to otherwise become personally liable for any indebtedness of the Company; or
(v) materially changing the nature or scope of the Company’s business.

 

(b)          The
Defaulting Member shall be liable to the Company and the Non-Defaulting Member and its Member Indemnified Parties for all actual
costs, expenses, losses, liabilities and damages arising directly or indirectly from or in connection with any such Event of Default,
including, without limitation, attorneys’ fees and expenses, actually incurred by the Non-Defaulting Member or any of its
Member Indemnified Persons or by the Company, and shall indemnify the Company and the Non-Defaulting Member and its Member Indemnified
Persons and hold each of them harmless from and against any and all actual losses, costs, expenses, obligations or liabilities
resulting or arising from such Event of Default. No costs or expenses incurred by the Defaulting Member in connection with the
foregoing indemnity shall be considered a contribution of capital hereunder or a loan to the Company nor included in calculating
such Member’s Capital Account or otherwise considered in determining any ownership interest or right to receive any distribution
or other payments from the Company or the other Members.

 

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(c)          In
no event shall any Member be liable for, and each Member, on behalf of itself and its respective Affiliates, hereby waives any
claim for, any special, punitive or consequential damages, including loss of profits or business opportunity arising under or in
connection with this Agreement or any default or Event of Default by a Member hereunder.

 

(d)          The
Coach Member hereby agrees to accept performance by the Related/Oxford Guarantor of any term, covenant, condition or agreement
to be performed by the Fund Member under this Agreement with the same force and effect as though performed by the Fund Member.
The Fund Member hereby agrees to accept performance by the Coach Guarantor of any term, covenant, condition or agreement to be
performed by the Coach Member under this Agreement with the same force and effect as though performed by the Coach Member.

 

ARTICLE
11

DISSOLUTION AND TERMINATION

 

11.1.        Events
Causing Dissolution.

 

(a)          The
Company shall be dissolved upon the first to occur of the following events:

 

(i)          the
date on which all of the Members enter into a written agreement to dissolve the Company;

 

(ii)         the
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act; and

 

(iii)        at
any time there are no members of the Company, unless the Company is continued without dissolution in accordance with the Act.

 

(b)          The
commencement of a Bankruptcy Action by or against any Member shall not, in and of itself, result in the dissolution of the Company
or in the cessation of the Member being a member in the Company. To the fullest extent permitted by law, the resignation of a Member
or the dissolution of a Member shall not, by itself, constitute a dissolution of the Company.

 

11.2.        Cash
Distributions Upon Dissolution; Procedures.

 

(a)          Upon
the dissolution of the Company as a result of the occurrence of any of the events set forth in Section 11.1, the Members
shall proceed to liquidate the Company as quickly as possible consistent with obtaining the full fair market value of the Company’s
property and during such period of liquidation all of the provisions of this Agreement shall remain in effect. The Company shall
notify all known creditors and claimants of the dissolution of the Company in accordance with applicable law. The liquidation proceeds
shall be applied and distributed, except as otherwise required by Law, to the Members in accordance with the provisions of Section
6.1.

 

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(b)          To
the extent that property of the Company is not sold, the Coach Member will receive the Coach Unit and the Fund Member will receive
the Fund Member Units, subject to performance by each such Member of its respective obligations under this Agreement. Any property
distributed in kind upon liquidation of the Company shall be treated as though the property was sold and the cash proceeds distributed.
Notwithstanding anything to the contrary contained in this Section 11.2, if and to the extent that any Member shall be or
be deemed to be a Non-Contributing Member, liquidation proceeds that shall otherwise be payable under this Section 11.2
shall be made to the Contributing Member(s) to the extent of unpaid principal and interest of such Contributing Member’s
Member Loan to such Non-Contributing Member.

 

11.3.        Certificate
of Cancellation. When all debts, liabilities and obligations of the Company have been
paid and discharged or adequate provisions have been made therefor and all of the remaining property and assets of the Company
have been distributed, the Certificate of Cancellation as required by the Act shall be executed and filed by the Fund Member with
the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Cancellation with the Secretary of State
of the State of Delaware, the existence of the Company shall cease, except for the purpose of suits, other proceedings and appropriate
action as provided in the Act. Thereafter, the Fund Member shall have the authority to distribute any Company property discovered
after dissolution, to convey real estate and to take such other action as may be necessary on behalf of and in the name of the
Company.

 

ARTICLE
12

ACCOUNTING, BANK ACCOUNTS, BOOKS, RECORDS AND REPORTS

 

12.1.        Fiscal
Year and Accounting Method. The Fiscal Year and taxable year of the Company shall
be as defined in Section 2.1 hereof. The Members, collectively, shall determine the accounting method to be used by the Company.

 

12.2.        Books
and Records.

 

(a)          The
books and records of the Company shall be maintained at the principal office of the Company. In addition, the Company shall maintain
the following:

 

(i)          A
current list of the full name and last known business address of each Member;

 

(ii)         A
copy of the filed Articles and all amendments thereto, together with executed copies of any powers of attorney pursuant to which
any document has been executed;

 

(iii)        Copies
of the Company’s federal, state and local income tax returns and reports and financial statements, if any, for the three
most recent years; and

 

(iv)         Copies
of this Agreement, the Development Agreement, the Condominium Documents, and any other agreement to which the Company is a party,
and any amendments thereto.

 

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(b)          Each
Member (or such Member’s designated representative) shall have the right during ordinary business hours and upon reasonable
notice to inspect and copy (at such Member’s own expense) all books and records of the Company.

 

12.3.        Financial
Reports. On or before the (a) sixtieth (60th) day following the end of each of the first three quarters of each Fiscal Year
of the Company, and (b) ninetieth (90th) day following the end of the last quarter of each Fiscal Year of the Company, the Fund
Member shall cause to be prepared and delivered to each Member an unaudited balance sheet and profit and loss statement for such
fiscal quarter. Furthermore, on or before the one hundred twentieth (120th) day following the end of each Fiscal Year of the Company,
the Fund Member shall cause to be prepared and delivered to each Member all information with respect to the Company necessary
for the Members’ federal and state income tax returns, including a Form K-1 or its equivalent and a financial report for
the preceding Fiscal Year audited by the Company’s Accountants which shall include a balance sheet and a profit and loss
statement. All financial reports and statements described in this Section 12.3
shall be prepared in accordance with GAAP applied on a consistent basis.

 

12.4.        Tax
Returns, Elections and Tax Matters Member. The Fund Member is hereby designated as the Company’s “Tax Matters
Member”, which shall have the same meaning as “tax matters partner” under the Code, and in such capacity is
hereby authorized and empowered to act for and represent the Company and each of the Members before the Internal Revenue Service
in any audit or examination of any Company tax return and before any court, provided, that the Fund Member shall have no authority
to settle any disputed matter in a manner which could adversely affect the Coach Member without the prior written consent of the
Coach Member. The Tax Matters Member shall cause the Company to prepare and timely file all federal, state and local income tax
returns or other returns or statements required by applicable law. At least thirty (30) days before any such return is to be filed,
the Tax Matters Member shall furnish to the Coach Member copies of the returns proposed to be filed for its approval which shall
be required before filing and which shall not be unreasonably withheld, conditioned or delayed. The Company shall claim all deductions
and make such elections for federal or state income tax purposes which the Tax Matters Member reasonable believes will provide
the most favorable results for the Members. The Coach Member shall have the right to appear in and defend any such disputed matter
by which it could be adversely affected, with separate counsel of its own choice, at its own cost and expense.

 

12.5.        Bank
Accounts. All funds of the Company shall be deposited in a separate bank, money market
or similar accounts(s) approved by the Members and in the Company’s name. Withdrawals therefrom shall be made only by Persons
authorized to do so by the Fund Member.

 

ARTICLE
13

REPRESENTATIONS AND WARRANTIES

 

13.1.        Representations
and Warranties of the Coach Member. The Coach Member represents and warrants to the
Fund Member the following as of the date hereof:

 

(a)          Coach
Guarantor is a corporation organized, existing and in good standing under the laws of the State of Maryland, and the Coach Member
is a limited liability company] organized, existing and in good standing under the laws of the State of Delaware and is duly qualified
to do business in and is in good standing under the laws of the State of New York.

 

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(b)          The
execution, delivery and performance by the Coach Member of this Agreement and by Coach Guarantor of the Coach Guaranty have been
duly authorized by all necessary action, do not and will not contravene (i) its organizational or governing documents, (ii) any
law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect with respect to the
Coach Member or the Coach Guarantor, as applicable, or (iii) any indenture, loan, credit agreement or other agreement, lease or
instrument to which it is a party or by which it or its assets may be bound or affected, the failure to comply with which would
have a material adverse effect on the ability of the Coach Member to perform its obligations under this Agreement or the Coach
Guarantor to perform its obligations under the Coach Guaranty, as applicable, and do not and will not result in or require the
creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties or assets.

 

(c)          No
authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
to be obtained or made by the Coach Member for the due execution, delivery and performance of this Agreement or by the Coach Guarantor
for the due execution, delivery and performance of the Coach Guaranty.

 

(d)          Neither
the Coach Member nor the Coach Lender is domiciled in a jurisdiction identified (i) by the Financial Action Task Force for Money
laundering as being a non-cooperative country or territory or (ii) by the United States Secretary of the Treasury as warranting
special measures because of money laundering concerns under Section 311 or 312 of the USA PATRIOT Act. The monies used to fund
the Coach Member’s and the Coach Lender’s investments are not derived from or related to any illegal activities, including,
but not limited to, money laundering activities, and the Coach Member and the Coach Lender will retain evidence of the source of
funds. Neither the Coach Member nor the Coach Lender is subject to sanctions administered by OFAC nor are they included in any
Executive Orders or on the list of “Specially Designated Nationals” and “Blocked Persons” maintained by
OFAC. The monies used to fund the Coach Member’s and the Coach Lender’s investments are not derived from, invested
for the benefit of or related in any way to the governments of, or persons within, any country under a United States embargo enforced
by OFAC. Neither the Coach Member nor the Coach Lender is (A) an SFPF (B) an immediate family member of a SFPF, or (C) a person
who maintains a close personal relationship with any such individual or a corporation, business or other entity that has been formed
by or for the benefit of such individual. The Coach Member will provide the Fund Member any information that may be reasonably
requested to comply with applicable law addressed in this Section 13.1(d). The Coach Member will promptly notify the Fund
Member in writing if there is any change with respect to the representations and warranties provided in this Section 13.1(d).

 

(e)          The
Coach Member is not a “foreign person” within the meaning of Sections 897 or 1445 of the Code, or any similar law requiring
disclosure or withholding with respect to a “foreign person” (as used in the Code).

 

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(f)          To
the Coach Member’s Knowledge, as of the date hereof, there is no action, suit, proceeding or investigation pending, or threatened
in writing against the Coach Member, the Coach Lender or their respective Affiliates in any court or by or before any governmental
authority which, if adversely determined, would be reasonably expected to materially and adversely affect the ability of the Coach
Member or the Coach Lender to carry out the transactions and obligations contemplated by this Agreement.

 

(g)          This
Agreement in all respects represent valid and legally binding obligations of the Coach Member, which are enforceable against the
Coach Member in accordance with the terms thereof, subject only to the effects of bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally.

 

13.2.        Representations
and Warranties of the Fund Member. The Fund Member represents and warrants to the Coach Member the following as of the date
hereof:

 

(a)          The
Fund Member is a limited liability company organized, existing and in good standing under the laws of the State of Delaware, and
is duly qualified to do business in and is in good standing under the laws of the State of New York. Related is a limited partnership,
existing and in good standing under the laws of the State of New York. Oxford Guarantor is an Ontario limited partnership, existing
and in good standing under the laws of the province of Ontario, Canada.

 

(b)          The
execution, delivery and performance by the Fund Member of this Agreement and by the Related/Oxford Guarantor of the Related/Oxford
Guaranty have been duly authorized by all necessary action, do not and will not contravene (i) its organizational or governing
documents, (ii) any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect
with respect to the Fund Member or the Related/Oxford Guarantor, as applicable, or (iii) any indenture, loan, credit agreement
or other agreement, lease or instrument to which it is a party or by which it or its assets may be bound or affected, the failure
to comply with which would have a material adverse effect on the ability of the Fund Member to perform its obligations under this
Agreement or the Related/Oxford Guarantor to perform its obligations under the Related/Oxford Guaranty, as applicable, and do not
and will not result in or require the creation of any lien, security interest or other charge or encumbrance upon or with respect
to any of its properties or assets.

 

(c)          No
authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
to be obtained or made by the Fund Member for the due execution, delivery and performance of this Agreement or by the Related/Oxford
Guarantor for the due execution, delivery and performance of the Related/Oxford Guaranty.

 

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(d)          Neither
the Fund Member nor the Related/Oxford Guarantor is domiciled in a jurisdiction identified (i)by the Financial Action Task Force
for Money laundering as being a non-cooperative country or territory or (ii) by the United States Secretary of the Treasury as
warranting special measures because of money laundering concerns under Section 311 or 312 of the USA PATRIOT Act. The monies used
to fund the Fund Member’s and the Related/Oxford Guarantor’s investments are not derived from or related to any illegal
activities, including, but not limited to, money laundering activities, and the Fund Member and the Related/Oxford Guarantor will
retain evidence of the source of funds. Neither the Fund Member nor the Related/Oxford Guarantor is subject to sanctions administered
by OFAC nor are they included in any Executive Orders or on the list of “Specially Designated Nationals” and “Blocked
Persons” maintained by OFAC. The monies used to fund the Fund Member’s and the Related/Oxford Guarantor’s investments
are not derived from, invested for the benefit of or related in any way to the governments of, or persons within, any country under
a United States embargo enforced by OFAC. Neither the Fund Member nor the Related/Oxford Guarantor is (i) a SFPF, (ii) an immediate
family member of a SFPF, or (iii) a person who maintains a close personal relationship with any such individual or a corporation,
business or other entity that has been formed by or for the benefit of such individual. The Fund Member will provide the Coach
Member any information that may be reasonably requested to comply with applicable law addressed in this Section 13.2(d).
The Fund Member will promptly notify the Coach Member in writing if there is any change with respect to the representations and
warranties provided in this Section 13.2(d).

 

(e)          The
Fund Member is not a “foreign person” within the meaning of Sections 897 or 1445 of the Code, or any similar law requiring
disclosure or withholding with respect to a “foreign person” (as used in the Code).

 

(f)          To
Fund Member’s Knowledge, as of the date hereof there is no action, suit, proceeding or investigation pending, or threatened
in writing against the Fund Member, the Related/Oxford Guarantor or Developer, their respective Affiliates or the Project in any
court or by or before any governmental authority which, if adversely determined, would be reasonably expected to materially and
adversely affect the ability of the Related/Oxford Guarantor, the Fund Member or Developer to carry out the transactions and obligations
contemplated by this Agreement.

 

(g)          This
Agreement in all respects represent valid and legally binding obligations of the Fund Member, which are enforceable against the
Fund Member in accordance with the terms thereof, subject only to the effects of bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally.

 

ARTICLE
14

MISCELLANEOUS

 

14.1.        Title
to Assets; Certain Waivers. Title to all assets acquired by the Company shall be
held in the name of the Company. Except as expressly provided herein, no Member shall individually have any ownership interest
or rights in any assets of the Company or any of its Subsidiaries, except indirectly by virtue of such Member’s ownership
of a Membership Interest. Except as otherwise provided herein, each Member irrevocably waives during the term of the Company any
right that it may have to: (a) cause the Company or any of its assets, or any Subsidiary or the assets of any Subsidiary, to be
partitioned; (b) cause the appointment of a receiver for all or any portion of the assets of the Company or any of its Subsidiaries;
(c) compel any sale of all or any portion of the assets of the Company or any of its Subsidiaries pursuant to applicable law;
or (d) file a complaint, or to institute any proceeding at law or in equity, or to cause the termination, dissolution or liquidation
of the Company or any of its Subsidiaries. Except as otherwise provided herein, each Member irrevocably waives during the term
of the Company any right that it may have under (i) Section 17-604 of the Act to withdraw and receive the fair value
of their partnership interests or (ii) Section 17-606 of the Act with respect to status as a creditor of the Company with respect
to distributions. 

 

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14.2.          Nature
of Interest in the Company. A Member’s Membership Interest shall be personal property for all purposes.

 

14.3.          Waiver
of Default. No consent or waiver, express or implied, by the Company or a Member with respect to any breach or default by
another Member hereunder shall be deemed or construed to be a consent or waiver with respect to any other breach or default by
such Member of the same provision or any other provision of this Agreement. Failure on the part of the Company or a Member to
complain of any act or failure to act of another Member or to declare such other Member in default shall not be deemed or constitute
a waiver by the Company or the Member of any rights hereunder. No provision of this Agreement may be waived except by a written
instrument executed by the party against whom the enforcement of such waiver is sought and then only to the extent set forth in
such instrument.

 

14.4.          Amendment.
This Agreement embodies the entire understanding among the Members concerning the Company and their relationship as Members and
supersedes any and all prior negotiations, understandings or agreements concerning such relationship. This Agreement may be amended
or modified from time to time only by a written instrument executed and agreed to by all of the Members.

 

14.5.          No
Third Party Rights. None of the provisions contained in this Agreement shall be for the benefit of or enforceable by any third
parties, including creditors of the Company. Notwithstanding anything contained in this Agreement, no creditor or other Person
shall obtain any rights under this Agreement or shall, by reason of this Agreement, make any claim in respect of any debt, liability
or obligation (or otherwise) against the Company or any Member. The parties to this Agreement expressly retain any and all rights
to amend this Agreement as herein provided, notwithstanding any interest in the Agreement or in any party to this Agreement held
by any other Person.

 

14.6.          Severability.
In the event any provision of this Agreement is held to be illegal, invalid or unenforceable to any extent, the legality, validity
and enforceability of the remainder of this Agreement shall not be affected thereby and the remaining provisions shall be construed
and enforced in all respect as if such invalid or unenforceable provision or provisions had been omitted and substituted with
a provision(s) that is valid and enforceable and most closely effectuates the original intent of this Agreement.

 

14.7.          Binding
Agreement. Subject to the restrictions on the disposition of Membership Interests herein continued, the provisions of this
Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns.

 

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14.8.        Headings;
Exhibits; Schedules. The headings of the articles and sections of this Agreement are for convenience only and shall not be
considered in construing or interpreting any of the terms and provisions hereof. All Exhibits and Schedules attached to this Agreement
or subsequently incorporated herein are hereby made (and shall be deemed) a part of this Agreement.

 

14.9.        Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted, construed
and enforced in accordance with the internal laws of the State of Delaware, without giving effect to the conflicts of laws provisions
thereof. To the extent permitted by applicable law, the provisions of this Agreement shall override the provisions of the Act
to the extent of any inconsistency or contradiction between them.

 

14.10.      Jurisdiction;
Waiver of Trial by Jury.

 

(a)          Except
as expressly set forth in Section 3.10, the Members hereby irrevocably and unconditionally (i) agree that the exclusive
forum for any suit, action or other legal proceeding arising out of or relating to this Agreement shall be the Supreme Court of
the State of New York in New York County or the United States, Southern District of New York; (ii) consent to, and waive any
and all personal rights under the laws of any state to object to the jurisdiction of each such court in any such suit, action or
proceeding; and (iii) waive any objection which it may have to the laying of venue of any such suit, action or proceeding in any
of such courts. In furtherance of such agreement, each Member agrees, upon request of the other Member, to discontinue (or cause
to be discontinued) any such suit, action or proceeding pending in any other jurisdiction or court and the Members irrevocably
consent to the service of any and all process in any such suit, action or proceeding by service of copies of such process to the
Fund Member or the Coach Member, as the case may be, at its address provided herein. Nothing in this Section 14.10, however,
shall affect the right of the Members to serve legal process in any other manner permitted by law.

 

(b)          TO
THE FULL EXTENT PERMITTED BY LAW, THE MEMBERS HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE
OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON,
ARISING OUT OF, OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY CONDUCT, ACT OR OMISSION OF THE MEMBERS, OR ANY OF THEIR RESPECTIVE
DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY AFFILIATES, IN EACH OF THE FOREGOING CASES, WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE.

 

(c)          The
waivers contained in this Section 14.10 are given knowingly and voluntarily by the Members and, with respect to the waiver
of jury trial, is intended to encompass individually each instance and each issue as to which the right to a trial by jury would
otherwise accrue. The Members are hereby authorized to file a copy of this Section 14.10 in any proceeding as conclusive
evidence of these waivers by the other party.

 

    	107

    	 

    

 

14.11.      Notices.

 

(a)          Any
and all notices, demands, requests, consents, approvals or other communications (each, a “Notice”) permitted
or required to be made under this Agreement shall be in writing, signed by the party giving such Notice and shall be delivered
(i) by hand (with signed confirmation of receipt), (ii) by nationally or internationally recognized overnight mail or courier service
(with signed confirmation of receipt), or (iii) by facsimile transmission (with a confirmation copy delivered in the manner described
in clause (i) or (ii) above). All such Notices shall be deemed delivered, as applicable: (x) on the date of the personal delivery
or facsimile (as shown by electronic confirmation of transmission) if delivered by 5:00 p.m., and if delivered after 5:00 p.m.
then on the next business day; or (y) on the next business day for overnight mail. Notices directed to a party shall be delivered
to the parties at the addresses set forth below or at such other address or addresses as may be supplied by written Notice given
in conformity with the terms of this Section 14.11:

 

(i)           If
to the Coach Member, to:

 

Coach Legacy Yards LLC

c/o Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Todd Kahn

Facsimile: (212) 629-2398

 

with a copy to:

 

Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Mitchell L. Feinberg

Facsimile: (212) 629-2298

 

and a copy to:

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: Jonathan L. Mechanic and Harry R. Silvera, Esqs.

Facsimile: (212) 859-4000

 

(ii)          If
to the Fund Member:

 

Podium Fund Tower C SPV LLC

c/o The Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention: Jeff T. Blau and L. Jay Cross

Facsimile: (212) 801-3540

 

    	108

    	 

    

 

with a copy to each of the following:

 

The Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention: Richard O’Toole

Facsimile: (212) 801-1036

 

Oxford
Hudson Yards LLC

320 Park Avenue, 17th Floor

New York, New York 100022 

Attention: Dean J. Shapiro

Facsimile: (212) 986-7510

 

Oxford Properties Group

Royal Bank Plaza, North Tower,

200 Bay Street, Suite 900,

Toronto, Ontario M5J 2J2 Canada

Attention: Chief Legal Counsel

Facsimile: (416) 868-3799

 

and, if different than the address set forth above,
to the address posted from time to time as the corporate head office of Oxford Properties Group on the website www.oxfordproperties.com
to the attention of the Chief Legal Counsel (unless the same is not readily ascertainable or accessible by the public
in the ordinary course)

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

Facsimile: (212) 593-5955

 

(b)          Any
counsel designated above or any replacement counsel that may be designated respectively by any party or such counsel by written
Notice to the other parties is hereby authorized to give Notices hereunder on behalf of its respective client.

 

14.12.      Counterparts.
This Agreement may be executed in multiple counterparts, and each such counterpart shall be considered an original, but all of
which together shall constitute one and the same instrument. The exchange of signature pages by facsimile or portable document
format (“PDF’) transmission shall constitute effect delivery of such signature pages and may be used in lieu of the
original signature pages for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

    	109

    	 

    

 

14.13.         Further
Assurances. Each Member shall execute and deliver any additional documents and instruments and perform any additional acts
that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated
herein.

 

14.14.         Rights
Upon Withholding of Consent. In any instance where a consent or approval by a Member is not to be unreasonably withheld or
delayed, if the Member seeking such consent or approval claims that such consent has been unreasonably withheld or delayed, such
Member may not seek or recover damages against the other Member, but may only either (a) invoke expedited arbitration in accordance
with the provisions of Section 3.10 hereof seeking to cause such Member to grant
the requested consent or (b) commence an action for mandatory injunction seeking to cause the other Member to grant the requested
consent. The prevailing party in such arbitration or action shall be entitled to collect the prevailing party’s reasonable
attorneys’ fees and costs in connection with such action or arbitration. The Members waive consequential damages in connection
with the withholding or delay of any consent or approval.

 

14.15.         Brokerage.
The Coach Member and the Fund Member each represents that it has dealt with no broker, finder or like agent in connection with
the transactions contemplated hereby other than CB Richard Ellis, Inc. (“Broker”).
The Coach Member, at its sole cost and expense (and not as a deduction to the Coach Total Development Costs), shall pay a commission
to Broker in accordance with a separate agreement between the Coach Member and Broker. Each party shall indemnify, defend and
hold the other party harmless from and against any loss, cost or expense suffered by the indemnified party arising out of any
claim or threat of claim of any Person who claims to have dealt with the indemnifying party in connection with the transactions
contemplated hereby (except that the Fund Member will not indemnify the Coach Member for claims made by Broker).

 

14.16.         Non-Recourse;
Exculpation. Except as otherwise expressly provided to the contrary in this Agreement,
the Development Agreement, the Coach Guaranty or the Related/Oxford Guaranty, no Member, no Affiliate of any Member, nor any direct
or indirect partner, shareholder, member, manager, owner, officer, director, trustee, agent or employee in or of any Member or
any Affiliate of any Member (each, a “Nonrecourse Party”),
shall be personally liable in any manner or to any extent under or in connection with this Agreement, and neither any Member nor
the Company nor any Person claiming by, through or under any Member or the Company shall have any recourse to any assets of a
Nonrecourse Party other than such party’s direct Interest to satisfy any liability, judgment or claim that may be obtained
or made against any such Nonrecourse Party under this Agreement. The limitation of liability provided in this Section 14.16
is in addition to, and not in limitation of, any limitation on liability applicable
to a Nonrecourse Party provided by law or by this Agreement or any other contract, agreement or instrument. Nothing in this Section 14.16
is intended to or shall limit (a) the obligations or liabilities of Related and Oxford
Guarantor under the Related/Oxford Guaranty or (b) the obligations or liabilities of the Coach Guarantor under the Coach Guaranty.

 

14.17.         Fiduciary
Duty. In accordance with Section 18-1101(c) of the Delaware Act, the Members hereby
acknowledge and agree that the provisions of this Agreement, including the provisions of this Section 14.17,
to the extent they expand, restrict or eliminate the duties (including fiduciary duties) of a Member otherwise existing at law
or in equity, replace completely and absolutely such other duties (including fiduciary duties). The provisions of this Section
14.17 are fundamental elements to the agreement of the Members to enter into this
Agreement and without such provisions the Members would not have entered into this Agreement.

 

    	110

    	 

    

 

14.18.      Confidentiality.

 

(a)          Each
of the Fund Member and the Coach Member and their respective partners, principals, members, owners, shareholders, partners, attorneys,
agents, employees and consultants (and their respective successors and assigns) will treat the terms of this Agreement and all
non-publicly available or proprietary information disclosed to it by the other party or otherwise gained through the Project (“Confidential
Information”), as confidential, giving it the same care as its own Confidential Information, and make no use of any such
disclosed information not independently known to it, except (i) in connection with the transactions contemplated hereby, (ii) to
the extent legally compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar
process) to disclose the same, or (iii) to the extent required by any federal, state, local or foreign laws, or by any rules or
regulations of the United States Securities and Exchange Commission (or its equivalent in any foreign country) or any domestic
or foreign public stock exchange or stock quotation system, that may be applicable to the Fund Member or the Coach Member or any
of their direct or indirect constituent owners or Affiliates. Notwithstanding the foregoing, the terms hereof may be disclosed
to the Mortgage Loan Agent, the Mezzanine Loan Agent and the Construction Lenders and to a party’s accountants, attorneys,
employees, agents, actual and potential transferees, lessees, investors and lenders, and others in privity with such party to the
extent reasonably necessary for such party’s business purposes, or in connection with a dispute hereunder.

 

(b)          In
the event that either party hereto and their Affiliates shall receive a request to disclose any Confidential Information under
a subpoena or order, such party shall (i) promptly notify the other parties thereof, (ii) consult with the other parties
on the advisability of taking steps to resist or narrow such request and (iii) if disclosure is required or deemed advisable,
cooperate with the other parties in any attempt they may make to obtain an order or other assurance that confidential treatment
will be accorded the Confidential Information that is disclosed.

 

(c)          All
publicity signs located at or about the Project shall be approved by the Fund Member and the Coach Member. Neither party may, without
the other party’s prior consent, permit the public dissemination of any public relations releases, advertisements or other
communications or materials with respect to the Project that includes or describes the identity of the other party or its constituents
or affiliates.

 

(d)          Notwithstanding
anything to the contrary herein, each Member (and each employee, representative, or other agent of such investor) may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Company and (ii) any of
its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Member relating
to such tax treatment and tax structure, it being understood that “tax treatment” and “tax structure” do
not include the name or the identifying information of (A) the Company or (B) the parties to a transaction.

 

    	111

    	 

    

 

14.19.         Prevailing
Party Entitled to Fees and Costs. In the event of any an
action, litigation, arbitration, administrative proceeding and other legal or equitable proceeding of any kind between
or among the Fund Member and the Coach Member concerning this Agreement, the prevailing party shall be entitled to reimbursement
from the losing party for the fees and costs of such proceeding incurred by the prevailing party, including reasonable attorneys’
fees. For the purposes of this Section 14.19, the “prevailing party”
shall mean the party who obtains a judgment or order, final beyond appeal, adverse to the other party. The foregoing provisions
shall not apply to the fees and costs of any dispute which is governed by the provisions of Section 3.10.

 

14.20.         Partition.
Each Member hereby waives any and all rights that it may have to cause any asset of the Company to be partitioned or to file a
complaint or institute or maintain an action or proceeding at law or in equity for partition of any of the Company’s assets.

 

14.21.         Survival.
The provisions of this Article 14 shall survive the termination of this
Agreement and the redemption or withdrawal of the Coach Member from the Company.

 

[SIGNATURE PAGE FOLLOWS]

  

    	112

    	 

    

 

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

 

	 	PODIUM FUND TOWER C SPV LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 
	 		By:	/s/ L. Jay Cross
	 	 	 	Name: L. Jay Cross
	 	 	 	Title: President
	 	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Todd Kahn
	 	 	Name: Todd Kahn
	 	 	Title: Executive Vide President and General Counsel

  

    	 

    	 

    

 

Exhibit A

 

Legal Description

 

ALL OF THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County of New
York, City and State of New York, bounded and described as follows:

 

Tower C-Basement level and below: 

 

All of the lands at or below an upper limiting
plane of elevation 12.00 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 589.42
feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 77.67 feet to a point; thence

 

		3.	North 89°56'53" West, a distance of 112.00 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 104.83 feet to a point; thence

 

		5.	South 89°56'53" East, a distance of 22.37 feet to a point; thence

 

		6.	North 78°45'38" East, a distance of 49.37 feet to a point; thence

 

		7.	South 89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		8.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet
to the Point of Beginning.

 

Tower C-Street Level: 

 

All of the lands above a lower limiting
plane of elevation 12.00 feet and at or below an upper limiting plane of elevation 29.00 feet (Manhattan Borough Datum) within
the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

    	Exhibit A - Page 1

    	 

    

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42
feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

		3.	South 89°56'53" East, a distance of 8.37 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 30.67 feet to a point; thence

 

		5.	North 89°56'53" West, a distance of 1.80 feet to a point; thence

 

		6.	North 00°03'07" East, a distance of 5.03 feet to a point; thence

 

		7.	North 89°56'53" West, a distance of 0.50 feet to a point; thence

 

		8.	North 00°03'07" East, a distance of 6.60 feet to a point; thence

 

		9.	South 89°56'53" East, a distance of 2.33 feet to a point; thence

 

		10.	North 00°03'07" East, a distance of 18.31 feet to a point; thence

 

		11.	North 36°42'17" West, a distance of 27.85 feet to a point; thence

 

		12.	North 89°56'53" West, a distance of 10.32 feet to a point; thence

 

		13.	North 00°03'07" East, a distance of 31.86 feet to a point; thence

 

		14.	North 89°56'53" West, a distance of 45.42 feet to a point; thence

 

		15.	North 00°03'07" East, a distance of 12.90 feet to a point; thence

 

		16.	North 89°56'53" West, a distance of 37.04 feet to a point; thence

 

		17.	North 00°03'07" East, a distance of 34.75 feet to a point; thence

 

		18.	South 89°56'53" East, a distance of 1.41 feet to a point; thence

 

		19.	North 78°45'38" East, a distance of 49.37 feet to a point; thence

 

		20.	South 89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		21.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet
to the Point of Beginning.

 

    	Exhibit A - Page 2

    	 

    

 

Tower C-Mezzanine Level: 

 

All of the lands above a lower limiting
plane of elevation 29.00 feet and at or below an upper limiting plane of elevation 40.55 feet (Manhattan Borough Datum) within
the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42
feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

 

		3.	South 89°56'53" East, a distance of 8.37 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 35.70 feet to a point; thence

 

		5.	South 89°56'53" East, a distance of 3.21 feet to a point; thence

 

		6.	North 00°03'07" East, a distance of 136.41 feet to a point; thence

 

		7.	South 89°56'53" East, a distance of 567.83 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		8.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet
to the Point of Beginning.

 

Tower C-Plaza level and above:

 

All of the lands above a lower limiting plane of elevation 40.55
feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection of the westerly
line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 416.00 feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 192.17 feet to a point; thence

 

		3.	South 89°56'53" East, a distance of 416.00 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

		4.	Along said westerly line of Tenth Avenue, South 00°03'07"
West, a distance of 192.17 feet to the Point of Beginning.

  

    	Exhibit A - Page 3

    	 

    

 

Exhibit B

 

Office Unit Competitors

Burberry Group PLC

Gucci Group/PPR

J. Crew Group, Inc.

LVMH Moet Hennessy Louis Vuitton SA

Michael Kors (USA), Inc.

Polo Ralph Lauren Corp.

Prada, S.p.A.

Tory Burch LLC

 

This list includes affiliates of the foregoing to the extent
that the same engage in a similar luxury retail goods lines of business.

  

    	Exhibit B

    	 

    

 

Exhibit C-1

 

Form of Declaration 

 

    	Exhibit C-1

    	 

    

  

EXECUTION VERSION

 

 

DECLARATION

 

Establishing a Plan for Condominium

Ownership of Premises

501 West 30th Street

New York, New York 10001

Pursuant to Article 9-B of the Real Property

Law of the State of New York

 

Name:

TOWER C CONDOMINIUM

501 West 30th Street

New York, New York 10001

 

Declarant:

METROPOLITAN TRANSPORTATION AUTHORITY

347 Madison Avenue

New York, New York 10017

 

Date of Declaration:

As of ___________ __, _____

 

Block 702

Lots [1001, 1002, 1003, 1004, 1005, 1006, 1007, 1008 and 1009]

(f/k/a Lot 10)

Borough of Manhattan

 

When recorded, return to:

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Attn: Jonathan H. Canter, Esq.

 

    	 

    	 

    

 

INDEX TO DECLARATION

 

	Section	Caption	Page
	 	 	 
	1.	Submission of Property.	1
	2.	Building.	1
	3.	Name of Condominium.	1
	4.	Units; Street Addresses.	1
	5.	Dimensions of Units	4
	6.	Common Elements	5
	7.	Underlying Agreements; Use of Building and Units.	7
	8.	Person to Receive Service of Process	16
	9.	Determination of Percentages In Common Elements.	16
	10.	Encroachments.	16
	11.	Rights of Access.	16
	12.	Easements.	17
	13.	Signage and Lighting	23
	14.	Amendment of Declaration.	23
	15.	Termination.	25
	16.	Powers of Attorney to the Board of Managers	26
	17.	Covenants Running With the Land; Subordination and Non-Disturbance.	26
	18.	Rules and Regulations.	27
	19.	Invalidity.	27
	20.	Waiver.	27
	21.	Captions	27
	22.	Certain References.	27
	23.	Consents.	28
	24.	Unanimous Consent.	28
	25.	Further Assurances.	28
	26.	Successors and Assigns.	29
	27.	Non-Recourse.	29
	28.	Exculpation of Declarant; Rights and Obligations of Declarant Net Lessees	29

 

Exhibits

 

		A	The Land

		B	Description of the Units

		C	Description of the Building

		D	Form of Subordination Non-Disturbance Agreement

		E	Signage

		F	Coach Office Competitors

		G	Coach Retail Competitors

		H	Ancillary Office Uses

		I	LEED Standards

		J	Building Exterior Lighting System

		K	By-Laws

 

    	 

    	 

    

 

DECLARATION

 

OF

 

TOWER C CONDOMINIUM

 

(Pursuant to Article 9-B of the Real
Property Law

of the State of New York)

 

METROPOLITAN TRANSPORTATION AUTHORITY, hereinafter
referred to as the “Declarant,” does hereby declare as of this __ day of ____________, ____ as follows:

 

1.          Submission
of Property. The Declarant hereby submits: (i) the land owned by Declarant in fee simple absolute and described on Exhibit
A annexed hereto and made part hereof (hereinafter called the “Land”); (ii) the building and improvements erected
on the Land (hereinafter called the “Building”); and (iii) all other easements, rights and appurtenances belonging
to the foregoing, and all other property, personal or mixed, owned by the Declarant and intended for use in connection therewith
(the Land, the Building and said easements, rights, appurtenances and other property hereinafter collectively called the “Property”),
to the provisions of Article 9-B of the Real Property Law of the State of New York (as the same may hereafter be amended from time
to time, the “New York Condominium Act”). This Declaration is subject to the Underlying Agreements (as defined
in Section 7(a) hereof). As used herein, (i) “By-Laws” shall mean the By-Laws annexed hereto as Exhibit K
and made a part hereof, (ii) “Rules and Regulations” shall have the meaning set forth in Section 18 hereof,
and (iii) “Condominium Documents” shall mean, collectively, this Declaration, the By-Laws, the Rules and Regulations,
and the Floor Plans (as hereinafter defined).

 

2.          Building.
A description of the Building, including the number of stories, cellars, subcellars and units and the principal materials of
which it is constructed, is set forth in Exhibit C annexed hereto and made a part hereof.

 

3.          Name
of Condominium. The condominium established by this Declaration shall be known as “Tower C Condominium” (hereinafter
called the “Condominium”); and neither the Condominium nor the Building shall be named after any Unit Owner
(as defined in Section 4(k) hereof) or any other user, tenant, person or entity. The Board of Managers (as defined in the By-Laws)
shall own and control all rights and interests, and shall have the exclusive right to apply for any state trademark and prosecute
to registration any federal trademark applications, and shall have the sole right, in its discretion, to protect, police and maintain
any applicable trademark rights, which may include litigating against those whom the Board of Managers believes may be infringing
the Board of Manager’s rights, in and to the name of the Condominium and Building. Subject to the foregoing, only the Board
of Managers shall have the right to change or assign the name of the Condominium or the Building.

 

4.          Units;
Street Addresses. (a) Annexed hereto and made part hereof as Exhibit B is a list of the units in the Condominium, their
designations and tax lot numbers, location (and direction faced), approximate square foot areas, Common Elements (as defined in
Section 6(a) hereof) to which each has immediate access (all as shown on the floor plans of the Building, certified by Kohn Pedersen
Fox Associates, P.C. (the “Floor Plans”), intended to be filed in the Office of the New York City Register,
New York County (hereinafter the “New York City Register”) simultaneously with the recording of this Declaration),
and the proportionate, undivided interest appurtenant to each such Unit (as defined in Section 4(k) hereof) in the Common Elements,
as expressed in percentage terms and set forth in such Exhibit B.

 

    	 

    	 

    

 

(b)          The
Unit, as shown on the Floor Plans, consisting of portions of the Cellar Level and Ground Floor Level, and (i) the passenger elevator
designated as Elevator C101-P33 on the Floor Plans, together with its shafts, pit, slab openings, overrun and mechanical room,
and (ii) and any ramps, stoops, steps or stairs from time to time leading from the sidewalk outside the Building to any portion
of such Unit, is herein called the “Parking Unit”.

 

(c)          The
Unit, as shown on the Floor Plans, consisting of portions of the Ground Floor Level and the Ground Floor Mezzanine Level of the
Building, and (i) the internal stairways and escalators located within such Unit, storefronts, awnings and canopies appurtenant
to such Unit, and (ii) any ramps, stoops, steps or stairs from time to time leading from the sidewalk outside the Building to any
portion of such Unit is herein called the “Retail Unit”.

 

(d)          The
Unit, as shown on the Floor Plans, consisting of portions of the Cellar Level, Ground Floor Level, Plaza Level, and Levels 03,
04, 05, 05M, 06, 07, 08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 23, and 24 of the Building, which Unit includes, without
limitation, the areas designated on the Floor Plans as (A) the Office Unit 1 Lobby (the “Office Unit 1 Lobby”)
on the Plaza Level, (B) the escalators (the “Office Unit 1 Escalators”) leading from the Office Unit 1 Lobby
to the General Common Lobby located on the Ground Floor Level of the Building (as shown on the Floor Plans, the “General
Common Lobby”), (C) the atrium space located on Level 06 of the Building designated on the Floor Plans as “Office
Unit 1 Atrium”, the atrium walls (including glass walls), and the roof located at the top of such atrium located on Level
21 of the Building designated on the Floor Plans as “Atrium Ceiling” (collectively, the Office Unit 1 Atrium”),
(D) the space located on the Ground Floor Level of the Building designated on the Floor Plans as the “Office Unit 1 Storage
Space”, and (E) the space located on the Ground Floor Level of the Building designated on the Floor Plans as the “Office
Unit 1 Messenger Center/Mail Room”, and (i) any other shafts, hoistways and exhausts in the Building shown on the Floor Plans
as part of Office Unit 1, (ii) the passenger elevators designated as Elevators #0001-P01, 0101-P02, 0101-P03, 0101-PO4, 0101-P05,
C101-P06, 0101-P07, 0101-P08, 0101-P09 and 0101-P10 on the Floor Plans, together with their shafts, pits, slab openings, overrun
and mechanical rooms (collectively, the “Office Unit 1 Passenger Elevators”), and the service elevator designated
as Elevator #0001-S03 on the Floor Plans, together with its shaft, pit, slab openings, overrun and mechanical rooms, as shown on
the Floor Plans. (the “Office Unit 1 Service Elevator”), and (iii) any ramps, stoops, steps or stairs from time
to time leading from the sidewalk outside the Building to any portion of such Unit (together with the appurtenant Office Unit 1
Exclusive Use Common Elements, as defined in Section 6(e) hereof) is herein called “Office Unit 1”.

 

(e)          The
Unit, as shown on the Floor Plans, consisting of portions of Level 21 of the Building so designated on the Floor Plans, which Unit
includes, without limitation, any shafts, hoistways or exhausts in the Building shown on the Floor Plans as part of Office Unit
2A, is herein called “Office Unit 2A”.

 

    	2

    	 

    

 

(f)     
     The Unit, as shown on the Floor Plans, consisting of portions of the Level 22 of the Building
so designated on the Floor Plans, which Unit includes, without limitation, any shafts, hoistways or exhausts in the Building
shown on the Floor Plans as part of Office Unit 2B, is herein called “Office Unit 2B”.

 

(g)          The
Unit, as shown on the Floor Plans, consisting of portions of the Cellar Level, Ground Floor Level, Plaza Level, and Levels 03,
04, 05, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, and 49, which Unit
includes, without limitation, the areas designated on the Floor Plans as (A) the Office Unit 3 Lobby (the “Office Unit
3 Lobby”) on the Plaza Level, (B) the escalators (the “Office Unit 3 Lobby Escalators”) leading from
the Office Unit 3 Lobby to the General Common Lobby and, (C) the space located on the Ground Floor Level of the Building designated
on the Floor Plans as the “Office Unit 3 Messenger Center/Mail Room” (the “Office Unit 3 Messenger Center/Mail
Room”) and (i) any other shafts, hoistways and exhausts in the Building shown on the Floor Plans as part of Office Unit
3, (ii) the passenger elevators designated as Elevators # 0001-P11, 0001-P12, 0101-P13, 0101-P14, 0001-P15, 0101-P16, and 0001-P17,
on the Floor Plans, together with their shafts, pits, slab openings, overruns and mechanical rooms, (collectively, the “Office
Unit 3 Mid Rise Passenger Elevators”), the passenger elevators designated as Elevators #C101-P18, 0001-P19, 0101-P20,
0101-P21, 0001-P22, 0001-P23, and 0101-P24 on the Floor Plans, together with their shafts, pits, slab openings, overruns and mechanical
rooms (collectively, the “Office Unit 3 High Rise Passenger Elevators”) and the service elevator designated
as Elevator #0001-S02, together with its shaft, pit, slab openings, overrun and mechanical room (the “Office Unit 3 Service
Elevator”), and (iii) any ramps, stoops, steps or stairs from time to time leading from the sidewalk outside the Building
to any portion of such Unit (together with the appurtenant Office Unit 3 Exclusive Use Common Elements, as defined in Section 6(f)
hereof) is herein called “Office Unit 3”.

 

(h)          The
Unit, as shown on the Floor Plans, consisting of portions of Levels 04 and 05 of the Building and (i) any shafts, hoistways and
exhausts in the Building shown on the Floor Plans as part of the Ancillary Unit, (ii) the installations described in Section 7(c)(iv)(C)
hereof to the extent they exist at any given time, and (iii) any ramps, stoops, steps or stairs from time to time leading from
the sidewalk outside the Building to any portion of such Unit is herein called the “Ancillary Unit”.

 

(i)          The
Unit, as shown on the Floor Plans, consisting of portions of the Ground Floor Level in the Building including, without limitation,
the portion of the service elevator designated as “Culture Center Elevator Future” on the Floor Plans located within
the Condominium (the “Tower D Access Elevator”), together with the portion of its shaft, pit, slab openings,
overrun and mechanical room located within the Condominium, and any ramps, stoops, steps or stairs from time to time leading from
the sidewalk outside the Building to any portion of such Unit is herein called the “Loading Dock Unit”.

 

(j)          The
Unit, as shown on the Floor Plans, consisting of portions of the Subcellar Level, Cellar Level, Ground Floor Level, Plaza Level,
Level 02 Retail, Level 02, Level 03, Level 04 and Level 05, which Unit includes, without limitation, (i) the elevators (as and
when constructed) designated on the Floor Plans as (A) Elevators #C101-P31 and #C101-P32 (collectively, the “Destination
Retail Access Unit Passenger Elevators”) and (B) Elevators #0001-SO4
and #0001-S05 (collectively, the “Destination Retail Access Unit Service Elevators”), together with their respective
shafts, pits, slab openings, overruns, mechanical rooms, equipment rooms and bulkheads, and (ii) any ramps, stoops, steps or stairs
from time to time leading from the sidewalk outside of the Building to any portion of such Unit is herein called the “Destination
Retail Access Unit”).

 

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(k)          The
Parking Unit, the Retail Unit, Office Unit 1, Office Unit 2A, Office Unit 2B, Office Unit 3, Ancillary Unit, Loading Dock Unit,
Destination Retail Access Unit, and any units resulting from the subdivision or combination of any Unit, as provided in the By-Laws
are herein sometimes called collectively the “Units” and individually a “Unit”. The owner of a Unit
is hereinafter sometimes called a “Unit Owner”;

 

(1)         A
Unit shall not include any Common Elements located therein or any Facilities, plumbing, electrical, HVAC work, machinery, or other
materials and equipment used exclusively by and for the benefit of other Units or Unit Owners.

 

(m)         While
the street address of the Building as of the recording of this Declaration is 501 West 30th Street, New York, New York
10001, each Unit Owner or Sub-Board (as defined in the By-Laws) on behalf of any Units created by a subdivision of a Unit may arrange
with the applicable governmental authorities and/or the United States Postal Service for its Unit to have a different address.
If a Unit has an identifying name (for marketing purposes or otherwise), the Unit Owner owning such Unit shall be free to use such
name, subject to the provisions of Section 7(h) hereof.

 

5.           Dimensions
of Units. (a) As shown on the Floor Plans, each Unit consists of the area measured horizontally from the exterior face of exterior
walls to the applicable demising line of any Exclusive Use Common Elements or General Common Elements within a Unit, including
concealed metal studs, blockwork, columns and mechanical pipes and ducts that are in the interior walls, or center line of partitions
separating one Unit from another Unit, or Unit side face of partitions at corridors, stairs, elevators and other mechanical equipment
spaces. Each Unit consists of the area measured vertically from the top of the concrete floor (below any flooring materials) to
the underside of the concrete ceiling. Any Common Elements located within any Unit shall be considered part of that Unit for purposes
of measurement only.

 

(b)          Each
Unit consists of the space designated on the Floor Plans as part of such Unit together with those Facilities which exclusively
serve or benefit such Unit or Unit Owner thereof, including, without limitation, all security systems, fire safety systems, plumbing,
air conditioning and heating fixtures and equipment, including, without limitation, perimeter heating enclosures, ventilating equipment,
exhaust fans, domestic hot water heating equipment, air conditioning units, and other fixtures and appliances as may be affixed,
attached or appurtenant to such Unit. Plumbing, air conditioning and heating fixtures and equipment as used in the preceding sentence
shall include, without limitation, exposed water pipes attached to fixtures, appliances and equipment and the fixtures, appliances
and equipment to which they are attached, and any special pipes or equipment which a Unit Owner may install within a wall or ceiling,
or under any floor, but shall not include water or other pipes, conduits, wiring or ductwork within the walls, ceiling or floors
or mechanical systems that are described as General Common Elements. Each Unit shall also include the interior partitions (including,
without limitation, glass partitions), interior
glass, window frames, all lighting and electrical fixtures and appliances within the Unit and any special equipment, fixtures or
Facilities (including, without limitation, elevators and their shafts, pits, slab openings, overruns and mechanical rooms, escalators)
affixed, attached or appurtenant to the Unit to the extent located within a Unit and serving or benefiting only that Unit.

 

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6.       
   Common Elements. (a) The common elements of the Condominium (the “Common Elements”)
consist of the Land and all parts of the Building and improvements thereon, other than the Units. The Common Elements are comprised
of the General Common Elements (“General Common Elements”), the Office Unit 1 Exclusive Use Common Elements
(the “Office Unit 1 Exclusive Use Common Elements”), and the Office Unit 3 Exclusive Use Common Elements (the
“Office Unit 3 Exclusive Use Common Elements”), (the Office Unit 1 Exclusive Use Common Elements, and the Office
Unit 3 Exclusive Use Common Elements are referred to collectively as the “Exclusive Use Common Elements”).

 

(b)          The
General Common Elements include, but are not limited to, those rooms, areas, corridors, spaces and other parts of the Building,
all electrical, mechanical and utility systems and all other facilities (“Facilities”)1 therein
or a part thereof either currently or hereafter existing for the common use of the Units or of the Unit Owners or which are necessary
for, or convenient to, the overall existence, operation, maintenance or safety of the Property (“Building Systems”),
including, without limitation, those located on the roof(s) of the Building. Without limiting the generality of the foregoing,
the General Common Elements consist of all portions of the Building so identified on the Floor Plans, as well as the following,
whether or not so identified as General Common Elements on the Floor Plans:

 

(i)          the
Land (including, without limitation, the Tower C Plaza Area, as shown on the Floor Plans) together with all easements, rights,
and privileges appurtenant thereto;

 

(ii)         all
exterior walls, facades and windows of the Building (other than (A) exterior components of the Office Unit 1 Atrium and the exterior
glass in the Office Unit 1 Atrium which shall be part of Office Unit 1 and (B) the retail storefront(s) of the Retail Unit, which
shall be part of the Retail Unit).

 

 

1As used
herein, the words “Facility” and “Facilities” include, but are not limited to, the following items (grouped
more or less functionally) which are set forth only for the purpose of illustrating the broad scope of those terms: system, equipment,
apparatus, convector, radiator, heater, convertor, heat exchanger, mechanism, device, machinery, induction unit, fan coil unit,
motor, pump, control, tank or tank assembly, installation, condenser, compressor, fan, damper, blower, thermostat, thermometer,
coil, vent, sensor, shut-off valve or other valve, gong, panel, receptacle, outlet, relay, alarm, sprinkler head, electric distribution
facility, wiring, wireway, switch, switchboard, circuit breaker, transformer, fitting, siamese connection, hose, plumbing fixture,
lighting fixture, other fixture, bulb, sign, telephone, meter, meter assembly, scaffolding, piping, line duct, conduit, cable,
riser, main, shaft, pit, flue, lock or other hardware, rack, screen, strainer, trap, drain, catch basin, leader, filter, incinerator,
canopy, closet, cabinet, door, railing, coping, step, furniture, mirror, furnishing, appurtenance, urn, carpeting, tile, marble
or other floor covering, drapery, shade or other window covering, wallpaper or other wall covering, tree, shrubbery, flower or
other plantings.

 

    	5

    	 

    

 

(iii)        the
structural elements, footings, foundations, foundation walls, concrete floor slabs, columns, girders, slabs, beams, supports and
interior loading walls, of the Building, whether or not located within any of the Units;

 

(iv)        the
sidewalks adjacent to the Building within the property line (but any ramps, stoops, steps or stairs from time to time leading from
the sidewalk to an entrance of a Unit shall be part of such Unit);

 

(v)         all
passages, corridors, rooms, areas and spaces (including stairs and stairways as reflected on the Floor Plans) located in the Building
which are not part of a Unit or an Exclusive Use Common Element;

 

(vi)        the
main roof at the top of the Building, as shown on the Floor Plans (the “Main Roof’) and structures for access
to the roof mechanical systems, including the bulkhead, and the Setback Roof on Level 32, to the extent shown on the Floor Plans
as a General Common Element;

 

(vii)       the window
washing rig(s), if any, and related equipment, located on the Main Roof and a portion of the Setback Roof located on Level 32,
in the areas as more particularly shown on the Floor Plans;

 

(viii)      the elevators
designated on the Floor Plans as (A) Elevator # C101-S01 (the “GCE Service Elevator”), (B) Elevator # 4801-S06,
and (C) the elevator designated as Elevator #0001-P30 on the Floor Plans (the “ADA Lobby Elevator”) together
with their respective shafts, pits, slab openings, overruns, mechanical rooms, equipment rooms and bulkheads;

 

(ix)         the
General Common Lobby;

 

(x)          the
Central Plant (as defined in the By-Laws);

 

(xi)         the
Building Management Office, as shown on the Floor Plans;

 

(xii)        Any
Building exterior lighting system (collectively, the “Building Exterior Lighting System”);

 

(xiii)       The
Base Building Messenger Center/Mail Room, as shown on the Floor Plans; and

 

(xiv)      all other parts
of the Building and the apparatus, installations, systems, equipment and Facilities in the Building or on the Main Roof or Setback
Roofs (including shafts, pipes, wires, ducts, cables, conduits, lines, risers, switch-gear equipment, cooling towers, pumps, chiller
units, generators, exhaust and fire alarm systems and window cleaning equipment) which serve or benefit or are necessary or convenient
for the existence, maintenance or safety of all or any combination of the Units (subject to the classification of any of the same
specifically as part of a Unit).

  

    	6

    	 

    

 

(c)          The
Common Elements shall remain undivided and no Unit Owner or other person will bring or will have the right to bring any action
for partition or division thereof except as may be specifically provided for in the Declaration and in the By-Laws.

 

(d)          Each
Unit Owner shall have the right at its sole expense to install utility systems in its Unit, including, without limitation, heating,
ventilating, air conditioning, plumbing, electrical, security, domestic hot water and elevator systems, serving only that Unit,
provided, however, that such installation shall not adversely affect (except to a de minimis extent) the other Unit Owners, Units
or Common Elements and shall comply with (i) all Laws (as defined in Section 7 hereof), (ii) the terms of the Condominium Documents
and (iii) all requirements of any insurance policy required to be carried pursuant to the Condominium Documents (as defined in
Section 7 hereof) and covering or applicable to all or any part of the Property or the use thereof, all requirements of the issuer
of any such policy and all orders, rules, regulations, reasonable recommendations and other requirements of the New York Board
of Fire Underwriters or any other body exercising the same or similar functions and having jurisdiction over all or any portion
of the Property (the foregoing collectively, “Insurance Requirements”); and (iii) the applicable provisions
of the Underlying Agreements.

 

(e)          The
Office Unit 1 Exclusive Use Common Elements consist of the Terrace located on the Setback Roof at Level 19, as shown on the Floor
Plans;

 

(f)          The
Office Unit 3 Exclusive Use Common Elements consist of the Terraces located on the Setback Roofs at Levels 32 and 47, as shown
on the Floor Plans;

 

(g)          Except
as provided in Section 6(h) hereof, the responsibility for and the cost of maintaining, repairing, replacing and insuring a Unit
and its appurtenant Exclusive Use Common Elements, and any additions, alterations or improvements thereto and liability with respect
thereto will be borne entirely by the Unit Owner thereof.

 

(h)          Notwithstanding
the provisions of Section 6(g) hereof, any structural, capital, or extraordinary repairs or alterations to the Exclusive Use Common
Elements, including, without limitation, all maintenance and repairs shall be made by the Board of Managers, and, subject to the
provisions of Section 6.8(b) of the By-Laws, shall constitute a Common Expense (as defined in the By-Laws). Notwithstanding the
immediately preceding sentence, routine maintenance, repairs and replacements shall be done by the Unit Owner having the use of
such Exclusive Use Common Elements at its sole cost and expense.

 

7.        
  Underlying Agreements; Use of Building and Units. (a) As used in the Condominium Documents:

 

(i)          “Affiliate”
means, with respect to any person or entity (except as may be provided more specifically in any instance in the Condominium
Documents) a person or entity which directly or indirectly (through one or more intermediaries) controls, is controlled by,
or is under common control with, such person or entity. For purposes hereof, the term “control” (including the
related terms “controlled by” and “under common control with”) mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such person or entity (whether
through the ownership of voting securities or other ownership interest, by contract or otherwise).

 

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(ii)         “Association”
means the ERY Facility Airspace Parcel Owners’ Association and it successors in interest.

 

(iii)        “Building
Loan Agreement” means that certain Building Loan and Security Agreement covering the Property dated between Legacy Yards
Tenant LLC, as Borrower, Starwood Property Mortgage, L.L.C. as Note A1 Lender, Coach Legacy Yards Lender LLC, as Note A-2 Lender,
and Starwood Property Mortgage, L.L.C., as Administrative Agent, as the same may be amended, modified and/or restated from time
to time.

 

(iv)        “Building
Loan Mortgage” has the meaning set forth in the Building Loan Agreement.

 

(v)         “Coach”
means Coach, Inc., a Maryland corporation, and its successors whether by way of merger, sale of assets, reincorporation, consolidation,
recapitalization, liquidation, amalgamation, business combination or similar transaction, however structured or effectuated.

 

(vi)        “Coach
Affiliate” means Coach or any Affiliate of Coach.

 

(vii)       “Coach
Office Competitors” means the entities set forth on the list annexed hereto as Exhibit F and made a part hereof,
which list may be updated by Coach from time to time but no earlier than the third (3rd) anniversary of the date the
Declaration is recorded with the New York City Register (“Declaration Date”) and thereafter at no time
more frequently than once every three years, provided that (A) such list shall at no time include more than fifteen (15) named
competitors, (B) such list, together with the list of Coach Retail Competitors referred to in Section 7(a)(viii) hereof, shall
at no time contain more than twenty one (21) named competitors in the aggregate, (C) any such update of the list shall not apply
(1) to any prospective tenant with which the Unit Owner of the Retail Unit, Office Unit 2A, Office Unit 2B, or Office Unit 3 is
in active negotiation at the time of such update and who was not set forth on the list prior to such update, or (2) to any existing
tenant of the Retail Unit, Office Unit 2A, Office Unit 2B, or Office Unit 3 at the time of such update (provided, that such tenant
was not on such list at the time the Unit Owner first entered into a lease with such tenant), and (D) any update of the list shall
only include retailers comparable in reputation to Coach or to the competitors then listed on the list of Coach Retail Competitors
or the list of Coach Office Competitors. For the avoidance of doubt, L’Oreal and its Affiliates shall not be deemed to be
a Coach Office Competitor.

 

    	8

    	 

    

 

(viii)      “Coach
Retail Competitors” means the entities set forth on the list annexed hereto as Exhibit G and made a part hereof,
which list may be updated by Coach from time to time but no earlier than the third (3rd) anniversary of the Declaration
Date and thereafter at no time more frequently than once every three years, provided that (A) such list shall at no time include
more than fifteen (15) named competitors, (B) such list, together with the list of Coach Office Competitors referred to in Section
7(a)(vii) hereof, shall at no time contain more than twenty one (21) named competitors in the aggregate, (C) any such update of
the list shall not apply (1) to any prospective tenant with which the Unit Owner of the Retail Unit, Office Unit 2A, Office Unit
2B, or Office Unit 3 is in active negotiation at the time of such update and who was not set forth on the list prior to such update
, or (2) to any existing tenant of the Retail Unit, Office Unit 2A, Office Unit 2B or Office Unit 3 at the time of such update
(provided, that such tenant was not on such list at the time the Unit Owner first entered into a lease with such tenant),and (D)
any update of the list shall only include retailers comparable in reputation to Coach or to the competitors then listed on the
list of Coach Retail Competitors or the list of Coach Office Competitors. For the avoidance of doubt, L’Oreal and its Affiliates
shall not be deemed to be a Coach Retail Competitor.

 

(ix)         “Destination
Retail Building” means the building to be constructed in the FASP Parcel defined as “Destination Retail”
in the ERY FAPOA Declaration. The Destination Retail Building is not part of the Condominium.

 

(x)          “Eastern
Rail Yard” means the Eastern Rail Yard Section of the John D. Caemmerer West Side Yard, as defined as the “ERY”
in the Master Declaration.

 

(xi)         “ERY
FAPOA Declaration” means that certain Declaration Establishing the ERY Facility Airspace Parcel Owners’ Association
and of Covenants, Conditions, Easements and Restrictions executed by Metropolitan Transportation Authority, dated as of __________,
2013, and recorded on ____________ with the New York City Register at CRFN ____________, as amended or restated from time to time.

 

(xii)        “FASP
Parcel” has the meaning set forth in the ERY FAPOA Declaration.

 

(xiii)       Loading
Dock” shall mean the loading dock facility owned and operated by the Association and located in the Loading Dock Unit.

 

(xiv)      “Master
Declaration” means that certain Declaration of Easements (Eastern Rail Yard Section of the John D. Caemmerer West Side
Yard) by the Metropolitan Transportation Authority, dated as of May 26, 2010, and recorded on June 10, 2010 in the Office of the
New York City Register at CRFN 2010000194078, as amended or restated from time to time.

 

(xv)       “Parcel
D” means the FAS Parcel D, as such term is defined in the ERY FAPOA Declaration. Parcel D is not part of the Condominium.

 

(xvi)      “Permitted
User(s)” means any officer, director, member, stockholder, principal, partner, employee, agent (including managing, sales
and leasing agent) guest, tenant, occupant, customer, invitee, licensee, contractor, Permitted Mortgagee or any other Person related,
affiliated or designated by the Board of Managers or a Unit Owner who has permission to use a Unit and/or the Common Elements,
subject to the terms of the Declaration and the By-Laws, whether written or oral, granted by: (i) a Unit Owner in the case of such
Unit Owner’s Unit and its appurtenant Common Elements; or (ii) the Board of Managers; or (iii) this Declaration and the By-Laws.

 

    	9

    	 

    

 

(xvii)     “Tower
D Loading Dock” means the loading dock now or hereafter constructed adjacent to the Loading Dock Unit and comprising
part of Parcel D.

 

(xviii)    “Underlying
Agreements” means collectively, the Master Declaration, the ERY FAPOA Declaration and the UTEP.

 

(xix)       “UTEP”
means the Third Amended and Restated Uniform Tax Exemption Policy of the New York City Industrial Development Agency as approved
on August 3, 2010 by the Board of Directors of the New York City Industrial Development Agency, as further amended, modified or
supplemented from time to time by the Board of Directors of the New York City Industrial Development Agency.

 

(xx)        “Zoning
Resolution” means the Zoning Resolution of the City of New York, effective December 15, 1961, as amended or restated
from time to time.

 

(b)          The
Board of Managers shall have sole authority to act as Owner (as such term is defined in the Master Declaration), party-in-interest
and beneficiary for all purposes under the Master Declaration with respect to the Property, and the Unit Owner of any Unit, the
holder of any lien encumbering any Unit, and the holder of any other occupancy or other interest in a Unit shall not be deemed
to be an Owner, party-in-interest, or third party beneficiary under the Master Declaration, but Unit Owners shall have liability
to the extent set forth in Article 13 of the ERY FAPOA Declaration and Section 3.4 of the Master Declaration.

 

(c)          Subject
to the provisions of the Underlying Agreements and the Condominium Documents:

 

(i)          The
Parking Unit may be used only for garage and public parking purposes and related uses, and provided that the Parking Unit contains
parking spaces for no fewer than 125 automobiles, for any other lawful non-hazardous use. There is no requirement that any portions
of the Parking Unit be operated at any time as an automobile parking facility open to the public, but will be operated (subject
to force majeure) to provide parking spaces for no fewer than 125 automobiles.

 

(ii)         The
Retail Unit may be used only for retail purposes (which shall include, without limitation, public event, restaurant, banking, entertainment,
telecommunications, performing arts and utility purposes) and other lawful accessory uses thereto consistent with first-class retail
space in first-class mixed-use office buildings in Manhattan comparable to the Building.

 

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(iii)        Any
Office Unit may be used only for executive, administrative and general office use and other lawful accessory uses thereto (within
the meaning of the Zoning Resolution), including, without limitation, the ancillary office uses set forth in Exhibit H annexed
hereto and made a part hereof (collectively, the “Ancillary Office Uses”); provided, that such Ancillary Office
Uses are (x) ancillary to the primary use of the Unit for executive, administrative and general offices, (y) primarily for the
use of the Unit Owner’s or its tenant’s Permitted Users and (z) permitted in accordance with all Laws. In addition,
(A) the Terrace located on the Setback Roof at Level 32 and/or Level 47 may be used for public assembly purposes and events by
the Unit Owner of Office Unit 3 or its Permitted User leasing adjoining space on Level 32 and/or Level 47, subject to the applicable
occupant obtaining all applicable assembly permits and subject to compliance with all Laws and Insurance Requirements, (B) the
Unit Owner of Office Unit 3 (or its Permitted User), at its sole cost and expense, may install on the north core wall of Levels
47 and 48 one or more non-advertising (except as expressly provided in clause (IV) below) presentation monitor(s) or similar installations
(the “Core Wall Installation”), provided that (I) the front face of the Core Wall Installation shall not be
located within 5’-1” of the interior of the glass curtain wall of the Building or on the Terrace Space, (II) the content
of the displays on the Core Wall Installations shall be subject to prior written approval from the Unit Owner of Office Unit 3
and shall otherwise be consistent with the first-class standards of the Building, (III) the Core Wall Installation shall comply
with all Laws and Insurance Requirements, (IV) the Core Wall Installation display(s) visible from the terrace of Level 47 or from
anywhere other than the inside of Office Unit 3 (X) may only contain, display or reflect the brand, identification or signage of
the Unit Owner or Permitted User while such installation is being used for presentations or events (and reasonably related testing
and set-up of programming content) on the terrace located on Level 47 or on Level 47 and (Y) at all other times, shall not contain,
display or reflect any such brand, identification or signage of the Unit Owner or any Permitted User (other than a small identification
of such Unit Owner or Permitted User as the sponsor of the Core Wall Installation, which shall not exceed an area greater than
600 square inches), or the brand, identification or signage of any other Person, if such brand, identification or signage is visible
from beyond the terrace located on Level 47 from anywhere outside of Office Unit 3, and (V) the Core Wall Installation shall not
emanate any smoke or vibrate, move or be audible from anywhere other than the inside of Office Unit 3 and/or on the terrace located
on the Level 47, and notwithstanding that the Core Wall Installation may be visible from outside of Office Unit 3, the Core Wall
Installation shall not project (in the sense of a video projector, as opposed to a mere television screen or monitor) images, beams
or other visual effects onto or through the glass curtain wall of the Building, it being agreed that so long as the foregoing subclauses
(I)-(V) are satisfied any Core Wall Installation shall not be subject to, nor to be construed as being subject to, the provisions
of Exhibit E annexed hereto, (C) the Unit Owner of Office Unit 3 may commission, or give a Permitted User of Office Unit 3, the
right to commission, electronic art (“Lobby Art”) in the General Common Lobby in the area shown on page
2 of Schedule 1 to Exhibit E annexed hereto, provided that in no event shall the Lobby Art contain, display or reflect any advertising
or Unit Owner or Permitted User identification or signage other than a small identification of such Unit Owner or Permitted User
as the sponsor of such Lobby Art, which shall not exceed an area greater than 600 square inches, and (D) the Unit Owner of Office
Unit 3 (or its Permitted User) may use a portion of Office Unit 3 as a media studio in connection with the Unit Owner’s or
Permitted User’s business and for broadcasting media to the general public and/or to targeted audiences which relates solely
to the Unit Owner’s or Permitted User’s business activities and products.

 

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(iv)        The
Ancillary Unit may be used only for (A) executive, administrative and general office use and other lawful accessory uses thereto
(within the meaning of the Zoning Resolution), including, without limitation, Ancillary Office Uses, subject to the provisos set
forth in Section 7(c)(iii)(x), (y) and (z) hereof, (B) storage, and (C) a cogeneration system installed in accordance with Chapter
50 of the Rules of the City of New York regarding microturbines, which system will be .complete with output switchgear and isolation
transfatmer, auxiliaries motor control center, control system, packaged hot water generator for the microturbines, gas boosters,
exhaust gas ducting, horizontal breechings, vertical stack breechings to the roof of the Building, plate-and-frame heat exchangers
and associated pumps. A dedicated ventilation/combustion air system for each for each microturbine will be provided.

 

(v)         The
Loading Dock Unit shall be used (A) for loading and unloading of trucks and other vehicles providing freight and supplies (including,
without limitation, materials and equipment needed to build out and outfit space and for providing access to the crews needed to
perform such work) to or from the Units and to the Destination Retail Building and Parcel D, and (B) to provide access to trucks
and other vehicles to and from the Tower D Loading Dock.

 

(vi)        The
Destination Retail Access Unit shall be used for access from the Loading Dock and the Parking Unit to the Destination Retail Building,
provided that until the Destination Retail Building is completed the Destination Retail Access Unit may be used for any lawful
non-hazardous use.

 

(d)          The
Unit Owner of the Retail Unit and any tenants thereof (including any supermarket) shall satisfy a “first-class” standard
comparable to the standard of first-class retail tenants (including Whole Foods), at Time Warner Center located at Columbus Circle,
New York City as of March 1, 2013 (provided that a supermarket that is fixtured and maintained in a manner that is consistent in
all material respects with the first class standard of Whole Foods at Time Warner Center as of March 1, 2013 shall be deemed to
satisfy such standard), but in no event shall there be any produce or merchandise carts located on Tenth Avenue or West 30th
Street.

 

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(e)          For
so long as Coach or any Coach Affiliate is the Unit Owner of Office Unit 1 or otherwise occupies more than 60% of Office Unit 1,
the identity of the tenants of the Retail Unit shall be subject to the prior written approval of Coach or such Coach Affiliate,
as applicable, such approval not to be unreasonably withheld, conditioned or delayed, provided that Coach has approved (and no
further consent shall be required) Whole Foods and/or Fairway (or other supermarket comparable in reputation and quality to Whole
Foods or Fairway) as an acceptable tenant for any space within the Retail Unit to be operated as a supermarket.

 

(f)          For
so long as Coach or any Coach Affiliate is the Unit Owner of Office Unit 1 or otherwise occupies more than 60% of Office Unit 1,
the Unit Owner of the Retail Unit shall not lease or sell (or otherwise convey) any portion of the Retail Unit to an entity which
at the time is a Coach Retail Competitor (as defined above) without the prior written consent of Coach or any such Coach Affiliate,
as applicable.

 

(g)          For
so long as Coach or any Coach Affiliate is the Unit Owner of Office Unit 1 or otherwise occupies more than 60% of Office Unit 1,
the Unit Owner of Office Unit 2A, the Unit Owner of Office Unit 2B, and the Unit Owner of Office Unit 3 shall not lease or sell
(or otherwise convey) any portion of Office Unit 2A, Office Unit 2B or Office Unit 3 as applicable, to an entity which at the time
is a Coach Office Competitor (as defined above) without the prior written consent of Coach or any such Coach Affiliate, as applicable.

 

(h)         No
Unit Owner or Permitted User of a Unit, except for Coach or any Coach Affiliate, shall be permitted to use the Coach name or any
derivative thereof to identify its Unit (for marketing purposes or otherwise).

 

(i)          Except
as otherwise specifically set forth in Section 7(c)(iii) hereof and Exhibit H annexed hereto, no Unit Owner other that the
Unit Owner of the Retail Unit may (unless the Unit Owner of the Retail Unit otherwise consents, in its sole discretion, in writing)
utilize its Unit for any retail purposes.

 

(j)          Notwithstanding
anything to the contrary contained in the Condominium Documents, no Unit may be used for residential purposes.

 

(k)         Any
dispute among the Unit Owners or the Board of Managers and any Unit Owner with respect to the compliance by a Unit Owner with the
provisions of Sections 7(d) through (j) hereof shall be resolved in the manner set forth in Article 15 of the By-Laws (“Arbitration”).

 

(l)          Subject
to compliance with the provisions of the Condominium Documents, each Unit Owner may lease, sublease or license all of its Unit,
or may lease, sublease or license all or any portion of its Unit to one or more lessees (or may permit licensees, occupants or
permittees to use all or any portion of its Unit). All uses of the Units shall be in conformance with the Underlying Agreements
and the Condominium Documents and with all applicable laws, statutes and ordinances (including, without limitation, any Environmental
Laws, as defined in the By-Laws), and all building codes and zoning ordinances,) and the written orders, rules, regulations, directives,
binding resolutions and requirements of any Federal, State, municipal or other public or quasi-public body, agency, court, department,
bureau, officer or authority having jurisdiction, whether in force as of the date hereof or hereafter, which are or become, or
purport to be, applicable to the Property or any part thereof (each individually a “Law” and, collectively, “Laws”)
and all Insurance Requirements.

 

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(m)         Thirty
nine (39) spaces in the Parking Unit shall be reserved for Yards Parcel Parking, as set forth in Section 5(d) of the Master Declaration
and Section A-6(b)(i) of the Annex to the ERY FAPOA Declaration. Fifteen (15) parking spaces in the Parking Unit (but not specific
spaces) shall be subject to reservation for use by Permitted Users of the Unit Owner of Office Unit 1, as the Unit Owner of Office
Unit 1 may designate from time to time. Such Permitted Users shall be required to pay the parking rates established, from time
to time, as the rate for parking spaces in the Parking Unit by the Unit Owner of the Parking Unit or the operator of the Parking
Unit, as the case may be, provided that at all times such rates shall not exceed market rates. Such use of said parking spaces
in the Parking Unit shall be subject to such reasonable rules and regulations promulgated, from time to time, by the Unit Owner
of the Parking Unit or the operator of the Parking Unit, as the case may be, and shall be subject to suspension in the event the
Unit Owner of Office Unit 1 or any such designated party/ies exercising the rights set forth in this Section 7(m) fails to pay
parking charges or otherwise fails to comply with such rules and regulations until payment has been made or compliance has been
achieved.

 

(n)          The
Loading Dock Unit will be conveyed or leased to, and the Loading Dock will be operated and maintained by, the Association and may
be used by the Unit Owners, the Destination Retail Building, and Parcel D for the purposes set forth in Section 7(c)(v) hereof,
subject to the ERY FAPOA Declaration and in accordance with rules and charges to be promulgated from time to time by the Association.
Pursuant to the ERY FAPOA Declaration, (i) Parcel D shall have the exclusive right to the use of the portion of the Tower D Access
Elevator located within the Loading Dock Unit and the non-exclusive right to use other portions of the Loading Dock Unit, and (ii)
the Destination Retail Building shall have the non-exclusive right to use portions of the Loading Dock Unit, all as more particularly
set forth in the ERY FAPOA Declaration.

 

(o)          Upon
completion of the Destination Retail Building, the Destination Retail Access Unit will be conveyed to the Destination Retail Building
(or to its Board of Managers if the Destination Retail Building is subjected to a condominium regime).

 

(p)          No
Unit or portion thereof, shall be used for any of the following purposes: pornographic purpose or as a massage parlor, adult bookstore,
peep show or adult entertainment facility; a check cashing establishment; the sale of drug paraphernalia or so-called “head
shop;” a clinic for the treatment of alcoholism or drug addiction; a so-called “sex shop”, or an establishment
which permits or presents obscene, nude or semi-nude performances or modeling; a gambling or gaming establishment (such as, without
limitation, a sport gambling, casino gambling or similar establishment), or otherwise for gambling or the sale of gambling-related
items; a so-called “flea market”, dollar store or thrift store; a billiards or pool hall; and office, store, reading
room, headquarters, center or other facility principally devoted or opposed to the promotion, advancement, representation, purpose
or benefit of: (i) any political party, political movement or political candidate or (ii) any religion, religious group or religious
denomination; a funeral parlor; an arcade; or a pawn shop.

 

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(q)          A
Unit Owner shall not use, permit or allow its Unit or any part thereof to be used (i) other than as provided in the Condominium
Documents, (ii) for an unlawful or hazardous purpose, or permit any nuisance within its Unit, or (iii) in a manner that will impair
the soundness and safety of the Building or interfere (other than to a de rninimis extent) with the use and operation of
General Common Elements and Building Systems or of any other Unit.

 

(r)          If
the use of any Unit causes an increase in the premium for the insurance obtained by the Board of Managers or any other Unit Owner,
then the owner of such Unit causing such an increase shall be obligated to pay to the Board of Managers, as additional Common Charges
(as defined in the By-Laws), or to such other affected Unit Owner(s) (with such obligation payable to and enforceable by the Board
of Managers of behalf of the affected Unit Owner(s) as if such amount payable were part of Common Charges) a sum equal to the amount
of such increase attributable to such use.

 

(s)          The
Building shall be used solely for the purposes for which the Units may be used.

 

(t)          Each
Unit Owner (and any Permitted User of any Unit Owner) shall at all times, at its sole cost and expense: (i) conduct its operations
in an orderly and proper manner so as not to unreasonably disturb other occupants of the Building; (ii) take all reasonable measures
to minimize the noise level of its operations at the Property; (iii) maintain its Unit and the Exclusive Use Common Elements appurtenant
thereto in a clean, orderly and sanitary manner at all times, except as such maintenance shall otherwise be performed by the Board
of Managers as set forth in Section 6(h) hereof; (iv) keep its Unit and the Exclusive Use Common Elements free from vermin, rodents
and anything of a similar nature and provide extermination service to its Unit on a regular basis in accordance with good commercial
practice (it being understood that if any Unit Owner or its Permitted User fails to keep its Unit free from vermin or rodents,
the Board of Managers shall have the right, at the sole cost and expense of the applicable Unit Owner of the Unit, to take any
and all measures deemed necessary or desirable to eradicate all vermin or rodents from the Unit); (v) keep exposed elements of
its Unit and Exclusive Use Common Elements free of snow, ice, and accumulation of water; (vi) not permit the emanation of objectionable
odors from its Unit; (vii) keep the waste drains emanating from its Unit free from obstructions; (viii) comply with all Rules and
Regulations; and (ix) otherwise maintain and operate its Unit in a manner consistent with a first-class mixed use building, and
provide appropriate security consistent with such use and type of building.

 

(u)          In
connection with all construction, installations, alterations, repairs and maintenance in the Building performed by the Board of
Managers, the Association, any Unit Owner, any Sub-Board, or their respective Permitted Users, the person or entity performing
such construction shall endeavor to comply with the LEED standards and requirements set forth in Exhibit I annexed hereto
and made a part hereof.

 

(v)         The
Board of Managers shall have the right to lease portions of the General Common Elements, including, without limitation, the portion
of the Land located to the west of the Building and designated as “Tower C Plaza Area” on the Floor Plans, to the Association,
on such terms and conditions as the Board of Managers may elect. Any Lease of the Tower C Plaza Area may provide, among other things,
that no base or fixed rent is payable by the Association, but that the Association shall repair, maintain, operate and insure the
Tower C Plaza Area in the same manner that it is required to do so with respect to open space under the ERY FAPOA Declaration.
Notwithstanding the foregoing, any lease with the Association must provide that the portion of the Tower C Plaza Area designated
as the “Restricted Area” on the Floor Plans may not be used for any purpose other than access without the consent of
the Board of Managers.

 

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8.      
    Person to Receive Service of Process. The Secretary of State of the State of New York (the
“Secretary of State”) is hereby designated to receive service of process in any action which may be
brought against the Board of Managers or the Condominium. The Board of Managers shall notify the Secretary of State of the
address to which a copy of any process received should be mailed. In the absence of any such notification, the person holding
the office of President of the Board of Managers from time to time is hereby designated to receive such notification from the
Secretary of State; and in such case, the President shall promptly notify, and send copies of any documents received to, the
other members of the Board of Managers.

 

9.      
    Determination of Percentages In Common Elements. The proportionate undivided interest, in fee
simple absolute, expressed as a percentage or a decimal, in the Common Elements appurtenant to each Unit and as shown on Exhibit
B annexed hereto and made a part hereof (the “Common Interest”) is based upon floor space, subject to
the location of such space and the additional factors of relative value to other space in the Condominium, the uniqueness of
the Unit, the availability of Common Elements for exclusive or shared use, and the overall dimension of the particular Unit.
The aggregate Common Interest for all Units is 100%. The Common Interest appurtenant to each Unit may not be changed without
the prior written consent of the affected Unit Owner, except as otherwise provided in the Condominium Documents.

 

10.         Encroachments.
If any portion of the Common Elements now encroaches upon any Unit, or if any Unit now encroaches upon any other Unit or upon
any portion of the Common Elements, as a result of the construction of the Building, or if any such encroachment shall occur hereafter
as a result of settling or shifting of the Building, or by reason of the repair and/or restoration by the Board of Managers, any
Unit or the Common Elements, a valid easement for the encroachment and for the maintenance thereof so long as the Building stands,
shall exist. In the event the Building, a Unit, any adjoining Unit or any adjoining Common Elements shall be partially or totally
destroyed as a result of fire or other casualty or as a result of condemnation or eminent domain proceedings, and then rebuilt,
encroachments of parts of the Common Elements upon any Unit or of any Unit upon any other Unit or upon any portion of the Common
Elements, because of such rebuilding, shall be permitted, and valid easements for such encroachments and the maintenance thereof
shall exist so long as the Building shall stand.

 

11.         Rights
of Access. (a) Each Unit Owner hereby grants to each other Unit Owner and the Board of Managers an irrevocable right of access,
to be exercised by the Board of Managers (or the managing agent therefor), to the granting Unit Owner’s Unit and its appurtenant
Exclusive Use Common Elements, if any, to the extent necessary from time to time for the operation of the Property, or for making
emergency repairs therein necessary to prevent damage to the Common Elements or to another Unit or Units. The foregoing rights
of access shall be exercised during reasonable hours, upon not less than two (2) days prior notice, (or in the case of an Emergency
(as hereinafter defined), such notice, if any, as may be practicable under the circumstances) and, to the extent reasonably possible,
in such a manner as will not unreasonably interfere with the conduct of business of the Unit Owner or occupants of a Unit or the
use and occupancy, consistent with its intended purposes, of any Unit or portion thereof. As used herein, “Emergency”
shall mean a situation involving continuing or imminent loss or threat of loss of life, serious bodily injury, or material loss
of property.

 

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(b)          Except
in the case of any Emergency, a Unit Owner shall have the right to have its representative accompany the Board of Managers (or,
if applicable, another Unit Owner) or its designee in any entry of the Unit, provided that such representative shall not interfere
with the Board of Managers (or, if applicable, another Unit Owner) or such designee in taking any action permitted under the Condominium
Documents.

 

(c)          Upon
notice to the Board of Managers, a Unit Owner shall have the right to designate safes and vault areas within its Unit to which
access shall be absolutely prohibited, and, subject to the reasonable approval of the Board of Managers, any other internal spaces
as other “restricted areas”, to which access shall be prohibited except in case of an Emergency or as may be required
by Law.

 

12.         Easements.
(a) Except as may otherwise be set forth in the Condominium Documents, each Unit Owner shall have and is hereby granted, in
common with all other Unit Owners, a non-exclusive easement to use the General Common Elements located anywhere on the Property
in accordance with their respective intended uses, without hindering the exercise by the other Unit Owners of, or encroaching upon
the rights of such other Unit Owners with respect to, such easement. The Board of Managers, on behalf of all Unit Owners, is hereby
granted an easement to operate, maintain, make repairs and alterations to, and exercise such rights and fulfill such obligations
as and to the extent the same may be set forth in the Condominium Documents with respect to, the General Common Elements.

 

(b)          Each
Unit Owner shall have, except as may otherwise be set forth in the Condominium Documents, an easement for the exclusive use of
the Exclusive Use Common Elements appurtenant to its Unit, including the right to operate, maintain, make routine repairs and replacements
to, and exercise such rights and fulfill such obligations as and to the extent the same may be set forth in the Condominium Documents
with respect to the Exclusive Use Common Elements appurtenant to such Unit Owner’s Unit.

 

(c)          Each
Unit Owner shall have, to the extent reasonably necessary, in common with all other Unit Owners where applicable, an easement for
ingress to and egress from its Unit and its appurtenant Exclusive Use Common Elements. Each Unit and its appurtenant Exclusive
Use Common Elements shall be subject to such easement.

 

(d)          Each
Unit Owner shall have the right, in accordance with the terms of the By-Laws, to connect to and use the Central Plant (as defined
in the By-Laws) at such Unit Owners sole cost and expense.

 

(e)          The
Unit Owners of any Office Unit, and the Unit Owner of the Ancillary Unit and their respective Permitted Users, shall have the right
to use the General Common Lobby, the ADA Lobby Elevator and the GCE Service Elevator, each in accordance with rules to be promulgated
from time to time by the Board of Managers in accordance with the terms of the By-Laws. The Unit Owner of the Ancillary Unit and
its Permitted Users shall not have the right to use any other elevators in the Building, except in the event of emergency.

 

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(f)          Except
as provided in Section 12(g) hereof, the Unit Owners of Office Unit 2A and Office Unit 2B and their respective Permitted Users,
shall have the right to use the Office Unit 3 Lobby Escalators, the Office Unit 3 Lobby, the Office Unit 3 Messenger Center/Mail
Room and the Office Unit 3 Mid Rise Passenger Elevators for the purpose of access to and from their respective Units, and to use
the Office Unit 3 Service Elevator in accordance with rules to be promulgated from time to time by the Unit Owner of Office Unit
3.

 

(g)          For
so long as Office Unit 2A and/or Office Unit 2B is owned or leased by the Unit Owner of Office Unit 1 or an Affiliate thereof,
(i) the Unit Owner of such Unit or Units and its Permitted Users shall have a non-exclusive easement across and through the Office
Unit 1 Lobby and the Office Unit 1 Passenger Elevators for the purposes of access to and from such Unit or Units as well as a non-exclusive
easement to use the Office Unit 1 Service Elevator, and (ii) the Unit Owner of such Unit or Units and its Permitted Users shall
have no right to use the Office Unit 3 Lobby Escalators, the Office Unit 3 Lobby, the Office Unit 3 Messenger Center/Mail Room,
the Office Unit 3 Mid Rise Passenger Elevators, or the Office Unit 3 Service Elevator.

 

(h)          If
at any time Office Unit 2A is not owned or leased by the Unit Owner of Office Unit 1 or an Affiliate thereof, the Unit Owner of
Office Unit 1 shall have the non-exclusive right of access across such portions of Office Unit 2A as the Unit Owner or Permitted
User of Office Unit 2A shall reasonably designate from Elevator #0001-S03 to the Atrium Ceiling (as shown on the Floor Plans) for
the purpose of repairing, maintaining and replacing the Atrium Ceiling and the mechanical equipment contained therein.

 

(i)          The
Unit Owners of the Parking Unit, the Retail Unit, the Loading Dock Unit, the Destination Retail Access Unit and their respective
Permitted Users, shall have no right to use the General Common Lobby, the ADA Lobby Elevator, or the GCE Service Elevator.

 

(j)          Each
Unit Owner shall have an easement in common with the owners of the other Units to access and use all pipes, flues, wires, ducts,
cables, conduits, vents, ventilating shafts, utility lines, equipment rooms and other General Common Elements located in the other
Units or elsewhere in the Building and serving its Unit. Each Unit shall be subject to an easement in favor of the owners of the
other Units to use all pipes, flues, ducts, cables, wires, conduits, vents, ventilating shafts, utility lines, equipment rooms
and other General Common Elements serving such other Units and located in such burdened Unit. Each Unit Owner shall have the right
to use the General Common Elements for the purposes of connecting to equipment (as such term is defined in Section 12(o) hereof)
located in its Unit, provided such use of the General Common Elements does not adversely affect the use of the General Common Elements
for their intended purpose.

 

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(k)          The
Board of Managers shall have the right to establish, grant and create easements for any additional underground electric, transformer,
steam, amplifier, gas, cable television, telephone, water, storm drainage, sewer or other utility lines and appurtenances on, under
and through the Property and to relocate any existing utility, sewer and drainage easements in any portion of the Property if the
Board of Managers shall deem it necessary or desirable for the proper operation and maintenance of the Property or any portion
thereof, or for the general health or welfare of any Unit Owner or its tenants, provided that such additional utilities or the
relocation of existing utilities will not (i) prevent or unreasonably interfere with the use of a Unit, (ii) adversely affect the
value of a Unit or (iii) result in a mechanic’s lien against any portion of the Property. Any utility company or public benefit
corporation furnishing services to the Property, and the employees and agents of any such company or corporation, shall have the
right of access to each Unit and to the Common Elements in furtherance of such easements, provided such right of access is exercised
in such a manner which does not unreasonably interfere with the use of the Units or the Common Elements.

 

(l)     
     Each Unit Owner grants an easement over its Unit and its appurtenant Exclusive Use Common
Elements to the Board of Managers and to each other Unit Owner for the purpose of (but only in the absence of a commercially
practicable alternative and only to the extent necessary for) maintaining, repairing, altering, preventing or minimizing
damage to and causing to be in compliance with Laws and Insurance Requirements any portions of the grantee Unit Owner’s
Unit and its appurtenant Exclusive Use Common Elements, if any and for installing, allowing to remain (and using for their
respective intended purposes), maintaining, repairing, altering, preventing or minimizing damage to and causing to be in
compliance with Laws and Insurance Requirements any equipment, Facilities or systems that are located in or only readily
accessible through such granting Unit Owner’s Unit and appurtenant Exclusive Use Common Elements, if any, which serve
other Units (including, without limitation, reading, maintaining or replacing utility meters relating to the Common Elements,
such Unit or any other Unit in the Building); to the Board of Managers (to the extent permitted under the other provisions of
the Condominium Documents), for the purpose of (and to the extent reasonably necessary for) making inspections of, or
removing violations noted or issued by any governmental authority against, the Common Elements or any other part of
the Property and for curing defaults under the Condominium Documents, or correcting any conditions originating in such Unit
Owner’s Unit or its appurtenant Exclusive Use Common Elements, if any, and threatening the health, safety and welfare
of the occupants of, or the property located within, another Unit or all or any part of the Common Elements.

 

(m)        The
Board of Managers shall have an easement for the right, and such easements as shall be necessary, to maintain, repair or replace
the Common Elements contained in each Unit or elsewhere in the Building and to make additions and improvements thereto, provided
that the same are concealed within the walls, floors, columns and ceilings of the Building and in the shafts provided in the Building
for such installations, and that such additions or improvements do not in other than a de minimis amount damage the appearance
or reduce the floor area of any Unit or affect its layout and, provided, further, that the maintenance and installation work is
performed at such times and in such manner as to create the least interference as practicable with the use of such Unit.

 

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(n)          Each
Unit shall be subject to an easement in favor of each other Unit for the installation, maintenance, repair and replacement of
gas, electricity, heating, air conditioning, ventilating and water lines and meters and fixtures and equipment serving such other
Units, provided that no such easement shall materially reduce the square foot area of the Unit subject to the easement or unreasonably
interfere with the use of the Unit subject to the easement and further provided that the owner of the Unit subject to the easement
shall have the right to designate the location of the aforesaid lines, meters, fixtures and equipment to the extent reasonably
practicable. The Unit Owner of the Unit(s) having the benefit of the easement shall give the Unit Owner of the Unit subject to
such easement reasonable notice, except in an Emergency, prior to commencing any installation, maintenance, repair or replacement,
shall deliver plans and specifications to the subject Unit Owner at least thirty (30) days prior to commencing any such installation
for such other Unit Owner’s reasonable approval, shall construct such installation in accordance with such plans and specifications
and shall perform any such installation, maintenance, repair or replacement in accordance with all applicable Laws and Insurance
Requirements, shall diligently and with continuity prosecute any such installation, maintenance, repair or replacement to completion,
shall restore such other Unit to substantially its condition prior to the commencement of such installation, maintenance, repair
or replacement and shall otherwise perform all work in connection therewith in such manner as to minimize interference with the
occupants of the other Unit.

 

(o)          The
Unit Owners of each Unit shall each at their sole cost and expense, have the non-exclusive right (and such easements as shall be
required) to erect, use, maintain, repair, replace, relocate and operate mechanical equipment (including cooling towers), emergency
generators (such mechanical equipment and emergency generators being referred to herein as “Rooftop Mechanical Equipment”),
satellite platforms, satellite dishes and other equipment on the Main Roof at the respective locations on the Main Roof so designated
for the use of each Unit on the Floor Plans (respectively, the “Designated Rooftop Equipment Areas”), subject
to the reasonable requirements of the Board of Managers. Such Rooftop. Mechanical Equipment, satellite platforms, satellite dishes
and other equipment shall be used solely in connection with the use or occupancy of space by the applicable Unit Owners or its
tenants in buildings (including, without limitation, the Building) constructed in the Eastern Rail Yard. The Unit Owner of each
such Unit shall give reasonable prior written notice to the Board of Managers of its intent to exercise such right (which shall
include a description of the proposed installation and equipment), and shall not make any such installation and/or relocations
unless and until the Board of Managers has approved in writing the installation and/or relocations and the equipment and designated
the specific location within the applicable Designated Rooftop Equipment Area, such approval not to be unreasonably withheld. The
word “equipment” as used in Section 12(j) and in this Section 12(o) shall be deemed to include fiber optic cable
and other communications lines, wires, risers, cables and conduits, as well as any other ancillary equipment, based on current
and future technologies, needed for the proper operation of such mechanical equipment, emergency generators, satellite platforms,
satellite dishes or other equipment. Each easement and other right granted under this Section 12(o) must be exercised, and all
such installations and equipment must be used in such a way, so as to minimize, to the extent reasonably practicable, interference
with the exercise of the other easements and other rights granted under this Section 12(o) and the rights of other Unit Owners
and the Board of Managers under this Declaration and the By-Laws. No equipment installed pursuant to this Section 12(o) by any
Unit Owner shall be visible from the windows of any other Unit. The easements and other rights referred to in this Section 12(o)
shall include access to and use of reasonable space in the General Common Elements, as designated by the Board of Managers, to
run and maintain, at such Unit Owner’s sole cost and expense, conduits from the applicable Unit to the applicable Rooftop
Mechanical Equipment. Such right of access and use by such Unit Owner shall be exercised in such a manner as will not unreasonably
interfere with the use and occupancy of any other Unit. Such access shall be permitted on not less than two (2) days’ notice
to the Board of Managers, except that no notice will be necessary in the case of an Emergency.

 

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(p)          The
Unit Owner of Office Unit 1 shall have, with respect to such portions of the General Common Elements as may be necessary, the exclusive
right (and such non-exclusive easements as shall be required) to maintain, repair and replace Office Unit 1 Passenger Elevators
and the Office Unit 1 Service Elevator, the Unit Owner of Office Unit 3 shall have, with respect to such portions of the General
Common Elements as may be necessary, the exclusive right (and such non-exclusive easements as shall be required) to maintain, repair
and replace the Office Unit 3 Mid Rise Passenger Elevators, the Office Unit 3 High Rise Passenger Elevators, and the Office Unit
3 Service Elevator, and the Unit Owner of the Destination Retail Access Unit shall have, with respect to such portions of the General
Common Elements as may be necessary, the exclusive right (and such non-exclusive easements as shall be required) to maintain, repair
and replace the Destination Retail Access Unit Passenger Elevators and the Destination Retail Access Unit Service Elevators.

 

(q)          The
Unit Owner of the Ancillary Unit shall have the right to run pipes and conduits through portions of the General Common Elements
and portions of the other Units that do not adversely affect the use of such thereof other than to a de minimis extent,
for the purpose of supplying steam, electricity and/or hot water to the Units, to the Destination Retail Building, and/or Parcel
D.

 

(r)          The
Unit Owner of the Parking Unit and its Permitted Users shall have the exclusive right to use the easement across Parcel D for pedestrian
access to and from the Parking Unit to the street, which easement is more particularly described in the ERY FAPOA Declaration.

 

(s)          The
Unit Owner of the Destination Retail Access Unit and its Permitted Users shall have the non-exclusive right to use portions of
the hallways on the Ground Floor Level for access from the Loading Dock Unit to the Destination Retail Access Unit Service Elevators.

 

(t)          The
Unit Owner of the Destination Retail Access Unit and its Permitted Users shall have a non-exclusive easement over (i) the stairway
designated as Stairway H on the Floor Plans between Level 02 Retail and the Ground Floor Level, (ii) the Office Unit 3 Lobby, (iii)
the Office Unit 3 Escalators, and the General Common Lobby, for emergency egress from the Destination Retail Access Unit and the
Destination Retail Building.

 

(u)         The
Units Owners of the Office Units (as defined in the By-Laws) and the Ancillary Unit, and their respective Permitted Users, shall
have a non-exclusive right to use the Destination Retail Access Elevators.

 

(v)         The
Units are intended to be benefitted and burdened by the provisions of the ERY FAPOA Declaration that benefit and burden the Property.
Without limiting the generality of the foregoing, certain Unit Owners will assume specific obligations under the ERY FAPOA Declaration
to the extent specifically provided therein, and all Unit Owners shall have liability to the extent set forth in Article 13 of
the ERY FAPOA Declaration and Section 3.4 of the Master Declaration.

 

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(w)         The
user of any right or easement granted by this Section 12 shall use the same in compliance with all Laws and Insurance Requirements
and all applicable provisions of the Underlying Agreements.

 

(x)          The
user of any right or easement granted by this Section 12 shall give (i) the Unit Owner of any other Unit to the extent it requires
access to such Unit for purposes of exercising its rights under this Section 12, (ii) a Sub-Board to the extent it requires access
to such Sub-Board’s Section for purposes of exercising its rights under this Section 12, and (iii) the Board of Managers
to the extent it requires access to the General Common Elements (other than public areas of the Building, for which no notice will
be required) for purposes of exercising its rights under this Section 12, not less than one (1) day’s prior notice of such
access (except that no notice will be necessary in the case of an Emergency), and such Unit Owner, Sub-Board or the Board of Managers
shall have the right to have its representative present during the period of such access,

 

(y)          The
user of any right or easement granted by this Section 12 shall have the responsibility of repairing any damage, at such user’s
sole cost and expense, resulting therefrom and such user hereby indemnifies and holds harmless the Unit Owner of the Unit or the
Sub-Board of the Section and the Board of Managers subject to such right or easement from and against any expenses, damages, losses,
costs and other liabilities arising out of such user’s failure to repair such damage as provided for herein.

 

(z)          The
user of any right or easement granted by this Section 12 hereby indemnifies and holds harmless the Unit Owner of the Unit or Sub-Board
of the Section subject to such right or easement and the Board of Managers from and against any claims of third parties (and any
expenses, damages, losses, costs and other liabilities arising therefrom), including claims for injury and personal property, arising
from the use of the right or easement.

 

(aa)       Any
grant of an easement or right of access “on”, “over”, “across” or “through” a given
area shall be deemed to mean “on, over, across, through and upon” such area, unless the context otherwise requires.

 

(bb)       All
Permitted Users shall have a right and easement to use the sidewalks and the ramps, stairways, entrances and exits which are General
Common Elements and any replacements thereof for the sole purpose of providing all Permitted Users a means of ingress and egress
to and from the Building and the respective Unit to which such Permitted Users are entitled to use and an approach to and from
the public street, in each case, subject to compliance with the provisions of the By-Laws.

 

(cc)       All
Permitted Users shall have a right of egress in the event of an Emergency through passageways, emergency stairways and exits contained
within any Unit, Exclusive Use Common Elements or General Common Elements, and each Unit shall be subject to the rights of all
Permitted Users to use such passageways, stairways and exits for egress in the event of an Emergency.

 

    	22

    	 

    

 

(dd)         Any
easements granted to the Board of Managers, any Unit or any Unit Owner or any other party under the Declaration and the By-Laws
may be exercised by such party’s Permitted Users, to the extent necessary to effectuate the purpose for the easement or as
otherwise authorized by the Unit Owner or Board of Managers, as the case may be, provided such right of access shall be exercised
in such manner as shall not to the extent possible interfere with the normal conduct of business of the Units.

 

(ee)         Any
dispute by and among Unit Owners and/or the Board of Managers as to the nature, scope or interpretation of the easements contained
in this Section 12 shall be resolved by Arbitration in accordance with the provisions of Article 15 of the By-Laws.

 

13.         Signage
and Lighting. (a) Except as otherwise provided in clause (B) of Section 7(c)(iii) hereof, no Unit Owner or Permitted User shall
be permitted to install any signage which is visible from the outside of such Unit, except in accordance with the guidelines, limitations
and restrictions respecting Building signage as are set forth on Exhibit E annexed hereto and made a part hereof (the “Signage
Requirements”).

 

(b)          The
Board of Managers will maintain and operate any Building Exterior Lighting System, as set forth in Section 6.8(n) of the By-Laws.
It is intended that the Building Exterior Lighting System will initially include the specifications set forth in Exhibit J
annexed hereto and made a part hereof (subject to such operating hours and procedures as the Board of Managers may determine) but
the Building Exterior Lighting System may be changed or discontinued by the Board of Managers at any time, subject to Sections
2.2.2(g) and 2.2.3(e) of the By-Laws.

 

14.         Amendment
of Declaration. (a) Any Unit Owner or a member of the Board of Managers may propose an amendment to this Declaration except
as otherwise provided in this Declaration. A copy of the text of the proposed amendment shall be given in writing to the other
Unit Owners and the Board of Managers. The Board of Managers shall by written notice to the Unit Owners fix a date, not sooner
than fifteen (15) days and not later than thirty (30) days from the date the notice and a copy of the proposed amendment are received,
for a meeting of the Unit Owners for the purpose of considering and voting upon the amendment.

 

    	23

    	 

    

 

(b)          Except
as otherwise specifically provided in this Declaration or the By-Laws, the consent of the Unit Owners owning Units to which are
appurtenant at least two-thirds of the Common Interest in the Condominium, in each case together with (A) the consent of the respective
Permitted Mortgagees (as defined in the By-Laws), if required, of such consenting Unit Owners, and (B) as to any Unit which is
then subject to a Declarant Net Lease (as defined in the By-Laws), the consent of the Declarant Net Lessee and Declarant Net Lessor
(both as defined in the By-Laws) (provided that (1) Declarant Net Lessor will not unreasonably withhold its consent if (i) the
Declarant Net Lease requires that the landlord thereunder not unreasonably withhold consent to the matter in question, and (ii)
the proposed amendment is not inconsistent with and will not result in a default under such Declarant Net Lease, and (2) as to
all other amendments, the provisions of such Declarant Net Lease regarding consent will apply) shall be necessary to adopt a proposed
amendment to the Declaration or By-Laws. Notwithstanding the foregoing, (i) any amendment which materially affects the rights
of any Unit Owner shall require the consent of such affected Unit Owner and its Permitted Mortgagees, Declarant Net Lessees and
(subject to the provisions set forth in clauses (1) and (2) of this Section 14(b)), Declarant Net Lessors (it being conclusively
presumed, however, that (I) any amendment to Section 7(d), (e), (f), (g), (h) or (m) hereof (other than the first sentence of
Section 7(m)) shall be deemed to materially affect the rights of the Unit Owner of Office Unit 1 so long as Coach or any Coach
Affiliate is the Unit Owner of Office Unit 1 or otherwise occupies more than 60% of Office Unit 1 with respect to Sections 7(d),
(e), (f) or (g) only), and (II) any amendment to Section 7(c)(iii) or to the first sentence of Section 7(c)(iv) hereof shall be
deemed to materially affect the rights of the Unit Owner of Office Unit 1), and (ii) amendments to this Declaration which affect
only a particular Unit Owner may be made by the Unit Owner in question (with the consent of its Permitted Mortgagees) and its
Declarant Net Lessees without the consent of the unaffected Unit Owners or the Board of Managers (however, the Board of Managers
shall execute any such amendment which a Unit Owner may be entitled as of right to record or which was duly approved by the Unit
Owners) provided, however, such amendment may not affect or be inconsistent with any of the Underlying Agreements or violate any
Law. No such amendment shall be effective (x) unless the Unit Owner(s) proposing such amendment (the “Proposing Party”)
shall have provided the Board of Managers and the other Unit Owners at least thirty (30) days’ prior written notice of the
Proposing Party’s proposed amendment, and (y) until recorded with the New York City Register. Any such amendment made pursuant
to this Section shall be executed by the Board of Managers as attorney-in-fact for the Unit Owners, coupled with an interest,
and the Board of Managers is hereby authorized by such Unit Owners, after approval of the amendment by the requisite number of
Unit Owners so to act as their attorney-in-fact for such purpose. Any dispute between the Unit Owners with respect to whether
an amendment materially affects the rights of a Unit Owner shall be resolved by Arbitration; provided, however, that no such dispute
with respect to whether the Proposing Party’s amendment materially affects another Unit shall be deemed to exist unless
the Unit Owner objecting to such amendment (the “Objecting Party”) delivers written notice specifying the grounds
for its objection in writing to the Proposing Party and the Board of Managers within thirty (30) days of receipt by it of notice
of such proposed amendment. Provided the Objecting Party has delivered such written notice as aforesaid, the Objecting Party and
the Proposing Party shall, within the ensuing fourteen (14) day period, exercise good faith efforts to resolve such dispute before
the dispute may be submitted to Arbitration.

 

(c)          No
amendment, modification, addition or deletion to this Declaration shall be effective until recorded with the New York City Register.
Any such approved amendment, modification, addition or deletion shall be executed by the Board of Managers. Prior to recording
with the New York City Register, a copy of each amendment to this Declaration shall be certified by the Board of Managers as having
been duly adopted. A copy of each amendment so certified and bearing the date of recording shall be promptly sent to each Unit
Owner by the Board of Managers.

 

(d)          Notwithstanding
the foregoing, a Unit Owner shall have the right, without the consent of the Board of Managers or any other Unit Owner, to amend
the Condominium Documents, from time to time, solely to effect a subdivision or recombination of its Unit, as provided in Article
9 of the By-Laws, upon the terms and conditions set forth in Article 9 of the By-Laws.

 

    	24

    	 

    

 

15.         Termination.
(a) The Condominium may be terminated by vote of Unit Owners owning Units to which are appurtenant at least ninety percent
(90%) of the Common Interest of the Condominium, in each case together with the consent of (A) the respective Permitted Mortgagees
of such consenting Unit Owners and (B) as to any Unit which is then subject to a Declarant Net Lease, the consent of the Declarant
Net Lessee and the Declarant Net Lessor. If the Unit Owners so terminate the Condominium, unless the Unit Owners determine that
the Property shall be sold as a whole, the same shall be subject to an action for partition and sale by any Unit Owner as if owned
in common. In the event a partition action is brought and the court orders the sale of the Property as a whole, the net proceeds
of sale shall be divided among the Unit Owners in accordance with their respective Common Interests, after first paying out of
the share of each Unit Owner the amount of all unpaid liens on its Unit in the order of their priority. No payment shall be made
to a Unit Owner until there has first been paid out of its share of such net proceeds all liens and expenses chargeable by the
Board of Managers to its Unit.

 

(b)          hi
addition to the other grounds for termination set forth herein, the Condominium shall be terminated if it is determined in the
manner provided in Section 12.8.5 of the By-Laws that the Building shall not be reconstructed after a casualty, or if all or substantially
all of the Property is taken by eminent domain. The determination not to reconstruct after a casualty shall be evidenced by a certificate
of the Board of Managers signed by the President or the Vice-President and the Secretary or Treasurer. The termination shall be
effective upon the filing of the certificate with the appropriate recording officer and must include the joinder of all Permitted
Mortgagees and if any Declarant Net Lease is then in effect, by the Declarant Net Lessee and the Declarant Net Lessor.

 

(c)          After
termination of the Condominium, the Unit Owners shall own the Property as tenants-in-common in undivided shares, in accordance
with their previous Common Interests, and the holders of Permitted Mortgages (as defined in the By-Laws) and liens against the
Unit or Units formerly owned by such Unit Owners shall have Permitted Mortgages and liens upon the respective undivided shares
of the Unit Owners. All funds held by the Board of Managers shall be and continue to be held for the Unit Owners in accordance
with their undivided shares. The costs incurred by the Board of Managers in connection with a termination shall be a Common Expense.

 

(d)          The
members of the Board of Managers acting collectively as agent for the Unit Owners shall continue to have such powers as in this
Declaration are granted with respect to the winding up of the affairs of the Condominium, notwithstanding the Board of Managers
or the Condominium may be dissolved upon termination.

 

    	25

    	 

    

 

16.         Powers
of Attorney to the Board of Managers. Each Unit Owner shall grant to the persons who shall from time to time constitute the
Board of Managers an irrevocable power of attorney, coupled with an interest (in such form and content as the Board of Managers
shall determine): (i) to purchase or otherwise acquire on behalf of all Unit Owners any Unit, together with its Appurtenant Interests
(as defined in the By-Laws), with respect to which liens for real estate taxes are being sold; (ii) to acquire any Unit, together
with its Appurtenant Interests, whose Unit Owner elects to surrender the same pursuant to the By-Laws to the extent the waiver
with respect to the right to surrender such Unit set forth therein is inapplicable or unenforceable; (iii) to purchase or otherwise
acquire any Unit, together with its Appurtenant Interests, which becomes the subject of a foreclosure or other similar sale, on
such terms and at such price, as the Board of Managers deems proper, in the name of the Board of Managers or its designee (corporate
or otherwise), on behalf of all Unit Owners, and after any such acquisition, to convey, sell, lease, license, mortgage or otherwise
deal with (but not vote the Common Interests appurtenant to) any such Unit so acquired by them without the necessity of further
authorization by the Unit Owners or any other person or entity, on such terms as the attorneys-in-fact may determine; and (iv)
to execute, acknowledge and deliver: (a) any declaration or other instrument affecting the Property or the Condominium which the
Board of Managers deems reasonably necessary or appropriate to comply with any Laws or provisions of the Underlying Agreements
applicable to the maintenance, demolition, construction, alteration, repair or restoration of the Property or the Condominium;
(b) any amendments to the Underlying Agreements, or (c) any consent, covenant, restriction, easement or declaration, or any amendment
thereto, affecting the Property or the Condominium that the Board of Managers deems necessary or appropriate, provided that in
no event shall the Board of Managers execute, acknowledge and deliver any document pursuant to clause (iv)(b) or (c) of this sentence
prior to the approval thereof by any Unit Owner(s) whose Unit is affected, unless such approval is expressly not required under
any of the provisions hereof or of the By-Laws. For purposes of clause (iv)(b) and (c) of the immediately preceding sentence,
a Unit shall not be affected by any amendment to the provisions of the Annex to the ERY FAPOA Declaration that does not have any
material adverse effect on the use or occupancy by a Unit Owner or its Permitted User of its Unit or on its use of any Common
Elements or increase its Common Charges above what they would have been in the absence of any such amendment (other than to a
de minimis extent), and that the Board of Managers shall have the absolute right to execute and deliver any such amendment on
behalf of the Condominium without the consent of any Unit Owners. The Board of Managers shall give all Unit Owners prior written
notice of all such amendments, a copy of the proposed amendment and, if the Board of Managers intends to exercise this right,
a statement to that effect in the notice.

 

17.         Covenants
Running With the Land; Subordination and Non-Disturbance. (a) All provisions of the Condominium Documents, as the same may
be amended in accordance with their terms from time to time, shall, unless otherwise expressly in the Condominium Documents provided
to the contrary, be perpetual and be construed to be covenants running with the Land and with every part thereof and interest therein,
and all of the provisions hereof and thereof shall be binding upon and inure to the benefit of the Unit Owners and all the occupants
of the Units, and all of their respective heirs, executors, administrators, legal representatives, successors and assigns, but
the same are not intended to create nor shall they be construed as creating any rights in or for the benefit of the general public.

 

(b)          Notwithstanding
anything in Section 17(a), if required to do so under Section 14.10 of the By-Laws, the Board of Managers shall, at the sole cost
and expense of the requesting Unit Owner, execute and deliver a non-disturbance agreement substantially in the form annexed to
this Declaration as Exhibit D or in any such other or changed form as may be agreed upon by the Board of Managers and the
requesting Unit Owner to any of such Unit Owner’s lessees.

 

    	26

    	 

    

 

(c)          The
acceptance of a deed or other conveyance, or the entering into of a lease, license agreement or other agreement for, or the entering
into, occupancy of all or any portion of a Unit shall constitute an agreement that the provisions of this Declaration, the By-Laws,
and the Rules and Regulations, and the ERY FAPOA Declaration, as applicable to a Unit Owner, as they may be adopted and/or amended from time to time, are accepted and ratified by such Unit Owner, tenant, subtenant,
licensee, occupant or other Permitted User, and all of such provisions shall be deemed and taken to be covenants running with the
land and shall bind any person having at any time any interest or estate in such Unit, as though such provisions were recited and
stipulated at length in each and every deed, conveyance, lease, license or other agreement thereof, therefor or relating thereto.

 

18.         Rules
and Regulations. All present and future Unit Owners, tenants, subtenants occupants, licensees and other Permitted Users of
Units shall be subject to and shall comply with the provisions of this Declaration and the By-Laws and with rules and regulations
(“Rules and Regulations”), and such amendments or additions thereto as may from time to time be adopted
by the Board of Managers. .

 

19.         Invalidity.
If any provision of the Condominium Documents is invalid under, or would cause the Condominium Documents to be insufficient
to submit the Property to the provisions of, the New York Condominium Act, such provision shall be deemed deleted from the Condominium
Documents for the purpose of submitting the Property to the provisions of the New York Condominium Act but shall nevertheless be
valid and binding upon and inure to the benefit of the Unit Owners and their successors and assigns, as covenants running with
the Land and with every part thereof and interest therein under other applicable Law to the extent permitted under such applicable
Law with the same force and effect as if, immediately after the recording of this Declaration and the By-Laws, all Unit Owners
had signed and recorded an instrument agreeing to each such provision as a covenant running with the Land. If any provision which
is necessary to cause this Declaration and the By-Laws to be sufficient to submit the Property to the provisions of the New York
Condominium Act is missing from this Declaration or the By-Laws, then such provision shall be deemed included as part of this Declaration
or the By-Laws, as the case may be, for the purposes of submitting the Property to the provisions of the New York Condominium Act.
Subject to the foregoing, the invalidity or unenforceability of any provision of this Declaration as against any person or in any
circumstance shall not be deemed to impair or affect in any manner the validity, enforceability or effect of the remainder of this
Declaration as to other persons or circumstances and, in such event, all of the other provisions of the Declaration shall continue
in full force and effect as if such invalid or unenforceable provision had never been included herein.

 

20.         Waiver.
No provision contained in this Declaration shall be deemed to have been abrogated or waived by reason of any failure to enforce
the same, irrespective of the number of violations or breaches which may occur.

 

21.         Captions.
The captions herein are inserted only as a matter of convenience and for reference, and in no way define, limit or describe
the scope of this Declaration or the intent of any provision hereof.

 

22.         Certain
References. (a) A reference in this Declaration to any one gender, masculine, feminine or neuter, includes the other two, and
the singular includes the plural, and vice versa, unless the context otherwise requires.

 

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(b)          The
terms “herein,” “hereof’ or “hereunder” or similar terms used in this Declaration refer to
this entire Declaration and not to the particular provision in which the terms are used.

 

(c)          Unless
otherwise stated, all references herein to Sections or other provisions are references to Sections or other provisions of this
Declaration.

 

(d)          All
references herein to Schedules and Exhibits shall be (unless otherwise stated) to the Schedules and Exhibits attached hereto, which
shall all be made a part hereof and incorporated herein.

 

23.         Consents.
With respect to any provision in the Condominium Documents requiring the consent of a Unit Owner, such Unit Owner shall have
the right, in its sole discretion, to withhold its consent for any reason or no reason at all, unless specifically and expressly
provided to the contrary.

 

24.         Unanimous
Consent. After the subdivision of any of the Units as originally constituted upon the initial recording of this Declaration,
any vote requiring the “unanimous consent of Unit Owners” (or like provision) shall, with respect to such subdivided
Unit require the consent of Unit Owners holding a simple majority of the Common Interest appurtenant to all Units resulting from
such subdivided Unit.

 

25.         Further
Assurances. (a) Any party which is subject to the terms of this Declaration, whether such party is a Unit Owner, a lessee or
sublessee of a Unit Owner, Permitted Mortgagees an occupant of a Unit, a member or officer of the Board of Managers or otherwise,
shall, upon prior reasonable written request, and, at the expense of any such other party (or the holder of a mortgage lien on
its Unit) requesting the same, execute, acknowledge and deliver to such other party (or the holder of a mortgage lien on its Unit)
such reasonable instruments, in addition to those specifically provided for herein, and take such other reasonable action, as such
other party (or the holder of a mortgage lien on its Unit) may reasonably request to effectuate the provisions of this Declaration
or of any transaction contemplated herein or to confirm or perfect any right to be created or transferred hereunder or pursuant
to any such transaction, provided in all such cases that such other and further instruments or actions shall not impose any liability
or substantive obligation on, or constitute a waiver of any rights of, the party from which the same is requested, other than as
provided for in the Condominium Documents.

 

(b)          If
any Unit Owner or any other party which is subject to the terms of this Declaration fails to either (x) execute, acknowledge or
deliver any instrument, or fails or refuses, within ten (10) days after receipt of a written request therefor, to take any action
which such Unit Owner or other party is required to perform pursuant to this Declaration, or (y) deliver a written notice within
such time period stating reasons why it believes it is not so required, and such failure continues for an additional ten (10) day
period following receipt of a second written request therefor (together with written advice that the requesting party shall be
entitled to take action upon the recipient’s failure or refusal to perform), then the Board of Managers is hereby authorized,
as attorney-in-fact, coupled with an interest, for such Unit Owner or other party, to execute, acknowledge and deliver such instrument,
or to take such action, in the name of such Unit Owner
or other party, and such instrument or action shall be binding on such Unit Owner or other party, as the case may be.

 

    	28

    	 

    

 

26.         Successors
and Assigns. Except as set forth herein or in the By-Laws to the contrary, the rights and/or obligations of the Board of Managers
and the Unit Owners shall inure to the benefit of and be binding upon any successor or assign of the Board of Managers and the
Unit Owners and shall constitute and be enforceable with respect to the Property as a covenant running with the Land.

 

27.         Non-Recourse.
Except as otherwise set forth in the Master Declaration or the ERY FAPOA Declaration, all covenants, stipulations, promises,
agreements and obligations of a Unit Owner contained herein shall be deemed to be covenants, stipulations, promises, agreements
and obligations of such Unit Owner and not of any shareholder, affiliate, member, partner, trustee, director, officer, manager,
employee or agent of such Unit Owner, and no recourse shall be had hereunder against any such shareholder, affiliate, member, partner,
trustee, director, officer, manager employee or agent unless and to the extent the same is a Permitted User. The liability of any
Unit Owner hereunder or under the By-laws for damages or otherwise, including as a result of any breach of the covenants, stipulations,
promises, agreements and obligations of a Unit Owner contained herein or in the By-laws, shall be limited to such Unit Owner’s
interest in its Unit(s) and its rights hereunder and under the By-laws, including (i) the rents, issues and profits thereof, (ii)
the proceeds of any insurance policies covering or relating to its Unit and the Exclusive Use Common Element appurtenant thereto,
(iii) any awards payable in connection with the condemnation of its Unit (or its Common Interest) or any part thereof and (iv)
amounts received or receivable by a Unit Owner in connection with a sale of its Unit to the extent that such amounts have not been
distributed by such Unit Owner. Neither any Unit Owner nor any of its direct or indirect shareholders, affiliates, members, partners,
trustees, directors, officers, managers, employees or agents shall have any liability (personal or otherwise) beyond such Unit
Owner’s interest in its Unit(s) and its rights hereunder and under the By-laws and no other property or assets of such Unit
Owner or any of its direct or indirect shareholders, affiliate, members, trustees, partners, directors, officers, managers, employees
or agents of such Unit Owner shall be subject to levy, execution or other enforcement procedures for the satisfaction of the Board
of Manager’s, any other Unit Owner’s or any other Person’s remedies hereunder or under the By-laws or at law
or in equity with respect to this Declaration or the Bylaws or the Condominium.

 

28.         Exculpation
of Declarant; Rights and Obligations of Declarant Net Lessees. (a) Notwithstanding anything in this Declaration to the contrary,
neither Declarant nor its Affiliates shall have any liability under or with respect to this Declaration, and all obligations of
Declarant arising under this Declaration shall be performed by the Board of Managers and/or the Unit Owners, as the case may be,
at their sole cost and expense. None of the members, directors, officers, employees, agents or servants of Declarant or its Affiliates
shall have any liability (personal or otherwise) hereunder, and no property or assets of Declarant or its Affiliates or the members,
directors, officers, employees, agents or servants of Declarant or its Affiliates shall be subject to levy, execution or other
enforcement procedure hereunder, provided that Declarant is not a Unit Owner of any Units upon recordation of the Declaration (except
as to a Unit that is subject to a Declarant Net Lease).

 

    	29

    	 

    

 

(b)          Notwithstanding
the foregoing, for so long as a Declarant Net Lease is in effect with respect to a Unit or Units, the Declarant Net Lessee (and
not the Declarant Net Lessor) (i) shall be deemed to be the sole Unit Owner of such Unit or Units, and such Declarant Net Lessee
shall be deemed to have assumed, and to be solely responsible for, all of the obligations of such Unit Owner, (ii) shall have
the sole right under Section 2.1 of the By-Laws to be the Designator (as defined in Section 2.1 of the By-Laws) for the purposes
of designating a member of the Board of Managers with respect to such Unit, and (iii) shall have the sole right to act as the
Unit Owner of such Unit for the purpose of casting any vote as a Unit Owner under the Condominium Documents, proposing or consenting
to any amendment to the Condominium Documents, or giving any consents required under the Condominium Documents, except as otherwise
specifically provided in Sections 14(b)(B) and 15(a)(B) hereof, and the provisions of the By-Laws respecting the rights of a Declarant
Net Lessor following the occurrence of an Event of Default under a Declarant Net Lease. Declarant hereby grants to each Declarant
Net Lessee a power of attorney, coupled with an interest, to take any of the actions described in this Section 28(b) in the name
of Declarant Net Lessor, which power of attorney shall be revocable only as provided in the By-Laws.

 

[Signature Page Follows]

 

    	30

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Declaration to be executed as of the day hereinabove set forth.

 

	 	METROPOLITAN TRANSPORTATION AUTHORITY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	31

    	 

    

 

ACKNOWLEDGEMENT

 

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

 

On
the____day of             
in the year               before me, the
undersigned, personally appeared
                                ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on
the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

    	32

    	 

    

 

EXHIBIT A

 

Description of the Land

 

All that certain plot, piece or parcel
of land, situate, lying and being in the Borough of Manhattan, City, County and State of New York, bounded and described as follows:

 

[To be completed]

 

    	Exhibit A-1

    	 

    

 

EXHIBIT B2

 

Description of the Units

 

	Unit

        Designation
	 	Tax
    Lot

    Number	 	Location

    (and direction

    faced)	 	Approx.
    Area in

    Sq. Ft.***	 	Common

    Elements to

    which the Unit

    has Access	 	Percent
    of

    Interest in the

    Common

    Elements***	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Parking Unit	 	1001	 	*	 	72,663	 	**	 	3.90	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Retail Unit	 	1002	 	 *	 	57,935	 	**	 	3.11	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Office
    Unit 1	 	1003	 	 *	 	711,513	 	**	 	38.24	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Office Unit 2A	 	1004	 	 *	 	38,589	 	**	 	2.07	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Office Unit 2B	 	1005	 	 *	 	40,479	 	**	 	2.18	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Office Unit 3	 	1006	 	 *	 	896,829	 	**	 	48.20	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Ancillary Unit	 	1007	 	 *	 	2,644	 	**	 	0.14	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Loading
    Dock Unit	 	1008	 	 *	 	31,845	 	**	 	1.71	%
	 	 	 	 	 	 	 	 	 	 	 	 
	Destination
    Retail Access Unit	 	1009	 	 *	 	8,411	 	**	 	0.45	%

 

[*** To be finalized on completion of the Building, subject
to approval of Declarant pursuant to Section 9.01(b) of that certain Agreement of Severed Lease, dated as of April ____, 2013,
by and between Declarant, as landlord, and Legacy Yards Tenant LLC, as tenant

 

 

2 Subject to such
formal revisions as may be required by the Tax Map Unit, Land Records Division of the New York City Department of Finance.

3*As shown on the Floor Plans and described in Section
4.

3** As described in Section 6.

 

    	Exhibit B-1

    	 

    

 

EXHIBIT C

 

Description of the Building

 

[To be completed]

  

    	Exhibit C-1

    	 

    

 

EXHIBIT D

 

SUBORDINATION, NONDISTURBANCE

AND ATTORNMENT AGREEMENT

 

This Subordination, Nondisturbance
and Attornment Agreement (this "Agreement") is made effective as of the        
day of                      ,
20   , by and between the Board of Managers of Tower C Condominium (the "Board"),
having its office at                                                                      ,
New York, New York 100         , and                                                         
[Insert name of a Tenant],                                                                
[Insert type of entity], having an office at                                                                ,
("Tenant").

 

WITNESSETH:

 

WHEREAS,                                                                
 [Insert name of applicable Unit Owner] ("Lessor") is the owner of the                                      
Unit [Insert name of applicable Unit] (the "Unit") as defined in that certain Declaration of
Condominium dated as of                                    ,
2013 (together with the By-Laws (and all exhibits) annexed thereto, as the same may be amended from time to time in accordance
with their terms, the "Condominium Documents");

 

WHEREAS, pursuant to that
certain lease dated as of                                                                  
 between Lessor and Tenant (such lease, as the same may be assigned, amended or restated from time to time, the "Lease"), Lessor
leased to Tenant that portion of the Unit as more particularly described in the Lease (the "Leased
Premises");

 

WHEREAS, the Lease provides
that Tenant shall subordinate the Lease to the Condominium Documents, subject to certain terms and conditions stated in the Lease;
and

 

WHEREAS, as a condition of such
subordination the Board has agreed to provide for the non-disturbance of Tenant by the Board, and to provide for the recognition
by the Board of the Lease, including all benefits, rights and conditions that Tenant enjoys under the Lease;

 

NOW, THEREFORE, in consideration
of the promises and of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 

1.           Tenant
covenants and agrees that the Lease and the rights of Tenant thereunder are and shall be at all times subject and subordinate in
all respects to the Condominium Documents, including, without limitation, the Board's lien on the Unit for Common Charges (as defined
in the By-Laws), subject, however, to the provisions of this Agreement.

 

2.           The
Board agrees that so long as: no default exists under the Lease which would permit Landlord to tellninate the Lease or exercise
any dispossess remedy provided for in the Lease and the Lease is otherwise in full force and effect, Tenant's (or, with respect
to any person or entity claiming through or under Tenant, such person or entity's) rights thereunder (including without limitation
Tenant's (or such person or entity's) right of possession, use and quiet enjoyment of the Leased Premises or any party thereof,
and any extension or renewal period thereof which may be exercised in accordance with any option afforded in the Lease to Tenant);
shall not be terminated, altered, disturbed or extinguished by any action of the Board, or any New Owner (as hereinafter defined),
including without limitation, by any suit, action or proceeding for the foreclosure of the Unit, the Leased Premises or otherwise
for the enforcement of the Board's rights or remedies under the Condominium Documents. Notwithstanding anything to the contrary
contained in this Agreement, the Board and any New Owner upon becoming the owner of the Unit shall have the right to pursue all
rights and remedies set forth under the Lease for any default by Tenant under the Lease beyond any applicable notice and grace
period.

 

    	Exhibit D-1

    	 

    

 

3.           If
the Board shall become the owner of the Unit by reason of the foreclosure or other action described in Paragraph 2 hereof, or
the Unit shall be sold as a result of any foreclosure by the Board or transfer of ownership by deed or assignment given in lieu
of foreclosure by the Board or otherwise, the Lease shall continue in full force and effect, without necessity for executing any
new lease or other agreement, as a direct lease between Tenant and any subsequent owner of the Unit taking title through the Board
(a "New Owner"), as "landlord," and the Board or the New Owner, as the case may be, shall assume
the Lease and all obligations of landlord thereunder, and recognize Tenant as the tenant thereunder, upon all of the same terms,
covenants and provisions contained in the Lease, provided, however, the Board or the New Owner shall, subject to the provisions
of Paragraph 12 hereof, not be:

 

(i)          bound
by any fixed rent which Tenant might have paid for more than one (1) month in advance of its due date under the Lease to any prior
landlord (including, without limitation, Lessor); unless otherwise consented to by the Board or the New Owner or unless such prepaid
amount is actually received by the Board or the New Owner;

 

(ii)         liable
for any previous act or omission of any prior landlord (including without limitation, Lessor) in violation of the Lease except
for any repair and maintenance obligations of a continuing nature as of the date of such acquisition; or

 

(iii)        subject
to any claims, counterclaims, offsets or defenses which Tenant might have against any prior landlord (including, without limitation,
Lessor), excluding any right of Tenant to any offset against Tenant's payment of rent under the Lease arising from Lessor's default
under the Lease; or

 

(iv)        liable
for the return of any: security deposit; overpayments of taxes, operating expenses, merchant association dues, or other items of
additional rent paid in estimates in advance by Tenant subject to subsequent adjustment; other monies which pursuant to the Lease
are payable by Lessor to Tenant; or other sums, in each case to the extent not delivered to the Board or the New Owner, as the
case may be; or

 

(v)         obligated
to: complete any construction work required to be done by any prior landlord (including, without limitation, Lessor) pursuant to
the provisions of the Lease, to reimburse Tenant for any construction work done by Tenant, to make funds available to Tenant in
connection with any such construction work, or for any other allowances or cash payments owed by any prior landlord to Tenant (but
the foregoing shall not relieve the New Owner from any
repair and maintenance obligations of a continuing nature as of the date of such acquisition).

 

    	Exhibit D-2

    	 

    

 

Tenant
hereby agrees that, upon the Board or the New Owner becoming the owner of the Unit pursuant to this Paragraph 3, Tenant shall attorn
to the Board or the New Owner (or any subsequent owner), as the case may be, and the Lease shall continue in full force and effect,
in accordance with its terms. Nothing contained herein shall be deemed to modify the obligations of the Board under the Condominium
Documents.

 

4.          No
provision of this Agreement shall be construed to make the Tenant liable for any covenants and obligations of Lessor under the
Condominium Documents.

 

5.          Tenant
shall give written notice in accordance with Paragraph 6 hereof of any default by Lessor under the Lease to the Board at the same
time and in the same manner as given to Lessor.

 

6.          Any
notices or communications given under this Agreement shall be in writing and shall be given by overnight couriers or registered
or certified mail, return receipt requested, (a) if to the Board, at the address as hereinabove set forth, or such other addresses
or persons as the Board may designate by notice in the manner herein set forth, or (b) if to Tenant, at the address of Tenant as
hereinabove set forth, or such other address or persons as Tenant may designate by notice in the manner herein set forth. All notices
given in accordance with the provisions of this Section shall be effective upon receipt (or refusal of receipt) at the address
of the addressee set forth above, with copies of such notices delivered to the parties as follows: [to be completed].

 

7.          This
Agreement shall bind and inure to the benefit of and be binding upon and enforceable by the parties hereto and their respective
successors and assigns.

 

8.          This
Agreement contains the entire agreement between the parties and cannot be changed, modified, waived or cancelled except by an agreement
in writing executed by the party against whom enforcement of such modification, change, waiver or cancellation is sought.

 

9.          This
Agreement and the covenants herein contained are intended to run with and bind all land affected thereby. It is expressly acknowledged
and agreed by Lessor and Tenant that as between Lessor and Tenant, the subordination of the Lease to the Condominium Documents
effectuated pursuant to this Agreement shall in no way affect Lessor's and/or Tenant's rights and obligations under the Lease.

 

10.        The
parties hereto agree to submit this Agreement for recordation in the Register's Office for the City of New York. The parties further
agree that this Agreement shall terminate and be void automatically, immediately upon the expiration or earlier termination of
the Lease, and without the need for any termination or other agreement being recorded to evidence such termination. Notwithstanding
the foregoing and without in any way affecting the automatic termination of this Agreement as aforesaid, the parties agree to execute,
deliver and submit for recordation a Memorandum of Termination confirming the termination of this Agreement, promptly following
the expiration or earlier termination of the Lease.

  

    	Exhibit D-3

    	 

    

 

11.         This
Agreement may be executed in counterparts, any one or all which shall be one and the same agreement.

 

12.         Notwithstanding
anything to the contrary contained herein, if Landlord or any Affiliate of Landlord is the New Owner, then the provisions of Paragraph
3 hereof shall be of no force or effect.

 

13.         No
security interest that the Board may have in the Unit pursuant to the Condominium Documents or otherwise shall cover or be construed
as subjecting in any manner to the lien thereof, any trade fixtures, signs or other personal property at any time furnished or
installed by or for Tenant or its subtenants or licensees on or within the portion of the Leased Premises, regardless of the manner
or mode of attachment thereof.

 

[Remainder of page left intentionally
blank]

 

    	Exhibit D-4

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have hereunto caused this Agreement to be duly executed as of the day and year first above written.

 

	 	The Board:
	 	 
	 	BOARD OF MANAGERS OF TOWER C CONDOMINIUM
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Tenant:
	 	 
	 	[                                                                                                 ]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ACCEPTED AND AGREED TO BY: 
	 	 
	 	Landlord:
	 	 
	 	[                                                                                                 ]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit D-5

    	 

    

 

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

 

On this        day
of             ,             ,
before me, the undersigned, a Notary Public in and for said state, personally appeared                               ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

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

 

On this        day
of             ,             ,
before me, the undersigned, a Notary Public in and for said state, personally appeared                               ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

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

 

On this        day
of             ,             ,
before me, the undersigned, a Notary Public in and for said state, personally appeared                               ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

    	Exhibit D-6

    	 

    

 

EXHIBIT E

 

SIGNAGE 

 

The Unit Owners of each Unit shall each have the
right at its sole cost and expense to (i) place signs on or in the windows, doors and entryways within or appurtenant to its Unit
(and visible from the outside of such Unit), and (ii) install signs on the exterior facade of the Building in connection with the
business being conducted in such Unit or the use thereof, all such signage to be in such location(s) as are designated for the
use of each Unit Owner as shown on the elevations annexed hereto as Schedule 1 and made a part hereof, and installed in such a
manner as to not materially adversely affect any other Unit Owner or the use of any such other Unit Owner's Unit or the structural
integrity of the Building or any of its systems (including, without limitation, any façade or curtain wall system), provided
that any drilling into the exterior of the Building required in connection with such installation shall be performed by Board of
Managers at the Unit Owner's expense, shall be of a style consistent and harmonious with the facade of the Building, and shall
comply with all Laws and applicable provisions of the Underlying Agreements at all times, and comport with the guidelines, limitations
and restrictions respecting Building signage as are set forth in this Exhibit E. For so long as the Unit Owner of Office
Unit 1 occupies more than 60% of Office Unit 1, the Signage Requirements (including Schedule 1 annexed hereto) and any future Signage
Requirements shall not be modified without the prior written consent of the Unit Owner of Office Unit 1. The Unit Owners of the
Office Unit 1, Office Unit 2A, Office Unit 2B and Office Unit 3 shall each also have the right to install plaques and signs and
tenant and resident directories in and about the entrances and lobbies of the Building as well as common areas on the floors of
such Units to identify the owners or occupants of its Unit, or of any Unit created by a subdivision of its Unit. h addition, the
Parking Unit and Loading Dock Unit may have appropriate exterior identification signage. Notwithstanding the foregoing, (A) except
as required by Laws or by the Underlying Agreements, there will be no signs at the top of the Building, (B) there will be no non-Coach
identification or direction signs anywhere in the public portions of the Building that are more prominent than the comparable Coach
identification or direction signs in the public portion of the Building and (C) no flashing, blinking, smoking, vibrating or moving
sign, or sign audible from outside the Unit in which such sign is placed, shall be placed (i) in the windows of any Unit, or (ii)
in any display or other area visible from anywhere other than from the inside of the Unit in which such sign is placed.

 

    	Exhibit E-1

    	 

    

 

SCHEDULE 1 TO EXHIBIT E

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

 

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

 

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

 

 

    	Schedule 1 to Exhibit E

    	 

    

 

 

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

  

    	Schedule 1 to Exhibit E

    	 

    

 

EXHIBIT F

 

COACH OFFICE COMPETITORS

 

Burberry Group PLC

Gucci Group/PPR

J. Crew Group, Inc.

LVMH Moet Hennessy Louis Vuitton SA

Michael Kors (USA), Inc.

Polo Ralph Lauren Corp.

Prada, S.p.A.

Tory Burch LLC

 

This list includes affiliates of the foregoing to
the extent that the same engage in a similar luxury retail goods lines of business.

 

    	Exhibit F-1

    	 

    

 

EXHIBIT G

 

COACH RETAIL COMPETITORS

 

American Eagle Outfitters, Inc.

Burberry Group PLC

Diane Von Furstenberg

GAP, Inc.

Gucci Group/PPR

J. Crew Group, Inc.

Jones Apparel Group, Inc.

Kenneth Cole Productions, Inc.

Li & Fung

Limited Brands, Inc.

Liz Claiborne, Inc.

LVMH Moet Hennessy Louis Vuitton SA

Michael Kors (USA), Inc.

Nike, Inc.

Phillips-Van Heusen Corp.

Polo Ralph Lauren Corp.

Prada, S.p.A.

Tory Burch LLC

Tumi, Inc.

VF Corp.

 

This list includes affiliates of the foregoing to
the extent that the same engage in a similar luxury retail goods lines of business.

 

    	Exhibit G-1

    	 

    

 

EXHIBIT H

 

ANCILLARY OFFICE USES

 

(i)          Training
facilities and classrooms in connection with training programs for the exclusive use of the Unit Owner and its Permitted Users.

 

(ii)         Kitchens,
cafeterias, dining facilities including executive dining rooms and private dining facilities, and pantries for the preparation
and sale of food and beverages and vending machines, in each case, for the exclusive use of the Unit Owner and its Permitted Users.

 

(iii)        An
exercise facility for the exclusive use of the Unit Owner and its Permitted Users, provided that such exercise facility is constructed,
operated and maintained so that no noise or vibration will emanate from its location to other portions of the Building (except
to a de minimis extent).

 

(iv)        Duplicating,
reproduction and/or offset or other printing facilities (provided that such facilities are constructed, operated and maintained
so that no noise or vibration will emanate from their locations to any other portions of the Building (except to a de minimis
extent).

 

(v)         Board
rooms, conference rooms, meeting rooms, an auditorium and conference centers for the exclusive use of the Unit Owner and its Permitted
Users.

 

(vi)        A
day care center for the exclusive use of the Unit Owner and its Permitted Users.

 

(vii)       Exhibition
areas not open to the public.

 

(viii)      Storage
and file rooms.

 

(ix)        Shipping
and mail rooms.

 

(x)         Computer
and data processing room.

 

(xi)        A
company store for the exclusive use of the Unit Owner and its Permitted Users.

 

(xii)       An
infirmary and medical offices for the exclusive use of the Unit Owner and its Permitted Users.

 

(xiii)      A
travel agency for the exclusive use of the Unit Owner and its Permitted Users.

 

(xiv)     Audiovisual
and closed circuit television facilities.

  

    	Exhibit H-1

    	 

    

 

(xv)      Graphic
design facilities.

 

(xvi)     A
salon and product testing center for the exclusive use of the Unit Owner or its Permitted Users.

 

(xvii)    A
facility for the assembly and manufacturing of sample products of the Unit Owner or its Permitted User, if permitted under the
Zoning Resolution and other applicable Laws, and subject to Insurance Requirements.

 

Except as provided in clause (xvii) above, in no event shall
manufacturing be performed in or about any portion of the Building.

  

    	Exhibit H-2

    	 

    

 

EXHIBIT I

 

LEED STANDARDS 

 

[To be completed prior to recordation of
the Declaration]

 

    	Exhibit I-1

    	 

    

 

EXHIBIT J

 

Specifications for Initial Building Exterior
Lighting System

 

The base of the Building will have high efficiency recessed
white lighting which accentuates the faceted geometry of the colonnades and helps the tower achieve a sense of levity. In addition,
these fixtures will provide a brighter pedestrian area at these spaces helping to mark the entry of the Building. The lighting
helps the sense of the interior activity spilling through the colonnade. The soffit above the Office Unit 1 Lobby has integrated
linear LED lighting (white) which accentuates its sculpted, shingled character and casts an ambient glow to the High Line area
as it passes through the Building. The triangular shapes of the tower top are backlit and the crown ridge is uplit, which together
provides a bright iconic shape for the identity of the Building on the New York skyline. A pictorial rendering is annexed hereto
as Schedule 1.

 

    	Exhibit J-1

    	 

    

 

	Schedule 1 to Exhibit J

 

 

 

    	Schedule 1 to Exhibit J

    	 

    

 

Exhibit C-2

 

Form of By-laws

 

    	Exhibit C-2

    	 

    

EXECUTION
VERSION

 

EXHIBIT K

 

 

 

BY-LAWS

 

of

 

TOWER C CONDOMINIUM

 

501 West 30th Street

New York, New York 10001

 

Annexed to Declaration

dated as
of _____ ___, ____

 

Kramer
Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

  

 

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Article 1 General	1
	 	 	 
	Section 1.1 	Defined Terms	 
	Section 1.2	Purpose	1
	Section 1.3	Conflicting Provisions	1
	Section 1.4	Principal Office	1
	 	 	 
	Article 2 Board of Managers	1
	 	 	 
	Section 2.1	Number and Qualification	1
	Section 2.2	Powers and Duties	3
	Section 2.3	Unit Owners	10
	Section 2.4	Affiliate Transactions	11
	Section 2.5	Election and Term of Office	11
	Section 2.6	Removal and Resignation of Members of the Board of Managers	11
	Section 2.7	Vacancies	11
	Section 2.8	Organization Meeting	11
	Section 2.9	Regular Meetings	11
	Section 2.10	Special Meetings	12
	Section 2.11	Waiver of Notice	12
	Section 2.12	Quorum of Board of Managers	12
	Section 2.13	Fidelity Bonds; Crime Insurance; D&O	12
	Section 2.14	Compensation	13
	Section 2.15	Liability of the Board of Managers	13
	Section 2.16	Limitations	13
	Section 2.17	Good Faith Efforts	14
	Section 2.18	Status of the Board of Managers	14
	Section 2.19	Incorporation of the Board of Managers	14
	 	 	 
	Article 3 Unit Owners	14
	 	 	 
	Section 3.1	Annual Meetings	14
	Section 3.2	Place of Meetings	14
	Section 3.3	Special Meetings	14
	Section 3.4	Notice of Meetings	15
	Section 3.5	Adjournment of Meetings	15
	Section 3.6	Order of Business	15
	Section 3.7	Unit Owner; Person	15
	Section 3.8	Voting	16
	Section 3.9	Quorum of Unit Owners	16
	 	 	 
	Article 4 Officers	17
	 	 	 
	Section 4.1	Designation	17
	Section 4.2	Election of Officers	17

 

    	- i -

    	 

    

 

Table of Contents

Continued

 

	 	 	Page
	 	 	 
	Section 4.3	Resignation and Removal of Officers	17
	Section 4.4	President	17
	Section 4.5	Vice President	17
	Section 4.6	Secretary	17
	Section 4.7	Treasurer	17
	Section 4.8	Agreements, Contracts, Deeds, Check, etc	18
	Section 4.9	Compensation of Officers	18
	 	 	 
	Article 5 Notices	18
	 	 	 
	Section 5.1	Notices	18
	Section 5.2	Waiver of Service of Notice; Consent to Other Notices	19
	Section 5.3	Record of Addresses	19
	 	 	 
	Article 6 Operation of the Property	20
	 	 	 
	Section 6.1	Determination of Common Expenses and Fixing of Common Charges	20
	Section 6.2	Payment of Common Charges	24
	Section 6.3	Default in Payment of Common Charges; Board Lien; Other Remedies	24
	Section 6.4	Notice of Default to Other Persons	26
	Section 6.5	Foreclosure of Liens for Unpaid Common Charges	26
	Section 6.6	Statement of Common Charges and Assessments	26
	Section 6.7	Expenses and Profits	26
	Section 6.8	Maintenance Obligations; Costs of Same	27
	Section 6.9	Cooperation	31
	Section 6.10	Utility Services; Water Charges; Sewer Rents	31
	Section 6.11	Further Submetering	32
	 	 	 
	Article 7 Real Estate Taxes and PILOT	33
	 	 	 
	Section 7.1	Real Estate Taxes and PILOT; Impositions	33
	Section 7.2	Tax Certiorari Proceedings	33
	 	 	 
	Article 8 Alterations, Additions and Improvements of Units	33
	 	 	 
	Section 8.1	Maintenance of Units	33
	Section 8.2	Changes in the Units	34
	Section 8.3	Destination Retail Access Unit; Loading Dock Unit	35
	Section 8.4	Changes, Additions and Improvements to the General Common Elements	35
	 	 	 
	Article 9 Subdivision and Combination of Units	36
	 	 	 
	Section 9.1	Subdivision and Combination of Units	36
	Section 9.2	Amendment to the Declaration	36
	Section 9.3	Sections and Sub-Boards	37

  

    	- ii -

    	 

    

 

Table of Contents

Continued

 

	 	 	Page
	 	 	 
	Article 10 Mechanic’s Liens; Violations; Compliance with Laws	37
	 	 	 
	Section 10.1	Mechanic’s Liens	37
	Section 10.2	Violations	38
	Section 10.3	Compliance With Laws, Insurance Requirements and Underlying Agreements	39
	Section 10.4	Hazardous Materials	39
	 	 	 
	Article 11 Records	40
	 	 	 
	Section 11.1	Records	40
	Section 11.2	Annual Reports	40
	 	 	 
	Article 12 Insurance; Casualty; Condemnation	41
	 	 	 
	Section 12.1	Board Insurance	41
	Section 12.2	Unit Owner Insurance	43
	Section 12.3	Insurance as a Common Charge	44
	Section 12.4	General Insurance Matters	45
	Section 12.5	Evidence of Insurance	46
	Section 12.6	Waiver of Subrogation	47
	Section 12.7	Indemnification	47
	Section 12.8	Casualty and Condemnation	48
	Section 12.9	Insurance Trustee	52
	 	 	 
	Article 13 Compliance, Defaults, Cure Rights	52
	 	 	 
	Section 13.1	Compliance and Default	52
	Section 13.2	Defaults Under Master Declaration and ERY FAPOA Declaration	53
	 	 	 
	Article 14 Sale, Lease and Mortgages of Units; Estoppel Certificates	56
	 	 	 
	Section 14.1	Sales and Leases of Units	56
	Section 14.2	Leasing of Units	56
	Section 14.3	[Intentionally Omitted]	56
	Section 14.4	Mortgaging of Units; Suits	57
	Section 14.5	Net Leases of Units by Declarant	58
	Section 14.6	Payment of Assessments	59
	Section 14.7	No Severance of Ownership	59
	Section 14.8	Waiver of Right of Partition with Respect to Units Acquired on Behalf of Unit Owners as Tenants-in-Common; Waiver of Right of Surrender	59
	Section 14.9	Estoppels	60
	Section 14.10	Non-Disturbance	60
	 	 	 
	Article 15  Arbitration	60
	 	 	 
	Section 15.1	Arbitrable Issues	60
	Section 15.2	Arbitration by Single Arbitrator	61
	Section 15.3	Initiation of Arbitration	61

 

    	- iii -

    	 

    

 

 

Table of Contents

Continued

 

	 	 	Page
	 	 	 
	Section 15.4	Selection of Arbitrator	61
	Section 15.5	Arbitration Procedures	62
	Section 15.6	Provisions Applicable to Arbitration	62
	Section 15.7	Resignation/Departure of a Potential Arbitrator	62
	Section 15.8	Costs of Arbitration	62
	Section 15.9	Alternative Dispute Resolution	63
	Section 15.10	No Evidentiary or Preclusive Effect	63
	Section 15.11	Right of Mortgagee to Participate	63
	 	 	 
	Article 16 Amendments to By-Laws	63
	 	 	 
	Article 17 Fiscal Year	63
	 	 	 
	Article 18 Execution of Instruments	63
	 	 	 
	Article 19 Rules and Regulations	64
	 	 	 
	Article 20 Miscellaneous	64
	 	 	 
	Section 20.1	Consents and Approvals	64
	Section 20.2	Invalidity	64
	Section 20.3	Captions	64
	Section 20.4	Gender	64
	Section 20.5	Waiver2	64
	Section 20.6	Unanimous Consent	65
	Section 20.7	CPI Increases	65
	Section 20.8	Covenant of Further Assurances	65
	 	 	 
	Schedule 1 – Allocation Schedule	 
	Schedule 2 – Initial Budget	 

 

    	- iv -

    	 

    

 

BY-LAWS

 

OF

 

TOWER C CONDOMINIUM

 

Article 1

 

General

  

Section 1.1       Defined Terms. All capitalized
terms used but which are not separately defined in these By-Laws shall have the meanings given to such terms in that certain Declaration
executed by Metropolitan Transportation Authority and recorded in the Office of the Register of the City of New York, New York
County simultaneously herewith (hereinafter called the “Declaration”) to which these By-Laws are annexed. The
Declaration, these By-Laws, the Floor Plans and the Rules and Regulations are together referred to as the “Condominium
Documents.” As used herein, “business day” shall mean any day which is not a Saturday, Sunday, or a day
observed as a holiday by the City or State of New York or the federal government of the United States.

 

Section 1.2       Purpose. The purpose
of these By-Laws is to set forth the rules and procedures concerning the conduct of the affairs of the Condominium and the use
and occupancy of the Property.

 

Section 1.3       Conflicting
Provisions. In the event of a conflict between the terms and provisions of these By-Laws and those of the Declaration, the
terms and provisions of the Declaration shall in all events govern.

 

Section 1.4       Principal Office. The
principal office of the Condominium and the Board of Managers (as hereinafter defined) shall be located either within the Property
or at such other place in the Borough of Manhattan as may be designated from time to time by the Board of Managers.

 

    	 

    	 

    

 

Article 2

 

Board of Managers

 

Section 2.1      Number and Qualification.
The affairs of the Condominium shall be governed by a board of managers (the “Board of Managers”) consisting
of one (1) member designated by the Unit Owner of each Unit (each Unit Owner so designating a member of the Board of Managers being
the “Designator” of such member). Therefore, the Board of Managers will initially consist of nine (9) members,
one designated by the Unit Owners of each of the Parking Unit, Retail Unit, Office Unit 1, Office Unit 2A, Office Unit 2B, Office
Unit 3, Ancillary Unit, Loading Dock Unit and Destination Retail Access Unit. If a Unit is subdivided in accordance with the provisions
of the Condominium Documents, the number of members of the Board of Managers may, at the election of the subdividing Unit Owner,
be increased so that each subdivided Unit has the right to designate a member of the Board of Managers (but each member of the
Board of Managers so designated shall have a vote proportionate to the Common Interest of the subdivided Unit). If Units are combined
in accordance with the provisions of the Condominium Documents, the number of members of the Board of Managers shall be decreased
so that such combined Unit has the right to designate a single member of the Board of Managers (but such member of the Board of
Managers so designated shall have a vote proportionate to the aggregate Common Interests of
the combined Units). In respect of any action taken by the Board of Managers, each member of the Board of Managers shall have a
vote proportionate to the Common Interest of its Designator. (For example, a member of the Board of Managers designated by a Designator
whose Unit has a Common Interest of 30% would have a vote equal to 30% of the total votes of the Board of Managers) provided that
if any Unit is owned by Declarant but subject to a Declarant Net Lease (as defined in Section 14.5(a) hereof), the Declarant Net
Lessee (as defined in Section 14.5(a) hereof), and not the Declarant or a Declarant Net Lessor, shall have the right to vote the
Common Interest of such Unit. Following notice by Declarant or the Declarant Net Lessor to the Board of Managers that an Event
of Default (as therein defined) has occurred under a Declarant Net Lease, (a) the Declarant Net Lessee under such Declarant Net
Lease may not thereafter exercise any voting rights as a member of the Board of Managers until further written notice is provided
from Declarant or the Declarant Net Lessor to the Board of Managers that such voting rights have been reinstated, and (b) Declarant
may replace the member of the Board of Managers designated by the applicable Declarant Net Lessee, subject to the right of such
Declarant Net Lessee to redesignate a member to the Board of Managers after a further notice to such effect from Declarant.

 

2.1.1       Declarant Net Lessees. The right
of Declarant or its successor as a Unit Owner to designate a member of the Board of Managers may be assigned to its Declarant Net
Lessee (as defined in Section 14.5(a) hereof), and such assignment shall be binding upon and recognized by the Board of Managers
and the Unit Owners, provided that a copy of such assignment is delivered to the Board of Managers.

 

2.1.2       Board Members in Good Standing.

 

(a)          Only
Board Members in Good Standing (as herein defined) shall have the right to vote at meetings of the Board of Managers.

 

(b)          As
used herein:

 

(i)          “Board
Member in Good Standing” means, at any given time, a member of the Board of Managers that has been designated by a Designator
that, at such time, is a Unit Owner in Good Standing (as such term is defined in Section 3.8 hereof).

 

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(ii)         “Majority
Board Vote” means, with respect to a vote of the Board of Managers: (A) if all members of the Board of Managers are then
Board Members in Good Standing, the affirmative vote of members of the Board of Managers whose Designators have or represent,
in the aggregate, more than 50% of Common Interests, or (B) if any member of the Board of Managers is not then a Board Member
in Good Standing, the affirmative vote of Board Members in Good Standing whose Designators have or represent, in the aggregate,
Common Interests that are greater than the product of (x) 50%, and (y) a fraction, the numerator of which is the aggregate Common
Interests held or represented by the Designators that have designated the members of the Board of Managers that are then Board
Members in Good Standing, and the denominator of which is 100%. By way of illustration only (and without constituting a
substantive provision of these By-Laws), if one (and only one) member of the Board of Managers (whose Designator’s Common Interest
is 20%) is not a Board Member in Good Standing, then a vote, to constitute a Majority Board Vote, shall require the affirmative
vote of Board Members in Good Standing whose Designators have or represent, in the aggregate, more than 40% in Common Interests
(i.e. more than 50% multiplied by 80% divided by 100%).

 

Section 2.2     Powers and Duties.

 

2.2.1      General. The Board of Managers,
for the benefit of the Unit Owners, shall have, to the extent not inconsistent with any specific provision of the Declaration or
these By-Laws, the powers and duties granted to it by the Declaration, these By-Laws and the Condominium Act, and those necessary
for or incidental to the administration of the affairs of, and operation of, the Condominium, including, without limitation, the
following:

 

(a)          (i)
the operation, care, upkeep and maintenance (collectively, “Maintenance”) of; (ii) the making of alterations, additions
and improvements (collectively, “Alterations”) to; and (iii) the making of repairs, restorations and replacements
(collectively, “Repairs”) of, the General Common Elements, and the making of any structural, capital or extraordinary
Repairs or Alterations to the Exclusive Use Common Elements (including, without limitation, all Maintenance, Repairs and Alterations
of the surface and membrane of the Setback Roofs located on Levels 19, 32 and 47, as shown on the Floor Plans, and the repair of
any leaks thereto or therefrom, and any facades thereof);

 

(b)          determination
and imposition of Common Charges (as hereinafter defined), preparation and adoption of budgets as hereinafter provided, and determination
and imposition of special assessments (“Condominium Special Assessments”);

 

(c)          determination
of methods of, and procedures with respect to, collection of Common Charges and Condominium Special Assessments from the Unit Owners,
and the implementation of such methods and procedures;

 

(d)          employment
and dismissal of the personnel, if any, necessary for the Maintenance and operation of the Common Elements;

 

(e)          promulgation
(and amendment) of reasonable Rules and Regulations from time to time, including, without limitation, hours and use of the General Common Lobby, the ADA Lobby Elevator,
and the GCE Service Elevator, subject to the provisions of Article 19 hereof.

 

(f)          in
the name of the Board of Managers or its designee, on behalf of all Unit Owners: (i) acquiring those Units that are surrendered
to the Board of Managers (to the extent the waiver contained in the Condominium Documents with respect to the right to surrender
is inapplicable or unenforceable); (ii) purchasing or otherwise acquiring those Units with respect to which liens for real estate
taxes may be and are being sold in accordance with the Condominium Documents; and (iii) purchasing or otherwise acquiring Units
at foreclosure or other similar sales;

 

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(g)         selling,
leasing, licensing, mortgaging and otherwise dealing with (but not voting the Common Interest of) Units acquired by the Board of
Managers or its designee on behalf of all Unit Owners;

 

(h)         making
Alterations to, and Repairs of, the Common Elements or parts thereof damaged or destroyed by fire or other casualty or necessitated
as a result of condemnation or eminent domain proceedings;

 

(i)          enforcing
obligations hereunder and under the Declaration and the Rules and Regulations of each Unit Owner, including, without limitation,
commencing, prosecuting and settling litigation in connection therewith;

 

(j)          opening
and maintaining bank accounts on behalf of the Condominium (with respect to matters within its jurisdiction as provided in these
By-Laws) and designating the signatories required therefor;

 

(k)         adjusting
and settling insurance claims (and executing and delivering releases in connection therewith) if the loss is to be adjusted and
settled by the Board of Managers in accordance with Article 12 hereof;

 

(l)         borrowing
money on behalf of the Condominium, when required in connection with the operation and Maintenance of, or the making of Repairs
to, or Alterations of, the General Common Elements; provided, that that (i) the consent of the Owner of Office Unit 1 (for so
long as (A) Office Unit 1 is then owned by Coach or any Coach Affiliate or not less than 60% of Office Unit 1 is then occupied
by Coach or a Coach Affiliate, or (B) Office Unit 1 has not been subdivided and not less than 60% of Office Unit 1 is then occupied
by the then Unit Owner of Office Unit 1) and its Permitted Mortgagee (if same shall be required under the terms of the Permitted
Mortgage) shall be required for any borrowing by the Board of Managers in an amount in excess of $750,000.00 (subject to the provisions
of Section 20.7 hereof), (ii) no lien to secure repayment of any sum borrowed may be created or suffered on any Unit or its Appurtenant
Interest in the General Common Elements without the consent of the applicable Unit Owners and, if same shall be required under
the terms of the Permitted Mortgage on such Units, the Permitted Mortgagee, and then only if the documents evidencing such lien
specifically provide that if any such sum borrowed by the Board of Managers is not repaid by the Board of Managers, a Unit Owner
who pays to the creditor such proportion thereof as such Unit Owner’s interest in the Common Elements bears to the interest of
all the Unit Owners in the Common Elements shall be entitled to obtain from the creditor and the creditor shall be obligated to
provide a release of any judgment or other lien which said creditor has filed or has the right to file against such Unit Owner’s
Unit, and (iii) no Unit Owner shall have any personal liability for the repayment of such borrowing except to the extent set forth
in clause (ii) above;

 

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(m)          organizing
(and owning shares of or membership interests in, as the case may be) corporations, limited liability companies and/or other entities
to act as designees of the Board of Managers with respect to such matters as the Board of Managers may determine, including, without
limitation, in connection with the acquisition of title to, or the leasing of, Units acquired by the Board of Managers on behalf
of all Unit Owners;

 

(n)          execution,
acknowledgment and delivery of, without limitation: (i) any consent, agreement, document, covenant, restriction, easement, declaration
or other instrument, or any amendment thereto, affecting the Common Elements which the Board of Managers deems necessary or appropriate
to comply with any Laws applicable to the Maintenance, demolition, construction, Alteration, Repair or restoration of the Property
or the Condominium; or (ii) any consent, agreement, document, covenant, restriction, easement, declaration or other instrument,
or any amendment thereto, affecting: (x) the Property or the Condominium which the Board of Managers deems necessary or appropriate;
or (y) a Unit, if the owner of such Unit requests, or under the Condominium Documents is required to request, that the Board of
Managers take such action, and/or (except as otherwise provided in the Condominium Documents) the Board of Managers determines
that taking such action is appropriate;

 

(o)          execution,
acknowledgment and delivery of any documents or other instruments necessary to commence, pursue, compromise or settle certiorari
proceedings to obtain reduced real estate tax assessments, or in connection with any real estate tax exemption or abatement, with
respect to any or all of the Units for the benefit and on behalf of the respective Unit Owners thereof; but only to the extent
requested and authorized to do so, in writing, by the respective Unit Owners thereof and provided such Unit Owners indemnify the
Board of Managers and all other Unit Owners from and against all claims, liabilities, losses, damages, costs and expenses (including,
without limitation, reasonable attorneys’ fees and disbursements) (collectively, “Costs”) resulting from or incurred
in connection with such proceedings;

 

(p)          preparation,
execution and recording, on behalf of all Unit Owners, as their attorney-in-fact, coupled with an interest, of a restatement of
the Declaration and/or these By-Laws whenever, in the Board of Managers’ estimation, it is advisable to consolidate and restate
all amendments, modifications, additions and deletions theretofore made to the Declaration and/or these By-Laws;

 

(q)          commencing,
prosecuting and settling litigation and Arbitration (as defined in Article 15 hereof) proceedings against third parties, and defending
and settling litigation and Arbitration proceedings against the Condominium and/or the Board of Managers;

 

(r)          obtaining,
maintaining and reviewing insurance in respect of the Property in accordance with the requirements of Article 12 hereof, and changing
any of the insurance requirements set forth therein;

 

(s)          issuing
estoppel certificates to any Unit Owner or Permitted Mortgagee relating to such Unit Owner’s or any other Unit Owner’s payment
of Common Charges and Condominium Special Assessments;

 

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(t)          entering
into non-disturbance agreements in accordance with Article 14 hereof;

 

(u)          electing
the officers of the Condominium and otherwise exercising the powers regarding officers of the Condominium as set forth in these
By-Laws;

 

(v)         engaging
the services of a managing agent (a “Managing Agent”) to perform such duties and services as the Board of Managers
shall authorize, to fix the compensation of such Managing Agent, and to delegate to such Managing Agent such of its powers and
duties, as the Board of Managers deems advisable;

 

(w)         procuring
such fidelity bonds and/or crime insurance as the Board of Managers deems advisable covering officers and employees of the Condominium
handling and responsible for the Condominium’s funds and personal property, and to procure the Managing Agent’s and officers’ liability
insurance if the Board of Managers deems it advisable. The premiums of such bonds and insurance shall be paid by the Board of Managers
as a Common Expense;

 

(x)          performing
any and all duties imposed on the Board of Managers by Law and/or pursuant to Insurance Requirements applicable to the Property;

 

(y)          performing
any and all duties imposed on the Board of Managers by any provisions of the Underlying Agreements applicable to the Property,
making such decisions and taking such other actions as may be necessary to comply with or exercise any rights under the Underlying
Agreements, imposing Common Charges to cover the costs of compliance with the Underlying Agreements, and enforcing the provisions
of the Underlying Agreements against Unit Owners, if applicable;

 

(z)          entering
into making contracts and incurring liabilities in connection with the exercise of any of the powers and duties of the Board of
Managers;

 

(aa)        acting on behalf of the Condominium
as a director or member of the Association, and appointing a designee (the “Tower C Representative”) to act as
the Condominium’s member of the Association board of directors or managers;

 

(bb)       operating and Maintaining the Building
Exterior Lighting System, and determining its hours of operation;

 

(cc)        leasing the Tower C Plaza Area to
the Association as set forth in Section 7(v) of the Declaration; and

 

(dd)       delivering to all Unit Owners copies
of all notices, correspondence or other written communication received by the Board of Managers from the Association, within five
(5) days of receipt thereof.

 

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2.2.2       Major Decisions. Notwithstanding
any other provision in the Condominium Documents, the following items shall constitute “Major Decisions” and shall
require in each instance, as part of any affirmative vote otherwise required hereunder, the concurrence of (i) members of the Board
of Managers whose Designators represent, in the aggregate, 66 2/3% or more of Common Interests and (ii) the affirmative vote of
the Unit Owner of Office Unit 1 if (A) Coach or Coach Affiliate is then the Unit Owner of Office Unit 1 or not less than 60% of
Office Unit 1 is then occupied by Coach or a Coach Affiliate, or (B) Office Unit 1 has not been subdivided and not less than 60%
of Office Unit 1 is then occupied by the then Unit Owner of Office Unit 1:

 

(a)          Amendments
to the quorum requirements set forth herein;

 

(b)          Amendments
to the provisions herein and in the Declaration specifying the percentage of members of the Board of Managers, votes cast by Unit
Owners or of Common Interest required to prevail in any election, vote or decision-making;

 

(c)          Amendments
to this definition of “Major Decisions”;

 

(d)          Amendments
to the notice requirements with respect to annual and special meetings of the Owners and meetings of the Board of Managers;

 

(e)          The
mortgage, pledge, or hypothecation of the Common Elements;

 

(f)          Any
lease of the Tower C Plaza Area to the Association to the extent that any provision of such lease materially adversely affects
the Unit Owner of Office Unit 1;

 

(g)          Any
modification to the Signage Requirements or the Building Exterior Lighting System, or to any provisions of the Declaration or these
By-Laws relating to the Core Wall Installation;

 

(h)          Any
changes to the Allocation Schedule; and

 

(i)          Any
use (other than for access) of the Restricted Area by the Board of Managers, or any consent or approval given by the Board of Managers
to the Association with respect to the use of the “Restricted Area” as shown on the Floor Plans, (other than for access).

 

2.2.3        Certain
Additional Requirements.

 

(a)          Notwithstanding
any other provision in the Condominium Documents, the following items shall require the concurrence of the member of the Board
of Managers appointed by the Unit Owner of the affected Unit, provided such member is then a Board Member in Good Standing:

 

(i)          Amendments
to the provisions of the Declaration or these By-Laws governing the rights of the Unit Owner to lease, sell, transfer, convey,
pledge, mortgage or otherwise transfer or encumber its Unit;

 

(ii)         Amendments
to the Declaration or these By-Laws that would have a material adverse effect upon the use or occupancy of such Unit; and

 

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(iii)       Amendments to the provisions of Section 13
of the Declaration to the extent they would have a material adverse effect upon such Unit.

 

(b)          If
any amendment to the ERY FAPOA Declaration or any action to be taken by the Association adversely affects (other than to a de minimis
extent) one or more of the Units, but not all of the Units, then the Tower C Representative shall vote for or against such amendment,
or for or against such action, as directed by the affected Unit Owner or Unit Owners. Any dispute as to whether such amendment
or action adversely affects (other than to a de minimis extent) one or more of the Units, but not all of the Units, shall
be resolved by Arbitration in accordance with the provisions of Article 15 of the By-laws.

 

(c)          The
Tower C Representative shall not vote in favor of any of the following without the consent of the Unit Owner of Office Unit 1 (except
to the extent otherwise provided in this clause (c)):

 

(1)         Change
in the method of allocation of Association Shares (as such term is used in the ERY FAPOA Declaration) among the FASP Parcels, change the Stabilized Expense Share (as such term is
defined in Section 12.1 of the ERY FAPOA Declaration), or modify the provisions thereof with respect to the allocation of Association
Expenses;

 

(2)         Amendment
or modification of, or addition to or deletion from, any rules and regulations of the Association if and to the extent the same, individually or in the aggregate, would (A) adversely
affect Office Unit 1 in any material respect, including, without limitation, increase in any material respect the obligations or
impair or decrease in any material respect the rights and entitlements of Office Unit 1, in each case appurtenant to its ownership,
use or occupancy or (B) adversely affect, in any material respect, the use, occupancy, management, operation or ability to lease,
sell or finance Office Unit 1.

 

(3)         Amendment
or modification of, or addition to or deletion from, the ERY FAPOA Declaration or the by-laws of the Association if and to the extent the same, individually or in the aggregate,
would (or would reasonably be expected to) (A) adversely affect Office Unit 1 in any material respect, including, without limitation,
increase in any material respect the obligations or impair or decrease in any material respect the rights and entitlements of Office
Unit 1, in each case appurtenant to its ownership, use or occupancy or (B) adversely affect, in any material respect, the use,
occupancy, management, operation or ability to lease, sell or finance Office Unit 1 or any portion thereof.

 

(4)         Amendment
or modification of, or addition to or deletion from, any easement set forth in the Annex to the ERY FAPOA Declaration that affects
the Condominium if and to the extent the same, individually or in the aggregate, would (or would reasonably be expected to) (A)
adversely affect Office Unit 1 in any material respect, including, without limitation, increase in any material respect the obligations
or impair or decrease in any material respect the rights and entitlements of Office Unit 1, in each case appurtenant to its ownership,
use or occupancy or (B) adversely affect, in any material respect, the use, occupancy, management, operation or ability to lease,
sell or finance Office Unit 1, it being understood that the foregoing provisions of this clause (4) are not intended to limit or
vitiate any right of the Association to grant or modify easements as provided for in and subject to the terms and conditions of
Article 7 of the ERY FAPOA Declaration (including, without limitation, as provided in the Annex to the ERY FAPOA Declaration regarding
Site Specific Easements).

 

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(5)         The
grant or creation of any power in the Association board of director or managers to change the (x) permitted uses of any FASP Parcel,
(y) allocation of repair and maintenance obligations among the respective occupants and/or individual unit owners within any FASP
Parcel that is a condominium, or (z) the internal security and other strictly internal rules and regulations, in each case, of
any FASP Parcel (other than any FASP Parcel (or the applicable portion thereof) owned or leased by the Association) that do not
affect any open space or Common Facilities (including, without limitation, the use, operation, repair or maintenance thereof),
without the consent of the owner of an affected FASP Parcel (it being understood that the foregoing provisions of this clause
(5) are not intended to limit or vitiate any right of the Association to grant or modify easements as provided for in and subject
to the terms and conditions of Article 7 of the ERY FAPOA Declaration (including, without limitation, as provided in the Annex
thereto re Site Specific Easements).

 

Any dispute as to whether the consent of the Unit Owner of Office
Unit 1 or the owner of another FASP Parcel is required pursuant to the provisions of clauses (2), (3), (4) or (5) above shall be
resolved by Arbitration in accordance with the provisions of Article 15 of the By-Laws.

 

(d)          If
any change to the Loading Dock Procedures (as defined in Section 6.8(e) hereof) materially adversely affects the usage of the Loading
Dock by Office Unit 1 or its Permitted Users (other than changes that relate to security measures), or materially adversely affects
the use, occupancy or operational cost of Office Unit 1, the Tower C Representative shall not vote in favor of such change at any
meeting of the Association board of directors without the consent of the Unit Owner of Office Unit 1 if (A) Coach or a Coach Affiliate
is then the Unit Owner of Office Unit 1 or not less than 60% of Office Unit 1 is then occupied by Coach or a Coach Affiliate, or
(B) Office Unit 1 has not been subdivided and not less than 60% of Office Unit 1 is then occupied by the then Unit Owner of Office
Unit 1. Any dispute as to whether such change to the Loading Dock Procedures materially adversely affects the usage of the Loading
Dock by Office Unit 1 or its Permitted Users or relates to security measures, or materially affects the use, occupancy or operational
cost of Office Unit 1, shall be resolved by Arbitration in accordance with the provisions of Article 15 of the By-Laws. The provisions
of this Section 2.2.3(d) shall not apply to any changes to the Loading Dock Procedures that relate to security measures.

 

(e)          Any
change or modification to or discontinuance of the specifications for or the operation of the Building Exterior Lighting System
shall require the affirmative vote of the member of the Board of Managers designated by the Unit Owner of Office Unit 3.

 

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(f)          All
determinations of the Board shall be applied by the Board of Managers against Unit Owners in a non-discriminatory manner, taking
into account that certain determinations may, by their nature, affect some but not all Unit Owners.

 

2.2.4        Destination Retail Easement
Area. The Board of Managers shall have the right to convey, for no consideration, the portion of the General Common Elements
designated on the Floor Plans as the “Destination Retail Easement Area” to the owner of the FASP Parcel defined as “Destination
Retail” in ERY FAPOA Declaration, and to amend the Condominium Documents and to take such other steps as may be necessary
to effect the same, without the consent of any Unit Owners or Sub-Boards.

 

2.2.5        Miscellaneous.

 

(a)          Any
act with respect to a matter determinable by the Board of Managers and deemed necessary or desirable by the Board of Managers, shall be done or performed by the Board of Managers or shall
be done on its behalf and at its direction by the agents, employees or designees of the Board of Managers.

 

(b)          Any
dispute under Section 2.2 of the By-laws as to the authority of the Board of Managers to take an action without the consent of one or more of the Unit Owners shall be resolved by Arbitration
in accordance with the provisions of Article 15 of the By-laws.

 

(c)          To
the extent that the Condominium has the right, under the ERY FAPOA Declaration, to call a special meeting of the Association, the Board of Managers, either on its own initiative or at the
request of a Unit Owner, shall request that the Association call such special meeting.

 

Section 2.3           Unit
Owners. Each of the Unit Owners shall be entitled to make determinations with respect to all matters relating exclusively
to its Unit and the operation, care, upkeep, Maintenance and administration of the affairs thereof, including, without limitation,
hiring of managing agents therefor and the making of Repairs of, and performance of Alterations to, its Unit and the Exclusive
Use Common Elements appurtenant thereto, at such Unit Owners sole cost and expense, subject, however to those provisions in the
Declaration and these By-Laws that provide otherwise and/or that require approval by the Board of Managers or otherwise set forth
restrictions on the right to make such determinations. Notwithstanding the foregoing, but subject to Section 6(h) of the Declaration,
each Unit Owner shall at its sole expense Maintain its Unit and the Exclusive Use Common Elements appurtenant thereto in good
order and repair, all in accordance with (i) the terms of the Declaration and these By-Laws and (ii) standards prevailing for
first-class mixed use office/retail buildings in Manhattan of comparable quality to that of the Building.

 

2.3.1        Declarant Net Lessees.
The rights and obligations of Declarant as a Unit Owner under Section 2.3 shall be deemed to have been assigned to its Declarant
Net Lessee, and such assignment shall be binding upon and recognized by the Board of Managers and the Unit Owners and the Declarant
Net Lessee shall be fully responsible to comply with the obligations of the Unit Owner. Such assignment shall no longer be effective
following notice by Declarant to the Board of Managers that an Event of Default has occurred under a Declarant Net Lease, until
further notice from the Declarant Net Lessor to the Board of Managers that such assignment has been reinstated. A copy of each
such assignment shall be delivered by the applicable Declarant Net Lessee to the Board of Managers.

 

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Section 2.4     Affiliate Transactions.

 

(a)          The
Board of Managers shall not enter into any contractual relationship with any Person which is affiliated with any member of the Board of Managers, any Unit Owner, any Affiliate of a Unit
Owner or any other Occupant of the Building or any portion thereof, unless such contract is on commercially reasonable terms which
are comparable to an arms-length transaction. Any contract entered into by the Board of Managers or the Managing Agent in violation
of this Section 2.4 shall be voidable at the option of the Board of Managers.

 

(b)          Notwithstanding
the foregoing, the Board of Managers shall, and is authorized to, enter into and from time to time renew a management agreement with Related Management Company, L.P. or an affiliate
of Related Management Company L.P. (or one or more of its principals or partners) and/or one or more of the Unit Owners, or another
such affiliate, to serve as the Managing Agent, provided any such management agreement and any such renewal is on commercially
reasonable terms which are comparable to an arms-length transaction. The Managing Agent shall perform such duties and services
as the Board of Managers shall authorize.

 

Section 2.5     Election and Term of Office.
Each of the members of the Board of Managers shall hold office for a term of one year or until their respective successors
shall have been selected by the respective Unit Owners.

 

Section 2.6     Removal and Resignation of
Members of the Board of Managers. Each member of the Board of Managers may be removed at any time at the pleasure of the Unit
Owner that designated such member. Any member of the Board of Managers may resign at any time by written notice delivered or sent
by certified mail, return receipt requested, to the Board of Managers. Such resignation will take effect at the time specified
therein and, unless specifically requested, acceptance of such resignation will not be necessary to make it effective.

 

Section 2.7     Vacancies. Vacancies
of members of the Board of Managers shall be filled in each case by the Unit Owner(s) entitled to designate such member (or the
owner of any Unit subdivided, to the extent permitted under the Condominium Documents, from the Unit which was originally entitled
to fill such vacancy) upon written notice to the Board of Managers.

 

Section 2.8     Organization Meeting. The
first meeting of the members of the Board of Managers following the annual meeting of the Unit Owners shall be held within ten
(10) days thereafter, at such time and place as shall be fixed by a Majority Board Vote and no notice shall be necessary to the
newly elected members of the Board of Managers in order legally to constitute such meeting, providing a quorum of the Board of
Managers selected by the Unit Owners shall be present thereat.

 

Section 2.9     Regular Meetings. Regular
meetings of the Board of Managers may be held at such time and place as shall be determined from time to time by a Majority Board
Vote, but at least four (4) such meetings shall be held during each fiscal year. Notice of regular meetings of the Board of Managers
shall be given by the Secretary to each member of the Board of Managers, by personal delivery, mail, facsimile or e-mail transmission,
at least five (5) business days’ prior to the day named for such meeting, which notice shall state the date, time and place of
the meeting.

 

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Section 2.10     Special Meetings. Special
meetings of the Board of Managers may be called by any member of the Board of Managers on at least five (5) business days’ notice
to each member of the Board of Managers, given by personal delivery, mail, facsimile or e-mail transmission, which notice shall
state the date, time, place and purpose of the meeting.

 

Section 2.11     Waiver of Notice. Any
member of the Board of Managers may at any time waive notice of any meeting of the Board of Managers in writing, and such waiver
shall be deemed equivalent to the giving of such notice. Attendance by a member of the Board of Managers at any meeting of the
Board shall constitute a waiver of notice by such member of the time and place thereof. Any one or more members of the Board of
Managers or any committee thereof may participate in a meeting of the Board or committee by means of a conference telephone or
similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting. If all the members of the Board of Managers are present at any
meeting of the Board, no notice shall be required and any business may be transacted at such meeting.

 

Section 2.12     Quorum of Board of Managers.
At all meetings of the Board of Managers, members of the Board of Managers designated by Designators having aggregate Common
Interest of greater than 50% and that are then Board Members in Good Standing shall constitute a quorum for the transaction of
business. Except with respect to Major Decisions (with respect to which the provisions of Section 2.2.2 hereof shall apply) decisions
of the Board of Managers shall be made by a Majority Board Vote. If at any meeting of the Board of Managers there shall be less
than a quorum present, any member of the Board of Managers may adjourn the meeting from time to time on notice to the members of
the Board of Managers. At any such adjourned meeting at which a quorum is present, any business which might have been transacted
at the meeting originally called may be transacted without further notice. Any action required or permitted to be taken by the
Board of Managers or any committee thereof may be taken without a meeting if all members of the Board or the committee consent
in writing to the adoption of a resolution authorizing such action, and the writing or writings are filed with the minutes of the
proceedings of the Board or the committee. Any member of the Board of Managers shall have the right on notice to the Secretary
to adjourn any meeting once for up to ten (10) days unless the subject of the meeting is an Emergency.

 

Section 2.13     Fidelity Bonds; Crime Insurance;
D&O. The Board of Managers shall obtain and maintain a fidelity bond and/or crime insurance covering the Board of Managers
and all officers and employees of the Condominium and of the Managing Agent in amounts to be reasonably determined by the Board
of Managers from time to time. The Board of Managers may obtain such other fidelity bonds or crime insurance as it deems proper.
The Board of Managers shall also obtain and maintain directors’ and officers’ insurance (i) to indemnify the Unit Owners and the
Board of Managers for any obligation which any of them incurs as a result of the indemnification of members and officers of the
Board of Managers under the provisions of these By-Laws or as required by Law or by a court order, (ii) to indemnify members and
officers of the Board of Managers in instances in which they may be indemnified by the Unit Owners or the Board of Managers under
the provisions of these By-Laws, and (iii) to indemnify members and officers of the Board of Managers in instances in which they
may not otherwise be indemnified, to the extent provided by such insurance, with limits to be reasonably determined by the Board
of Managers from time to time. The premiums on such bonds and insurance shall constitute a Common Expense.

 

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Section 2.14     Compensation.
No member of the Board of Managers shall receive any compensation from the Condominium for acting as such.

 

Section 2.15     Liability of
the Board of Managers. To the extent permitted by Law, except as set forth below, no member or officer of the Board of Managers
shall have any personal liability with respect to any contract, act or omission of the Board of Managers or of the Managing Agent
in connection with the affairs or operation of the Condominium, the Common Elements or the Units. Every contract made by the Board
of Managers or by the Managing Agent shall provide or be deemed to provide that it is made by the Board of Managers or the Managing
Agent, as agent for the Condominium, that the Board of Managers members, officers or Managing Agent shall have no personal liability
thereon and shall also state the applicable limitations of liability of Unit Owners provided for in the next sentence. No Unit
Owner, in its capacity as Unit Owner, shall be personally liable for any contract, act or omission of the Condominium. Nothing
in the preceding sentence shall limit a Unit Owner’s liability for the payment of Common Charges or Condominium Special Assessments.
Any such contract or agreement may also provide that it covers the assets, if any, of the Board of Managers. Notwithstanding anything
herein to the contrary, the Board of Managers shall have no liability to Unit Owners except that each member of the Board of Managers
shall be liable for such members own bad faith, gross negligence or willful misconduct: Unit Owners shall severally, to the extent
of their respective interest in their Units and their Common Interests, indemnify and hold harmless each member of the Board of
Managers and officer, against any liability or claim arising out of such member or officer serving in such capacity. The Board
of Managers may contract or effect any transaction with any member of the Board of Managers, any Unit Owner, or any Affiliate of
any of them without, except in cases of bad faith, gross negligence or willful misconduct, incurring any liability for self dealing,
provided such contract or transaction is entered into in accordance with the provisions of Section 2.4(a) or (b) hereof.

 

2.15.1     Neither the Board of Managers
nor any member thereof will be liable for either (i) any failure or interruption of any utility or other service to be obtained
by, or on behalf of, the Board of Managers or to be paid for as a Common Expense, except when any such failure or interruption
is caused by acts of bad faith, gross negligence or willful misconduct of the Board of Managers or any member thereof; or (ii)
any injury, loss or damage to any individual or property, occurring in or about either a Unit or any Common Element, unless caused
by the acts of bad faith, gross negligence or willful misconduct of the Board of Managers or any member thereof, as applicable.

 

Section 2.16     Limitations.
The Board of Managers shall not be authorized, nor shall it cause the Condominium to mortgage, pledge, hypothecate, or otherwise
encumber any of the Common Elements unless the Law applicable thereto to so permits.

 

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Section 2.17     Good Faith Efforts. Each
Unit Owner shall use good faith efforts to effectuate the purposes of the Declaration and these By-Laws, including, without limitation,
the removal and replacement of any member of the Board of Managers appointed by such Unit Owner.

 

Section 2.18     Status of the Board of
Managers. In addition to the status conferred upon the Board of Managers under or pursuant to the provisions of the Condominium
Act, the Board of Managers will, to the extent permitted by Law, be deemed to constitute a separate unincorporated association
for all purposes under and pursuant to the provision of the General Associations Law of the State of New York. In the event of
the incorporation of the Board of Managers pursuant to the provisions of Section 2.19, the provisions of this Section 2.18 will
no longer be applicable to the Board of Managers.

 

Section 2.19     Incorporation of the Board
of Managers. To the extent and in the manner provided in the Condominium Act, the Board of Managers may by action of the Board
of Managers as provided in this Article 2, be incorporated under the applicable statutes of the State of New York, provided that
such incorporation shall not diminish the obligations, rights and powers of the Board of Managers under the Condominium Documents.
In the event that the Board of Managers so incorporates, it will have, to the extent permitted by Law, the status conferred upon
it under such statutes in addition to the status conferred upon the Board of Managers under or pursuant to the provisions of the
Condominium Act. The certificate of incorporation and by-laws of any such resulting corporation will conform as closely as practicable
to the provisions of the Declaration and these By-Laws and the provisions of the Declaration and these By-Laws will control in
the event of any inconsistency or conflict between the provisions hereof and the provisions of such certificate of incorporation
and by-laws.

 

Article 3

 

Unit Owners

 

Section 3.1     Annual Meetings. The
first annual meeting of the Unit Owners shall be held on the date of the filing of the Declaration, at which the members of the
Board of Managers shall be designated in accordance with Section 2.1 of these By-laws. Annual meetings of Unit Owners shall be
held annually thereafter within thirty (30) days of the anniversary of the recording of the Declaration.

 

Section 3.2     Place of Meetings. Meetings
of the Unit Owners shall be held at the principal office of the Condominium or at such other suitable place in the Borough of Manhattan,
New York City, convenient to the Unit Owners as may be designated by the Board of Managers.

 

Section 3.3     Special
Meetings. It shall be the duty of the President to call a special meeting of the Unit Owners upon proper notice if so directed
by resolution of the Board of Managers or upon the request of Unit Owners representing at least 51% of the Common Interest signed
and presented to the Secretary. The notice of any special meeting shall state the time and place of such meeting and the purpose
thereof. No business shall be transacted at a special meeting except as stated in the notice.

 

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Section 3.4     Notice of Meetings. It
shall be the duty of the Secretary to mail a notice of each annual or special meeting of the Unit Owners, at least ten but not
more than forty days prior to such meeting, stating the purpose thereof as well as the time and place where it is to be held,
to each Unit Owner of record, at the Building or at such other address as such Unit Owner shall have designated by notice in writing
to the Secretary. If the purpose of any meeting shall be to act upon a proposed amendment to the Declaration or to these By-Laws,
to the extent Unit Owner approval of the same is required, the notice of meeting shall be mailed at least thirty (30) days prior
to such meeting to each Unit Owner and their Permitted Mortgagee(s) (as defined in Section 14.4(a) hereof) and to each Declarant
Net Lessee and shall be accompanied by a copy of the text of the proposed amendment. The mailing of a notice of meeting in the
manner

provided in this Section shall be considered
service of notice.

 

Section 3.5     Adjournment
of Meetings. If any meeting of Unit Owners cannot be held because a quorum is not present, any Unit owner who is present at
such meeting, either in person or by proxy, may adjourn the meeting to a time not less than forty-eight (48) hours from the time
the original meeting was called upon notice to all Unit Owners.

 

Section 3.6     Order of Business. The
order of business at all meetings of the Unit Owners shall be as follows:

 

		(a)	Roll call and call to order.

 

		(b)	Proof of notice of meeting.

 

		(c)	Reading of minutes of preceding meeting.

 

		(d)	Reports of officers.

 

		(e)	Report of Board of Managers.

 

		(f)	 Reports of committees.

 

		(g)	Election of inspectors of election (when so required).

 

		(h)	Election of members of the Board of Managers (when so
required).

 

		(i)	Unfinished business.

 

		(j)	 New business.

 

Section 3.7     Unit Owner; Person. As
used in the Condominium Documents, “Unit Owner” shall mean the record owner, whether such record owner is one
or more Persons, of a Unit, from time to time, provided that if the rights of Declarant as a Unit Owner shall be deemed to have
been assigned to a Declarant Net Lessee pursuant to Section 2.3.1 hereof then the term “Unit Owner” shall be deemed to
refer to the Declarant Net Lessee. All references to a Unit Owner shall be deemed to include such Unit Owner’s successors and assigns.
Every Unit Owner shall be treated for all purposes as a single owner, irrespective of whether such ownership is joint, in common,
or by a tenancy by the entirety. As used in the Condominium Documents, “Person” shall mean any individual, corporation,
partnership, limited liability company, trust, unincorporated association, governmental authority or other legal entity.

 

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Section 3.8     Voting. Each
Unit Owner in Good Standing, or some person designated by such Unit Owner to act as proxy on his or their behalf and who need not
be an owner, shall be entitled to cast the vote appurtenant to such Unit at all meetings of Unit Owners. The designation of any
such proxy shall be made in writing to the Secretary, and shall be revocable at any time by written notice to the Secretary by
the owner or owners so designating. A fiduciary shall be the voting member with respect to any Unit owned in a fiduciary capacity.
Each Unit Owner shall have a vote commensurate with its proportionate Common Interest and any and all references to a “majority”
of Unit Owners shall in all instances mean a majority determined in accordance with such Unit Owners’ respective Common Interest.
If more than one Person owns a particular Unit, such Persons shall vote jointly at all Unit Owners meetings. Failing such a joint
vote, the concurrence of such Persons shall be conclusively presumed if any one of them purports to vote in respect of such Unit,
unless and until a protest of such vote is made by any other such Persons to the Board of Managers. From and after the day such
protest is made until the dispute with respect thereto is resolved to the satisfaction of the Board of Managers, no such vote shall
be deemed to have been cast; provided, however, that (i) for the limited purpose of determining whether a quorum exists at any
meeting of the Unit Owners, such Unit Owner shall be deemed to present in person; and (ii) such protest shall not nullify any vote
or action taken by such Unit Owner prior to such protest being made. “Unit Owner in Good Standing” means as of
any given date, a Unit Owner (or ground lessee, as applicable) with respect to which or whom no monetary event of default under
the Condominium Documents has occurred and is continuing at the time in question after any required notice and beyond all applicable
cure periods. Whether or not so expressed, each reference in the Condominium Documents to a required vote of the Unit Owners, all
such references shall mean the required proportionate vote of Unit Owners in Good Standing. If any Unit is owned by Declarant but
subject to a Declarant Net Lease, the Declarant Net Lessee, and not Declarant or a Declarant Net Lessor, shall have the right to
vote the Common Interest of such Unit to request a meeting under Section 3.3 hereof, to constitute a quorum under Section 3.9 hereof,
and to vote such Common Interest at any meeting of Unit Owners. Following notice by Declarant or Declarant Net Lessor to the Board
of Managers that an Event of Default has occurred under a Declarant Net Lease, the Declarant Net Lessee under such Declarant Net
Lease may not thereafter exercise such rights, until further written notice is provided from Declarant or the Declarant Net Lessor
to the Board of Managers that such voting rights and rights under Section 3.9 hereof have been reinstated.

 

Section 3.9     Quorum of Unit
Owners. At all meetings of the Unit Owners, a majority (measured for all purposes by Common Interest) of the Unit Owners shall
constitute a quorum for the transaction of business. Decisions of the Unit Owners, unless otherwise provided in the Condominium
Documents, shall be made by the vote of a majority of the Unit Owners, measured by Common Interest. If at any meeting of the Unit
Owners there shall be less than a quorum present, a majority of those present (in person or by proxy) may adjourn the meeting from
time to time on notice to all Unit Owners. At any such adjourned meeting at which a quorum is present, any business which might
have been transacted at the meeting originally called may be transacted without further notice. Any action required or permitted
to be taken by the Unit Owners may be taken without a meeting if the Unit Owners consent in writing to the adoption of a resolution authorizing such action and the writing or writings are filed with the records of the
Condominium.

 

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Article 4

 

Officers

 

Section 4.1     Designation. The principal
officers of the Condominium shall be the President, the Vice President, the Secretary and the Treasurer, all of whom shall be elected
by the Board of Managers. The Board of Managers may appoint an assistant treasurer, an assistant secretary, and such other officers
as in its judgment may be necessary.

 

Section 4.2     Election of Officers. The
officers of the Condominium shall be elected annually by the Board of Managers at the organization meeting of each new Board of
Managers and shall hold office at the pleasure of the Board of Managers.

 

Section 4.3     Resignation and Removal
of Officers. An officer of the Board of Managers may resign at any time by written notice delivered or sent by certified mail,
return receipt requested, to the Board of Managers. Such resignation shall take effect at the time specified therein and, unless
specifically requested in such notice, acceptance of such resignation shall not be necessary to make it effective. A successor
officer may be appointed by the Unit Owner that appointed the resigning officer for the resigning officer’s remaining term.

 

Section 4.4     President. The President
shall be the chief executive officer of the Condominium, shall be a member of the Board of Managers and shall preside at all meetings
of the Unit Owners and the Board of Managers. The President shall have all of the general powers and duties which are incident
to the office of president of a stock corporation organized under the Business Corporation Law of the State of New York.

 

Section 4.5     Vice
President. The Vice President shall take the place of the President and perform the duties of the President whenever the President
shall be absent or unable to act. If neither the President nor the Vice President is able to act, the Board of Managers shall
appoint some other member of the Board of Managers to act in the place of the President and the Vice President, on an interim
basis. The Vice President shall also perform such other duties as shall from time to time be imposed upon the Vice President by
the Board of Managers or by the President.

 

Section 4.6     Secretary. The Secretary
shall keep the minutes of all meetings of the Unit Owners and of the Board of Managers. The Secretary shall have charge of such
books and papers as the Board of Managers may direct and shall, in general, perform all the duties incident to the office of secretary
of a stock corporation organized under the Business Corporation Law of the State of New York.

 

Section 4.7     Treasurer.
The Treasurer shall have the responsibility for Condominium funds and securities and shall be responsible for keeping full
and accurate financial records and books of account showing all receipts and disbursements, and for the preparation of all required
financial data. the Treasurer shall be responsible for the deposit of all moneys and other valuable effects in the name of the
Board of Managers (or the managing agent appointed by the Board of Managers), in such depositories as may from time to time be
designated by the Board of Managers, and the Treasurer shall, in general, perform all the duties incident to the office of treasurer
of a stock corporation organized under the Business Corporation Law of the State of New York.

 

    	- 17 -

    	 

    

 

Section
4.8     Agreements, Contracts, Deeds, Check, etc. All agreements, contracts, deeds, leases,
notices, checks and other instruments of the Condominium shall be executed by such officers of the Condominium or by such
other person or persons as may be designated by the Board of Managers; and any of such functions may be delegated by the
Board of Managers to the managing agent of the Condominium. The managing agent of the condominium is hereby authorized to
issue in the name of the Board of Managers notices of default in respect of any failure to pay Common Charges (or any amount
payable as Common Charges) as and when due in accordance with the terms of the Condominium Documents.

 

Section 4.9     Compensation of Officers.
No officer shall receive any compensation from the Condominium for acting as such.

 

Article 5

 

Notices

 

Section 5.1     Notices. Except as otherwise
expressly provided in the Declaration or these By-Laws, all requests, notices, reports, demands, approvals and other communications
required or desired to be given pursuant to the Declaration and/or the By-Laws shall be in writing and shall be delivered: (a)
if to the Board of Managers, in person or sent to the principal office of the Board of Managers or to such other address as the
Board of Managers may designate from time to time, by notice in writing to all Unit Owners, with a duplicate sent to the Managing
Agent, if any; (b) if to a Unit Owner, in person or sent to the Unit Owner at the Building, or to such other address as the Unit
Owner may designate from time to time, by notice in writing to all Unit Owners and the Board of Managers; and (c) if to a member
of the Board, to the address of such member as shall be specified in the written designation thereof by such individual, or to
such other address as may have been designated by such member from time to time in writing to the Secretary of the Board and to
the other members of the Board; and (d) if to the Permitted Mortgagees, Declarant Net Lessees or Declarant, either delivered in
person or sent to their respective addresses, as designated by them from time to time in writing to the Board of Managers. A copy
of any notice to a Declarant Net Lessee, in its capacity as a Declarant Net Lessee, will be delivered to Declarant and to any Declarant
Net Lessor of which the Board of Managers has notice. All notices delivered in person (to the extent permitted herein) shall be
deemed to have been given when delivered in person. Unless other means of giving certain notices are specifically required or permitted
pursuant to the Condominium Documents, all notices which are “sent” shall be sent either (x) by registered or certified
mail, return receipt requested, and shall be deemed to have been given three (3) business days after deposit in a depository maintained
by the U.S. Postal Service in a postage prepaid sealed wrapper or (y) by nationally recognized overnight courier service and shall
be deemed to have been given the first business day (for domestic delivery) and the third business day (for international delivery),
after deposit with an overnight courier service, provided that notices of change of address shall in all events be deemed to have
been given when received.

 

    	- 18 -

    	 

    

 

Section 5.2     Waiver of Service of Notice;
Consent to Other Notices. Whenever any notice is required to be given by applicable Laws or the Condominium Documents, a waiver
thereof in writing, signed by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall
be deemed effective as a waiver thereof and no such notice shall be required. Additionally, any Person may consent (with respect
to notices given to it) to additional means of service including, without limitation, transmission by facsimile or electronic means.
Such consent, if given, shall in all events be in writing and given and treated as if the same were a change of address (as described
in Section 5.1 above). With respect to notices given by facsimile, the transmission shall be to a telephone number designated for
such purpose. Notices sent by facsimile shall be deemed to have been given upon receipt by the sender of a signal from the equipment
of the Person served confirming that the transmission was received. A Person may change or rescind a facsimile telephone number
by giving notice thereof to the Board of Managers and each Unit Owner. With respect to notices given by electronic transmission
(e.g., e-mail), the transmission shall be in a manner authorized by the Person consenting to such transmission. The foregoing
provisions of this Section are intended to facilitate additional means of notification and shall not be construed to permit any
Person to refuse receipt of any notices given in any of the manners specified in Section 5.1.

 

Section 5.3     Record of Addresses. The
Board of Managers shall keep and maintain correct, current and complete records containing the names and addresses of all members
of the Board (and their proxies, if any), Unit Owners, Declarant Net Lessors (so long as any Declarant Net Lease remains in effect)
any Permitted Mortgagees of which the Board of Managers has duly been given notice by a Unit Owner in accordance with Section 14.8(b)
hereof, and any Declarant Net Lessees of which the Board of Managers has duly been given notice by such Declarant Net Lessee pursuant
to Section 14.9(c) hereof. The foregoing records shall be in written form or in any other form capable of being converted into
written form within a reasonable time. Any member of the Board of Managers, Unit Owner, Permitted Mortgagee, Declarant Net Lessee,
or Declarant Net Lessor (so long as any Declarant Net Lease remains in effect) shall have the right to examine in person or by
agent or attorney, during usual business hours on business days, such records and, at such Person’s expense, to make extracts or
copies therefrom (including electronic copies to the extent such records are in electronic form) for any purpose reasonably related
to such Person’s interest in the Condominium.

 

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Article 6

 

Operation of the Property

 

Section 6.1      Determination of Common Expenses and
Fixing of Common Charges.

 

(a)          The
Board of Managers shall from time to time, and at least annually, prepare an operating budget and, if appropriate, a capital budget
for the operation of the Common Elements, determine the amount of the charges (“Common Charges”) payable by the
Unit Owners to meet the costs and expenses incurred by the Board of Managers in connection with the operation, care, upkeep (including,
without limitation, obligations under the applicable provisions of the Underlying Agreements) and Maintenance of, and the making
of Alterations to, and Repairs of, the Common Elements in such manner that the Building is maintained as a high-quality mixed-use
project (all such costs and expenses, together with all other items which are provided for in these By-Laws and the Declaration
to be Common Expenses, the “Common Expenses”). The Common Expenses shall be allocated to the Unit Owners in accordance
with their respective Common Interests except as otherwise set forth in the allocation schedule annexed hereto as Schedule
1 (the “Allocation Schedule”), or as otherwise specifically provided in this Article 6. The Board of Managers
shall have the right, from time to time, but at least once every year to review and revise, if determined necessary, the Allocation
Schedule due to changes in circumstances, including, but not limited to, a change in the Common Interest of a Unit, a change in
the usage by a Unit Owner of a line item set forth in the Allocation Schedule, provided that the Board of Managers may not change
the Allocation Schedule with respect to any Unit Owner without the consent of such Unit Owner. The Common Expenses shall include,
among other things, (i) the cost of all insurance premiums on all policies of insurance required to be or which have been obtained
by the Board of Managers pursuant to the provisions of Article 12 hereof; and (ii) may also include such amounts as the Board
of Managers may deem proper for the operation and Maintenance of the Common Elements, including, without limitation, an amount
for working capital, for a general operating reserve, for a reserve fund for replacements, and to make up any deficit in the Common
Expenses for any prior year. Expenditures may be made only pursuant to a budget approved by the Board of Managers (unless the
Board of Managers agrees otherwise by appropriate vote) except for expenditures: (i) which must be made by reason of an Emergency;
or (ii) required by Law, Insurance Requirements, or the applicable provisions of the Underlying Agreements. The Board of Managers
shall advise the Unit Owners, promptly, in writing, of the amount of Common Charges payable by each of them, respectively, as
determined by the Board of Managers, as aforesaid, and shall furnish copies of each budget on which the Common Charges and Common
Expenses are based, to the Unit Owners (and their respective Permitted Mortgagees if required) and the Declarant Net Lessees.

 

(b)          The
budget for the first fiscal year of the Condominium has been agreed to among the intended initial Unit Owners (or in the case of
any Unit owned by Declarant, by the Declarant Net Lessee of such Unit), an abstract of which is annexed hereto as Schedule 2.1
In the event that a budget is not adopted by the Board of Managers as and when required, then, until such adoption, the budget
in effect for the then concluding (or concluded) fiscal year, increased by (i) anticipated expenditures for applicable Mandatory
Costs and (ii) the CPI Increase Factor, shall remain in effect (such budget, adjusted as aforesaid, a “Carryover Budget”).
As used herein, “Mandatory Costs” means all costs attributable to insurance coverage the Board of Managers is
required to obtain and maintain under Article 12 hereof; costs under previously executed multi-year contracts with third-parties;
taxes and other governmental charges; utilities; compliance with Laws, Insurance Requirements, and the applicable provisions of
the Underlying Agreements; amounts payable to the Managing Agent under the terms of its management agreement; actions that the
Board is required to take under the Condominium Documents; and all existing contractual requirements; and “CPI Increase
Factor” is as defined in Section 20.7 hereof.

 

 

1To be annexed at time Condominium is
formed.

 

    	- 20 -

    	 

    

 

(c)         The
Board of Managers may, at its sole discretion, from time to time increase or decrease the amount of Common Charges allocated to
the Units and payable by the Unit Owners, and may modify its prior determination of the Common Expenses for any fiscal year so
as to increase or decrease the amount of Common Charges payable for such fiscal year or portion thereof; however, no such revised
determination of Common Expenses shall have a retroactive effect on the amount of Common Charges payable by Unit Owners for any
period prior to the date of such new determination. A prior period’s deficit may be included in Common Charges for a subsequent
period or paid from a Condominium Special Assessment levied against the Unit Owners.

 

(d)         In
addition to the foregoing duty to determine the amount of and assess Common Charges, the Board of Managers shall have the right to levy Condominium Special Assessments to meet the Common Expenses.
All Condominium Special Assessments shall be levied against all Unit Owners either (i) in proportion to their respective Common
Interests, or (ii) in accordance with the Allocation Schedule if such Condominium Special Assessment specifically relates to any
particular category on the Allocation Schedule. The Board of Managers shall have all rights and remedies for the collection of
Condominium Special Assessments as are provided herein for the collection of Common Charges.

 

(e)         As
used in the Condominium Documents:

 

(i)          “Office
Units” means, collectively, Office Unit 1, Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof).

 

(ii)         “Office
Unit Owners” means, collectively, the Unit Owners of the Office Units.

 

(iii)        “Office
Unit Proportionate Share” means, at any given time, the respective Proportionate Share of the Unit Owners of Office Unit
1, Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof) calculated as follows: The Office Unit Proportionate
Share of Office Unit 1 (and any subdivisions thereof) shall be a fraction, the numerator of which is the Common Interest (as defined
in Section 9 of the Declaration and shown on Exhibit B to the Declaration) of Office Unit 1 and the denominator of which is the
aggregate Common Interest of Office Unit 1, Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof). The
Office Unit Proportionate Share of Office Unit 2A (and any subdivisions thereof) shall be a fraction, the numerator of which is
the Common Interest of Office Unit 2A (and any subdivisions thereof) and the denominator of which is the aggregate Common Interest
of Office Unit 1, Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof). The Office Unit Proportionate
Share of Office Unit 2B (and any subdivisions thereof) shall be a fraction, the numerator of which is the Common Interest of Office
Unit 2B (and any subdivisions thereof) and the denominator of which is the aggregate Common Interest of Office Unit 1, Office
Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof). The Office Unit Proportionate Share of Office Unit 3
(and any subdivisions thereof) shall be a fraction, the numerator of which is the Common Interest of Office Unit 3 (and any subdivisions
thereof) and the denominator of which is the aggregate Common Interest of Office Unit 1, Office Unit 2A, Office Unit 2B and Office
Unit 3 (and any subdivisions thereof).

 

    	- 21 -

    	 

    

 

(iv)        “Office
Unit 2A Shared Facilities Proportionate Share” means, at any given time (A) if Office Unit 2A (but not Office Unit
2B) is then owned by Coach or a Coach Affiliate, 0%, (B) if Office Unit 2B (but not Office Unit 2A) is then owned by Coach or
a Coach Affiliate, a fraction, the numerator of which is the gross square footage in Office Unit 2A and the denominator of
which is the total gross square footage in Office Unit 2A and Office Unit 3 (and any subdivisions thereof), (C) if both
Office Unit 2A and Office Unit 2B are then owned by Coach or a Coach Affiliate, 0%, and (D) if neither Office Unit 2A nor
Office Unit 2B are then owned by Coach or a Coach Affiliate, a fraction, the numerator of which is the gross square footage
in Office Unit 2A(and any subdivisions thereof), and the denominator of which is the total gross square footage in Office
Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof).

 

(v)         “Office
Unit 2B Shared Facilities Proportionate Share” means, at any given time (A) if Office Unit 2A (but not Office Unit 2B)
is then owned by Coach or a Coach Affiliate, a fraction, the numerator of which is the gross square footage in Office Unit 2B
and the denominator of which is the total gross square footage in Office Unit 2B and Office Unit 3 (and any subdivisions thereof),
(B) if Office Unit 2B (but not Office Unit 2A) is then owned by Coach or a Coach Affiliate, 0%, (C) if both Office Unit 2A and
Office Unit 2B are then owned by Coach or a Coach Affiliate, 0%, and (D) if neither Office Unit 2A nor Office Unit 2B is then
owned by Coach or a Coach Affiliate, a fraction, the numerator of which is the gross square footage in Office Unit 2B, and the
denominator of which is the total gross square footage in Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions
thereof).

 

(vi)        “Office
Unit 3 Shared Facilities Proportionate Share” means, at any given time (A) if Office Unit 2A (but not Office Unit 2B)
is then owned by Coach or a Coach Affiliate, a fraction, the numerator of which is the gross square footage in Office Unit 3(and
any subdivisions thereof), and the denominator of which is the total gross square footage in Office Unit 2B and Office Unit 3,
(B) if Office Unit 2B (but not Office Unit 2A) is then owned by Coach or a Coach Affiliate, a fraction, the numerator of which
is the gross square footage in Office Unit 3 and the denominator of which is the total gross square footage in Office Unit 2A
and Office Unit 3 (and any subdivisions thereof), (C) if both Office Unit 2A and Office Unit 2B are then owned by Coach or a Coach
Affiliate, 100%, and (D) if neither Office Unit 2A nor Office Unit 2B is then owned by Coach or a Coach Affiliate, a fraction,
the numerator of which is the gross square footage in Office Unit 3 (and any subdivisions thereof), and the denominator of which
is the total gross square footage in Office Unit 2A, Office Unit 2B and Office Unit 3 (and any subdivisions thereof).

 

(vii)       “Shared
Facilities” shall mean, collectively, (A) the Office Unit 3 Mid Rise Passenger Elevators, (B) the Office Unit 3 Service
Elevator, (C) the Office Unit 3 Lobby, (D) the Office Unit 3 Lobby Escalators, and (E) the Office Unit 3 Messenger Center/Mail
Room.

 

    	- 22 -

    	 

    

 

(viii)      “Façade
Contact Area” means, at any given time, the respective square footage of exterior glass located adjacent to Office Unit
1, Office Unit 2A, Office Unit 2B, and Office Unit 3, but excluding exterior glass located in the Office Unit 1 Atrium. As of
the date hereof, the respective square footage of exterior glass located adjacent to (A) Office Unit 1 (excluding the exterior
glass located in the Office Unit 1 Atrium) issquare feet, (B) Office Unit 2A is________square feet, (C) Office
Unit 2B issquare feet, and Office Unit 3 is ______square feet.2

 

(ix)         “Central
Plant” has the meaning set forth in Section 6.10(a)

hereof.

 

(f)          Notwithstanding
the provisions of Section 6.1(a) hereof:

 

(i)          Costs
incurred by the Board of Managers with respect to the Maintenance, operation, Repair and replacement of the Central Plant shall
be allocated and billed by the Board of Managers to the Office Unit Owners in accordance with their respective Office Unit Proportionate
Shares.

 

(ii)         Except
as otherwise specifically provided in Section 6.1(g) hereof, costs incurred by the Board of Managers with respect to the Maintenance, operation, (including, without limitation, utilities)
Repair and replacement of the GCE Service Elevator, after deducting any GCE Service Elevator Usage Charges (as defined in Section
6.8(d) hereof) received by the Board of Managers, shall be allocated and billed by the Board of Managers solely to the Office Unit
Owners in accordance with their respective Office Unit Proportionate Share.

 

(iii)        Except
as otherwise specifically provided in Section 6.1(g) hereof, costs incurred by the Board of Managers with respect to the Maintenance, operation (including, without limitation, utilities
and security costs), Repair and replacement of the General Common Lobby and the ADA Lobby Elevator shall be allocated and billed
by the Board of Managers solely to the Office Unit Owners in accordance with their respective Office Unit Proportionate Shares.

 

(iv)        Costs
incurred by the Unit Owner of Office Unit 3 with respect to the Maintenance, operation, Repair and replacement of the Shared Facilities
shall be allocated solely to the Unit Owners of Office Unit 2A, Office Unit 2B and Office Unit 3 in accordance with their respective
Shared Facilities Proportionate Shares, as set forth in Section 6.1(e)(iv) through ((vi) hereof. The Unit Owner of Office Unit
3 shall invoice the Unit Owners of Office Unit 2A and Office Unit 2B, as applicable, for their respective Shared Facilities Proportionate
Share of such costs, which invoices shall be accompanied by reasonable supporting documentation of such costs, and the Unit Owners
of Office Units 2A and Office Unit 2B shall reimburse the Unit Owner of Office Unit 3 within thirty (30) days of receipt of such
bill, for their respective Shared Facilities Proportionate Share. In the event that the Unit Owner of Office Unit 2A or Office
Unit 2B fails to reimburse such costs within such thirty (30) day period, the Unit Owner of Office Unit 3 shall be entitled to interest on such costs at the Default Rate, together with all rights at equity
and at law.

 

 

 2
To be measured following construction and the blanks to be filled in before the Condominium
Declaration is signed.

 

    	- 23 -

    	 

    

 

(v)         The
Board of Managers shall wash and clean all exterior glass in the Building other than retail storefronts and the Office Unit 1
Atrium, and the cost thereof shall be allocated between the Unit Owners of the Office Units in accordance with their respective
Façade Contact Areas.

 

(g)          For
such time period as either the Destination Retail Access Unit or the Ancillary Unit is used for office purposes, then the Board
of Managers shall allocate and bill to the Office Unit Owners and the Unit Owner of the Destination Retail Access Unit and/or
the Ancillary Unit (as applicable), as to costs incurred by the Board of Managers which, pursuant to the Condominium Documents,
are allocable only to the Office Unit Owners, an amount equal to a fraction, the numerator of which is the Unit Owner’s Common
Interest and the denominator of which is the aggregate Common Interests of the Office Units and the Destination Retail Access
Unit and/or the Ancillary Unit (as applicable).

 

Section 6.2     Payment of Common
Charges. (a) Unit Owners shall be obligated to pay the Common Charges assessed by the Board of Managers at such time or times
as the Board of Managers shall determine, but in no event more frequently than one time per month.

 

(b)          Except
as otherwise provided in Section 6.2(c) hereof, no Unit Owner shall be liable for the payment of any part of the Common Charges, any Condominium Special Assessment or other assessment
assessed against such Unit Owner’s Unit accruing subsequent to the effective date of a sale or other conveyance by such Unit Owner
(made in accordance with these By Laws) of such Unit together with its appurtenant Common Interest.

 

(c)          A
purchaser of a Unit shall be liable for the payment of Common Charges, any Condominium Special Assessments and any other assessments accrued and unpaid against such Unit prior to the acquisition
by such purchaser of such Unit. Without limiting the foregoing, in the event of a foreclosure sale of a Unit by a Permitted Mortgagee,
a deed in lieu of foreclosure or other remedy elected by such Permitted Mortgagee, the owner of such Unit prior to the foreclosure
sale or deed in lieu of foreclosure shall remain liable for the payment of all unpaid Common Charges, Condominium Special Assessments
and other assessments, which accrued prior to such sale.

 

Section 6.3     Default in
Payment of Common Charges; Board Lien; Other Remedies.

 

(a)          The
Board of Managers shall take prompt action to collect any Common Charges which remain unpaid following notice and the expiration
of applicable grace periods, including, without limitation, the institution of such actions and the recovery of interest, late
charges and expenses as are provided in this Article 6.

 

    	- 24 -

    	 

    

 

(b)          The
Board of Managers shall have a lien (the “Board Lien”) for all unpaid Common Charges, Condominium Special Assessments,
other sums payable as if part of Common Charges or amounts otherwise due to the Board of Managers (together with interest thereon
as provided in this Section) from a delinquent Unit Owner. Such lien shall be superior to any mortgage liens of record encumbering
such Unit and otherwise subordinate only to liens for real estate taxes and other assessments by taxing authorities on any such
Units. Without limiting any of the foregoing, the Board of Managers may: (w) bring an action to foreclose the Board Lien in accordance
with Section 339-aa of the Real Property Law of the State of New York; (x) purchase the interest of the owner of such Unit at a
foreclosure sale resulting from any such action; (y) proceed by appropriate judicial proceedings to enforce the specific performance
or observance by the defaulting Unit Owner of the applicable provisions of the Condominium Documents from which a monetary event
of default arose; or (z) exercise any other remedy available at law or in equity; however, in the event the net proceeds received
on a foreclosure sale are insufficient to satisfy the defaulting Unit Owner’s obligations, there shall be no further cause of action
against such Unit Owner with respect to such deficit. Each of the remedies herein described as well as any other remedy available
at law or in equity may be exercised concurrently or sequentially. Any Permitted Mortgagee or Declarant Net Lessee may bid in a
foreclosure sale of any Unit.

 

(c)          The
Board of Managers shall not record any notice of any Board Lien prior to the date on which all applicable notice and grace periods (including cure periods to which any Permitted Mortgagee
may be entitled) in respect of the default(s) giving rise to the Board Lien have expired. The Board Lien shall be effective from
and after the time of recording in the public records of New York County of a claim of lien stating the description of the Unit,
the name, if any, and the address of the Unit, the City Register Filing Number (CRFN) of the Declaration, the name of the record
owner, the amount due and purpose of such amount and the date when due. Subject to Section 6.1(d) hereof, such claim of lien shall
include only sums which are due and payable when the claim of lien is recorded and shall be signed and verified by an officer or
agent of the Board of Managers. Upon full payment of all sums evidenced by the lien including, without limitation, interest at
the Default Rate, the party making payment shall be entitled to a recordable satisfaction of lien to be recorded at its expense.
Liens for unpaid Common Charges may also be reduced to a personal money judgment against the Unit Owner or may be foreclosed by
suit brought in the name of the Board of Managers or the Unit Owner asserting the lien in the same manner as a contract or other
action (and without waiving the lien securing the same). In the event of the foreclosure of such lien, the Board of Managers shall
have the power to bid on the Unit at foreclosure sale and to acquire, hold, lease, mortgage and convey such Unit. “Default
Rate” shall mean a rate per annum equal to the lesser of: (i) five (5) percentage points above the rate publicly announced
from time to time by Citibank N.A. (or its successor) in New York, New York as its “prime rate”; and (ii) the maximum
rate of interest permissible under applicable Laws, if any, with respect to the applicable amount payable hereunder.

 

(d)          The
Board of Managers shall charge any delinquent Unit Owner: (i) a late charge of $.04 for each dollar of such amounts which remain
unpaid for more than ten (10) days from their initial due date (although nothing herein shall be deemed to extend the period within
which such amounts are to be paid); (ii) interest at the Default Rate on such unpaid amounts (exclusive of any “late charges”
theretofore collected on such amounts) computed from the due date thereof to the date payment is actually received from the delinquent
Unit Owner; and (iii) if the Board of Managers institutes a suit or other proceeding to collect sums due hereunder, all expenses,
including, without limitation, attorneys’ fees and expenses paid or incurred by the Board of Managers or by the Managing Agent
in any proceeding brought to collect such unpaid Common Charges or in an action to foreclose a Board Lien with respect to such
delinquent Person’s Unit(s). All such late charges, interest, expenses and fees shall be added to and shall constitute Common Charges
payable by such Unit Owner (and the Board Lien, as applicable, shall also secure the payment of such additional sums).

 

    	- 25 -

    	 

    

 

Section 6.4     Notice of Default
to Other Persons. The Board of Managers (a) if requested in writing to do so by any Permitted Mortgagee, shall promptly notify
such Permitted Mortgagee, (b) if requested to do so by any Unit Owner, shall promptly notify a tenant or subtenant of such Unit
Owner and (c) each Declarant Net Lessee, of any Common Charges which remain due and unpaid for twenty (20) days after the due date
therefore or any other default under the Condominium Documents. Such Permitted Mortgagee, tenant or subtenant, or Declarant Net
Lessee shall have the right to cure any monetary default within thirty (30) days after notice from the Board of Managers and with
respect to any other defaults, shall have such reasonable additional period of time to cure the default as may be necessary, provided
such Permitted Mortgagee, tenant or subtenant, or Declarant Net Lessee commences to cure such default within thirty (30) days after
notice and diligently and with continuity prosecutes such cure to completion.

 

Section 6.5     Foreclosure of
Liens for Unpaid Common Charges. In any action brought by the Board of Managers to foreclose a lien on a Unit because of unpaid
Common Charges, the Unit Owner shall be required to pay the reasonable rental for use and occupancy of such Unit as well as the
cost of services provided by the Board of Managers or the Building to or for the use or benefit of such Unit or such Unit Owner,
as reasonably determined by the Board of Managers, and the plaintiff in such foreclosure action shall be entitled to the appointment
of a receiver to collect the same. A suit to recover a money judgment for unpaid Common Charges shall be maintainable without foreclosing
or waiving the lien securing the same.

 

Section 6.6     Statement of
Common Charges and Assessments. The Board of Managers (or the Managing Agent on its behalf) shall promptly provide any Unit
Owner and/or Permitted Mortgagee so requesting the same in writing, with a written statement of all unpaid Common Charges and Condominium
Special Assessments (including late charges and interest) due from such Unit Owner.

 

Section 6.7     Expenses and
Profits. No Unit Owner shall be exempt from liability for payment of its Common Charges by virtue of waiver of the use or enjoyment
of any of the Common Elements or non-use thereof or by abandonment of its Unit. Any person or entity which conveys its Unit in
compliance with the terms and conditions specified in the Condominium Documents shall be exempt from Common Charges and any other
liabilities thereafter accruing with respect to the Unit so conveyed and its transferee shall be liable for Common Charges thereafter
accruing.

 

    	- 26 -

    	 

    

 

Section 6.8     Maintenance Obligations; Costs of Same.

 

(a)          General.
Except as otherwise provided in the Declaration or these

 

By-Laws, all operation, care, upkeep, Maintenance,
insurance, Repairs and Alterations, painting and decorating, whether structural or non-structural, ordinary or extraordinary, including,
without limitation, with respect to plumbing, heating, ventilating, electrical (including emergency power systems), air-conditioning
and telecommunications systems, fixtures, Equipment and appliances (i) in or of any Unit (including any Exclusive Use Common Elements
that may be included therein, except to the extent otherwise provided in Section 2.2.1(a) hereof, but excluding any General Common
Elements that may be located therein, as and to the extent provided in these By-Laws) shall be made or performed by such Unit Owner
at its sole cost and expense; and (ii) in or of the General Common Elements (including, without limitation, Building Systems) and
the Exclusive Use Common Elements (to the extent the same is expressly made the obligation of the Board of Managers under the Condominium
Documents) shall be made or performed by the Board of Managers, and the cost and expense thereof shall be charged as a Common Expense
as and in the manner provided in these By-Laws.

 

(b)          Exceptions.
Notwithstanding the provisions of Section 6.8(a) hereof:

 

(i)          Negligence;
Fault. In the event and to the extent that any operation, care, upkeep, Maintenance, Repair and Alteration, painting and decorating,
whether structural or non-structural, ordinary or extraordinary (collectively, any “Necessary Work”), is required
to be made or performed, or any increase in insurance premiums is required to be paid, with respect to the General Common Elements
(or to the Exclusive Use Common Elements to the extent the Repair or Maintenance of the same is the obligation of the Board of
Managers under the Condominium Documents) as a result of the negligence, misuse, neglect or abuse of any Unit Owner or its occupants
or permittees, the entire cost thereof (the “Resulting Cost”) shall be borne entirely by such Unit Owner; except
in each case, to the extent that the Resulting Cost is covered by the proceeds of any insurance actually maintained, or would
have been so covered had the insurance that was required to be maintained by the Board of Managers pursuant to the provisions
of these By-Laws actually been maintained by the Board of Managers and appropriate waivers of subrogation are obtainable and have
been obtained.3 The Resulting Cost shall not be deemed covered by insurance proceeds pursuant to the preceding sentence
to the extent of any applicable deductibles. The foregoing shall not give rise to any claim on the part of any Person for consequential,
special, exemplary or punitive damages.

 

(ii)         Extraordinary
Items. In the event and to the extent that any Necessary Work involves any structural, capital or extraordinary Repairs or
Alterations to an Exclusive Use Common Element, the entire cost thereof shall (except as otherwise provided in Section 6(h) of
the Declaration) be borne entirely by the Unit Owner to which such Exclusive Use Common Elements are appurtenant; except in each
case, to the extent that such cost is covered by the proceeds of any insurance actually maintained by the Board of Managers, or
would have been so covered had the insurance that was required to be maintained pursuant to the provisions of these By-Laws actually
been maintained by the Board of Managers. Such cost shall not be deemed covered by insurance proceeds pursuant to the preceding
sentence to the extent of any applicable deductibles.

 

 

3
Insurance consultant to confirm.

 

    	- 27 -

    	 

    

 

(iii)        Cleaning
of Storefront Windows. The exterior glass surfaces of all retail storefronts shall be washed and cleaned regularly by the
Retail Unit Owner but in no event less than six (6) times a year, and the cost thereof shall be borne solely by the Retail Unit
Owner. The glass surfaces of the Office Unit 1 Atrium shall be washed and cleaned regularly by the Unit Owner of Office Unit 1,
and the cost thereof shall be borne solely by the Unit Owner of Office Unit 1. All other exterior windows of the Building shall
be washed and cleaned regularly by the Board of Managers and the cost and expense thereof shall be a Common Expense borne by the
Office Unit Owners allocated and billed as set forth in Section 6.1(f)(viii) hereof.

 

(iv)        Replacement
of Windows. Any replacement of glass windows in a Unit, to the extent the same constitutes part of the Common Elements, because
of breakage or otherwise, shall be made by the Board of Managers, and (to the extent not reimbursed from insurance proceeds received
by the Board of Managers) charged to the Unit Owner whose Unit is enclosed by such window, except that the Retail Unit Owner (or
its Permitted User) shall, at its sole cost and expense, be responsible for the replacement of glass in its storefront doors and
windows. The glass windows in the Office Unit 1 Atrium as part of Office Unit 1 and is not a Common Element.

 

(v)         Incremental
Costs. The Board of Managers shall only charge a Unit Owner for any out-of-pocket costs actually incurred by the Board of
Managers for additional services (such as overtime air-conditioning) which have been requested in writing by such Unit Owner.

 

(c)          Security.
The Board of Managers shall provide security on a Building-wide basis, and the cost thereof shall be a Common Expense borne
by the Unit Owners as set forth on the Allocation Schedule. If any Unit Owner or Sub-Board (as defined in Section 9.3 hereof)
requires additional security services, it shall so notify the Board of Managers in writing, and the cost thereof shall be borne
entirely by such Unit Owner or Sub-Board.

 

(d)          GCE
Service Elevator. The Board of Managers shall be responsible for the operation, Maintenance and Repair of the GCE Service
Elevator, may establish, from time to time, a Workspeed system or other system for the use of the GCE Service Elevator by the
respective Unit Owners and their Permitted Users, and may establish charges (“GCE Service Elevator Usage Charges”)
for the use of the GCE Service Elevator by the respective Office Unit Owners and their Permitted Users.

 

(e)          Loading
Dock. The Association shall be responsible for the operation, Maintenance and Repair of the Loading Dock, will establish,
from time to time, a Loading Dock scheduling software system for the use of the Loading Dock by the respective Unit Owners and
their Permitted Users (the “Loading Dock Procedures”), and will establish charges for the use of the Loading
Dock by the respective Unit Owners and their Permitted Users. All deliveries must be scheduled by a Unit Owner with the Association
in accordance with rules and regulations established by the Association. To the extent that the Association bills the Condominium
or the Board of Managers for Loading Dock Charges under the ERY FAPOA Declaration, the same shall be allocated to the Unit Owners
as set forth in Section 6.8(k) hereof.

 

    	- 28 -

    	 

    

 

(f)          Scaffolding.
In the event a Unit Owner or the Board of Managers, as may be applicable, needs to install scaffolding or a sidewalk bridge in
connection with its obligations and/or rights to operate, care, upkeep, Alter, Maintain, Repair, paint and/or decorate the Units
and/or Common Elements, as may be applicable, and such scaffolding or sidewalk bridge will have to obstruct the exterior façade
appurtenant to another Unit Owner’s Unit and/or Exclusive Use Common Elements, such affected Unit Owner shall be provided with
advance prior written notice (as hereinafter set forth) which notice shall provide the estimated location of such scaffolding
and/or sidewalk bridge and the estimated duration of time that such scaffolding and/or sidewalk bridge must be maintained. In
addition, such scaffolding and/or sidewalk bridge shall, to the full extent permitted by Law, be erected at a height and in such
a manner so as not to obstruct any signage of the affected Unit Owner. In the event that the scaffolding and/or sidewalk bridge
obstructs any signage such affected Unit Owner shall have the right to install temporary signage on other parts of the Building
as reasonably determined by the Board of Managers, at the expense of the Unit Owner erecting such scaffolding or, if the scaffolding
is erected by the Board of Managers, as a Common Expense allocable to all of the Unit Owners in accordance with their respective
Common Interests. All permitted scaffolding and sidewalk bridges shall be for the minimum period of time necessary; all repairs
and other work requiring such scaffolding and/or sidewalk bridges shall be completed diligently and promptly; the Unit Owner of
any affected Unit shall have not less than thirty (30) days prior notice of the erection of any scaffolding and/or sidewalk bridge
(except in the event of Emergency); and the scaffolding and/or sidewalk bridges shall be removed as soon as permitted by Law.
No scaffolding and/or sidewalk bridge, except as required by Law, shall interfere with access to any Unit and the Board of Managers
and the Unit Owner erecting such scaffolding and/or sidewalk bridge shall make reasonable efforts to minimize inconvenience and
disruption to any Unit Owner and its Permitted Users. Any sidewalk bridge shall be at a minimum height of not less than 20 feet
above the sidewalk where possible.

 

(g)          Garbage
Removal. The Board of Managers shall arrange for the removal of garbage from the Units (or alternatively may require Unit
Owners to bring it to a designated compacter or trash room) and the cost thereof shall be allocated among the Unit Owners in accordance
with the Allocation Schedule.

 

(h)          Sidewalks.
The Board of Managers shall be responsible for the Maintenance, Repair, replacement and cleaning of sidewalks adjacent to the
Building at the Ground Floor Level, including, without limitation, the prompt removal of snow and ice (but specifically excluding
(i) any ramps, stoops, steps or stairs from time to time leading from the sidewalk to an entrance of a Unit which shall be part
of such Unit and (ii) any sidewalk or similar area used exclusively by a Unit Owner, for which such Unit Owner shall be solely
responsible to maintain), and the costs thereof shall be allocated and billed by the Board of Managers to the Unit Owners in accordance
with the Allocation Schedule. Pursuant to the ERY FAPOA Declaration, the Association shall be responsible for the Maintenance,
Repair, replacement and cleaning of sidewalks and similar areas adjacent to the Building at the Plaza Level including, without
limitation, the prompt removal of snow and ice, and the costs thereof as billed by the Association to the Condominium shall
be allocated among the Office Units in accordance with their respective Office Unit Proportionate Shares and included in Common
Charges. No Unit Owner shall use or permit to be used the sidewalk adjacent to its Unit or any other space outside of the Building
(other than its Exclusive Use Common Elements), other than for ingress and egress purposes. In no event shall any portion of the
sidewalks or any other space outside of the Building be used for commercial business activities or for the display of any promotional
advertisements or items of similar nature, unless approved by the Board of Managers or the Managing Agent.

 

    	- 29 -

    	 

    

 

(i)          Manner
of Performing Maintenance and Repairs. All Maintenance and Repairs by any Unit Owner shall be made in accordance with the
provisions of Article 8 hereof as if the references therein to Alterations were references to Maintenance and Repairs. In the
event that any Repairs to be made by any Unit Owner (including, without limitation, to any of the Common Elements) would affect
the structure of the Building or the Building Systems, the same shall be made in accordance with the then-current plans and specifications
for the Building which shall be made available by the Board of Managers at no cost, except that if the Unit Owner making such
Repairs desires to make changes from such then-current plans and specifications in respect of the structure of the Building or
the Building Systems, such changes shall constitute Alterations to be made subject to the provisions of Article 8 hereof.

 

(j)          Self-Help.
Should any Unit Owner fail to Repair and Maintain its Unit or Exclusive Use Common Elements, or to make replacements thereto
or restorations thereof, as required by the Declaration and these By-Laws, the Board of Managers may do so at the expense of the
applicable Unit Owner, and the cost thereof shall be charged to such Unit Owner.

 

(k)          ERY
FAPOA Declaration. Costs incurred by the Board of Managers under the ERY FAPOA Declaration (including, without limitation,
Association Charges and Special Assessments, as therein defined) shall be allocated and billed by the Board of Managers to and
shall be payable by the Unit Owners as Common Charges in accordance with their respective Common Interests, except as otherwise
specifically set forth in the Allocation Schedule, provided that any costs payable by the Board of Managers to the Association
incurred with respect to the Loading Dock shall be allocated by the Board of Managers to the Unit Owners based upon their respective
relative use of the Loading Dock by such Unit Owners during the applicable period for which such costs are incurred.

 

(1)         Master
Declaration. Costs incurred by the Board of Managers under the Master Declaration shall be allocated and billed by the Board
of Managers to the Unit Owners in accordance with the Allocation Schedule.

 

(m)        Base
Building Messenger Center/Mail Room. The Board of Managers shall be responsible for the operation, Maintenance and Repair
of the Base Building Messenger Center/Mail Room. Except as specifically set forth in Section 6.1(g) hereof, the cost thereof shall
be allocated and billed by the Board of Managers as provided in the Allocation Schedule.

 

(n)         Building
Exterior Lighting System. The Board of Managers shall be responsible for the operation, Maintenance and Repair of the Building
Exterior Lighting System, and the cost thereof shall be allocated and billed by the Board of Managers solely to the Office Unit
Owners in accordance with their respective Office Unit Proportionate Share, as set forth in the Allocation Schedule.

 

    	- 30 -

    	 

    

 

Section 6.9     Cooperation.
All Unit Owners shall cause their respective employees, and the employees of their respective managing agents, in the event
of an Emergency, to assist the employees of whichever Unit Owner is responsible for making appropriate Repairs or implementing
necessary safety measures.

 

Section 6.10   Utility Services; Water Charges; Sewer
Rents.

 

(a)          Electricity.
Electricity service for the Building will be provided by Consolidated Edison Company of New York, Inc. (“Con Ed”)
or other such utility company/ies or supplier(s) from time to time serving the Property and distributed to each Unit. Electricity
servicing the General Common Elements shall be metered through one or more meters for the Building, and the cost thereof will
be a Common Expense allocated among the Unit Owners in accordance with the Allocation Schedule. Electricity servicing Units or
Exclusive Use Common Elements, and equipment of such Unit Owner and owners, tenants and other occupants of Units or portions thereof
shall at all times be separately metered or submetered through Building meters, and the cost thereof shall paid directly to the
utility company supplying electricity by the owner or tenants or occupants of the applicable Units or paid by the Board of Managers
and billed to the applicable Unit Owner as Common Charges, as may be applicable. Electricity servicing the principal facilities,
systems and equipment for producing and/or distributing hot and condenser water used to heat or cool portions of the Building
(the “Central Plant”) shall at all times be separately metered, and the cost thereof shall be allocated and
billed by the Board of Managers to the Unit Owners in accordance with their respective Common Interests or as otherwise provided
in Section 6.10(d) hereof.

 

(b)          Gas.
for the Building will be supplied by Con Ed or other utility company/ies or supplier(s) from time to time serving the Property
and directly metered (through one or more separate direct meters) to each Unit or portion thereof requiring gas service from time
to time. Each Unit Owner having or arranging to have gas service supplied and metered directly to all or any portion of its Unit
shall pay the cost of such gas service directly to the applicable utility company or supplier and the Board of Managers shall
not be obligated to pay any part of any cost required for such direct gas service. The cost of gas used by the Central Plant shall
at all times be separately metered, and the cost thereof shall be allocated and billed by the Board of Managers to the Unit Owners
in accordance with their respective Common Interests or as otherwise provided in Section 6.10(d) hereof.

 

(c)          Domestic
Water; Sewer Rents. Domestic water and sewer services for the Building shall be supplied by The City of New York or other
utility servicing the Property. Except to the extent any Unit Owner is billed directly therefor by the City Collector, the Board
of Managers shall measure the actual usage of domestic water by each Unit Owner with respect to its Unit (and any Exclusive Use
Common Elements) and water used by the Central Plant through one or more meters or submeters (or if the same is not practicable,
by survey or such other reasonable method as the Board of Managers shall determine), and each Unit Owner (and the Unit Owners,
in accordance with their respective Common Interests or as otherwise provided in Section 6.10(d) hereof, as to the Central Plant)
shall be required to make payment therefor to the Board of Managers, which shall be responsible for paying the City or other utility
supplying such services. Sewer usage will not be separately submetered and the cost thereof or rents therefor will be allocated
in accordance with the cost of domestic water usage.

 

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Domestic hot water may be provided by the Condominium
(in which event domestic hot water will be sub-metered through the Building’s domestic cold water meter, the heat exchanger will
be sub-metered through the meter for the Central Plant, and instantaneous heaters will be metered through Unit Owner’s electrical
meter or sub-meter) and if not so provided, each Unit Owner will be responsible at its own expense to make arrangements therefor
within its Unit. In the event of a permitted sale of a Unit, the Board of Managers (or the Managing Agent on its behalf) on request
of the selling Unit Owner shall execute and deliver to the purchaser of the Unit or to the purchaser’s title insurance company
a letter agreeing to pay all charges for water and sewer rents affecting the Unit as of the date of closing of title to such Unit,
and payable by the Board of Managers, promptly after such charges shall have been billed by the City Collector.

 

(d)          Central
Plant; Hot Water and Condenser Water. The Central Plant will constitute a General Common Element. The Board of Managers shall
insure and be responsible for the operation, Maintenance and Repair of the Central Plant so that the same is available to serve
and shall provide the Units with hot and condenser water, as needed, 24 hours per day, 7 days per week, 365 days per year, and
the cost thereof shall be allocated among the Office Unit Owners in accordance with the Allocation Schedule. The hot and condenser
water used by each Unit for heating and cooling shall be measured by a system installed by the Board of Managers, and the cost
of gas, electricity, and water used by the Central Plant shall be allocated on the basis of such usage to the respective Office
Unit Owners.

 

Section 6.11    Further Submetering.
Each Unit Owner and, as applicable, a Sub-Board, shall have the right to sub-submeter or allocate, as applicable and as determined
in its sole discretion, all or any portion of the utilities within its Unit and, to bill or otherwise collect amounts from its
occupants or tenants or (in the case of a Sub-Board, its Unit Owners), as the case may be, with respect thereto, and each Unit
Owner shall be responsible for all costs related thereto and each Unit Owner shall indemnify and hold the Board of Managers harmless
from and against any claims against the Board of Managers arising from any dispute between such Unit Owner and its tenants or any
failure by such Unit Owner or its tenants to pay any utility charges.

 

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Article 7

 

Real Estate Taxes and PILOT

 

Section 7.1     Real
Estate Taxes and PILOT; Impositions. Until the Units are separately assessed and billed for real estate tax purposes or for
Payments-in-Lieu of Real Property Taxes (“PILOT”), the Board of Managers will pay all real estate taxes and/or PILOT
with respect to the Property to the Department of Finance of The City of New York (or directly to Declarant if and to the extent
Declarant has paid such taxes) and allocate the cost thereof (and all refunds thereof) among all the Units on the basis of their
respective Common Interest percentages as set forth in Exhibit B to the Declaration (“Common Interest Percentages”)
after first allocating to the applicable Unit Owner the full benefit of any real estate tax exemption, abatement or benefit program
which, but for the absence of separate assessment for each Unit, would otherwise have accrued or applied for the tax period in
question for such Unit Owner’s benefit. The Unit Owners shall be responsible and shall pay the Board of Managers for their
respective allocated shares (determined as aforesaid), which payments shall be payable as if the same were Common Charges and
will be due at least ten (10) business days prior to the due date of such taxes. Such real estate taxes and/or PILOT will be paid
by the Board of Managers in a timely manner so that no lien will be placed on the Property or on any Unit. When the Units have
been separately assessed, each Unit Owner shall thereafter pay the real estate taxes and/or PILOT assessed with respect to its
Unit, and any real estate taxes and/or PILOT pre-paid by the Board of Managers in respect of the period following such separate
assessment shall be appropriately adjusted. A Unit Owner will not be responsible for the payment of, and will not be subject to
any lien arising from, the non-payment of real estate taxes and/or PILOT assessed against or allocated to any other Unit(s). However,
each Unit Owner shall be responsible for the Impositions payable in respect of its Unit. As used herein, “Impositions”
shall mean any of the following imposed by any Federal, State, municipal or other public or quasi-public body, agency, court,
department, bureau, officer or authority having jurisdiction (“Governmental Authorities”): (i) real property
general and special assessments (including, without limitation, any special assessments: (A) for business improvements; or (B)
imposed by any special assessment district); (ii) personal property taxes;
(iii) commercial rent or occupancy taxes; (iv) license and permit fees, if and to the extent such fees are not paid by the Board
of Managers and charged to the Unit Owners as part of Common Charges; (v) any fines, penalties and other similar governmental
charges applicable to any of the foregoing, together with any interest or costs with respect to the foregoing; and (vi) any other
governmental levies, fees, rents, assessments or taxes and charges, general and special, ordinary and extraordinary, foreseen
and unforeseen, of any kind whatsoever, together with any fines and penalties and any interest or costs with respect thereto.

 

Section 7.2     Tax Certiorari
Proceedings. The Board of Managers, on behalf of and as agent for all or any of the Unit Owners, shall commence, pursue and
settle certiorari proceedings to obtain reduced real estate tax assessments with respect to the respective Units but only to the
extent requested and authorized to do so, in writing, by the appropriate Unit Owners thereof, and provided such Unit Owners indemnify
the Board of Managers and the other Unit Owners from and against all Costs resulting from such proceedings. During the pendency
of any such proceedings, all Unit Owners making such request to the Board of Managers and joining therein shall share in the costs
thereof in relative proportion to their respective Common Interest; and upon the conclusion of any such proceedings, such Persons
shall, after retroactive adjustment for any overpayments or underpayments as a result of prior sharing on the basis of Common Interest,
share in the costs thereof in relative proportion to the benefits derived by such Unit Owners therefrom. In the event any Unit
Owner individually seeks to have the assessed valuation of its Unit reduced by bringing a separate certiorari proceeding, the Board
of Managers, if necessary or desirable for such proceeding, will execute any documents or other papers required for, and otherwise
cooperate with such Unit Owner (at such Unit Owner’s cost and expense) in pursuing, such reduction, provided that such Unit Owner
indemnifies the Board of Managers from all claims, costs and expenses (including, without limitation, reasonable attorneys’ fees
and expenses) resulting from such proceedings.

 

Article 8

 

Alterations, Additions and
Improvements of Units

 

Section 8.1     Maintenance
of Units. Each Unit shall be kept in good order and repair in a manner consistent with the standards maintained in similar
first class mixed use office/retail buildings in Manhattan, by the Unit Owner thereof at its sole cost and expense and in compliance
with the provisions of Section 7 of the Declaration. The Unit Owners shall promptly make or perform, or cause to be made or performed,
all Maintenance and Repairs necessary in connection with their respective Maintenance obligations. Each Unit Owner shall have
the affirmative duty to maintain its respective Unit in such a manner so as to prevent and avoid inflicting harm to other Units,
Common Elements or the Building.

 

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Section 8.2    Changes in the
Units. Except to the extent prohibited by Law, and subject to the provisions of the Condominium Documents (including, without
limitation, Sections 8 through 10 of these By-Laws) and the applicable provisions of the Underlying Agreements, each Unit Owner
and any Sub-Board shall have the right, at its sole cost and expense, without prior notice and without the vote or consent of any
party, but subject to Section 7(u) of the Declaration, to: (a) make Alterations, whether structural or non-structural, ordinary
or extraordinary, in, to and upon its Unit and its Exclusive Use Common Elements; (b) change the layout of its Unit from time to
time and (c) amend the Certificate of Occupancy for the Building solely as it relates to such Unit, and provided there is no change
in use under such amended Certificate of Occupancy; provided, however, that the Common Interest of the Units shall not be changed
by reason thereof unless the owner(s) of the other Unit(s) shall consent thereto; provided, however, that (i) in each case where
plans would be required to be filed with municipal authorities under applicable Law, plans and specifications detailing the proposed
Alteration are delivered to the Board of Managers prior to the commencement of construction and “as-built” plans and
specifications are delivered to the Board of Managers upon completion of construction, and if plans are not required to be filed
with municipal authorities under applicable Law, the Unit Owner will provide, prior to the commencement of construction, a description
in reasonable detail of such Alterations; (ii) each Alteration shall be completed in a good and workmanlike manner and in compliance
with all Laws, Insurance Requirements, and the applicable provisions of the Underlying Agreements, with the applicable Unit Owner
removing any liens filed in connection therewith; (iii) no Alteration shall impair the structural soundness, safety or integrity
of the Building or the Building Systems, affect the proper functioning of any Building Systems, or impose additional load requirements
on any Building System in excess of the capacity originally provided for the applicable Unit (other than those owned or installed
by the Unit Owner); (iv) no Alteration shall adversely affect the use and occupancy of the Building other than the applicable Unit
Owner’s Unit; (v) Alterations that affect the façade of the Building shall not be permitted after the initial construction
of the Building; (vi) no Alterations shall reduce the rentable square footage of the Building, other than the rentable square footage
of the applicable Unit Owner’s Unit, and will not reduce the rentable square footage of the applicable Unit Owner’s Unit if the
same would cause the Building to no longer quality as a Hudson Yards CCP (as such term is defined in the UTEP); (vii) such Alterations
are completed in accordance with the applicable provisions of the Underlying Agreements; (viii) no Alterations shall affect the
certificate of occupancy for the Building (other than as it relates to the applicable Unit Owner’s Unit); (ix) prior to commencement
of any Alteration, builder’s risk insurance, liability insurance and workers’ compensation coverage shall be provided in such reasonable
amounts as may be determined by the Board of Managers and in compliance with the applicable requirements of the Underlying Agreements,
and such liability insurance shall name the Board of Managers, the other Unit Owners (and the managing agent(s) of their respective
Units, if any) and the Managing Agent and other persons specified in the Underlying Agreements as additional insureds; (x) all
contractors shall be approved in advance by the Board of Managers, which approval shall not be unreasonably withheld or delayed
(xi) subject to the provisions of Section 13 of the Declaration, no Alteration shall affect any General Common Elements (unless,
with respect to General Common Elements, the relocation or replacement thereof does not materially and adversely affect the other
Units, and is performed at the sole cost and expense of such Unit Owner and such Unit Owner thereafter bears all expenses and liabilities
with respect thereto); (xii) such Unit Owner shall comply with all Laws and regulations of all Governmental Authorities having
or asserting jurisdiction and applicable provisions of the Underlying Agreements, and shall agree to hold the other Unit Owners
(and the managing agent(s) of such other Units, if any), the Board of Managers, and the Managing Agent harmless from any costs
arising from the making of any Alteration; (xiii) no Alteration shall materially and adversely affect the use or rights of the
other Unit Owners or any tenant of the other Unit Owners, without the prior consent of such Unit Owner(s); (xiv) the Unit Owner
making, causing or suffering such Alteration shall use commercially reasonable efforts to minimize the extent, duration and timing
of any adverse effect of such performance on any other portion of the Building (or the use, occupancy or operation thereof); (xv)
all work shall at all times be done with diligence through completion; (xvi) all safety measures as may be reasonably required
by the Board of Managers and/or the Managing Agent to protect the other Unit Owners (and their Permitted Users) and the Property
from injury or damage caused by or resulting from the performance of the Alterations by such Unit Owner shall be observed and (xvii)
such Unit Owner shall defend and hold the Board of Managers, the Managing Agent, and all Unit Owners harmless from any liability
arising therefrom. For the purposes of this Section, a “material and adverse effect” shall not include temporary interruptions
of Building services which do not unreasonably interfere with the operations of or the intended use and occupancy of the other
Units.

 

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Section 8.3     Destination Retail
Access Unit; Loading Dock Unit. Without limiting the generality of Section 8.2 hereof, (a) the Unit Owner of the Destination
Retail Access Unit shall have the right, at its sole cost and expense, in connection with the construction of the Destination Retail
Building, to install the Destination Retail Access Unit Passenger Elevators and the Destination Retail Access Unit Service Elevators
in the shafts provided therefor, and to otherwise connect the Destination Retail Access Unit to the Destination Retail Building,
subject to the applicable provisions of the Condominium Documents, and (b) the Unit Owner of the Loading Dock Unit shall have the
right to install at its sole cost and expense the Tower D Access Elevator, subject to applicable provisions of the Condominium
Documents.

 

Section 8.4     Changes, Additions
and Improvements to the General Common Elements. Except as otherwise expressly provided in the Condominium Documents, the Board
of Managers shall have the exclusive right, and is empowered, to make and perform all Alterations to and Repairs of the General
Common Elements and, to the extent provided in Section 2.2(a) hereof, the Exclusive Use Common Elements, the costs thereof shall
be a Common Expense.

 

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Article 9

 

Subdivision and Combination
of Units

 

Section 9.1     Subdivision and
Combination of Units. The Unit Owner of each Unit shall have the right, without the consent of the Board of Managers, the other
Unit Owners or the holders of mortgages on the other Units: to (i) subdivide its Unit into separate Units and recombine Units resulting
from the subdivision; (ii) alter any boundary walls between one or more of its subdivided Units; (iii) apportion among its subdivided
or combined Units their appurtenant Common Interest in accordance with the provisions of the Condominium Act, and (iv) create such
easements and limited common elements in connection therewith as affect only such Unit and subdivided or combined Units, provided,
however, that in each instance the subdividing Unit Owner shall comply with all Laws and the applicable provisions of the Underlying
Agreements, and shall agree to hold the Board of Managers and the other Unit Owners harmless from any liability, damage, cost,
obligation or expense arising from (a) such subdivision and/or combination and (b) the failure to comply with such Laws or the
applicable provisions of the Underlying Agreements. If a Unit is subdivided: (i) the term “Unit” shall include all Units
resulting from such subdivision; and (ii) the owners of the Units resulting from the subdivision of the Unit shall be Unit Owners
and shall be required to act as provided in the Condominium Documents with respect to all matters in which action by a Unit Owner
is required. The provisions of this Section 9.1 may not be amended, added to or deleted without the unanimous consent of all of
the Unit Owners. In no case may the subdivision or recombining of a Unit result in a greater or lesser Common Interest for the
total of the new Units created by such subdivision or recombination than existed for the Unit in question before such subdivision
or recombination.

 

Section 9.2     Amendment to
the Declaration. The amendment to the Declaration to be made by the subdividing Unit Owner or combining Unit Owner shall contain
new or amended Floor Plans, specifications, tax lot numbers, the (re)apportionment among or to the subdivided Units or combined
Unit, as the case may be, of their Common Interest in compliance with the New York Condominium Act and the other matters set forth
in this Article 9 above; as appropriate, the allocation or aggregation to newly constituted subdivided Units or combined Unit(s)
of the right to use, and responsibility for Maintenance, Repairs and decoration of, any previously existing Exclusive Use Common
Elements appurtenant to the Unit(s) subdivided or combined (but only to the extent that such Exclusive Use Common Elements are
not required to be maintained as Exclusive Use Common Elements for the shared use of any Units pursuant to any applicable Laws
or the applicable provisions of the Underlying Agreements); and, as applicable, the designation of part of a Unit being subdivided
as a newly created specially designated common area appurtenant to one or more of any newly constituted subdivided Units. The subdividing
Unit Owner or combining Unit Owner, as the case may be, shall approve and execute an amendment to the Declaration effecting such
subdivision and/or combination, and shall in any event duly certify and file such amendment in accordance with all applicable Laws
and the applicable provisions of the Underlying Agreements and promptly deliver a copy of the filed amendment to the Board of Managers;
and at the request of such Unit Owner, the Board of Managers shall execute any application or other document required to be filed
with any Governmental Authority having or asserting jurisdiction, including, without limitation, applications for an amended certificate
of occupancy for the Building, to effect the subdivision of the Unit in question and recombining of Units resulting from the subdivision.

 

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Section 9.3     Sections and
Sub-Boards. In connection with the subdivision of any Unit pursuant to this Article 9, the subdividing Unit Owner shall have
the right, without the consent of any Unit Owner, the Board of Managers, or any Sub-Board, to amend the Declaration, the By-Laws
and the Floor Plans to: (i) effect and reflect such subdivision; (ii) supplement the Declaration by annexing and incorporating
therein a set of by-laws for the internal governance of the subdivided Units so created and any Exclusive Use Common Elements appurtenant
thereto (referred to herein collectively as a “Section”), which shall (together with, but subject to, this Declaration
and the By-Laws), from and after the recording of the amendment to the Declaration effecting such subdivision, govern the affairs,
use and occupancy of such Section; (iii) allocate and assign to the Unit Owners of the Units so created to a sub-board of managers
established to govern such Section (a “Sub-Board”), or to both, the applicable rights and obligations of the Unit
Owner of the subdivided Unit under the Condominium Documents immediately prior to such subdivision (including, without limitation,
with respect to voting, alterations, liens, self-help, governance, payment of Common Charges, appointing members of the Board of
Managers, insurance, etc.); and (iv) make such other changes which do not materially and adversely affect the rights or property
of the other Unit Owners and which are reasonably deemed appropriate or desirable by the subdividing Unit Owner consistent with
the then prevailing practice in respect of office sub-groups, and the governance thereof and the offering of units therein, as
part of mixed-use condominium projects in the City of New York. Any disputes with respect to any amendments to the Condominium
Documents pursuant to clause (v) above shall be resolved by Arbitration in accordance with the provisions of Article 15 of the
By-Laws. The remainder of the above-described changes may be made as of right. Nothing in this Section 9.3 or otherwise in the
Condominium Documents shall be construed to prohibit ownership and use of any Unit for any purpose provided for in the Declaration.

 

Article 10

 

Mechanic’s Liens; Violations; Compliance
with Laws

 

Section 10.1     Mechanic’s
Liens. In the event that any mechanic’s lien is filed against any Unit or other portion of the Property as a result of services
provided or materials furnished to, or Alterations or Repairs or other work performed for a Unit Owner (or such Unit Owner’s Permitted
Users) with respect to all or any portion of its Unit or Sub-Board with respect to its Section (each such Unit Owner, or Sub-Board,
as applicable, for purposes of this Section 10.1, being referred to as the “Lien-Causing Unit Owner”), or alleged
to have been provided or furnished to, or performed for, any such Lien-Causing Unit Owner, then such Lien-Causing Unit Owner shall
promptly notify the Board of Managers and the Managing Agent of same, and shall cause such lien to be released and discharged
of record, either by paying the indebtedness which gave rise to such lien or by posting a bond or other security as shall be required
by Law to obtain such release and discharge, in each case within thirty (30) days after receiving from a Unit Owner whose Unit
has been adversely affected by such mechanic’s lien, or from the Board of Managers if any Common Elements have been adversely
affected by such mechanic’s lien, a notice (a “Lien Notice”) identifying the lien and requesting that the same
be released or discharged, failing which the Board of Managers shall have the rights set forth in Article 13 hereof. For purposes
of this Section 10.1, a Unit Owner shall be deemed to be “adversely affected” by a mechanic’s lien (which is the responsibility
of a Lien-Causing Unit Owner to remove, as aforesaid) if such Unit Owner’s Unit is reasonably purportedly (whether or not actually)
encumbered by or subjected to the mechanic’s lien. In all events, the Lien-Causing Unit Owner shall defend, protect, indemnify
and hold harmless all other Unit Owners, any Sub-Board, and the Board of Managers from and against any and all Costs arising out
of or resulting from the applicable mechanic’s lien. Copies of all Lien Notices sent by a Unit Owner shall be simultaneously sent
to the Board of Managers.

 

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Section 10.2     Violations. In
the event that any violation shall be noted or noticed against any Unit or other portion of the Property as a result of any condition
at the Property created or suffered by or existing with respect to a Unit Owner (or such Unit Owner’s Permitted Users) with respect
to all or any portion of its Unit or a Sub-Board with respect to a Section (each such Unit Owner or Sub-Board with respect to a
Section, for purposes of this Section 10.2, being referred to as the “Violation-Causing Unit Owner”), the Violation-Causing
Unit Owner shall promptly notify the Board of Managers and the Managing Agent of same, and shall cause the violation to be removed
and the condition giving rise to the violation to be cured, in each case within thirty (30) days after receiving, from a Unit Owner
whose Unit has been adversely affected by such violation, or from the Board of Managers if any Common Elements have been adversely
affected by such violation, a notice (a “Violations Notice”) identifying the violation and requesting that the
same be removed and the condition giving rise to it be cured (provided that if such violation cannot, notwithstanding diligent
efforts, be removed and/or such condition cured within such thirty (30) day period, the Violation-Causing Unit Owner commences
the removal of such violation and/or the curing of such condition as promptly as practicable within such thirty (30) day period
and thereafter proceeds with diligence and continuity to complete such removal and/or cure); failing which the Board of Managers
shall have the rights set forth in Article 13 hereof. Notwithstanding the foregoing, any time a Violating Unit Owner is otherwise
required under this Section 10.2 to remove a violation, such Violating Unit Owner shall nevertheless not be required to remove
the violation if upon prior notice to the Board of Managers and the other Unit Owners, and, at its own expense, it is contesting
by appropriate legal or administrative proceedings or redress, promptly initiated and conducted in good faith and with due diligence,
the validity or enforceability, in whole or in part, of the applicable Law giving rise to the violations provided the following
conditions are met: (i) such proceeding shall suspend the obligation of the Violating Unit Owner to comply with any such Law, (ii)
failure to comply with any such Law pending the contest will not invalidate or vitiate any insurance required hereunder to be maintained
with respect to the Property, in whole or in part, and will not in the reasonable opinion of the other Unit Owners and/or the Board
of Managers, constitute a present danger to the Property or any portion thereof, or to the persons using and entering upon the
Property, (iii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, confiscated,
terminated, canceled or lost as a result of such contest by the Violating Unit Owner (whether by foreclosure of any mortgage thereon
or otherwise), (iv) the Violating Unit Owner shall have furnished such security as may be required in the proceeding, or in the
event that none is required, as may be reasonably required by the other Unit Owners and/or the Board of Managers to insure the
payment by the Violating Unit Owner of all costs of compliance, fines and penalties, together with interest thereon, as may be
incurred by the Violating Unit Owner in the event of a determination in such proceeding adverse to the Violating Unit Owner, (v)
failure to comply with any such Law pending the contest will not prevent other Unit Owners or the Board of Managers from performing
work to the Building or other Units or obtaining permits or certificates of occupancy with respect to the same, and (vi) the other
Unit Owners and the Board of Managers will not, in their reasonable opinion be subject to any criminal liability as the result
of such contest by the Violating Unit Owner. If any compliance with this Section shall require any repairs to, or which otherwise
affect, the General Common Elements, such repairs shall be performed by the Board of Managers pursuant to Section 8.3 hereof. For
purposes of this Section 10.2, a Unit Owner shall be deemed to be “adversely affected” by a violation or condition giving
rise to a violation (which is the responsibility of a Violation-Causing Unit Owner to remove or cure, as aforesaid) if such Unit
Owner’s Unit is reasonably purportedly (whether or not actually) subjected to the violation or the violation is noted against same.
In all events, the contesting Unit Owner shall defend, protect, indemnify and hold harmless all other Unit Owners, any Sub-Board,
and the Board of Managers (and their respective occupants) from and against any and all Costs arising out of or resulting from
any proceeding undertaken pursuant to this Section 10.2 or the underlying violation or non-compliance related thereto. Copies of
all Violations Notices sent by a Unit Owner shall be simultaneously sent to the Board of Managers.

 

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Section 10.3     Compliance With
Laws, Insurance Requirements and Underlying Agreements. Each Unit Owner and any Sub-Board, (without cost or expense to the
other Unit Owners or Sub-Boards or the Board of Managers), shall promptly comply and/or cause its Permitted Users to comply with
all Laws, Insurance Requirements, and the applicable provisions of the Underlying Agreements applicable to such Unit Owner’s Unit
and Exclusive Use Common Elements, if any, provided, however, that each Unit Owner shall have the right to contest, by appropriate
legal or administrative proceedings diligently conducted in good faith, the validity or applicability to it of any such Law, Insurance
Requirement, or applicable provision of the Underlying Agreements and may delay compliance until a final decision has been rendered
in such proceedings and appeal is no longer possible, unless such delay is reasonably likely to: (1) render the other Unit(s) or
any portion of any of the Common Elements liable to forfeiture, involuntary sale or loss; (2) result in involuntary closing of
any business conducted thereon or therein; (3) subject another Unit Owner or the Board of Managers to potential or real civil or
criminal liability; (4) impair or prohibit any insurance required to be maintained hereunder or under any of the other Condominium
Documents; (5) subject any other Unit or the Common Elements to any lien or encumbrance, or (6) result in the breach of any applicable
Underlying Agreement, in which case (with respect to any of the foregoing clauses (1)-(6)) the contesting Unit Owner shall immediately
take such steps as may be necessary to prevent any of the foregoing, including posting bonds or security for complying with such
Law, Insurance Requirement, or applicable provision of the Underlying Agreements. If such alternate measures shall not be effective
to prevent any of the foregoing, then such contesting Person shall comply with the applicable requirements pending the resolution
of any such contest. Each non-contesting Unit Owner shall cooperate to the fullest extent necessary with any contesting Unit Owner
in any proceeding undertaken pursuant to this provision, including executing necessary documents or consents to such contest, provided
all costs and expenses incurred with respect thereto are paid by the contesting Unit Owner. In all events, the contesting Unit
Owner shall defend, protect, indemnify and hold harmless all other Unit Owners and the Board of Managers (and their respective
occupants) from and against any and all Costs arising out of or resulting from any proceeding undertaken pursuant to this Section
10.3 or the underlying violation or non-compliance related thereto.

 

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Section 10.4     Hazardous Materials.
No Unit Owner (or its occupants or permittees) shall store, use or permit the storage or use of Hazardous Materials on, about,
under or in its Unit or Exclusive Use Common Elements, if any, or otherwise in or on the Property, except to the extent that such
Hazardous Materials are necessarily and customarily used in the ordinary course of usual business operations conducted thereon,
and any such storage and/or use shall at all times be in compliance with all applicable Environmental Laws. Each Unit Owner shall
defend, protect, indemnify and hold harmless the Board of Managers and each other Unit Owner (and the occupants of each of the
foregoing) from and against any and all claims or demands, including any action or proceeding brought thereon, and all Costs relating
thereto, including, but not limited to, costs of investigation, remedial response, and reasonable attorneys’ fees and cost of suit,
arising out of or resulting from any Hazardous Material generated, stored, used, maintained, released, or otherwise introduced
by or removed, transported or disposed by such Unit Owner (including its occupants and permittees) under or in its Unit or Exclusive
Use Common Elements, if any, or otherwise in or on the Property. For purposes of the Condominium Documents, “Hazardous Materials”
shall mean petroleum products, asbestos, polychlorinated biphenyls, radioactive materials and all other dangerous, toxic or hazardous
pollutants, contaminants, chemicals, materials or substances listed or identified in, or regulated by, any Environmental Law; and
“Environmental Law” shall mean all federal, state and local laws, rules, regulations, ordinances, requirements and orders
whether now existing or hereafter enacted, promulgated or issued, regulating, relating to or imposing liability or standards of
conduct concerning any hazardous, toxic or dangerous waste, substance or material and/or the protection of human health and the
environment.

 

Article 11

 

Records

 

Section 11.1     Records. The
Board of Managers or the Managing Agent shall keep and maintain the Condominium Documents and the Floor Plans, as the same may
be amended from time to time, and detailed records of the actions of the Board of Managers, minutes of the meetings of the Board
of Managers (and any committee thereof), minutes of Unit Owners meetings, if any (and committees of Unit Owners, if any) and financial
records and books of account with respect to the activities of the Board of Managers and the Condominium, including a chronological
listing of receipts and expenditures, as well as a separate account for each Unit which, among other things, shall contain the
amount of each assessment of Common Charges against such Unit, the date when due, the amounts paid thereon, and the balance remaining
unpaid (the “Records”). All such Records shall be kept at the offices of the Condominium and/or at such other
reasonably proximate location(s) in The City of New York as is determined by the Board of Managers from time to time; and each
Unit Owner, each Permitted Mortgagee of a Unit, and each Declarant Net Lessee shall at its sole cost and expense have the right
to examine the records and books of the Condominium at reasonable intervals during regular business hours.

 

Section 11.2     Annual Reports.
An annual report of the receipts and expenditures of the Condominium, audited by an independent certified public accountant,
shall be rendered by the Board of Managers to the Unit Owners and to all Permitted Mortgagees of Units who have requested the same,
and to all Declarant Net Lessees promptly after the end of each fiscal year. The cost of such report shall be paid by the Board
of Managers as a Common Expense

 

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Article 12

 

Insurance; Casualty; Condemnation

 

Section 12.1    Board Insurance.
Except as otherwise provided in Section 12.1(g) hereof, the Board of Managers shall maintain the following insurance with respect
to the Common Elements:

 

(a)          Insurance
against loss customarily included in Special Causes of Loss property insurance, including loss or damage by fire, building collapse and other such insurable hazards as, are insured against
for other property and buildings similar to the Building in use, location, height, and type of construction. Such insurance policy
shall also insure costs of demolition and increased cost of construction, including, without limitation, increased costs arising
out of changes in applicable laws and codes regulating reconstruction following a loss (which insurance for demolition and increased
cost of construction shall be in an amount not less than $25,000,000); and covering the interests of the Condominium, the Board
of Managers, all Unit Owners, all Permitted Mortgagees (as a group), and all Declarant Net Lessees, as their respective interests
may appear. In addition, the Special Causes of Loss property insurance shall also provide flood (including sewer backup) and earthquake
(including land subsidence) coverage, which flood and earthquake coverages may contain a sublimit of $50,000,000 per occurrence
and in the annual aggregate separately for each. The amount of such Special Causes of Loss property insurance shall be not less
than one hundred percent (100%) of the aggregate replacement cost value of the Common Elements, and such insurance shall include
Extra Expense and Expediting Expense coverage in such amounts as the Board of Managers, from time to time, may determine. Each
such insurance policy shall contain a removal or waiver of the co-insurance provisions and a replacement cost endorsement. Such
coverage shall include Business Interruption/Extra Expense. Such coverage shall not include any interior of any Unit, or any flooring
fixtures, fit-out, improvements, furnishings, betterments or personal property within or included as part of any Unit.

 

(b)          [Intentionally
omitted]

 

(c)          Statutory
Workers’ Compensation insurance and New York State Disability benefits insurance as required by law with an all states endorsement
and Employer’s Liability coverage with limits of not less than $1,000,000, covering any employees of the Condominium (provided,
however, that if the Board of Managers does not have any direct employees, such insurance shall be purchased on an “if any”
basis);

 

(d)          Comprehensive
Boiler & Machinery insurance (if not part of the Special Causes of Loss property insurance) covering all steam, mechanical,
and electrical equipment, including without limitations, all boilers, chillers, unfired pressure vessels, piping and wiring, in
the minimum amount of $50,000,000 per accident on a combined basis covering all physical damage to the Common Elements, and such
insurance shall include loss of income, including Extra Expense and Expediting Expense coverage in such amounts as the Board of
Managers, from time to time, may determine, and covering the interests of the Condominium and any Sub-Board, and all Unit Owners,
Permitted Mortgagees, and all Declarant Net Lessees, as their respective interests may appear. Each such insurance policy shall
contain a removal or waiver of the co-insurance provisions and a replacement cost endorsement.

 

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(e)         Crime
insurance covering the Board of Managers and all officers, directors and employees of the Condominium including a Managing Agent’s
Rider and of the Managing Agent with limits of not less than $1,000,000 per loss.

 

(f)          Directors’
and Officers’ Errors and Omissions insurance with respect to the Board of Managers with limits of no less than $1,000,000.

 

(g)         Automobile
liability insurance for all owned, non-owned and hired vehicles insuring against liability for bodily injury and death and for
property damage in amount not less than $1,000,000 combined single limit.

 

(h)         Environmental
liability covering environmental hazards arising from the Premises and discovered or occurring after the Substantial Completion
Date, or through sudden and accidental release, in an amount not less than $25,000,000 per discovery and in the aggregate.

 

(i)          Commercial
General Liability policy of insurance in the then most current form of ISO CG 001 [07 98] (which includes water damage insurance),
or equivalent liability coverage, with limits of not less than $1,000,000 per occurrence and $2,000,000 annual aggregate per location,
and an Umbrella or Excess Liability policy which is no less broad than the underlying Commercial General Liability policy, including
Cross Liability coverage (if available) covering one insured against another, Notice and Knowledge of Occurrence, Unintentional
Errors and Omissions, and Contractual Liability Products and Completed Operations Liability coverage, with limits of not less than
$100,000,000 per occurrence and annual aggregate per location, or in such higher limits as the Board of Managers, from time to
time, may determine. If this coverage is provided by a blanket policy with multiple locations, coverage must be provided with a
per location aggregate. The policy or policies described in this subsection (f) shall name, as additional insureds, each of the
Unit Owners and any Sub-Board, together with their respective subsidiaries, affiliates, directors, officers, members, managers,
partners, agents, employees, servants and assignees, managing agents, Permitted Mortgagees, if any, and Declarant Net Lessees,
and such other entities as shall reasonably be requested shall be included as additional insured(s), except that such policy will
not cover the liability of a Unit Owner arising from occurrences within or about its own Unit or its Exclusive Use Common Elements.

 

(j)          The
Board of Managers shall, in the exercise of good business judgment and good insurance practices, obtain and maintain terrorism
insurance in a sufficient amount to cover the full value of the General Common Elements, to the extent available at commercially
reasonable rates, Such other insurance as the Board of Managers may determine advisable or necessary from time to time (the insurance
referred to in clauses (a) through (i), collectively, the “Board of Managers Insurance”). The Board of Managers
Insurance shall have deductibles in such amounts that are standard and customary in a building of this nature and value and reflective
of what is commercially available as the Board of Managers, from time to time, may reasonably determine. The Board of Managers
shall review the limits of Board of Managers Insurance as needed.

 

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(k)          The
Board of Managers shall also comply with any applicable insurance requirements contained in (i) Sections 1.1(a), (b) and (c) of
Exhibit G to the Master Declaration, and (ii) so long as the Building Loan Mortgage remains in effect as to any Unit, the Building
Loan Agreement and the Building Loan Mortgage.

 

Section 12.2      Unit Owner Insurance.
Each Unit Owner and any Sub-Board shall obtain and maintain the following insurance in such amounts and in such limits as described
below, or in such higher amounts and in such higher limits as the Board of Managers, from time to time, may determine:

 

(a)          Commercial
General Liability policy of insurance in the then most current form of ISO CG 001 [07 98] (which includes water damage insurance),
or equivalent liability coverage, with limits of not less than $1,000,000 per occurrence and $2,000,000 annual aggregate per location
and an Umbrella or Excess Liability policy which is no less broad than the underlying Commercial General Liability policy, including
Cross Liability coverage (if available) covering one insured against another, Owned, Hired and Non-Owned Auto Liability, Notice
and Knowledge of Occurrence, Unintentional Errors and Omissions, and Contractual Liability Products and Completed Operations Liability
coverage, with limits of not less than $25,000,000 per occurrence and annual aggregate per location. The Unit Owner or Sub-Board
purchasing such Commercial General Liability policy shall be the named insured. The Board of Managers and the other Unit Owners,
and any other Sub-Board, together with its or their respective subsidiaries, affiliates, directors, officers, members, managers,
partners, agents, employees, servants and assignees, managing agents and mortgagees, shall be included as additional insured(s)
on a primary basis.

 

(b)          Insurance
against loss customarily included in a so-called Special Causes of Loss property insurance and Comprehensive Boiler & Machinery
coverage, each on a replacement cost basis, covering the interests of the Unit Owner and its Permitted Mortgagee and any Declarant
Net Lessee in the applicable Unit and its Exclusive Use Common Elements (and specifically including any and all equipment and facilities
for the provision of any utility or other services to the other Units in the Building and all fixtures, fit-out, improvements,
furnishings, betterments and personal property within or included in the applicable Unit and its Exclusive Use Common Elements),
as their respective interests may appear, in amounts reasonably sufficient to undertake and complete any Unit Restoration Work
(as defined in Section 12.8.4 hereof) and otherwise comply with Section 12.8.4 hereof.

 

(c)          Business
Income and/or Rental Income due to an occurrence or accident insured under the Special Causes of Loss policy and the Boiler and
Machinery policy. The coverage shall be provided on “Actual Loss Sustained” valuation in amounts of not less than twenty-four
(24) months of the then annual Common Charges payable by the applicable Unit Owner at the time of purchase or renewal of such policy.
Such policy of Business Income and/or Rental Income shall have a maximum deductible of no more than six (6) months of the then
annual Common Charges payable by the applicable Unit Owner at the time of purchase or renewal of such policy. Each Unit Owner shall
use commercially reasonable efforts to name the Board of Managers as “loss payee”, as its interest may appear, under
such policy.

 

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(d)          Each
Unit Owner shall maintain Terrorism insurance in a sufficient amount to cover the full value of the Unit Owner’s Unit if commercially
available.

 

(e)          With
respect to any Repairs or Alterations affecting the General Common Elements, the Exclusive Use Common Elements, the structure of
the Building (including, without limitation, the penetration of the core and shell of the Building or the Building Systems (including,
without limitation, the mechanical, electrical or plumbing systems or any structural columns, slabs or load bearing walls), special
form of “Builder’s Risk” or “Installation Floater” insurance on a so-called Special Causes of Loss insurance
policy, or equivalent coverage, including recurring “soft costs” form, on a completed value non-reporting form basis
covering 100% of the replacement cost value of the work. Such insurance shall provide coverage for materials intended for installation
in the Unit or Section, as the case may be, (whether or not such materials are stored on or off the job site, or are in transit
to the job site). Such insurance shall also include (but not be limited to) coverage for increased cost to repair or replace due
to a change in law, ordinance, earthquake, flood, water damages and collapse (it being understood, however, that the coverage for
flood and earthquake insurance may contain a sublimit of $5,000,000 per occurrence and in the annual aggregate). The Board of Managers
shall be named a loss payee as its interests may appear, under such “Builder’s Risk” or “Installation Floater”
policy. Such Builders Risk coverage shall include coverage for the rent loss and/or business interruption insurance on an actual
loss sustained basis in an amount not less than the annual amount of Common Charges and other amounts payable to the Board of Managers
under the Declaration and these By-Laws. Rental loss or business interruption coverage must be endorsed to include an extended
period of indemnity endorsement of not less than 360 days.

 

(f)          Notwithstanding
anything in this Section 12.2 to the contrary, if at any time Declarant becomes a Unit Owner and there is no Declarant Net Lease,
Declarant shall be entitled to self-insure or self-retain for any or all of the coverages required to be carried by Unit Owners.

 

(g)          Each
Unit Owner shall also comply with any applicable insurance requirements contained in (i) Sections 1.1(a), (b) and (c) of Exhibit
G to the Master Declaration, (ii) if a Declarant Net Lease is in effect as to its Unit, the requirements of the Declarant Net Lease,
and (iii) so long as the Building Loan Mortgage remains in effect as to its Unit, the Building Loan Agreement and the Building
Loan Mortgage.

 

Section 12.3      Insurance as a Common Charge.

 

(a)          The
premiums for all Board of Managers Insurance shall be a Common Expense and shall be borne by each of the Unit Owners as a Common
Charge allocated in accordance with the Allocation Schedule. Any Unit Owner and any Sub-Board may request the Board of Managers
to obtain and maintain additional coverages and any changes or amendments to the terms and conditions of existing coverages with
respect to insurance for the Common Elements (but not for any Unit) (collectively, the “Additional Insurance Coverage”)
and may require that all proceeds of any such Additional Insurance Coverage (to the extent that it can be determined with reasonable
certainty that such proceeds relate to such Additional Insurance Coverage and not to insurance purchased by the Board of Managers
on its own behalf) be payable to such Unit Owner or Sub-Board, provided, however, that (i) the cost of such Additional Insurance
Coverage shall be borne entirely by the Unit Owner requesting it and such Unit Owner shall indemnify the Board of Managers from
any Costs in connection therewith, and (ii) the Additional Insurance Coverage shall not: (1) preclude the Board of Managers from
purchasing, for itself, insurance coverage similar to such Additional Insurance Coverage; (2) preclude the Board of Managers from
receiving proceeds from any Board of Managers Insurance or other insurance; (3) cause the Board of Managers Insurance to be less
protective; or (4) adversely affect the interests of the Unit Owners or the Board of Managers.

 

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(b)          If
the use of all or any portion of any Unit causes an increase in the premium for the insurance which the Board of Managers or any
Unit Owner is required to obtain and maintain as set forth herein or otherwise, then the owner of the Unit causing such increase
shall be obligated to pay to the Board of Managers, as an additional Common Charge, or to pay to such other Unit Owner, as the
case may be, a sum equal to the amount of such increase attributable to such use.

 

Section 12.4      General Insurance Matters.

 

(a)          Self-Insurance.
Notwithstanding anything in these By-Laws to the contrary, no Person (other than the Declarant, as provided in Section 12.2(f)
hereof) may provide the insurance coverages required under these By-Laws pursuant to any plan of self-insurance.

 

(b)          Blanket
Policy. The insurance coverage required of any Person, including the Board of Managers, under this Article 12, at the
option of such Person, may be offered under a blanket policy or policies, provided that any such blanket policy shall otherwise
comply with the provisions of these By-Laws. With respect to blanket property polices covering the applicable property to be insured
pursuant to these By-Laws (the “Insured Property”) and other properties and assets not constituting a part
of such Insured Property, such blanket policies shall be without possibility of co-insurance or reduction below the limits required
by this Article 12 by reason of, or damage to, any other property (real or personal) named therein. If the insurance required
by these By-Laws shall be effected by any such blanket policy, such Person shall furnish to the Person or Persons specified in
Section 12.5 hereof (when and as such deliveries would be required for the insurance regularly required by these By-Laws not constituting
blanket coverage) valid certificates of insurance evidencing such policy, with schedules thereto attached (with respect to property
or building insurance) showing the amount of insurance afforded by such policies applicable to the Insured Property.

 

(c)          Policy
Requirements. All policies required to be obtained pursuant to these By-Laws shall:

 

 (i)          be
purchased from and maintained with companies authorized to do business in the State of New York, which are rated at the time
of purchase or renewal of such policy in the then most current A.M. Best Key Rating Guide with ratings of A-/IX or better (or
the equivalent of such rating if there is a change in the basis of the rating, or any successor publication of comparable
standing);

 

    	- 45 -

    	 

    

 

(ii)         with
respect to Special Causes of Loss, Comprehensive Boiler & Machinery, or other property coverage, contain a waiver of the insurer’s
right of subrogation against the Unit Owners, the Board of Managers, any Permitted Mortgagee, any Declarant Net Lessee, any Declarant
Net Lessor, and all occupants.

 

(iii)        provide
that before any material change or cancellation of a policy for which an additional insured or loss payee is required to be named
pursuant to this Article 12, at least thirty (30) days advance written notice, and ten (10) days written notice for non-payment
of premium, shall be given in the case of insurance required to be maintained by: (y) the Board of Managers, to each Unit Owner
and Sub-Board; and (z) a Unit Owner or Sub-Board, to the other Unit Owners and the Board of Managers.

 

(iv)        be
primary as to the named insured and not be entitled to contribution from any other insurance that may be maintained by any other
party.

 

(v)         if
available without additional premium, contain an endorsement or agreement by the insurer that any loss shall be payable in accordance
with the terms of such policy notwithstanding any act or negligence of the policy holder.

 

(d)         All
policies of Special Causes of Loss and Comprehensive Boiler & Machinery property coverage required to be obtained by any Person
pursuant to these By-Laws shall name its Permitted Mortgagee, if any, as a “mortgagee” under a standard New York State
mortgagee clause or its equivalent which shall provide that the loss, if any, thereunder shall be payable to such Permitted Mortgagee,
as its interest may appear, subject, however, to the provisions of Section 12.8 hereof.

 

(e)         All
policies of Special Causes of Loss and Comprehensive Boiler & Machinery property coverage required to be obtained by the Board
of Managers shall (A) provide that adjustment of loss shall be made by the Board of Managers on behalf of all Unit Owners, Permitted
Mortgagees, if applicable, and Declarant Net Lessees, and (B) name the Board of Managers, or at the election of the Board of Managers,
an insurance trustee meeting the qualifications set forth in Section 12.9 hereof (an “Insurance Trustee”) as “loss
payee” as agent for the insured in the event the proceeds payable are in excess of $1,000,000.

 

(f)          If
the Special Causes of Loss property insurance is provided by multiple carriers, a claims settling agent representing all carriers
will be assigned when coverage is bound.

 

Section 12.5      Evidence of Insurance.

 

(a)         Board
of Managers Insurance. The Board of Managers shall deliver to all Unit Owners, each Permitted Mortgagee, each Declarant
Net Lessee, and (so long as a Declarant Net Lease is in effect) the Declarant Net Lessor, a certificate of insurance
evidencing the Board of Managers Insurance, and promptly after issuance of any renewal or replacement policy, shall deliver a
new certificate evidencing same, together with proof of payment of premiums.

 

    	- 46 -

    	 

    

 

(b)          Unit
Owner Insurance. Each Unit Owner shall deliver to the other Unit Owners and the Board a certificate of insurance evidencing
the insurance required to be maintained by such Unit Owner under this Article 12 and promptly after issuance of any renewal or
replacement policy, and shall deliver a new certificate of evidencing same, together with proof of payment of premiums.

 

(c)          Certificates
of Insurance; Policies. The certificates of insurance required to be obtained by any Person pursuant to this Section shall
be kept at the offices of such Person at the Property or at such other reasonably proximate location(s) in The City of New York.
In the event that any certificate of insurance shall fail to contain detail reasonably sufficient enough to enable the Person(s)
who are entitled to a copy of such certificate to reasonably determine if the insurance covered by such certificate complies with
the provisions of this Article 12, then such Person or Persons shall have the right, upon reasonable notice to the Person maintaining
such insurance, to inspect the policy or policies underlying such certificate.

 

Section 12.6      Waiver of Subrogation.
The Board of Managers and each Unit Owner and their Occupants, as hereinafter defined (the “Releasing Party”)
hereby releases and waives for itself, and each Person claiming by, through or under it, each other Unit Owner and the Board and
their respective Occupants (the “Released Party”) from any liability for any loss or damage to all property of
such Releasing Party located upon any portion of the Property, which loss or damage is of the type covered by “All-Risk,”
Comprehensive Boiler & Machinery, or other property insurance policies required to be carried under these By-Laws, irrespective
either of any negligence on the part of the Released Party which may have contributed to or caused such loss, or of the amount
of such insurance required or actually carried, including any deductible. The Releasing Party agrees to obtain, if needed, appropriate
language in its policies of insurance, and to the policies of insurance carried by its Occupants, with respect to the foregoing
release. As used herein, “Occupants” shall mean any Persons from time to time entitled to the use and occupancy
of all or any portion of a Unit under any ownership right, a lease, sublease, or similar agreement.

 

Section 12.7      Indemnification. Subject to the waiver of claims and waiver of subrogation set forth in this Article 12, and to the fullest
extent permitted by Law, each Unit Owner hereby indemnifies and agrees to defend and hold each other Unit Owner (and such other
Unit Owner’s Occupants) and the Board of Managers and any Sub-Board harmless (except for loss or damage resulting from the
gross negligence, willful misconduct or bad faith of any such other Unit Owners or Sub- Board, or the Board of Managers, (or their
respective Occupants), and their respective directors, officers, agents, tenants, contractors, employees, servants, licensees
(collectively, the “Related Parties”)) from and against any and all claims, actions, suits, judgments, damages,
liabilities and expenses (including, without limitation, reasonable attorneys’ fees) in connection with loss of life, personal
injury and/or damage to property arising from or out of any occurrence in or upon the Unit (or any Exclusive Use Common Element
appurtenant to such Unit) owned by such Unit Owner, or occasioned wholly, or in part, by any gross negligence, willful misconduct
or bad faith of such Unit Owner, or its respective Related Parties.

 

    	- 47 -

    	 

    

 

Section 12.8      Casualty and Condemnation.

 

12.8.1  Common Element Restoration
Funds. All insurance proceeds under all policies required to be obtained by the Board of Managers with respect to any property
loss (the “CE Restoration Insurance Proceeds”) and all condemnation awards, if any, with respect to the Common
Elements (such sums, together with any interest or income earned thereon, but net of the reasonable fees, compensation and expenses
incurred by the Insurance Trustee, collectively, the “CE Restoration Funds”) shall be payable to the Board of
Managers, except that if the CE Restoration Funds shall exceed $1,000,000, all CE Restoration Funds shall be payable to the Insurance
Trustee.

 

12.8.2  Use of CE Restoration
Funds. The Board of Managers shall (i) hold in trust on behalf of all Unit Owners any CE Restoration Funds it receives, (ii)
subject to the provisions of Sections 12.8.3 and 12.8.5 of these By-Laws, use the CE Restoration Funds only for CE
Restoration Work and (iii) not commingle the CE Restoration Funds with other funds being held by the Board of Managers.

 

12.8.3  Casualty to or Condemnation
of Common Elements; Repair by Board of Managers; CE Restoration Work.

 

(a)          CE
Restoration Work. Except as provided herein, in the event of (i) the casualty of all or any part of the Common Elements, (ii)
the taking in condemnation or by eminent domain of all or any part of the Common Elements, or (iii) the taking in condemnation
or by eminent domain of all or any part of a Unit that affects the Common Elements, then, subject to the provisions set forth
below, the Board of Managers will arrange for the prompt demolition (to the extent required) repair and restoration of the part
of the Common Elements affected by such casualty or impaired by such taking which, pursuant to the provisions of the Declaration
or By-Laws, are required to be maintained by the Board of Managers (the “CE Restoration Work”). In the
event of a casualty, such CE Restoration Work shall restore the Common Elements so that they are the same type and quality as
existed immediately prior to such casualty, with such changes to the General Common Elements as the Board of Managers may elect.
In the event of a taking, such CE Restoration Work shall take into account the physical constraints imposed by such taking, and
accordingly the Common Elements may be altered to account for such physical constraints; provided, however, that in no event shall
the Board of Managers have the right to utilize additional space in any Unit in connection with such restoration, unless such
right has otherwise been granted under these By-Laws or the Declaration or in connection with such taking. Notwithstanding anything
herein to the contrary, in no event shall the Board of Managers be obligated to restore any Unit Owner’s fit-out to or personal
property contained within its Unit. All CE Restoration Work shall comply with the provisions of Exhibit D to the Master Declaration
as if such CE Restoration Work were the initial construction of the Building (it being understood that Section 2.11 of said Exhibit
D shall not apply to the same), and to the extent that any CE Restoration Work affects in more than a de minimis
matters the use and enjoyment of the Yards Parcel Owner (as defined in Section 13.2(a)(iii) of these By-Laws) of the easement
described in Section 5.1(k) of the Master Declaration, such CE Restoration shall be subject to the procedures for reviewing Parking
Component Review Elements as set forth in said Exhibit D.

 

    	- 48 -

    	 

    

 

(b)          Disbursement
of CE Restoration Funds. In the event of any CE Restoration Funds held by the Insurance Trustee, the Board of Managers shall
apply to the Insurance Trustee for disbursement of the CE Restoration Funds in installments as the CE Restoration Work progresses
in accordance with the provisions of the agreement between the Board of Managers and the Insurance Trustee.

 

(c)          CE
Restoration Funds Deficiency. If prior to the commencement of (and also at any time during the prosecution of) the CE Restoration
Work, the Board of Managers reasonably estimates that the cost to complete the CE Restoration Work exceeds the CE Restoration
Funds then being held by the Insurance Trustee or the Board of Managers, as the case may be, then the Board of Managers shall
notify each Unit Owner of the amount of such estimated deficiency and each Unit Owner’s pro rata allocation thereof (which
such allocation shall be determined in accordance with the Common Interest of each Unit Owner), if relating to the General Common
Elements or borne entirely by the applicable Unit Owner if relating to the Unit Owner’s appurtenant Exclusive Use Common
Elements, and shall be payable by each Unit Owner as a Condominium Special Assessment (hereinafter referred to as a “Special
CE Restoration Assessment”; all such Special CE Restoration Assessments received by the Board of Managers, the “Special
CE Restoration Assessment Proceeds”). At the election of the Board of Managers, each Unit Owner shall then pay its respective
Special CE Restoration Assessment either: (i) in a lump sum, or (ii) in installments, as may be necessary, in the determination
of the Board of Managers to pay for the CE Restoration Work. The Special CE Restoration Assessment Proceeds shall be treated as
if such monies were CE Restoration Funds.

 

(d)          Excess
CE Restoration Insurance Proceeds. To the extent not drawn upon and/or applied to the CE Restoration Work, the Insurance Trustee
and/or the Board of Managers, as the case may be, shall, after the completion of the CE Restoration Work, return all excess CE
Restoration Insurance Proceeds to the Unit Owners according to the Common Interest of such Unit Owner (after deducting from the
amount to be distributed to each Unit Owner the amount, if any, of any Common Charges or Condominium Special Assessments (and
other charges related thereto imposed under these By-Laws) then due and owing from such Unit Owner (such deducted amount, a “Delinquency
Charge”).

 

(e)          Excess
Special CE Restoration Assessment Proceeds. To the extent not drawn upon and/or applied to the CE Restoration Work, the Insurance
Trustee and/or the Board of Managers, as the case may be, shall, after the completion of the CE Restoration Work, return all excess
Special CE Restoration Assessment Proceeds it receives to each Unit Owner according to the pro rata share of such Unit Owner’s
contribution (which shall be based on Common Interest) to such Special CE Restoration Assessment Proceeds, after deducting any
Delinquency Charge. If any Unit Owner fails to pay its Special CE Restoration Assessment in accordance with the provisions of
Section 12.8.3(c) of these By-Laws, then the Special CE Restoration Assessment of such Unit Owner still due and payable
(the “Delinquent Special CE Restoration Assessment”) shall be subject to late charges, interest, expenses and
fees, all pursuant to and in accordance with these By-Laws (such charges, the “Special CE Restoration Assessment Penalties”).
Upon payment to the Board of Managers of the Delinquent Special CE Restoration Assessment, and to the extent not drawn upon and/or
applied to such completed CE Restoration Work, then the Insurance Trustee and/or the Board of Managers, as the case may be, shall
distribute the Delinquent Special CE Restoration Assessment to each Unit Owner, after deducting any Delinquency Charge, according
to the pro rata share of such Unit Owner’s contribution to the Special CE Restoration Assessment Proceeds. The Special CE
Restoration Assessment Penalties shall be distributed to each Unit Owner (excluding the Unit Owner paying such Special CE Restoration
Assessment Penalties) according to the pro rata share of such Unit Owner’s contribution to the Special CE Restoration Assessment
Proceeds (taking into account any prior distribution of any excess Special CE Restoration Assessment Proceeds and after deducting
any Delinquency Charge) prior to the payment of the Delinquent Special CE Restoration Assessment.

 

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12.8.4  Casualty to or Condemnation
of Units; Repair by Unit Owners; Unit Restoration Work. In the event a Unit or a Section is damaged or destroyed by casualty
or impaired by a partial taking by condemnation or eminent domain, the affected Unit Owner(s) (or Sub-Board, as applicable) shall
immediately remove any rubble and debris resulting from such event and, within a reasonable time thereafter, shall (at its election)
either repair and restore the Unit (or Section, if applicable) so damaged or destroyed by casualty, or such of the Unit (or Section,
if applicable) and as shall remain following the taking, (i) to a complete, independent and self-contained architectural whole,
and/or (ii) to a safe and secure “core and shell” condition, with complete and sightly demising walls, doors and exterior
visible surfaces separating such Unit (or Section, if applicable) from any other Unit, any other Section, or any Common Element
visible from outside of the applicable Unit (or Section, if applicable), having no adverse effect on any other Unit or the Common
Elements (either or both of the foregoing (i) and/or (ii), the “Unit Restoration Work”).

 

12.8.5  Casualty to Seventy Five
Percent (75%) or More of the Building. Notwithstanding any provision of the Declaration or By-Laws to the contrary, if seventy-five
(75%) percent or more of the Building is destroyed or damaged by fire or casualty and if, at any time prior to the execution and
delivery of any construction contract relating to the CE Restoration Work (other than a construction contract relating solely to
Safety Work (as hereinafter defined) or other minor construction work not constituting restoration work), then unless 75% or more
in Number and Common Interest of the Unit Owners duly and promptly resolve to proceed with the necessary CE Restoration Work, (i)
the Board of Managers shall secure and fence in the Property boundary, and shall raze the Building, if necessary, and put the Building
and Property into compliance with applicable Laws and applicable provision of the Underlying Agreements, and otherwise make the
Property and Building safe (all of the activities described in this clause (i), the “Safety Work”) and (ii) the
CE Restoration Insurance Proceeds, net of the costs and expenses of the Board of Managers hereunder and the cost of any Safety
Work, shall be divided among the Unit Owners in accordance with their respective Common Interest; provided, however, that no payment
shall be made to a Unit Owner until there has first been paid out of its share of such fund all liens of Permitted Mortgagees holding
mortgages against such Unit Owner’s respective Unit, and all unpaid charges, liens and Delinquency Charges applicable to such Unit.
The determination as to whether 75% or more of the Building is destroyed or damaged by fire or casualty shall be made and certified
by an independent architect or engineer licensed by the State of New York having not less than ten (10) years prior experience
in connection with the construction of buildings in the Borough of Manhattan, City of New York, similar to the Building, which
architect or engineer shall be selected by the Board of Managers. Each Unit Owner hereby resolves, and shall be deemed to have
resolved, to proceed with the necessary CE Restoration Work in the event seventy-five (75%) percent or more of the Building is
destroyed or damaged by fire or casualty. The provisions of the immediately preceding sentence of this Section 12.8.5 may not (so
long as a Declarant Net Lease is in effect) be amended without the consent of the Declarant Net Lessor.

 

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12.8.6  Partial Condemnation.
Notwithstanding anything in the Declaration or these By-Laws to the contrary, if the Building is partially taken by condemnation
or eminent domain (a “Partial Condemnation”), then (i) the Board of Managers shall be required to restore only
those Common Elements necessary for the Units remaining after such Partial Condemnation, and (ii) any Unit Owner whose Unit has
been partially taken (and irrespective of any condemnation award therefor), shall contribute to the Board of Managers the cost
for any applicable CE Restoration Work relating to such Unit Owner’s Unit, and such funds shall be deemed to be CE Restoration
Funds; provided, however, that any excess CE Restoration Funds shall, after the completion of the applicable CE Restoration Work,
be returned to such Unit Owner (after deducting any Delinquency Charges).

 

12.8.7  Total Condemnation.
Notwithstanding any provision of the Declaration or By-Laws to the contrary, if all or substantially all of the Building is taken
by condemnation or eminent domain (a “Total Condemnation”) (a) the Board of Managers shall perform any Safety
Work which it deems appropriate, (b) any award received by a Unit Owner with respect to the taking of its Unit as part of the Total
Condemnation shall be payable to the applicable Unit Owner, provided, however, that no payment shall be made to a Unit Owner until
there has first been paid out of its share of such award all liens of Permitted Mortgagees holding mortgages against such Unit
Owner’s respective Unit, and all unpaid charges, liens and Delinquency Charges applicable to such Unit, and (c) the Board of Managers
shall have no obligation to restore the Common Elements.

 

12.8.8  Restoration Work; Plans.
All Unit Restoration Work shall be performed in accordance with the applicable provisions of the Declaration and these By-Laws
regarding the performance of Alterations and/or Repairs.

 

12.8.9  Reallocation of Percentage Interests.

 

(a)          If,
as a result of a Partial Condemnation, the gross square footage of any Unit changes, the Board of Managers shall promptly (i) adjust,
as of the date of such partial Condemnation, the Unit Owner’s Common Interest Percentage in a manner consistent with the allocation
of the Common Interests in existence immediately preceding such casualty or taking and in accordance with the then applicable Real
Property Law, and (ii) subject to the provisions of Article 16 of the Declaration and Article 16 of these By-Laws, prepare and
record in the office of the New York City Register an amendment to the Declaration, confirming such reallocation. If the Board
of Managers shall not agree on any of the matters referred to in the foregoing clauses (i) and (ii) within ninety (90) days after
the date following completion of the reconstruction of the Building, they shall submit such issue to Arbitration pursuant to the
provisions of Article 15 of the By-Laws.

 

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(b)          If
a Unit Owner does not (in the course of restoring its Unit including any Exclusive Use Common Element appurtenant thereto, following
a fire or other casualty) restore the number of gross square feet existing immediately preceding the fire or other casualty, then,
notwithstanding the reduction in the number of gross square feet in such Unit Owner’s Unit (or its Exclusive Use Common Element
appurtenant thereto), such Unit Owner’s Common Interest shall not be adjusted. Likewise, each Unit Owner’s Common Interest shall
not be adjusted if a Unit Owner chooses to restore its Unit to a “core and shell” condition rather than to a fully operational
condition.

 

(c)          Unless
otherwise shown on the plans for the rebuilding, repairing, replacement or reconstruction of a Unit, during the period of any rebuilding,
repairing, replacement or reconstruction of such Unit the gross square footage previously attributable to that Unit shall be deemed
to be the same as existed immediately prior to such period.

 

Section 12.9      Insurance Trustee.
The Insurance Trustee shall be designated by the Board of Managers and shall be a depository institution or trust company having
an office located in The City of New York with net assets or a capital surplus and undivided profits of $500,000,000 or more having
a long term credit rating from Standard & Poor’s Rating Services of not less than “A”. In the event the Insurance
Trustee resigns or is replaced by the Board of Managers, the Board of Managers shall appoint a new Insurance Trustee. The Board
of Managers shall pay the fees and disbursements of any Insurance Trustee and such fees and disbursements shall constitute a Common
Expense. The Insurance Trustee shall hold all CE Restoration Funds (i) in trust on behalf of all Unit Owners, (ii) in accordance
with the terms of these By-laws and (iii) in accordance with Section 254(4) of the Real Property Law of the State of New York.

 

Article 13

 

Compliance, Defaults, Cure
Rights 

 

Section 13.1      Compliance and Default.

 

(a)          Each
Unit Owner shall comply with the terms of the Condominium Documents. Failure to comply shall be grounds for (i) an action to recover
sums due for damages or for injunctive relief maintainable by the other Unit Owners, each on its own behalf, or by the Board of
Managers on behalf of the non-defaulting Unit Owners or (ii) in the case of unpaid Common Charges, an action by the Board of Managers
to foreclose its lien, as hereinabove provided.

 

(b)          For
so long as a monetary event of default under the Condominium Documents exists and is continuing with respect to a particular Unit
Owner, such Unit Owner shall not have the right to vote at any meeting of Unit Owners nor shall any member(s) of the Board of Managers
designated by such Unit Owner have the right to vote at any meeting of the Board of Managers; and all references in the Condominium
Documents to required votes or voting percentages shall, in such circumstances, mean the required vote or voting percentage of
Unit Owners or members of the Board of Managers, as the case may be, who or which are eligible to vote at the time in question.
In addition, any express reference to the required vote of such Unit Owner (or Board member appointed by such Unit Owner) shall,
during the pendency of such default, be inapplicable.

 

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(c)          In
any proceeding arising out of an alleged default by a Unit Owner, the prevailing party shall be entitled to recover the costs of
the proceeding and such reasonable attorney’s fees and disbursements as may be determined by the court.

 

(d)          The
failure of the Board of Managers or a Unit Owner to enforce any right, provision or covenant contained in the Condominium Documents
shall not constitute a waiver of the right of the Board of Managers or the Unit Owner to enforce such right, provision or covenant
in the future.

 

(e)          All
rights, remedies and privileges of the Board of Managers or a Unit Owner pursuant to the Condominium Documents shall be cumulative,
and the exercise of any one or more shall not constitute an election of remedies nor shall it preclude the party exercising the
same from exercising other and additional rights, remedies or privileges as may be granted to such party by the Condominium Documents
or pursuant to law or in equity.

 

(f)          In
the event of a default by a Unit Owner with respect to the payment of any sums, or the performance of any obligation, or the cure
of any default or violation of or under the Condominium Documents, and the same shall continue without payment, performance or
cure, as the case may be, beyond the giving of all required notices and the expiration of all cure periods, in each case to the
extent required under the Condominium Documents, without limiting the foregoing, the Board of Managers may (without the consent
of the defaulting Unit Owner) but shall not be obligated to, pay the amount or perform or cause to be performed the obligation
or otherwise cure or effect the cure of the default (including, for example, by means of causing Repairs or Alterations, or curing
violations or removing or bonding mechanic’s liens or otherwise as the Board of Managers shall deem appropriate). Such right on
behalf of the Board of Managers to cure any such matters includes, without limitation, the right: (i) to enter the Unit and any
Exclusive Use Common Element appurtenant thereto of the defaulting Unit Owner and to summarily abate and remove, at the expense
of the defaulting Unit Owner, any structure, thing or condition resulting in such violation or breach and the Board of Managers
shall not thereby be deemed guilty or liable in any matter of trespass; and/or (ii) to enjoin, abate or remedy by appropriate legal
proceedings, either at law or in equity, the continuance of any such violation or breach. Any funds expended by the Board of Managers
together with interest at the Default Rate from the date of expenditure to the date of repayment, shall be reimbursed by the defaulting
Unit Owner to the Board of Managers within ten (10) days after the giving by the Board of Managers of written notice of such default,
and the same shall constitute part of the Common Charges payable by such person.

 

(g)          Any
rights or remedy of the Board of Managers may be exercised immediately, and if necessary, without notice, in the case of any Emergency.

 

Section 13.2      Defaults Under
Master Declaration and ERY FAPOA Declaration.

 

(a)          As
used herein:

 

  (i)          “Facility
Airspace Parcel” has the meaning set forth in the Master Declaration.

 

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  (ii)         “Facility
Airspace Improvements” has the meaning set forth in the Master Declaration.

 

  (iii)        “Individual
Association Share” means, with respect to any Unit Owner, the percentage which reflects the Common Interest (or such
other allocation as is specifically provided for in the Allocation Schedule) of such Unit Owner as applied to the total obligations
of the Board of Managers with respect to its portion of the Facility Airspace Parcel or Facility Improvements Parcel in accordance
with Article XVI of the Master Declaration.

 

  (iv)        “Yards
Parcel Owner” has the meaning set forth in the Master Declaration.

 

  (v)         “YP
Obligation Assessment” has the meaning set forth in the ERY FAPOA Declaration.

 

(b)          The
Board of Managers shall assess and collect Association Charges and Special Assessments from all Unit Owners as provided in Section
6.8(k) hereof. Each Unit Owner shall be responsible to fund in a timely manner its Individual Association Share of the total Association
Charges and Special Assessments. If a Unit Owner (a “Defaulting Unit Owner”) fails to so fund its Individual Association
Share, the Board of Managers may impose a Condominium Special Assessment on the other Unit Owners in order to meet the obligation
of the Condominium to pay Association Charges and Special Assessments, but such Condominium Special Assessment shall not relieve
the Defaulting Unit Owner of its obligations.

 

(c)          Each
Unit shall be subject to levy or execution for the satisfaction of any monetary liability under the Master Declaration solely to
the extent of the Association Share Interest of such Unit Owner of such Unit. In accordance with the Master Declaration and the
ERY FAPOA Declaration, in the event of a default by the Condominium in payment of such Association Charges and/or Special Assessments
to the Association, a lien shall exist upon the Unit of each Unit Owner in favor of the Association, solely to the extent of such
Unit Owner’s unpaid Individual Association Share, which lien shall include such Unit Owner’s obligation for the costs of collection
of such Unit Owner’s unpaid Individual Association Share. Such lien shall have the same priority as the lien of the Board of Managers
for unpaid Common Charges, and shall be superior to all other liens on the Unit, except to the extent provided in Section 339-z
of the New York Real Property Law (or other applicable Legal Requirements), the lien of any real property taxes.

 

(d)          The
Board of Managers and the Unit Owners acknowledge that the ERY FAPOA Declaration provides that prior to enforcing its rights under
the ERY FAPOA Declaration against a Unit Owner, the Association shall first use reasonable efforts to enforce its rights against
the Board of Managers. In the event that the Board of Managers does not timely perform its obligations under the ERY FAPOA Declaration,
the Association and the Yards Parcel Owner shall have the right at any time thereafter to obtain from the Board of Managers the
names of any Unit Owners who have not paid their Individual Association Shares. In no event shall Yards Parcel Owner be obligated
to bring suit against the Board of Managers or to exhaust remedies against the Board of Managers prior to making demand on the
Unit Owners to fund their Individual Association Shares.

 

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(e)          The
Board of Managers shall give a copy of any notice of default received by it from the declarant under the Master Declaration or
from the Association with respect to the ERY FAPOA Declaration to each Unit Owner, Sub-Board, and Permitted Mortgagee. Each Unit
Owner or Sub-Board may cure such default if the Board of Managers fails to do so, and shall promptly notify the Board of Managers
of its intent. If more than one Unit Owner or Sub-Board notifies the Board of Managers of such intent, Unit Owners or a Sub-Board
shall have priority to cure such default in order of their Common Interests, with the Unit Owner or Sub-Board with the highest
Common Interest having the highest priority. A Permitted Mortgage shall also have the right to cure such default on behalf of
its Unit Owner or Sub-Board.

 

(f)          In the event that the Board of Managers fails
to perform its obligations hereunder with respect to any YP Obligation Assessment and the Association fails to cause the Board
of Managers to remedy such failure within ten (10) business days of the occurrence thereof, the Yards Parcel Owner shall be entitled,
at its election, to make demand on and/or exercise any remedies against the Unit Owners directly to fund their respective Individual
Association Shares of such YP Obligation Assessment. In no event shall the Yards Parcel Owner be obligated to bring suit against
the Board of Managers or to exhaust remedies against the Condominium prior to making such demand on the Unit Owners to fund their
Individual Association Shares of such YP Obligation Assessment or exercising any other remedies of the Yards Parcel Owner hereunder
against the Condominium. Any suit by the Yards Parcel Owner against the Board of Managers and/or each Unit Owner to enforce the
obligation to pay a YP Obligation Assessment may, at the option of the Yards Parcel Owner, be brought in a single action or successive
actions (subject to any applicable statute of limitations). No Unit Owner shall be liable for payment of more than its Individual
Association Share of any YP Obligation Assessment, and any Unit Owner that has duly paid its Individual Association Share of a
YP Obligation Assessment to the Board shall not be obligated to pay any duplicative amount to the Yards Parcel Owner. Yards Parcel
Owner shall hold any funds received from the Unit Owners on account of the YP Obligation Assessment in the name of and for the
account of Yards Parcel Owner, and shall apply such funds to the Condominium’s Association Share (as defined in the ERY FAPOA
Declaration) of obligations under the Master Declaration.

 

(g)          The
obligations of the Board of Managers and its rights (and the rights of the Yards Parcel Owner) against the Unit Owners pursuant
to this Section 13.2 are essential elements permitting the development of the Property. Every deed conveying title to a Unit to
a Unit Owner, and every lease of all or substantially all of a Unit, shall make reference to the provisions of this Section 13.2,
and shall expressly state that the Condominium Declaration and/or the applicable conveyance is subject to the ERY FAPOA Declaration.

 

(h)          In
no event may the provisions of this Section 13.2 be amended, modified, deleted or waived without the express written consent of
Yards Parcel Owner.

 

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Article 14

 

Sale, Lease and Mortgages
of Units; Estoppel Certificates

 

Section 14.1      Sales and Leases
of Units. The Unit Owner of each Unit, may, without the prior consent of the Board of Managers or any other Unit Owner, sell,
assign or otherwise transfer, lease, sublease, license or encumber its Unit (whether by merger, consolidation, sale, lease, sublease,
license, mortgage, assignment or otherwise, but subject to any restrictions provided herein or in any other of the Condominium
Documents); provided, however, that: (i) no lien to secure repayment of any sum borrowed may be created on any other Unit without
the prior written consent of the owner of such other Unit or on any of the Common Elements (as opposed to the applicable
Unit Owner’s undivided interest therein) without the prior written consent of all Unit Owners; and (ii) no Unit Owner (other than
such borrowing Unit Owner), nor the Board of Managers, will be liable for repayment of any portion of any such loan, unless all
such Unit Owner(s) and Board of Managers, as applicable, otherwise so agree in writing.

 

Section 14.2      Leasing
of Units. Subject to the provisions of these By-Law, a Unit Owner (including a Permitted Mortgagee who acquires title to the Unit
through foreclosure or by deed or assignment in lieu of foreclosure or otherwise) may lease or sublease the Unit in whole or in
part, without any notice to or consent of the Board of Managers or other Unit Owner but subject, in all events, to the provisions
of the Condominium Documents. Any lease for all or part of a Unit shall be consistent with and shall be deemed to incorporate by
reference these By-Laws.

 

Section 14.3      [Intentionally Omitted].

 

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Section 14.4      Mortgaging of Units; Suits.

 

(a)          Each
Unit Owner shall have the right, without consent of the Board of Managers or any other Unit Owner, to mortgage (which term shall
include, where applicable, any lease which is entered into in connection with a sale-leaseback, lease-subleaseback or similar
financing arrangement) its Unit without restriction, which mortgage shall be subject, however, to the provisions of the Declaration
and these By-Laws), and provided further that the mortgagee (or the lessor in a sale-leaseback or sublessor in a lease-subleaseback
transaction) is: (i) a bank, savings bank, trust company, savings and loan association, real estate investment trust, credit union
or similar banking institution whether organized under the laws of the State of New York, the United States or any other state;
(ii) any foreign banking corporation licensed by the Superintendent of Banks of New York or the Comptroller of the Currency to
transact business in the State of New York; (iii) any insurance company or pension and/or annuity company duly organized or licensed
to do business in New York State, or any similar institutional lender; or (iv) any instrumentality created by the United States
or any state with the power to make mortgage loans,(v) any real estate mortgage investment conduit within the meaning of the Internal
Revenue Code, (vi) any entity not included within any of the foregoing that is regularly engaged in the business of making, owning,
investing in, or servicing mortgage or mezzanine loans, including, without limitation, a so-called “conduit lender”
or “investment fund”, or (vii) any group of lenders which include one or more of the foregoing, or (viii) the seller
of the Unit or (ix) any affiliate of any of the foregoing. A mortgage (or leaseback or subleaseback) complying with the provisions
of this paragraph (a) is herein called a “Permitted Mortgage,” and the holder of a Permitted Mortgage is herein
called a “Permitted Mortgagee”. A Permitted Mortgagee shall also include any lender providing mezzanine financing
or preferred equity financing to one or more of the direct or indirect owners of a Unit Owner.

 

(b)          A
Unit Owner which mortgages its Unit or the holder of a Permitted Mortgage shall notify the Board of Managers of the name and address
of the mortgagee and shall file a conformed copy of the note and mortgage with the Board of Managers and such Unit Owner shall,
prior to giving such mortgage, satisfy all unpaid liens against its Unit other than Permitted Mortgages. A Unit Owner who satisfies
a mortgage covering its Unit shall so notify the Board of Managers and shall file a conformed copy of the satisfaction of mortgage
(or similar document in recordable form) with the Board of Managers. The Board of Managers shall maintain such information in a
book entitled “Mortgages of Units.”

 

(c)          The
Board of Managers shall accept payment of any sum or performance of any act by a Permitted Mortgagee or tenant or subtenant of
a Unit Owner required to be paid or performed by a Unit Owner pursuant to the provisions of the Condominium Documents, with the
same force and effect as though paid or performed by such Unit Owner.

 

(d)          The
Board of Managers shall send each Permitted Mortgagee of which it has received notice (i) a copy of any notice of default sent
to the Unit Owner of such Unit, and (ii) notice of the commencement by the Board of Managers of any action or proceeding pursuant
to Section 6.3(b) of these By-Laws.

 

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(e)          Any
Permitted Mortgagee of which the Board of Managers has notice shall have a period of thirty (30) days after receipt of a notice
of a default from the Board of Managers for remedying any default by a Unit Owner under the Declaration or these By-Laws or causing
the same to be remedied and shall, within such period and otherwise as herein provided, have the right, but not the obligation,
to remedy such default, or cause action to remedy such default to be taken; provided, however, that if such
default is not reasonably susceptible of being cured by a Permitted Mortgagee either within such thirty (30) day period or without
obtaining possession of the Unit, the Permitted Mortgagee shall have such additional period of time as is reasonably necessary
to obtain possession of the Unit and thereafter cure such default, provided the Permitted Mortgagee has commenced such cure and
is diligently prosecuting such cure. The Board of Managers will not commence a proceeding to foreclose its lien against any Unit
as a result of any Unit Owner’s default until the expiration of the time period described herein that is afforded to any
Permitted Mortgagee to cure such default. Payment or performance of any obligation of a Unit Owner by a Permitted Mortgagee shall
not give rise to any obligation on the part of the Permitted Mortgagee to so pay or perform in the future.

 

(f)          No
Unit Owner shall suffer or permit any lien on its Unit except as permitted in this Section 14.4. If the Unit Owner fails to satisfy
any such lien or otherwise cause its discharge by bonding or otherwise within sixty (60) days after the date of receipt of notice
of such lien, the Board of Managers shall have the right to take all necessary and appropriate steps to discharge the lien and
charge such Unit Owner for all expenses incurred and such charges shall be due and payable within ten (10) days of demand.

 

(g)          A
Unit Owner shall forthwith give notice to the Board of Managers of any suit or other proceeding the outcome of which may directly
affect title to its Unit.

 

Section 14.5      Net Leases of Units by Declarant.

 

(a)          Declarant
shall have the right to enter into a net lease (each, a “Declarant Net Lease”) of each Unit owned by it with
a third party without restriction, which Declarant Net Lease shall be subject, however, to the provisions of the Declaration and
these By-Laws. The lessee under a Declarant Net Lease is herein called a “Declarant Net Lessee”, and the Lessor
under a Declarant Net Lease is herein called a “Declarant Net Lessor”.

 

(b)          Each
Declarant Net Lessee shall provide the Board of Managers and each Unit Owner with its name and address and any changes thereto.

 

(c)          Each
Declarant Net Lessee shall provide the Board of Managers with a redacted copy of its Declarant Net Lease.

 

(d)          The
Board of Managers (and, if applicable, any Unit Owner) shall (i) accept payment of any sum or performance of any act by a Declarant
Net Lessee required to be paid or performed by Declarant or a Declarant Net Lessor, as the owner of a Unit, pursuant to the provisions
of the Condominium Documents, with the same force and effect as though paid or performed by Declarant or a Declarant Net Lessor,
and (ii) deal with the Declarant Net Lessee in all respects as if it were the Unit Owner of the applicable Unit owned by Declarant
or a Declarant Net Lessor, including, without limitation, the enforcement of all defaults and other remedies under the Declaration
and these By-Laws, without first having to exercise any remedies against Declarant or a Declarant Net Lessor.

 

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(e)          Each
Declarant Net Lessee shall (to the exclusion of Declarant or a Declarant Net Lessor) have all of the rights and obligations of
the Unit Owner of the applicable Unit under the Declaration and these By-Laws, including, without limitation, the rights under
Articles 15 and 16 of the Declaration and the rights to call for and vote at meetings of Unit Owners, subject, however, to the
provisions of the last sentence of Section 3.8 hereof.

 

(f)         The
Board of Managers and each Unit Owner shall give to each Declarant Net Lessee and (so long as a Declarant Net Lease is in effect)
to Declarant or a Declarant Net Lessor copies of all notices given to Unit Owners or the Board of Managers, as the case may be,
pursuant to the provisions of the Declaration and these By-Laws.

 

(g)          The
provisions of this Section 14.5, the next to last sentence of Section 2.1 hereof, and the last sentence of Section 3.8 hereof
may not (so long as a Declarant Net Lease is in effect) be amended without the consent of Declarant or the Declarant Net Lessor.

 

Section 14.6      Payment of Assessments.
In addition to complying with all other provisions of these By-Laws, Unit Owners shall not be permitted to sell, convey, mortgage,
pledge, hypothecate or lease their Units unless and until they shall have paid in full to the Board of Managers all unpaid Common
Charges and other amounts required by the Board of Managers to be paid and theretofore assessed by the Board of Managers against
such Units and until such Unit Owners shall have satisfied all unpaid liens against their Units, other than Permitted Mortgages.
Unit Owners shall notify the Board of Managers or the Managing Agent at least five (5) business days prior to the closing of any
of the aforementioned transactions for confirmation of any unpaid amounts.

 

Section 14.7      No Severance
of Ownership. No Unit Owner shall execute any deed, mortgage or other instrument conveying or mortgaging title to its Unit
without including therein its entire Common Interest appurtenant to such Unit, it being the intention to prevent any severance
of such combined ownership. No part of the Common Interest appurtenant to any Unit may be sold, conveyed or otherwise disposed
of, except as part of a sale, conveyance or other disposition of the Unit to which such interest is appurtenant. Any such deed,
mortgage or other instrument purporting to affect one or more of such interests without including all such interests shall be deemed
and taken to include the interest or interests so omitted even though the latter shall not be expressly mentioned or described
therein. Nothing in this Section 14.6 shall prohibit the lease of all or any portion of a Unit without the simultaneous lease of
its appurtenant Common Interest.

 

Section 14.8      Waiver of Right
of Partition with Respect to Units Acquired on Behalf of Unit Owners as Tenants-in-Common; Waiver of Right of Surrender.

 

(a)          In
the event that any Unit Owner shall convey its Unit to the Board of Managers in accordance with Section 339-x of the Real Property
Law of the State of New York, or any Unit shall be acquired by the Board of Managers or its designees (whether at a foreclosure sale or otherwise) on behalf of all Unit Owners as tenants-in-common, all such Unit Owners shall
be deemed to have waived all rights of partition with respect to such acquired Unit.

 

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(b)          To
the extent permitted by Law, each Unit Owner shall be deemed to have waived any and all right to surrender its Unit (in each case,
together with its Appurtenant Interests), to the Board of Managers.

 

Section 14.9      Estoppels. The
Board of Managers, at any time, and from time to time, upon at least ten (10) days’ prior written notice by a Unit Owner, shall
execute, acknowledge and deliver to the Unit Owner, and/or to any other person, firm or corporation specified by the Unit Owner,
a statement: (i) certifying that the Condominium Documents are in full force and effect and are unmodified (or, if modified, stating
the dates of any amendments thereto); (ii) setting forth the then annual Common Charges allocable to the Unit in question and the
dates to which such Common Charges have been paid; and (iii) stating whether or not there exist any known defaults by the Unit
Owner under any of the Condominium Documents and, if so, specifying each such known default. The Board of Managers shall be entitled
to charge the requesting Unit Owner a reasonable fee for preparing and rendering said statement. The addressee of any such statement
shall be entitled to rely thereon; and each statement delivered pursuant to this Section 14.9 shall act as a waiver of any claim
between the addressee and the Board of Managers to the extent such claim is based upon facts contrary to those asserted in the
statement and to the extent the claim is asserted against a bona fide encumbrancer or purchaser for value without knowledge of
facts to the contrary of those contained in the statement, and who has acted in reasonable reliance upon the statement provided,
however, that the issuance of such statement shall in no event subject the Board of Managers to any liability for the negligent
or inadvertent failure of the Board of Managers to disclose correct and/or relevant information.

 

Section 14.10     Non-Disturbance.
At the request of any Unit Owner made from time to time, the Board of Managers shall, at the sole cost and expense of the requesting
Unit Owner, execute and deliver a non-disturbance agreement (substantially in the form annexed to the Declaration as Exhibit
D or in any such other or changed form as may be agreed upon by the Board of Managers and the requesting Unit Owner, a “Non-Disturbance
Agreement”) to any of such Unit Owner’s lessees whose lease covers at least 10,000 square feet of space in such Unit Owner’s
Unit.

 

Article 15

 

Arbitration

 

Section 15.1      Arbitrable Issues.
Any dispute or controversy between the Unit Owners or between a Unit Owner and the Board of Managers concerning or relating
to the Declaration or these By-laws, may, at the option of any party to the dispute or controversy be submitted to arbitration
(“Arbitration”) in accordance with this Article 15 (but only if the Declaration or these By-laws expressly provide that
the dispute or controversy shall be resolved by Arbitration). Any dispute or controversy submitted to Arbitration shall be determined
and resolved by Arbitration (and not by litigation, except with respect to the enforcement of an arbitrator’s decision). Nothing
in this Article or elsewhere in the Declaration or these By-laws shall (unless otherwise expressly provided) require the Arbitration
of any dispute between (x) any Unit Owner or Unit Owners
or the Board of Managers, on the one hand, and (y) any third parties (including mortgagees, tenants, insurers and managing agents),
on the other. If the dispute or controversy is between the Board of Managers and a Unit Owner, the member(s) of the Board of Manager
selected/elected by the other Unit Owner(s) shall have the right to make all decisions and bind the Board of Managers with respect
to the Arbitration.

 

    	- 60 -

    	 

    

 

Section 15.2      Arbitration
by Single Arbitrator. If any matter is to be submitted to Arbitration by the Board of Managers or by a Unit Owner(s) pursuant
to the Declaration or these By-laws and in accordance with this Article 15, the Arbitration shall be conducted in New York City
before a single arbitrator (“Arbitrator”) in accordance with the then commercial arbitration rules and expedited procedures
(“Expedited Procedures”) of the American Arbitration Association (or any successor organization) (“AAA”),
provided, however, that if the terms of this Article 15 differ from or conflict with then applicable Expedited Procedures, the
Arbitrator shall be chosen in accordance with, and the Arbitration shall be governed by, the terms and provisions of this Article
15.

 

Section 15.3      Initiation of
Arbitration. In the event that the Board of Managers or a Unit Owner elects to arbitrate a dispute or controversy in accordance
with, and where permitted by, this Article 15, the Board of Managers or the Unit Owner electing Arbitration shall deliver written
notice (an “Arbitration Notice”) to each of the other Unit Owners or the Board of Managers, as the case may be,
demanding Arbitration to resolve the dispute or controversy. The Arbitration Notice shall include a brief statement of the nature
of the dispute and the relief being sought. Contemporaneously with the delivery of the Arbitration Notice, the party delivering
the Arbitration Notice shall also request from the other parties to the Arbitration the production of documents relating to the
dispute, which documents shall be produced within fourteen (14) days of the appointment of the Arbitrator. Within ten (10) business
days following the delivery of an Arbitration Notice, any Unit Owner who is not one of the initial disputing parties but believes
it may be affected by the outcome of the Arbitration may, by notice to each of the other Unit Owners, elect to intervene and participate
in the Arbitration, in which event the intervening Unit Owner shall be deemed a disputing party with all of the same rights and
obligations as the original disputing parties; provided, however, that the Arbitrator may, in the Arbitrator’s sole discretion,
exclude duplicative evidence and may require two (2) or more of the Unit Owners who elect to join the Arbitration in to consolidate
the presentation of their cases as may be necessary or proper to the efficient administration of the proceedings.

 

Section 15.4      Selection of
Arbitrator. Within ten (10) business days following the delivery of an Arbitration Notice, the parties to the Arbitration shall
attempt to select a single disinterested Arbitrator to resolve the dispute described in the Arbitration Notice. If the disputing
parties have not resolved the dispute or agreed on a single Arbitrator within ten (10) business days, then any disputing party
(including the party who delivered the Arbitration Notice) may apply to the New York City office of the AAA to appoint an Arbitrator
in accordance with the Expedited Procedures. If the AAA shall not then exist or shall fail, refuse or be unable to appoint an Arbitrator
within thirty (30) days after the application, then any disputing party (including the party who delivered the Arbitration Notice)
may apply to a judge of the highest court of appellate jurisdiction located in the County of New York for the appointment of an
Arbitrator. Any Arbitrator selected by AAA shall be an independent real estate professional with no interest in or affiliation with any Unit Owner and have at least 10 years’ experience in operations and management of Class
A commercial buildings in the New York metropolitan area.

 

    	- 61 -

    	 

    

 

Section 15.5      Arbitration
Procedures. Within five (5) business days following the delivery of Arbitration Notice, the Board of Managers shall make available
to each disputing party all applicable books and records in connection with the dispute. The Arbitration hearing shall be conducted
in accordance with the Expedited Procedures, or as the disputing parties may otherwise agree. The decision and award of the Arbitrator
shall be binding on the Unit Owners and the Board of Managers and shall be enforceable in any court of competent jurisdiction.
Notwithstanding anything to the contrary contained herein, the Arbitrator may order any interim measures or provisional remedies
as may be deemed necessary, including injunctive relief. Each party to an Arbitration shall also be permitted recourse to a court
for interim or provisional relief necessary to preserve its right to arbitrate.

 

Section 15.6      Provisions Applicable
to Arbitration. The Arbitrator’s decision shall be based on the standards and provisions set forth in, and the purposes of,
the Declaration and these By-laws, but absent specific standards and provisions, the decision shall be based on the standards of
operation of the Condominium as set forth in the Condominium Documents and what a reasonably prudent Unit Owner of a comparable
property in a comparable location would determine under similar circumstances. The Arbitrator shall consider only the specific
issues submitted for resolution, as set forth in the Arbitration Notice. The Unit Owners and the Board of Managers shall execute
all documents and do all other things necessary to submit to the Arbitration and hereby waive any and all rights they may have
to revoke their election to arbitrate and to abide by the decision rendered by the Arbitrator. The Arbitrator shall apply the law
of the State of New York without regard to conflict of law principles and shall have no power to vary or modify any of the provisions
of the Declaration or these By-laws, and its powers and jurisdiction are hereby limited accordingly. In no event shall any Unit
Owner seek (nor shall the Arbitrator award) consequential or punitive damages, and the Arbitrator’s powers shall be so limited.
No failure or refusal of a Unit Owner to give any consent required under the Condominium Documents shall be subject to Arbitration,
except to the extent (i) the Unit Owner is required pursuant to express provisions of the Declaration or these By-laws to act in
accordance with certain standards, (ii) the Arbitration is to determine whether the Unit Owner acted within those standards, and
(iii) the Arbitration is otherwise permitted as provided in Section 15.1 of this Article 15. In the event that separate Arbitration
proceedings are commenced under this Article 15, and the same or similar issues arise in two (2) or more such Arbitration proceedings,
they shall be consolidated with, and heard by, the Arbitrator appointed in the proceeding in which the Arbitration Notice was first
given.

 

Section 15.7      Resignation/Departure
of a Potential Arbitrator. If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or
continue to serve, a replacement shall be appointed in the same manner as provided in Section 15.4 of this Article 15.

 

Section
15.8      Costs of Arbitration. (a) The fees, costs and expenses of the Arbitrator shall be
borne by the losing party in the Arbitration or, if neither party prevails, the fees, costs and expenses shall be borne
equally by the parties. Each party shall also bear the fees and expenses of its own counsel and expert witnesses. All costs
and expenses paid or incurred by the Board of Managers in connection with any Arbitration held hereunder (including, without
limitation, the fees and expenses of counsel and expert witnesses) shall constitute Common Expenses.

 

    	- 62 -

    	 

    

 

(b)          Each
disputant shall also bear the fees and expenses of its counsel and expert witnesses. All costs and expenses paid or incurred by
the Board of Managers in connection with any arbitration held hereunder (including, without limitation, the fees and expenses
of counsel and expert witnesses) shall constitute Common Expenses.

 

Section 15.9      Alternative
Dispute Resolution. The parties to any dispute submitted to Arbitration may, by mutual written agreement, vary any of the provisions
of this Article with respect to the Arbitration of any dispute, or may agree to resolve their dispute in any other manner, including
the manner set forth in Section 3031 of the New York Civil Practice Law and Rules and known as the “New York Simplified Procedure
for Court Determination of Disputes.”

 

Section 15.10     No Evidentiary
or Preclusive Effect. No determination or other finding in an Arbitration conducted under this Article 15 shall have any preclusive
effect nor shall it be deemed, res judicata against any disputing party (or other Person) in connection with any claim,
suit or cause of action brought by a third party.

 

Section 15.11     Right of Mortgagee
to Participate. A Permitted Mortgagee shall have the right, upon notice to the parties to the Arbitration, to participate in
the Arbitration, but not the selection of the Arbitrator, except in lieu of and on behalf of its borrower Unit Owner.

 

Article 16

 

Amendments to By-Laws

 

Article 14 of the Declaration
with respect to amendments is incorporated herein in its entirety; and the provisions of these By-Laws may be amended, modified,
added to or deleted only in accordance with the terms of such Article, as if each reference therein to the Declaration, were a
reference herein to these By-Laws. In no event may the provisions of Section 13.2 of these By-Laws be amended. modified, deleted
or waived without the express written consent of the Declarant named herein (and not the Declarant Net Lessee) and the Yards Parcel
Owner.

 

Article 17

 

Fiscal Year

 

The fiscal year of the Condominium
shall be the calendar year unless the Board of Managers shall adopt a different period.

 

Article 18

 

Execution of Instruments

 

After the effective date of the
Declaration, all instruments of the Condominium shall be signed and executed by such officer or officers as the Board of Managers
shall designate.

 

    	- 63 -

    	 

    

 

Article 19

 

Rules and Regulations

 

The Board of Managers shall
adopt and amend Rules and Regulations governing the operation, Maintenance and Repair of the Property as shall be appropriate from
time to time, subject to the provisions of Section 2.2.3(f) hereof. In promulgating Rules and Regulations with respect to matters
of access to the Building, hours of operation, security and like matters, due consideration shall be given to the fact that portions
of certain Unit Owners’ activities in the Building are expected to occur in the evenings or on weekends. No Rule or Regulation
shall unreasonably or discriminatorily or in any material respect whatsoever restrict or impair (directly or indirectly or through
discriminatory Condominium Special Assessments or charges) the rights of any Unit Owner to use its Unit for the purposes set forth
in Section 7 of the Declaration.

 

Article 20

 

Miscellaneous

 

Section 20.1      Consents and Approvals.

 

(a)          Any
approval or consent of the Board of Managers or a Unit Owner required under the Declaration or these By-Laws may, except to the
extent expressly provided to the contrary in the Declaration or these By-Laws, be granted or withheld in such Unit Owner’s sole
discretion. Whenever the approval or consent of the Board of Managers or a Unit Owner is required under the Declaration or these
By-Laws not to be unreasonably withheld, such approval shall also not be unreasonably conditioned or delayed.

 

(b)          Notwithstanding
that the consent and/or approval of the Board of Managers or any Unit Owner may be required for or with respect to any particular
matter, there shall be no separate or further requirement to obtain the consent or approval of the Managing Agent or managing agent
for any of the Unit Owners.

 

Section 20.2      Invalidity.
The invalidity of any provision of these By-Laws shall not be deemed to impair or affect in any manner the validity, enforceability
or effect of the remainder of these By-Laws and, in such event, all of the other provisions of these By-Laws shall continue in
full force and effect as if such invalid provision had never been included herein.

 

Section 20.3      Captions. The
captions herein are inserted only as a matter of convenience and for reference, and in no way define, limit or describe the scope
of these By-Laws, or the intent of any provision thereof.

 

Section 20.4      Gender. The
use of the masculine gender in these By-Laws shall be deemed to refer to the feminine gender and the use of the singular shall
be deemed to refer to the plural, and vice versa, whenever the context so requires.

 

Section 20.5      Waiver. No
provision contained in these By-Laws shall be deemed to have been abrogated or waived by reason of any failure to enforce the same,
irrespective of the number of violations or breaches thereof which may occur.

 

    	- 64 -

    	 

    

 

Section 20.6      Unanimous Consent.
After the subdivision of any of the Units as originally constituted upon the initial recording
of the Declaration, any vote requiring the “unanimous consent of Unit Owners” (or like provision) shall, with respect
to such subdivided Unit, require the consent of Unit Owners holding a simple majority of the common
interest appurtenant to all Units resulting from such subdivided Unit.

 

Section 20.7      CPI Increases.
All specific dollar amounts set forth in these By-Laws or the Declaration shall be adjusted annually by the CPI Increase Factor
except to the extent otherwise provided. For such purposes, the “CPI Increase Factor” means an increase proportionate
to any increase in the cost of living from the date of the initial recording of the Declaration, as reflected by the change in
the Consumer Price Index (CPI-U; All Items; 1982-84 = 100 standard reference base period) for New York, New York (or the smallest
measured area including New York, New York), as published by the Bureau of Labor Statistics, United States Department of Labor
or, if the same ceases to be published, a commonly used substitute therefor reasonably selected by the Board of Managers (as applicable,
the “Consumer Price Index”).

 

Section 20.8 Covenant of Further Assurances.

 

(a)          Any
party which is subject to the terms of these By-Laws, whether such party is a Unit Owner, a lessee or sublessee of a Unit Owner,
an occupant of a Unit, a member or an officer of the Board, a Permitted Mortgagee, a Declarant Net Lessee, or otherwise, shall,
at the expense of any such other party requesting the same, execute, acknowledge and deliver to such other party such instruments,
in addition to those specifically provided for herein, and take such other action, as such other party may reasonably request,
as shall be reasonably necessary to effectuate the provisions of these By-Laws or any transaction contemplated herein or to confirm
or perfect any right to be created or transferred hereunder or pursuant to any such transaction (but without expanding the scope
of any liability or obligation on the part of the cooperating party beyond that set forth in the Condominium Documents).

 

(b)          If
any Unit Owner or any other party which is subject to the terms of these By-Laws fails to execute, acknowledge or deliver any instrument,
or fails or refuses to take any action which such Unit Owner or other party is required to perform pursuant to one or more specific
provision of these By-Laws, in each case (unless a specific provision with respect thereto is provided for elsewhere in the Condominium
Documents) within fifteen (15) business days after request therefor and within five (5) business days after receipt of a second
request therefor (which second request shall be accompanied by a copy of the initial request (and any supporting materials) and
stating in bold print: “THIS IS A SECOND AND FINAL REQUEST FOR YOU TO EXECUTE, ACKNOWLEDGE AND/OR DELIVER THE DOCUMENTS, OR
TO TAKE THE ACTIONS, DESCRIBED IN THE ENCLOSED PRIOR REQUEST THEREFOR, WHICH IS REQUIRED UNDER THE TERMS OF THE CONDOMINIUM DECLARATION
AND/OR BY-LAWS. YOUR FAILURE TO EXECUTE, ACKNOWLEDGE AND/OR DELIVER THE DOCUMENTS, OR TO TAKE THE ACTIONS, AS THE CASE MAY BE,
WITHIN FIVE BUSINESS DAYS FROM THE DATE HEREOF SHALL ENTITLE THE BOARD OF MANAGERS TO DO SO ON YOUR BEHALF.”), then the Board
of Managers is hereby authorized, as attorney-in-fact, coupled with an interest, for such Unit Owner or other party, to execute,
acknowledge and deliver such instrument, or to take such action, in the name of such Unit Owner or other party, and such instrument
or action shall be binding on such Unit Owner or other party, as the case may be. Any dispute with respect to the foregoing shall
be subject to Arbitration pursuant to Article 15 of the By-Laws; provided, the Person refusing to execute, acknowledge or deliver
any such instrument, or refusing to take any such action, expressly renders such refusal in writing (together with its rationale
for such refusal) within the time period(s) provided in this Section.

 

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SCHEDULE 1 

TOWER C ALLOCATION SCHEDULE

 

BUILDING OPERATIONS AND MAINTENANCE COSTS

 

Where possible costs will be allocated directly to a particular
unit (“Direct Allocations”). For shared costs, the following allocations will apply, except as otherwise provided in
the Condominium Documents:

 

	A.	CLEANING	Cleaning costs within each Unit will be allocated as Direct Allocations. Cleaning costs for General Common Elements that serve the Office Units exclusively will be allocated by Office Unit Proportionate Share, subject to Section 6.1(g) of the By-Laws. Cleaning costs for General Common Elements that do not serve the Office Units exclusively will be allocated among the Unit Owners in accordance with their Common Interest Percentage.
	 	 	 
	B.	
        EXTERIOR 

        WINDOW WASHING
	Exterior window washing in the Building will be allocated based on Façade Contact Area, as set forth in Section 6.1(e)(viii) of the By-Laws.
	 	 	 
	C.	RUBBISH REMOVAL	Rubbish removal costs for the General Common Elements will be allocated based on Common Interest Percentage. For each individual Unit costs will be allocated based on usage as determined by an annual waste audit commissioned by the Board of Managers.
	 	 	 
	D.	REPAIR & MAINTENANCE	Repair and maintenance costs within each Unit will be allocated as Direct Allocations. Repair and maintenance costs for General Common Elements will be allocated by Common Interest Percentage, except as otherwise provided in the By-Laws or in this Allocation Schedule.
	 	 	 
	E.	BUILDING MANAGEMENT OFFICE EXPENSES	Building management office expenses and expenses and fees of the Managing Agent will be allocated by Common Interest Percentage.
	 	 	 
	F.	SECURITY	Building security costs will be allocated by Common Interest Percentage. Costs for security within the General Common Lobby will be allocated by Office Unit Proportionate Share, subject to Section 6.1(g) of the By-Laws.
	 	 	 
	G.	UTILITIES	Utilities costs within each Unit will be allocated as Direct Allocations. Utility costs for General Common Elements that serve the Office Units exclusively (including, without limitation, utility costs relating to the Central Plant) will be allocated by Office Common Interest Percentage, subject to Section 6.1(g) of the By-Laws. Utilities costs for General Common Elements that do not serve the Office Units exclusively will be allocated among the Unit Owners in accordance with their Common Interest Percentage.

  

    	 

    	 

    

 

	H.	INSURANCE	Building insurance costs will be allocated by Common Interest Percentage.
	 	 	 
	I.	LIGHTING	The costs of maintaining, repairing and operating the Building Exterior Lighting System shall be allocated solely among the Office Unit Owners, in accordance with their respective Office Unit Proportionate Share.
	 	 	 
	J.	
        GENERAL

        BUILDING COSTS
	General Building costs, including, but not limited to exterminating, professional fees, administration and miscellaneous expenses for the Building will be allocated by Common Interest Percentage.
	 	 	 
	K.	
        LOADING DOCK

        COSTS
	Loading Dock expenses will be allocated based on usage. Loading Dock usage charges shall be subject to the limitations set forth in Note (1) below.
	 	 	 
	L.	
        PROPERTY

        OWNERS

        ASSOCIATION

        COSTS
	All costs payable by the Board of Managers to the Association pursuant to the ERY FAPOA Declaration that are directly attributable to a particular user (“ERY Usage Charges”) shall be allocated and billed by the Board of Managers to such user. All other costs payable by the Board of Managers to the Association pursuant to the ERY FAPOA Declaration (“ERY Shared Costs”) shall be allocated and billed by the Board of Managers to all Units other than the Parking Unit and the Loading Dock Unit based on Tower C Adjusted GSF (“Tower C Adjusted GSF”) The Tower C Adjusted GSF for each such Unit Owner shall be based on 100% of the GSF of an Office Unit, the Ancillary Unit and the Destination Retail Access Unit and 60% of the GSF of the Retail Unit relative to the total Tower C Adjusted GSF in the Building (the “ERY Shared Costs Proportionate Shares”). The total Tower C Adjusted GSF in the Building is equal to the sum of the GSF of the following areas for the Building: (i) 100% of the GSF of all Office Units, the Ancillary Unit and the Destination Retail Access Unit and (ii) the GSF of the Retail Unit multiplied by 60%. “GSF” means the gross square footage of a Unit as set forth in Exhibit B to the Declaration. The allocation of ERY Usage Charges and ERY Shared Costs shall be subject to the limitations set forth in Note (1) below.

 

    	- 2 -

    	 

    

 

Note 1:

 

		(a)	To the extent that the ERY Usage Charges (including Loading
Dock usage charges) and the respective ERY Shared Costs for Office Unit 1, Office Unit 2A or Office Unit 2B exceeds (i) in the
case of Office Unit 1 the product of (A) $2.65 (as adjusted from time to time pursuant to clause (b) hereof) and (B) the sum of
(1) the GSF of Office Unit 1, as set forth in Exhibit B to the Declaration, and (2) the GSF of any Exclusive Use Common Elements
appurtenant to Office Unit 1 (including, without limitation, the Terrace located on the Setback Roof at Level 19), as shown on
the Floor Plans, (ii) in the case of Office Unit 2A the product of (A) $2.65 (as adjusted from time to time pursuant to clause
(b) hereof) and (B) the sum of (1) GSF of Office Unit 2A, as set forth in Exhibit B to the Declaration and (2) the GSF of any
Exclusive Use Common Elements appurtenant to Office Unit 2A, as shown on the Floor Plans, and (iii) in the case of Office Unit
2B the product of (A) $2.65 (as adjusted from time to time pursuant to clause (b) hereof) and (B) the sum of (1) the GSF of Office
Unit 2B, as set forth in Exhibit B to the Declaration, and (2) the GSF of any Exclusive Use Common Elements appurtenant to Office
Unit 2B, as shown on the Floor Plans, then the amount of such excess shall not be allocated and billed to such Unit Owner, but
shall instead be allocated and billed to the other Unit Owners in accordance with their respective Common Interests. The amounts
set forth in clauses (i)(A), (ii)(A) and (iii)(A) above shall be equitably pro-rated to reflect annual adjustments to the amounts
set forth in clauses (i)(A), (ii)(A) and (iii)(A) hereof and to reflect any partial year.

 

		(b)	As used herein:

 

(i)          “Consumer
Price Index” has the meaning set forth in Section 20.7 of the By-Laws.

 

(ii)         “Occupancy
Date” means the date on which Coach or a Coach Affiliate first occupies a portion of Office Unit 1, Office Unit 2A and/or
Office Unit 2B for the conduct of business.

 

(iii)        “Base
Index” means the Consumer Price Index in effect on the Occupancy Date.

 

(iv)        “Current
Index” means the Consumer Price Index in effect on each anniversary of the Occupancy Date, as applicable.

 

The amounts set forth in clauses (a)(i)(A), (ii)(A), and (iii)(A)
hereof shall be adjusted as of each anniversary of the Occupancy Date to an amount equal to the greater of (A) $2.65, and (B) the
product of (1) $2.65, and (B) a fraction, the numerator of which is the then Current Index and the denominator of which is the
Base Index.

 

    	- 3 -

    	 

    

 

		(c)	The provisions of clause (a) hereof shall no longer be
applicable and shall be of no further force and effect following the substantial completion of, and first issuance of a temporary
certificate of occupancy for, the buildings to be constructed on all of the FASP Parcels (as such term is defined in the ERY FAOA
Declaration) other than the buildings or other improvements to be constructed on any open space parcels or other parcels owned
or leased by the Association, and upon the issuance of such temporary certificates of occupancy all ERY Shared Costs shall thereafter
be allocated and billed by the Board of Managers to the Office Unit Owners, the Ancillary Unit Owner, the Destination Retail Access
Unit Owner and the Retail Unit Owner based on their respective ERY Shared Costs Proportionate Share and all Usage Charges shall
be billed 100% to the applicable user.

 

    	- 4 -

    	 

    

 

Schedule 2

 

Initial Budget

  

    	 

    	 

    

 

Exhibit C-3

 

Form Floor Plans

 

    	Exhibit C-3

    	 

    

 

 

    	 

    	 

    

 

Exhibit D

 

MTA Project Documents

 

		1.	Building C Lease, the Memorandum of Building C Lease and the Termination of Memorandum of Building
C Lease;

 

		2.	PILOST Agreement;

 

		3.	Declaration of Easements;

 

		4.	Owners’ Association Declaration, intended to be submitted for
recording in the Register’s Office on the date hereof, and the Limited Liability Company
of Owners’ Association, Agreement.

 

    	Exhibit D

    	 

    

  

Exhibit E-1

 

Mezzanine Loan Documents

 

		1.	Mezzanine Loan and Security Agreement by and among Legacy Mezzanine, the Mezzanine Loan Agent and
the Mezzanine Lender;

 

		2.	Mezzanine Promissory Note A-1 in the principal amount of $190,000,000.00 made by Legacy Mezzanine
to the Third Party Lender;

 

		3.	Mezzanine Promissory Note A-2 in the principal amount of $118,107,765.00 made by Legacy Mezzanine
to the Coach Lender;

 

		4.	Pledge and Security Agreement made by Legacy Mezzanine in favor of the Mezzanine Loan Agent for
the benefit of the Mezzanine Lender;

 

		6.	Instruction to Register Pledge made by Legacy Mezzanine and Mezzanine Loan Agent for the benefit of
the Mezzanine Lender;

 

		7.	Confirmation Statement and Instruction Agreement by and among Legacy Tenant, Legacy Mezzanine, and
Mezzanine Loan Agent for the benefit of the Mezzanine Lender;

 

		8.	Mezzanine Assignment of Architectural Agreement and Plans and Specifications made by Legacy Mezzanine
to the Mezzanine Loan Agent for the benefit of the Mezzanine Lender;

 

		9.	Architect’s Consent and Agreement made by the Project Architect to the Mezzanine Loan Agent;

 

		10.	Assignment of Development Management Agreement and Subordination of Developer Fees made by Legacy
Mezzanine to Mezzanine Loan Agent for the benefit of the Mezzanine Lender and consented to and agreed to by ERY Tenant;

 

		11.	Assignment of Executive Construction Management Agreement and Subordination of ECM Fees made by
Legacy Mezzanine to Mezzanine Loan Agent for the benefit of the Mezzanine Lender and consented to and agreed to by Executive Construction
Manager;

 

		12.	Acknowledgment and Consent made by Legacy Mezzanine, Legacy Tenant, ERY Tenant and Executive Construction
Manager to Mezzanine Loan Agent for the benefit of the Mezzanine Lender;

 

		13.	Mezzanine Completion Guaranty made by the Related/Oxford Guarantor in favor the Mezzanine Loan
Agent for the benefit of the Mezzanine Lender;

 

    	Exhibit E-1 – Page 1

    	 

    

 

		14.	Mezzanine Environmental Indemnity Agreement made by Legacy Mezzanine and the Related/Oxford Guarantor
in favor of the Mezzanine Loan Agent, for the benefit of the Mezzanine Lender;

 

		15.	Mezzanine Guaranty of Recourse Obligations made by the Related/Oxford Guarantor in favor the Mezzanine
Loan Agent, for the benefit of the Third Party Lender;

 

		16.	Mezzanine Interest Payment Guaranty made by the Related/Oxford Guarantor in favor the Mezzanine
Loan Agent for the benefit of the Third Party Lender;

 

		17.	Account Control Agreement (Cash Management Account) by and among Citibank, N.A. (“Citibank”),
Legacy Mezzanine and the Mezzanine Loan Agent on behalf of the Mezzanine Lender;

 

		18.	Account Control Agreement (Reserves Accounts) by and among Citibank, Legacy Mezzanine and the Mezzanine
Loan Agent on behalf of the Mezzanine Lender;

 

		19.	Account Control Agreement (Interest Reserve Account) by and among Citibank, Legacy Mezzanine and
the Mezzanine Loan Agent on behalf of the Mezzanine Lender;

 

		20.	UCC-1 Financing Statement naming the Legacy Mezzanine, as debtor, in favor of the Mezzanine Loan
Agent, intended to be filed in the Office of the Delaware Secretary of State;

 

		21.	The Fund Member Guaranties made in favor of the Mezzanine Loan Agent for the benefit of the Third
Party Lender and the Coach Funding Guaranty made in favor of the Mezzanine Loan Agent for the benefit of the Third Party Lender;

 

		22.	The Coach Equity Funding Guaranty (Mezzanine Loan); and

 

		23.	Contribution Agreement made by OAC Administration Corporation in favor of Oxford Guarantor with
respect to the Mezzanine Loan Guaranties.

 

    	Exhibit E-1 – Page 2

    	 

    

 

Exhibit E-2

 

Mortgage Loan Documents

 

		1.	Project Loan and Security Agreement by and among Legacy Tenant, the Mortgage Loan Agent and the
Mortgage Lender;

 

		2.	Project Loan Promissory Note A-1 in the principal amount of $66,383,616.00 made by Legacy Tenant
to Third Party Lender;

 

		3.	Project Loan Promissory Note A-2 in the principal amount of $41,205,583.00 made by Legacy Tenant
to Coach Lender;

 

		4.	Project Loan Leasehold Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment
of Leases, Rents and Security Deposits made by Legacy Tenant to the Mortgage Loan Agent, for the benefit of the Mortgage Lender;

 

		5.	Project Loan Assignment of Leases and Rents made by Legacy Tenant to the Mortgage Loan Agent, for
the benefit of Mortgage Lender;

 

		6.	Building Loan and Security Agreement by and among Legacy Tenant, the Mortgage Loan Agent, and the
Mortgage Lender;

 

		7.	Building Loan Promissory Note A-1 in the principal amount of $218,616,384.00 made by Legacy Tenant
to Third Party Lender;

 

		8.	Building Loan Promissory Note A-2 in the principal amount of $135,699,378.00 made by Legacy Tenant
to Coach Lender;

 

		9.	Building Loan Leasehold Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment
of Leases, Rents and Security Deposits made by Legacy Tenant to the Mortgage Loan Agent, for the benefit of the Mortgage Lender;

 

		10.	Building Loan Assignment of Leases and Rents made by Legacy Tenant to the Mortgage Loan Agent,
for the benefit of the Mortgage Lender;

 

		11.	Section 22 Affidavit;

 

		12.	Assignment of Permits, Licenses, Approvals, Agreements and Documents made by Legacy Tenant, Executive
Construction Manager, and ERY Tenant to the Mortgage Loan Agent, for the benefit of the Mortgage Lender;

 

		13.	Assignment of Architectural Agreement and Plans and Specifications made by Legacy Tenant to the
Mortgage Loan Agent, for the benefit of the Mortgage Lender;

 

		14.	Architect’s Consent and Agreement made by the Project Architect to the Mortgage Loan Agent;

 

    	Exhibit E-2 – Page 1

    	 

    

 

		15.	Assignment of Executive Construction Management Agreement and Subordination of ECM Fees made by
Legacy Tenant to the Mortgage Loan Agent;

 

		16.	Assignment of Development Management Agreement and Subordination of Developer Fees made by Legacy
Tenant to the Mortgage Loan Agent;

 

		17.	Completion Guaranty made by the Related/Oxford Guarantor in favor the Mortgage Loan Agent for the
benefit of the Mortgage Lender;

 

		18.	Environmental Indemnity Agreement made by Legacy Tenant and the Related/Oxford Guarantor in favor
of the Mortgage Loan Agent, for the benefit of the Mortgage Lender;

 

		19.	Guaranty of Recourse Obligations made by the Related/Oxford Guarantor in favor the Mortgage Loan
Agent, for the benefit of the Third Party Lender;

 

		20.	Interest Payment Guaranty made by the Related/Oxford Guarantor in favor the Mortgage Loan Agent
for the benefit of the Third Party Lender;

 

		21.	Borrower’s Certificate Regarding Project Documents and Financial Statements made by Legacy
Tenant to the Mortgage Loan Agent;

 

		22.	UCC-1 Financing Statement naming Legacy Tenant, as debtor, in favor of Mortgage Loan Agent, intended
to be filed in the Office of the Delaware Secretary of State;

 

		23.	UCC-1 Financing Statement naming Legacy Tenant, as debtor, in favor of Mortgage Loan Agent, intended
to be filed in the Office of the City Register for the City of New York;

 

		24.	UCC-1 Financing Statement naming ERY Tenant and Executive Construction Manager, as debtors, in
favor of Mortgage Loan Agent, intended to be filed in the Office of the Delaware Secretary of State;

 

		25.	Account Control Agreement (Cash Management Account) by and among Citibank, N.A. (“Citibank”),
Legacy Tenant and Mortgage Loan Agent;

 

		26.	Account Control Agreement (Reserve Accounts) by and among Citibank, Legacy Tenant and Mortgage
Loan Agent;

 

		27.	The Fund Member Guaranties made in favor of the Mortgage Loan Agent for the benefit of the Third
Party Lender and the Coach Funding Guaranty made in favor of the Mortgage Loan Agent for the benefit of the Third Party Lender;

 

		28.	The Coach Equity Funding Guaranty (Mortgage Loan); and

 

		30.	Contribution Agreement made by OAC Administration Corporation in favor of Oxford Guarantor with
respect to the Mortgage Loan Guaranties.

 

    	Exhibit E-2 – Page 2

    	 

    

 

Exhibit F

 

Permitted Encumbrances

 

List of Specific Permitted
Exceptions

 

		1.	Quitclaim Deed made by Consolidated Rail
Corporation to New York Central Lines LLC dated 6/1/99 and recorded 3/17/2000 in the Register’s Office in Reel 3067
page 1110 (as corrected in Correction Quitclaim Deed dated 8/24/2004 and recorded 1/28/2005 in the Register’s Office as CRFN
2005000056400), as shown on that certain ALTA/ACSM Land Survey of Block 704, Lot 10 Tower “C” Parcel made by
Paul D. Fisher Professional Land Surveyor, N.Y. License No. 050784-1 of Langan Engineering, Environmental, Surveying and Landscape
Architecture, D.P.C., dated March 14, 2013, last revised April __, 2013 and designated as Project No. 170019110, Drawing Nos.17.01,
17.02 and 17.03 (the “Survey”).

 

		2.	Quitclaim Deed (deed for upper highline area (West 30th Street Branch a/k/a 30th Street Loop Track
Easement), Line Code 4235) made by CSX Transportation, Inc. to The City of New York dated 7/11/12 and recorded 7/20/12 in the Register’s
Office as CRFN 2012000288212), as shown on the Survey.

 

		3.	Permanent Water Tunnel Shaft Easement recorded in Reel 2266 page 64, as shown on the Survey.

 

		4.	The following Water Grants may affect the property: Liber 578 cp 548,
Liber 551 cp 6, Liber 623 cp 176, Liber 90 cp 532, Liber 400 cp 116, as confirmed in Liber 495 cp 311, and Liber 469 cp 137, as
confirmed by Liber 980 cp 229. Title company will provide the following affirmative insurance:
“Policy insures that none of the provisions or conditions therein will be enforced against the premises”.

 

		5.	Declaration Establishing the ERY Facility Airspace Parcel Owners’ Association and of Covenants,
Conditions, Easements and Restrictions Relating to the Premises known as Eastern Rail Yard Section of the John D. Caemmerer West
Side Yard made by Metropolitan Transportation Authority dated April 10, 2013 and to be recorded in the Office of the Register of
the City of New York (the “Register’s Office”).

 

		6.	Declaration of Zoning Lot Restrictions (Eastern Rail Yard Section of the John D. Caemmerer West
Side Yard) made by Metropolitan Transportation Authority dated 3/27/2013 and recorded in the Register’s Office on 4/4/13
as CRFN 2013000136155.

 

		7.	Access/Egress Easement Agreement by and among Metropolitan Transportation Authority, ERY Tenant
LLC (f/k/a RG ERY LLC), Legacy Yards Tenant LLC and The City of New York, dated 2013 and to be recorded in the Register’s
Office.

 

		8.	Sidewalk Notices Filed 1/20/1982, No. 23604 (affects Old Lot 1), Filed 2/9/1982, No. 23683 (affects
Old Lot 1) and Filed 5/7/63, No. 3771 (vs. old Lot 37).

 

		9.	Standard pre-printed exclusions from coverage contained in the standard form of title policy employed by the Title Insurer.

 

    	Exhibit F

    	 

    

 

Exhibit G

 

Retail Premises Competitors

 

American Eagle Outfitters, Inc.

Burberry Group PLC

Diane Von Furstenberg

GAP, Inc.

Gucci Group/PPR

J. Crew Group, Inc.

Jones Apparel Group, Inc.

Kenneth Cole Productions, Inc.

Li & Fung

Limited Brands, Inc.

Liz Claiborne, Inc.

LVMH Moet Hennessy Louis Vuitton SA

Michael Kors (USA), Inc.

Nike, Inc.

Phillips-Van Heusen Corp.

Polo Ralph Lauren Corp.

Prada, S.p.A.

Tory Burch LLC

Tumi, Inc.

VF Corp.

 

This list includes affiliates of the foregoing
to the extent that the same engage in a similar luxury retail goods lines of business.

 

    	Exhibit G

    	 

    

 

Exhibit H

 

Form of Coach Unit Deed

 

CONDOMINIUM
UNIT DEED

Title
No.: 

 

METROPOLITAN TRANSPORTATION AUTHORITY

 

GRANTOR

 

TO

 

___________________________________

 

GRANTEE

 

Office Unit 1

Tower C Condominium

	BLOCK:	702
	LOT:	10
	CITY:	New York
	COUNTY:	New York

 

RECORD AND RETURN TO:

 

Fried, Frank, Harris, Shriver & Jacobson
LLP

One New York Plaza

New York, New York 10004

Attention:        Jonathan
L. Mechanic, Esq. 

 

    	Exhibit H- Page 1

    	 

    

 

TOWER C CONDOMINIUM

 UNIT DEED

 

This INDENTURE,
made the __ day of __________, 201__, by and between METROPOLITAN TRANSPORTATION AUTHORITY, a body corporate and politic constituting
a public benefit corporation of the State of New York (“Grantor”), having an office at 347 Madison Avenue, New
York, New York 10017-3739 and [_______________________________], a Delaware limited liability company (the “Grantee”)
having an office at c/o [_______________________________].

 

WITNESSETH:

 

That the Grantor, in
consideration of Ten Dollars ($10.00) and other good and valuable consideration paid by the Grantee, does hereby grant and release
unto the Grantee, and the heirs or successors and assigns of the Grantee, forever:

 

The condominium unit
known as Office Unit 1 (the “Unit”) in the condominium known as Tower C Condominium in the building known as
and by the street number, 501 West 30th Street, New York, New York, in the Borough of Manhattan, City, County and State
of New York (the “Building”), such Unit being designated and described as Office Unit 1 in a certain declaration
dated as of _____, 201_ made by the Grantor pursuant to Article 9-B of the Real Property Law of the State of New York, as amended
(the “Condominium Act”), establishing a plan for condominium ownership of the Building and the land upon which
the Building is situate as more particularly described on Schedule A annexed hereto and made a part hereof (the “Land”),
which declaration was recorded in the New York County Office of the Register of the City of New York on the __ day of ________,
201_, as City Register File No. _________ (together with all amendments thereto, collectively, the “Declaration”).
The Building and the Land are referred to herein as the “Property.” This Unit is also designated as Tax Lot
__ in Block [___] of the Borough of Manhattan on the Tax Map of the Real Property Assessment Department of the City of New York
and on the Floor Plans of the Building, certified by [INSERT NAME], on the __ day of _____, 201_, and filed with the Real
Property Assessment Department of the City of New York on the __ day of _____, 201_, as Condominium Plan No. ____ and also
filed in the New York County Office of the Register of the City of New York on the __ day of _____, 201_, as City Register File
No. _______________.

 

TOGETHER with
an undivided ___ % interest in the Common Elements (as such term is defined in the Declaration);

 

TOGETHER with
the appurtenances and all the estate and rights of the Grantor in and to the Unit;

 

TOGETHER with
and subject to the rights, obligations, easements, restrictions and other provisions of the Declaration and of the By-Laws (including
the Rules and Regulations) (as such terms are defined in the Declaration) of Tower C Condominium, as such Declaration and By-Laws
may be amended from time to time by instruments recorded in the New York County Office of the Register of the City of New York,
all of which rights, obligations, easements, restrictions and other provisions, shall constitute covenants running with the land
and shall bind any and all persons having at any time any interest or estate in the Unit, as though recited and stipulated at length
herein;

 

    	Exhibit H- Page 2

    	 

    

 

TO HAVE AND TO HOLD
THE SAME UNTO the Grantee, and the heirs or successors and assigns of the Grantee, forever.

 

If any provision of
the Declaration or the By-Laws is invalid under, or would cause the Declaration or the By-Laws to be insufficient to submit the
Property to the provisions of the Condominium Act, or if any provision that is necessary to cause the Declaration and the By-Laws
to be sufficient to submit the Property to the provisions of the Condominium Act is missing from the Declaration or the By-Laws,
or if the Declaration and the By-Laws are insufficient to submit the Property to the provisions of the Condominium Act, the applicable
provisions of Section [ ] of the Declaration will control. The provisions of Section 28 of
the Declaration are hereby incorporated herein in their entirety as if set forth herein.

 

Except as otherwise
permitted by the provisions of the Declaration and the By-Laws, the Unit is intended for office use.

 

The Grantor, in compliance
with Section 13 of the Lien Law of the State of New York, covenants that the Grantor will receive the consideration for this conveyance
and will hold the right to receive such consideration as a trust fund for the purpose of paying the cost of the improvements at
the Property and will apply such consideration first to the payment of the cost of such improvements before using any part thereof
for any other purposes.

 

The Grantee, by accepting
delivery of this deed, accepts and ratifies the provisions of the Declaration and the By-Laws of Tower C Condominium recorded simultaneously
with and as part of the Declaration and agrees to comply with all the terms and provisions thereof by
instruments recorded in the Register’s Office of the City and County of New York and adopted in accordance with the
provisions of said Declaration and By-Laws.

 

This conveyance is
made in the regular course of business actually conducted by the Grantor.

 

The term “Grantee”
shall be read as “Grantees” whenever the sense of this indenture so requires.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit H- Page 3

    	 

    

 

IN WITNESS WHEREOF,
the Grantor and the Grantee have duly executed this indenture as of the day and year first above written.

 

	 	GRANTOR:
	 	 
	 	METROPOLITAN TRANSPORTATION 

AUTHORITY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GRANTEE:
	 	 
	 	[____________________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit H- Page 4

    	 

    

 

	STATE OF NEW YORK	)
	 	) s.s.:
	COUNTY OF NEW YORK	)

 

On the ____ day of
_____________ in the year 201_ before me, the undersigned, a Notary Public in and for said State, personally appeared ______________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and that by his/her signature on the
instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgment

 

	STATE OF NEW YORK	)
	 	) s.s.:
	COUNTY OF NEW YORK	)

 

On the ____ day of
_____________ in the year 201_ before me, the undersigned, a Notary Public in and for said State, personally appeared ______________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and that by his/her signature on the
instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgment

 

    	Exhibit H- Page 5

    	 

    

 

SCHEDULE A

 

Description of Unit and Land

 

The condominium unit known as Office Unit
1 (the “Unit”) in the condominium known as Tower C Condominium in the building known as and by the street number,
501 West 30th Street, New York, New York, in the Borough of Manhattan, City, County and State of New York (the “Building”),
such Unit being designated and described as Office Unit 1 in a certain declaration dated as of _____, 201_ made by the Grantor
pursuant to Article 9-B of the Real Property Law of the State of New York, as amended, establishing a plan for condominium ownership
of the Building and the land upon which the Building is situate as more particularly described below (the “Land”),
which declaration was recorded in the New York County Office of the Register of the City of New York, on the __ day of ________,
201_, as City Register File No. _________. This Unit is also designated as Tax Lot __ in Block ___ of the Borough of Manhattan
on the Tax Map of the Real Property Assessment Department of the City of New York and on the Floor Plans of the Building, certified
by [INSERT NAME], on the __ day of _____, 201_, and filed with the Real Property Assessment Department of the City of New
York on the __ day of _____, 201_, as Condominium Plan No. ____ and also filed in the New York County Office of the Register
of the City of New York on the __ day of _____, 201_, as City Register File No. _______________.

 

TOGETHER with an undivided _____%
interest in the Common Elements (as such term is defined in the Declaration).

 

The Land upon which the Building containing
the Unit is erected is described as follows:

 

ALL THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, City, County
and State of New York, bounded and described as follows:

 

[INSERT LEGAL DESCRIPTION]

 

    	Exhibit H- Page 6

    	 

    

 

Exhibit I

 

Form of FIRPTA Certification

 

FIRPTA CERTIFICATION

 

Section 1445 of the
Internal Revenue Code of 1986, as amended, provides that a transferee of a U.S. real property interest must withhold tax if the
transferor is a foreign person. For U.S. tax purposes, (including Section 1445), the owner of a disregarded entity (which has legal
title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity.
To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by the Metropolitan
Transportation Authority (“MTA”), the undersigned hereby certifies the following on behalf of MTA:

 

		1.	MTA is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those
terms are defined in the Internal Revenue Code and Income Tax Regulations).

 

		2.	MTA is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

		3.	MTA’s U.S. employer identification number is [______________].

 

		4.	MTA’s office address is 347 Madison Avenue, New York, New York 10017-3739.

 

MTA understands that
this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein
could be punished by fine, imprisonment, or both.

 

Under penalties of
perjury the undersigned declares that the undersigned has examined this certificate and to the best of the undersigned’s
knowledge and belief it is true, correct and complete, and the undersigned further declares that the undersigned has authority
to sign this document on behalf of MTA.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit I– Page 1

    	 

    

 

Dated as of the _____ day of ___________, 201_.

 

	 	METROPOLITAN TRANSPORTATION AUTHORITY
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

SWORN AND SUBSCRIBED TO BEFORE

ME THIS _____ DAY OF __________,
201_.

 

	 	 
	Notary Public	 

 

    	Exhibit I– Page 2

    	 

    

 

Exhibit J

 

Form of Coach Release

 

RELEASE

 

LEGACY YARDS LLC, a Delaware
limited liability company (the “Company”), and PODIUM FUND TOWER C SPV LLC, a Delaware limited liability company,
each having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023 (the “Fund Member”;
the Fund Member and the Company, collectively, the “Releasor”), for and in consideration of the sum of Ten and
No/100 Dollars ($10.00), in hand paid, and for other good and valuable consideration, the receipt and sufficiency of which hereby
are acknowledged, pursuant to that certain Limited Liability Company Agreement of Legacy Yards LLC, by and between Coach Legacy
Yards LLC (the “Coach Member”) and the Fund Member (the “Agreement”), do hereby forever release
and discharge the Coach Member, and each of its successors, assigns, and past, present, and future affiliates, partners, participants,
members, officers, directors, employees, shareholders, attorneys, and agents from any and all liabilities, duties, responsibilities,
obligations, claims, demands, actions, causes of action, cases, controversies, damages, costs, losses, and expenses accruing from
or arising out of or in any way relating to or connected with, directly or indirectly, the Agreement from and after the date hereof,
excluding any surviving obligations, rights and remedies that it may have under the Agreement.

 

Dated: [_________], 201_.

 

	 	LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Podium Fund Tower C SPV LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

[Signature Page Continues]

 

    	Exhibit J – Page 1

    	 

    

 

	 	PODIUM FUND TOWER C SPV LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	By:	Podium Fund REIT LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its Managing Member	 
	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

    	Exhibit J – Page 2

    	 

    

 

Exhibit K

 

Form of Redemption/Amendment

 

REDEMPTION AGREEMENT AND AMENDMENT

TO

LIMITED LIABILITY COMPANY AGREEMENT OF
LEGACY YARDS LLC

 

THIS REDEMPTION AGREEMENT
AND AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT OF LEGACY YARDS LLC (this “Agreement”) is made and entered
into as of __________, 20__, by and among LEGACY YARDS LLC, a Delaware limited liability company (the “Company”),
COACH LEGACY YARDS LLC, a Delaware limited liability company (“Redeemed Member”), and PODIUM FUND TOWER C SPV
LLC, a Delaware limited liability company (“Redeeming Member”).

 

RECITALS

 

A.          Redeemed Member
owns a Membership Interest in the Company, which Membership Interest (the “Redeemed Interest”) is more particularly
described in that certain Limited Liability Company Agreement of Legacy Yards LLC dated as of April 10, 2013, by and between Redeeming
Member and Redeemed Member (the “LLC Agreement”). Initially capitalized terms used in this Agreement without
definition have the respective meanings given such terms in the LLC Agreement.

 

B.          Redeeming Member
has agreed to cause the Company to redeem the Redeemed Interest, and Redeemed Member has agreed to the redemption of the Redeemed
Interest and to withdraw from the Company.

 

C.          Company, Redeeming
Member and Redeemed Member desire to consent to the redemption of the Redeemed Interest and the withdrawal of Redeemed Member from
the Company, as described herein and effectuated hereby, and Redeeming Member further desires to amend the LLC Agreement to reflect
such redemption and withdrawal of Redeemed Member.

 

NOW, THEREFORE, in
consideration of the foregoing, the mutual promises and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.          Effective immediately
from and after the date hereof, in consideration of the conveyance of the Coach Unit to the Redeemed Member on the date hereof,
pursuant to the LLC Agreement, (a) Redeemed Member hereby relinquishes, without representation, warranty, covenant or recourse
(except as otherwise expressly provided in LLC Agreement) to the Company, and the Company hereby accepts and redeems, the Redeemed
Interest (including all right, title and interest of Redeemed Member in, to and against the Company), and (b) Redeemed Member hereby
withdraws from the Company.

 

2.          By operation
of law and the terms of the LLC Agreement, the Percentage Interest of Redeeming Member in the Company is hereby increased to 100%
effective as of (and from and after) the date hereof, and all Capital Contributions made to the Company will be deemed to have
been made, from and after the date hereof, by Redeeming Member.

 

    	Exhibit K – Page 1

    	 

    

 

3.          The Company,
Redeemed Member and Redeeming Member each hereby consents to the redemption by the Company of the Redeemed Interest and the withdrawal
of Redeemed Member from the Company on the date hereof. From and after the date hereof, Redeemed Member (and its affiliates) shall
not have any direct or indirect, record or beneficial, ownership interest in the Company or in or right to the Redeemed Interests,
or any further authority, right or power as a Member of the Company, except for any authority, right, or power that expressly survives
the Redeemed Member’s withdrawal from the Company or the redemption of its Membership Interests; provided that the undersigned
expressly does not waive any surviving rights and remedies that it may have under the LLC Agreement.

 

4.          The LLC Agreement
is hereby amended to reflect, and the Percentage Interest of Redeeming Member in the Company is hereby adjusted to, the new Percentage
Interest of Redeeming Member equal to 100%, effective from and after the date hereof.

 

5.          Each party hereto
represents and warrants that (a) it is duly organized, validly existing and in good standing under the laws of the state of
its formation; (b) it has the full power and authority to execute and deliver this Agreement and to perform all of its obligations
arising hereunder, it has duly taken all actions necessary to authorize the execution and delivery of this Agreement by it and
the authorized signatories have executed and delivered this Agreement, and (c) this Agreement constitutes the legal, valid and
binding obligation of such party, enforceable against such party in accordance with its terms, subject to bankruptcy, reorganization
and other similar laws affecting the enforcement of creditors rights generally and except as may be limited by general equitable
principles.

 

6.          This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one
and the same agreement.

 

7.          The parties hereto
agree that this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators,
successors and assigns.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit K – Page 2

    	 

    

 

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

 

	 	COMPANY:
	 	 	 	 	 
	 	LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Podium Fund Tower C SPV LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 
	 	REDEEMING MEMBER:
	 	 	 	 	 
	 	PODIUM FUND TOWER C SPV LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	REDEEMED MEMBER:
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit K – Page 3

    	 

    

 

Exhibit L

 

Form of Punch List Escrow Agreement

 

PUNCH
LIST ESCROW AGREEMENT

 

THIS PUNCH LIST
ESCROW AGREEMENT (this “Agreement”), dated as of ________________, 201__, is made by and between Podium
Fund Tower C SPV LLC (“Fund Member”), Legacy Yards LLC, (the “Company”), ERY Developer LLC, a Delaware
limited liability company (“Developer”), Coach Legacy Yards LLC, a Delaware limited liability company (“Coach
Member”), and [__________________________] (“Title Company”).

 

RECITALS:

 

WHEREAS, reference
is hereby made to that certain Limited Liability Company Agreement of Legacy Yards LLC dated as of April 10, 2013 (the “LLC
Agreement”), wherein the Company has agreed to cause the conveyance, and the Coach Member has agreed to acquire and accept,
certain property described therein (the “Coach Unit”), which property is located at 501 West 30th
Street, New York, New York.

 

WHEREAS, Developer,
an affiliate of Fund Member, is obligated to complete certain Punch List Work (as defined in the Development Agreement) pursuant
to Section 13.01 of that certain Development Agreement, dated as of April 10, 2013, by and between Developer and Coach Member (the
“Development Agreement”), and to remove “Developer Violations”, as defined therein, subject to the
terms thereof and contained herein.

 

WHEREAS, (i)
Coach Member has agreed to place into escrow with the Title Company at Closing (as such term is defined in the LLC Agreement) a
portion of Coach Total Development Costs (as defined in the Development Agreement) equal to one hundred twenty-five percent (125%)
of the amount required to complete the Punch List Work (the “Punch List Escrow”), and (ii) Fund Member has agreed
to place into escrow with the Title Company, at Closing, an amount equal to one hundred twenty-five percent (125%) of the amount
required to cure all Developer Violations (as defined in the LLC Agreement) outstanding as of the Closing Date (other than Developer
Violations of the kind and nature that have a Material Adverse Effect (as defined in the LLC Agreement) or any other Developer
Violations required to be cleared on or prior to Closing by Fund Member pursuant to the LLC Agreement or by Developer pursuant
to the Development Agreement, as a condition to Closing) (the “Violations Escrow”; the Punch List Escrow and
the Violations Escrow, collectively, the “Escrow”). The Punch List Work and Developer Violations, together with
a budget for the cost of completion, or cure, as applicable, of each item of Punch List Work and each Developer Violation and estimated
time to complete or cure, as applicable, each item, is attached hereto as Exhibit A.

 

WHEREAS, this
Agreement is and shall constitute the Punch List Escrow Agreement that the Company, Developer, Fund Member, Coach Member and the
Title Company agreed to enter into at Closing pursuant to the Agreement.

 

    	Exhibit L – Page 1

    	 

    

 

AGREEMENTS:

 

NOW, THEREFORE, in
consideration of the foregoing, of the covenants, promises and undertakings set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Fund Member, Coach Member and the Title Company covenant and agree
as follows:

 

1.         Engagement
of Title Company as Escrow Agent. The Company, Developer, Fund Member and Coach Member hereby appoint the Title Company, and
the Title Company hereby accepts such appointment, to act and serve as the escrow agent under and pursuant to this Agreement.

 

2.         Acknowledgement
of Receipt of Escrow Funds. The Title Company hereby acknowledges that it has received from Coach Member the Punch List Escrow
in the sum of _______________________ and __/100 ($_________) Dollars , and that it shall hold, maintain and disburse the Punch
List Escrow pursuant to and in accordance with this Agreement. The Company, Developer, Fund Member and Coach Member acknowledge
and agree that the Punch List Escrow is comprised of [one hundred twenty-five percent (125%)] of the funds budgeted to complete
the Punch List Work pursuant to Exhibit A attached hereto. The Title Company hereby acknowledges that it has received from Fund
Member the Violations Escrow in the sum of _______________________ and __/100 ($_________) Dollars , and that it shall hold, maintain
and disburse the Punch List Escrow pursuant to and in accordance with this Agreement. The Company, Developer, Fund Member and Coach
Member acknowledge and agree that the Violations Escrow is comprised of [one hundred twenty-five percent (125%)] of the funds required
to cure all Developer Violations.

 

3.         Escrow Account.
The Escrow shall be held by the Title Company in an interest-bearing escrow account established by the Title Company at a bank
or other financial institution selected by Escrow Agent and reasonably acceptable to the Company, Developer Fund Member and Coach
Member, having a branch office in New York City, and otherwise pursuant to the terms hereof. Any interest that accrues on the Violations
Escrow shall inure to the benefit of the Company. Any interest that accrues on the Punch List Escrow shall inure to the benefit
of Coach Member. The Company’s taxpayer identification number is 30-0761513. The Coach Member’s taxpayer identification
number is [_____________].

 

    	Exhibit L – Page 2

    	 

    

 

4.         Disbursement
of Escrow. Draws of payment from the Punch List Escrow or Violations Escrow, as applicable, may be made from time to time from
the applicable escrow based on the actual cost of the item or items completed, but in no event shall such amount exceed one hundred
twenty-five percent (125%) of the budgeted amount, and the receipt by Title Company and Coach Member of a letter requesting such
payment (“Release Request”), together with (a) in the case of each Release Request for disbursement of funds
from the Punch List Escrow, a signed statement from Fund Member and the Project Architect (as defined in the Development Agreement)
certifying that Developer has completed the applicable Punch List Work, and (b) in the case of any Release Request for disbursement
of funds from the Violations Escrow, a signed statement from Fund Member that Fund Member or Developer has cured the applicable
Developer Violations, which cure shall also be subject to the Coach Member’s receipt of evidence thereof from the Title Company
or the Buildings Department reasonably satisfactory to Coach Member. Such Release Request must include an itemized list of all
(i) Punch List Work completed and the actual costs of completing such items and (ii) Developer Violations cured and the actual
costs of curing such Developer Violations. If Coach Member fails to object to the Release Request in a writing delivered to Fund
Member and Title Company within five (5) business days of the date the Title Company and Coach Member receive said Release Request,
the Title Company shall proceed to make the payment. In the event Coach Member objects timely and Coach Member and Fund Member
have been unable to resolve their differences within five (5) business days, the matter shall be resolved, by arbitration in accordance
with Article 14 of the Development Agreement. If a complete Release Request (complying with the foregoing requirements) is received
by Title Company and Coach Member from Fund Member, and Coach Member fails to object thereto within two (2) business days after
receipt thereof, the Title Company shall pay to Fund Member the lesser of (x) the amount budgeted for such completed Punch List
Work or cured Developer Violation(s) or (y) the actual cost of the completion of such completed Punch List Work or cured Developer
Violation, provided that, such amount shall not exceed 125% of the budgeted amount therefor (but , in each case, in no event more
than the remaining amount of the Punch List Escrow remaining available) reasonably promptly thereafter.

 

5.         Final Disbursement
of Escrow; Self Help. Upon completion of all Punch List Work and the cure of all Developer Violations in accordance with the
procedures outlined above and the payment of the actual costs thereof in accordance with the provisions of this Agreement, the
remaining funds in the Punch List Escrow shall be released to Coach Member and the remaining Violations Escrow shall be released
to Fund Member. At Coach Member’s option, (i) if any Punch List Work and/or Developer Violations remain incomplete or uncured,
as applicable, and any funds remaining in the (A) Punch List Escrow are unclaimed by Fund Member on or after the date which is
the date of completion of the Coach Unit pursuant to the terms of the Agreement and (B) Violations Escrow are unclaimed by Fund
Member on or after the date which is the date which is thirty (30) days after the closing of Coach Member’s taking of title
of the Coach Unit pursuant to the terms of the Agreement, or (ii) if Fund Member is not diligently completing the Punch List Work
and/or curing any Developer Violations in a commercially reasonable time period and such failure shall continue for ten (10) days
after written notice from Coach Member (which notice shall specify the incomplete Punch List Work and/or uncured Developer Violations),
then Coach Member shall have the right to cause such Punch List Work and/or Developer Violations to be completed or cured as applicable
and shall be reimbursed from the applicable Escrow for the costs thereof. During such time as Coach Member is exercising its self-help
remedy under this Section 5 and the Title Company shall pay to Coach Member the amount of any such costs promptly after
Coach Member’s request therefor, which request shall be delivered in writing to the Title Company, unless otherwise notified
by Coach Member that Coach Member has abandoned its exercise of self-help (in which case Coach Member’s right to such self-help
remedy with respect to such portion of the Punch List Work and/or Developer Violations shall terminate), neither Fund Member nor
Developer shall be obligated to complete such Punch List Work and/or curing such Developer Violations. Fund Member shall pay all
of the actual costs and expenses incurred by Coach Member in so completing such Punch List Work and/or curing such Developer Violations,
other than those costs which are the result of the negligence or willful misconduct of Coach Member or its agents or contractors
and costs and expenses reimbursed from the Escrow. Such reimbursement from the Escrow shall not require approval of or notice to,
Fund Member as long as the work is part of the original Punch List Work and/or Developer Violations and Coach Member provides paid
invoices for such work to the Title Company.

 

    	Exhibit L – Page 3

    	 

    

 

6.         Notices.
Any notice required or permitted to be given hereunder must be in writing and shall be deemed to be given when (a) hand-delivered,
or (b) one (1) business day after pickup by a recognized overnight express service, or (c) transmitted by telecopy or facsimile,
provided that confirmation of the receipt of same is noted upon transmission of same by the sender’s telecopy machine, and
a counterpart of such notice is also delivered pursuant to one of the two (2) manners specified in (a) or (b), above, in any case
addressed to the parties at their respective addresses set forth below:

 

If to Fund Member:

 

Podium Fund Tower C SPV LLC

c/o The Related Companies, L.P.

60 Columbus Circle, 19th
Floor

New York, New York 10023

Attention: L. Jay Cross

Facsimile No. (212) 801-3540

 

If to Developer:

 

ERY Developer LLC

c/o The Related Companies, L.P.

60 Columbus Circle, 19th
Floor

New York, New York 10023

Attention: L. Jay Cross

Facsimile No. (212) 801-3540

 

with a copy each notice to

Fund Member and/or Developer to:

 

The Related Companies, L.P.

60 Columbus Circle, 19th
Floor

New York, New York 10023

Attention: Amy Arentowicz, Esq.

Facsimile No. (212) 801-1103

 

Oxford
Hudson Yards LLC

320 Park Avenue, 17th Floor

New York, New York 10022 

Attention: Dean J. Shapiro

Facsimile: (212) 986-7510

 

    	Exhibit L – Page 4

    	 

    

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

Facsimile: (212) 593-5955

 

If to Coach Member:

 

Coach Legacy Yards LLC

c/o Coach, Inc.

516 West 34th Street, 12th Floor

New York, New York 10001

Attention: Todd Kahn

Facsimile No. (212) 629-2398

 

with a copies to:

 

Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Mitchell L. Feinberg

Facsimile: (212) 629-2298

 

Fried, Frank, Harris, Shriver &
Jacobson LLP

One New York Plaza

New York, New York 10004-1980

Attention: Harry R. Silvera, Esq.

Facsimile No. (212) 859-4000

 

If to Title Company:

 

___________________________

___________________________

___________________________

Attention:___________________

Facsimile No. (212)

 

or in each case to such other address as
either party may from time to time designate by giving notice in writing pursuant to this Section to the other party. Telephone
numbers are for informational purposes only. Effective notice will be deemed given only as provided above, except as otherwise
expressly provided in this Agreement.

 

7.         Counterparts.
This Agreement may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed
to be an original and all of which shall constitute one and the same instrument. An electronically transmitted via .pdf or facsimile
of a signature shall have the same legal effect as an originally drawn signature.

 

    	Exhibit L – Page 5

    	 

    

 

8.         Title Company.
In performing any of its duties hereunder, the Title Company shall not incur any liability to anyone for any damages, losses or
expenses, except for those arising out of its willful misconduct, gross negligence or breach of trust, and the Title Company shall
accordingly not incur any such liability with respect (a) to any action taken or omitted in good faith upon advice of its counsel,
or (b) to any action taken or omitted in reliance upon any written notice or instruction provided for in this Agreement, including
any Release Request. Fund Member and Coach Member hereby agree to indemnify and hold harmless the Title Company from and against
any and all losses, claims, damages, liabilities and expenses, including reasonable attorneys’ fees, which may be incurred
by the Title Company in connection with its acceptance or performance of its duties hereunder, including any litigation arising
from this Agreement or involving the subject matter hereof, except in the case of Title Company’s willful misconduct, gross
negligence or breach of trust. In the event of a dispute between Fund Member and Coach Member sufficient in the discretion of the
Title Company to justify its doing so, the Title Company shall be entitled to tender into the registry or custody of any court
of competent jurisdiction the Punch List Escrow and all other money or property in its hands under this Agreement, together with
such legal pleadings as it deems appropriate, and thereupon be discharged from all further duties and liabilities under this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit L – Page 6

    	 

    

 

IN WITNESS WHEREOF,
Fund Member, Coach Member, Developer, the Company and the Title Company have executed this Punch List Escrow Agreement, as of the
date first written above.

 

	 	FUND MEMBER:
	 	 
	 	PODIUM FUND TOWER C SPV LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	COACH MEMBER:
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	TITLE COMPANY:
	 	 
	 	[___________________________________]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit L – Page 7

    	 

    

 

	 	COMPANY:
	 	 
	 	LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 	 
	 	By:	Podium Fund Tower C SPV LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member
	 	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 	 
	 	DEVELOPER:
	 	 
	 	ERY DEVELOPER LLC,
	 	a Delaware limited liability company 
	 	 	 	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit L – Page 8

    	 

    

 

Exhibit M

 

Form of Right of First Negotiation Agreement

 

    	Exhibit M

    	 

    

 

EXECUTION VERSION

 

RIGHT OF FIRST NEGOTIATION AGREEMENT

 

This
RIGHT OF FIRST NEGOTIATION AGREEMENT (as amended or modified from time to time, this “Agreement”) is made as
of the [____] day of [__________], 20[__], by and between PODIUM FUND TOWER C SPV LLC, a Delaware limited liability company
having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023 (together
with its successors and assigns, “Tower C SPV”), and COACH LEGACY YARDS LLC, a Delaware limited liability company
having an address c/o Coach, Inc., [516 West 34th Street, New York, New York 10001] (together with its successors and assigns,
“Coach”; Tower C SPV and Coach are each referred to herein as a “Party” and collectively
as the “Parties”).

 

WITNESSETH:

 

WHEREAS,
Coach and Tower C SPV entered into that certain Limited Liability Company Agreement of Legacy Yards LLC, dated as of [__________],
2013 (as amended from time to time, the “Operating Agreement”), as the members of Legacy Yards LLC, a
Delaware limited liability company (“Legacy Yards”);

 

WHEREAS, Legacy Yards
Tenant, LLC, a Delaware limited liability company (“Legacy Tenant”), an indirect subsidiary of the Legacy Yards,
entered into that certain Agreement of Severed Parcel Lease (Eastern Rail Yard Section of the
John D. Caemmerer West Side Yard), dated as of [__________], 2013 (as amended, modified, supplemented,
severed or restated from time to time, the “Building C Lease”), as ground lessee, with the Metropolitan
Transportation Authority, a body corporate and politic constituting a public benefit corporation of the State of New York (the
“MTA”), pursuant to which Legacy Tenant leased that certain portion of the Eastern
Rail Yard Section (the “ERY”) of the John D. Caemmerer West Side Yard in the City, County and State of New York
located on terra firma on the northwest corner of West 30th Street and 10th Avenue, New York, New York,
as more particularly described on Exhibit A attached hereto (the “Land”);

 

WHEREAS,
pursuant to the Operating Agreement, Coach and Tower C SPV have developed and constructed a building
and other improvements on the Land (collectively, as the same exist from time to time, the “Building”), and,
upon substantial completion thereof, have caused the MTA to submit the Building to a condominium regime of ownership pursuant to
that certain Declaration Establishing a Plan for Condominium Ownership of Premises located at 501 West 30th Street,
New York, New York 10001, Pursuant to Article 9-B of the Real Property Law of the State of New York, dated as of [__________, 20__]
(as amended, modified, supplemented or restated from time to time, the “Condominium
Declaration”);

 

WHEREAS, pursuant
to the terms of the Operating Agreement, fee title to Office Unit 1 (as defined in the Condominium
Declaration), consisting of the [6th] through the [20th] floors of the Building and related improvements (“Coach
Unit”), has been conveyed to Coach, and Legacy Tenant has granted to Coach, pursuant to that certain Option Agreement,
dated as of the date hereof (the “Option Agreement”), by and among Legacy Tenant and the Tower C SPV, as optionor,
and Coach, as optionee, the option to purchase or lease the Coach Expansion Premises (as defined in the Option Agreement). The
Coach Unit and any portion of the Coach Expansion Premises which is purchased in fee by Coach in accordance with the terms of
the Option Agreement are referred to herein collectively as the “Coach Premises”;1 and

 

 

1 Definition
of Premises to be updated prior to execution of this Agreement to reflect the addition of Office Unit 2A or Office Unit 2B to
the Coach Unit pursuant to the Operating Agreement, if applicable.

 

    	 

    	 

    

  

WHEREAS, subject to
the terms hereof, Coach hereby grants to Tower C SPV, and Tower C SPV hereby accepts, an irrevocable right of first negotiation
to purchase the Coach Premises or any portion thereof on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the sum of Ten and 00/100 Dollars ($10.00) and for other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

1.          Grant
of Right. Coach hereby grants to Tower C SPV, and Tower C SPV hereby accepts, a one-time right of first negotiation on the
terms and subject to the conditions set forth in this Agreement (the “ROFN Right”), with respect to the purchase
of any ROFN Interest (as hereinafter defined). During the ROFN Period (as hereinafter defined), Coach shall not directly or indirectly
transfer any ROFN Interest without first complying with the provisions of Section 2 below.

 

2.          Right
Term. If, at any time during the ROFN Period, Coach or any Affiliate of Coach, Inc. (each a “Coach Party”
and collectively, the “Coach Parties”) to which the Coach Premises or, to the extent
the Coach Premises now or hereafter consists of more than one condominium unit (each a “Unit”), any Unit is
hereafter conveyed or otherwise transferred, elects to sell, transfer or otherwise convey (a) fee title to the Coach Premises or
any Unit or (b) ownership of all or substantially all of the equity ownership interests in a Coach Party, all or substantially
all of the assets of which Coach Party consists of the Coach Premises or any Unit, in order to convey to any Person other than
a Coach Party effective ownership of the Coach Premises or such Unit (the “ROFN Interest”), then prior to marketing
or otherwise soliciting from any Person any offer to purchase, acquire or assume, the ROFN Interest, Coach
or such Coach Party shall deliver to Tower C SPV written notice thereof (a “ROFN Sale Notice”). Notwithstanding
anything to the contrary contained herein, the ROFN Right shall not apply to (i) any bona fide lease, sublease, license or other
occupancy agreement with respect to all or any portion of the Coach Premises, (ii) any “sale-leaseback” transaction,
or (iii) any sale, transfer or other conveyance of a ROFN Interest (A) to the holder (other than a Coach Party) of any mortgage
loan, mezzanine loan, or other financing secured by direct or indirect interests in the Coach Premises or a Coach Party (including,
but not limited to, financing structured as “preferred equity” in a Coach Party or in any direct or indirect owner
of a Coach Party), or to such lender, lender’s designee, purchaser or other acquirer in connection with a foreclosure or
deed or assignment in lieu of foreclosure of any such mortgage, pledge or other security interests, (B) as part of a portfolio
of real estate or other assets of Coach or such Coach Party (of which the Coach Premises or such Unit is less than seventy-five
percent (75%) of the total value thereof) or (C) in connection with any merger, consolidation, combination, amalgamation, reorganization
or restructuring of Coach or such Coach Party to, with or into another Person as part of any corporate transaction, however structured).
As used in this Agreement, the term “ROFN Period” means, with respect to a ROFN Interest, the period of time
commencing on the date hereof and ending on the earliest to occur of (x) the date on which such ROFN Interest is sold, assigned
or otherwise transferred to any Person other than a Coach Party in compliance with the terms of this Agreement, (y) the
date on which Hudson Yards Gen-Par LLC, a Delaware limited liability company ("Gen Par") shall cease to own, directly
or indirectly, less than fifteen percent (15%) of the aggregate leasable square feet contained in the of ERY and the Western Rail
Yard Section of the John D. Caemmerer West Side Yard (exclusive of the Coach Premises) or (z)
the date on which any transfer, sale, conveyance, assignment or other disposition of any membership interest in Gen Par occurs
that cause a change in control of Gen Par.

 

    	2

    	 

    

  

3.           Exercise
of ROFN Right.

 

(a)          Tower
C SPV may exercise the ROFN Right with respect to a ROFN Interest by delivering written notice thereof to Coach or the applicable
Coach Party (a “ROFN Notice”) within fifteen (15) days after receipt of a ROFN Sale Notice,
which ROFN Notice shall state that Tower C SPV desires to enter into good faith negotiations to purchase such ROFN Interest from
Coach or such Coach Party, as the case may be. If Tower C SPV fails to timely deliver
a ROFN Notice within such fifteen (15) day period, then Tower C SPV shall no longer have any ROFN Right, and Coach or such Coach
Party, as applicable, may sell, convey or otherwise transfer ownership of such ROFN Interest to any third party on any terms.

 

(b)          If
Tower C SPV timely exercises the ROFN Right in accordance with Section 3(a) above, then the Parties shall negotiate promptly
and in good faith for a period of forty-five (45) days from and after receipt by Coach or the applicable Coach Party of the ROFN
Notice (the “Negotiation Period”) for the sale to Tower C SPV or its designee (which designee must be an Affiliate
of Tower C SPV) of the ROFN Interest described in the ROFN Notice on terms and conditions, and pursuant to a purchase and sale
agreement or other definitive documentation (a “PSA”), which are mutually acceptable to both Parties in their
sole and absolute (but good faith) discretion. Upon the full execution and delivery of a PSA with respect to a ROFN Interest, such
PSA shall govern the sale of such ROFN Interest.

 

(c)          If,
despite good faith negotiations, the Parties are unable to agree upon the terms of the sale of a ROFN Interest to Tower C SPV or
its designee (which designee must be an Affiliate of Tower C SPV), or to enter into a PSA with respect thereto, prior to the expiration
of the Negotiation Period, then Tower C SPV shall no longer have any ROFN Right with respect to such ROFN Interest and Coach
or the applicable Coach Party may sell, convey or otherwise transfer ownership of such ROFN Interest to any third party on any
terms; provided, that if Coach or such Coach Party does not enter into an agreement to sell,
convey or otherwise transfer ownership of such ROFN Interest to a third party within two (2) years after the expiration of the
Negotiation Period, then the ROFN Right with respect to such ROFN Interest shall be reinstated in accordance with the terms of
Section 2 and this Section 3.

 

4.           Representations
and Covenants.

 

(a)          Tower
C SPV hereby represents and warrants to Coach as of the date hereof as follows:

 

    	3

    	 

    

 

 

(i)          It
is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization,
is duly qualified or otherwise authorized as a foreign limited liability company and is in good standing in each jurisdiction where
such qualification is required by law; it has taken all action required to execute, deliver and perform this Agreement and to make
all of the provisions of this Agreement the valid and enforceable obligations they purport to be and has caused this Agreement
to be executed by a duly authorized person.

 

(ii)         This
Agreement has been duly authorized, executed and delivered by Tower C SPV, is the legal, valid and binding obligation of Tower
C SPV, enforceable in accordance with its terms, subject to general principles of equity and to bankruptcy, insolvency, reorganization,
moratorium or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors generally, and does
not and will not (A) conflict with any provision of any law or regulation to which it is subject, or violate any provision of any
judicial order to which it is a party or to which it is subject, (B) breach or violate any organizational documents of Tower C
SPV, (C) conflict with or violate or result in a breach of any of the provisions of, or constitute a default under, any material
agreement or instrument to which Tower C SPV is a party or by which it or any of its property is bound, or (D) require the consent,
approval or ratification by any governmental entity or any other Person that has not been obtained.

 

(iii)        It
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

(iv)         It
is not a Person with whom Coach is restricted from doing business under the International Emergency Economic Powers Act, 50 U.S.C.
§ 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001; any executive
orders promulgated thereunder, any implementing regulations promulgated thereunder by the U.S. Department of Treasury Office of
Foreign Assets Control (“OFAC”) (including those persons and/or entities named on OFAC’s List of Specially
Designated Nationals and Blocked Persons), or any other applicable law of the United States.

 

(b)               Coach
hereby represents and warrants to Tower C SPV as of the date hereof as follows:

 

(i)          It
is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization,
is duly qualified or otherwise authorized as a foreign limited liability company and is in good standing in each jurisdiction where
such qualification is required by law; it has taken all action required to execute, deliver and perform this Agreement and to make
all of the provisions of this Agreement the valid and enforceable obligations they purport to be and has caused this Agreement
to be executed by a duly authorized person.

 

    	4

    	 

    

 

(ii)         This
Agreement has been duly authorized, executed and delivered by Coach, is the legal, valid and binding obligation of Coach, enforceable
in accordance with its terms, subject to general principles of equity and to bankruptcy, insolvency, reorganization, moratorium
or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors generally, and does not and
will not (A) conflict with any provision of any law or regulation to which it is subject, or violate any provision of any judicial
order to which it is a party or to which it is subject, (B) breach or violate any organizational documents of Coach, (C) conflict
with or violate or result in a breach of any of the provisions of, or constitute a default under, any material agreement or instrument
to which Coach is a party or by which it or any of its property is bound, or (D) require the consent, approval or ratification
by any governmental entity or any other Person that has not been obtained.

 

(iii)        Coach
has not previously granted any options to purchase or lease or otherwise acquire or lease, rights of first refusal, rights of first
offer or other rights with respect to the Coach Space or any part thereof.

 

(iv)         Coach
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

(v)          Coach
is not a Person with whom Tower C SPV is restricted from doing business under the International Emergency Economic Powers Act,
50 U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001;
any executive orders promulgated thereunder, any implementing regulations promulgated thereunder by the U.S. Department of Treasury
Office of Foreign Assets Control (including those persons and/or entities named on OFAC’s List of Specially Designated Nationals
and Blocked Persons), or any other applicable law of the United States.

 

(c)             The
representations and warranties of each Party set forth in this Agreement shall survive the execution and delivery of this Agreement.

 

5.           Remedies.
If Coach breaches or fails to perform any of its obligations pursuant to the terms of this Agreement, Tower C SPV shall be entitled
to specific performance against Coach. The provisions of this Section 5 shall survive the termination or expiration
of this Agreement.

 

6.           Notices.
Any and all notices, demands, requests, consents, approvals or other communications (each, a “Notice”) permitted
or required to be made under this Agreement shall be in writing, signed by the Party giving such Notice and shall be delivered
(a) by hand (with signed confirmation of receipt), (b) by nationally or internationally recognized overnight mail or courier service
(with signed confirmation of receipt) or (c) by facsimile transmission (with a confirmation copy delivered in the manner described
in clause (a) or (b) above). All such Notices shall be deemed delivered, as applicable: (i) on the date of the personal
delivery or facsimile (as shown by electronic confirmation of transmission) if delivered by 5:00 p.m., and if delivered after 5:00
p.m. then on the next business day; or (ii) on the next business day for overnight mail. Notices directed to a Party shall be delivered
to the Parties at the addresses set forth below or at such other address or addresses as may be supplied by written Notice given
in conformity with the terms of this Section 6:

 

    	5

    	 

    

  

If to Tower C SPV:                  Podium
Fund Tower C SPV LLC

c/o The Related Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention: Jeff T. Blau and L. Jay Cross

Facsimile: (212) 801-3540

 

with a copy to:                         The Related
Companies, L.P.

60 Columbus Circle, 19th Floor

New York, New York 10023

Attention: Richard O'Toole, Esq.

Facsimile: (212) 801-1036

 

and to:                                       The
Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: Amy Arentowicz, Esq.

Facsimile: (212) 801-1003

 

and to:                                       Oxford
Hudson Yards LLC

320 Park Avenue, 17th Floor

New York, New York 100022 

Attention: Dean J. Shapiro

Facsimile: (212) 986-7510

 

and to:                                       Oxford Properties
Group

Royal Bank Plaza, North Tower

200 Bay Street, Suite 900

Toronto, Ontario M5J 2J2

Attention: Chief Legal Counsel

Facsimile: (416) 868-3799

 

and, if different than the address set forth above,
to the address posted from time to time as the corporate head office of Oxford Properties Group on the website www.oxfordproperties.com,
to the attention of the Chief Legal Counsel (unless the same is not readily ascertainable or
accessible by the public in the ordinary course)

 

and
to:                                       Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

Facsimile: (212) 593-5955

 

    	6

    	 

    

 

 

If to
Coach:                        
      Coach Legacy Yards LLC
 c/o Coach, Inc.
 [516 West 34th Street]
 New York, New
York 10001
 Attention: Todd Kahn
 Facsimile: (212) 629-2398

 

with copies to:                          Coach,
Inc.

[516 West 34th Street]

New York, New York 10001

Attention: Mitchell L. Feinberg

Facsimile: (212) 629-2298

 

and to:                                       Fried, Frank, Harris,
Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: Jonathan L. Mechanic and Harry R. Silvera, Esqs.

Facsimile: (212) 859-4000

 

Any counsel designated above or any replacement counsel
who may be designated respectively by any Party or such counsel by written Notice to the other Party is hereby authorized to give
Notices hereunder on behalf of its respective client.

 

7.           Attorney
Fees. The prevailing party in any litigation shall be entitled to recovery of all of its actual out-of-pocket costs and expenses
(including legal fees and disbursements) incurred in such action. The provisions of this Section 7 shall survive the
termination or expiration of this Agreement.

 

8.           Captions.
All titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference and in no way
define, limit, extend, or describe the scope of this Agreement or the intent of any provision in this Agreement.

 

9.           Pronouns.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, and neuter, singular and plural, as
the identity of the party or parties may require.

 

10.         Termination
Date.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement, the ROFN Right and all rights and privileges granted to Tower C SPV hereunder
with respect thereto shall automatically terminate and be of no further force and effect on the date (the “Termination
Date”) on which all of the Coach Premises has been directly or indirectly sold, transferred or otherwise conveyed to
any Person other than a Coach Party in compliance with the terms of this Agreement. If a Unit within the Coach Premises is transferred
to any Person other than a Coach Party in compliance with the terms of this Agreement prior to the Termination Date, the
ROFN Right and all rights and privileges granted to Tower C SPV hereunder shall automatically terminate and be of no further force
and effect as to any and each such Unit upon date of such transfer.

 

    	7

    	 

    

 

(b)          Tower
C SPV agrees to execute, acknowledge and deliver to Coach promptly following the expiration of the ROFN Period or the earlier termination
of this Agreement an instrument confirming the expiration or termination of this Agreement. If the ROFN Right shall terminate with
respect to a Unit within the Coach Premises as provided in Section 10(a) above, then Tower C SPV shall execute, acknowledge
and deliver to Coach a partial termination of this Agreement with respect only to such Unit. The termination, partial termination
or expiration of this Agreement as provided herein shall be self-effectuating and the failure of Tower C SPV to execute or deliver
any such confirmation shall not affect the effectiveness thereof.

 

11.         Assignment;
Successors and Assigns. The ROFN Right granted herein is personal to Tower C SPV and neither this Agreement nor any rights
granted under this Agreement shall be assignable by Tower C SPV to any Person. Subject to the foregoing and to the provisions of
Section 10 above, this Agreement shall be binding upon the Parties and their respective successors-in-interest, and shall
inure to the benefit of the Parties and their respective successors-in-interest. For the purposes of this Agreement, the term “Coach”
shall mean and refer to each Coach Party that acquires the Coach Premises or any Unit therein.

 

12.         Severability.
In case any one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and other application thereof
shall not in any way be affected or impaired thereby and shall be construed and enforced in all respects as if such invalid or
unenforceable provision or provisions had been omitted and substituted with a provision(s) that is valid and enforceable and most
closely effectuates the original intent of this Agreement.

 

13.         Entire
Agreement. This Agreement, together with all of the other documents and agreements which are being executed and delivered by
Coach and Tower C SPV on the date hereof, contain the entire agreement between the Parties relating to the subject matter hereof
and all prior agreements, oral or written, relative hereto which are not contained herein are terminated.

 

14.         Amendments.
Amendments, variations, modifications or changes to this Agreement may be made, effective and binding upon the Parties only by
the setting forth of same in a written document duly executed by each of Coach and Tower C SPV, and any alleged amendment, variation,
modification or change herein which is not so documented shall not be effective as to either of Coach or Tower C SPV.

 

15.         Counterparts.
This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original,
and all of which shall constitute but one and the same instrument and shall be binding upon each Party hereto as fully and completely
as if all Parties had signed the same signature page. The exchange of copies of this Agreement, any
signature pages required hereunder or any other documents required or contemplated hereunder by facsimile or portable document
format (“PDF”) transmission shall constitute effective execution and delivery of such signature pages and may
be used in lieu of the original signature pages for all purposes. Signatures of the Parties transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes.

 

    	8

    	 

    

  

16.         Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York
as in effect from time to time, without giving effect to any choice of laws or conflict of laws principles thereof (other than
Section 5-1401 of the General Obligations Law).

 

17.         Submission
to Jurisdiction; Venue. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with this Agreement, or the transactions contemplated hereby or thereby may be brought in any state or
federal court in the City of New York, New York, and Parties hereby consent to the exclusive jurisdiction of any court in the State
of New York (and of the appropriate appellate courts therefrom) in any suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been
brought in an inconvenient forum. The Parties hereby waive the right to commence an action, suit or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with this Agreement or the transactions contemplated hereby
or thereby in any court outside of the City of New York, New York. Process in any suit, action or proceeding may be served on any
Party anywhere in the world, whether within or without the jurisdiction of any such court.

 

18.         Exculpation.

 

(a)          Tower
C SPV agrees that it shall not enforce the liability and obligation of Coach to perform and observe the obligations contained in
this Agreement by any action or proceeding against any Coach Exculpated Party (as hereinafter defined), and shall not sue for,
seek or demand any money judgment against any direct or indirect member, manager, shareholder, partner, beneficiary or other owner
of beneficial ownership interests in Coach, or any director, officer, agent, attorney, employee or trustee of any of the foregoing
(each, a “Coach Exculpated Party” and, collectively, the “Coach Exculpated Parties”) under
or by reason of or in connection with this Agreement. The provisions of this Section 18(a) shall not, however, (i) constitute
a waiver, release or impairment of any obligation of Coach hereunder; or (ii) impair the right of Tower C SPV to name Coach
as a party defendant in any action or suit under this Agreement.

 

(b)          Coach
agrees that it shall not enforce the liability and obligation of Tower C SPV to perform and observe the obligations contained in
this Agreement (if any) by any action or proceeding against any Tower C SPV Exculpated Party (as hereinafter defined), and shall
not sue for, seek or demand any money judgment against any direct or indirect member, manager, shareholder, partner, beneficiary
or other owner of beneficial ownership interests in Tower C SPV, or any director, officer, agent, attorney, employee or trustee
of any of the foregoing (each, a “Tower C SPV Exculpated Party” and, collectively, the “Tower C SPV
Exculpated Parties”) under or by reason of or in connection with this Agreement. The provisions of this Section 18(b)
shall not, however, (i) constitute a waiver, release or impairment of any obligation of Tower C SPV hereunder (if any); or
(ii) impair the right of Coach to name Tower C SPV as a party defendant in any action or suit under this Agreement.

 

    	9

    	 

    

 

(c)          The
provisions of this Section 18 shall survive the termination or expiration of this Agreement.

 

19.         Defined
Terms. The following words and phrases have the following meanings in this Agreement:

 

(a)          “Affiliate”
means, with respect to any Person, a Person which directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with, such Person. For purposes hereof, the term “control” (including the related terms
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct (or cause the direction of) the management and policies of a Person (whether through the ownership of voting securities
or other ownership interest, by contract or otherwise).

 

(b)          “Business
Day” means each day, except Saturdays, Sundays and all days observed by the federal government as legal holidays and/or
which commercial banks in New York State are not required or authorized to be closed for business.

 

(c)          “Person”
means an individual person, a corporation, partnership, trust, joint venture, limited liability company, proprietorship, estate,
association, land trust, other trust, government entity or other incorporated or unincorporated enterprise, entity or organization
of any kind.

 

20.         Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ALL RIGHTS TO A TRIAL
BY JURY IN ANY ACTION, COUNTERCLAIM OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY EACH PARTY HERETO. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL. EACH OF THE PARTIES HERETO FURTHER ACKNOWLEDGES THAT IT
HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS SECTION 20.

 

21.         No
Recordation. Neither Party shall record this Agreement or any memorandum thereof in any public records.

 

22.         Further
Assurances. The Parties each agree to do such other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise imposed by this Agreement) as either may reasonably request
from time to time in furtherance of the purposes of this Agreement.

 

23.         Broker.

 

(a)          Coach
represents to Tower C SPV that it has not dealt with any broker, finder or like agent in connection
with this transaction. Coach hereby indemnifies and holds Tower C SPV harmless from and against
any and all claims for any commission, fee or other compensation by any Person who shall claim to have dealt with Coach in connection
with the sale of the Coach Premises or any portion thereof, and for any and all costs incurred by Tower C SPV
in connection with any such claims including, without limitation, reasonable attorneys’ fees and disbursements.

 

    	10

    	 

    

  

(b)          Tower
C SPV represents to Coach that it has not dealt with any broker, finder or like agent in connection
with this transaction. Tower C SPV hereby indemnifies and holds Coach harmless from and against
any and all claims for any commission, fee or other compensation by any Person who shall claim to have dealt with Tower C SPV
in connection with the sale of the Coach Premises or any portion thereof, and for any and all costs incurred by Coach in
connection with any such claims including, without limitation, reasonable attorneys’ fees and disbursements.

 

(c)          The
provisions of this Section 23 shall survive the termination or expiration of this Agreement.

 

24.         Time
is of the Essence. For all time periods contained in this Agreement, time shall be of the essence.

 

25.         Rule
Against Perpetuities. The Parties intend that the Rule Against Perpetuities (and any similar rule of law) not be applicable
to any provisions of this Agreement. Notwithstanding anything to the contrary in this Agreement, however, if any provision in this
Agreement would be invalid or unenforceable because of the Rule Against Perpetuities or any similar rule of law but for this Section
25, the Parties hereby agree that any future interest which is created pursuant to said provision shall cease if it is not
vested within twenty-one (21) years after the death of the survivor of the group composed of the undersigned individuals and their
issue who are living on the date of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	11

    	 

    

 

IN WITNESS WHEREOF,
the Parties hereto, intending to be legally bound, have executed this Agreement as of the day and year first above written.

 

	 	COACH:
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 
	 	 	 
	 	Tower C SPV:
	 	 
	 	PODIUM FUND TOWER C SPV LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company
	 	 	its Managing Member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title: 

 

Signature Page to Right of First Negotiation
Agreement 

 

    	 

    	 

    

 

EXHIBIT A

 

Legal
Description of the Land

 

ALL OF THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County of New
York, City and State of New York, bounded and described as follows:

 

Tower C-Basement level and below: 

 

All of the lands at or below an upper limiting
plane of elevation 12.00 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

1.    Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 589.42 feet to a point; thence

 

2.    Leaving
West 30th Street, North 00°03'07" East, a distance of 77.67 feet to a point; thence

 

3.    North
89°56'53" West, a distance of 112.00 feet to a point; thence

 

4.    North
00°03'07" East, a distance of 104.83 feet to a point; thence

 

5.    South
89°56'53" East, a distance of 22.37 feet to a point; thence

 

6.    North
78°45'38" East, a distance of 49.37 feet to a point; thence

 

7.    South
89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

8.    Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower C-Street Level: 

 

All of the lands above a lower limiting
plane of elevation 12.00 feet and at or below an upper limiting plane of elevation 29.00 feet (Manhattan Borough Datum) within
the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

1.    Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42 feet to a point; thence

 

    	Exhibit A-1

    	 

    

  

2.    Leaving
West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

 

3.    South
89°56'53" East, a distance of 8.37 feet to a point; thence

 

4.    North
00°03'07" East, a distance of 30.67 feet to a point; thence

 

5.    North
89°56'53" West, a distance of 1.80 feet to a point; thence

 

6.    North
00°03'07" East, a distance of 5.03 feet to a point; thence

 

7.    North
89°56'53" West, a distance of 0.50 feet to a point; thence

 

8.    North
00°03'07" East, a distance of 6.60 feet to a point; thence

 

9.    South
89°56'53" East, a distance of 2.33 feet to a point; thence

 

10.  North
00°03'07" East, a distance of 18.31 feet to a point; thence

 

11.  North
36°42'17" West, a distance of 27.85 feet to a point; thence

 

12.  North
89°56'53" West, a distance of 10.32 feet to a point; thence

 

13.  North
00°03'07" East, a distance of 31.86 feet to a point; thence

 

14.  North
89°56'53" West, a distance of 45.42 feet to a point; thence

 

15.  North
00°03'07" East, a distance of 12.90 feet to a point; thence

 

16.  North
89°56'53" West, a distance of 37.04 feet to a point; thence

 

17.  North
00°03'07" East, a distance of 34.75 feet to a point; thence

 

18.  South
89°56'53" East, a distance of 1.41 feet to a point; thence

 

19.  North
78°45'38" East, a distance of 49.37 feet to a point; thence

 

20.  South
89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

21.  Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower C-Mezzanine Level: 

 

All of the lands above a lower limiting
plane of elevation 29.00 feet and at or below an upper limiting plane of elevation 40.55 feet (Manhattan Borough Datum) within
the following horizontal boundary:

 

    	Exhibit A-2

    	 

    

  

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

1.    Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42 feet to a point; thence

 

2.    Leaving
West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

 

3.    South
89°56'53" East, a distance of 8.37 feet to a point; thence

 

4.    North
00°03'07" East, a distance of 35.70 feet to a point; thence

 

5.    South
89°56'53" East, a distance of 3.21 feet to a point; thence

 

6.    North
00°03'07" East, a distance of 136.41 feet to a point; thence

 

7.    South
89°56'53" East, a distance of 567.83 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

8.    Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower C-Plaza level and above:

 

All of the lands above a lower limiting
plane of elevation 40.55 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

1.    Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 416.00 feet to a point; thence

 

2.    Leaving
West 30th Street, North 00°03'07" East, a distance of 192.17 feet to a point; thence

 

3.    South
89°56'53" East, a distance of 416.00 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

4.    Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

  

    	Exhibit A-3

    	 

    

 

Exhibit N

 

Form of Option Agreement

 

    	Exhibit N

    	 

    

 

 

EXECUTION VERSION

 

OPTION AGREEMENT

 

This
OPTION AGREEMENT (as amended or modified from time to time, this “Agreement”) is made as of the [____] day of
[__________], 20[__], by and among LEGACY YARDS TENANT LLC, a Delaware limited liability company (“Legacy Tenant”),
and Podium Fund Tower C SPV LLC, a Delaware limited liability company (“Fund
Member”), each having an address c/o The Related Companies, L.P., 60 Columbus Circle, New
York, New York 10023 (individually and collectively, together with their respective successors and assigns, “Optionor”),
and COACH LEGACY YARDS LLC, a Delaware limited liability company having an address c/o Coach, Inc., [______________________], New
York, New York [_________] (together with its successors and assigns, “Optionee”; Optionor and Optionee are
each referred to herein as a “Party” and collectively as the “Parties”).

 

WITNESSETH:

 

WHEREAS,
Fund Member and Optionee entered into that certain Limited Liability Company Agreement dated as of April
___, 2013 (as amended from time to time, the “Operating Agreement”), of Legacy Yards LLC, a Delaware
limited liability company (“Legacy Yards”), as the members thereof;

 

WHEREAS, Legacy Tenant,
an indirect subsidiary of Legacy Yards, entered into that certain Agreement of Severed Parcel Lease
(Eastern Rail Yard Section of the John D. Caemmerer West Side Yard), dated as of April ___, 2013
(as amended, modified, supplemented, severed or restated from time to time, the “Building C
Lease”), as ground lessee, with the Metropolitan Transportation Authority, a body corporate and politic constituting
a public benefit corporation of the State of New York (the “MTA”), pursuant to which
Legacy Tenant leased that certain portion of the Eastern Rail Yard Section (the “ERY”) of the John D.
Caemmerer West Side Yard in the City, County and State of New York located on terra firma on the northwest
corner of West 30th Street and 10th Avenue, New York, New York, as more particularly described on Exhibit A attached
hereto (the “Land”); 

 

WHEREAS,
pursuant to the Operating Agreement, Fund Member and Optionee have developed and constructed
a building and other improvements on the Land (collectively, as the same exist from time to time, the “Building”),
and, upon substantial completion thereof, have caused the MTA to submit the Building to a condominium regime of ownership
pursuant to that certain Declaration Establishing a Plan for Condominium Ownership of Premises located at 501 West 30th
Street, New York, New York 10001, Pursuant to Article 9-B of the Real Property Law of the State of New York, dated as of [__________,
20__] (as amended, modified, supplemented or restated from time to time, the “Condominium
Declaration”);

 

    	 

    	 

    

 

WHEREAS, as of the
date hereof, (a) pursuant to the Building C Lease and the Operating Agreement, Fund Member beneficially owns the leasehold estate
in and the right to purchase fee title to (i) “Office Unit 2A” (as defined in the Condominium
Declaration), consisting inter alia of the 21st floor of the Building and related
improvements and Facilities (as defined in the Condominium Declaration) and which shall be deemed to contain 46,263 rentable square
feet of office space for purposes hereof (“Office Unit 2A”), and (ii) “Office Unit 2B” (as defined
in the Condominium Declaration), consisting inter alia of the 22nd floor of the
Building and related improvements and Facilities and which shall be deemed to contain 45,513 rentable square feet of office space
for purposes hereof (“Office Unit 2B”; Office Unit 2A and Office Unit 2B are each referred to herein individually
as an “Office Unit” and, collectively, as the “Coach Expansion Premises”), and (iii) the
23rd floor of the Building (the “23rd Floor”) which is the lowest floor of “Office Unit 3” (as
defined in the Condominium Declaration) and which shall be deemed to contain 44,576 rentable
square of office space for purposes hereof, each as more particularly described on Exhibit B attached hereto, and (b) Optionee
owns fee title to “Office Unit 1” (as defined in the Condominium Declaration);1

 

WHEREAS,
on the date hereof, Optionee is [a wholly owned subsidiary] [an Affiliate]2 of Coach,
Inc., a Maryland corporation (together with its successors and assigns, “Coach”); and 

 

WHEREAS, subject to
the terms hereof, Optionee desires to acquire from Optionor an irrevocable option to lease or purchase, at Optionee’s election,
the Coach Expansion Premises and/or the 23rd Floor on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, for
good and valuable consideration and the mutual agreements herein contained, the parties hereto hereby agree as follows:

 

1.           Grant
of Options. In consideration of the sum of Ten and 00/100 Dollars ($10.00) being paid on the date hereof by Optionee to Optionor,
receipt and legal sufficiency of which are hereby acknowledged, Optionor hereby grants to Optionee, subject to the terms and conditions
of this Agreement, an exclusive and irrevocable option, at Optionee’s election, to (a) purchase fee title (the “Purchase
Option”) to the Coach Expansion Premises or any portion thereof pursuant to and on the terms and conditions set forth
in this Agreement and on Exhibit C attached hereto and made a part hereof (the “Purchase Option Terms”),
free and clear of all liens and encumbrances, except for Permitted Encumbrances (as defined in the Purchase Option Terms), or (b)
lease and hire (the “Lease Option”; the Purchase Option and the Lease Option, individually and collectively,
the “Option”) the Coach Expansion Premises or any portion thereof pursuant to and on the terms and conditions
set forth in this Agreement and the form of office lease agreement attached hereto as Exhibit D (the “Lease”);
provided, that (i) the Option may be exercised only with respect to all of Office Unit 2A or Office Unit 2B (i.e.,
the Option may not be exercised with respect to a portion of Office Unit 2A or Office Unit 2B); (ii) if Optionee elects to exercise
the Option with respect to less than all of the Coach Expansion Premises, then the Option shall be exercisable in ascending vertically
contiguous Office Unit increments only (i.e., if Optionor, elects to exercise the Option with respect to only a portion
of the Coach Expansion Premises, such Option must be exercised with respect to one or more of all of Office Unit 2A or Office Unit
2B, in that order).

 

 

		1	Definition of Coach Expansion Premises to be updated prior to execution
of this Agreement to reflect the addition of Office Unit 2A or Office Unit 2B to the Coach Unit pursuant to the Operating Agreement,
if applicable. Square foot areas referenced will also be updated if inaccurate as of the date this Agreement is executed based
on re-measurement under the Development Agreement. 

 

		2	To be filled in as applicable prior to execution of this Agreement.

 

    	2

    	 

    

 

2.           Option
Term. 

 

(a)           The
Option and all rights and privileges granted to Optionee hereunder with respect thereto shall be effective and irrevocable for
the Option Period. The Option and all of Optionee’s rights hereunder shall expire and be of no further force and effect upon
the expiration of the Option Period. For the avoidance of doubt, if a Purchase Option Notice (hereinafter defined) or Lease Option
Notice (hereinafter defined) is delivered on or prior to the expiration of the Option Period, Optionee’s exercise of the
Option pursuant thereto and the terms of this Agreement shall remain valid and in full force and effect with respect to the Expansion
Option Space (hereinafter defined) that is the subject of such Purchase Option Notice or Lease Option Notice, notwithstanding that
the Purchase Closing (hereinafter defined) or the Lease Closing (hereinafter defined), as applicable, occurs, or is scheduled to
occur, after the expiration of the Option Period in accordance with the terms of this Agreement.

 

(b)           As
used herein, the “Option Period” means the period commencing on the date hereof and
expiring at 5:00 p.m. (Eastern time) on the date that immediately precedes the applicable Vacancy Date by one (1) year. As
used herein, the “Vacancy Date” means the earlier to occur of (i) the date that is
the tenth (10th) anniversary of the rent commencement date of the term of the initial lease of any portion of the Coach Expansion
Premises, and (ii) the date that is the thirteenth (13th) anniversary of the date on which Optionee first occupies the Coach Unit
for the normal conduct of business in the ordinary course. Within five (5) Business Days after the execution of the initial space
lease with respect to Unit 2A or Unit 2B, Optionor shall provide written notice thereof (the “Optionor’s Vacancy
Date Notice”) to Optionee, which notice shall expressly advise Optionee of the commencement date of the term of such
lease, and promptly following the date on which Optionee first occupies the Coach Unit for the normal conduct of business in the
ordinary course, Optionee shall provide written notice (the “Optionee’s Vacancy Date Notice”) to Optionor
thereof. At the request of either Party, Optionor and Optionee shall promptly following the execution of the initial lease for
Unit 2A or Unit 2B, confirm the Vacancy Date and the date on which the Option Period ends for the applicable Coach Expansion Premises
by a separate written instrument; provided, that the failure of Optionor to deliver Optionor’s Vacancy Date Notice
or of Optionee to deliver Optionee’s Vacancy Date Notice, or the failure of the Parties to execute and deliver such instrument
shall not affect the Option Period or the Option. If Optionor shall not deliver the Optionor’s Vacancy Date Notice to Optionee
with respect to Unit 2A or Unit 2B on or prior to the date that is the third (3rd) anniversary of the date on which Optionee first
occupies the Coach Unit for the normal conduct of business in the ordinary course thereof, the Vacancy Date for such Unit shall
be deemed to be the date that is the thirteenth (13th) anniversary of the date on which Optionee first occupies the Coach Unit
for the normal conduct of business in the ordinary course, and Optionor and Optionee shall then promptly confirm the Vacancy Date
and the Option Period by a separate instrument; provided, that the failure to execute and deliver such instrument shall
not affect the Option Period or the Option. 

 

3.           Exercise
of Purchase Option.

 

(a)           Subject
to the terms of Section 1 and this Section 3, Optionee may exercise the Purchase Option at any time, and from time
to time, during the Option Period, by delivering to Optionor a written notice stating that Optionee elects to exercise the Purchase
Option pursuant to the terms of this Agreement (a “Purchase Option Notice”). A Purchase Option Notice shall
not be effective to exercise the Purchase Option unless Optionee satisfies each of the following conditions upon delivery of the
Purchase Option Notice to Optionor:

 

    	3

    	 

    

 

(i)           the
Purchase Option Notice shall identify the applicable Office Unit(s) with respect to which Optionee
is exercising the Purchase Option (the “Purchase Option Exercise Space”); and

 

(ii)         simultaneously
with the giving of the Purchase Option Notice, Optionee shall deposit in escrow with a title insurance company in New York City
selected by Optionee (the “Escrow Agent”), a deposit equal to $2,000,000 per Office Unit of the Purchase Option
Exercise Space (such amount, together with all interest accrued thereon, the “Deposit”), in cash, by wire transfer,
or delivery of a certified check, to Escrow Agent.

 

(b)           Upon
the delivery of a Purchase Option Notice with respect to any Purchase Option Exercise Space as provided in this Section 3,
the Parties shall proceed to effectuate the closing of the purchase and sale of the Purchase Option Exercise Space (the “Purchase
Closing”) in accordance with the terms and conditions of this Agreement and the Purchase Option Terms, all of which Purchase
Option Terms shall be deemed effective and binding on the Parties and shall be deemed incorporated in this Agreement as if set
forth in full herein. The Purchase Closing shall occur on a date following the vacancy Date for the applicable Purchase option
Exercise Space mutually agreed upon by the Parties, but not later than forty-five (45) days after such Vacancy Date (the date on
which the Purchase Closing actually occurs with respect to such Purchase Option Exercise Space (the “Purchase Closing
Date”).

 

(c)           On
the applicable Purchase Closing Date, (i) the Deposit, together with the balance of the Purchase Price, shall be paid by
wire transfer of immediately available funds to Optionor to such account or accounts specified by Optionor, as provided in the
Purchase Option Terms, and (ii) Optionor and Optionee shall execute and deliver the documents and other
deliveries set forth in the Purchase Option Terms in accordance with the terms hereof.

 

    	4

    	 

    

 

4.           Purchase
Price.

 

(a)           The
purchase price for the purchase of any Purchase Option Exercise Space (the “Purchase
Price”) shall be an amount equal to ninety-five percent (95%) of the Fair Market Value (hereinafter defined) of
such Purchase Option Exercise Space as of the date that immediately precedes the applicable Vacancy
Date by one (1) year. Within thirty (30) days of delivery of a Purchase Option Notice, Optionor shall deliver to Optionee
written notice (“Optionor’s Initial Purchase Price Determination”) specifying Optionor’s determination
of the Purchase Price for such Purchase Option Exercise Space as of the date that immediately precedes
the applicable Vacancy Date by one (1) year. As used herein, “Fair Market Value” means, with respect
to any Purchase Option Exercise Space, the purchase price that a willing purchaser would pay and a willing seller would accept
for such Purchase Option Exercise Space on the date that immediately precedes the applicable Vacancy
Date by one (1) year, vacant and free and clear of any and all tenancies and other rights of
occupancy or possession, and taking into account all other relevant factors (including, without limitation, the location
of the Purchase Option Exercise Space, the Class A classification of the Building and the date on which construction thereof was
completed, and the Common Charges (as defined in the Condominium Declaration) and assessments payable with respect to the Purchase
Option Exercise Space as of the date that immediately precedes the applicable Vacancy Date by one (1)
year (including, without limitation, any amounts payable pursuant to the ERY FAOA Declaration
(as defined in the Condominium Declaration), if any, in addition to such Common Charges and assessments, the applicable Delivery
Condition of the Purchase Option Exercise Space and the cost (if any) to Optionee of demolishing any existing leasehold improvements
therein, and all other Purchase Option Terms). Within thirty (30) days after receipt of an Optionor’s Initial Purchase
Price Determination, Optionee shall notify Optionor in writing (the “PP Response Notice”) whether Optionee accepts
or disputes Optionor’s determination of the Purchase Price for the applicable Purchase Option Exercise Space, and if Optionee
disputes Optionor’s determination of the Purchase Price, then the PP Response Notice shall set forth Optionee’s determination
thereof (“Optionee’s Initial Purchase Price Determination”). If Optionee fails timely to object to Optionor’s
Initial Purchase Price Determination by delivery of a PP Response Notice that sets forth Optionee’s determination of the
Purchase Price for the applicable Purchase Option Exercise Space, then Optionor may send second notice to Optionee
of such failure and if Optionee does not respond to such second notice within ten (10) Business
Days after receipt of the same, then Optionee shall be deemed to have accepted Optionor’s
Initial Purchase Price Determination with respect to the applicable Purchase Option Exercise Space.

 

(b)           (i)           If
Optionee disputes Optionor’s Initial Purchase Price Determination with respect to any Purchase Option Exercise Space and
Optionor and Optionee fail to agree as to the Purchase Price within thirty (30) days after Optionor’s receipt of the PP Response
Notice, then the Purchase Price for such Purchase Option Exercise Space shall be determined by arbitration in the City of New York,
as set forth in this Section 4(b). Optionee shall initiate the arbitration process by giving notice to that effect
to Optionor within forty-five (45) days after the giving of PP Response Notice, which notice shall include the name and address
of Optionee’s designated arbitrator. Within five (5) Business Days after the designation of Optionee’s arbitrator,
Optionor shall give notice to Optionee of the name and address of Optionor’s designated arbitrator. If Optionor shall fail
timely to appoint an arbitrator, then Optionee may request the American Arbitration Association (or any organization which is the
successor thereto) (the “AAA”) to appoint an arbitrator on Optionor’s behalf. Such two arbitrators shall
have ten (10) Business Days to appoint a third arbitrator who shall be impartial. If such arbitrators fail to do so, then either
Optionor or Optionee may request the AAA to appoint an arbitrator who shall be impartial within thirty (30) days after such request
and both Parties shall be bound by any appointment so made within such thirty (30) day period. If no such third arbitrator shall
have been appointed within such thirty (30) day period, either Optionor or Optionee may apply to the Supreme Court, New York County
to make such appointment. The third arbitrator only shall subscribe and swear to an oath fairly and impartially to determine such
dispute.

 

    	5

    	 

    

 

(ii)         Within
seven (7) days after the appointment of the third arbitrator, the three arbitrators will meet (the “Initial Meeting”)
and set a hearing date for the arbitration. The hearing shall not exceed two days and shall be scheduled to be held within thirty
(30) days after the Initial Meeting. At the Initial Meeting, Optionor and Optionee may each submit a revised Purchase Price determination
for the applicable Purchase Option Exercise Space (each, a “Final Purchase Price Determination”); provided,
that Optionor’s Final Purchase Price Determination may not be greater than Optionor’s Initial Purchase Price Determination,
and Optionee’s Final Determination may not be lower than Optionee’s Initial Purchase Price Determination. If Optionor
shall fail so to submit a Final Purchase Price Determination, then Optionor’s Initial Purchase Price Determination shall
constitute Optionor’s Final Purchase Price Determination, and if Optionee shall fail so to submit a Final Purchase Price
Determination, then Optionee’s Initial Purchase Price Determination, as applicable, shall constitute Optionee’s Final
Purchase Price Determination.

 

(iii)        There
shall be no discovery in the arbitration. On reasonable notice to the other Party, however, Optionee may inspect the Purchase Option
Exercise Space and any portion of the Building relevant to its claims. Thirty (30) days prior to the scheduled hearing, the Parties
may exchange opening written expert reports and opening written pre-hearing statements. Opening written pre-hearing statements
shall not exceed twenty (20) pages in length. Two weeks prior to the hearing, the Parties may exchange rebuttal written expert
reports and rebuttal written pre-hearing statements. Rebuttal written pre-hearing statements shall not exceed ten (10) pages in
length. Ten (10) days prior to the hearing, the Parties shall exchange written witness lists, including a brief statement as to
the subject matter to be covered in the witnesses’ testimony. One week prior to the hearing, the Parties shall exchange all
documents which they intend to offer at the hearing. Other than rebuttal witnesses, only the witnesses listed on the witness lists
shall be allowed to testify at the hearings. Closing arguments shall be heard immediately following conclusion of all testimony.
The proceedings shall be recorded by stenographic means. Each Party may present live witnesses and offer exhibits, and all witnesses
shall be subject to cross-examination. The arbitrators shall conduct the two (2) day hearing so as to provide each Party with sufficient
time to present its case, both on direct and on rebuttal, and permit each Party appropriate time for cross examination; provided,
that the arbitrators shall not extend the hearing beyond two (2) days. Each Party may, during its direct case, present evidence
in support of its position and in opposition to the position of the opposing Party.

 

(iv)        The
determination of the Purchase Price by the third arbitrator shall be either the amount set forth in Optionor’s Final Purchase
Price Determination or the amount set forth in Optionee’s Final Purchase Price Determination. The third arbitrator may not
select any other amount as the Purchase Price. The fees and expenses of any arbitration pursuant to this Section 4(b) shall
be borne by the Parties equally, but each Party shall bear the expense of its own arbitrator, attorneys and experts and the additional
expenses of presenting its own evidence and proof. The arbitrators shall not have the power to add to, modify or change any of
the provisions of this Agreement. Each arbitrator shall have at least ten (10) years in the valuation of first class office properties
in Manhattan similar in character to the Purchase Option Exercise Space. After a determination has been made of the Purchase Price,
the Parties shall execute and deliver an instrument setting forth the Purchase Price, but the failure to so execute and deliver
any such instrument shall not affect the determination of Purchase Price.

 

(v)         If
the final determination of the Purchase Price shall not be made on or before the day that is thirty (30) days prior to the scheduled
Purchase Closing Date, the scheduled Purchase Closing Date shall be adjourned until the date that is thirty (30) days after the
date on which such final determination of the Purchase Price is made.

 

    	6

    	 

    

 

5.           Exercise
of Lease Option; Fixed Rent.

 

(a)           Subject
to the terms of Section 1 and this Section 5, Optionee may exercise the Lease Option at any time, and from time to
time, during the Option Period, by delivering to Optionor a written notice stating that Optionee elects to exercise the Lease Option
pursuant to the terms of this Agreement (a “Lease Option Notice”). A Lease Option Notice shall not be effective
to exercise the Lease Option unless such Lease Option Notice shall identify the applicable Office Unit(s) with respect to
which Optionee is exercising the Lease Option (the “Lease Option Exercise Space”).

 

(b)           Upon
the delivery of a Lease Option Notice with respect to any Lease Option Exercise Space as provided in this Section 5, within
thirty (30) days after determination of the Fixed Rent (hereinafter defined) for such Lease Option Exercise Space in accordance
with this Section 5, Optionee shall execute and deliver to Optionor (i) six (6) executed original counterparts of the Lease
with respect to such Lease Option Exercise Space, executed on behalf of Optionee, which Lease shall provide that the term thereof
shall commence on (and the Lease Option Exercise Space shall be delivered to Optionee in the Delivery Condition on) the date that
is forty-five (45) days after the Vacancy Date (the “Delivery Date”), and (ii) if required pursuant to Section
13, three (3) original counterparts of a Guaranty (hereinafter defined) executed by Coach. Optionor shall promptly execute
all six (6) original counterparts of such Lease and deliver three (3) executed original counterparts of such Lease, executed on
behalf of Optionor and Optionee, to Optionee (the “Lease Closing”; any Purchase Closing and any Lease Closing,
each hereinafter referred to as, individually or collectively, as the context indicates, an “Option Closing”),
which in no event shall be delivered to Optionee later than three (3) Business Days after Optionor’s receipt of the original
executed counterparts of such Lease from Optionee.

 

(c)           The
fixed rent for any Lease Option Exercise Space (the “Fixed Rent”) shall be
an amount equal to ninety-five percent (95%) of the Fair Market Rent (hereinafter defined) for such Lease Option
Exercise Space as of the date that immediately precedes the applicable Vacancy Date by one (1) year for the initial term of the
Lease therefor. Within thirty (30) days of delivery of a Lease Option Notice, Optionor shall deliver to Optionee written
notice (“Optionor’s Initial Fixed Rent Determination”) specifying Optionor’s
determination of the Fixed Rent for such Lease Option Exercise Space
as of the date that immediately precedes the applicable Vacancy Date by one (1) year. As used herein, “Fair Market
Rent” means, with respect to any Lease Option Exercise Space, the fixed annual rent that a willing lessee would pay and
a willing lessor would accept for such Lease Option Exercise Space on the
date that immediately precedes the applicable Vacancy Date by one (1) year, taking into account all relevant factors (including,
without limitation, the location of such Lease Option Exercise Space, the Class A classification of the Building and the date on
which construction thereof was completed, any additional rent that would be payable by Optionee, as
tenant, in respect of PILOT, real estate taxes (taking into account any burn-off or loss of any tax abatements and any reset of
real estate taxes occurring during the term of the Lease therefor), operating expenses and the Common Charges and assessments
payable with respect to the Lease Option Exercise Space as of the date that immediately precedes the
applicable Vacancy Date by one (1) year (including, without limitation, any amounts payable pursuant to the ERY FAOA Declaration,
if any, in addition to such Common Charges and assessments), the applicable Delivery Condition of the Lease Option Exercise Space
and the cost (if any) to Optionee of demolishing any existing leasehold improvements therein, and all other relevant terms
and conditions of the Lease). Within thirty (30) days after receipt of Optionor’s Initial Fixed
Rent Determination for any Lease Option Exercise Space, Optionee shall notify Optionor
in writing (the “Rent Response Notice”) whether Optionee accepts or disputes
Optionor’s determination of the Fixed Rent for any Lease
Option Exercise Space, and if Optionee disputes Optionor’s determination of the Fixed
Rent for any Lease Option Exercise Space, then the Rent Response Notice shall set forth Tenant’s determination thereof
(“Optionee’s Initial Fixed Rent Determination”). If Optionee fails timely
to object to Optionor’s determination of the Fixed Rent for any Lease Option Exercise Space
and to set forth Optionee’s determination thereof, then Optionor may send second notice to Optionee
of such failure and if Optionee does not respond to such second notice within ten (10) Business
Days after receipt of the same, then Optionee shall be deemed to have accepted Optionor’s Initial
Fixed Rent Determination for the Lease Option Exercise Space.

 

    	7

    	 

    

 

(d)           If
Optionee disputes Optionor’s Initial Fixed Rent Determination for any Lease Option Exercise
Space and Optionor and Optionee fail to agree as to the Fixed Rent within thirty (30) days after the giving of the Rent Response
Notice, then the Fixed Rent shall be determined by arbitration in the same manner as disputes regarding the Purchase Price pursuant
to Section 5; provided, that (i) all references in Section 4 to “Purchase Price” shall be
deemed to refer to “Fixed Rent”, (ii) all references in Section 4 to “Optionor’s Initial Purchase
Price Determination” shall be deemed to refer to “Optionor’s Initial Fixed Rent Determination”, (iii) all
references in Section 5 to “Optionee’s Initial Purchase Price Rent Determination” shall be deemed to refer
to “Optionee’s Initial Fixed Rent Determination” and (iv) each arbitrator shall be a licensed real estate broker
having at least ten (10) years of experience in leasing of first class office buildings in Manhattan similar in character to the
applicable Lease Option Exercise Space.

 

6.           23rd
Floor Right of First Offer. 

 

(a)           As
used herein:

 

(i)           “Available”
shall mean, as to the 23rd Floor, that such space is vacant and free of any present or future possessory right or option then
existing in favor of any third party. Notwithstanding the foregoing, Optionee’s right of first offer pursuant to this Section
6 is subordinate to: (A) the rights of L’Oreal USA, Inc., a Delaware corporation (“L’Oreal”),
pursuant to the terms of that certain Lease, dated as of April __, 2013 (the “L’Oreal Lease”), between
Legacy Tenant, as landlord, and L’Oreal, as tenant, including any renewal or extension thereof; (B) if L’Oreal shall
have exercised the Initial Contraction Option (as such term is defined in the L’Oreal Lease) and Legacy Tenant shall have
elected to provide the 23rd Floor as the Second Expansion Space (as such term is defined in the L’Oreal Lease),
the rights L’Oreal under the L’Oreal Lease and any renewal or extension thereof; and (C) if L’Oreal shall have
exercised the Initial Contraction Option and Legacy Tenant shall have elected to not provide the 23rd Floor as the
Second Expansion Space and shall have instead leased the 23rd Floor to a third party tenant, the rights of the initial
tenant of the 23rd Floor immediately thereafter (such tenant, the “Initial Third Party Tenant”) and any renewal
or extension, or new lease, of the 23rd Floor exercised by, or entered into with, the Initial Third Party Tenant, whether pursuant
to the terms of the Initial Third Party Tenant’s lease or otherwise.3 Optionor shall provide Optionee with written
updates from time to time upon request therefor concerning the status of the 23rd Floor, including, without limitation,
(x) whether L’Oreal has exercised the Initial Contraction Option, (y) whether Legacy Tenant shall have elected to provide
the 23rd Floor as the Second Expansion Space or not, and (z) whether there is an Initial Third Party Tenant and the
duration of such Initial Third Parties lease term, etc.

  

	

 

		3	Definition
of “Available” and rights of L’Oreal and a third party tenant to which the right of first offer is subordinate
to be updated prior to execution of this Agreement to reflect the exercise or non-exercise by L’Oreal of the Initial Contraction
Option.

  

    	8

    	 

    

 

(ii)         “Offer
Period” means the period commencing on the date hereof and ending on: (A) if L’Oreal shall not have
exercised the Initial Contraction Option, the date on which the L’Oreal Lease shall expire or terminate pursuant
to the express terms thereof; (B) if L’Oreal shall have exercised the Initial Contraction Option and Legacy Tenant shall
have elected to provide the 23rd Floor as the Second Expansion Space, the date on which the L’Oreal Lease shall
expire or terminate with respect to the 23rd Floor; and (C) if L’Oreal shall have exercised the Initial Contraction
Option and Legacy Tenant shall have elected to not provide the 23rd Floor as the Second Expansion Space and shall have
instead leased the 23rd Floor to the Initial Third Party Tenant, the date upon which the Initial Third Party Tenant
shall vacate the 23rd Floor; provided, that in no event shall the Offer Period expire earlier than the date that is the
thirteenth (13th) anniversary of the date on which Optionee first occupies the Coach Unit for the normal conduct of business in
the ordinary course.4

 

(b)           If
at any time during the Offer Period the entirety of the 23rd Floor either becomes, or Optionor reasonably anticipates that within
the next twenty-four (24) months the entire 23rd Floor will become, Available, then Optionor shall give Optionee notice (an “Offer
Notice”) thereof, specifying (A) the date or estimated date that the 23rd Floor has or is anticipated to become Available,
(B) Optionor’s determination of the Purchase Price and the Fixed Rent for the 23rd Floor as of
the date of such Offer Notice, and (C) such other matters as Optionor may deem appropriate for such Offer Notice.

 

(c)           Optionee
shall have the option (the “23rd Floor Option”), exercisable by written notice (an “Acceptance Notice”)
given to Optionor on or before the date that is sixty (60) days after the date the Offer Notice is given, either (i) to purchase
the 23rd Floor, if Optionee shall have exercised the Purchase Option for all of the Coach Expansion Premises, or (ii) to lease
the 23rd Floor, in each case pursuant to the further terms and conditions of this Section 6.

 

 

		4	Definition
of “Offer Period” to be updated prior to execution of this Agreement to reflect the exercise or non-exercise by L’Oreal
of the Initial Contraction Option.

  

    	9

    	 

    

 

(d)           If
Optionee timely elects to purchase the 23rd Floor, then (i) Optionee shall make the Deposit required pursuant to Section 3(iii)
simultaneously with the giving of the Acceptance Notice, and (ii) the Parties shall proceed to effectuate the closing of the purchase
and sale of the 23rd Floor (the “23rd Floor Closing”) in accordance with the terms and conditions of this Agreement
and the Purchase Option Terms, all of which Purchase Option Terms shall be deemed effective and binding on the Parties and shall
be deemed incorporated in this Agreement as if set forth in full herein, except that as used in the Purchase Option Terms: (A)
the term “Purchase Option Exercise Space” shall mean the 23rd Floor, (B) the term “Purchase Closing Date”
shall mean the 23rd Floor Closing Date (hereinafter defined), and (C) the term “Purchase Closing” shall mean the 23rd
Floor Closing. The 23rd Floor Closing shall occur on a date following the date the 23rd Floor becomes Available
mutually agreed upon by the Parties, but not later than forty-five (45) days after such date on which the 23rd Floor
becomes Available (the date on which the Purchase Closing actually occurs with respect to such Purchase Option Exercise Space (the
“23rd Floor Closing Date”). The Purchase Price for the purchase of the 23rd Floor shall be determined
in accordance with Section 4 which shall apply, mutatis mutandis, with respect to the 23rd Floor, except that:
(x) all references to “Purchase Option Exercise Space” shall be deemed to refer to the 23rd Floor, (y) all references
to “Purchase Closing Date” shall be deemed to refer to 23rd Floor Closing Date and (z) “Optionor’s Initial
Purchase Price Determination” shall be deemed to mean the amount specified as the Purchase Price in the Offer Notice. If
Optionee elects to purchase the 23rd Floor, then on the 23rd Floor Closing Date (1) the Deposit, together with the balance
of the Purchase Price, shall be paid by wire transfer of immediately available funds to Optionor to such account or accounts specified
by Optionor, as provided in the Purchase Option Terms, and (2) Optionor and Optionee shall execute and
deliver the documents and other deliveries set forth in the Purchase Option Terms in accordance with the terms hereof and thereof.

 

(e)           If
Optionee timely elects to lease the 23rd Floor, then the terms and conditions of Section 5 shall apply, mutatis mutandis,
with respect to the leasing of the 23rd Floor, except that: (i) clause (a) of Section 5 shall not apply, (ii) all
references to “Lease Option Notice” shall be deemed to refer to the Acceptance Notice, (iii) all reference to “Lease
Option Exercise Space” shall be deemed to refer to the 23rd Floor, (iv) all reference to “Vacancy Date” shall
be deemed to refer to the date that the 23rd Floor is or will become Available as set forth in the Offer Notice, and (v) “Optionor’s
Initial Fixed Rent Determination” shall be deemed to mean the amount specified for Fixed Rent in the Offer Notice.

 

(f)            If
Optionee elects to exercise the 23rd Floor Option (whether to purchase or lease), then Optionor shall cause the 23rd Floor to be
subdivided and severed from Office Unit 3, so that the 23rd Floor shall be a separate and distinct condominium unit in the
Condominium (as defined in the Condominium Declaration), together with a [2.28]% interest in the Common Elements (as defined in
the Condominium Declaration), which subdivision and severance shall be at (i) Optionor’s sole cost and expense if Optionee
elects to purchase the 23rd Floor or (ii) Optionee’s sole cost and expense if Optionee elects to lease the 23rd Floor. The
Parties agree to cooperate in good faith in connection with such subdivision and severance.

 

7.           Delivery
Condition. On any Purchase Closing Date, 23rd Floor Closing Date and any Delivery Date (including
with respect to the 23rd Floor), as applicable, the applicable Purchase Option Exercise Space, Lease Option Exercise Space or 23rd
Floor shall be delivered to Optionee vacant and free and clear of any and all tenancies and other rights of occupancy or possession
and otherwise in the condition to be negotiated in good faith by Optionor and Optionee (the “Delivery Condition”);
provided, that with respect to the Coach Expansion Premises, the Delivery Condition shall include, at a minimum,
the core bathroom finishes and all foundations, columns, girders, beams, supports, all support and other features necessary for
the installation of raised flooring, as constructed and existing therein on the date hereof. 

 

    	10

    	 

    

 

8.            Representations
and Covenants by Optionor.

 

(a)           Each
Optionor hereby represents and warrants to Optionee, as to itself, as of the date hereof as follows:

 

(i)             It
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, is
duly qualified or otherwise authorized as a foreign limited liability company and is in good standing in each jurisdiction where
such qualification is required by law; it has taken all action required to execute, deliver and perform this Agreement and to make
all of the provisions of this Agreement the valid and enforceable obligations they purport to be and has caused this Agreement
to be executed by a duly authorized person.

 

(ii)         This
Agreement has been, and all documents which it is required to deliver to Optionee at any Closing will at the time of such Closing
be, duly authorized, executed and delivered by such Optionor, is or will be the legal, valid and binding obligations of Optionor
enforceable in accordance with its or their terms, subject to general principles of equity and to bankruptcy, insolvency, reorganization,
moratorium or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors generally, and does
not or will not, (A) conflict with any provision of any law or regulation to which it is subject, or violate any provision of any
judicial order to which it is a party or to which it is subject, (B) breach or violate any of its organizational documents, (C)
conflict with or violate or result in a breach of any of the provisions of, or constitute a default under, any agreement or instrument
to which it is a party or by which it or any of its property is bound, or (D) require the consent, approval or ratification by
any governmental entity or any other Person that has not been obtained.

 

(iii)        It
owns and holds, or has a beneficial ownership interest in, a leasehold or fee interest in and to the Coach Expansion Premises and
the 23rd Floor. Except for (A) the rights granted by Legacy Tenant to L’Oreal pursuant to the terms of the L’Oreal
Lease and (B) the rights granted to Optionee pursuant to this Agreement, it has not granted any options to purchase or lease or
otherwise acquire or lease, rights of first refusal, rights of first offer or other rights with respect to the Coach Expansion
Space, the 23rd Floor or any part thereof.

 

(iv)        There
are no actions, suits, or proceedings pending and, to its knowledge, no such action suit or proceeding has been threatened in writing
against it in any court of law or in equity or before any governmental instrumentality that is reasonably likely to adversely affect
its ability to perform its obligations under this Agreement. Exhibit F-1 attached hereto and made a part hereof, sets forth
all litigation, claims, actions or proceedings currently affecting Optionor.

 

(v)         It
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

    	11

    	 

    

 

(vi)        It
is not a Person with whom Optionee is restricted from doing business under the International Emergency Economic Powers Act, 50
U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001; any
executive orders promulgated thereunder, any implementing regulations promulgated thereunder by the U.S. Department of Treasury
Office of Foreign Assets Control (“OFAC”) (including those persons or entities named on OFAC’s List of
Specially Designated Nationals and Blocked Persons), or any other applicable law of the United States.

 

(vii)       It
has delivered to Optionee a true, correct and complete copy of the L’Oreal Lease.

 

(b)           Optionee
hereby represents and warrants to Optionor as of the date hereof as follows:

 

(i)             It
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, is
duly qualified or otherwise authorized as a foreign limited liability company and is in good standing in each jurisdiction where
such qualification is required by law; it has taken all action required to execute, deliver and perform this Agreement and to make
all of the provisions of this Agreement the valid and enforceable obligations they purport to be and has caused this Agreement
to be executed by a duly authorized person.

 

(ii)         This
Agreement has been, and all documents which Optionee is required to deliver to Optionor at any Closing will at the time of such
Closing be, duly authorized, executed and delivered by Optionee, is or will be the legal, valid and binding obligations of Optionee
enforceable in accordance with its or their terms, subject to general principles of equity and to bankruptcy, insolvency, reorganization,
moratorium or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors generally, and does
not or will not, (A) conflict with any provision of any law or regulation to which it is subject, or violate any provision of any
judicial order to which it is a party or to which it is subject, (B) breach or violate any of its organizational documents, (C)
conflict with or violate or result in a breach of any of the provisions of, or constitute a default under, any agreement or instrument
to which it is a party or by which it or any of its property is bound, or (D) require the consent, approval or ratification by
any governmental entity or any other Person that has not been obtained.

 

(iii)        There
are no actions, suits, or proceedings pending and, to its knowledge, no such action suit or proceeding has been threatened in writing
against it in any court of law or in equity or before any governmental instrumentality that is reasonably likely to adversely affect
its ability to perform its obligations under this Agreement. Exhibit F-2 attached hereto and made a part hereof, sets forth
all litigation, claims, actions or proceedings currently affecting Optionee.

 

(iv)        It
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

    	12

    	 

    

 

(v)         It
is not a Person with whom Optionee is restricted from doing business under the International Emergency Economic Powers Act, 50
U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001; any
executive orders promulgated thereunder, any implementing regulations promulgated thereunder by OFAC (including those persons or
entities named on OFAC’s List of Specially Designated Nationals and Blocked Persons), or any other applicable law of the
United States.

 

(c)            The
representations and warranties of each Optionor and Optionee set forth in this Agreement and in the Purchase Option Terms shall
survive the execution and delivery of this Agreement and the Purchase Closing Date in accordance with the Purchase Option Terms.
All of the representations and warranties made by Optionor in Section 8(a) shall be true and correct on the date of any
Purchase Closing Date as if remade by Optionor on and as of such Purchase Closing Date; provided, that in connection with
a permitted assignment of this Agreement by Optionor, any permitted assignee of Optionor shall be permitted to update such representations
solely with respect to (i) the representations contained in Section 8(a)(i) to account for a change in the type of entity
and the jurisdiction of formation of such entity, (ii) the representations contained in Section 8(a)(iii) to reflect
the structure of its ownership of the Coach Expansion Premises and/or the 23rd Floor, and (iii) the representations contained in
Section 8(a)(iv) to update Exhibit F-1 attached hereto. All of the representations and warranties made by Optionee
in Section 8(b) shall be true and correct on the date of any Purchase Option Notice or Acceptance Notice and on the date
of any Purchase Closing Date as if remade on and as of such date and the Purchase Closing Date; provided, that in connection
with a permitted assignment of this Agreement by Optionee, any permitted assignee of Optionee shall be permitted to update such
representations solely with respect to (i) the representations contained in Section 8(b)(i) to account for a change in the
type of entity and the jurisdiction of formation of such entity, and (ii) the representations contained in Section 8(b)(iii)
to update Exhibit F-2 attached hereto.

 

9.             Remedies.
If Optionor breaches or fails to perform any of its obligations pursuant to the terms of this Agreement, Optionee shall be entitled
to specific performance against Optionor, in addition to any other remedies available to Optionee pursuant to this Agreement, at
law or in equity, including, with limitation, any damages arising from Optionor’s breach or failure to perform any of the
terms and conditions of this Agreement. The provisions of this Section 9 shall survive any Closing, the expiration
of the Option Period and the termination of this Agreement.

 

10.         Notices.
Any and all notices, demands, requests, consents, approvals or other communications (each, a “Notice”) permitted
or required to be made under this Agreement shall be in writing, signed by the Party giving such Notice and shall be delivered
(a) by hand (with signed confirmation of receipt), (b) by nationally or internationally recognized overnight mail or courier service
(with signed confirmation of receipt) or (c) by facsimile transmission (with a confirmation copy delivered in the manner described
in clause (a) or (b) above). All such Notices shall be deemed delivered, as applicable: (i) on the date of the personal
delivery or facsimile (as shown by electronic confirmation of transmission) if delivered by 5:00 p.m., and if delivered after 5:00
p.m. then on the next business day; or (ii) on the next business day for overnight mail. Notices directed to a Party shall be delivered
to the Parties at the addresses set forth below or at such other address or addresses as may be supplied by written Notice given
in conformity with the terms of this Section 10:

 

    	13

    	 

    

 

	 	If to Optionor:	Legacy Yards Tenant LLC
	 	 	Podium Fund Tower C SPV LLC
	 	 	c/o The Related Companies, L.P.
	 	 	60 Columbus Circle, 19th Floor
	 	 	New York, New York 10023
	 	 	Attention:  Jeff T. Blau and L. Jay Cross 
	 	 	Facsimile:  (212) 801-3540 
	 	 	 
	 	with a copy to:	The Related Companies, L.P.
	 	 	60 Columbus Circle, 19th Floor
	 	 	New York, New York 10023
	 	 	Attention:  Richard O’Toole, Esq.
	 	 	Facsimile:  (212) 801-1036 
	 	 	 
	 	and to:	The Related Companies, L.P.
	 	 	60 Columbus Circle, 19th Floor
	 	 	New York, New York 10023
	 	 	Attention:  Amy Arentowicz, Esq.
	 	 	Facsimile:  (212) 801-1003
	 	 	 
	 	and to: 	Oxford Hudson Yards LLC
	 	 	320 Park Avenue, 17th Floor
	 	 	New York, New York 100022 
	 	 	Attention:  Dean J. Shapiro
	 	 	Facsimile:  (212) 986-7510
	 	 	 
	 	and to: 	Oxford Properties Group
	 	 	Royal Bank Plaza, North Tower
	 	 	200 Bay Street, Suite 900
	 	 	Toronto, Ontario M5J 2J2 Canada 
	 	 	Attention: Chief Legal Counsel
	 	 	Facsimile:  (416) 868-3799
	 	 	 
	 	 	and, if different than the address set forth above,
	 	 	to the address posted from time to time as the
	 	 	corporate head office of Oxford Properties Group
	 	 	on the website www.oxfordproperties.com,
	 	 	to the attention of the Chief Legal Counsel
	 	 	(unless the same is not readily ascertainable or
	 	 	accessible by the public in the ordinary course)
	 	 	 
	 	and to: 	Schulte Roth & Zabel LLP
	 	 	919 Third Avenue
	 	 	New York, New York 10022
	 	 	Attention:  Stuart D. Freedman, Esq.
	 	 	Facsimile:  (212) 593-5955

 

    	14

    	 

    

 

	 	If to Optionee:	Coach Legacy Yards LLC 
	 	 	c/o Coach, Inc.
	 	 	[516 West 34th Street]
	 	 	New York, New York 10001
	 	 	Attention:  Todd Kahn 
	 	 	Facsimile:  (212) 629-2398 
	 	 	 
	 	with copies to: 	Coach, Inc.
	 	 	[516 West 34th Street]
	 	 	New York, New York 10001
	 	 	Attention:  Mitchell L. Feinberg 
	 	 	Facsimile:  (212) 629-2298 
	 	 	 
	 	and to: 	Fried, Frank, Harris, Shriver & Jacobson LLP
	 	 	One New York Plaza 
	 	 	New York, New York 10004 
	 	 	Attention:  Jonathan L. Mechanic and Harry R. Silvera, Esqs.
	 	 	Facsimile:  (212) 859-4000

 

Any counsel designated
above or any replacement counsel who may be designated respectively by any Party or such counsel by written Notice to the other
parties is hereby authorized to give Notices hereunder on behalf of its respective client.

 

11.         Attorney
Fees. The prevailing party in any litigation shall be entitled to recovery of all of its actual out-of-pocket costs and expenses
(including legal fees and disbursements) incurred in such action. The provisions of this Section 11 shall survive any
Closing, the expiration of the Option Period, the Offer Period and the termination of this Agreement.

 

12.         Captions.
All titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference and in no way
define, limit, extend, or describe the scope of this Agreement or the intent of any provision in this Agreement.

 

13.         Pronouns.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, and neuter, singular and plural, as
the identity of the party or parties may require.

 

14.         Assignment;
Successors and Assigns. This Agreement shall be binding upon the Parties and their respective successors and assigns, and shall
inure to the benefit of the Parties and their respective successors and assigns. Without limiting the foregoing, Optionee shall
have the right to designate one or more Persons as its designee(s) to acquire or lease all or any portion of the Coach Expansion
Premises or 23rd Floor at any Closing (but no such designation shall relieve Optionee from any of its obligations hereunder); provided,
that if Optionee is exercising the Lease Option or the 23rd Floor Option to lease the 23rd Floor and Optionee’s designated
lessee under the Lease is a Person other than Coach, the Lease shall be guaranteed by Coach pursuant to a guaranty of such lessee’s
obligations under such Lease (a “Guaranty”) in the form attached hereto as Exhibit G.

 

    	15

    	 

    

 

15.         Severability.
In case any one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and other application thereof
shall not in any way be affected or impaired thereby and shall be construed and enforced in all respects as if such invalid or
unenforceable provision or provisions had been omitted and substituted with a provision(s) that is valid and enforceable and most
closely effectuates the original intent of this Agreement.

 

16.         Entire
Agreement. This Agreement, together with all of the other documents and agreements which are being executed and delivered by
Optionor and Optionee on the date hereof, contain the entire agreement between the Parties relating to the subject matter hereof
and all prior agreements, oral or written, relative hereto which are not contained herein are terminated.

 

17.         Amendments.
Amendments, variations, modifications or changes to this Agreement may be made, effective and binding upon the Parties only by
the setting forth of same in a written document duly executed by each of Optionor and Optionee, and any alleged amendment, variation,
modification or change herein which is not so documented shall not be effective as to either of Optionor or Optionee.

 

18.         Counterparts.
This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original,
and all of which shall constitute but one and the same instrument and shall be binding upon each Party hereto as fully and completely
as if all Parties had signed the same signature page. The exchange of copies of this Agreement, any
signature pages required hereunder or any other documents required or contemplated hereunder by facsimile or portable document
format (“PDF”) transmission shall constitute effective execution and delivery of such signature pages and may
be used in lieu of the original signature pages for all purposes. Signatures of the Parties transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes.

 

19.         Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York
as in effect from time to time, without giving effect to any choice of laws or conflict of laws principles thereof (other than
Section 5-1401 of the General Obligations Law).

 

20.         Submission
to Jurisdiction; Venue. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with this Agreement, or the transactions contemplated hereby or thereby may be brought in any state or
federal court in the City of New York, New York, and Parties hereby consent to the exclusive jurisdiction of any court in the State
of New York (and of the appropriate appellate courts therefrom) in any suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been
brought in an inconvenient forum. The Parties hereby waive the right to commence an action, suit or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with this Agreement or the transactions contemplated hereby
or thereby in any court outside of the City of New York, New York. Process in any suit, action or proceeding may be served on any
Party anywhere in the world, whether within or without the jurisdiction of any such court.

 

    	16

    	 

    

 

21.         Exculpation.

 

(a)            Optionee
agrees that it shall not enforce the liability and obligation of Optionor to perform and observe the obligations contained in this
Agreement by any action or proceeding against any Optionor Exculpated Party (as hereinafter defined), and shall not sue for, seek
or demand any money judgment against any direct or indirect member, manager, shareholder, partner, beneficiary or other owner of
beneficial ownership interests in Optionor, or any director, officer, agent, attorney, employee or trustee of any of the foregoing
(each, an “Optionor Exculpated Party” and, collectively, the “Optionor Exculpated Parties”)
under or by reason of or in connection with this Agreement. The provisions of this Section 21(a) shall not, however,
(i) constitute a waiver, release or impairment of any obligation of Optionor hereunder; or (ii) impair the right of Optionee
to name Optionor as a party defendant in any action or suit under this Agreement.

 

(b)           Optionor
agrees that it shall not enforce the liability and obligation of Optionee to perform and observe the obligations contained in this
Agreement by any action or proceeding against any Optionee Exculpated Party (as hereinafter defined), and shall not sue for, seek
or demand any money judgment against any direct or indirect member, manager, shareholder, partner, beneficiary or other owner of
beneficial ownership interests in Optionee, or any director, officer, agent, attorney, employee or trustee of any of the foregoing
(each, an “Optionee Exculpated Party” and, collectively, the “Optionee Exculpated Parties”)
under or by reason of or in connection with this Agreement. The provisions of this Section 21(b) shall not, however,
(i) constitute a waiver, release or impairment of any obligation of Optionee hereunder; or (ii) impair the right of Optionor
to name Optionee as a party defendant in any action or suit under this Agreement.

 

(c)           The
provisions of this Section 21 shall survive the Closing, the expiration of the Option Period and the termination of
this Agreement.

 

22.         Defined
Terms. The following words and phrases have the following meanings in this Agreement:

 

(a)           “Affiliate”
means, with respect to any Person, a Person which directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with, such Person. For purposes hereof, the term “control” (including the related terms
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct (or cause the direction of) the management and policies of a Person (whether through the ownership of voting securities
or other ownership interest, by contract or otherwise). 

 

(b)           “Business
Day” means each day, except Saturdays, Sundays and all days observed by the federal government as legal holidays or which
commercial banks in New York State are not required or authorized to be closed for business.

 

    	17

    	 

    

 

(c)           “Person”
means an individual person, a corporation, partnership, trust, joint venture, limited liability company, proprietorship, estate,
association, land trust, other trust, Government Entity or other incorporated or unincorporated enterprise, entity or organization
of any kind.

 

23.         Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ALL RIGHTS TO A TRIAL
BY JURY IN ANY ACTION, COUNTERCLAIM OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE
MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL. EACH OF THE PARTIES HERETO FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS
THE MEANING AND RAMIFICATIONS OF THIS SECTION 23.

 

24.         Recordation.
Optionee shall have the right, in its sole and absolute discretion, to record (a) a memorandum of this Agreement in the form attached
hereto as Exhibit H (the “Memorandum”) and (b) if Optionee has exercised any Option and any Option Closing
is scheduled to occur after the expiration of the Option Period, a memorandum in form and substance reasonably satisfactory to
both Optionor and Optionee evidencing Optionee’s timely election to purchase or lease the applicable portion of the Coach
Expansion Premises, which memorandum shall in no event describe or reference the Purchase Price or the Fixed Rent.

 

25.         Termination
of Option. Coach shall execute, acknowledge and deliver to Fund Member promptly following the expiration of the Option Period
or the earlier exercise of the Option with respect to the entire Coach Expansion Premises an instrument confirming the expiration
or termination of this Agreement and the Memorandum (a “Termination Agreement”) substantially in the form attached
hereto as Exhibit I, which Termination Agreement may be recorded by Related/Oxford or Coach at Fund Member’s
expense. Notwithstanding the foregoing, the termination or expiration of this Agreement and the Option as provided herein shall
be self-effectuating and the failure of Coach to execute or deliver any such Termination Agreement shall not affect the effectiveness
thereof.

 

26.         Transfer
Taxes. Optionor and Optionee shall join in completing, executing, delivering and verifying the returns, affidavits and other
documents required in connection with the taxes, if any, imposed under Article 31 of the Tax Law of the State of New York and Title
II of Chapter 46 of the Administrative Code of the City of New York, and any other tax payable, if any, by reason of delivery or
recording of the Memorandum or any documents to be delivered at any Closing or the consummation of any of the transactions contemplated
hereunder (collectively, “Transfer Taxes”). All Transfer Taxes shall be paid by Optionor. The provisions of
this Section 26 shall survive the Closing.

 

27.         Further
Assurances. The Parties each agree to do such other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise imposed by this Agreement) as either may reasonably request
from time to time, whether at or after any Closing, in furtherance of the purposes of this Agreement. The provisions of this Section
27 shall survive any Closing.

 

    	18

    	 

    

 

28.         Joint
and Several Liability. If Optionor or Optionee consists of more than one Person, the constituent parties of Optionor or Optionee,
as the case may be, shall be jointly and severally liable for the obligations of Optionor or Optionee, as the case may be, under
this Agreement and the other documents to be executed and delivered by Optionor or Optionee at any Closing. In addition, a default
by one or more constituent parties of Optionor or Optionee shall be deemed a default by Optionor or Optionee, as the case may be.

 

29.         Broker.

 

(a)           Optionor
represents to Optionee that it has not dealt with any broker, finder or like agent in connection with this transaction other than
CBRE, Inc. (“Broker”). Optionor hereby indemnifies and holds Optionee harmless from and against any and all
claims for any commission, fee or other compensation by any Person (including Broker) who shall claim to have dealt with Optionor
in connection with the sale or lease of the Coach Expansion Premises, and for any and all costs incurred by Optionee in connection
with any such claims including, without limitation, reasonable attorneys’ fees and disbursements.

 

(b)           Optionee
represents to Optionor that it has not dealt with any broker, finder or like agent in connection with this transaction other than
Broker. Optionee hereby indemnifies and holds Optionor harmless from and against any and all claims for any commission, fee or
other compensation by any Person (other than Broker) who shall claim to have dealt with Optionee in connection with the sale or
lease of the Coach Expansion Premises, and for any and all costs incurred by Optionor in connection with any such claims including,
without limitation, reasonable attorneys’ fees and disbursements.

 

(c)           The
provisions of this Section 29 shall survive any Closing and any early termination of this Agreement.

 

30.         Priority
Over Future Encumbrances.

 

(a)           Any
existing or future mortgage or similar security interest encumbering the Coach Expansion Premises or the 23rd Floor during the
Option Period or Offer Period, as applicable, shall be subject and subordinate to this Agreement and the Option and the 23rd Floor
Option, as applicable, contained herein.

 

(b)           Nothing
in this Agreement shall limit or otherwise affect any rights of L’Oreal with respect to the 23rd Floor pursuant to the L’Oreal
Lease as in effect as of the date hereof, which shall in all events and under all circumstances be superior to the Option and the
rights granted to Coach hereunder.

 

31.         Time
is of the Essence. For all time periods contained in this Agreement, time shall be of the essence.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	19

    	 

    

 

IN WITNESS WHEREOF,
the Parties hereto, intending to be legally bound, have executed this Agreement as of the day and year first above written.

 

	 	 	OPTIONOR:	 	 
	 	 	 	 	 	 	 
	 	 	LEGACY YARDS LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 	 
	 	 	By:	Podium Fund Tower C SPV LLC,
	 	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	 	By:	Podium Fund REIT LLC,
	 	 	 	 	a Delaware limited liability company,
	 	 	 	 	its Managing Member
	 	 	 	 	 	 	 
	 	 	 	 		By:	 
	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	Title:
	 	 	 	 	 	 	 
	 	 	PODIUM FUND TOWER C SPV LLC,
	 	 	a Delaware limited liability company
	 	 	 
	 	 	By: 	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

Signature Page to Option Agreement

 

    	 

    	 

    

 

	 	OPTIONEE: 
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Option Agreement

 

    	 

    	 

    

 

STATE OF NEW YORK                     )

                                                                ) ss.: 

COUNTY OF NEW
YORK                 )

 

On the ___ day of __________, 20__, before
me, the undersigned, personally appeared ____________________, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their/ capacity(ies), and that by, his/her/their signature(s) on the instrument, the individuals)
or the person upon behalf of which the individuals acted, executed the instrument.

_________________________

Notary Public

 

STATE OF NEW YORK                      )

                                                                ) ss.: 

COUNTY OF NEW
YORK                 )

 

On the ___ day of __________, 20__, before
me, the undersigned, personally appeared ____________________, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their/ capacity(ies), and that by, his/her/their signature(s) on the instrument, the individuals)
or the person upon behalf of which the individuals acted, executed the instrument.

_________________________

Notary Public

 

STATE OF NEW YORK                     )

                                                                )
ss.: 

COUNTY OF NEW
YORK                 )

 

On the ___ day of __________, 20__, before
me, the undersigned, personally appeared ____________________, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their/ capacity(ies), and that by, his/her/their signature(s) on the instrument, the individuals)
or the person upon behalf of which the individuals acted, executed the instrument.

_________________________

Notary Public

 

    	 

    	 

    

 

EXHIBIT A

 

Legal Description of the
Land

 

Tower
C-Basement level and below: 

 

All of
the lands at or below an upper limiting plane of elevation 12.00 feet (Manhattan Borough Datum) within the following horizontal
boundary: 

 

Beginning
at a point formed by the intersection of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street
(60' R.O.W.); running thence 

 

		1.	Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 589.42 feet to a point; thence

		 	 

		2.	Leaving
West 30th Street, North 00°03'07" East, a distance of 77.67 feet to a point; thence

		 	 

		3.	North
89°56'53" West, a distance of 112.00 feet to a point; thence

		 	 

		4.	North
00°03'07" East, a distance of 104.83 feet to a point; thence

		 	 

		5.	South
89°56'53" East, a distance of 22.37 feet to a point; thence

		 	 

		6.	North
78°45'38" East, a distance of 49.37 feet to a point; thence

		 	 

		7.	South
89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

		 	 

		8.	Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower
C-Street Level: 

 

All of
the lands above a lower limiting plane of elevation 12.00 feet and at or below an upper limiting plane of elevation 29.00 feet
(Manhattan Borough Datum) within the following horizontal boundary: 

 

Beginning
at a point formed by the intersection of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street
(60' R.O.W.); running thence 

 

		1.	Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42 feet to a point; thence

		 	 

		2.	Leaving
West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

		 	 

		3.	South
89°56'53" East, a distance of 8.37 feet to a point; thence

 

    	Exhibit A

    	 

    

 

		4.	North
00°03'07" East, a distance of 30.67 feet to a point; thence

		 	 

		5.	North
89°56'53" West, a distance of 1.80 feet to a point; thence

		 	 

		6.	North
00°03'07" East, a distance of 5.03 feet to a point; thence

		 	 

		7.	North
89°56'53" West, a distance of 0.50 feet to a point; thence

		 	 

		8.	North
00°03'07" East, a distance of 6.60 feet to a point; thence

		 	 

		9.	South
89°56'53" East, a distance of 2.33 feet to a point; thence

		 	 

		10.	North
00°03'07" East, a distance of 18.31 feet to a point; thence

		 	 

		11.	North
36°42'17" West, a distance of 27.85 feet to a point; thence

		 	 

		12.	North
89°56'53" West, a distance of 10.32 feet to a point; thence

		 	 

		13.	North
00°03'07" East, a distance of 31.86 feet to a point; thence

		 	 

		14.	North
89°56'53" West, a distance of 45.42 feet to a point; thence

		 	 

		15.	North
00°03'07" East, a distance of 12.90 feet to a point; thence

		 	 

		16.	North
89°56'53" West, a distance of 37.04 feet to a point; thence

		 	 

		17.	North
00°03'07" East, a distance of 34.75 feet to a point; thence

		 	 

		18.	South
89°56'53" East, a distance of 1.41 feet to a point; thence

		 	 

		19.	North
78°45'38" East, a distance of 49.37 feet to a point; thence

		 	 

		20.	South
89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

		 	 

		21.	Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower
C-Mezzanine Level: 

 

All of
the lands above a lower limiting plane of elevation 29.00 feet and at or below an upper limiting plane of elevation 40.55 feet
(Manhattan Borough Datum) within the following horizontal boundary: 

 

Beginning
at a point formed by the intersection of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street
(60' R.O.W.); running thence 

 

		1.	Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42 feet to a point; thence

 

    	Exhibit A

    	 

    

 

		2.	Leaving
West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

		 	 

		3.	South
89°56'53" East, a distance of 8.37 feet to a point; thence

		 	 

		4.	North
00°03'07" East, a distance of 35.70 feet to a point; thence

		 	 

		5.	South
89°56'53" East, a distance of 3.21 feet to a point; thence

		 	 

		6.	North
00°03'07" East, a distance of 136.41 feet to a point; thence

		 	 

		7.	South
89°56'53" East, a distance of 567.83 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

		 	 

		8.	Along
said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower
C-Plaza level and above:

 

All of
the lands above a lower limiting plane of elevation 40.55 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning
at a point formed by the intersection of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street
(60' R.O.W.); running thence 

 

		1.	Along
said northerly line of West 30th Street, North 89°56'53" West, a distance of 416.00 feet to a point; thence

		 	 

		2.	Leaving
West 30th Street, North 00°03'07" East, a distance of 192.17 feet to a point; thence

		 	 

		3.	South
89°56'53" East, a distance of 416.00 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

Along said westerly line of
Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

    	Exhibit A

    	 

    

 

EXHIBIT B

 

Legal Description of the
Coach Expansion Premises

 

(see attached)

 

    	Exhibit B

    	 

    

 

EXECUTION VERSION

 

EXHIBIT C

 

Purchase Option Terms

 

1.             Integration
with Option Agreement; Definitions. These Purchase Option Terms contain additional terms for the purchase and sale of any Purchase
Option Exercise Space (also sometimes referred to herein as the “Premises”) pursuant to the Option Agreement
(the “Agreement”) to which these Purchase Option Terms are attached and deemed incorporated therein as if set
forth in full therein. Capitalized terms not otherwise defined herein have their respective meanings set forth in the Agreement.
In the event of any inconsistency between the provisions of these Purchase Option Terms and the Agreement, the provisions of the
Agreement shall govern.

 

2.             Purchase
and Sale of Exercise Space. Subject to the terms and conditions set forth in the Agreement and these Purchase Option Terms,
if the Purchase Option is timely and effectively exercised in accordance with Section 3 of the Agreement, Optionor shall sell,
assign and convey to Optionee, and Optionee shall purchase and assume from Optionor, all of Optionor’s right, title and interest
in the Premises, subject to and in accordance with the applicable terms and conditions set forth in the Agreement and these Purchase
Option Terms. Optionor and Optionee acknowledge and agree that the value of any fixtures, furnishings, equipment, machinery, inventory,
appliances, permits, licenses and all other tangible and intangible personal property, if any, included or relating to the Premises
(the “Personal Property”) is de minimis and no part of the Purchase Price is allocable thereto.

 

3.             Purchase
Price and Deposit. The Purchase Price to be paid by Optionee for the Premises shall be determined in accordance with Section
4 of the Agreement. The Purchase Price, subject to adjustment as provided herein, shall be payable as follows:

 

(i)             The
Deposit shall be deposited with the Escrow Agent in accordance with Section 3 of the Agreement and the further terms of this Section
3 of this Exhibit C.

 

(a)             The
Deposit shall be held in an interest bearing account in a bank selected by the Escrow Agent (it being agreed that the Escrow Agent
shall not be liable for the amount of interest which accrues thereon or for the solvency of such bank), and shall be applied in
accordance with Section 3 of this Exhibit C. Any interest accruing on the Deposit shall be distributed to the party
that receives the Deposit in accordance with the terms of this Exhibit C; provided, that if Optionor receives the
Deposit, any interest accrued thereon shall be credited against the Purchase Price. The party receiving such interest shall pay
any income taxes thereon.

 

(b)             If
the Purchase Closing does not occur and either party makes a written demand upon the Escrow Agent for payment of the Deposit (including
any interest that shall have accrued thereon), the Escrow Agent shall promptly give written notice to the other party of such demand.
If the Escrow Agent does not receive a written objection from the other party to the proposed payment or delivery, which objection
shall state the reasons the party objects to the proposed payment or delivery (and a copy of which shall be sent to the other party),
within ten (10) Business Days after the giving of such notice, the Escrow Agent is hereby irrevocably authorized and directed to
make such payment or delivery. If the Escrow Agent does receive such written objection within such ten (10) Business Day period
or if for any other reason the Escrow Agent in good faith shall elect not to make such payment or delivery, the Escrow Agent shall
continue to hold the Deposit (together with all interest that shall have accrued thereon), until directed by joint written instructions
from Optionor and Optionee or as directed pursuant to a final judgment of a court of competent jurisdiction.

 

    	 

    	 

    

 

(c)             The
Escrow Agent shall act as escrow agent without charge as an accommodation to the parties, it being understood and agreed that the
Escrow Agent shall not be liable for any error in judgment or for any act done or omitted by it in good faith or pursuant to a
court order, or for any mistake of fact or law, unless caused or created as the result of the Escrow Agent’s gross negligence
or willful misconduct. The Escrow Agent shall not incur any liability in acting upon any signature, notice, request, waiver, consent,
receipt or other paper or document reasonably believed by the Escrow Agent to be genuine, and it shall be released and exculpated
from all liability by Optionor and Optionee, except in the case of gross negligence or willful misconduct of the Escrow Agent.
The Escrow Agent may assume that any person purporting to give it notice on behalf of any party in accordance with the provisions
of Section 9 of the Agreement. The sole responsibility of the Escrow Agent hereunder shall be to hold and disburse the Deposit,
together with all interest that shall have accrued thereon, in accordance with the provisions of this Section 3.

 

(d)             The
Escrow Agent shall not be liable for and Optionor and Optionee shall indemnify, jointly and severally, the Escrow Agent for, and
to hold the Escrow Agent harmless against any loss, liability or expense, including, without limitation, reasonable attorneys’
fees and disbursements, arising out of any dispute hereunder, including the cost and expense of defending itself against any claim
arising hereunder, unless the same is caused by the gross negligence or willful misconduct of the Escrow Agent.

 

(e)             The
Escrow Agent may, on notice to Optionor and Optionee, take such affirmative steps as it may, at its option, elect in order to terminate
its duties as the Escrow Agent, including, without limitation, the delivery of the Deposit, together with all interest that shall
have accrued thereon, to a new escrow agent designated by Optionor and Optionee or in the event any such termination upon or during
any dispute between Optionor and Optionee, to a court of competent jurisdiction and the commencement of an action for interpleader.
The costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements, incurred by the Escrow
Agent in commencing such an action and in making such delivery shall be borne by whichever of the parties is the non-prevailing
party. Upon the taking by the Escrow Agent of such action, the Escrow Agent shall be released from all duties and responsibilities
hereunder.

 

(f)             Any
notices to Optionor or Optionee shall be delivered in accordance with the provisions of Section 9 of the Agreement. Any notices
to the Escrow Agent shall be delivered in accordance with Section 9 to the following address(es):

 

[INSERT ESCROW AGENT’S NOTICE ADDRESS(ES)]

 

    	2

    	 

    

 

(ii)         On
the Purchase Closing Date, (a) the Deposit (together with any interest accrued thereon) shall be paid by Escrow Agent to Optionor
by wire transfer of immediately available federal funds to an account or accounts designated by Optionor to the Escrow Agent within
one (1) Business Day prior to the scheduled Purchase Closing Date, and (b) Optionee shall pay by wire transfer of immediately available
federal funds to an account or accounts designated by Optionor to Optionee within one (1) Business Day prior to the scheduled Purchase
Closing Date, the Purchase Price, as adjusted in accordance with Section 7 of this Exhibit C, less the Deposit (such
amount, the “Balance”).

 

4.             Condition
of Title.

 

(i)             On
the Purchase Closing Date, title to the Premises shall be conveyed free and clear of all liens, tenancies and encumbrances, subject
only to the following matters (collectively, the “Permitted Exceptions”):

 

(a)             those
matters set forth on Schedule 1 attached hereto and incorporated herein by this reference;

 

(b)             the
state of facts shown on the survey prepared by [__________________] dated [______________];

 

(c)             all
present and future zoning, building, environmental and other laws, ordinances, codes, restrictions and regulations of all governmental
authorities having jurisdiction with respect to the Premises, including, without limitation, landmark designations and all zoning
variances and special exceptions, if any;

 

(d)             all
presently existing and future liens of real estate taxes or assessments and water rates, water meter charges, water frontage charges
and sewer taxes, rents and charges, if any, provided that such items are not yet due and payable as of the date of the Purchase
Closing, subject to adjustment as hereinbelow provided;

 

(e)             all
covenants, restrictions and rights and all easements and agreements for the erection and/or maintenance of water, gas, steam, electric,
telephone, sewer or other utility pipelines, poles, wires, conduits or other like facilities, and appurtenances thereto, over,
across and under the Premises which are either (i) presently existing or (ii) granted to a public utility in the ordinary course,
provided that the same shall not have any adverse effect (other than to a de minimis extent) on the use or occupancy
of the Premises;

 

(f)             standard
pre-printed exclusions from coverage contained in the form of title policy or “marked-up” title commitment employed
by the Title Insurer;

 

(g)             any
lien or encumbrance arising out of the acts or wrongful omissions of Optionee;

 

(h)             any
encumbrance that will be extinguished upon conveyance of the Premises to Optionee, provided that the Title Insurer shall
remove any such encumbrance as an exception from the title insurance policy to be issued to Optionee at the Purchase Closing at
no additional cost to Optionee (or with Optionor paying any such cost); and

 

    	3

    	 

    

 

(i)             any
other matter which, pursuant to the terms of the Agreement or these Purchase Option Terms, is a Permitted Exception.

 

(ii)           At
the Purchase Closing, good and insurable title to the Premises shall be conveyed to Optionee in fee simple absolute, subject only
to Permitted Exceptions.

 

5.             Title
Insurance and Title Objections.

 

(i)            At
least forty-five (45) days prior to the scheduled Purchase Closing Date, Optionee may obtain, at Optionee’s expense, a title
commitment (a “Title Commitment”) with respect to the Premises from a nationally recognized title insurance
company licensed to do business in the state of New York selected by Optionee (the “Title Insurer”). If Optionee
elects to obtain a Title Commitment, Optionee shall instruct the Title Insurer to deliver a copy of the Title Commitment and all
updates to the Title Commitment (each, a “Title Update”) to Optionor simultaneously with its delivery of the
same to Optionor.

 

(ii)           No
later than thirty (30) days prior to the scheduled Purchase Closing Date, Optionee may furnish to Optionor a written statement
setting forth any exceptions to title appearing in the Title Commitment (each, a “Commitment Exception”) to
which Optionee objects and which are not Permitted Exceptions (the “Title Objections”). In addition, if prior
to the scheduled Purchase Closing Date, any Title Update discloses any additional exceptions to title that are not Permitted Exceptions
(each, an “Update Exception”), then Optionee shall have until the earlier of (x) ten (10) Business Days after
delivery by the Title Insurer of the Title Update or (y) the Business Day immediately prior to the scheduled Purchase Closing Date,
to deliver to Optionor a Title Objection with respect to any Update Exceptions. If Optionor fails to timely deliver any Title Objection
as set forth herein, Optionor shall be deemed to have irrevocably waived its right to object to the Commitment Exceptions and/or
the applicable Update Exceptions and the same shall be deemed Permitted Exceptions.

 

(iii)          Optionee
shall not be entitled to object to, and shall be deemed to have approved, any Commitment Exceptions or Update Exceptions (and the
same shall be deemed Permitted Exceptions) (x) over which the Title Insurer is willing to insure (without additional cost to or
an indemnity from Optionee or where Optionor pays all such costs or provides such indemnity); (y) against which the Title Insurer
is willing to provide affirmative insurance (without additional cost to or an indemnity from Optionee or where Optionor pays all
such costs or provides such indemnity); or (z) which will be extinguished upon the transfer of the Premises. If Optionor is unable
to eliminate any lien or encumbrance that is a Commitment Exception or Update Exception by the scheduled Purchase Closing Date,
unless the same is waived by Optionee, Optionor may, upon at least two (2) Business Days’ prior notice (a “Title
Cure Notice”) to Optionor (except with respect to matters first disclosed during such two (2) Business Day period, as
to which matters notice may be given at any time through and including the scheduled Purchase Closing Date) adjourn the scheduled
Purchase Closing Date for a period not to exceed sixty (60) days (the “Title Cure Period”) in the aggregate
in order to attempt to eliminate such exception.

 

    	4

    	 

    

 

(iv)          Optionor,
at its election, may eliminate any Commitment Exception or Update Exception on or prior to the Purchase Closing Date by using all
or a portion of the Purchase Price to satisfy the same, and in furtherance thereof (A) Optionee agrees to pay a portion of the
Purchase Price to such Persons as Optionor may direct and (B) Optionor shall deliver to Optionee or the Title Insurer at or prior
to the Purchase Closing Date, instruments in recordable form and sufficient, as determined by the Title Insurer, to eliminate such
Commitment Exceptions or Update Exceptions.

 

(v)           If
Optionor is unable to eliminate any Title Objection within the Title Cure Period (or on the scheduled Purchase Closing Date, if
Optionor does not elect to deliver a Title Cure Notice), unless the same is waived by Optionee, then Optionee, as it sole remedy,
may either (A) accept the Premises subject to such Commitment Exception or Update Exception without abatement of the Purchase Price,
in which event (x) such Commitment Exception or Update Exception shall be deemed to be, for all purposes, a Permitted Exception,
(y) Optionee shall close hereunder notwithstanding the existence of same, and (z) Optionor shall have no obligations whatsoever
after the Purchase Closing Date with respect to Optionor’s failure to cause such Commitment Exception or Update Exception
to be eliminated, or (B) terminate the Agreement as to the transaction that is the subject of the applicable Purchase Option Notice
by notice given to Optionor on or at any time within ten (10) Business Days following the expiration of the Title Cure Period and
receive a return of the Deposit. If Optionee shall fail to deliver the termination notice described in clause (B) within
the ten (10) Business Day period described herein, Optionee shall be deemed to have made the election under clause (A) and
Optionee and Optionor shall close hereunder on a mutually agreed upon date following the expiration of the Title Cure Period, but
not more than ten (10) Business Days thereafter. Upon the timely giving of any termination notice under clause (B), the
Deposit shall be returned to Optionee (and Optionor shall so instruct Escrow Agent) whereupon the Agreement shall terminate as
to the transaction that is the subject of the applicable Purchase Option Notice and neither party hereto shall have any further
rights or obligations hereunder with respect thereto other than those which are expressly provided to survive such termination.

 

(vi)          It
is expressly understood that in no event shall Optionor be required to bring any action or institute any proceeding, or to otherwise
incur any costs or expenses in order to attempt to eliminate any Title Objection, or take any other actions to cure or remove any
Title Objection, or to otherwise cause title in the Premises to be in accordance with the terms of this Section 5 on the
Purchase Closing Date; provided, that Optionor shall be required to remove, eliminate or otherwise cure, by payment, bonding
or otherwise, (A) all notes or notices of violations of applicable laws or regulations, noted in or issued by any federal, state,
municipal or other governmental department, agency or bureau or any other governmental authority having jurisdiction over the Premises,
unless caused by Optionee, (B) all mortgages (together with any assignment of leases and Uniform Commercial Code financing statements
and subordination and non-disturbance agreements recorded in connection therewith), (C) all mechanic’s or materialman’s
liens, unless filed as a result of any work or materials performed by or on behalf of Optionee (other than as a result of work
or materials performed by or on behalf of Optionor or any affiliate thereof), (D) all tax and judgment liens filed against Optionor,
(E) all leases, licenses and other occupancy agreements and all rights or claims of occupants and persons in possession relating
to the Premises or any portion thereof, and (F) any other Title Objection which have been voluntarily granted by Optionor on or
following the date hereof (other than with the approval of Optionee).

 

    	5

    	 

    

 

(vii)         If
the Title Commitment or any Title Update discloses judgments, bankruptcies or other returns against other Persons having names
the same as or similar to that of Optionor, Optionor shall cause the Title Insurer to omit as an exception such judgments, bankruptcies
or other returns based on an affidavit or such additional evidence or assurance as the Title Insurer may reasonably require.

 

6.             Certain
Covenants.

 

During the period from
the date of the applicable Purchase Option Notice until the Purchase Closing Date (as the same may be extended in accordance with
the terms of the Agreement and these Purchase Option Terms), Optionor shall:

 

(a)             not
enter into any lease, license or other occupancy agreement with respect to or affecting the Premises or any portion thereof (each,
a “Lease”), or amend, supplement or otherwise modify any Lease, unless such Lease, as amended, supplemented
or otherwise modified (taking into account all renewals, extensions or other provisions or contingencies
contained therein that could extend the term thereof) expires by its terms on or prior to the Vacancy Date;

 

(b)             on
or prior to the Vacancy Date, cause all Leases and the estates or rights granted thereunder to terminate, and all Persons
claiming rights under any Leases to vacate and surrender the Premises or any portion thereof;

 

(c)             not
enter into any Contract (as hereinafter defined) or permit any Person claiming by, through or under a Lease to enter into any Contract
with respect to or affecting the Premises or any portion thereof, or amend, supplement or otherwise modify any Contract, unless
such Contract, as amended, supplemented or otherwise modified, terminates by its terms on or prior to
the Vacancy Date or is otherwise terminable at will on not more than 30 days’ notice without penalty, premium or other charge,
and in either case would not be binding or impose any obligations upon the Premises or any portion thereof or the owner thereof
from and after such expiration or termination;

 

(d)             on
or prior to the Vacancy Date, cause all Contracts and the rights granted thereunder to terminate;

 

(e)             maintain
in full force and effect the insurance policies currently in effect with respect to the Premises (or replacements continuing similar
coverage); and

 

(f)             not
subject the Premises to any additional liens, encumbrances, covenants, restrictions or easements other than Permitted Exceptions,
unless such lien, encumbrance, covenant, restriction or easement terminates by its express terms on or prior to the Purchase Closing
Date.

 

7.             Apportionments.

 

(i)            The
following shall be apportioned between Optionor and Optionee at the Purchase Closing with respect to the applicable Premises as
of 11:59 p.m. of the day immediately preceding the Purchase Closing Date, and the net amount thereof either shall be paid by Optionee
to Optionor or credited to the Purchase Price, as the case may be, at the Purchase Closing:

 

    	6

    	 

    

 

(a)             Real
property taxes and assessments (or installments thereof), including all payments in lieu thereof, and payments required to be made
to any business improvement district taxes (“BID taxes”) and any other governmental taxes, charges or assessments
levied or assessed against the Premises, apportioned on the basis of the respective periods for which each is assessed or imposed;

 

(b)             If
separately assessed from Common Charges (as such term is defined in the Condominium Declaration), water rates and charges and sewer
taxes and rents, apportioned on the basis of the respective periods for which each is assessed or imposed;

 

(c)             Permit,
license and inspection fees, if any, on the basis of the fiscal year for which levied, if the rights with respect thereto are transferred
to Optionee;

 

(d)             Deposits
on account with any utility company servicing the Premises to the extent transferred to Optionee shall not be apportioned, but
Optionor shall receive a credit in the full amount thereof (including accrued interest thereon, if any);

 

(e)             All
Common Charges and other amounts assessed against the Premises by the Condominium Board (as defined in the Condominium Declaration)
(collectively, “Common Charges”); and

 

(f)             All
other items customarily apportioned in connection with the sale of similar properties in the City of New York, State of New York.

 

(ii)           Apportionment
of real property taxes or payments in lieu thereof, BID taxes, water rates and charges, sewer taxes and rents and vault charges
shall be made on the basis of the fiscal year for which assessed. If the Purchase Closing Date shall occur before the real property
tax rate or payments in lieu thereof, BID taxes, water rates or charges, sewer taxes are assessed or fixed for the period in which
the Purchase Closing Date occurs, apportionment for any item not yet assessed or fixed shall be made on the basis of the real property
tax rate or payments in lieu thereof, BID taxes, water rates and charges, sewer taxes and rents, as applicable, for the preceding
year. After the real property taxes or payments in lieu thereof, BID taxes, water rates and charges, sewer taxes and rents are
finally fixed, Optionor and Optionee shall make a recalculation of the apportionment of same after the Purchase Closing, and Optionor
or Optionee, as the case may be, shall make an appropriate payment to the other based upon such recalculation.

  

(iii)          If
any refund of real property taxes or payments in lieu thereof, BID taxes, water rates or charges, sewer taxes or rents is made
after the Purchase Closing Date covering a period prior to the Purchase Closing Date, the same shall be applied first to the reasonable
out-of-pocket costs incurred in obtaining same and the balance, if any, of such refund shall, to the extent received by Optionee,
be paid to Optionor (for the period prior to the Purchase Closing Date) and to the extent received by Optionor, be paid to Optionee
(for the period commencing on and after the Purchase Closing Date).

 

    	7

    	 

    

 

(iv)          If
there are meters measuring water consumption or sewer usage at the Premises, Optionor shall use commercially reasonable efforts
to obtain readings to a date not more than ten (10) days (but in no event more than thirty (30) days) prior to the Purchase Closing
Date. If such readings are not obtained (and if such readings are obtained, then with respect to any period between such reading
and the Purchase Closing Date), water rates and charges and sewer taxes and rents, if any, shall be apportioned based upon the
last meter readings, subject to reapportionment when readings for the relevant period are obtained after the Purchase Closing Date.

 

(v)           If
any adjustment or apportionment is miscalculated at the Purchase Closing, or the complete and final information necessary for any
adjustment is unavailable at the Purchase Closing, the affected adjustment shall be calculated after the Purchase Closing.

 

(vi)          The
provisions of this Section 7 shall survive the Purchase Closing Date for a period of one (1) year.

 

8.             Purchase
Closing. The Purchase Closing shall occur at the offices of Optionee or its attorneys, in either case, located in Manhattan,
on the Purchase Closing Date (as set forth in the Purchase Option Notice) or such later or other date to which the Purchase Closing
may adjourned pursuant these Purchase Option Terms or as otherwise determined pursuant to Section 3(c)(ii) of the Agreement.

 

9.             Documents
to be Delivered at Purchase Closing.

 

(i)            At
the Purchase Closing, Optionor shall deliver to Optionee, executed and acknowledged, as applicable:

 

(a)             A
condominium unit deed without covenants against grantor’s acts sufficient to convey fee title to the Premises (the “Deed”),
subject to and in accordance with the provisions of the Agreement and these Purchase Option Terms, in the form attached hereto
as Exhibit 9(i)(a);

 

(b)            A
general bill of sale for the Personal Property, in the form of Exhibit 9(i)(b), conveying all of Optionor’s right,
title and interest in and to the Personal Property;

 

(c)             A
certification of nonforeign status, in form required by Internal Revenue Code Section 1445 and the regulations issued thereunder;

 

(d)             A
certificate by the Condominium Board or the managing agent of the Condominium Board on its behalf providing that (x) the Common
Charges and any assessments due and payable as of the Purchase Closing Date (whether or not billed to Optionor) in respect of the
Premises have been paid to the Purchase Closing Date and (y) the Premises is free from all liens for past due Common Charges and
assessments, and (z) in the event that the Premises shall contain the 23rd Floor, the 23rd Floor has been
subdivided and severed from Office Unit 3, so that the 23rd Floor is a separate and distinct condominium unit (together with a
proportionate interest in the Common Elements (as defined in the Condominium Declaration) appropriately allocated thereto);

 

    	8

    	 

    

 

(e)             If
the Premises consists of Unit 2A or Unit 2B, resignations from all members of the Condominium Board that were appointed by Optionor
or its predecessor-in-interest in their capacity as owner of the Premises;

 

(f)             A
Real Property Transfer Tax Return with respect to the New York City Real Property Transfer Tax (the “RPT Form”);

 

(g)            A
New York State Real Estate Transfer Tax Return and Credit Line Mortgage Certificate with respect to the New York State Real Estate
Transfer Tax (the “Form TP-584”);

 

(h)            A
New York State Real Property Transfer Report Form RP-5217 NYC (the “RP-5217”);

 

(i)              A
Department of Housing Preservation and Development Affidavit in Lieu of Registration Statement;

 

(j)              Evidence
of authority, good standing (if applicable) and due authorization of Optionor to sell, transfer and convey the Premises and to
perform all of its obligations hereunder with respect thereto, including, without limitation, the execution and delivery of all
of the closing documents required by the Agreement or these Purchase Option Terms in connection therewith, and setting forth such
additional facts, if any, as may be needed to show that the transaction is duly authorized and to enable Title Insurer to omit
all exceptions regarding Optionor’s standing, authority and authorization;

 

(k)             To
the extent in Optionor’s or its manager’s possession or control, (x) those transferable licenses and permits, authorizations
and approvals pertaining to the Premises, (y) all transferable guarantees and warranties which Optionor has received in connection
with any work or services performed or equipment installed in and improvements erected on the Premises, and (z) all books, records
and files maintained by Optionor or its manager in connection with the ownership, operation and use of the Premises;

 

(l)              Such
title affidavits or indemnities (if any) as the Title Insurer shall reasonably require to cause the title insurance policy issued
to Optionee and its lender(s) with respect to the Premises to have as exceptions to coverage only Permitted Exceptions (the “Title
Affidavit”);

 

(m)            A
closing statement setting forth the prorations and adjustments set forth herein together with all underlying backup documentation
(the “Closing Statement”), to be prepared by Optionor and delivered to Optionee at least five (5) Business Days
prior to the Purchase Closing Date for Optionee’s review and comment;

 

(n)            Keys
or combinations to locks at the Premises in the possession or control of Optionor or its manager;

 

(o)            A
general assignment agreement in the form of Exhibit 9(i)(o) (the “General Assignment”); and

 

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(p)             Such
other instruments or documents which by the terms of the Agreement and these Purchase Option Terms are to be delivered by Optionor
at the Purchase Closing and such other documents as shall be reasonably required to consummate the sale by Optionor of the Premises
in accordance with the terms of the Agreement and these Purchase Option Terms.

 

(ii)           At
the Purchase Closing, Optionee shall deliver to Optionor, executed and acknowledged, as applicable:

 

(a)             The
Balance;

 

(b)             The
Contract Notice Letters;

 

(c)             The
RPT Form;

 

(d)             The
RP-5217;

 

(e)             The
Form TP-584;

 

(f)             A
power of attorney from Optionee to the Condominium Board in the form required pursuant to the Condominium Documents;

 

(g)            Evidence
of authority, good standing (if applicable) and due authorization of Optionee to enter into purchase and acquire the Premises and
to perform all of its obligations hereunder with respect thereto, including, without limitation, the execution and delivery of
all of the closing documents required by the Agreement and these Purchase Option Terms in connection therewith, and setting forth
such additional facts, if any, as may be needed to show that the transaction is duly authorized;

 

(h)             The
Closing Statement;

 

(i)              The
General Assignment; and

 

(j)              Such
other instruments or documents which by the terms of the Agreement or these Purchase Option Terms are to be delivered by Optionee
at the Purchase Closing and such other documents as shall be reasonably required to consummate the purchase by Optionee of the
Premises in accordance with the terms of the Agreement and these Purchase Option Terms.

 

10.         Closing
Costs.

 

(i)             Optionor
shall be responsible for (a) the costs of its legal counsel, advisors and other professionals employed by it in connection with
the sale of the Premises, (b) the costs associated with terminating any contracts or employees, and (c) any recording fees
relating to remove any Title Objections.

 

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(ii)           Except
as otherwise provided above, Optionee shall be responsible for (a) the costs and expenses associated with its due diligence, (b)
the costs and expenses of its legal counsel, advisors and other professionals employed by it in connection with the purchase of
the Premises, (c) all premiums and fees for title examination and owner’s title insurance obtained by Optionee with respect
to the Premises and all related charges and survey costs in connection therewith, (d) all recording taxes and/or charges for any
financing that Optionee may elect to obtain, (e) premiums and fees for title examination and mortgagee title insurance in connection
with any financing that Optionee may elect to obtain and all related charges in connection therewith, and (f) any recording fees
for the recording of the deed to be recorded in connection with the transactions contemplated by the Agreement and these Purchase
Option Terms.

 

(iii)          The
provisions of this Section 10 shall survive the Purchase Closing.

 

11.         Conditions
Precedent.

 

(i)            The
obligation of Optionor to effect the Purchase Closing shall be subject to the fulfillment or written waiver by Optionor at or prior
to the Purchase Closing of the following conditions:

 

(a)             The
representations and warranties of Optionee contained in the Agreement and these Purchase Option Terms shall be true and correct
in all material respects as of the Purchase Closing Date, as though made on and as of the Purchase Closing Date;

 

(b)             Optionee
shall have, in all material respects, performed or cause to be performed all obligations required of Optionee under the Agreement
and these Purchase Option Terms on and prior to the Purchase Closing Date, including payment of the Balance in accordance with
the Agreement;

 

(c)             Each
of the documents required to be executed, acknowledged (if applicable) or delivered by Optionee at the Purchase Closing shall have
been delivered as provided herein.

 

(ii)           The
obligations of Optionee to effect the Purchase Closing shall be subject to the fulfillment or written waiver by Optionee at or
prior to the Purchase Closing Date of the following conditions:

 

(a)             The
representations and warranties of Optionor contained in the Agreement and these Purchase Option Terms shall be true and correct
in all material respects as of the Purchase Closing Date, as though made on and as of the Purchase Closing Date;

 

(b)            Optionor
shall have, in all material respects, performed or cause to be performed all obligations required of Optionor under the Agreement
and these Purchase Option Terms on or prior to the Closing Date;

 

(c)             Each
of the documents required to be executed, acknowledged (if applicable) or delivered by Optionor at the Purchase Closing shall have
been delivered as provided herein;

 

    	11

    	 

    

 

(d)             Subject
to the terms and provisions of the Agreement and these Purchase Option Terms, title to the Premises to be sold, assigned and conveyed
by Optionor to Optionee hereunder shall be subject only to Permitted Exceptions;

 

(e)             All
Leases shall have expired or terminated and all tenants or other occupants thereunder shall have vacated the premises demised thereunder
and Optionor shall have delivered evidence to Optionee thereof (to the extent applicable); and

 

(f)             Optionor
shall have delivered evidence to Optionee that all service, brokerage, maintenance, supply and other agreements applicable to the
Premises (including all modifications and amendments thereof and supplements thereto, each a “Contract” and
collectively the “Contracts”) have expired or terminated or will expire or terminate on or prior to the Purchase
Closing Date.

 

(iii)          If
Optionor is unable to timely satisfy the conditions precedent to Optionee’s obligation to effect the Purchase Closing (and
such failure of condition precedent is not the result of Optionor’s default hereunder), then (a) Optionor may, if it so elects
and without any abatement in the Purchase Price, adjourn the scheduled Purchase Closing Date for a period or periods not to exceed
sixty (60) days in the aggregate to cause such condition precedent to be satisfied and (b) if, after any such extension, the conditions
precedent to Optionee’s obligation to effect the Purchase Closing continue to not be satisfied (and Optionee has not waived
the same in writing) or Optionor does not elect such extension, then Optionee shall be entitled to terminate the Agreement as to
the transaction that is the subject of the applicable Purchase Option Notice by notice thereof to Optionor. If Optionee elects
to so terminate the Agreement, then the Deposit shall be promptly returned to Optionee (and Optionor shall so instruct Escrow Agent),
whereupon this Agreement shall terminate as to the transaction that is the subject of the applicable Purchase Option Notice and
neither party shall have any further rights or obligations hereunder with respect thereto except those expressly stated to survive
such termination. If the provisions of clause (b) of this Section 11(iii) would be applicable, except that such failure
of condition precedent is the result of Optionor’s default, then the provisions of Section 9 of the Agreement shall
govern.

 

12.         Optionee
Defaults. If (i) Optionee defaults or shall fail or refuse to perform any of its obligations to be performed on the Purchase
Closing Date, or (ii) Optionee defaults or shall fail or refuse to perform any of its obligations to be performed prior to
the Purchase Closing Date and, with respect to this clause (ii) only, such default, failure or refusal continues for ten (10) Business
Days after notice to Optionee, the parties hereto agree that Optionor’s sole remedy shall be to terminate the Agreement as
to the transaction that is the subject of the applicable Purchase Option Notice and receive and retain the Deposit (and all interest
earned thereon) as liquidated damages, it being expressly understood and agreed that in the event of Optionee’s default,
Optionor’s damages would be impossible to ascertain and that the Deposit constitutes a fair and reasonable amount of compensation
in such event. Upon such termination, neither party to the Agreement shall have any further rights or obligations hereunder with
respect thereto except that: (a) Escrow Agent shall deliver to Optionor and Optionor shall have the right to retain the Deposit
(and all interest earned thereon) as liquidated damages; and (b) the obligations which expressly survive such termination
shall survive and continue to bind Optionee and Optionor in accordance with the express provisions hereof.

 

    	12

    	 

    

 

13.         Representations
and Warranties.

 

(i)            In
addition to the representations and warranties contained in Section 8(a) of the Agreement, Optionor represents and warrants
to Optionee as of each Purchase Closing Date (each a “Representation” and collectively, the “Representations”)
that:

 

(a)             There
are no Leases affecting the Premises or any portion thereof in effect as of the Purchase Closing Date.

 

(b)             Optionor
has not (A) made a general assignment for the benefit of its creditors, (B) admitted in writing its inability to pay its debts
as they mature, (C) had an attachment, execution or other judicial seizure of any property interest which remains in effect, or
(D) taken, failed to take or submitted to any action indicating a general inability to meet its financial obligations as they accrue.
There is not pending any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution
or recomposition of Optionor or any of its debts under any law relating to bankruptcy, insolvency, reorganization or relief of
debtors, seeking appointment of a receiver, trustee, custodian or other similar official for any of them or for all or any substantial
part of its or their property.

 

(c)             Any
collective bargaining agreements that affect or relate to the Premises are between Optionor or the Condominium Board and the particular
union and apply to the entire Condominium, of which the Premises are a part. Optionee shall have no obligation to assume any such
collective bargaining agreement, except to the extent of its Common Charge obligations or other obligations generally applicable
to all unit owners in the Condominium.

 

(d)             All
building service and maintenance employees who work at the Condominium, of which the Premises are a part, are and shall remain
employed by the Condominium Board or its managing agent on its behalf.

 

(e)             There
are no condemnation or eminent domain proceedings as to which Optionor has received written notice, or to Optionor’s knowledge,
threatened in writing against the Premises or any portion thereof.

 

(f)             There
is no contract or agreement for management or leasing of the Premises or any portion thereof which will be binding on Optionee
as of the Purchase Closing Date.

 

(g)             Optionor
has not granted any person or entity any oral or written right, agreement or option to acquire all or any portion of the Premises.

 

(h)             Except
as disclosed to Optionee in writing, Optionor has not received written notice from any governmental authority of any violation
of any Environmental Laws at the Premises which violation remains uncured.

 

    	13

    	 

    

 

(i)              Optionor:
(A) is not under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering,
drug trafficking, terrorist related activities, any crimes which in the United States would be predicate crimes to money laundering,
or any violation of any Anti-Money Laundering Laws; (B) has not been assessed civil or criminal penalties under any Anti-Money
Laundering Laws; or (C) has not had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws, which
investigation, charge, conviction, penalties, seizure, or forfeiture as described in clause (A), (B) or (C)
above would prohibit Optionor and Optionee from consummating the transactions contemplated by this Agreement. Such laws, regulations
and sanctions shall be deemed to include the Patriot Act, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., the Trading with
the Enemy Act, 50 U.S.C. App. Section 1 et. seq., the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq.,
and the sanction regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and detection of
money laundering in 18 U.S.C. Sections 1956 and 1957.

 

The Representations contained
in this Section 13(i) shall survive the Purchase Closing for one hundred eighty (180) days following the Purchase Closing
Date (the “Limitation Period”). Each Representation shall automatically be null and void and of no further force
and effect upon the expiration of the Limitation Period unless, prior to the expiration of the Limitation Period, Optionee shall
have provided Optionor with a Breach Notice (as hereinafter defined) alleging that Optionor is in breach of such Representation.
Any claim by Optionee that Optionor is in breach of any Representation (each, a “Seller Breach”) shall be made
by Optionee delivering to Optionor written notice (each a “Breach Notice”) promptly after Optionee has learned
of such Seller Breach and prior to the expiration of the Limitation Period, which Breach Notice shall set forth (x) a description
in reasonable detail of the claimed Seller Breach, including all facts and circumstances upon which the claimed Seller Breach is
based and why those facts and circumstances constitute an alleged Seller Breach, (y) the section and/or subsection of this Agreement
under which the claimed Seller Breach is asserted, and (z) Optionee’s good faith determination of the damages suffered
by Optionee resulting from the Seller Breach described in the Breach Notice (the “Claimed Damage”), which Claimed
Damage shall be expressed as a dollar amount. Optionee shall allow Optionor thirty (30) days after receipt of a Breach Notice within
which to cure the applicable Seller Breach. If Optionor fails to cure such Seller Breach within such thirty (30) day period, Optionee’s
sole remedy shall be to commence a legal proceeding against Optionor alleging that Optionor has breached this Agreement and that
Optionee has suffered actual damages as a result thereof (a “Proceeding”). Any proceeding with respect to the
Representations must be commenced, if at all, no later than the date (the “Outside Proceeding Date”) that is
sixty (60) days after the expiration of the later of (A) the Limitation Period and (B) Optionor’s thirty (30) day cure
period. If Optionee shall have timely commenced a Proceeding and a court of competent jurisdiction shall, pursuant to a final,
non-appealable order in connection with such Proceeding, determine that (i) a Seller Breach has occurred and (ii) Optionee
suffered actual damages (the “Damages”) by reason of such Seller Breach and that such Damages exceed $50,000.00
in the aggregate (the “Threshold Amount”), and (iii) Optionee did not have actual knowledge of such Seller Breach
on or prior to the Purchase Closing Date, then, Optionee shall be entitled to receive an amount equal to the Damages; provided,
that in no event shall Optionor’s aggregate liability for any and all Optionee breaches under this Agreement or any of the
agreements, certificates or instruments executed by Optionor in connection herewith or pursuant hereto, exceed two percent (2%)
of the Purchase Price (the “Maximum Liability Amount”). Any such Damages, subject to the limitations contained
herein, shall be paid within thirty (30) days following the entry of such final, non-appealable order and delivery of a copy thereof
to Optionor. If there shall be a Seller Breach and Optionee is entitled to receive any Damages as a result thereof, Optionee shall
have no recourse to the property or other assets of Optionor, other than Optionor’s interest in the net sales proceeds received
by Optionor from Optionee at the Purchase Closing (subject to the Maximum Liability Amount and the other limitations expressly
set forth in this Agreement).

 

    	14

    	 

    

 

(ii)           Optionee
represents and warrants to Optionor as of each Purchase Closing Date that:

 

(a)             Optionee
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, is
duly qualified or otherwise authorized as a foreign limited liability company and is in good standing in each jurisdiction where
such qualification is required by law; Optionee has taken all action required to execute, deliver and perform the Agreement and
these Purchase Option Terms and to make all of the provisions of the Agreement and these Purchase Option Terms the valid and enforceable
obligations they purport to be and has caused the Agreement and these Purchase Option Terms to be executed by a duly authorized
person.

 

(b)             The
Agreement and these Purchase Option Terms are, and all documents which are to be delivered to Optionor by Optionee at the Purchase
Closing are or at the time of such Purchase Closing will be, duly authorized, executed and delivered by Optionee, the legal, valid
and binding obligations of Optionee enforceable in accordance with their terms, subject to general principles of equity and to
bankruptcy, insolvency, reorganization, moratorium or other similar laws presently or hereafter in effect affecting the rights
of creditors or debtors generally, and do not and will not, (a) conflict with any provision of any law or regulation to which any
Optionee is subject, or violate any provision of any judicial order to which any Optionee is a Party or to which any Optionor or
Optionee is subject, (b) breach or violate any organizational documents of any Optionee, (c) conflict with or violate or result
in a breach of any of the provisions of, or constitute a default under, any agreement or instrument to which any Optionee is a
Party or by which it or any of its property is bound, or (d) require the consent, approval or ratification by any governmental
entity or any other Person that has not been obtained.

 

(c)             Optionee
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

(d)             Optionee
is not a Person with whom Optionor is restricted from doing business under the International Emergency Economic Powers Act, 50
U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001; any
executive orders promulgated thereunder, any implementing regulations promulgated thereunder by OFAC (including those persons or
entities named on OFAC’s List of Specially Designated Nationals and Blocked Persons), or any other applicable law of the
United States.

 

    	15

    	 

    

 

(iii)        Except
as expressly set forth in Section 13(i), Optionor makes no warranty with respect to the presence of Hazardous Materials
(as hereinafter defined) in, on, above or beneath the Premises. Optionee’s closing hereunder shall be deemed to constitute
an express waiver of Optionee’s right to cause Optionor to be joined in any action brought under any Environmental Laws (as
hereinafter defined). As used herein, the term “Hazardous Materials” means (a) those substances included within
the definitions of any one or more of the terms “hazardous materials,” “hazardous wastes,” “hazardous
substances,” “industrial wastes,” and “toxic pollutants,” as such terms are defined under the Environmental
Laws, or any of them, (b) petroleum and petroleum products, including, without limitation, crude oil and any fractions thereof,
(c) natural gas, synthetic gas and any mixtures thereof, (d) asbestos and or any material which contains any hydrated mineral silicate,
including, without limitation, chrysotile, amosite, crocidolite, tremolite, anthophylite and/or actinolite, whether friable or
non-friable (collectively, “Asbestos”), (e) polychlorinated biphenyl (“PCBs”) or PCB-containing
materials or fluids, (vi) radon, (f) any other hazardous or radioactive substance, material, pollutant, contaminant or waste, and
(g) any other substance with respect to which any Environmental Law or governmental authority requires environmental investigation,
monitoring or remediation. As used herein, the term “Environmental Laws” means all federal, state and local
laws, statutes, ordinances and regulations, now or hereafter in effect, in each case as amended or supplemented from time to time,
including, without limitation, all applicable judicial or administrative orders, applicable consent decrees and binding judgments
relating to the regulation and protection of human health, safety, the environment and natural resources (including, without limitation,
ambient air, surface, water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation),
including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42
U.S.C. §§ 9601 et seq.), the Hazardous Material Transportation Act, as amended (49 U.S.C. §§ 1801 et seq.),
the Federal Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. §§ 136 et seq.), the Resource Conservation
and Recovery Act, as amended (42 U.S. §§ 6901 et seq.), the Toxic Substance Control Act, as amended (15 U.S.C. §§
2601 et seq.), the Clean Air Act, as amended (42 U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act, as
amended (33 U.S.C. §§ 1251 et seq.), the Occupational Safety and Health Act, as amended (29 U.S.C. §§ 651 et
seq.), the Safe Drinking Water Act, as amended (42 U.S.C. §§ 300f et seq.), Environmental Protection Agency regulations
pertaining to Asbestos (including, without limitation, 40 C.F.R. Part 61, Subpart M, the United States Environmental Protection
Agency Guidelines on Mold Remediation in Schools and Commercial Buildings, the United States Occupational Safety and Health Administration
regulations pertaining to Asbestos including, without limitation, 29 C.F.R. Sections 1910.1001 and 1926.58), applicable New York
State and New York City statutes and the rules and regulations promulgated pursuant thereto regulating the storage, use and disposal
of Hazardous Materials, the New York City Department of Health Guidelines on Assessment and Remediation of Fungi in Indoor Environments
and any state or local counterpart or equivalent of any of the foregoing, and any related federal, state or local transfer of ownership
notification or approval statutes. Optionee, for itself and its agents, affiliates, successors and assigns, hereby releases and
forever discharges Optionor, and its agents, affiliates, successors and assigns from any and all rights, claims and demands at
law or in equity, whether known or unknown at the time of the Agreement, which Optionee has or may have in the future, arising
out of the physical, environmental, economic or legal condition of the Premises, including, without limitation, any claim for indemnification
or contribution arising under any Environmental Law.

 

14.         Condemnation.

 

(i)          If,
prior to the Purchase Closing Date, any part of the Premises is taken (other than a temporary taking), or if Optionor shall receive
an official notice from any governmental authority having eminent domain power over the Premises of its intention to take, by eminent
domain proceeding, any part of the Premises (a “Taking”), then:

 

    	16

    	 

    

 

(a)          if
such Taking involves ten percent (10%) or less of the rentable area of the Premises as determined by an independent architect chosen
by Optionor (subject to Optionee’s review and reasonable approval of such determination and the provisions of Section
14(ii)), then the parties shall nonetheless consummate this transaction in accordance with the Agreement, without any abatement
of the Purchase Price or any liability or obligation on the part of Optionor by reason of such Taking; provided, that Optionor
shall, on the Purchase Closing Date, (x) assign and remit to Optionee any award or other proceeds which may have been collected
by Optionor as a result of such Taking, less all amounts reasonably and actually expended by Optionor to collect such award and/or
to remedy any unsafe conditions at, or repair any damage to, the Premises as a result of such Taking, or (y) if no award or other
proceeds shall have been collected, deliver to Optionee an assignment of Optionor’s right to all such award or other proceeds
which may be payable to Optionor as a result of such Taking, and Optionee shall reimburse Optionor for all amounts reasonably and
actually expended by Optionor in furtherance of collecting such award or other proceeds;

 

(b)          if
such Taking involves more than ten percent (10%) of the rentable area of the Premises as determined by an independent architect
chosen by Optionor (subject to Optionee’s review and reasonable approval of such determination and the provisions of Section
14(ii)), then Optionee shall have the option to terminate the Agreement as to the transaction that is the subject of the applicable
Purchase Option Notice by delivering notice of such termination to Optionor, whereupon the Agreement shall terminate as to the
transaction that is the subject of the applicable Purchase Option Notice, and neither party shall have any further rights or obligations
with respect thereto other than pursuant to the provisions of the Agreement which are expressly provided to survive such termination.
If a Taking described in this clause (b) shall occur and Optionee shall not elect to terminate the Agreement as to the transaction
that is the subject of the applicable Purchase Option Notice, then Optionee and Optionor shall consummate this transaction in accordance
with the Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Optionor by reason
of such Taking; provided, that Optionor shall, on the Purchase Closing Date, (x) assign and remit to Optionee any award
or other proceeds which may have been collected by Optionor as a result of such Taking, less all amounts reasonably and actually
expended by Optionor to collect such award and/or remedy any unsafe or unlawful conditions at the Premises as a result of such
Taking, or (y) if no award or other proceeds shall have been collected, deliver to Optionee an assignment of Optionor’s right
to all such award or other proceeds which may be payable to Optionor as a result of such Taking, and Optionee shall reimburse Optionor
for all amounts reasonably and actually expended by Optionor in furtherance of collecting such award or other proceeds.

 

(ii)         Optionee
shall have the right to dispute any determination by an independent architect pursuant to Section 14(i) by giving Optionor
a notice thereof and describing the basis of such dispute in reasonable detail within ten (10) Business Days following Optionor’s
delivery of such independent architect’s determination. If Optionee fails to timely deliver such a notice, then Optionee
shall be deemed to have waived its right to dispute the same. If Optionee shall timely deliver such a notice, then such dispute
shall be resolved by expedited arbitration before a single arbitrator in New York, New York acceptable to both Optionor and Optionee
in their reasonable judgment in accordance with the rules of the American Arbitration Association; provided that if Optionor and
Optionee fail to agree on an arbitrator within five (5) Business Days after Optionor’s receipt of Optionee’s notice,
then either party may request the office of the American Arbitration Association located in New York, New York to designate an
arbitrator. Such arbitrator shall be an independent architect having at least ten (10) years of experience in the construction
of office buildings in New York, New York. The costs and expenses of such arbitrator shall be borne equally by Optionor and Optionee.

 

    	17

    	 

    

 

(iii)        The
provisions of this Section 14 supersede any law applicable to the Premises governing the effect of condemnation in contracts
for real property and shall survive the Purchase Closing.

 

15.         Destruction.

 

(i)          If,
prior to the Purchase Closing Date, any part of the Premises is damaged or destroyed by fire or other casualty, Optionor shall
promptly notify Optionee in writing of such fact. If the portion of the Premises so damaged or destroyed exceeds twenty percent
(20%) of the rentable square feet of the Premises (a “Significant Portion”), Optionee shall have the option
to terminate the Agreement as to the transaction that is the subject of the applicable Purchase Option Notice upon thirty (30)
days’ notice to Optionor, provided, that within such thirty (30) day period Optionor may, at its option, but subject
to the terms and conditions of the Condominium Documents, notify Optionor that it intends to repair such damage at its sole cost
and expense, and Optionor may, upon such notice, postpone the Purchase Closing for a period of time reasonably necessary, but not
to exceed ninety (90) days in the aggregate, to make such repairs. If Optionee shall elect to terminate the Agreement as aforesaid,
and Optionor shall not notify Optionee within such thirty (30) day period of its intention to make such repairs, then the Deposit
shall be promptly returned to Optionee whereupon the Agreement shall terminate as to the transaction that is the subject of the
applicable Purchase Option Notice and neither party shall have any further rights or obligations hereunder with respect thereto
other than those that expressly survive such termination. If Optionee does not elect to terminate the Agreement as provided above,
or if the portion of the Premises so damaged or destroyed is not more than a Significant Portion of the Premises, Optionee shall
accept the Premises in its then “as is” condition with no abatement of the Purchase Price, and at the Purchase Closing
Optionor shall assign and turn over to Optionee, and Optionee shall be entitled to make a claim for and to receive and keep, all
of Optionor’s interest in and to all casualty insurance proceeds payable in connection with such casualty, and Optionee shall
receive a credit against the Purchase Price at the Purchase Closing in the amount of (a) any deductible payable by Optionor in
connection with casualty coverage, plus (b) the insurance proceeds, if any, actually received by Optionor prior to the Purchase
Closing, minus (c) the reasonable out-of-pocket costs actually incurred or paid by Optionor in collecting the proceeds and/or in
making any repairs; provided, that the insurer confirms in writing its willingness to pay to Optionee the full amount of
the estimated cost of the restoration of the Premises (less the deductible), or Optionor grants to Optionee a credit in an amount
equal to the difference between the full amount of the estimated cost of the restoration of the Premises and the amount the insurer
agrees to pay to Optionee. This Section 15 is an express agreement to the contrary of Section 5-1311 of the New York General
Obligation Law.

 

    	18

    	 

    

 

(ii)         Any
disputes under this Section 15 as to whether Optionee has the right to terminate the Agreement or the amount of square feet
damaged by any casualty shall be resolved by expedited arbitration (the “Arbitration”) before a single arbitrator
acceptable to both Optionor and Optionee in their reasonable judgment in accordance with the rules of the American Arbitration
Association; provided that if Optionor and Optionee fail to agree on an arbitrator and initiate the Arbitration within five (5)
Business Days after a dispute arises, then either party may request the American Arbitration Association (the “AAA”)
to designate an arbitrator and the Arbitration shall begin on the Business Day immediately subsequent to the day on which the AAA
designates an arbitrator and shall proceed continuously thereafter until concluded. Such arbitrator shall be an independent architect
having at least ten (10) years of experience in the construction of office buildings in New York, New York. The costs and expenses
of such arbitrator shall be borne equally by Optionor and Optionee. This Section 15 shall survive the Purchase Closing.

 

16.         No
Waiver. No Waiver by either party of any failure or refusal to comply with its obligations under the Agreement shall be deemed
a waiver of any other or subsequent failure or refusal to so comply.

 

    	19

    	 

    

  

Schedule
1 (to Exhibit C)

 

List of Specific Permitted Exceptions

 

1.    Declaration
Establishing a Plan for Condominium Ownership of Premises 501 West 30th Street, New York New York, Pursuant to Article
9-B of the Real Property Law of the State of New York, known as Tower C Condominium, made by Metropolitan Transportation Authority,
a body corporate and politic constituting a public benefit corporation of the State of New York (the “MTA”),
dated as of [_________ __], 20__, and to be recorded in the Office of the Register of the City of New York (the “Register’s
Office”).

 

2.    Quitclaim
Deed made by Consolidated Rail Corporation to New York Central Lines LLC dated 6/1/99 and recorded 3/17/2000 in the Register’s
Office in Reel 3067 page 1110 (as corrected in Correction Quitclaim Deed dated 8/24/2004 and recorded 1/28/2005 in the Register’s
Office as CRFN 2005000056400), as shown on that certain ALTA/ACSM Land Survey of Block 704, Lot 10 Tower “C” Parcel
made by Paul D. Fisher Professional Land Surveyor, N.Y. License No. 050784-1 of Langan Engineering, Environmental, Surveying and
Landscape Architecture, D.P.C., dated March 14, 2013, last revised April __, 2013 and designated as Project No. 170019110, Drawing
Nos.17.01, 17.02 and 17.03 (the “Survey”).

 

2.    Quitclaim
Deed (deed for upper highline area (West 30th Street Branch a/k/a 30th Street Loop Track Easement), Line Code 4235) made by CSX
Transportation, Inc. to The City of New York dated 7/11/12 and recorded 7/20/12 in the Register’s Office as CRFN 2012000288212),
as shown on the Survey.

 

3.    Amended,
Modified, and Restated High Line Easement Agreement by and among Metropolitan Transportation Authority, Long Island Rail Road Company
and The City of New York dated __________, 2013 and to be recorded in the Register’s Office.

 

4.    Permanent
Water Tunnel Shaft Easement recorded in Reel 2266 page 64, as shown on the Survey.

 

5.    Declaration
of Easements Eastern Rail Yard Section of the John D. Caemmerer West Side Yard) made by Metropolitan Transportation Authority dated
5/26/10 and recorded 6/10/10 in the Register’s Office as CRFN 2010000194078.

 

		A)	First Amendment to Declaration Easements made by Metropolitan Transportation Authority dated April
__, 2013 and to be recorded in the Register’s Office.

 

6.    The
following Water Grants may affect the property: Liber 578 cp 548, Liber 551 cp 6, Liber 623 cp 176, Liber 90 cp 532, Liber 400
cp 116, as confirmed in Liber 495 cp 311, and Liber 469 cp 137, as confirmed by Liber 980 cp 229; provided ,that title company
will provide the following affirmative insurance relating to such Water Grants: “Policy insures that none of the provisions
or conditions therein will be enforced against the premises”.

 

    	 

    	 

    

 

7.    Declaration
Establishing the ERY Facility Airspace Parcel Owners’ Association and of Covenants, Conditions, Easements and Restrictions
Relating to the Premises known as Eastern Rail Yard Section of the John D. Caemmerer West Side Yard made by Metropolitan Transportation
Authority dated April __, 2013 and to be recorded in the Register’s Office.

 

8.    Restrictive
Declaration for the Eastern Rail Yards made by ERY Tenant LLC (f/k/a RG ERY LLC) and Legacy Yards Tenant LLC dated April __, 2013
and to be recorded in the Register’s Office.

 

9.    Restrictive
Declaration (Zoning Resolution Section 93-70 Certification) made by ERY Tenant LLC (f/k/a RG ERY LLC) and Legacy Yards Tenant LLC
dated April __, 2013 and to be recorded in the Register’s Office.

 

10.  Zoning
Lot Development Agreement made by Metropolitan Transportation Authority dated April ___, 2013 and to be recorded in the Register’s
Office.

 

11.  Declaration
of Zoning Lot Restrictions (Eastern Rail Yard Section of the John D. Caemmerer West Side Yard) made by Metropolitan Transportation
Authority dated 3/27/2013 and recorded in the Register’s Office on 4/4/2013 as CRFN 2013000136155.

 

12.  Access/Egress
Easement Agreement by and among Metropolitan Transportation Authority, Legacy Yards Tenant LLC and The City of New York, dated
2013 and to be recorded in the Register’s Office.

 

13.  Sidewalk
Notices Filed 1/20/1982, No. 23604 (affects Old Lot 1), Filed 2/9/1982, No. 23683 (affects Old Lot 1) and Filed 5/7/63, No. 3771
(vs. old Lot 37).

 

    	 

    	 

    

  

EXHIBIT 9(i)(a) (to Exhibit C)

 

Form of Condominium Unit Deed

 

CONDOMINIUM UNIT DEED

	Title No.:  

 

	[METROPOLITAN TRANSPORTATION AUTHORITY]

 

GRANTOR 

 

	TO

  

 

 

GRANTEE

Office Unit [__]

Tower C Condominium

BLOCK:    [_______]

LOT:          [_______]

CITY:        New York

COUNTY: New York

 

RECORD AND RETURN TO:

 

Fried, Frank, Harris, Shriver & Jacobson
LLP

One New York Plaza

New York, New York 10004

Attention:    Jonathan L. Mechanic, Esq. 

 

    	 

    	 

    

 

TOWER C CONDOMINIUM

UNIT DEED

 

This INDENTURE,
made the ____ day of ___________, 20___, by and between [METROPOLITAN TRANSPORTATION AUTHORITY, a body corporate and politic constituting
a public benefit corporation of the State of New York] (“Grantor”), having an office at [347 Madison Avenue,
New York, New York 10017-3739] and [_______________________________], a Delaware limited liability company (the “Grantee”)
having an office at c/o [________________________________________________________].

 

WITNESSETH:

 

That the Grantor, in
consideration of Ten Dollars ($10.00) and other good and valuable consideration paid by the Grantee, does hereby grant and release
unto the Grantee, and the heirs or successors and assigns of the Grantee, forever:

 

The condominium unit
known as [Office Unit __] (the “Unit”) in the condominium known as Tower C Condominium in the building known
as and by the street number, 501 West 30th Street, New York, New York, in the Borough of Manhattan, City, County and
State of New York (the “Building”), such Unit being designated and described as [Unit _____] in a certain declaration
dated as of _____, 201_ made by the Grantor pursuant to Article 9-B of the Real Property Law of the State of New York, as amended
(the “Condominium Act”), establishing a plan for condominium ownership of the Building and the land upon which
the Building is situate as more particularly described on Schedule A annexed hereto and made a part hereof (the “Land”),
which declaration was recorded in the New York County Office of the Register of the City of New York on the __ day of ________,
201_, as City Register File No. _________ (together with all amendments thereto, collectively, the “Declaration”).
The Building and the Land are referred to herein as the “Property.” This Unit is also designated as Tax Lot
__ in Block [___] of the Borough of Manhattan on the Tax Map of the Real Property Assessment Department of the City of New York
and on the Floor Plans of the Building, certified by [INSERT NAME], on the __ day of _____, 201_, and filed with the Real
Property Assessment Department of the City of New York on the __ day of _____, 201_, as Condominium Plan No. ____ and also
filed in the New York County Office of the Register of the City of New York on the __ day of _____, 201_, as City Register File
No. _______________.

 

TOGETHER with
an undivided ___ % interest in the Common Elements (as such term is defined in the Declaration);

 

TOGETHER with
the appurtenances and all the estate and rights of the Grantor in and to the Unit;

 

TOGETHER with
and subject to the rights, obligations, easements, restrictions and other provisions of the Declaration and of the By-Laws (including
the Rules and Regulations) (as such terms are defined in the Declaration) of Tower C Condominium, as such Declaration and By-Laws
may be amended from time to time by instruments recorded in the New York County Office of the Register of the City of New York,
all of which rights, obligations, easements, restrictions and other provisions, shall constitute covenants running with the land
and shall bind any and all persons having at any time any interest or estate in the Unit, as though recited and stipulated at length
herein;

 

    	 

    	 

    

 

TO HAVE AND TO HOLD
THE SAME UNTO the Grantee, and the heirs or successors and assigns of the Grantee, forever.

 

If any provision of
the Declaration or the By-Laws is invalid under, or would cause the Declaration or the By-Laws to be insufficient to submit the
Property to the provisions of the Condominium Act, or if any provision that is necessary to cause the Declaration and the By-Laws
to be sufficient to submit the Property to the provisions of the Condominium Act is missing from the Declaration or the By-Laws,
or if the Declaration and the By-Laws are insufficient to submit the Property to the provisions of the Condominium Act, the applicable
provisions of Section [ ] of the Declaration will control. The provisions of Section 28 of the Declaration
are hereby incorporated herein in their entirety as if set forth herein.

 

Except as otherwise
permitted by the provisions of the Declaration and the By-Laws, the Unit is intended for office use.

 

The Grantor, in compliance
with Section 13 of the Lien Law of the State of New York, covenants that the Grantor will receive the consideration for this conveyance
and will hold the right to receive such consideration as a trust fund for the purpose of paying the cost of the improvements at
the Property and will apply such consideration first to the payment of the cost of such improvements before using any part thereof
for any other purposes.

 

The Grantee, by accepting
delivery of this deed, accepts and ratifies the provisions of the Declaration and the By-Laws of Tower C Condominium recorded simultaneously
with and as part of the Declaration and agrees to comply with all the terms and provisions thereof by instruments recorded in the
Register’s Office of the City and County of New York and adopted in accordance with the provisions of said Declaration
and By-Laws.

 

This conveyance is
made in the regular course of business actually conducted by the Grantor.

 

The term “Grantee”
shall be read as “Grantees” whenever the sense of this indenture so requires.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Grantor and the Grantee have duly executed this indenture as of the day and year first above written.

 

	 	GRANTOR: 
	 	 
	 	[METROPOLITAN TRANSPORTATION AUTHORITY]
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GRANTEE:	 
	 	[____________________________]
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	) s.s.:
	COUNTY OF NEW YORK	)

 

On the ____ day of
_____________ in the year 20__ before me, the undersigned, a Notary Public in and for said State, personally appeared ______________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and that by his/her signature on the
instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	Signature and Office of individual taking acknowledgment

 

	STATE OF NEW YORK	)
	 	) s.s.:
	COUNTY OF NEW YORK	)

 

On the ____ day of
_____________ in the year 20__ before me, the undersigned, a Notary Public in and for said State, personally appeared ______________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that (s)he executed the same in his/her capacity, and that by his/her signature on the
instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	Signature and Office of individual taking acknowledgment

 

    	 

    	 

    

 

SCHEDULE A

 

Description of Unit and Land

 

The condominium unit known as [Unit ______]
(the “Unit”) in the condominium known as Tower C Condominium in the building known as and by the street number,
501 West 30th Street, New York, New York, in the Borough of Manhattan, City, County and State of New York (the “Building”),
such Unit being designated and described as [Unit ___] in a certain declaration dated as of _____, 201_ made by the Grantor pursuant
to Article 9-B of the Real Property Law of the State of New York, as amended, establishing a plan for condominium ownership of
the Building and the land upon which the Building is situate as more particularly described below (the “Land”),
which declaration was recorded in the New York County Office of the Register of the City of New York, on the __ day of ________,
201_, as City Register File No. _________. This Unit is also designated as Tax Lot __ in Block ___ of the Borough of Manhattan
on the Tax Map of the Real Property Assessment Department of the City of New York and on the Floor Plans of the Building, certified
by [INSERT NAME], on the __ day of _____, 201_, and filed with the Real Property Assessment Department of the City of New
York on the __ day of _____, 201_, as Condominium Plan No. ____ and also filed in the New York County Office of the Register
of the City of New York on the __ day of _____, 201_, as City Register File No. _______________.

 

TOGETHER with an undivided _____%
interest in the Common Elements (as such term is defined in the Declaration).

 

The Land upon which the Building containing
the Unit is erected is described as follows:

 

ALL THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, City, County
and State of New York, bounded and described as follows:

 

[INSERT LEGAL DESCRIPTION]

 

    	 

    	 

    

 

EXHIBIT 9(i)(b) (to Exhibit C)

 

Form of Bill of Sale

 

Dated: __________, 20__

 

KNOW ALL MEN BY THESE
PRESENTS, that, subject to the terms and conditions hereinafter set forth, [___________________________] (“Seller”)
for and in consideration of the sum of Ten Dollars ($10.00), lawful money of the United States, to it in hand paid at or before
delivery of these presents by __________________________, a ____________ having an address at _________________________________
(“Purchaser”), the receipt of which is hereby acknowledged, has bargained and sold, and by these presents does
grant and convey unto Purchaser its successors and assigns all right, title and interest of Seller in and to all of the personal
property described on Exhibit A hereto (the “Personal Property”).

 

Seller grants and conveys
the Personal Property unto Purchaser without recourse and without representation or warranty of any kind, express or implied (except
to the extent and only for so long as any representation and warranty, if any, regarding Personal Property as is set forth in that
certain Option Agreement dated ______, 201_, between Seller and Purchaser (the “Agreement”) shall survive the
closing of title thereafter, and subject to the limitations contained therein).

 

TO HAVE AND TO HOLD
the same unto Purchaser, its successors and assigns forever.

 

SELLER HAS MADE NO
WARRANTY THAT THE PERSONAL PROPERTY COVERED BY THIS BILL OF SALE IS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE AND THE SAME
IS SOLD IN AN “AS IS” “WHERE IS” CONDITION. BY ACCEPTANCE HEREOF, PURCHASER AFFIRMS THAT IT HAS NOT RELIED
ON ANY WARRANTY OF SELLER WITH RESPECT TO THE PERSONAL PROPERTY AND THAT THERE ARE NO REPRESENTATIONS OR WARRANTEES, EXPRESSED,
IMPLIED OR STATUTORY (EXCEPT TO THE EXTENT AND ONLY FOR SO LONG AS ANY REPRESENTATION AND WARRANTY, IF ANY, REGARDING THE PERSONAL
PROPERTY AS SET FORTH IN THE AGREEMENT SHALL SURVIVE THE CLOSING OF TITLE THEREUNDER, AND SUBJECT TO THE LIMITATIONS CONTAINED
THEREIN).

 

This Bill of Sale shall
be governed by and construed in accordance with the laws of the State of New York.

 

This Bill of Sale shall
be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature page follows immediately]

    	 

    	 

    

 

IN
WITNESS WHEREOF, Seller has executed this Bill of Sale as of the date and year first written
above.

 

 

	 	[________________________],	 
	 	a [______________________]	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

  

    	 

    	 

    

 

EXHIBIT A (to the Bill of Sale)

 

List of Personal Property

 

    	 

    	 

    

 

EXHIBIT
9(i)(o) (to Exhibit C)

 

Form of General Assignment

 

THIS GENERAL ASSIGNMENT
(this “Assignment”), made as of the ____ day of _________, 20__, between __________, a _______ having an address
____________ (“Assignor”) and __________, a _______ having an address ____________ (“Assignee”).

 

RECITALS

 

WHEREAS, pursuant to
that certain Option Agreement dated ________, 201_ (the “Agreement”), between Assignor, as optionor, and Assignee,
as optionee, Assignor is selling the Premises (as such terms are defined in the Agreement) to Assignee. All capitalized terms used
and not defined herein shall have the meanings ascribed thereto in the Agreement.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Assignment, and other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

Assignor, for Ten Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby assigns
to Assignee all of Assignor’s right, title and interest in, to and under (i) all books, records, files, ledgers, information
and data maintained by Seller in connection with the ownership, operation and/or use of the Premises (as such term is defined in
the Agreement), (ii) all transferable licenses, approvals, certificates and permits held by Assignor and relating to the ownership,
operating and/or use of the Premises, (iii) all other items of intangible personal property owned by Assignor and relating to the
ownership, operating and/or use of the Premises (other than any items containing the logo, name and trademark of Assignor or any
of Assignor’s affiliates), and (iv) all other items of intangible personal property (the property and items set forth in
clauses (i) through (iv) above are hereinafter referred to collectively as the “Property Matters”);

 

TO HAVE AND TO HOLD
unto Assignee and its successors and assigns to its and their own use and benefit forever.

 

This Assignment shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

This Assignment may
be executed and delivered in any number of counterparts, each of which so executed and delivered shall
be deemed to be an original and all of which shall constitute one and the same instrument.

 

[The remainder of this page is intentionally
left blank.]

 

    	 

    	 

    

 

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

 

	 	ASSIGNOR:
	 	[___________________________],
	 	a ________________________
	 	By:	 
	 	Name:
	 	Title:

 

	 	ASSIGNEE:
	 	[___________________________],
	 	a ________________________
	 	By:	 
	 	Name:
	 	Title:

  

    	 

    	 

    

 

EXECUTION VERSION

 

EXHIBIT D

 

Form of Lease

 

	 

 

LEASE

 

Between

 

LEGACY YARDS TENANT LLC

 

Landlord

 

and

 

[COACH, INC.]

Tenant

Dated as of _______________, ____

Entire
_______ floor(s)

501 West 30th Street

New York, New York

 

	 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 DEMISE; PREMISES AND PURPOSE	1
	ARTICLE 2 TERM	2
	ARTICLE 3 RENT AND ADDITIONAL RENT	2
	ARTICLE 4 ASSIGNMENT/SUBLETTING	3
	ARTICLE 5 DEFAULT	12
	ARTICLE 6 RELETTING, ETC.	13
	ARTICLE 7 LANDLORD MAY CURE DEFAULTS	13
	ARTICLE 8 ALTERATIONS	14
	ARTICLE 9 LIENS	20
	ARTICLE 10 REPAIRS	20
	ARTICLE 11 FIRE OR OTHER CASUALTY	21
	ARTICLE 12 END OF TERM	23
	ARTICLE 13 SUBORDINATION AND ESTOPPEL, ETC.	24
	ARTICLE 14 CONDEMNATION	29
	ARTICLE 15 REQUIREMENTS OF LAW	30
	ARTICLE 16 CERTIFICATE OF OCCUPANCY	32
	ARTICLE 17 POSSESSION	32
	ARTICLE 18 QUIET ENJOYMENT	32
	ARTICLE 19 RIGHT OF ENTRY	33
	ARTICLE 20 INDEMNITY	33
	ARTICLE 21 LANDLORD’S AND TENANT’S LIABILITY	34
	ARTICLE 22 CONDITION OF PREMISES	35
	ARTICLE 23 CLEANING	36
	ARTICLE 24 JURY WAIVER	36
	ARTICLE 25 NO WAIVER, ETC.	36
	ARTICLE 26 ADDITIONAL REMEDIES UPON TENANT DEFAULT	37
	ARTICLE 27 NOTICES	38
	ARTICLE 28 WATER	39
	ARTICLE 29 INTENTIONALLY OMITTED	40
	ARTICLE 30 HEAT, ELEVATOR, ETC.	40
	ARTICLE 31 INTENTIONALLY OMITTED	42
	ARTICLE 32 TAX ESCALATION	42
	ARTICLE 33 RENT CONTROL	44
	ARTICLE 34 SUPPLIES	44
	ARTICLE 35 AIR CONDITIONING	45
	ARTICLE 36 SHORING	46
	ARTICLE 37 EFFECT OF CONVEYANCE, ETC.	47
	ARTICLE 38 RIGHTS OF SUCCESSORS AND ASSIGNS	47
	ARTICLE 39 CAPTIONS	47
	ARTICLE 40 BROKERS	47
	ARTICLE 41 ELECTRICITY	48
	ARTICLE 42 LEASE SUBMISSION	48
	ARTICLE 43 INSURANCE	49
	ARTICLE 44 SIGNAGE	51

 

    	- i -

    	 

    

 

	ARTICLE 45 RESERVED	51
	ARTICLE 46 condominium structure	51
	ARTICLE 47 MISCELLANEOUS	52
	ARTICLE 48 renewal options	56
	ARTICLE 49 OPERATING EXPENSE ESCALATION	57
	ARTICLE 50 TENANT’S SELF-HELP RIGHTS	60
	ARTICLE 51 EXPEDITED ARBITRATION	60
	ARTICLE 52 Connection rights	60
	ARTICLE 53 REIT/UBTI COMPLIANCE	61

 

	EXHIBITS	 	 
	EXHIBIT A	 	FLOOR PLANS
	EXHIBIT B	 	FIXED ANNUAL RENT 
	EXHIBIT C	 	RULES AND REGULATIONS
	[EXHIBIT D	 	FORM OF GUARANTY]

 

    	- ii -

    	 

    

 

ARTICLE
1DEFINED TERMS

 

	Actual AC Cost	45
	Additional Rent	2
	Alteration Rules and Regulations	16
	Alterations	14
	Ancillary Uses	1
	Annual Condenser Water Charge	46
	Applicable Commencement Date	53
	Applicable Expiration Date	53
	Applicable Laws	29
	Broker	47
	Building	1
	Building HVAC System	44
	Building Project	1
	Building Systems	21
	Commencement Date	2
	Commencement Date of the First Extension Term	53
	Commencement Date of the Second Extension Term	53
	Common Charges	56
	Comparable Buildings	1
	control	9
	CW Outside Date	45
	Delivery Personnel	2
	Eligible Sublease	11
	Eligible Subtenant	11
	Essential Service	41
	Excess Insurance Proceeds	22
	Expiration Date	2
	Extension Notice	53
	Extension Premises	53
	Extension Term	53
	First Extension Option	52
	First Extension Term	52
	Fixed Annual Rent	2
	Freight Items	40
	HVAC	21
	Independent Broker	55
	Landlord	1
	Landlord Indemnified Party	33
	Landlord’s Broker	55
	Landlord’s Broker’s Letter	55
	Landlord’s Cost	48
	Landlord’s Non-Disturbance Agreement	11
	Landlord’s Restoration Period	23
	Landlord’s Restoration Work	21
	Lease	1

 

    	- iii -

    	 

    

 

	Lease Rent	11
	Lease Termination Area	4
	Leaseback	4
	Leaseback Area	4
	Lessor	27
	Mortgagee	27
	Mortgages	27
	Named Tenant	1
	Non-Approved Alterations	16
	Non-Consent Alterations	14
	Non-disturbance Agreement	24
	Non-Financial Sublease	7
	Non-Material Alterations	14
	Notice	37
	Operating Year	56
	Outside Consultant	16
	Permitted Use	1
	PILOT Agreement	42
	Premises	1
	Primary Use	1
	Real Estate Taxes	42
	Recapture Date	4
	REIT	52
	Related Entity	9
	Renewal FMRV	56
	Rent	2
	Rent Law	43
	Restoration Statement	23
	Rules and Regulations	36
	Second Extension Option	53
	Second Extension Term	53
	Self-Help Amount	58
	Self-Help Arbitration	58
	Self-Help Dispute Notice	58
	Self-Help Item Completion Notice	58
	Self-Help Items	57
	Self-Help Notice	58
	Service and Business Relationship Entities	10
	Service Provider	52
	Specialty Alterations	14
	Substantial Portion	41
	Successor	25
	Superior Leases	26
	Supplemental Condenser Water	45
	Supplemental Condenser Water Notice	45
	Tax Year	42

 

    	- iv -

    	 

    

 

	Tenant	1
	Tenant Affiliate	9
	Tenant Delay	23
	Tenant Indemnified Party	33
	Tenant Insurance Proceeds	22
	Tenant’s Broker	55
	Tenant’s Broker’s Letter	55
	Tenant’s Plans	15
	Tenant’s Recapture Offer	4
	Term	2
	Transaction Costs	9
	Unavoidable Delays	34
	Untenantable	41

 

    	- v -

    	 

    

 

LEASE (this “Lease”)
made as of the ____ day of ____________, ____ between LEGACY YARDS TENANT LLC, a Delaware limited liability company, having
an office at c/o The Related Companies, L.P., 60 Columbus Circle, 19th Floor, New York, New York 10023, hereinafter
referred to as “Landlord”, and [COACH, INC.], a _________________________, having an office at [________________________],
New York, New York ________, hereinafter referred to as “Tenant”. The term “Named Tenant”
shall be deemed to refer to any Tenant under this Lease that is either: (a) Coach, Inc.; and (b) any entity that, directly or indirectly,
succeeds to the interests of Coach, Inc., as Tenant under this Lease under the provisions of Section 4.09(a).

 

WITNESSETH

 

Landlord and Tenant,
in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, hereby covenant and agree as follows:

 

ARTICLE
1

DEMISE; PREMISES AND PURPOSE

 

1.01         Landlord
hereby leases and demises to Tenant, and Tenant hereby hires and takes from Landlord, those certain premises located on and comprising
(i) the entire rentable area of the _________ floor, approximately as indicated by hatch marks on the plan annexed hereto
and made a part hereof as Exhibit A-1 and deemed by Landlord and Tenant to consist of _________ rentable square feet (the “Premises”),
all in the building known as and located at ________________, New York, New York (the “Building”) subject to
the provisions of this Lease. The term the “Building Project”
shall mean the Building and the land upon which the Building is located.

 

1.02         The
Premises shall be used and occupied for executive and general office use (the “Primary Use”) (including that
the Premises may be used for customary ancillary uses in connection therewith as shall be reasonably required in the operation
of the business conducted in the Premises, consistent with that found in office premises located in Comparable Buildings (as defined
below)) only and for no other purpose. Such ancillary uses (the “Ancillary Uses”, and together with Primary
Use, the “Permitted Use”) may include, without limitation, board rooms, conference rooms, customary office pantries,
meeting rooms and conference centers and facilities (provided the same are (x) ancillary to the primary use of the Premises for
executive and general offices, (y) primarily for the use of Tenant or any other occupant permitted to use all or a portion of the
Premises, and (z) permitted in accordance with all Applicable Laws (as defined herein), subject to Section 15.01 (it being
acknowledged that Landlord makes no representation that any of such ancillary uses are so permitted). For purposes of this Lease,
“Comparable Buildings” shall mean Class “A” high-rise office buildings located in midtown Manhattan.

 

    	 

    	 

    

 

1.03         No
portion of the Premises shall be used for any purpose which: (a) interferes with the maintenance or operation of the Building;
(b) materially and adversely affects any service provided to, and/or the use and occupancy by, any Building tenant or occupants;
(c) unreasonably interferes with, annoys or disturbs any other tenant or unreasonably interferes with, annoys or disturbs
Landlord, (d) constitutes a public or private nuisance or (e) violates the certificate of occupancy issued for the Building
(as such certificate of occupancy may be amended pursuant to Section 8.04). Without limiting the foregoing, neither
the Premises, nor the halls, corridors, stairways, elevators or any other portion of the Building shall be used by Tenant or Tenant’s
servants, employees, licensees, invitees or visitors in connection with the aforesaid permitted use or otherwise so as to cause
any congestion of the public portions of the Building or the entranceways, sidewalks or roadways adjoining the Building whether
by trucking or by the congregating or loitering thereon of Tenant and/or the servants, employees, licensees, invitees or visitors
of Tenant.

 

1.04         Tenant
shall not permit messengers, delivery personnel or other individuals providing such services to Tenant (“Delivery Personnel”)
to: (i) assemble, congregate or to form a line outside of the Premises or the Building or otherwise impede the flow of pedestrian
traffic outside of the Premises or the Building or (ii) park or otherwise leave bicycles, wagons or other delivery carts outside
of the Premises or the Building except in locations outside of the Building reasonably designated by Landlord from time-to-time.
Tenant shall require all Delivery Personnel to comply with the reasonable rules promulgated by Landlord from time-to-time regarding
the use of outside messenger services.

 

ARTICLE
2

TERM

 

2.01         The
Premises are leased for a term (the “Term”) which shall commence on _____________ (the “Commencement
Date”) and shall end on the fifteenth (15th) anniversary of the Commencement Date (the “Expiration
Date”) or on such earlier or later date upon which the Term shall expire, be canceled or terminated pursuant to any of
the conditions or covenants of this Lease or pursuant to law.

 

ARTICLE
3

RENT AND ADDITIONAL RENT

 

3.01         Tenant
shall pay fixed annual rent (the “Fixed Annual Rent”) at the rates provided for in the schedule annexed hereto
and made a part hereof as Exhibit B-1 (in equal monthly installments in advance on the first (1st) day of each
calendar month during the Term). All sums other than Fixed Annual Rent payable hereunder shall be deemed to be “Additional
Rent“ and shall be payable within thirty (30) days after invoice, unless other payment dates are hereinafter provided.
Tenant shall pay all Fixed Annual Rent and Additional Rent due hereunder at the office of Landlord or such other place as Landlord
may designate on at least thirty (30) days’ advance notice to Tenant, payable in United States legal tender, by cash, or
by good and sufficient check drawn on a New York City bank which is a member of the New York Clearing House or a successor thereto,
or at Tenant’s option, by electronic or wire transfer of immediately available funds payable to such account as Landlord
may from time to time (but on at least thirty (30) days’ notice) designate (or upon Tenant’s request), and, in each
case, and without any set off or deduction whatsoever, except as otherwise expressly permitted under this Lease. The term “Rent“
as used in this Lease shall mean Fixed Annual Rent and Additional Rent.

 

    	2

    	 

    

 

ARTICLE
4

ASSIGNMENT/SUBLETTING

 

4.01         Subject
to the terms of this Article 4, neither Tenant nor Tenant’s legal representatives or successors in interest by operation
of law or otherwise, shall assign, mortgage or otherwise encumber this Lease, or sublet or permit all or part of the Premises to
be used by others, without the prior written consent of Landlord in each instance. The transfer of a majority of the issued and
outstanding capital stock of any corporate tenant or sublessee of this Lease or a majority of the total interest in any partnership
or limited liability company tenant or sublessee or other entity, however accomplished, and whether in a single transaction or
in a series of related or unrelated transactions, the conversion of a tenant or sublessee entity to either a limited liability
company or a limited liability partnership or the merger or consolidation of a corporate tenant or sublessee, shall be deemed an
assignment of this Lease or of such sublease; provided, however, that Landlord’s consent shall not be required with respect
to any such deemed assignment to a Related Entity of Tenant (or subtenant) if the terms and conditions of Section 4.09 are
satisfied. If this Lease is assigned, or if the Premises or any part thereof is underlet or occupied by anybody other than Tenant,
Landlord may, after default by Tenant, collect rent from the assignee, undertenant or occupant, and apply the net amount collected
to the Rent herein reserved, but no assignment, underletting, occupancy or collection shall be deemed a waiver of the provisions
hereof, the acceptance of the assignee, undertenant or occupant as tenant, or a release of Tenant from the further performance
by Tenant of covenants on the part of Tenant herein contained. The consent by Landlord to an assignment or underletting shall not
in any way be construed to relieve Tenant from obtaining the express consent in writing of Landlord to any further assignment or
underletting if and to the extent such consent is otherwise required hereunder. In no event shall any permitted sublessee assign
or encumber its sublease or further sublet all or any portion of its sublet space, or otherwise suffer or permit the sublet space
or any part thereof to be used or occupied by others, without Landlord’s prior written consent in each instance (unless consent
is not required hereunder), which consent shall be granted or withheld in accordance with all applicable provisions of this Article
4 as if such sublease or assignment were made by Tenant (i.e., the provisions of this Article 4 shall be applied as
if the references herein to Tenant were references to such sublessee seeking consent). A material modification, material amendment
or extension (but not a termination) of a sublease which is not expressly contemplated in such sublease shall be deemed a sublease
and shall be subject to all of the provisions of this Article 4. The listing of the name of a party or entity other than
that of Tenant on the Building or floor directory or on or adjacent to the entrance door to the Premises shall neither grant such
party or entity any right or interest in this Lease or in the Premises nor constitute Landlord’s consent to any assignment
or sublease to, or occupancy of the Premises by, such party or entity. Notwithstanding anything to the contrary contained herein,
transfers of ownership interests in Tenant on a recognized United States or foreign securities exchange or in an over-the-counter
market or transfer of ownership interests in Tenant pursuant to a public offering shall not be deemed an assignment for purposes
of this Lease. If any lien is filed against the Premises or the Building for brokerage services claimed to have been performed
for Tenant in connection with any such assignment or sublease, whether or not actually performed, the same shall be discharged
within twenty (20) days after Tenant has notice of such lien, at Tenant’s expense, by filing the bond required by law, or
otherwise, and paying any other necessary sums, and Tenant agrees to indemnify Landlord and its agents and hold them harmless from
and against any and all claims, losses or liability resulting from such lien for brokerage services rendered.

 

    	3

    	 

    

 

4.02         If
Tenant desires to assign this Lease or sublet all or any portion of the Premises, then, in each such case, Tenant shall first submit
in writing to Landlord a notice referencing this Section 4.02 together with a term sheet setting forth all of the following
terms and conditions upon which Tenant is willing to assign this Lease or sublet the Premises, or portion thereof, whichever may
be applicable, (a) in the case of a proposed subletting, the area proposed to be sublet, and, in the case of a proposed assignment
such notice shall set forth Tenant’s intention to assign this Lease, (b) the term of the proposed subletting including the
proposed dates of the commencement and the expiration of the term of the proposed sublease or the effective date of the proposed
assignment, as the case may be, (c) the rents, work contributions, free rent and all other concessions and material economic provisions
that are proposed to be included in the transaction, (d) in the case of a proposed subletting of less than the entire Premises
where alterations are required to physically separate such portion of the Premises from the remainder of the Premises, which party
shall perform such alterations and which party shall pay the cost thereof, and (e) in the case of a proposed subletting, the condition
in which the Premises (or applicable portion thereof) shall be delivered by Tenant, and which shall be deemed an offer (a “Tenant’s
Recapture Offer”): (i) with respect to a prospective assignment, to terminate or assign this Lease to Landlord without
any payment of moneys or other consideration therefor by Landlord to Tenant, or, (ii) with respect to a sublease for all or a portion
of the Premises for all or substantially all of the balance of the Term (i.e., term of sublease would expire with one (1) year
or less remaining in the Term), to terminate this Lease with respect to the portion of the Premises covered by such sublease (the
“Lease Termination Area”), or (iii) with respect to a prospective subletting, to sublet to Landlord (a “Leaseback”)
the portion of the Premises involved (“Leaseback Area”) for the term specified by Tenant in Tenant’s Recapture
Offer at Tenant’s proposed sub-rental, and otherwise on the terms, covenants and conditions (including provisions relating
to escalation rents), as are contained in Tenant’s Recapture Offer. Tenant’s Recapture Offer shall specify the date
when the Leaseback Area, the Lease Termination Area or the Premises, as the case may be, will be made available to Landlord, which
date shall be in no event earlier than sixty (60) days nor later than two hundred seventy (270) days following the acceptance of
Tenant’s Recapture Offer (the “Recapture Date”). Landlord shall have a period of thirty (30) days from
the giving of such Tenant’s Recapture Offer to either accept or reject Tenant’s Recapture Offer as of the Recapture
Date (it being understood that for purposes of this Article 4, “accepting” a Tenant’s Recapture Offer
shall mean that Landlord shall elect, as permitted hereunder, to terminate this Lease with respect to the Premises (or applicable
portion thereof), require Tenant to assign this Lease to Landlord or sublease the applicable portion of the Premises to Landlord,
as the case may be). If Landlord fails to respond to Tenant’s Recapture Offer within the thirty (30) day period, then Tenant
shall have the right to deliver a second notice to Landlord (a copy of which, as a condition to its effectiveness, must be sent
to Landlord’s notice parties set forth in Article 27) requesting Landlord’s response to Tenant’s Recapture
Offer, which request shall state in bold upper case letters at the top of the first page as follows: “THIS IS A TIME SENSITIVE
NOTICE AND SUBJECT TO THE PROVISIONS OF SECTION 4.02 OF THE LEASE LANDLORD SHALL BE DEEMED TO HAVE ELECTED NOT TO EXERCISE ANY
OF ITS RIGHTS UNDER SECTION 4.02 OF THE LEASE WITH RESPECT TO TENANT’S RECAPTURE OFFER.” If Tenant shall have delivered
such reminder notice to Landlord, and Landlord shall fail to respond to such reminder notice within ten (10) days thereafter, and
provided that Tenant has otherwise complied with all of Tenant’s obligations under this Article 4 in connection with
such request, then Landlord shall be deemed to have elected not to exercise any of its rights set forth in this Section
4.02 with respect to Tenant’s Recapture Offer, but the remaining provisions of this Article 4, including, without
limitation, Section 4.07, shall govern and control Tenant’s desire to assign this Lease or sublet all or any portion
of the Premises. Notwithstanding anything contained herein to the contrary, the provisions of this Section 4.02 shall not
apply to an assignment of this Lease or sublet of the Premises or portion thereof to a Related Entity that is permitted without
Landlord’s consent pursuant to Section 4.09. Provided Tenant is not then in monetary default under this Lease or in
default under any Leaseback, in either case, beyond any applicable notice or cure period (and taking into account the provisions
of Section 4.05), the sub-rental due and payable by Landlord to Tenant under each Leaseback shall be automatically credited
as and when due under such Leaseback(s) against the next installment(s) of Rent thereafter becoming due under this Lease (it being
agreed that the provisions hereof shall not be deemed to diminish Landlord’s or Tenant’s rights under such Leaseback(s))
(e.g., if a monthly payment of $20,000 is payable by Landlord to Tenant on or before May 1st pursuant to a Leaseback
between Landlord and Tenant and Tenant is not then in monetary default under this Lease or in default under the Leaseback, in either
case, beyond any applicable notice or cure period, such $20,000 shall be automatically credited against the Rent payable by Tenant
to Landlord under this Lease on such May 1st and such credit shall be deemed a payment by Landlord of the sub-rental
payable under such Leaseback).

 

    	4

    	 

    

 

4.03         If
Landlord exercises its option to terminate this Lease pursuant to Section 4.02 (whether with respect to the entire
Premises or a portion thereof), then (i) the Term (with respect to the applicable portion of the Premises) shall end on the Recapture
Date and (ii) Tenant shall surrender to Landlord and vacate the Premises (or applicable portion thereof) on or before such date
in the same condition as is otherwise required upon the expiration of this Lease by its terms, (iii) the Rent and Additional Rent
due hereunder shall be paid and apportioned to such date, and (iv) Landlord shall be free to lease the Premises (or the applicable
portion thereof) to any individual or entity including, without limitation, Tenant’s proposed assignee or subtenant.

 

4.04         If
Landlord shall accept Tenant’s Recapture Offer pursuant to Section 4.02, Tenant shall then execute and deliver to
Landlord, or to anyone designated or named by Landlord, an assignment or sublease, or deliver to Landlord a surrender agreement,
as the case may be, in any such case in a form reasonably satisfactory to Landlord’s counsel and Tenant’s counsel.

 

If a sublease is so
made it shall expressly:

 

(i)          permit
Landlord to make further subleases of all or any part of the Leaseback Area and (at no cost or expense to Tenant) to make and authorize
any and all changes, alterations, installations and improvements in such space as necessary; provided, however, that if any such
changes, alterations, installations or improvements constitute Specialty Alterations which Tenant is required to remove hereunder
prior to the end of the Term (it being agreed that for purposes hereof, such changes, alterations, installations or improvements
shall be deemed to be Specialty Alterations regardless of whether Landlord has advised Tenant thereof as required in Section
8.01(b)), then, at Landlord’s option (or, in the case of a sublease that expires more than one (1) year prior to the
end of the Term of this Lease, at Tenant’s option), Landlord shall either (1) remove such Specialty Alterations prior to
the end of the term of the applicable sublease, or (2) waive Landlord’s right to require Tenant to remove such Specialty
Alterations at the end of the Term of this Lease;

 

    	5

    	 

    

 

(ii)         provide
that Tenant will at all times permit reasonably appropriate means of ingress to and egress from the Leaseback Area;

 

(iii)        negate
any intention that the estate created under such sublease be merged with any other estate held by either of the parties;

 

(iv)        provide
that Landlord shall accept the Leaseback Area in the condition set forth in the Recapture Notice with respect to delivery of the
Leaseback Area by Tenant;

 

(v)         provide
that at the expiration of the term of such sublease Tenant will accept the Leaseback Area in its then existing condition, subject
to the obligations of Landlord pursuant to clause (i) above and the obligations of Landlord to make such repairs thereto as may
be necessary to preserve the Leaseback Area in good order and condition, ordinary wear and tear excepted.

 

4.05         Landlord
shall indemnify and save Tenant harmless from all obligations under this Lease as to the Leaseback Area during the period of time
it is so sublet, except for Fixed Annual Rent and Additional Rent, if any, due under this Lease, which are in excess of the rents
and additional sums due under such sublease. Subject to the foregoing, performance by Landlord, or its designee, under a sublease
of the Leaseback Area shall be deemed performance by Tenant of any similar obligation under this Lease and any default under any
such sublease shall not give rise to a default under a similar obligation contained in this Lease, nor shall Tenant be liable for
any default under this Lease or deemed to be in default hereunder if such default is occasioned by or arises from any act or omission
of the tenant under such sublease or is occasioned by or arises from any act or omission of any occupant holding under or pursuant
to any such sublease.

  

4.06         Following
the expiration of Landlord’s right to recapture pursuant to Section 4.02 (and Landlord’s failure (or deemed
failure) to accept Tenant’s Recapture Offer in accordance with the term thereof) with respect to a particular assignment
or subletting, if Tenant proceeds to request Landlord’s consent to said particular assignment or subletting, Tenant shall
submit in writing to Landlord (i) the name and address of the proposed assignee or sublessee, (ii) a duly executed counterpart
of the proposed agreement of assignment or sublease, (iii) reasonably satisfactory information as to the nature and character of
the business of the proposed assignee or sublessee and as to the nature of its proposed use of the space, and (iv) except with
respect to a Non-Financial Sublease (as hereinafter defined), banking, financial or other credit information relating to the proposed
assignee or sublessee reasonably sufficient to enable Landlord to determine the financial responsibility and character of the proposed
assignee or sublessee. Landlord shall respond to such a consent request (pursuant to the terms and conditions of Section 4.07)
within thirty (30) days after Tenant gives such request to Landlord. If Landlord fails to respond within such thirty (30) day period,
then Tenant shall have the right to deliver a second notice to Landlord (a copy of which, as a condition to its effectiveness,
must in addition be sent to Landlord’s notice parties set forth in Article 27) requesting Landlord’s consent
to such assignment or sublet, which request shall state in bold upper case letters at the top of the first page as follows: “THIS
IS A TIME SENSITIVE NOTICE AND, SUBJECT TO THE PROVISIONS OF SECTION 4.06 OF THE LEASE, LANDLORD SHALL BE DEEMED TO HAVE APPROVED
TENANT’S ASSIGNMENT OR SUBLET REQUEST.” If Tenant shall have delivered such second notice to Landlord, and Landlord
shall fail to respond to such second notice within ten (10) days thereafter, then Landlord shall be deemed to have consented to
such assignment or sublet. Tenant may give the notices under Section 4.02 and this Section 4.06 concurrently (either
in a single combined notice or in separate notices).

 

    	6

    	 

    

 

4.07         If
Landlord shall not have (or shall be deemed not to have) timely accepted Tenant’s Recapture Offer pursuant to Section
4.02, then Landlord will not unreasonably withhold, condition or delay its consent to Tenant’s request for consent to
such specific assignment or subletting for the Permitted Uses, provided that any such assignment or subletting shall (A) have a
net effective rental that shall not be more favorable to such assignee or subtenant by more than five percent (5%) of the net effective
rental contained in Tenant’s Recapture Offer (taking into consideration all relevant terms of such assignment or sublease),
(B) be for a term expiring on or approximately the same date designated in Tenant’s Recapture Offer and upon all of the material
terms and conditions set forth in Tenant’s Recapture Offer (including, without limitation, the terms in Tenant’s Recapture
Offer regarding the condition in which the Premises (or the applicable portion thereof) shall be delivered by Tenant and the terms
relating to alterations and the cost thereof (if any), in each case, required to separately demise a portion of the Premises in
the case of a subletting of less than the entire Premises), (C) in the case of a subletting, (i) the sublet space is at least one-half
of a floor of the Premises (and if the sublet space is on more than a single floor, such sublet space must be at least one-half
of each floor to be sublet), (ii) the balance of the floor is of a size and configuration such that it will be commercially reasonable
to be leased, and (iii) Tenant shall be obligated to separate the sublet space from the balance of the Premises at Tenant’s
sole cost and expense, pursuant to plans and specifications approved in advance by Landlord, such approval not to be unreasonably
withheld, delayed or conditioned, and (D) comply with all other applicable provisions of this Article 4 (and if the net
effective rental and/or the term of such proposed subletting or assignment, as the case may be, vary from the net effective rental
and/or the term contained in Tenant’s Recapture Offer beyond the variances set forth above, or if an assignment or sublease
is not effected within twelve (12) months following the date upon which Tenant’s Recapture Offer is rejected (or deemed to
have been rejected) by Landlord, then Tenant’s request for consent shall be deemed to constitute a new Tenant’s Recapture
Offer to Landlord under the terms and conditions contained in the proposed sublease or assignment, as the case may be, with respect
to which all of the provisions of this Article 4 shall again apply), and provided further that:

 

(i)          The
proposed assignee or subtenant shall have a financial standing and propose to use the Premises, in a manner reasonably consistent
with the Permitted Use and in keeping with the standards of the Building; provided, however, that with respect to the proposed
subletting by the Named Tenant of no more than eight thousand (8,000) rentable square feet in the aggregate (to no more than three
(3) subtenants) in each case as designated by Tenant (each, a “Non-Financial Sublease”), the financial standing
of such subtenant(s) shall not be considered by Landlord for purposes of Landlord’s granting or withholding its consent thereto;

 

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(ii)         The
proposed assignee or subtenant shall not then be a tenant, subtenant, assignee or occupant of any space in the Building, nor shall
the proposed assignee or subtenant be a person or entity who has dealt with Landlord or Landlord’s agent (directly or through
a broker) with respect to space in the Building during the six (6) months immediately preceding Tenant’s request for Landlord’s
consent; provided that, in any such instance, Landlord has comparably-sized space available for leasing in the Building for a term
equal to or greater than the remaining term of this Lease (in the case of a proposed assignment) or the term of the proposed sublease,
as applicable (or will have comparably-sized space available in the Building within six (6) months after the proposed effective
date of such assignment or subletting for a term equal to or greater than the remaining term of this Lease (in the case of a proposed
assignment) or the term of the proposed sublease, as applicable);

 

(iii)        The
character of the business to be conducted in the Premises by the proposed assignee or subtenant shall not require any alterations,
installations, improvements, additions or other physical changes to be performed, or made to, any portion of the Building or the
Building Project other than the Premises and any other portions of the Building with respect to which Tenant has use rights and
in which Tenant is permitted to perform Alterations pursuant to this Lease;

 

(iv)        In
the case of a subletting, the subtenant shall be expressly subject to all of the obligations of Tenant under this Lease with respect
to the applicable portion of the Premises so sublet and the further condition and restriction that such sublease shall not be assigned,
encumbered or otherwise transferred or the Premises further sublet by the subtenant in whole or in part, or any part thereof suffered
or permitted by the subtenant to be used or occupied by others, without the prior written consent of Landlord in each instance
which consent with respect to any request to further sublease or assign shall be granted or withheld in accordance with all applicable
provisions of this Article 4, as if Tenant was the proposed sublandlord or assignor (i.e., the provisions of this Article
4 shall be applied as if the references herein to Tenant were references to such sublessee seeking consent);

 

(v)         Tenant
shall reimburse Landlord, as Additional Rent hereunder, within thirty (30) days after demand (which shall include reasonable supporting
documentation), for any reasonable out-of-pocket costs to third parties, including attorneys’ fees and disbursements, that
may be incurred by Landlord in connection with said assignment or sublease; and

 

(vi)        The
proposed assignee or subtenant shall not be any entity which is entitled to diplomatic or sovereign immunity or which is not subject
to service of process in the State of New York or to the personal jurisdiction of the courts of the State of New York and the United
States located in New York County.

 

    	8

    	 

    

 

4.08         Any
consent of Landlord under this Article 4 shall be subject to the terms of this Article 4 and conditioned upon (i)
there being no default by Tenant, beyond any grace period, under any of the terms, covenants and conditions of this Lease at the
time that Landlord’s consent to any such subletting or assignment is requested, and (ii) this Lease being in full force and
effect (and not terminated by Landlord as a result of any default by Tenant) on the date of the commencement of the term of any
proposed sublease or the effective date of any proposed assignment. Tenant acknowledges and agrees that no assignment or subletting
shall be effective unless and until Tenant, upon receiving any necessary Landlord’s written consent (and unless it was theretofore
delivered to Landlord) causes a duly executed copy of the sublease or assignment to be delivered to Landlord within thirty (30)
days after execution thereof. Any such sublease shall provide that the sublessee shall comply with all applicable terms and conditions
of this Lease to be performed by Tenant hereunder (other than the payment of Rent). Any such assignment of this Lease shall contain
an assumption by the assignee of all of the terms, covenants and conditions of this Lease to be performed by Tenant arising from
and after the effective date of such assignment; provided, however, with respect to any assignment to a Related Entity, such assumption
by the assignee shall be of all of the terms, covenants and conditions of this Lease to be performed by Tenant arising from and
after the Commencement Date.

 

4.09         (a)
Anything contained in this Lease to the contrary notwithstanding, Landlord’s consent shall not be required (nor shall the
provisions of Section 4.02 and Section 4.10 apply) for an assignment of this Lease, or sublease (or further sublease)
of all or part of the Premises for the Permitted Uses, or the occupancy of all or a portion of the Premises, to a Related Entity;
provided, that (i) Landlord is given notice within thirty (30) days after the occurrence of any such sublease or assignment
and reasonably satisfactory proof that the requirements of this Lease have been met with respect thereto, (ii) any such transaction
is for a legitimate business purpose and not for the purpose of circumventing the rights of Landlord under this Article 4,
and (iii) the proposed assignee or subtenant is engaged in a business and the Premises, or the relevant part thereof, will
be used in a manner which is in keeping with the standards of the Building.

 

(b)          For
purposes of this Article 4:

 

(i)          a
“Related Entity” shall mean (x) any corporation or entity which controls or is controlled by Tenant or is under
common control with Tenant (a “Tenant Affiliate”), or (y) any legal entity (1) to which all or substantially
all of the assets of Tenant are transferred, (2) to which more than fifty percent (50%) of the equity interests are transferred,
or (3) into which Tenant may be merged or consolidated; and

 

(ii)         the
term “control” shall mean, in the case of a corporation or other entity, ownership or voting control, directly
or indirectly, of at least fifty percent (50%) of all of the general or other partnership (or similar) interests therein.

 

    	9

    	 

    

 

4.10         If
Landlord shall not have (or be deemed not to have) accepted Tenant’s Recapture Offer hereunder in accordance with the terms
hereof, and Tenant effects any assignment or subletting (other than an assignment or subletting described in Section 4.09
or occupancy by Service and Business Relationship Entities pursuant to Section 4.12), then Tenant thereafter shall pay to
Landlord a sum equal to fifty percent (50%) of (a) any rent or other consideration payable to Tenant by any subtenant which
is in excess of the Rent allocable to the subleased space which is then being paid by Tenant to Landlord pursuant to the terms
hereof, and (b) any other profit or gain realized by Tenant from any such subletting or assignment (without being required
to amortize such profits or gain). In computing such excess amount and/or profit or gain, Tenant may deduct all Transaction Costs
as and when incurred and paid by Tenant. “Transaction Costs” means (i) the amount of any costs incurred
by Tenant in making Alterations to the sublet space for the subtenant, and the amount of any work allowance granted by Tenant to
the subtenant, (ii) advertising, legal expenses and brokerage commissions actually incurred by Tenant in connection with such
assignment or subleasing, and (iii) the Fixed Annual Rent and the Additional Rent payable under Article 32 and Article
49 paid by Tenant under this Lease during any commercially reasonable free rent period under such sublease (it being agreed
that any dispute regarding whether the free rent period under such sublease is commercially reasonable shall be resolved by expedited
arbitration pursuant to Article 51). Transaction Costs shall not include any Rent under this Lease allocable to the space
in question during the period of marketing the space.

 

4.11         In
no event shall Tenant be entitled to make, nor shall Tenant make, any claim, and Tenant hereby waives any claim, for money damages
(nor shall Tenant claim any money damages by way of set-off, counterclaim or defense) based upon any claim or assertion by Tenant
that Landlord has unreasonably withheld or unreasonably delayed its consent or approval to a proposed assignment or subletting
as provided for in this Article 4. Tenant’s sole remedy shall be to submit such dispute to expedited arbitration pursuant
to Article 51 and, if it is determined thereby that Landlord unreasonably withheld or unreasonably delayed its consent,
Landlord’s consent shall be deemed to have been given upon such final determination. Notwithstanding the foregoing to the
contrary, if Tenant reasonably believes that Landlord has acted in bad faith in connection with a request by Tenant for consent
to a proposed assignment or sublease (as opposed to Landlord having acted unreasonably), Tenant shall have the right to submit
such dispute regarding whether Landlord acted in bad faith to a court of competent jurisdiction and if it is finally determined
by any such court of competent jurisdiction that Landlord acted in bad faith in connection with such consent or approval request,
Tenant shall have the right to seek damages in connection therewith.

 

4.12         Provided
that the relevant portion of the Premises is not separately demised, the occupancy of the Premises by one or more Service and Business
Relationship Entities (as hereinafter defined) for the Primary Use, shall be permitted without the need to obtain Landlord’s
consent and without being subject to Landlord’s right of recapture pursuant to Section 4.02 and without being subject
to the payment to Landlord of any share of the profit with respect to such arrangement pursuant to Section 4.10; provided,
that (a) such Service and Business Relationship Entities shall not occupy portions of the Premises constituting, in the aggregate,
more than 10% of the rentable square footage of the Premises, (b) in no event shall the use of any portion of the Premises by a
Service and Business Relationship Entity create or be deemed to create any right, title or interest of such Service and Business
Relationship Entity in any portion of the Premises or this Lease, (c) such Service and Business Relationship Entity shall not have
any signage outside of the Premises (except that the foregoing is not intended to restrict the ability of a Service and Business
Relationship Entity to have a listing in any electronic or other directory in the lobby of the Building, as provided in this Lease),
and (d) such Service and Business Relationship Entity is engaged in a business, and uses the portion of the Premises that it occupies
in a manner, that is in keeping with standards generally maintained by prudent landlords of Comparable Buildings. “Service
and Business Relationship Entities” shall mean (i) persons actively engaged in providing services to Tenant or any Tenant
Affiliate, (ii) Tenant’s (or any of Tenant Affiliate’s) attorneys, consultants and other persons with which Tenant
(or any Tenant Affiliate) has an active and meaningful business relationship and is using the relevant portion of the Premises
for a purpose associated with the business of Tenant and (iii) any regulatory authorities having jurisdiction over Tenant or any
Tenant Affiliate that is using the relevant portion of the Premises for a purpose associated with the business of Tenant.

 

    	10

    	 

    

 

4.13         Landlord
shall, within ten (10) Business Days after Tenant’s request, accompanied by an executed counterpart of an Eligible Sublease
(as hereinafter defined), deliver to Tenant and the subtenant under an Eligible Sublease (an “Eligible Subtenant”)
a commercially reasonable non-disturbance agreement (the “Landlord’s Non-Disturbance Agreement”). Following
the Eligible Subtenant’s and Tenant’s execution and delivery of the Landlord’s Non-Disturbance Agreement, Landlord
shall, within seven (7) Business Days, execute and deliver a counterpart thereof to the Eligible Subtenant. For purposes hereof,
the term “Eligible Sublease” shall mean a direct sublease:

 

(1)         between
(a) Named Tenant and (b) a direct subtenant of the Named Tenant which direct subtenant, as of the date of execution of the Eligible
Sublease, has a net worth, exclusive of goodwill and determined in accordance with GAAP, of not less than (x) twenty (20) times
the aggregate amount of Fixed Annual Rent then payable by Tenant with respect to the Premises or the applicable portion being demised
pursuant to such Eligible Sublease, and Landlord has been provided with proof thereof reasonably satisfactory to Landlord;

 

(2)         that
has been consented to (or consent has been deemed given) by Landlord pursuant to the provisions of and which meets all of the applicable
requirements of this Article 4;

 

(3)         demising
at least one full floor of the Premises (provided that, unless an Eligible Sublease shall demise the entire Premises, no Eligible
Sublease shall demise portions of the Premises consisting of less than the entire rentable area of any floor(s) on which the Premises
are located), in any case, for a minimum initial sublease term of not less than five (5) years; and

 

(4)         providing
for a rental rate, on a per rentable square foot basis (including fixed annual rent and additional rent) which (after taking into
account all rent concessions provided for therein) is equal to or in excess of the Fixed Annual Rent and Additional Rent, on a
per rentable square foot basis, payable hereunder for the term of the Eligible Sublease (hereinafter called the “Lease
Rent”) or, in the alternative, provides for a rental rate that is less than the Lease Rent, but will automatically increase
to the Lease Rent from and after the attornment of the sublessee to Landlord pursuant to the Landlord’s Non-Disturbance Agreement.

 

Notwithstanding anything
to the contrary set forth in this Section 4.13, any Landlord’s Non-Disturbance Agreement delivered by Landlord pursuant
to this Section 4.13 shall (x) be personal to the subtenant initially named in such Landlord’s Non-Disturbance Agreement
and (y) expressly contain the condition that, in the event of any termination of this Lease other than by reason of Tenant’s
default including, without limitation, a bankruptcy or insolvency related default (e.g., by reason of a casualty pursuant to Article
11), then such Landlord’s Non-Disturbance Agreement shall, automatically and without further act of the parties, terminate
and be of no further force or effect from and after the applicable termination date.

 

    	11

    	 

    

 

 

ARTICLE
5

DEFAULT

 

5.01         Landlord
may terminate this Lease on five (5) Business Days’ advance notice: (a) if Fixed Annual Rent or Additional Rent is not paid
within five (5) Business Days after written notice from Landlord given after such Fixed Annual Rent or Additional Rent is due and
payable; or (b) if Tenant shall have failed to cure a default in the performance of any covenant of this Lease (except the payment
of Rent), or any Rules and Regulations (as hereinafter defined) or any Alteration Rules and Regulations (as hereinafter defined),
within thirty (30) days after written notice thereof from Landlord, or if such default cannot be completely cured in such time,
if Tenant shall not promptly proceed to cure such default within said thirty (30) days, or shall not complete the curing of such
default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be filed by or against
Tenant (and, such petition is not withdrawn or vacated within ninety (90) days) or if Tenant shall make a general assignment for
the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (d) if a receiver or trustee is appointed
for any portion of Tenant’s property and such appointment is not vacated within ninety (90) days; or (e) if an execution
or attachment shall be issued under which the Premises shall be taken or occupied or attempted to be taken or occupied by anyone
other than Tenant. At the expiration of the five (5) Business Day notice period, this Lease and any rights of renewal or extension
thereof shall terminate as completely as if that were the date originally fixed for the expiration of the Term of this Lease, but
Tenant shall remain liable as hereinafter provided.

 

5.02         In
the event that Tenant is in arrears for Fixed Annual Rent or any item of Additional Rent beyond the expiration of any applicable
notice and grace periods, Tenant waives its right, if any, to designate the items against which payments made by Tenant are to
be credited and Landlord may apply any payments made by Tenant to any items which Landlord in its sole discretion may elect irrespective
of any designation by Tenant as to the items against which any such payment should be credited.

 

5.03         Tenant
shall not seek to consolidate any summary proceeding brought by Landlord with any action commenced by Tenant in connection with
this Lease or Tenant’s use and/or occupancy of the Premises.

 

5.04         In
the event of a default by Tenant hereunder, no property or assets of any principals, shareholders, officers, directors, employees,
partners or members of Tenant, whether disclosed or undisclosed, other than the assets and income of Tenant and any security deposit
held by Landlord hereunder, shall be subject to levy, execution or other enforcement procedure for the satisfaction of Landlord’s
remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder or Tenant’s use and occupancy
of the Premises.

 

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ARTICLE
6

RELETTING, ETC.

 

6.01         If
Landlord shall re-enter the Premises on the default of Tenant, by summary proceedings or otherwise: (a) Landlord may re-let the
Premises or any part thereof, as Tenant’s agent, in the name of Landlord, or otherwise, for a term shorter or longer than
the balance of the term of this Lease, and may grant concessions or free rent; (b) Tenant shall pay Landlord any deficiency between
the Rent hereby reserved and the net amount of any rents collected by Landlord for the remaining term of this Lease, through such
re-letting. Such deficiency shall become due and payable monthly, as it is determined. Landlord shall have no obligation to re-let
the Premises, and its failure or refusal to do so, or failure to collect rent on re-letting, shall not affect Tenant’s liability
hereunder. In computing the net amount of rents collected through such re-letting, Landlord may deduct all expenses incurred in
obtaining possession or re-letting the Premises, including legal expenses and fees, brokerage fees, the cost of restoring the Premises
to good order, and the cost of all alterations and decorations deemed necessary by Landlord to effect re-letting. In no event shall
Tenant be entitled to a credit or repayment for re-rental income which exceeds the sums payable by Tenant hereunder or which covers
a period after the original term of this Lease; (c) Tenant hereby expressly waives any right of redemption granted by any present
or future law; and (d) Landlord shall recover as liquidated damages, in addition to accrued rent and other charges, if Landlord’s
re-entry is the result of Tenant’s bankruptcy, insolvency, or reorganization, the full rental for the maximum period allowed
by any law relating to bankruptcy, insolvency or reorganization. “Re-enter” and “re-entry” as used in this
Lease are not restricted to their technical legal meaning. In the event of a breach or threatened breach of any of the covenants
or provisions hereof, Landlord shall have the right of injunctive relief. Mention herein of any particular remedy shall not preclude
Landlord from any other available remedy.

 

6.02         If
Landlord re-enters the Premises for any cause, or if Tenant abandons the Premises, or after the expiration of the Term, any property
left in the Premises by Tenant shall be deemed to have been abandoned by Tenant, then Landlord shall have the right to retain or
dispose of such property in any manner without any obligation to account therefor to Tenant.

 

6.03         If
either party institutes a suit against the other for violation of or to enforce any covenant, term or condition of this Lease,
or if either party institutes an expedited arbitration proceeding pursuant to the terms of this Lease, then, in either case, the
prevailing party shall be entitled to reimbursement of all of its reasonable costs and expenses, including, without limitation,
reasonable attorneys’ fees incurred in connection therewith.

 

ARTICLE
7

LANDLORD MAY CURE DEFAULTS

 

7.01         If
Tenant shall default in performing any covenant or condition of this Lease beyond the expiration of any applicable cure or grace
period, Landlord may perform the same for the account of Tenant, and if Landlord, in connection therewith, makes any expenditures
or incurs any obligations for the payment of money, including but not limited to reasonable attorney’s fees, such sums so
paid or obligations so incurred shall be deemed to be Additional Rent hereunder, and shall be paid by Tenant to Landlord within
thirty (30) days after rendition of a reasonably detailed bill or statement therefor, and if the Term shall have expired at the
time of the making of such expenditures or incurring of such obligations, such sums shall be recoverable by Landlord as damages.

 

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ARTICLE
8

ALTERATIONS 

 

8.01         (a)
Subject to the further provisions of this Section 8.01(a), Tenant shall make no changes, alterations, additions or
improvements in or to the Premises (collectively, “Alterations”), without the prior written consent of Landlord;
provided, however, that: (A) Landlord agrees not to unreasonably withhold, condition or delay its consent in accordance with
the procedure set forth in Section 8.02 to Alterations that (1) do not affect the Building’s exterior (including
the exterior appearance of the Building), (2) do not adversely affect the usage or the proper functioning of any Building
Systems, (3) are non-structural (except that Landlord shall not unreasonably withhold, condition or delay its consent to (i)
any internal staircases (not to exceed one (1) per floor) proposed to be installed by Tenant if Tenant shall then be leasing two
(2) or more contiguous floors, or (ii) any core drilling required in connection with Tenant’s Alterations provided that,
except if such core drilling is required in connection with installation of any internal staircases, same do not result in the
reduction of any floor area in the Premises (except to a de minimis extent), in the case of either (i) or (ii), provided
such structural Alterations are customary for other similarly-situated tenants in the Building or in Comparable Buildings and provided
further that the other provisions of this sentence are satisfied), and (4) do not adversely affect any service required to
be furnished by Landlord to Tenant (unless Tenant agrees, in writing, to accept such diminished services without any liability
or obligation to Landlord under this Lease in connection therewith) or to any other tenant or occupant of the Building (collectively,
“Non-Material Alterations”) and (B) Landlord’s consent shall not be required with respect to (x) Non-Material
Alterations which (i) do not require a building permit, (ii) are limited to work within the Premises, and (iii) subject
to Section 8.04, do not require a change in the Certificate of Occupancy for the Building, or (y) work that is solely
of a decorative nature, such as painting, wallpapering and carpeting (such items identified in clause “(B)”, collectively,
“Non-Consent Alterations”). Rent shall in no event be reduced by reason of any reduction in the floor area of
the Premises resulting from any Alterations performed (x) by or on behalf of Tenant, or (y) by or on behalf of Landlord if due
to Tenant’s failure to perform any Alterations or other work required under this Lease or otherwise due to Tenant’s
breach of this Lease. All Alterations, including air-conditioning equipment and duct work, except movable office furniture and
trade equipment installed at the expense of Tenant, shall, unless same constitute Specialty Alterations for which Tenant has been
directed to remove from the Premises, in accordance with Section 8.01(b), become the property of Landlord, and shall
be surrendered with the Premises at the expiration or sooner termination of the Term.

 

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(b)          Notwithstanding
anything contained in this Lease to the contrary, Tenant shall not be obligated to remove any Alterations except for Specialty
Alterations. “Specialty Alterations” shall mean Alterations consisting of all raised computer room floors in
excess of 2,500 rentable square feet in the aggregate, vaults, generators, structurally reinforced filing systems, pneumatic tubes,
vertical and horizontal transportation systems, any Alterations which penetrate or expand an existing penetration of any floor
slab and any other Alterations which affect the structural elements of the Building (which for purposes of this Lease shall mean
the exterior walls and roof of the Building, foundations, footings, load bearing columns, ceiling and floor slabs, windows and
window frames of the Building), in each case if and to the extent Landlord advises Tenant thereof as and to the extent Landlord
is required to do so pursuant to the next following sentence; provided, however, that Specialty Alterations shall not include
(i) one (1) customary internal staircase with respect to each connection of contiguous floors of the Premises, (ii) conduits, (iii)
cabling, (iv) supplemental HVAC equipment, or (v) any Alteration existing in the Premises as of the date of this Lease. Landlord
shall advise Tenant together with Landlord’s approval of the plans and specifications in question whether or not Tenant shall
be required to remove any portion of such Specialty Alteration upon the expiration or sooner termination of this Lease, provided
that Tenant, as part of its request for such consent, notifies Landlord in writing that Landlord is required to make such election
and/or designation as part of its consent. Prior to the end of the Term, Tenant shall, at Tenant’s cost and expense, remove
any Specialty Alteration designated by Landlord pursuant to this Section 8.01(b), repair any damage to the Premises or the
Building due to such removal, cap all electrical, plumbing and waste disposal lines in accordance with sound construction practice
and restore (except if such restoration (as opposed to repair) is non-structural in nature such as, by way of example, replacing
carpeting and painting) the Premises to the condition existing prior to the making of such Specialty Alteration. All such work
shall be performed in accordance with plans and specifications first approved by Landlord in accordance with the terms hereof and
all applicable terms, covenants, and conditions of this Lease. If Landlord’s insurance premiums increase as a result of any
Specialty Alterations, Tenant shall pay each such increase each year as Additional Rent within thirty (30) days after receipt of
a reasonably detailed bill therefor from Landlord.

 

8.02         All
Alterations shall be performed in accordance with the following conditions:

 

(i)          (A)         Prior
to the commencement of any Alterations, Tenant shall first submit to Landlord for its approval in accordance with the terms hereof
detailed dimensioned coordinated plans and specifications, including layout, architectural, mechanical, electrical, plumbing and
structural drawings for each proposed Alteration (“Tenant’s Plans”); provided, however, with respect to
Non-Consent Alterations, Tenant shall only be required to provide Tenant’s Plans in connection therewith to Landlord if and
to the extent such Tenant’s Plans are required to be prepared in accordance with good construction practices (and such Tenant’s
Plans shall not be subject to Landlord’s approval unless any Alterations shown thereon are not Non-Consent Alterations).
Landlord shall be given, in writing, a good description of all other Alterations (i.e., Alterations for which Tenant’s Plans
are not required). Landlord shall respond to any request for consent to an Alteration not later than twenty (20) days after the
giving of Tenant’s written request for such consent (which consent to Tenant’s Plans shall be granted or withheld in
accordance with the same standards applied to Alterations set forth in this Article 8) that Landlord either: (a) approves
such Tenant’s Plans, (b) disapproves such Tenant’s Plans (stating, in reasonable detail, the reasons therefor), or
(c) in good faith requires clarification or additional information; provided, if and to the extent Tenant is required to submit
revisions to such Tenant’s Plans, Landlord shall respond to any request for consent to such revised Tenant’s Plans
not later than ten (10) Business Days after the giving of Tenant’s written request for such consent that Landlord either:
(i) approves such revised Tenant’s Plans, (ii) disapproves such revised Tenant’s Plans (stating, in reasonable detail,
the reasons therefor), or (iii) in good faith requires clarification or additional information. If Landlord fails to respond within
such twenty (20) day or ten (10) Business Day period (as applicable), then Tenant shall have the right to deliver a second notice
to Landlord (a copy of which, as a condition to its effectiveness, must be sent to Landlord’s notice parties set forth in
Article 27) requesting Landlord’s consent to such Tenant’s Plans (or revisions thereto), which request shall
state in bold upper case letters: “THIS IS A TIME SENSITIVE NOTICE AND SUBJECT TO THE PROVISIONS OF SECTION 8.02(i) OF
THE LEASE, LANDLORD SHALL BE DEEMED TO HAVE APPROVED TENANT’S PLANS.” If Tenant shall have delivered such reminder
notice to Landlord, and Landlord shall fail to respond to such reminder notice within ten (10) days after Landlord’s receipt
of such reminder notice, and provided that Tenant has otherwise complied with all of Tenant’s obligations under this Article
8 in connection with such request, then Landlord shall be deemed to have consented to the Alterations shown on such Tenant’s
Plans (or revisions thereto) provided that any such Alteration (x) is limited to work within the Premises or if not limited to
work within the Premises, such work is non-structural, does not affect the exterior of the Building, and does not affect Building
Systems servicing areas of the Building outside of the Premises, and (y) does not require a change in the certificate of occupancy
for the Building (the above Alterations being referred to as “Non-Approved Alterations”). The above notwithstanding,
if Tenant’s Plans propose a Non-Approved Alteration and Landlord fails to respond to Tenant’s first request for approval
within the 20-day time period or ten (10) Business Day period, as the case may be, detailed above and Tenant’s second request
within the ten (10) day period detailed above, such Non-Approved Alterations may be considered to have been denied by Landlord,
in which case Tenant shall have the right to bring an expedited arbitration proceeding pursuant to Article 51 in order to
determine whether Landlord should consent (pursuant to the terms of this Article 8) to any such Non-Approved Alterations.

 

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(B)         Landlord
may engage the services of an outside engineer or consultant (each, an “Outside Consultant”) if, as reasonably
determined by Landlord, required to review Tenant’s Plans (as the same may be revised), it being agreed that Tenant will
pay all reasonable, out-of-pocket costs and expenses associated with such Outside Consultant’s review of Tenant’s Plans.

 

(ii)         All
Alterations in and to the Premises shall be performed in a good and workmanlike manner and in accordance with the Building’s
rules and regulations governing tenant alterations in the Building, a copy of which as in effect on the date of this Lease is annexed
hereto as Exhibit I and any reasonable modifications thereof or additions thereto for which Tenant has received at least
ten (10) days’ prior written notice (the “Alteration Rules and Regulations”). Any dispute regarding the
reasonableness of any modifications or additions to the Alteration Rules and Regulations shall be resolved by expedited arbitration
pursuant to Article 51. In the event of any conflict between the terms of this Lease and the Alteration Rules and Regulations,
the terms of this Lease shall control. Prior to the commencement of any such Alterations, Tenant shall, at Tenant’s sole
cost and expense, obtain and exhibit to Landlord any governmental permit that may be required pursuant to Applicable Laws in connection
with such Alterations.

 

(iii)        All
Alterations shall be performed in compliance with all other applicable provisions of this Lease and with all Applicable Laws, including,
without limitation, the Americans with Disabilities Act of 1990 and New York City Local Law No. 57/87 and similar present or future
laws, and regulations issued pursuant thereto, and also New York City Local Law No. 76 and similar present or future laws, and
regulations issued pursuant thereto, on abatement, storage, transportation and disposal of asbestos and other hazardous materials,
which work, if required, shall be effected at Tenant’s sole cost and expense (unless otherwise set forth in Section 15.04)
and in strict compliance with the Alteration Rules and Regulations.

 

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(iv)        All
Alterations shall be performed with union labor having the proper jurisdictional qualifications. Tenant may employ architects,
contractors, subcontractors and engineering firms of Tenant’s choice to design and construct Alterations, subject to Landlord’s
reasonable approval, such approval not to be unreasonably withheld, conditioned or delayed (it being agreed that if such approval
is not either granted or denied by Landlord within five (5) Business Days after request, Tenant shall have the right to send a
second notice requesting such consent, which second notice shall state “THIS IS A TIME SENSITIVE NOTICE AND SUBJECT TO
THE PROVISIONS OF SECTION 8.02(iv) OF THE LEASE, LANDLORD SHALL BE DEEMED TO HAVE APPROVED TENANT’S CONTRACTOR”
and, if Landlord fails to respond to such second notice within five (5) Business Days after receipt thereof, Landlord’s
approval to such contractor shall be deemed to have been granted); provided, that (i) all work to the Building’s life safety
systems (including tie ins to such systems) shall be performed by Landlord’s designated contractor provided that the rates
charged by such contractor to Tenant are commercially reasonable, (ii) Tenant shall utilize and/or consult with Landlord’s
designated expeditor provided that the rates charged by such expeditor to Tenant are commercially reasonable, and (iii) Tenant
shall utilize and/or consult with Landlord’s consulting engineer for coordination of plan review provided that the rates
charged by such engineer to Tenant are commercially reasonable. Notwithstanding the foregoing to the contrary, Landlord shall be
entitled to rescind its approval (or deemed approval) of any contractor, subcontractor, architect or engineer previously approved
by Landlord if Landlord, or any of Landlord’s affiliates, reasonably determines such contractor, subcontractor, architect
or engineer is not reputable, is the subject to a criminal investigation or subject to investigation by any applicable governing
authority or has otherwise acted in a manner that is inconsistent with the manner generally shown by contractors, subcontractors,
architects and engineers working in Comparable Buildings.

 

(v)         Subject
to the terms of Article 9, Tenant shall keep the Building and the Premises free and clear of all liens for any work or material
claimed to have been furnished to Tenant or to the Premises.

 

(vi)        Prior
to the commencement of any Alterations by or for Tenant, Tenant shall furnish to Landlord certificates evidencing the existence
of the following insurance to be carried by each of Tenant’s contractors or subcontractors:

 

(A)         Workmen’s
compensation insurance covering all persons employed for such work and with respect to whom death or bodily injury claims could
be asserted against Landlord, Tenant or the Premises.

 

(B)         Broad
form general liability insurance written on an occurrence basis naming Tenant as an insured and naming Landlord and its commercially
reasonable designees as additional insureds, with limits of not less than $5,000,000 combined single limit for personal injury
in any one occurrence, and with limits of not less than $1,000,000 for property damage (the foregoing limits may be revised from
time to time by Landlord to such higher limits as Landlord from time to time reasonably requires). Tenant, at its sole cost and
expense, shall cause all such insurance to be maintained at all times when the work to be performed for or by Tenant is in progress.
All such insurance shall be obtained from a company authorized to do business in New York and shall provide that it cannot be canceled
without thirty (30) days prior written notice to Landlord (or, with respect to Tenant’s non-payment of premiums, such policies
cannot be canceled without ten (10) days prior written notice to Landlord). All policies, or certificates therefor, issued by the
insurer and bearing notations evidencing the payment of premiums, shall be delivered to Landlord. Blanket coverage shall be acceptable,
provided that coverage meeting the requirements of this paragraph is assigned to Tenant’s location at the Premises.

 

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(vii)       In
granting its consent to any Alterations, Landlord may impose such conditions as to guarantee completion (including, without limitation,
requiring Tenant to post additional security or a bond to insure the completion of such Alterations, payment, restoration or otherwise),
as Landlord may reasonably require; provided, however, Tenant shall not be required to provide any guarantee of completion pursuant
this Section 8.02(vii) (a) with respect to the Initial Alterations; provided that Tenant is the Named Tenant at the time
Tenant requests consent to such Alterations and upon the commencement thereof, or (b) if, at the time Tenant requests consent to
such Alterations and upon the commencement of such Alterations, Tenant has a net worth, exclusive of goodwill and determined in
accordance with GAAP, of not less than twenty (20) times the aggregate amount of Fixed Annual Rent then payable under this Lease
(and provides Landlord reasonable evidence thereof).

 

(viii)      All
work to be performed by Tenant shall be done in a manner which will not unreasonably interfere with or unreasonably disturb other
tenants and occupants of the Building. Landlord shall use reasonable efforts to enforce the terms of other leases demising space
in the Building to ensure that work performed by other tenants of the Building will not unreasonably interfere with or unreasonably
disturb Tenant’s ability to use the Premises for the Permitted Uses.

 

(ix)         The
review and/or approval by Landlord, its agents, consultants and/or contractors, of any Alteration or of Tenant’s Plans therefor
and the coordination of such Alteration with Landlord, as described in part above, are solely for the benefit of Landlord, and
neither Landlord nor any of its agents, consultants or contractors shall have any duty toward Tenant with respect thereto; nor
shall Landlord or any of its agents, consultants and/or contractors be deemed to have made any representation or warranty to Tenant,
or have any liability, with respect to the safety, adequacy, correctness, efficiency or compliance with Applicable Laws of any
Tenant’s Plans, Alterations or any other matter relating thereto.

 

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(x)          Promptly
following the substantial completion of any Alterations (except Non-Consent Alterations), Tenant shall submit to Landlord one (1)
electronic copy (using a current version of Autocad or such other similar software as is then commonly in use) of plans for the
applicable portion of the Premises showing all such Alterations, provided that in the case any Tenant’s Work (as hereinafter
defined) with respect to which any portion of Landlord’s Contribution and/or the Additional Landlord’s Contribution
(as such terms are hereinafter defined) has been applied, such final plans shall be “as built” or marked “final”
plans or shop drawings from subcontractors in AutoCAD format and otherwise shall be final plans with field notes noted thereon
showing all such Alterations and demonstrating that such Alterations were performed substantially in accordance with Tenant’s
Plans first approved by Landlord, and (b) an itemization of Tenant’s total construction costs, detailed by contractor, subcontractors,
vendors and materialmen; bills, receipts, lien waivers and releases from all contractors, subcontractors, vendors and materialmen;
architects’ and Tenant’s certification of completion, payment and acceptance, and all governmental approvals and confirmations
of completion for such Alterations (if and to the extent such governmental approvals and confirmations are required by Applicable
Laws); provided, however, for Alterations with respect to which Tenant is not receiving any Landlord’s Contribution, in lieu
of the obligations contained in clause “(b)” of this sentence, Tenant shall be required to provide, promptly upon Landlord’s
request, only (i) lien waivers and releases from all contractors, subcontractors, vendors and materialmen, and (ii) all governmental
approvals and confirmations of completion for such Alterations (if and to the extent such governmental approvals and confirmations
are required by Applicable Laws).

 

8.03         Subject
to (a) the terms of this Article 8, (b) reasonable restrictions as Landlord may impose, and (c) the rights of the existing
tenants and occupants on the affected floor of the Building, in connection with the performance of Alterations to the Premises
approved (or deemed approved) by Landlord pursuant to this Article 8, Landlord shall provide reasonable access to Tenant
to the ceiling below the respective floor of the Premises for the purpose of running cable for Tenant’s use in the Premises
and for other purposes reasonably required in connection with Tenant’s approved Alterations, provided (i) all such cabling
work shall be performed after hours at times reasonably designated by Landlord and in a manner reasonably designated by Landlord,
(ii) Tenant shall promptly repair any damage to the affected premises or the ceiling accessed, and (iii) Tenant shall immediately
following such work, on a daily basis, ensure that the affected premises are cleaned in a manner reasonably satisfactory to Landlord
as a result of the work being performed by Tenant. In addition to the foregoing, subject to (a) the terms of this Article 8,
and (b) reasonable restrictions as Landlord may impose, in connection with the performance of Alterations to the Premises approved
(or deemed approved) by Landlord pursuant to this Article 8, Landlord shall provide reasonable access to Tenant to portions
of the Building outside of the Premises (except any portions of the Building leased or occupied by any tenants or occupants) if
and to the extent such access is reasonably required in connection with such Alterations, provided (i) all such access shall be
at times reasonably designated by Landlord and in a manner reasonably designated by Landlord, (ii) Tenant shall promptly repair
any damage caused by or in connection with such access, and (iii) Tenant shall immediately following such work, on a daily basis,
ensure that the affected areas of the Building are cleaned in a manner reasonably satisfactory to Landlord. Tenant shall use commercially
reasonable efforts to notify Landlord of any access to any portions of the Building outside of the Premises that may be required
in connection with any Alterations at the time Tenant requests consent to such Alterations.

 

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8.04         Landlord
shall reasonably cooperate with Tenant in connection with obtaining necessary permits for the Alterations, which may include, without
limitation, executing applications required by Tenant for such permits prior to or after commencement or completion of Landlord’s
review of Tenant’s Plans for such Alterations; provided, that (i) execution of any such application by Landlord shall not
constitute Landlord’s consent to the proposed Alteration in question or Tenant’s Plans and shall not impose any cost
or liability on Landlord, and (ii) no such application shall include a proposed change in the certificate of occupancy for the
Building. Further, if, and to the extent Tenant requests Landlord to execute any applications reasonably required by Tenant for
such permits prior to commencement or completion of Landlord’s review of Tenant’s Plans for such Alterations, then
any such execution shall be solely as a courtesy to and at the specific request of Tenant, based upon Tenant’s express acknowledgment
and agreement of the foregoing clauses “(i)” and “(ii)” and further that: (a) no such Alterations to the
Building or Premises shall be performed until such time as (x) consent to Tenant’s Plans with respect to such Alterations
(other than Non-Consent Alterations) has been given (or deemed given) by Landlord in accordance with the terms hereof, and (y)
Tenant has complied fully with all other applicable provisions of this Lease, and (b) Tenant shall not in any manner rely upon
Landlord’s execution of such applications in designing or performing any Alterations.

 

ARTICLE
9

LIENS

 

9.01         With
respect to contractors, subcontractors, materialmen and laborers, and architects, engineers and designers, for all work or materials
to be furnished to Tenant at the Premises, Tenant agrees to obtain and deliver to Landlord written and unconditional waiver of
mechanics liens upon the Premises or the Building after payments to the contractors, etc., subject to any then applicable provisions
of the Lien Law. Notwithstanding the foregoing, Tenant at its expense shall cause any lien filed against the Premises or the Building,
for work or materials claimed to have been furnished to Tenant, to be discharged of record within thirty (30) days after notice
thereof.

 

ARTICLE
10

REPAIRS

 

10.01         Tenant
shall take good care of the Premises (including, without limitation, any horizontal distribution portion of Building Systems (other
than perimeter convectors) within the Premises installed by, or on behalf of, Tenant (even if by Landlord) or any other permitted
occupant of the Premises) and the fixtures and appurtenances therein, and shall make all repairs necessary to keep them in good
working order and condition, including structural repairs when those are necessitated by (i) the act, omission or negligence of
Tenant (or anyone claiming by, through or under Tenant) or its (or their) agents, employees, invitees or contractors, (ii) cause
or condition created by Tenant (or anyone claiming by, through or under Tenant) and/or (iii) any Alteration performed by or on
behalf of Tenant, subject in each case to the provisions of Article 11. The exterior walls and roofs of the Building, the
mechanical rooms, service closets, shafts and the windows and the portions of all window sills outside same are not part of the
Premises demised by this Lease, and Landlord hereby reserves all rights to such parts of the Building. The areas above any hung
ceiling shall be deemed a part of the Premises; provided, however, Landlord shall have the right, subject to Section 19.01,
to utilize same for purposes of installing pipes, ducts, cables or other equipment therein reasonably required in connection with
the Building Systems or in connection with the operation of the Building or in connection with other leases or occupancy agreements
in the Building. Tenant shall not paint, alter, drill into or otherwise change the appearance of the windows including, without
limitation, the sills, jambs, frames, sashes, and meeting rails. For purposes of clarification, with respect to any floor on which
the Premises is located but the entire rentable area is not leased to Tenant, Tenant shall only be responsible hereunder for any
horizontal distribution portions of any Building Systems located on such floors that exclusively serve the Premises.

 

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10.02         Landlord,
at Landlord’s expense (subject to reimbursement in accordance with, and to the extent provided, in Article 49, and
to reimbursement from Tenant if resulting from any Alteration, cause or condition (subject to Article 11) created by Tenant
(or anyone claiming by, through or under Tenant, or negligence or willful misconduct of Tenant (or Tenant’s employees, agents,
invitees or contractors) or persons claiming by, through or under Tenant)) shall (x) operate, maintain and make all necessary repairs
and replacements (both structural and non-structural) to the Building Systems (including perimeter convectors within the Premises)
and the public portions of the Building and the structural elements of the Building, both exterior and interior, the roof of the
Building, the windows of the Building, the shaft ways in the Building, the service closets in the Building and the common areas
on multi-tenant floors in the Building on which the Premises are located, the sidewalks adjacent to the Building and the Building
Project, and (y) provide security for the Building on a 24 hour per day, 365 day per year basis, in each case, in conformance with
standards applicable to Comparable Buildings; it being agreed, however, that Landlord shall be required to perform the obligations
under clause “(x)” above only if and to the extent failure to do so would adversely affect (other than to a de minimis
extent) Tenant’s use of the Premises or the common areas of the Building for the uses permitted hereunder; and, it being
further agreed, that Landlord’s obligations hereunder to provide security for the Building shall not be or be deemed an obligation
by Landlord to install turnstiles in the lobby or any other portion of the Building to regulate access to and from the Building
or otherwise (whether or not such turnstiles are used in Comparable Buildings). For purposes hereof, the term “Building
Systems” shall mean all systems operated and maintained by Landlord for the proper operation of the Building including,
without limitation, mechanical, electrical, plumbing, heating, ventilation and air-conditioning (“HVAC”), fire
and life safety and security systems, but shall exclude any horizontal distribution portion of such systems (other than perimeter
convectors) within (and exclusively serving) the Premises installed by, or on behalf of, Tenant or any other permitted occupant
of the Premises. Nothing contained in this Section 10.02 shall be deemed to diminish Landlord’s obligations set forth
in Section 30.07.

 

ARTICLE
11

FIRE OR OTHER CASUALTY

 

11.01         (A)         Damage
by fire or other casualty to the Building and to the core and shell of the Premises (excluding tenant improvements and betterments
and Tenant’s personal property) shall be repaired at the expense of Landlord (“Landlord’s Restoration Work”).
Landlord shall not be required to repair or restore any of Tenant’s property or any alteration, installation or leasehold
improvement made in and/or to the Premises. If, as a result of such damage to the Building or to the core and shell of the Premises,
the Premises are rendered untenantable, the Rent shall abate in proportion to the portion of the Premises not usable by Tenant
for the Permitted Uses from the date of such fire or other casualty until the earlier to occur of (i) the date Tenant occupies
such portion of the Premises for the ordinary conduct of business, or (ii) ninety (90) days following the substantial completion
of Landlord’s Restoration Work. Provided that Landlord shall be performing Landlord’s Restoration Work in good faith,
Landlord shall not be liable to Tenant for any delay in performing Landlord’s Restoration Work, Tenant’s sole remedy
being the right to an abatement of Rent, as provided above. Tenant shall reasonably cooperate with Landlord in connection with
the performance by Landlord of Landlord’s Restoration Work. If the Premises are rendered wholly untenantable by fire or other
casualty and if Landlord shall decide not to restore the Premises, or if the Building shall be so damaged that Landlord shall decide
to demolish it or not to rebuild it (whether or not the Premises have been damaged) and, in either case, Landlord is also terminating
other office leases in the Building demising, in the aggregate, at least 50% of the rentable office space in the Building, Landlord
may within ninety (90) days after such fire or other casualty give written notice to Tenant of its election that the term of this
Lease shall automatically expire no less than ten (10) days after such notice is given (it being agreed that in the event of such
a termination by Landlord, Tenant shall not be required to remove any Specialty Alterations from the Premises upon the expiration
of the Term). Tenant hereby expressly waives the provisions of Section 227 of the Real Property Law and agrees that the foregoing
provisions of this Article 11 shall govern and control in lieu thereof.

 

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(B)         Upon
any termination of this Lease under this Article 11 all insurance proceeds Tenant shall be entitled to (the “Tenant
Insurance Proceeds”) with respect to any improvements, alterations or changes in the Premises shall be distributed as
follows:

 

(i)          first,
Tenant shall receive the unamortized portion of the cost of any Alterations performed by Tenant in the Premises from and after
the date hereof (amortized over a term commencing on the date such Alterations were substantially completed through the Expiration
Date); and

 

(ii)         (1)         second,
any Tenant Insurance Proceeds remaining after distribution pursuant to Section 11.01(B)(i) (the “Excess Insurance
Proceeds”) shall be distributed, (a) to Tenant, if Landlord shall have exercised its right to terminate this Lease pursuant
to this Article 11, (b) to Landlord, if Tenant shall have exercised its right to terminate this Lease pursuant to this Article
11, or (c) to Landlord and to Tenant, each receiving 50% of the Excess Insurance Proceeds, if either (x) Landlord and Tenant
shall have simultaneously exercised their rights to terminate this Lease pursuant to this Article 11, or (y) this Lease
shall have automatically terminated pursuant to this Article 11 without either Landlord or Tenant exercising its right of
termination.

 

11.02         In
the event that the Premises has been damaged or destroyed and this Lease has not been terminated in accordance with the provisions
of this Article 11, Tenant shall (i) reasonably cooperate with Landlord in the restoration of the Premises and shall remove
from the Premises as promptly as reasonably possible all of Tenant’s salvageable inventory, movable equipment, furniture
and other property and (ii) repair the damage to the tenant improvements and betterments and Tenant’s personal property and
restore the Premises promptly and with due diligence following the date upon which the core and shell of the Premises shall have
been substantially repaired by Landlord.

 

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11.03         Anything
contained in Section 11.01 to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty
that Landlord’s Restoration Period (as hereinafter defined) is eighteen (18) months or more (but only if all or a substantial
portion of the Premises shall have been damaged or rendered untenantable) as detailed in a Restoration Statement, then Tenant,
at its option, may, not later than thirty (30) days after the giving of the Restoration Statement, give to Landlord a notice in
writing terminating this Lease. If Tenant elects to terminate this Lease in accordance with this Section 11.03, the Term
shall expire upon a date set by Tenant in Tenant’s notice of termination, but not sooner than ninety (90) days after such
notice is given, unless sooner if required by any Applicable Laws or insurance requirements, and Tenant shall vacate the Premises
and surrender the same to Landlord in accordance with the provisions hereof (it being agreed that in the event of such a termination
by Tenant, Tenant shall not be required to remove any Specialty Alterations from the Premises upon the expiration of the Term).
Upon such termination of this Lease, and without limiting the abatement of Rent provided for in Section 11.01, Tenant’s
liability for Fixed Annual Rent and Additional Rent shall cease and any prepaid portion of Fixed Annual Rent and Additional Rent
for any period after such termination date shall be promptly refunded by Landlord to Tenant. In addition, if Landlord’s Restoration
Work is not substantially completed before the date which is the later to occur of (i) the date that is 18 months after the date
of the casualty (subject to day for day extension for (a) Unavoidable Delays for up to an additional 90 days only or (b) any Tenant
Delays), and (ii) the date which is the end of the Landlord’s Restoration Period (but, in either case, only if all or a substantial
portion of the Premises shall have been damaged or rendered untenantable), then Tenant shall be entitled to terminate this Lease
by notice given to Landlord, and this Lease shall automatically terminate on the 30th day following such notice as if such date
were the original Expiration Date, unless prior to such 30th day Landlord shall have substantially completed Landlord’s Restoration
Work (it being agreed that in the event of such a termination by Tenant, Tenant shall not be required to remove any Specialty Alterations
from the Premises upon the expiration of the Term). “Tenant Delay” shall mean any delay which results from any act
or omission of Tenant, or any agent, employee or contractor of Tenant, including delays due to changes in or additions to, or interference
with, any work to be done by Landlord, or delays by Tenant in submission of information, or selecting construction materials to
be installed by Landlord as part of Landlord’s Restoration Work, if any (e.g., color of paint and carpet), or approving working
drawings or estimates or giving authorizations or approvals.

 

11.04         Within
ninety (90) days after any damage described in Section 11.01, Landlord shall deliver to Tenant a statement (the “Restoration
Statement”) prepared by a reputable independent contractor setting forth such contractor’s good faith estimate
as to the time (the “Landlord’s Restoration Period”) required to perform Landlord’s Restoration
Work. Any dispute with respect to the Landlord’s Restoration Period shall be resolved by expedited arbitration in accordance
with Article 51.

 

ARTICLE
12

END OF TERM

 

12.01         Tenant
shall surrender the Premises to Landlord at the expiration or sooner termination of this Lease in good order and condition, except
for reasonable wear and tear and damage by fire or other casualty, and Tenant shall remove all of its personal property. The parties
recognize and agree that the damage to Landlord resulting from any failure by Tenant timely to surrender the Premises will be substantial,
will exceed the amount of monthly Rent theretofore payable hereunder, and will be impossible of accurate measurement. Tenant therefore
agrees that if possession of the Premises is not surrendered to Landlord within one (1) day after the date of the expiration or
sooner termination of the Term of this Lease, then Tenant will pay Landlord as liquidated damages for each month and for each portion
of any month during which Tenant holds over in the Premises after the expiration or termination of the Term of this Lease, a sum
equal to (x) for the first thirty (30) days of such holdover, one and one-half (11⁄2) times the average Fixed Annual Rent
and Additional Rent which was payable per month under this Lease during the last six (6) months of the Term, and (y) commencing
on the thirty-first (31st) day of such holdover and thereafter, two (2) times the average Fixed Annual Rent and Additional
Rent which was payable per month under this Lease during the last six (6) months of the Term. The aforesaid obligations shall survive
the expiration or sooner termination of the Term of this Lease.

 

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12.02         At
any reasonable time during the Term of this Lease and upon reasonable prior notice, Landlord may exhibit the Premises to prospective
purchasers or mortgagees of Landlord’s interest therein. During the last year of the term of this Lease, Landlord may, at
all reasonable times and upon reasonable prior notice exhibit the Premises to prospective tenants. With respect to Landlord’s
access pursuant to this Section 12.02, Tenant shall have the right to designate, by advance written notice to Landlord,
certain “secured areas” in the Premises not to exceed 2,500 rentable square feet with respect to which Landlord’s
rights of access shall be reasonably restricted.

 

ARTICLE
13

SUBORDINATION AND ESTOPPEL, ETC.

 

13.01         (a)          Subject
to the provisions of this Article 13, this Lease shall be subordinate to the priority of each and every lease of the Land
or the Building or any part thereof and to the lien of each and every mortgage now or hereafter affecting the Building Project
or any Superior Lease, and to all renewals, extensions, supplements, amendments, modifications, consolidations and replacements
thereof or thereto, substitutions therefor, and advances made thereunder; provided, that Tenant’s foregoing agreement
to subordinate the priority of this Lease to any particular lease or to the lien of any particular mortgage as aforesaid is conditioned
upon the applicable Mortgagee or Lessor executing and delivering to Tenant a Non-Disturbance Agreement. The term “Non-Disturbance
Agreement” shall mean, subject to Section 13.01(b), an agreement, in recordable form, between a Lessor or
a Mortgagee, as the case may be, and Tenant, that contains commercially reasonable terms, to the effect that (i) if there
is a foreclosure of the Mortgage, then the successor to Landlord by virtue of the foreclosure will not make Tenant a party to such
proceeding (unless required by Applicable Laws), evict Tenant, disturb Tenant’s possession under this Lease, or terminate
or disturb Tenant’s leasehold estate or rights hereunder, and will recognize Tenant as the direct tenant of such successor
to Landlord on the same terms and conditions as are contained in this Lease, or (ii) if the Superior Lease terminates, then
the Lessor will not evict Tenant, disturb Tenant’s possession under this Lease, or terminate or disturb Tenant’s leasehold
estate or rights hereunder, and will recognize Tenant as the direct tenant of such Lessor on the same terms and conditions as are
contained in this Lease. [Tenant acknowledges and agrees that the forms of Non-Disturbance Agreement attached to the lease between
Landlord and the New York City Industrial Development Agent (the "IDA"), and the mortgages made by Landlord in
favor of the Hudson Yards Infrastructure Corporation (the "HYIC") shall be deemed to contain commercially reasonable
terms and are satisfactory to Tenant solely in connection with Non-Disturbance Agreements required to be provided by the IDA and
the HYIC hereunder and not for any other Mortgagee or Lessor. For the avoidance of doubt, Tenant’s foregoing acceptance of
the IDA and HYIC Non-Disturbance Agreements shall not be used to determine whether or not any Non-Disturbance Agreement from any
other Mortgagee or Lessor is commercially reasonable.] Tenant’s receipt of a Non-Disturbance Agreement is a condition precedent
to Tenant’s subordination of its rights under, and interests in, this Lease, and Tenant’s obligation to subordinate
its rights under, and interests in, this Lease (including, without limitation, its obligations under Section 13.03) at any
time during the Term is excused until the foregoing condition is satisfied with respect to each Mortgage or Superior Lease. Any
Superior Lease to which the priority of this Lease is subordinate will not vitiate the rights of Tenant hereunder or impose additional
obligations other than to a de minimis extent upon Tenant with respect to non-monetary obligations, and same shall not impose
any additional financial obligations on Tenant hereunder. If the date of expiration of any Superior Lease shall be the same date
as the Expiration Date, the Term shall end and expire twelve (12) hours prior to the expiration of the Superior Lease. Tenant shall
promptly execute any such Non-Disturbance Agreement proffered by Landlord hereunder, provided the terms thereof comply with the
requirements of this Section 13.01.

 

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(b)          Subject
to the terms of this Section 13.01, any Non-Disturbance Agreement may provide that the successor to Landlord by reason of
the foreclosure of a Mortgage, or the termination of a Superior Lease, as the case may be (any such successor being referred to
herein as the “Successor”) shall not be:

 

(i)          liable
for any act or omission of any prior landlord (including, without limitation, the then defaulting landlord), except to the extent
that (x) such act or omission continues after the date that the Successor succeeds to Landlord’s interest in the Building,
and (y) such act or omission of such prior landlord is of a nature that the Successor can cure by performing a service or making
a repair,

 

(ii)         subject
to any credits, defenses, offsets or abatements that Tenant has against any prior landlord (including, without limitation, the
then defaulting landlord), except that the Successor shall be subject to any credits, defenses, abatements or offsets that are
expressly permitted under this Lease,

 

(iii)        bound
by any payment of Rent that Tenant has made to any prior landlord (including, without limitation, the then defaulting landlord)
more than thirty (30) days in advance of the date that such payment is due unless actually received by such Successor,

 

(iv)        bound
by any obligation to make any payment to or on behalf of Tenant to the extent that such obligation accrues prior to the date that
the Successor succeeds to Landlord’s interest in the Building, but subject, however, to Tenant’s rights set forth in
clause (ii) above with respect to offsets that are expressly permitted under this Lease,

 

(v)         bound
by any obligation to perform any work or to make improvements to the Building, except for:

 

(1)         repairs
and maintenance that Landlord is required to perform pursuant to the provisions of this Lease and that first become necessary,
or the need for which continues, after the date that the Successor succeeds to Landlord’s interest in the Building, or

 

    	25

    	 

    

 

(2)         Landlord’s
Restoration Work that becomes necessary by reason of a fire or other casualty that occurs from and after the date that the Successor
succeeds to Landlord’s interest in the Building and that Landlord is required to perform pursuant to Article 11 (it
being agreed, however, that with respect to Landlord’s Restoration Work that became necessary by reason of a fire or other
casualty that occurred before the date that the Successor succeeded to Landlord’s interest in the Building, the foregoing
shall not be or be deemed to affect any rent abatement or termination right that Tenant may otherwise be entitled to pursuant to
Article 11 of this Lease and, in addition, if a Successor shall fail to commence to perform any Landlord’s Restoration
Work that became necessary by reason of a fire or other casualty that occurred before the date that the Successor succeeded to
Landlord’s interest in the Building, and if a substantial portion of the Premises remains untenantable as a result thereof,
Tenant shall have the right to terminate this Lease effective as of the date which is thirty (30) days after the giving of notice
to such Successor, unless prior to the expiration of such thirty (30) day period, such Successor shall give written notice to Tenant
of its intention to perform such Landlord’s Restoration Work within a reasonable period of time thereafter).

 

(vi)        bound
by any amendment or modification of this Lease entered into after Tenant has been notified of the existence or identity of such
Mortgagee or Lessor and made without the consent of the Mortgagee or the Lessor, as the case may be, other than an amendment or
modification that is expressly permitted or required by the terms of this Lease or a modification of merely an administrative nature.

 

Any Non-Disturbance Agreement
may also contain other terms and conditions that are reasonably required by the Mortgagee or the Lessor, as the case may be, provided
that they do not (a) increase Tenant’s monetary obligations under this Lease, (b) adversely affect or diminish Tenant’s
rights or Landlord’s obligations under this Lease (except in either case to a de minimis extent), or (c) increase
Tenant’s other obligations or any of Landlord’s rights under this Lease (except to a de minimis extent).

 

[As of the date hereof,
the sole existing Mortgages are held by the HYIC and [______________________________] (collectively, “Lenders”).
Concurrently with the execution and delivery of this Lease, Tenant shall execute, acknowledge and deliver to Landlord a Non-Disturbance
Agreement for the benefit of each of the Lenders, and with respect to the Mortgages held by the HYIC, substantially in the form
attached thereto. Concurrently with the execution and delivery of this Lease by Landlord, Landlord shall deliver to Tenant such
Non-Disturbance Agreements executed and acknowledged by the Lenders.]5

 

[As of the date hereof,
the sole existing Superior Leases are held by the IDA and the MTA (collectively, the “Ground Lessors”). Concurrently
with the execution and delivery of this Lease, Tenant shall execute, acknowledge and deliver to Landlord a Non-Disturbance Agreement
for the benefit of each of the Ground Lessors, and with respect to the Superior Lease with the IDA, substantially in the form attached
thereto. Concurrently with the execution and delivery of this Lease by Landlord, Landlord shall deliver to Tenant such Non-Disturbance
Agreements executed and acknowledged by the Ground Lessors.]6

 

 

5 This bracketed provision will be updated accordingly
at Lease execution to reflect the then Lenders.

 

6 This bracketed provision will be updated accordingly
at Lease execution to reflect the then Ground Lessors.

 

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13.02         In
confirmation of such subordination, Tenant shall execute and deliver any reasonable instrument that Landlord, a Lessor, or a Mortgagee
or any of its successors in interest shall reasonably request to evidence such subordination, provided that such instrument includes
a Non-Disturbance Agreement or a separate Non-Disturbance Agreement with respect to the applicable Mortgage or Superior Lease and
has been delivered to Tenant and executed by all parties thereto. The leases to which this Lease is, at the time referred to, subordinate
pursuant to this Article 13 are herein called “Superior Leases”, the mortgages to which this Lease
is, at the time referred to, subordinate pursuant to this Article 13 are herein called “Mortgages”, the
lessor of a Superior Lease or its successor in interest at the time referred to is herein called a “Lessor”
and the mortgagee under a Mortgage or its successor in interest at the time referred to is herein called a “Mortgagee”.

 

13.03         Subject
to the terms and conditions of any Non-Disturbance Agreement negotiated and executed by Tenant and any Mortgagee or Lessor, if
at any time prior to the expiration of the Term, any Superior Lease shall terminate or be terminated for any reason or any Mortgagee
comes into possession of the Building Project or the Building or the estate created by any Superior Lease by receiver or otherwise,
Tenant agrees, at the election and upon demand of any owner of the Building Project or the Building, or of the Lessor, or of any
Mortgagee in possession of the Building Project or the Building, to attorn, from time to time, to any such owner, Lessor or Mortgagee
or any person acquiring the interest of Landlord hereunder as a result of any such termination, or as a result of a foreclosure
of the Mortgage or the granting of a deed in lieu of foreclosure, upon the then executory terms and conditions of this Lease, subject
to the provisions of Section 13.01, for the remainder of the Term; provided, that such owner, Lessor or Mortgagee,
as the case may be, or receiver caused to be appointed by any of the foregoing, shall then be entitled to possession of the Premises.

 

13.04         Subject
to the terms and conditions of any Non-Disturbance Agreement negotiated and executed by Tenant and any Mortgagee or Lessor, in
the event of any act or omission of Landlord that would give Tenant the right, immediately or after lapse of a period of time,
to cancel or terminate this Lease, or to claim a partial or total eviction, Tenant shall not exercise such right until:

 

(i)          it
has given written notice of such act or omission to the Mortgagee of each superior Mortgage and the Lessor of such Superior Lease
whose name and address shall previously have been furnished to Tenant; and

 

(ii)         a
reasonable period for remedying such act or omission shall have elapsed following the giving of such notice. Nothing contained
herein shall obligate such Lessor or Mortgagee to remedy such act or omission.

 

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13.05         If,
in connection with obtaining financing or refinancing for the Building, a banking, insurance, or other lender shall request reasonable
modifications to this Lease as a condition to such financing or refinancing, Tenant shall not unreasonably withhold, delay, or
defer its consent thereto, provided that such modifications do not (a) increase Tenant’s monetary obligations under this
Lease, (b) extend or shorten the Term, (c) reduce the size of the Premises or (d) except to a de minimis extent, otherwise increase
the obligations, or decrease the rights, of Tenant hereunder, or decrease the obligations or increase the rights of Landlord hereunder.
In no event shall a requested modification of this Lease requiring Tenant to do the following be deemed to adversely affect the
leasehold interest hereby created by more than a de minimis amount:

 

(i)          give
notice of any default by Landlord under this Lease to such Mortgagee and/or permit the curing of such default by such Mortgagee
within the time periods that are granted to Landlord hereunder with respect to such default; and

 

(ii)         obtain
such Mortgagee’s reasonable consent for any modification of this Lease.

 

13.06         Unless
otherwise expressly required by Applicable Laws, this Lease may not be modified or amended so as to reduce the Rent, shorten the
Term, or otherwise affect the rights of Landlord hereunder (other than to a de minimis extent), or be canceled or surrendered,
without the prior written consent in each instance of the Lessors and of any Mortgagees whose Mortgages shall require such consent
provided that such consent shall not be unreasonably withheld, conditioned or delayed (provided that Tenant has been given notice
of such Superior Lease or Mortgage). Subject to this Section 13.06, any such modification, agreement, cancellation or surrender
made without such prior written consent shall be null and void.

 

13.07         Tenant
agrees that if this Lease terminates, expires or is canceled for any reason or by any means whatsoever by reason of a default under
a Superior Lease or Mortgage, and the Lessor or Mortgagee so elects by written notice to Tenant, this Lease shall automatically
be reinstated for the balance of the Term which would have remained but for such termination, expiration or cancellation, at the
same rental, and upon the same agreements, covenants, conditions, restrictions and provisions herein contained, with the same force
and effect as if no such termination, expiration or cancellation had taken place. Tenant covenants to execute and deliver any instrument
reasonably required to confirm the validity of the foregoing. Notwithstanding anything to the contrary contained herein, the provisions
of this Section 13.07 shall apply only if Tenant shall have failed to comply with its obligation under the last sentence
of Section 13.01(a) to execute a Non-Disturbance Agreement proffered by Landlord that complies with the requirements of
Section 13.01.

 

13.08         From
time to time (but no more than three (3) times during any 12-month period), on at least fifteen (15) days’ prior written
request by Landlord, Tenant shall deliver to Landlord a statement in writing certifying that this Lease is unmodified and in full
force and effect (or if there shall have been modifications, that the same is in full force and effect as modified and stating
the modifications) and the dates to which the Fixed Annual Rent and Additional Rent have been paid and stating whether or not,
to Tenant’s actual knowledge, Landlord is in default in the performance of any covenant, agreement or condition contained
in this Lease and, if so, specifying each such default. Tenant acknowledges and agrees that any such statement may be relied upon
by any Lessor, Mortgagee or prospective purchaser of the Building.

 

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13.09         From
time to time (but no more than three (3) times during any 12-month period), on at least fifteen (15) days’ prior written
request by Tenant, Landlord shall deliver to Tenant a statement in writing certifying to Tenant that this Lease is unmodified and
in full force and effect (or if there shall have been modifications, that the same is in full force and effect as modified and
stating the modifications) and the dates to which the Fixed Annual Rent and Additional Rent have been paid and stating whether
or not to Landlord’s actual knowledge Tenant is in default (beyond any applicable cure or grace period) in the performance
of any covenant, agreement or condition contained in this Lease and, if so, specifying each such default. Landlord acknowledges
and agrees that any such statement may be relied upon by any prospective lender, purchaser, investor, subtenant or assignee of
Tenant.

 

ARTICLE
14

CONDEMNATION

 

14.01         If
the whole or any substantial part (i.e., 10% or more of the rentable square footage of the Premises) of the Premises shall be condemned,
or if Tenant no longer has reasonable means of access to the Premises as a result of eminent domain or acquisition by private purchase
in lieu thereof, for any public or quasi-public purpose, this Lease shall terminate on the date of the vesting of title through
such proceeding or purchase, and Tenant shall have no claim against Landlord for the value of any unexpired portion of the Term
of this Lease, nor shall Tenant (subject to Section 14.03) be entitled to any part of the condemnation award or private
purchase price. If less than a substantial part of the Premises is condemned, this Lease shall not terminate, but Rent shall abate
in proportion to the portion of the Premises condemned.

 

14.02         If
this Lease is not terminated pursuant to Section 14.01, then Landlord shall proceed with due diligence to make all necessary
repairs to the Building, the Building Systems, the common areas and/or the Premises in order to render and restore the same to
the condition that they were prior to the condemnation to the extent such restoration is practical when taking into account the
portion of the Building Project that has been condemned. Tenant shall remain in possession of the portion of the Premises not condemned
(provided same is tenantable), subject to the Rent abatement described in Section 14.01.

 

14.03         Damages
awarded to Landlord for any condemnation shall belong to Landlord, whether or not the damages are awarded as compensation for loss
or reduction in value of the Building or the Building Project; however, nothing shall restrict or limit Tenant from asserting a
claim for any additional damages resulting from the condemnation for any unamortized leasehold improvements paid for by Tenant,
the interruption of Tenant’s business, Tenant’s moving expenses, or Tenant’s trade fixtures and equipment, provided
such claim does not reduce Landlord’s award.

 

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ARTICLE
15

REQUIREMENTS OF LAW

 

15.01         Tenant
at its expense shall comply with all applicable laws, orders and regulations of any governmental authority having or asserting
jurisdiction over the Premises, including, without limitation, compliance in the Premises with all City, State and Federal laws,
rules and regulations on the disabled or handicapped, on fire safety and on hazardous materials (collectively, “Applicable
Laws”) which shall impose any violation, order or duty upon Landlord or Tenant with respect to the Premises (other than
any vertical elements of Building Systems located within the Premises), the making of any Alterations therein, or the use or occupancy
thereof; provided, however, that Tenant shall not be obligated to make structural repairs or Alterations in or to the Premises
in order to comply with Applicable Laws unless the need for same arises out of any of the causes set forth in clauses (i) through
(iii) of the next succeeding sentence. Further, Tenant shall also be responsible for the cost of compliance with all Applicable
Laws in respect of the Building arising from (i) Tenant’s particular manner of use of the Premises (other than arising out
of the mere use of the Premises as executive and general offices), (ii) subject to Article 11, any cause or condition (including,
but not limited to, an Alteration made by or on behalf of Tenant) created by or at the instance of Tenant, or (iii) the breach
of any of Tenant’s obligations hereunder beyond any applicable cure or grace periods, whether or not such compliance requires
work which is structural or non-structural, ordinary or extraordinary, foreseen or unforeseen. Tenant shall pay all the costs,
expenses, fines, penalties and damages which may be imposed upon Landlord by reason of or arising out of Tenant’s failure
to fully and promptly comply with and observe the provisions of this Section 15.01. Tenant, at its expense, after notice
to Landlord, may contest, by appropriate proceedings prosecuted diligently and in good faith, the validity, or applicability to
the Premises, of any Applicable Laws, provided that (a) Landlord shall not be subject to criminal penalty or to prosecution for
a crime, or any other fine or charge, nor shall the Premises or any part thereof or the Building or Land, or any part thereof,
be subject to being condemned or vacated, nor shall the Building or Land, or any part thereof, be subjected to any lien (unless
Tenant shall remove such lien by bonding or otherwise) or encumbrance, in each case, by reason of non-compliance or otherwise by
reason of such contest; (b) Tenant shall indemnify Landlord against the cost of such contest and against all liability for damages,
interest, penalties and the reasonable and actual out-of-pocket expenses (including reasonable attorneys’ fees and expenses),
resulting from or incurred in connection with such contest or non-compliance; (c) unless Tenant then has a net worth, exclusive
of goodwill and determined in accordance with GAAP, of not less than twenty (20) times the aggregate amount of Fixed Annual Rent
then payable under this Lease (and provides Landlord reasonable evidence thereof), Tenant shall have provided Landlord with such
security as Landlord shall reasonably require to ensure the diligent and good faith prosecution of such proceedings and to cover
any costs or liabilities Landlord may incur in connection therewith; (d) such noncompliance or contest shall not prevent Landlord
from obtaining any and all permits and licenses in connection with the operation of the Building; and (e) Tenant shall keep Landlord
advised as to the status of such proceedings. Without limiting the application of the foregoing, Landlord shall be deemed to be
subject to prosecution for a crime if Landlord, or its managing agent, or any officer, director, partner, shareholder or employee
of Landlord or its managing agent, as an individual, is charged with a crime of any kind or degree whatever, whether by service
of a summons or otherwise, unless such charge is withdrawn or dismissed before Landlord or its managing agent, or such officer,
director, partner, shareholder or employee of Landlord or its managing agent (as the case may be) is required to plead or answer
thereto.

 

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15.02         Tenant
shall require every person engaged by Tenant to clean any window in the Premises from the outside, to use the equipment and safety
devices required by Section 202 of the Labor Law and the rules of any governmental authority having or asserting jurisdiction.

 

15.03         Tenant
at its expense shall comply with all requirements of the New York Board of Fire Underwriters, or any other similar body affecting
the Premises, and shall not use the Premises in a manner which shall increase the rate of fire insurance of Landlord or of any
other tenant, over that in effect prior to this Lease (it being agreed that Tenant’s use of the Premises for the Primary
Uses shall not be deemed a manner of use which increases such rates as aforesaid). If Tenant’s use of the Premises (other
than for the Primary Use) increases the fire insurance rate, Tenant shall reimburse Landlord for all such increased costs. That
the Premises are being used for the Ancillary Uses shall not relieve Tenant from the foregoing duties, obligations and expenses.

 

15.04         Landlord,
at Landlord’s sole cost and expense (but subject to reimbursement, if any, in accordance with Article 49), shall comply
with all Applicable Laws applicable to the Premises and the Building, including, without limitation, the removal of Building violations
that would delay Tenant from obtaining a building permit or a final sign-off on its Alterations or would otherwise adversely affect
the use of the Premises for any of the uses permitted hereunder, other than those laws which Tenant shall be required to comply
with pursuant to the terms of this Lease, including, without limitation, Section 15.01, or other occupants of the Building
shall otherwise be required to comply with, subject, however, to Landlord’s right to contest diligently and in good faith
the applicability or legality thereof. If and to the extent compliance with any Applicable Laws is required by any other tenant
or occupant of the Building pursuant to any lease or occupancy agreement and failure of such other tenant or occupant to so comply
would have a material adverse effect on Tenant’s ability to use the Premises for the Permitted Uses or to perform Alterations
in the Premises, then Landlord shall use commercially reasonable efforts to enforce the terms of such other lease or occupancy
agreement to cause such tenant or occupant to comply with such lease or occupancy agreement. If Landlord’s failure to remove
any Building violation (including any violation with respect to the Premises which Tenant is not required to remedy under this
Lease), after written notice from Tenant thereof, results in an actual delay in Tenant’s ability to obtain a building permit
or a final sign-off on its Alterations and, as a direct result thereof, Tenant is delayed in occupying the Premises (or a portion
thereof) for the conduct of its business, Tenant shall be entitled to an abatement of Fixed Annual Rent and any payment due under
Articles 32 and 49 in proportion to the portion of the Premises actually affected thereby, which abatement shall commence
on the date Tenant would have been permitted to occupy the Premises (or applicable portion thereof) for the conduct of its business
if such Building violation had been removed by Landlord as required under this Article 15 and continue through the date
which is the earlier to occur of the date (a) such Building violation is actually removed, (b) Tenant is able to obtain such building
permit or final sign-off, or (c) Tenant occupies the Premises (or the applicable portion thereof) for the conduct of its business.

 

    	31

    	 

    

 

ARTICLE
16

CERTIFICATE OF OCCUPANCY

 

16.01         Subject
to Section 8.04, Tenant will at no time use or occupy the Premises in violation of the certificate of occupancy issued for
the Building. The statement in this Lease of the nature of the business to be conducted by Tenant shall not be deemed to constitute
a representation or guaranty by Landlord or Tenant that such use is lawful or permissible in the Premises under the certificate
of occupancy for the Building.

 

ARTICLE
17

POSSESSION

 

17.01         Tenant
has inspected the Premises and the Building and is fully familiar with the physical condition thereof and Tenant agrees to accept
the Premises on the Commencement Date in their then “as is” condition. Subject to the provisions of Article 22,
Landlord shall not be required to perform any work to make the Premises suitable for Tenant’s occupancy thereof or Tenant’s
or such Tenant Affiliate’s continued occupancy thereof, it being agreed however, that the foregoing shall not be deemed to
relieve Landlord of any continuing obligations with respect to the Premises expressly set forth in this Lease. The provisions of
this Article 17 are intended to constitute an “express provision to the contrary” within the meaning of Section
223(a) of the New York Real Property Law.

 

ARTICLE
18

QUIET ENJOYMENT

 

18.01         Landlord
covenants that so long as this Lease is in full force and effect, Tenant may peaceably and quietly enjoy the Premises, subject
to the terms, covenants and conditions of this Lease.

 

    	32

    	 

    

 

ARTICLE
19

RIGHT OF ENTRY

 

19.01         Tenant
shall permit Landlord to erect, construct and maintain pipes, conduits and shafts in and through the Premises; provided, that in
the case of any such installation by Landlord: (i) Landlord shall minimize any impact on Tenant’s use and occupancy of the
Premises and Tenant’s business conducted therein, and (ii) any such pipes, conduits or shafts shall either be concealed behind,
beneath or within then-existing partitioning, columns, ceilings or floors located or to be located in the Premises, or shall require
a de minimis amount of space and be completely furred at points immediately adjacent to then-existing partitioning columns or ceilings
located or to be located in the Premises. Landlord or its agents shall have the right, upon reasonable prior notice (which may
be oral) to enter or pass through the Premises at all reasonable times, by master key and, in the event of an emergency, by reasonable
force or otherwise and without notice to examine the same, and to make such repairs, alterations or additions as it may deem reasonably
necessary or reasonably desirable to the Building (or any portion thereof), and to take all material into and upon the Premises
that may be required therefor provided that Landlord shall use commercially reasonable efforts to minimize any impact on Tenant’s
use and occupancy of the Premises and Tenant’s business conducted therein during such access (it being agreed, however, that
Landlord shall not be required to use overtime or other premium rate labor unless Tenant shall have agreed to pay the costs to
perform such work on an overtime or premium-pay basis). Such entry and work shall not constitute an eviction of Tenant in whole
or in part, shall not be grounds for any abatement of Rent, and shall impose no liability on Landlord by reason of inconvenience
or injury to Tenant’s business provided that Landlord complies with the obligations set forth herein with respect to such
entry. Provided that Tenant’s rights pursuant to this Lease are not diminished (other than to a de minimis extent), Landlord
shall have the right at any time, without the same constituting an actual or constructive eviction, and without incurring any liability
to Tenant, to change the arrangement and/or location of entrances or passageways, windows, corridors, elevators, stairs, toilets
(provided the number of toilets to which Tenant has access to is not decreased unless required by Applicable Laws), or other public
parts of the Building so long as Tenant’s access to or the rentable square footage of the Premises is not diminished (except
to a de minimis extent), and to change the designation of rooms and suites (it being agreed that the foregoing shall not be deemed
to permit Landlord to relocate the Premises or any portion thereof) and the name or number by which the Building is known. Notwithstanding
the foregoing to the contrary, Landlord shall not (i) designate any elevator in the Building for the exclusive use of any other
tenant of the Building unless the aggregate capacity of the remaining elevators utilized by Tenant after such designation (as such
elevators may have been reprogrammed and/or upgraded) shall not be diminished from the aggregate capacity of all elevators utilized
by Tenant immediately preceding such exclusive designation (as determined by an elevator consultant reasonably selected by Landlord),
and (ii) permanently remove any elevator from service for any reason (other than to dedicate such elevator to another tenant of
the Building in accordance with the terms hereof) unless such removal is required by any Applicable Law or for any other commercially
reasonable reason (other than to dedicate such elevator to another tenant of the Building) provided that doing so would not result
in the elevator service to the Premises being of an aggregate capacity that is not comparable to elevator service provided in Comparable
Buildings. Any dispute with respect to the immediately preceding sentence shall be resolved by expedited arbitration pursuant to
Article 51.

 

ARTICLE
20

INDEMNITY

 

20.01         Tenant
shall indemnify to the fullest extent permitted by law and hold harmless Landlord, all Lessors and all Mortgagees and each of their
respective partners, directors, officers, shareholders, principals, agents and employees (each, a “Landlord Indemnified
Party”), from and against any and all claims made by third parties against such Landlord Indemnified Party to the extent
arising from or to the extent in connection with (i) any negligence or willful misconduct of Tenant or any person claiming through
or under Tenant or any of their respective partners, directors, officers, agents, employees or contractors, or (ii) any accident,
injury or damage occurring in, at or upon the Premises during the Term, or (iii) any accident, injury or damage occurring in the
common or public areas resulting from the activities of Tenant or any of Tenant’s agents, employees and/or contractors within
such common or public areas; in each case together with all reasonable costs, expenses and liabilities incurred in connection with
each such claim or action or proceeding brought thereon, including, without limitation, all reasonable attorneys’ fees and
disbursements; provided, that the foregoing indemnity shall not apply to the extent such claim, action or proceeding results from
the negligence or willful misconduct of any Landlord Indemnified Party.

 

    	33

    	 

    

 

20.02         Landlord
shall indemnify to the fullest extent permitted by law and hold harmless Tenant, its partners, directors, officers, members, shareholders,
principals, agents and employees (each, a “Tenant Indemnified Party”) from and against any and all claims made
by third parties against such Tenant Indemnified Party to the extent arising from or to the extent in connection with (i) any negligence
or willful misconduct of Landlord or any person claiming through or under Landlord or any of their respective partners, directors,
officers, agents, employees or contractors, (ii) any accident, injury or damage occurring in, at or upon the common or public areas
of the Building, except if Tenant, a Tenant Indemnified Party or their agents, contractors, or employees are utilizing such common
or public areas of the Building, whether or not pursuant to the terms of this Lease, or (iii) any accident, injury or damage occurring
in the Premises resulting solely as a result of Landlord’s access to the Premises pursuant to Article 19; in each
case together with all reasonable costs, expenses and liabilities incurred in connection with each such claim or action or proceeding
brought thereon, including, without limitation, all reasonable attorneys’ fees and disbursements; provided, that the foregoing
indemnity shall not apply to the extent such claim, action or proceeding results from the negligence or willful misconduct of any
Tenant Indemnified Party.

 

20.03         Notwithstanding
anything to the contrary contained in this Lease, in case any claim, action or proceeding is brought against an indemnified party
(whether under this Article 20 or any other indemnity provided for in this Lease), the indemnified party shall give the
indemnifying party prompt written notice thereof and the indemnifying party shall resist and defend such action or proceeding on
behalf of the indemnified party by counsel for the indemnifying party’s insurer (if such claim is covered by insurance) or
otherwise by other counsel reasonably satisfactory to the indemnified party, provided, however, that the indemnified party shall
not be liable for any settlement agreed to by the indemnifying party, unless such settlement is approved in writing by the indemnified
party, such approval not to be unreasonably withheld, conditioned or delayed.

 

20.04         Anything
to the contrary contained in this Lease notwithstanding, in no event shall Landlord or Tenant be liable to the other for consequential
and/or punitive damages under this Lease except as and to the extent expressly provided in Article 12.

 

20.05         Landlord’s
and Tenant’s obligations under this Article 20 shall survive the expiration or earlier termination of this Lease.

 

ARTICLE
21

LANDLORD’S AND TENANT’S LIABILITY

 

21.01         Unless
otherwise expressly set forth in this Lease to the contrary, if, by reason of (a) strike, (b) labor troubles, (c) governmental
pre-emption in connection with a national emergency, (d) any rule, order or regulation of any governmental agency, (e) conditions
of supply or demand, (f) Tenant Delay, (g) acts of God, public enemy or terrorist action, civil commotion, or fire or other
casualty, or (h) any cause beyond Landlord’s reasonable control (the foregoing circumstances described in this Section
21.01 being herein called “Unavoidable Delays”), Landlord shall be unable to fulfill, or is delayed in fulfilling,
any of its obligations under this Lease or shall be unable to supply any service which Landlord is obligated to supply, this Lease
and Tenant’s obligations hereunder, including, without limitation, the payment of Rent hereunder, shall in no wise be affected,
impaired or excused nor shall Landlord have any liability whatever to Tenant, nor shall the same be deemed constructive eviction
(it being agreed that the inability to pay shall be a cause within Landlord’s control).

 

    	34

    	 

    

 

21.02         Subject
to Section 30.06, Landlord shall have the right, without incurring any liability to Tenant, to stop any service because
of accident or emergency, or for repairs, alterations or improvements, necessary or desirable in the reasonable judgment of Landlord,
until such repairs, alterations or improvements shall have been completed. In connection with any such repairs, alterations or
improvements, Landlord agrees to use its commercially reasonable efforts to minimize interference with Tenant’s use and occupancy
of the Premises and Tenant’s business conducted therein; provided that Landlord shall not be required to perform any such
work on an overtime or premium-pay basis unless Tenant shall have agreed to pay the costs to perform such work on an overtime or
premium-pay basis. In connection with any of the foregoing, Landlord shall not be liable to Tenant or anyone else, for any loss
or damage to person, property or business; nor shall Landlord be liable for any latent defect in the Premises or the Building unless,
in any such case, Landlord fails to comply with the obligations set forth herein with respect to such repairs, alterations or improvements
or unless such loss or damage is the result of Landlord’s negligence or willful misconduct. Neither the partners, entities
or individuals comprising Landlord, nor the agents, directors, or officers or employees of any of the foregoing shall be liable
for the performance of Landlord’s obligations hereunder or for the satisfaction of any right or remedy of Tenant for the
collection of a judgment (or other judicial process) requiring the payment of money by Landlord. Tenant agrees to look solely to
Landlord’s estate and interest in the Land and the Building, or the lease of the Building or of the Land and the Building,
and the Premises, for the satisfaction of any right or remedy of Tenant for the collection of a judgment (or other judicial process)
requiring the payment of money by Landlord, and in the event of any liability by Landlord, no other property or assets of Landlord
or of any of the aforementioned parties shall be subject to levy, execution or other enforcement procedure for the satisfaction
of Tenant’s remedies under or with respect to this Lease, the relationship of Landlord and Tenant hereunder, or Tenant’s
use and occupancy of the Premises or any other liability of Landlord to Tenant. Landlord’s estate and interest in the Land
and the Building, or the lease of the Building or of the Land and the Building, and the Premises shall be deemed to include rental
and proceeds from sales or insurance received by Landlord.

 

21.03         Neither
the partners, entities or individuals comprising Tenant, nor the agents, directors, or officers or employees of Tenant shall be
liable for the performance of Tenant’s obligations hereunder.

 

ARTICLE
22

CONDITION OF PREMISES

 

22.01         The
parties acknowledge that Tenant has inspected the Premises and the Building and is fully familiar with the physical condition thereof
and Tenant agrees to accept the Premises on the Commencement Date in their “as is” condition on such date. Tenant acknowledges
and agrees that Landlord shall have no obligation to do any work in or to the Premises in order to make it suitable and ready for
occupancy and use by Tenant or to make it suitable for the continued occupancy by Tenant.

 

    	35

    	 

    

 

ARTICLE
23

CLEANING

 

23.01         Tenant
shall cause the Premises to be kept clean in accordance with the practices and with the cleaning contractor selected by Tenant
to clean the Coach Unit.

 

ARTICLE
24

JURY WAIVER

 

24.01         Landlord
and Tenant hereby waive trial by jury in any action, proceeding or counterclaim involving any matter whatsoever arising out of
or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the Premises
or involving the right to any statutory relief or remedy. Tenant will not interpose any counterclaim of any nature in any summary
proceeding (unless failure to impose such counterclaim would preclude Tenant from asserting in a separate action the claim which
is the subject of such counterclaim).

 

ARTICLE
25

NO WAIVER, ETC.

 

25.01         No
act or omission of Landlord or its agents shall constitute an actual or constructive eviction, unless Landlord shall have first
received written notice of Tenant’s claim and shall have had a reasonable opportunity to meet such claim. Unless otherwise
expressly set forth in this Lease to the contrary, in the event that any payment herein provided for by Tenant to Landlord shall
become overdue for a period in excess of ten (10) days, then Tenant shall pay to Landlord, as Additional Rent, from the date it
was due until payment is made, interest on the overdue amount at the Interest Rate. No act or omission of Landlord or its agents
shall constitute an acceptance of a surrender of the Premises, except a writing signed by Landlord. The delivery or acceptance
of keys to Landlord or its agents shall not constitute a termination of this Lease or a surrender of the Premises. Acceptance by
Landlord of less than the Rent herein provided shall at Landlord’s option be deemed on account of the earliest Rent remaining
unpaid. No endorsement on any check, or letter accompanying Rent, shall be deemed an accord and satisfaction, and such check may
be cashed without prejudice to Landlord.

 

25.02         No
waiver of any provision of this Lease by either party shall be effective, unless such waiver be in writing signed by the party
to be charged. In no event shall Tenant be entitled to make, nor shall Tenant make any claim, and Tenant hereby waives any claim
for money damages (nor shall Tenant claim any money damages by way of set-off, counterclaim or defense) based upon any claim or
assertion by Tenant that Landlord had unreasonably withheld, delayed or conditioned its consent or approval to any request by Tenant
made under a provision of this Lease except if it is finally determined by a court of competent jurisdiction that Landlord acted
in bad faith in connection with such consent or approval request. Subject to the immediately preceding sentence with respect to
Tenant’s ability to seek money damages from a court of competent jurisdiction if Landlord acted in bad faith, any dispute
as to the reasonableness of any denial or withholding of Landlord’s consent or approval to any request by Tenant made under
a provision of this Lease shall be resolved by expedited arbitration pursuant to Article 51 and, upon final determination
in accordance therewith that Landlord has unreasonably denied or withheld its consent or approval to a request by Tenant, Landlord’s
consent with respect thereto shall be deemed to have been given.

 

    	36

    	 

    

 

25.03         Tenant
shall comply with the rules and regulations annexed hereto as Exhibit C, and any reasonable modifications thereof or additions
thereto of which Landlord has given Tenant reasonable prior notice (the “Rules and Regulations”). Any dispute
as to the reasonableness of any such modifications or additions to the Rules and Regulations shall be resolved by expedited arbitration
pursuant to Article 51. Landlord shall not be liable to Tenant for the violation of such Rules and Regulations by any other
tenant; provided, however, Landlord shall enforce the Rules and Regulations against all tenants in the Building in a non-discriminatory
manner (subject to the terms of any other tenant’s lease). Failure of Landlord or Tenant to enforce any provision of this
Lease, or any Rule or Regulation, shall not be construed as the waiver of any subsequent violation of a provision of this Lease,
or any Rule or Regulation. This Lease shall not be affected by nor shall Landlord in any way be liable for the closing, darkening
or bricking up of windows in the Premises, for any reason, including as the result of construction on any property of which the
Premises are not a part or by Landlord’s own acts; provided, however, Landlord shall not voluntarily (i.e., if not required
by Applicable Laws or in connection with any required repairs or replacements to the Building) permanently close, darken or brick
up the windows of the Premises and Landlord shall use commercially reasonable efforts to minimize any temporary closing, darkening
or bricking up of the windows (provided that Landlord shall not be required to perform any such work on an overtime or premium-pay
basis unless Tenant shall have agreed to pay the costs to perform such work on an overtime or premium-pay basis). Unless required
by Applicable Laws, Landlord shall not permit advertising by any third-party that is not a tenant or occupant of the Building on
any scaffolding erected by Landlord on the outside of the Building.

 

ARTICLE
26

ADDITIONAL REMEDIES UPON TENANT DEFAULT

 

26.01         If
this Lease is terminated because of Tenant’s default hereunder beyond any applicable cure, grace or notice periods, then,
in addition to Landlord’s rights of re-entry, restoration, preparation for and re-rental, and anything elsewhere in this
Lease to the contrary notwithstanding, Landlord shall retain its right to judgment on and collection of Tenant’s obligation
to make a single payment to Landlord of a sum equal to an amount by which the Rent for the period which otherwise would have constituted
the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, both discounted
to present worth (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury
Bonds having a term which most closely approximates the period commencing on the date that this Lease is so terminated, and ending
on the Expiration Date) less the aggregate amount of any monthly amounts theretofore collected by Landlord pursuant to the provisions
of Section 6.01 for the same period; if, before presentation of proof of such liquidated damages to any court, commission
or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted
the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima
facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
In no event shall Tenant be entitled to a credit or repayment for re-rental income which exceeds the sums payable by Tenant hereunder
or which covers a period after the original Term.

 

    	37

    	 

    

 

ARTICLE
27

NOTICES

 

27.01      Except
as otherwise expressly provided in this Lease, any bills, statements, consents, notices, demands, requests or other communications
(each, a “Notice”) given or required to be given under this Lease shall be in writing and shall be deemed sufficiently
given or rendered if delivered by hand, by registered or certified mail (return receipt requested) or if sent by a nationally recognized
overnight courier for next business-day delivery, in each case addressed as follows:

 

if to Tenant:

 

c/o Coach, Inc.

______________________

New York, New York _____

Attention: Todd Kahn

 

with copies to:

 

Coach, Inc.

______________________

New York, New York _____

Attention: Mitchell L. Feinberg

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Attention: Jonathan L. Mechanic, Esq. and Harry R.
Silvera, Esq.

 

if to Landlord:

 

ERY Tenant LLC

c/o The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: L. Jay Cross

 

with copies to:

 

The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

Attention: Legal Department

 

    	38

    	 

    

 

Oxford Hudson Yards LLC

320 Park Avenue, 17thth Floor

New York, New York 10022

Attention: Dean J. Shapiro

 

Oxford Properties Group

Royal Bank Plaza, North Tower

200 Bay Street, Suite 900

Toronto, Ontario M5J 2J2 Canada

Attention: Chief Legal Counsel

 

or to the address posted from time to time as the

corporate head office of Oxford Properties Group

on the website www.oxfordproperties.com,

to the attention of the Chief Legal Counsel

(unless the same is not readily ascertainable or

accessible by the public in the ordinary course)

 

Michael, Levitt & Rubenstein LLC

60 Columbus Circle

New York, New York 10023

Attention: Bernard J. Michael, Esq.

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Stuart D. Freedman, Esq.

 

and a copy to any Mortgagee or Lessor which shall
have requested same, by notice given in accordance with the provisions of this Article 27 at the address designated
by such Mortgagee or Lessor,

 

or to such other or additional address(es)
as either Landlord or Tenant may designate as its new address(es) for such purpose by Notice given to the other in accordance with
the provisions of this Article 27. Notices from Landlord may be given by Landlord’s managing agent, if any, or by
Landlord’s attorney. Notices from tenant may be given by Tenant’s attorney. Each Notice shall be deemed to have been
given on the date such Notice is actually received as evidenced by a written receipt therefor, and in the event of failure to deliver
by reason of changed address of which no Notice was given or refusal to accept delivery, as of the date of such failure.

 

ARTICLE
28

WATER

 

28.01         Landlord
shall provide, at Landlord’s cost hot and cold water connections with submeters to all core lavatories and janitor closets
in the Premises and the multi-tenant floors on which any portion of the Premises is located and cold water connection with submeters
installed to all pantries and drinking fountains in the Premises. Tenant shall pay the amount of Landlord’s cost for all
domestic water used by Tenant based upon readings of the submeters installed by Landlord. Such water charges shall be deemed Additional
Rent hereunder, and shall be due and payable within thirty (30) days following Tenant’s receipt of Landlord’s invoice(s)
therefor accompanied by reasonable back-up documentation.

 

    	39

    	 

    

 

ARTICLE
29

INTENTIONALLY OMITTED

 

ARTICLE
30

HEAT, ELEVATOR, ETC.

 

30.01         [Heating,
ventilation and air-conditioning to the Premises will be provided by connection to the equipment servicing the Coach Unit. Tenant
shall arrange for such heating, ventilation and air-conditioning service to the Premises with the owner of the Coach Unit. Landlord
shall provide access to the Building risers and shafts for the connection of such equipment to the Premises.]7

 

30.02         Landlord
shall provide elevator service serving the floors on which the Premises are located in accordance with the terms hereof. Landlord
shall provide a minimum of two (2) passenger elevators from the lobby of the Building to each floor of the Premises twenty four
(24) hours per day, seven (7) days per week, subject to all other applicable provisions of this Lease, and subject to Unavoidable
Delays and takedowns for maintenance (subject to Section 30.06).

 

30.03         No
bulky materials including, but not limited to, furniture, office equipment, packages, or merchandise (“Freight Items”)
shall be received in the Premises or Building by Tenant or removed from the Premises or Building by Tenant except on Business Days
between the hours of 8:00 a.m. to 12:00 p.m. and 1:00 p.m. and 5:00 p.m., and by means of the one (1) freight elevator and the
loading dock only, which Landlord will provide without charge on a first come, first served basis. If Tenant requires additional
freight elevator or loading dock service at hours other than those set forth above, Landlord shall make available to Tenant, upon
reasonable notice, overtime freight elevator and loading dock service at Tenant’s sole cost (at Landlord’s actual out-of-pocket
costs for same (subject to any minimum hour union requirements). If Landlord’s charge for providing overtime freight elevator
and loading dock service is increased due to an increase in Landlord’s actual out-of-pocket costs in providing same, promptly
after written request by Tenant to Landlord (given no later than thirty (30) days after Tenant receives notice of an increase in
such charge), Landlord shall provide reasonable evidence of any such increases in Landlord’s actual out-of-pocket costs in
providing overtime freight elevator and/or loading dock service, as applicable. If additional freight and loading dock service
is requested for a weekend or for a period of time that does not immediately precede or follow the working hours of the personnel
providing such overtime freight service, the minimum charge prescribed by Landlord shall be for four (4) hours. Subject to the
provisions of Section 43.06, any damage done to the Building or Premises by Tenant, its employees, agents, servants, representatives
and/or contractors in the course of moving any Freight Items shall be paid by Tenant within thirty (30) days after written demand
by Landlord (which shall include reasonably detailed invoices for such work).

 

 

		7	Landlord and Tenant
                                                                                                          agree that if the 23rd
                                                                                                          floor of
                                                                                                          the Building shall be
                                                                                                          part of the Premises,
                                                                                                          then the provisions
                                                                                                          of Section 35.01 and
                                                                                                          Section 35.02 below
                                                                                                          shall apply with respect
                                                                                                          to the 23rd
                                                                                                          floor only
                                                                                                          and the provisions of
                                                                                                          this Section 30.01 shall
                                                                                                          not apply with respect
                                                                                                          to the 23rd
                                                                                                          floor.

 

    	40

    	 

    

 

30.04         Except
in the case of an emergency or due to casualty or condemnation, Tenant shall have access to the Premises 24 hours per day, 7 days
per week.

 

30.05         Landlord
shall provide Tenant with reasonable shaft space in the Building sufficient to accommodate one (1) 4-inch conduit for the purpose
of Tenant running data and telecommunications wiring between and within the Premises and, if Tenant is then utilizing the Rooftop
Area, extending from the Premises to the roof of the Building. Upon Tenant’s written request therefor and subject to Article
8, provided that the same is then available (as reasonably determined by Landlord), Landlord shall make available to Tenant
additional shaft space in the Building, utilizing a different point of entry to the Building and a different path through the Building,
sufficient to accommodate the installation, at Tenant’s sole cost and expense, of one (1) additional 4-inch conduit for the
purpose of Tenant running data and telecommunications wiring between and within the Premises and, if Tenant is then utilizing the
Rooftop Area, extending from the Premises to the roof of the Building.

 

30.06         If
any Substantial Portion of the Premises is rendered Untenantable for a period of five (5) consecutive Business Days (or a total
of ten (10) Business Days within any twelve (12) month period) after Tenant shall have notified Landlord of such Untenantability,
by reason of any stoppage or interruption of any Essential Service required to be provided by Landlord under this Lease, but excluding
by reason of a casualty, then for the period commencing on the day Tenant notifies Landlord that such Substantial Portion of the
Premises became so Untenantable until such Substantial Portion of the Premises is no longer Untenantable, Fixed Annual Rent and
any payment due under Article 32 and Article 49 shall be proportionately abated with respect only to such Substantial
Portion; provided, however, if any such stoppage or interruption of an Essential Service results by reason of Unavoidable Delay,
the reference herein to five (5) consecutive Business Days shall be deemed to be eight (8) consecutive Business Days. “Untenantable”
means that Tenant shall be unable to use or access the Premises or the applicable portion thereof for the conduct of Tenant’s
business in the manner in which such business is ordinarily conducted, and shall not be using the Premises or the applicable portion
thereof other than to the limited extent of Tenant’s security personnel for the preservation of Tenant’s property,
Tenant’s insurance adjusters, and/or a minimal number of Tenant’s employees for file retrieval, planning of temporary
relocation and other disaster recovery functions. “Essential Service” shall mean (a) heating, ventilation and
air-conditioning, (b) electrical service, (c) elevator service, (d) water and sewer, and (e) Supplemental Condenser Water (as hereinafter
defined) or any other condenser water that Landlord is required to provide to Tenant hereunder. “Substantial Portion”
shall mean any portion of the Premises consisting of five thousand (5,000) or more contiguous rentable square feet, or such reasonably
smaller area if the Untenantability of such area has a materially adverse impact on Tenant’s ability to conduct its ordinary
course of business in the Premises.

 

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30.07      Subject
to casualty, condemnation, Unavoidable Delays and the other provisions of this Lease, Tenant shall have the non-exclusive right
to use, in common with others, the public and common areas of the Building, to the extent required for access to the Premises or
use of the Premises for the Permitted Uses, including, without limitation, the Building’s lobby, exterior plaza areas, loading
docks, elevators, entrances, and sidewalks to the extent any or all of the foregoing are designated by Landlord, as the case may
be, for the common use of tenants and others, stairways (subject to Article 51), and restrooms (provided however that restrooms
located on full floors demised under this Lease shall be part of the Premises). Landlord shall operate and maintain the public
and common areas of the Building and all Building Systems serving such areas and the Premises, all in a manner consistent with
the standards maintained in other Comparable Buildings of a similar quality.

 

30.08      Landlord
will use commercially reasonable efforts to permit Tenant, at no out-of-pocket cost to Landlord, to utilize the same technology
utilized by Landlord in any security system utilized by Landlord from time to time in the lobby of the Building so that Tenant
may issue to its employees a single card that will permit access through the lobby and to the Premises; provided, however, that
nothing contained herein shall be construed to permit Tenant to control or monitor or tie in to Landlord’s system (except
that Tenant, at Tenant’s sole cost and expense, shall be permitted to interface with Landlord’s system solely to the
extent required to monitor the access of its own personnel through the lobby). Nothing contained herein shall prevent Landlord,
without any liability to Tenant, from changing from time-to-time the technology utilized by Landlord in connection with the foregoing.

 

ARTICLE
31

INTENTIONALLY OMITTED

 

ARTICLE
32

TAX ESCALATION

 

32.01     Tenant
covenants to pay, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, as Additional Rent,
all Real Estate Taxes accruing during the Term in respect of the Premises.

 

(a)          For
the purpose of this Lease, the following definitions shall apply:

 

(i)          The
term “Real Estate Taxes” shall mean the total of all taxes and special or other assessments levied, assessed
or imposed at any time by any governmental authority upon or against the Premises, including, without limitation, any tax or assessment
levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income or rents from said
Premises to the extent that same shall be in lieu of all or a portion of any of the aforesaid taxes or assessments, or additions
or increases thereof, upon or against said Premises and any business improvement district assessment payable by or with respect
to the Premises. Without duplication, the term “Real Estate Taxes” shall also include any payments in lieu of taxes
agreement or Uniform Tax Exemption Policy (“PILOT Agreement” ) made to any governmental authority having jurisdiction
over the Premises which are specifically applicable to the Premises pursuant to any PILOT Agreement entered into with such governmental
authority. If, due to a future change in the method of taxation or in the taxing authority, or for any other reason, a franchise,
income, transit, profit or other tax or governmental imposition, however designated, shall be levied against Landlord in substitution
in whole or in part for the Real Estate Taxes, or in lieu of additions to or increases of said Real Estate Taxes, then such franchise,
income, transit, profit or other tax or governmental imposition shall be deemed to be included within the definition of “Real
Estate Taxes” for the purposes hereof.

 

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(ii)         The
term “Tax Year” shall mean each period of twelve (12) months, commencing on the first day of July of each such period,
in which occurs any part of the term of this Lease, or such other period of twelve (12) months occurring during the term of this
Lease as hereafter may be duly adopted as the fiscal year for real estate tax purposes of the City of New York.

 

32.02         If,
after Tenant shall have made a payment of Additional Rent under Section 32.01, Landlord shall receive a refund of any portion
of the Real Estate Taxes payable for any Tax Year on which such payment of Additional Rent shall have been based, as a result of
a reduction of such Real Estate Taxes by final determination of legal proceedings, settlement or otherwise, Landlord shall within
thirty (30) days after receiving the refund pay to Tenant an equitable share (based on the Real Estate Taxes paid by Tenant with
respect to which the refund was received) of the refund. Tenant shall have the right, at Tenant’s sole cost and expense,
to bring any application or proceeding seeking a reduction in Real Estate Taxes or assessed valuation. The provisions of this Section
32.02 shall survive the expiration or sooner termination of the Term of this Lease.

 

32.03         In
no event shall the Fixed Annual Rent under this Lease be reduced by virtue of this Article 32.

 

32.04         Upon
the date of any expiration or termination of this Lease (except termination because of Tenant’s default), (i) if Tenant shall
not already paid a proportionate share of said Additional Rent for the Tax Year during which such expiration or termination occurs,
then the same shall immediately become due and payable by Tenant to Landlord and (ii) if Tenant shall have already paid said Additional
Rent for Real Estate Taxes for a period extending beyond the date of such expiration or termination of this Lease, then Tenant
shall be entitled to a proportionate refund thereof from Landlord within thirty (30) days of such expiration or termination. If
Landlord is entitled to a payment of Additional Rent pursuant to clause (i) above, then the proportionate share shall be based
upon the length of time that this Lease shall have been in existence during such Tax Year and if Tenant shall be entitled to a
refund of Additional Rent pursuant to clause (ii) above, then the proportionate share shall be based upon the length of time that
his Lease shall not be in existence during such Tax Year. Landlord shall promptly cause statements of said Additional Rent for
that Tax Year to be prepared and furnished to Tenant. Landlord and Tenant shall thereupon make appropriate adjustments of amounts
then owing. The provisions of this Section 32.04 shall survive the expiration or sooner termination of the Term of this
Lease.

 

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ARTICLE
33

RENT CONTROL

 

33.01         In
the event the Fixed Annual Rent or Additional Rent or any part thereof provided to be paid by Tenant under the provisions of this
Lease during the Term shall become uncollectible or shall be reduced or required to be reduced or refunded by virtue of any Federal,
State, County or City law, order or regulation, or by any direction of a public officer or body pursuant to law, or the orders,
rules, code or regulations of any organization or entity formed pursuant to law, whether such organization or entity be public
or private (collectively, “Rent Law”), Tenant shall cooperate with Landlord at Landlord’s sole cost and
expense to permit Landlord to collect the maximum rents which may be legally permissible from time to time during the effective
period of such Rent Law (but not in excess of the amounts reserved therefor under this Lease). If the effective period of such
Rent Law terminates during the Term, Tenant shall pay to Landlord, to the extent permitted by the Rent Law, an amount equal to
(i) the Fixed Annual Rent and Additional Rent which would have been paid pursuant to this Lease but for such Rent Law, less (ii)
the Fixed Annual Rent and Additional Rent paid by Tenant to Landlord during the effective period of such Rent Law.

 

ARTICLE
34

SUPPLIES

 

34.01         Landlord
shall have the right to exclude from the Building any one or more persons, firms, or corporations utilized by Tenant for purposes
of furnishing laundry, linens, towels, drinking water, water coolers, ice and other similar supplies and services to the Premises
if Landlord shall have had an unfavorable experience with such person, firm or corporation. Landlord may fix, in its reasonable
discretion, from time to time, the hours during which and the regulations under which such supplies and services are to be furnished.

 

34.02         Landlord
shall have the right to exclude from the Building any one or more persons, firms or corporations utilized by Tenant for purposes
of selling, delivering or furnishing any food or beverages to the Premises or elsewhere in the Building if Landlord shall have
had an unfavorable experience with such person, firm or corporation. It is understood, however, that Tenant or its regular office
employees may personally bring food or beverages into the Building for consumption within the Premises by the said employees, but
not for resale or for consumption by any other tenant. Landlord may fix in its reasonable discretion from time to time the hours
during which, and the regulations under which, food and beverages may be brought into the Building by Tenant or its regular employees.

 

34.03         Notwithstanding
the foregoing provisions of this Article 34, in no event shall Landlord have the right to exclude any of the service providers
listed above in this Article 34 if Tenant (or its affiliate) who is the owner of the Coach Unit shall be permitted to use
such service provider for the provisions of such services in the Coach Unit.

 

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ARTICLE
35

AIR CONDITIONING

 

35.01         [Subject
to the provisions of this Article 35 and all other applicable provisions of this Lease, Landlord shall supply air-conditioning
service to the Premises through the Building’s central air-conditioning facilities (the “Building HVAC System”)
during HVAC Periods (and during non-HVAC Periods if requested by Tenant in accordance with the terms hereof) pursuant to the specifications
detailed on Exhibit F annexed hereto. Subject to Section 30.06, Landlord reserves the right to suspend operation
of the Building HVAC System at any time that Landlord, in its reasonable judgment, deems it necessary to do so for reasons such
as accidents, emergencies or any situation arising in the Premises or within the Building which has an adverse effect, either directly
or indirectly, on the operation of the Building HVAC System, including without limitation, reasons relating to the making of repairs,
alterations or improvements in the Premises or the Building, and Tenant agrees that any such suspension in the operation of the
Building HVAC System may continue until such time as the reason causing such suspension has been remedied (provided that Landlord
shall diligently repair and remedy such suspension) and that Landlord shall not be held responsible or be subject to any claim
by Tenant due to such suspension. Subject to Section 30.06, Tenant further agrees that Landlord shall have no responsibility
or liability to Tenant if operation of the Building HVAC System is prevented by strikes or accidents or any cause beyond Landlord’s
reasonable control, or by the orders or regulations of any federal, state, county or municipal authority or by failure of the equipment
or electric current, steam and/or water or other required power source.

 

35.02         In
the event that Tenant shall require air conditioning service other than during HVAC Periods, Landlord shall furnish such after
hours service through the Building HVAC System provided that written notice is given to Landlord by Tenant at least five (5) hours
prior to the time when such service is needed by Tenant. Tenant shall reimburse Landlord, as Additional Rent, within thirty (30)
days after receipt of an invoice from Landlord evidencing the same, for the provision by Landlord of non-HVAC Period air-conditioning
service at Landlord’s then Actual AC Cost (which current cost is $_______ per hour) and which Actual AC Cost shall only
be increased from time to time by Landlord’s actual increased out-of-pocket costs in connection therewith). For purposes
hereof, the term “Actual AC Cost” shall mean the actual out-of-pocket incremental extra costs to Landlord to
provide non-HVAC Period air conditioning service without markup for profit or overhead. If Landlord’s Actual AC Cost is
increased, promptly after written request by Tenant to Landlord (given no later than thirty (30) days after Tenant receives notice
of any such increase), Landlord shall provide reasonable evidence of any such increases in Landlord’s Actual AC Costs. The
provision to Tenant of non-HVAC Period air-conditioning service shall be subject to any minimum hour union requirements in effect
from time to time, which minimum requirements call for a minimum block of four (4) hours, unless such non-HVAC Period air-conditioning
service is required for a period starting immediately after an HVAC Period (i.e., starting at 6:00 pm on a Business Day).
If more than one tenant served by the same air conditioning zone as Tenant requests non-HVAC Period air conditioning service through
such air conditioning zone during any non-HVAC Periods, the charge to Tenant shall be adjusted pro rata based on the period of
time each tenant, including Tenant, shall utilize such air conditioning zone and on the rentable area of the Building leased by
each such tenant, including Tenant, within such air conditioning zone.]8

 

 

8
As noted above in footnote 1, Section 35.01 and Section 35.02 shall only apply with respect to the
23rd floor.

 

    	45

    	 

    

 

35.03         (a)          Subject
to the provisions of this Section 35.03, Landlord shall make available to Tenant or reserve for Tenant’s use
up to 75 tons of condenser water (“Supplemental Condenser Water”) in connection with the operation
by Tenant of supplemental air-conditioning equipment and units in any portion of the Premises. Subject to Unavoidable Delays and
any provision of this Lease relating to stoppage of services and Landlord’s inability to perform, Landlord shall supply Supplemental
Condenser Water to the Premises on a twenty-four (24) hour, 365 day basis. Tenant must provide its own independent circulating
pump, properly sized and balanced for any supplemental air-conditioning units in the Premises. Tenant may elect to have Landlord
supply or reserve such Supplemental Condenser Water by notice (a “Supplemental Condenser Water Notice”) given
to Landlord on or before the date which is the eighteen (18) month anniversary of the date hereof (the “CW Outside Date”),
which notice shall set forth the tonnage of Supplemental Condenser Water requested by Tenant, not to exceed 75 tons. Tenant shall
be deemed to have elected to have Landlord supply and reserve only such Supplemental Condenser Water being reserved for the Premises
as of the date hereof if Tenant fails to give to Landlord a Supplemental Condenser Water Notice on or before the CW Outside Date.
If Tenant gives a Supplemental Condenser Water Notice on or before the CW Outside Date requiring Landlord to supply and/or reserve
less than the 75 tons detailed above, then in any such event Landlord shall have no obligation to reserve the unused or unreserved
portion of such Supplemental Condenser Water for Tenant’s future use; provided, that if Tenant thereafter requires such Supplemental
Condenser Water, Landlord shall provide such Supplemental Condenser Water to Tenant to the extent such Supplemental Condenser Water
is available after taking into account reasonably appropriate reserves to serve the current and anticipated future needs of Landlord
and the other tenants of the Building as reasonably determined by Landlord.

 

(b)          Commencing
as of (i) the Commencement Date with respect to any connected load of condenser water then being utilized by Tenant in the Premises,
and (ii) the date upon which Tenant gives to Landlord Tenant’s Supplemental Condenser Water Notice with respect to any condenser
water in excess of that described in clause (i), Tenant shall pay to Landlord an annual charge of $____________ per ton for all
condenser water being used or reserved by Tenant (the “Annual Condenser Water Charge”), plus sales tax, if applicable,
subject to increase as provided for herein. Except as otherwise provided for herein, all sums payable under this Article 35
shall be deemed to be Additional Rent and paid by Tenant within thirty (30) days after the issuance of a statement therefor. The
Annual Condenser Water Charge shall be adjusted to reflect any actual out-of-pocket increases in Landlord’s cost to provide
condenser water. If the Annual Condenser Water Charge is increased due to an increase in Landlord’s actual out-of-pocket
costs in providing condenser water to Tenant hereunder, promptly after written request by Tenant to Landlord (given no later than
thirty (30) days after Tenant receives notice of an increase in the Annual Condenser Water Charge), Landlord shall provide reasonable
evidence of any such increases in Landlord’s actual out-of-pocket costs in providing condenser water.

 

ARTICLE
36

SHORING

 

36.01         Tenant
shall permit any person authorized to make an excavation on land adjacent to the Building to do any work within the Premises necessary
to preserve the wall of the Building from injury or damage, and Tenant shall have no claim against Landlord for damages or abatement
of rent by reason thereof.

 

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ARTICLE
37

EFFECT OF CONVEYANCE, ETC.

 

37.01         If
the Building shall be sold, transferred or leased, or the lease thereof transferred or sold, Landlord shall be relieved of all
future obligations and liabilities hereunder and the purchaser, transferee or tenant of the Building shall be deemed to have assumed
and agreed to perform all such obligations and liabilities of Landlord hereunder. In the event of such sale, transfer or lease,
Landlord shall also be relieved of all existing obligations and liabilities hereunder, provided that the purchaser, transferee
or tenant of the Building assumes in writing such obligations and liabilities and Tenant receives notice (from Landlord or otherwise)
of such assumption.

 

ARTICLE
38

RIGHTS OF SUCCESSORS AND ASSIGNS

 

38.01         This
Lease shall bind and inure to the benefit of the heirs, executors, administrators, successors, and, except as otherwise provided
herein, the assigns of the parties hereto. If any provision of any Article of this Lease or the application thereof to any person
or circumstances shall, to any extent, be invalid or unenforceable, the remainder of that Article, or the application of such provision
to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and
each provision of said Article and of this Lease shall be valid and be enforced to the fullest extent permitted by law.

 

ARTICLE
39

CAPTIONS

 

39.01         The
captions herein are inserted only for convenience, and are in no way to be construed as a part of this Lease or as a limitation
of the scope of any provision of this Lease.

 

ARTICLE
40

BROKERS

 

40.01         Tenant
covenants, represents and warrants that Tenant has had no dealings or negotiations with any broker or agent in connection with
the consummation of this Lease other than CBRE (the “Broker”) and Tenant covenants and agrees to defend, hold
harmless and indemnify Landlord from and against any and all cost, expense (including reasonable attorneys’ fees) or liability
for any compensation, commissions or charges claimed through Tenant by any broker or agent with respect to this Lease or the negotiation
thereof (other than the Broker). Landlord covenants, represents and warrants that Landlord has had no dealings or negotiations
with any broker or agent in connection with the consummation of this Lease other than the Broker and Landlord covenants and agrees
to defend, hold harmless and indemnify Tenant from and against any and all cost, expense (including reasonable attorneys’
fees) or liability for any compensation, commissions or charges claimed through Landlord by any broker or agent with respect to
this Lease or the negotiation thereof (including the Broker). Landlord shall pay the Broker a commission pursuant to a separate
agreement with said Broker.

 

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ARTICLE
41

ELECTRICITY

 

41.01         Except
as otherwise set forth herein to the contrary, Landlord and Tenant acknowledge and agree that electric service shall be supplied
to the Premises on a direct metered basis in accordance with the provisions of this Article 41. Electricity and electric
service, as used herein, shall mean any element affecting the generation, transmission, and/or distribution or redistribution of
electricity, including but not limited to services which facilitate the distribution of service. Landlord shall make electricity
available during the Term at the combined electrical closets servicing the Premises for all purposes with an average capacity of
six (6) watts demand load per usable square foot of the Premises (exclusive of electricity required for the operation of the Building
HVAC System serving the Premises), which shall be distributed by Tenant throughout the Premises at its sole cost and expense.

 

41.02         (a)          Tenant
shall pay, as and when due, directly to the utility company supplying electricity to the Premises or the applicable portion thereof
the amounts due for electric current consumed by Tenant as indicated by meters measuring Tenant’s consumption thereof.

 

(b)          If
electricity can no longer be provided to the Premises on a direct metered basis, Landlord shall provide redistributed electricity
to the Premises (or the applicable portions thereof) on a submetered basis and, in such event, Tenant agrees that the charges for
such redistributed electricity shall be computed in the manner hereinafter described, to wit, a sum equal to the product of (i) Landlord’s
actual out-of-pocket cost for such electricity (“Landlord’s Cost”).

 

41.03         Landlord
shall not be liable to Tenant for any loss or damage or expense which Tenant may sustain or incur if either the quantity or character
of electric service is changed or is no longer available or suitable for Tenant’s requirements, except to the extent caused
by the negligence or willful misconduct of Landlord. Tenant covenants and agrees that at all times its use of electric current
shall never exceed the capacity of existing feeders to the Building or wiring installation subject to Landlord’s obligation
to provide the capacity set forth in Section 41.01. Any riser or risers to supply Tenant’s electrical requirements,
upon written request of Tenant, will be installed by Landlord, at the sole cost and expense of Tenant, if, in Landlord’s
reasonable judgment, the same are reasonably necessary and will not cause permanent damage or injury to the Building or the Premises
or cause or create a dangerous or hazardous condition or entail excessive or unreasonable alterations, repairs or expense or interfere
with or disturb other tenants or occupants. In addition to the installation of such riser or risers, Landlord will also at the
sole cost and expense of Tenant, install all other equipment proper and necessary in connection therewith subject to the aforesaid
terms and conditions.

 

ARTICLE
42

LEASE SUBMISSION

 

42.01         Landlord
and Tenant agree that this Lease is submitted to Tenant on the understanding that it shall not be considered an offer and shall
not bind Landlord or Tenant in any way unless and until (i) Tenant has duly executed and delivered duplicate originals thereof
to Landlord and (ii) Landlord has executed and delivered one of said originals to Tenant.

 

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ARTICLE
43

INSURANCE

 

43.01         Tenant
shall not violate, or permit the violation of, any condition imposed by the standard property insurance policy then issued for
office buildings in the Borough of Manhattan, City of New York, or cause or permit any action or condition that would invalidate
or conflict with Landlord's insurance policies or any insurance policies maintained by the Condominium, and shall not do, or permit
anything to be done, or keep or permit anything to be kept in the Premises which would subject Landlord to any liability or responsibility
for personal injury or death or property damage, or which would increase the fire or other casualty insurance rate on the Building
or the property therein over the rate which would otherwise then be in effect (unless Tenant pays the resulting premium as hereinafter
provided for) or which would result in insurance companies of good standing refusing to insure the Building or any of such property
in amounts reasonably satisfactory to Landlord; it being understood and agreed that the mere occupancy and operation of the Premises
for the Primary Use (as opposed to the particular manner of use of the Premises) in accordance with the provisions of this Lease
will not increase the fire or other casualty insurance rate on the Building or the property therein over the rate which would otherwise
then be in effect.

 

43.02         Tenant
covenants to include the Premises in all insurance coverages required to be provided by Tenant with respect to the balance of space
occupied by Tenant within the Building (but in all events the types and at the levels at least equivalent to the types and levels
required of tenants and occupants of the Building pursuant to the Declaration), at Tenant’s sole cost and expense.

 

43.03         All
such policies shall be issued by companies of recognized responsibility permitted to do business within New York State and reasonably
approved by Landlord and rated by Best’s Insurance Reports or any successor publication of comparable standing and carrying
a rating of A- VIII or better or the then equivalent of such rating (it being agreed that Hospitals Insurance Co. shall be deemed
an acceptable insurance company for purposes hereof), and all such policies shall contain a provision whereby the same cannot be
canceled or modified unless Landlord and any additional insureds are given at least thirty (30) days prior written notice of such
cancellation or modification, or with respect to non-payment of premiums, at least ten (10) days prior written notice of such cancellation
or modification.

 

43.04         Prior
to the time such insurance is first required to be carried by Tenant and thereafter, at least fifteen (15) days prior to the expiration
of any such policies, Tenant shall deliver to Landlord either duplicate originals of the aforesaid policies or, with respect to
liability coverage, a current version of the Acord 25 certificate and, with respect to property insurance, a 2003 Acord 28 certificate,
each evidencing the insurance required hereunder (the 2006 Acord 28 and the 2006 Acord 25 both being unacceptable to Landlord),
together with evidence of payment for the policy. If Tenant delivers certificates as aforesaid Tenant, upon reasonable prior notice
from Landlord, shall make available to Landlord, at the Premises, duplicate originals of such policies from which Landlord may
make copies thereof, at Landlord’s cost. Subject to Article 5, Tenant’s failure to provide and keep in force
the aforementioned insurance shall be regarded as a material default hereunder, entitling Landlord to exercise any or all of the
remedies as provided in this Lease in the event of Tenant’s default. In addition, in the event Tenant fails to provide and
keep in force the insurance required by this Lease, at the times and for the durations specified in this Lease, Landlord shall
have the right, but not the obligation, at any time and from time to time, and without notice, to procure such insurance and/or
pay the premiums for such insurance in which event Tenant shall repay Landlord within five (5) days after demand by Landlord (accompanied
by reasonable supporting documentation), as Additional Rent, all sums so paid by Landlord and any costs or expenses incurred by
Landlord in connection therewith without prejudice to any other rights and remedies of Landlord under this Lease.

 

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43.05         Landlord
and Tenant shall each endeavor to secure an appropriate clause in, or an endorsement upon, each “all-risk” insurance
policy obtained by it and covering property as stated in Section 43.02(b), pursuant to which the respective insurance companies
waive subrogation against each other and any other parties, if agreed to in writing prior to any damage or destruction. The waiver
of subrogation or permission for waiver of any claim hereinbefore referred to shall extend to the agents of each party and its
employees and, in the case of Tenant, shall also extend to all other persons and entities occupying or using the Premises in accordance
with the terms of this Lease. If and to the extent that such waiver or permission can be obtained only upon payment of an additional
charge then, except as provided in the following paragraph, the party benefiting from the waiver or permission shall pay such charge
upon demand, or shall be deemed to have agreed that the party obtaining the insurance coverage in question shall be free of any
further obligations under the provisions hereof relating to such waiver or permission.

 

43.06         Subject
to the foregoing provisions of this Article 43, and insofar as may be permitted by the terms of the insurance policies carried
by it, each party hereby releases the other with respect to any claim (including a claim for negligence) which it might otherwise
have against the other party for loss, damages or destruction with respect to its property by fire or other casualty (including
rental value or business interruption, as the case may be) occurring during the Term of this Lease.

 

43.07         If,
by reason of a failure of Tenant to comply with the provisions of this Lease, the rate of fire insurance with extended coverage
on the Building or equipment or other property of Landlord shall be higher than it otherwise would be, Tenant shall reimburse Landlord,
on demand, for that part of the premiums for fire insurance and extended coverage paid by Landlord because of such failure on the
part of Tenant.

 

43.08         Landlord
may, from time to time, require that the amount of the insurance to be provided and maintained by Tenant hereunder be increased
so that the amount thereof adequately protects Landlord’s interest, but in no event in excess of the amount that would be
required of other tenants in Comparable Buildings.

 

43.09         A
schedule or make up of rates for the Building or the Premises, as the case may be, issued by the New York Fire Insurance Rating
Organization or other similar body making rates for fire insurance and extended coverage for the premises concerned, shall be conclusive
evidence of the facts therein stated and of the several items and charges in the fire insurance rate with extended coverage then
applicable to such premises.

 

43.10         Each
policy evidencing the insurance to be carried by Tenant under this Lease shall contain a clause that such policy and the coverage
evidenced thereby shall be primary with respect to any policies carried by Landlord, and that any coverage carried by Landlord
shall be excess insurance.

 

    	50

    	 

    

 

43.11         Landlord
shall maintain in respect of the Building, at all times during the Term, fire and casualty insurance covering the Building and
Landlord’s property in amounts of coverage required by any Mortgagee, or, if there is no Mortgagee, then in amounts comparable
to the amounts carried by prudent landlords of Comparable Buildings.

 

ARTICLE
44

SIGNAGE

 

44.01         Tenant
shall have the right, at its sole cost and expense, to install identification signage within the elevator vestibule and corridor
of each full floor of the Premises. With respect to any multi-tenant floors on which the Premises are located, Tenant shall have
the right, at Tenant’s sole cost and expense, to install identification signage on the entry doors to such portion of the
Premises and to include Tenant’s name on any directory maintained by Landlord for such floor.

 

ARTICLE
45

RESERVED

 

ARTICLE
46

condominium structure

 

46.01         It
is expressly understood and agreed that the Premises are a portion of the Tower C Condominium (the “Condominium”)
which was established pursuant to that certain Declaration of Condominium, dated __________, and recorded _____________, in the
Office of the Register of the City of New York, County of New York (the “Register’s Office”), as CRFN
No. _____________ (such declaration, together with the by-laws attached thereto, as such declaration and by-laws have been and
may hereafter be amended from time to time, is called the “Declaration”). Tenant acknowledges that Tenant has
received a copy of the Declaration and has had the opportunity to review same. Tenant shall be bound by all of the terms contained
in the Declaration which pertain to an occupant of the Condominium. The board of managers of the Condominium (the “Board”)
shall have the power to enforce against Tenant (and each and every assignee or subtenant of Tenant) the terms of the Declaration
if the actions of Tenant (or such assignee or subtenant) are in breach of the Declaration to the extent that the same would entitle
the Board to enforce the terms of the Declaration against Landlord. Tenant owns fee title to “Office Unit 1” (as defined
in the Condominium Documents) (herein, the “Coach Unit”).

 

46.02         Landlord
shall cause the Board to (i) furnish any service, (ii) make any repairs or restorations, (iii) comply with any laws or requirements
of any governmental authorities, (iv) provide any insurance with respect to the Building or the improvements therein or (v) take
any other action, in each case if and to the extent that the Board is obligated to furnish, make, comply with, provide or take
the same under the Declaration. In all such instances, all references in this Lease to Landlord performing such obligation shall
mean that Landlord shall cause the Board to perform such obligation. Performance by the Board under the Declaration shall be deemed
and accepted by Tenant as performance by Landlord under this Lease. Landlord shall be liable to Tenant for any failure in performance
resulting from the failure in performance by the Board.

 

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ARTICLE
47

MISCELLANEOUS

 

47.01         This
Lease represents the entire understanding between the parties with regard to the matters addressed herein and may only be modified
by written agreement executed by all parties hereto. All prior understandings or representations between the parties hereto, oral
or written, with regard to the matters addressed herein are hereby merged herein. Tenant acknowledges that except as expressly
provided in this Lease neither Landlord nor any representative or agent of Landlord has made any representation or warranty, express
or implied, as to the physical condition, state of repair, layout, footage or use of the Premises or any matter or thing affecting
or relating to the Premises except as specifically set forth in this Lease. Tenant has not been induced by and has not relied upon
any statement, representation or agreement, whether express or implied, not specifically set forth in this Lease. Landlord shall
not be liable or bound in any manner by any oral or written statement, broker’s “set-up”, representation, agreement
or information pertaining to the Premises, the Building or this Lease furnished by any real estate broker, agent, servant, employee
or other person, unless specifically set forth herein, and no rights are or shall be acquired by Tenant by implication or otherwise
unless expressly set forth herein. This Lease shall be construed without regard to any presumption or other rule requiring construction
against the party causing this Lease to be drafted.

 

47.02         If
Landlord or any affiliate of Landlord has elected to qualify as a real estate investment trust (a “REIT”), any
service required or permitted to be performed by Landlord pursuant to this Lease, the charge or cost of which may be treated as
impermissible tenant service income under the laws governing a REIT, may be performed by a taxable REIT subsidiary that is affiliated
with either Landlord or Landlord’s property manager, an independent contractor of Landlord or Landlord’s property manager
(the “Service Provider”). If Tenant is subject to a charge under this Lease for any such service, then, at Landlord’s
direction, Tenant will pay such charge either to Landlord for further payment to the Service Provider or directly to the Service
Provider, and, in either case, (i) Landlord will credit such payment against any charge for such service made by Landlord to Tenant
under this Lease, and (ii) such payment to the Service Provider will not relieve Landlord from any obligation under the Lease concerning
the provisions of such service.

 

47.03         Tenant
shall not permit the Premises, or any portion thereof, to be used or occupied by or for the benefit of any person or entity that
the Office of Foreign Assets Control of the United States Department of the Treasury has listed on its list of Specially Designated
Nationals and Blocked Persons (or is listed on any replacement or similar list in the future).

 

47.04         [As
a material inducement to Landlord to enter into this Lease, Tenant shall deliver to Landlord simultaneously with the execution
of this Lease a guaranty of Tenant’s obligations under this Lease made by Coach, Inc., a Maryland corporation, in the form
attached hereto as Exhibit D.]9

 

	

 

		9	Guaranty to be provided by Coach, Inc. in the event this Lease is to be entered into by a tenant other than Coach, Inc. in
accordance with the terms of the Option Agreement.

 

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ARTICLE
48

renewal options

 

48.01         (a)          For
purposes hereof, the following terms shall have the following meanings:

 

“First Extension
Option” shall mean Tenant’s right to extend the Term of this Lease with respect to the Extension Premises for an
additional term (the “First Extension Term”) of ten (10) years commencing on the day immediately following the
Expiration Date of the initial Term of this Lease (the “Commencement Date of the First Extension Term”) and
ending on the last day of the month in which occurs the ten (10) year anniversary of the Expiration Date of the initial term of
this Lease.

 

“Second Extension
Option” shall mean Tenant’s right to extend the term of this Lease with respect to the Extension Premises for an
additional term (the “Second Extension Term”) of ten (10) years (but only if Tenant has exercised the First
Extension Option) commencing on the day immediately following the Expiration Date of the First Extension Term (the “Commencement
Date of the Second Extension Term”) and ending on the last day of the month in which occurs the ten (10) year anniversary
of the Expiration Date of the First Extension Term.

 

“Extension Term”
shall mean the First Extension Term or the Second Extension Term, as the case may be.

 

“Extension Premises”
shall mean either (i) the entire Premises demised by this Lease as of the day immediately preceding the Applicable Commencement
Date or (ii) one (1) or more full floors of the Premises contiguous to the condominium unit owned by Tenant or Tenant’s affiliate
(and in the case of this clause “(ii)”, may also include all (but not less than all) of the space then leased by Tenant
on any floor of the Building on which Tenant does not then lease such full floor), in either case, as designated by Tenant in an
Extension Notice. If Tenant gives an Extension Notice that does not specify the Extension Premises, Tenant will be deemed to have
irrevocably elected to designate as the Extension Premises the entire Premises demised by this Lease as of the day immediately
preceding the Applicable Commencement Date.

 

“Extension Notice”
shall mean a written notice given by Tenant to Landlord electing to extend the Term of this Lease for the First Extension Term,
the Second Extension Term, the Third Extension Term or the Fourth Extension Term, as the case may be.

 

“Applicable
Commencement Date” shall mean the Commencement Date of the First Extension Term, the Commencement Date of the Second
Extension Term, the Commencement Date of the Third Extension Term or the Commencement Date of the Fourth Extension Term, as applicable.

 

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“Applicable
Expiration Date” shall mean the Expiration Date of the initial term of this Lease, the Expiration Date of the First Extension
Term, the Expiration Date of the Second Extension Term, the Expiration Date of the Third Extension Term or the Expiration Date
of the Fourth Extension Term, as applicable.

 

(b)          Subject
to and in accordance with the provisions of this Article 48, Tenant shall have the right to exercise each applicable
Extension Option provided that no monetary or material non-monetary default after notice and the expiration of any applicable cure
period has occurred and is continuing at the time Tenant gives the Extension Notice, and this Lease is in full force and effect
upon the date immediately preceding the Applicable Commencement Date. Subject to the provisions of this Article 48, the
Extension Term shall commence on the Applicable Commencement Date and shall expire on the Applicable Expiration Date, unless the
Extension Term shall sooner end pursuant to any of the terms, covenants or conditions of this Lease or pursuant to Applicable Law.
Tenant may exercise the Extension Option by giving Landlord an Extension Notice no sooner than the date that is two (2) years prior
to the Applicable Commencement Date and no later than the date that is eighteen (18) months prior to the Applicable Commencement
Date, as to which date time is of the essence, and upon the giving of such notice, subject to the provisions of this Article
48, the Term shall be extended for the Extension Term with respect to the Extension Premises without execution or delivery
of any other or further document, with the same force and effect as if the Extension Term had originally been included in the Term.
All of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Extension Term with
respect to the Extension Premises, including items of Additional Rent and escalation which shall remain payable on the terms herein
set forth (provided, however, that Tenant shall have no further right to extend the term of this Lease beyond the Second Extension
Term for any reason, it being agreed, however, that if the Extension Premises shall be less than the entire Premises, then (i)
Tenant shall be required to close any open floor slabs (if any) between portions of the Premises and remove any internal staircases
within the Premises connecting multiple floors of the Premises (notwithstanding anything to the contrary contained in this Lease
with respect to the closing of such floor slabs or the removal of internal staircases), and (ii) Tenant shall deliver the portions
of the Premises not included in the Extension Premises to Landlord on or before the Applicable Expiration Date in the condition
set forth in Article 12.

 

(c)          Subject
to Section 48.01(b), the Extension Term shall be upon all of the terms and conditions set forth in this Lease, except that:

 

(i)          the
Fixed Annual Rent shall be as determined pursuant to the provisions of Section 48.02,

 

(ii)         Tenant
shall accept the Extension Premises in its “as is” condition at the commencement of the Extension Term, and Landlord
shall not be required to perform any work, to pay any work allowance or any other amount or to render any services to make the
Extension Premises ready for Tenant’s use and occupancy (other than Landlord’s continuing obligations to perform maintenance
and repairs and to provide services specifically set forth in this Lease) or to provide any abatement of Fixed Annual Rent or Additional
Rent (other than any abatement rights specifically provided for in this Lease (e.g., abatement rights in the event of a casualty),
in each case with respect to the Extension Term, and

 

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(iii)        Tenant
shall have no option to extend or renew this Lease beyond the expiration of the Second Extension Term.

 

48.02         (a)      The
Fixed Annual Rent payable by Tenant for the Extension Premises during the Extension Term shall be an amount equal to ninety-five
percent (95%) of the applicable Renewal FMRV (as hereinafter defined) in the case of the First Extension Term and the Second Extension
Term. The Renewal FMRV shall be determined as follows:

 

(i)          If
Tenant exercises the Extension Option, twelve (12) months prior to the Applicable Commencement Date, Landlord and Tenant shall
commence negotiations in good faith to attempt to agree upon the Renewal FMRV. If Landlord and Tenant cannot reach agreement by
seven (7) months before the Applicable Commencement Date, Landlord and Tenant shall, no later than six (6) months before the Applicable
Commencement Date, each select a reputable, qualified, independent, licensed real estate broker with at least twenty (20) years
of experience in office leasing in midtown Manhattan, having an office in New York County and familiar with the rentals then being
charged in midtown Manhattan (such brokers are referred to, respectively, as “Landlord’s Broker“ and “Tenant’s
Broker”) who shall confer promptly after their selection by Landlord and Tenant and shall exercise good faith efforts
to attempt to agree upon the Renewal FMRV. If Landlord’s Broker and Tenant’s Broker cannot reach agreement by four
(4) months prior to the Applicable Commencement Date, then, within twenty (20) days thereafter, they shall designate a third reputable,
qualified, independent, licensed real estate broker with at least twenty (20) years of experience in office leasing in midtown
Manhattan, having an office in New York County and familiar with the rentals then being charged in the Building and in Comparable
Buildings (the “Independent Broker”). Upon failure of Landlord’s Broker and Tenant’s Broker timely
to agree upon the designation of the Independent Broker, then the Independent Broker shall be appointed in accordance with the
rules of the AAA, or the successor thereto, within ten (10) days thereafter. Within ten (10) days after such appointment, Landlord’s
Broker and Tenant’s Broker shall each submit a letter to the Independent Broker, with a copy to Landlord and Tenant, setting
forth such broker’s estimate of the Renewal FMRV and the rationale used in determining it (respectively, “Landlord’s
Broker’s Letter“ and “Tenant’s Broker’s Letter”). If the estimates set forth in
Landlord’s Broker’s Letter and Tenant’s Broker’s Letter differ by three (3%) percent per annum or less,
then the Renewal FMRV shall not be determined by the Independent Broker and the Renewal FMRV shall be the average of the estimates
set forth in Landlord’s Broker’s Letter and Tenant’s Broker’s Letter.

 

(ii)         If
the estimates set forth in Landlord’s Broker’s Letter and Tenant’s Broker’s Letter differ by more than
three (3%) percent per annum, then the Independent Broker shall consider such evidence as Landlord and/or Tenant may submit, conduct
such investigations and hearings as he or she may deem appropriate and shall, within sixty (60) days after the date of his or her
appointment, choose either the estimate set forth in Landlord’s Broker’s Letter or the estimate set forth in Tenant’s
Broker’s Letter to be the Renewal FMRV and such choice shall be binding upon Landlord and Tenant. The fees and expenses of
the Independent Broker shall be shared equally by Landlord and Tenant and Landlord and Tenant shall each pay the fees and expenses
of its respective appraiser.

 

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(b)          If
the Extension Term commences prior to a determination of the Fixed Annual Rent for such Extension Term as herein provided, then
the amount to be paid by Tenant on account of Fixed Annual Rent until such determination has been made shall be the estimate set
forth in Landlord’s Broker’s Letter. After the Fixed Annual Rent during the Extension Term has been determined as aforesaid,
any amounts theretofore paid by Tenant to Landlord on account of Fixed Annual Rent in excess of the
amount of Fixed Annual Rent as finally determined shall be credited by Landlord with interest at the Interest Rate (calculated
from the date Tenant made such overpayment until such overpayment is credited and/or paid by Landlord) against the next ensuing
monthly Fixed Annual Rent payable by Tenant to Landlord.

 

(c)          Promptly
after the Fixed Annual Rent has been determined, Landlord and Tenant shall execute and deliver an agreement setting forth the Fixed
Annual Rent for the Extension Term, as finally determined, provided that the failure of the parties to do so shall not affect their
respective rights and obligations hereunder.

 

(d)          For
purposes of this Article 48, the determination of “Renewal FMRV“ shall mean the then fair
market rent for the Extension Premises that an unaffiliated third party would be willing to pay to Landlord as of the Extension
Term Notice Date for a term comparable to the Extension Term on all the terms and conditions which the Extension Premises will
be leased to Tenant pursuant to this Article 48, each party acting prudently and under no compulsion to lease, and
taking into account the terms set forth in Section 48.01 and all other then relevant factors, whether favorable to Landlord
or Tenant. Landlord and Tenant agree that notwithstanding the foregoing, the particular value to Tenant of its own leasehold improvements
shall not be taken into account as a relevant factor.

 

Notwithstanding anything to the contrary
contained in this Article 48, if Tenant shall exercise Tenant’s Extension Option, Landlord shall have the right,
in its sole discretion, to waive the conditions to the effectiveness of Tenant’s exercise of Tenant’s Extension Option
set forth in Section 48.01 without thereby waiving any default by Tenant, in which event, (i) the Term shall be
extended without execution or delivery of any other or further document in accordance with the provisions of this Article 48
with the same force and effect as if the Extension Term had originally been included in the term of this Lease, and (ii) Landlord
shall be entitled to all of the remedies provided by this Lease and at law with respect to any such default by Tenant.

 

ARTICLE
49

OPERATING EXPENSE ESCALATION

 

49.01         Tenant
covenants to pay, directly to the Condominium Board (as such term is defined in the Declaration) before any fine, penalty, interest
or cost may be added thereto for the nonpayment thereof, as Additional Rent, all Common Charges accruing during the Term in respect
of the Premises.

 

49.02         Definitions:
For the purpose of this Lease, the following definitions shall apply:

 

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(i)          The
term “Common Charges” shall mean the Common Charges (as such term is defined in the Declaration) applicable
to the Premises during the Term.

 

(ii)         The
term “Operating Year” shall mean each calendar year during the Term or any portion thereof.

 

49.03         If,
after Tenant shall have made a payment of Additional Rent under Section 49.01, Landlord shall receive a refund of any portion
of the Common Charges payable for any Operating Year on which such payment of Additional Rent shall have been based, as a result
of a reduction of such Common Charges by final determination of legal proceedings, settlement or otherwise, Landlord shall within
thirty (30) days after receiving the refund pay to Tenant an equitable share (based on the Common Charges paid by Tenant with respect
to which the refund was received) of the refund. The provisions of this Section 49.03 shall survive the expiration or sooner
termination of the Term of this Lease.

 

49.04         In
no event shall the Fixed Annual Rent under this Lease be reduced by virtue of this Article 49.

 

49.05         Upon
the date of any expiration or termination of this Lease (except termination because of Tenant’s default), (i) if Tenant shall
not already paid a proportionate share of said Additional Rent for the Operating Year during which such expiration or termination
occurs, then the same shall immediately become due and payable by Tenant to Landlord and (ii) if Tenant shall have already paid
said Additional Rent for Common Charges for a period extending beyond the date of such expiration or termination of this Lease,
then Tenant shall be entitled to a proportionate refund thereof from Landlord within thirty (30) days of such expiration or termination.
If Landlord is entitled to a payment of Additional Rent pursuant to clause (i) above, then the proportionate share shall be based
upon the length of time that this Lease shall have been in existence during such Operating Year and if Tenant shall be entitled
to a refund of Additional Rent pursuant to clause (ii) above, then the proportionate share shall be based upon the length of time
that his Lease shall not be in existence during such Operating Year. Landlord shall promptly cause statements of said Additional
Rent for that Operating Year to be prepared and furnished to Tenant. Landlord and Tenant shall thereupon make appropriate adjustments
of amounts then owing. The provisions of this Section 49.05 shall survive the expiration or sooner termination of the Term
of this Lease.         

 

ARTICLE
50

TENANT’S SELF-HELP RIGHTS

 

50.01         Subject
to the provisions of this Article 50, if Landlord fails to provide on a timely basis in accordance with the provisions of
this Lease any item of maintenance, repair or service (including utilities) with respect to (i) items that are exclusively located
within the Premises, and (ii) items which exclusively serve the Premises, in each case which do not affect the exterior of the
Building or Building Systems (other than a horizontal extension of a base Building System located within and exclusively serving
the Premises, such as a pipe running horizontally from a main plumbing line to a sink in a core bathroom), and in any such case
such failure by Landlord is not the result of a Tenant Delay or an Unavoidable Delay, Tenant shall have the right (but not the
obligation) to perform and fulfill Landlord’s obligation with respect thereto. The extent of the work performed by Tenant
in curing any such Landlord default shall not exceed the work that is reasonably necessary to effectuate such remedy and the cost
of such work shall be reasonably prudent and economical under the circumstances. Notwithstanding anything to the contrary contained
herein, Tenant shall not be entitled to cure any failure of Landlord if (A) such cure requires access to the premises of other
tenants or occupants of the Building, or (B) the performance of such cure would impair or disrupt services to the tenants of the
Building (in each case other than to a de minimis extent). The defaults of Landlord that Tenant is permitted to cure in
accordance with the provisions of this Section 50.01 are hereinafter collectively referred to as “Self-Help Items”.

 

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50.02         (a)          If
Tenant believes that Landlord has failed to perform any Self-Help Item as required by this Lease, Tenant may give Landlord a notice
(a “Self-Help Notice”) of Tenant’s intention to perform such Self-Help Item on Landlord’s behalf,
which notice shall contain a statement in bold type and capital letters at the top of such notice stating “THIS IS A TIME
SENSITIVE SELF HELP NOTICE AND LANDLORD SHALL BE DEEMED TO WAIVE ITS RIGHTS IF IT FAILS TO RESPOND IN THE TIME PERIOD PROVIDED”
as a condition to the effectiveness thereof. If Landlord fails within thirty (30) days after Tenant gives such Self-Help Notice
(or within seven (7) Business Days after Tenant gives such Self-Help Notice in the event of an emergency that is causing a material
disruption of Tenant’s business) to either (i) commence (and thereafter continue to diligently perform) the cure of such
Self-Help Item or (ii) give a notice to Tenant (a “Landlord’s Self-Help Dispute Notice”) disputing in
good faith Tenant’s right to perform the cure of such Self-Help Item pursuant to the terms of this Article 50, then
Tenant shall have the right, but not the obligation, to commence and thereafter diligently prosecute the cure of such Self-Help
Item in accordance with the provisions of this Article 50 at any time thereafter, but prior to the date on which Landlord
either commences to cure such Self-Help Item or gives to Tenant a Landlord’s Self-Help Dispute Notice. If either (A) within
such thirty (30) day period (or seven (7) Business Day period, if applicable) or at any time thereafter prior to the date on which
Tenant commences to cure such Self-Help Item, Landlord gives a Landlord’s Self-Help Dispute Notice, or (B) Tenant disputes
whether Landlord has commenced to cure or is diligently proceeding with the cure of such Self-Help Item, Tenant may commence an
expedited arbitration proceeding pursuant to Article 51 (a “Self-Help Arbitration”). Such Self-Help Arbitration
shall determine either (1) whether Landlord has failed to commence or has been and is then continuing to fail to diligently prosecute
the Self-Help Item in question or (2) whether Tenant has the right pursuant to the terms of this Article 50 to cure such
Self-Help Item. If Tenant shall prevail in such Self-Help Arbitration, Tenant may perform the cure of such Self-Help Item. Upon
completion of the cure of such Self-Help Item, as provided herein, by Tenant, Tenant shall give notice thereof (the “Self-Help
Item Completion Notice”) to Landlord together with a copy of paid invoices setting forth the reasonable out-of-pocket
costs and expenses incurred by Tenant to complete such Self-Help Item taking into account the circumstances of such Self-Help Item
(the “Self-Help Amount”). Landlord shall reimburse Tenant in the amount of the Self-Help Amount within thirty
(30) days after Tenant gives to Landlord the Self-Help Item Completion Notice, together with interest thereon at the Interest Rate
from the date same were incurred through the date of reimbursement.

 

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(b)          If
Landlord fails to reimburse Tenant for any Self-Help Amount which Landlord is required to pay hereunder in accordance with Section
50.02(a) then, provided Tenant is not in default under this Lease beyond any applicable cure or grace period, Tenant shall
have the right to have such unpaid amount credited against the next installment(s) of Fixed Annual Rent thereafter becoming due
under this Lease, provided Tenant first gives at least seven (7) Business Days’ notice to Landlord in connection therewith,
which notice shall state in bold type and capital letters at the top of such notice “THIS IS A TIME SENSITIVE OFFSET NOTICE
AND LANDLORD SHALL BE DEEMED TO ACCEPT SUCH OFFSET IF IT FAILS TO RESPOND IN THE TIME PERIOD PROVIDED” as a condition
to the effectiveness thereof. Within the seven (7) Business Day period described above, Landlord may dispute, in good faith, Tenant’s
right to such credit by providing written notice thereof to Tenant, in which case Tenant shall not be entitled to such offset pending
the resolution of such dispute. If Landlord fails to dispute such credit within the seven (7) Business Day period described above
and fails to pay such Self-Help Amount prior to the expiration of the seven (7) Business Day period, Tenant shall be entitled to
take such credit against the next installment(s) of Fixed Annual Rent thereafter becoming due under this Lease. Any dispute arising
under this Section 50.02(b) shall be resolved by expedited arbitration pursuant to Article 51.

 

50.03         Tenant
shall diligently prosecute any Self-Help Item to completion in accordance with all Applicable Laws and provisions of this Lease
(except for the requirements of this Lease that Tenant obtains Landlord’s approval or consent to the work in question or
the contractors or subcontractors that will perform such work). Anything to the contrary herein notwithstanding, Tenant shall reasonably
coordinate the performance of Building System Self-Help Items with Landlord, pursuant to the Alteration Rules and Regulations and
perform such work pursuant to Article 8 (other than the requirements therein requiring Tenant to obtain consent to the work
in question or to the contractors or subcontractors that with perform such work).

 

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ARTICLE
51

EXPEDITED ARBITRATION

 

51.01         In
the event of any dispute under this Lease with respect to whether Landlord has unreasonably withheld, conditioned or delayed its
consent in any instance when Landlord’s consent was not to be unreasonably withheld or delayed (including, without limitation,
with respect to any proposed assignment or subletting pursuant to Article 4 and/or to any Alterations pursuant to Article
8, or with respect to any other matter hereunder that may expressly be resolved by expedited arbitration pursuant to this Article
51), either party shall have the right to submit such dispute to arbitration in the City of New York under the expedited procedures
of the Commercial Arbitration Rules of the American Arbitration Association (presently Rules E-1 through E-10); provided, however,
that with respect to any such arbitration, (i) the list of arbitrators referred to in Rule E-4 shall be returned within five (5)
days from the date of mailing; (ii) the parties shall notify the American Arbitration Association by telephone, within four (4)
days of any objections to the arbitrator appointed and will have no right to object if the arbitrator so appointed was on the list
submitted by the American Arbitration Association and was not objected to in accordance with Rule E-4; (iii) the Notice of Hearing
referred to in Rule E-7 shall be four (4) days in advance of the hearing; (iv) the hearing shall be held within five (5) days after
the appointment of the arbitrator; (v) the arbitrator shall have no right to award damages; and (vi) the decision and award of
the arbitrator shall be final and conclusive on the parties. The time periods set forth in this Article 51 are of the essence.
If any party fails to appear at a duly scheduled and noticed hearing for any reason other than an Unavoidable Delay, the arbitrator
is hereby expressly authorized to enter judgment for the appearing party. The arbitrators conducting any arbitration shall be bound
by the provisions of this Lease and shall not have the power to add to, subtract from, or otherwise modify such provisions. Landlord
and Tenant agree to sign all reasonable documents and to do all other things reasonably necessary to submit any such matter to
arbitration and further agree to, and hereby do, waive any and all rights they or either of them may at any time have to revoke
their agreement hereunder to submit to arbitration and to abide by the decision rendered thereunder which shall be binding and
conclusive on the parties and shall constitute an “award” by the arbitrator within the meaning of the American Arbitration
Association rules and Applicable Laws. Judgment may be had on the decision and award of the arbitrators so rendered in any court
of competent jurisdiction. Each arbitrator shall be a qualified, disinterested and impartial person who shall have had at least
ten years’ experience in New York City in a calling connected with the matter of the dispute. Landlord and Tenant shall each
have the right to appear and be represented by counsel before said arbitrators and to submit such data and memoranda in support
of their respective positions in the matter in dispute as may be reasonably necessary or appropriate under the circumstances. Each
party hereunder shall pay its own costs, fees and expenses in connection with any arbitration or other action or proceeding brought
under this Article 51, and the expenses and fees of the arbitrators selected shall be shared equally by Landlord and Tenant;
provided, that, to the extent the arbitrator determines that a party significantly prevailed in a dispute, all of the actual reasonable
out-of-pocket costs incurred by such party in connection with such arbitration shall be borne by the unsuccessful party; it being
understood and agreed that the mere fact that the arbitrator may rule in the favor of a particular party shall not mean per se
that such party prevailed “significantly” on the matter which is the subject of dispute. Notwithstanding any contrary
provisions hereof, Landlord and Tenant agree that (i) the arbitrators may not award or recommend any damages to be paid by either
party and (ii) in no event shall either party be liable for, nor shall either party be entitled to recover, any damages. Neither
party shall have ex parte communications with any arbitrator selected under this Article 51 following his or her selection
and pending completion of the arbitration hereunder.

 

ARTICLE
52

Connection rights

 

52.01         Notwithstanding
anything to the contrary contained in this Lease, Tenant shall have the right, from time to time, to use space in the Building’s
existing risers for the purposes of connecting Tenant’s equipment located within the Premises to Tenant’s equipment
located in Tenant’s or Tenant’s affiliates condominium unit in the Building and to any other areas in or on the Building,
including, without limitation, the roof thereof, where Tenant or its affiliates’ equipment is permitted to be located as
a result of such entity’s ownership of the condominium unit within the Building.

 

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ARTICLE
53

REIT/UBTI COMPLIANCE

 

53.01         It
is the intention of Landlord and Tenant that Rent and all sums, charges, or amount of whatever nature under this Lease (“Lease
Payments”) payable to Landlord shall qualify as “rents from real property” under both the Internal Revenue
Code § 512(b)(3) and § 856(d) and all related statutes, regulations, revenue rulings, interpretations, and other official
pronouncements, all as in effect from time to time. If Landlord has been advised in writing (and a copy of such writing is sent
to Tenant) by its tax advisors that a change or potential change in law, interpretation or position regarding the Lease Payments
under Internal Revenue Code § 512(b)(3) and/or § 856(d) creates a significant risk that such Lease Payments no longer
qualify as “rents from real property”, then Landlord shall  provide Tenant with notice of such change or potential
change (together with a reasonable written explanation of such tax risk) and shall request reasonable adjustments to the calculation
of the Lease Payments or to other related provisions of the Lease in order to mitigate such tax risk.  Any such adjustment
shall be subject to the Tenant’s consent, provided that any such consent shall not be unreasonably withheld, conditioned
or delayed and provided further, except as provided below, it shall be unreasonable for Tenant to withhold its consent if such
adjustments, in the aggregate, produce Lease Payments that are economically equivalent to the Tenant both before and after the
adjustments and do not otherwise adversely affect the rights of Tenant under the Lease.  Tenant shall not be required to consent
to such adjustments if such adjustments adversely affect the manner in which Tenant treats or accounts for the Lease Payments for
accounting or financial reporting purposes or that compliance with such adjustments would subject Tenant to regulatory or governmentally
imposed restrictions. Tenant shall execute such documents as Landlord reasonably requires to make such adjustments to the Lease
Payments in conformity with this Section 8.29 provided such documents are reasonably satisfactory to Tenant.  Landlord
shall reimburse Tenant for any and all costs incurred by Tenant as a result of such adjustments including without limitation all
reasonable legal and accounting fees, costs and expenses incurred by Tenant as a result of Landlord’s request for such adjustment.
If any service required or permitted to be performed by Landlord pursuant to this Lease results in “impermissible tenant
service” income under Section 856 or unrelated business taxable income, then, in lieu of the Landlord, such service may be
performed by a taxable REIT subsidiary that is affiliated with either Landlord or Landlord’s property manager, an independent
contractor of Landlord or Landlord’s property manager (the “Service Provider”).  If Tenant is subject
to a charge under this Lease for any such service (or otherwise incurs costs in respect of such change in service), then, at Landlord’s
direction, Tenant will pay such charge either to Landlord for further payment to the Service Provider or directly to the Service
Provider, and, in either case, (a) Landlord will credit such payment against Additional Charges due from Tenant under this Lease
for such service, and (b) such payment to the Service Provider will not relieve Landlord from any obligation under this Lease concerning
the provisions of such service.

 

    	61

    	 

    

 

IN WITNESS WHEREOF,
the said Landlord, and Tenant have duly executed this Lease as of the day and year first above written.

 

	 	LANDLORD:
	 	 
	 	LEGACY YARDS TENANT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	TENANT:
	 	 
	 	[COACH, INC.]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT
A

 

FLOOR
PLANS

 

[See attached]

 

    	 

    	 

    

 

EXHIBIT
B

 

FIXED
ANNUAL RENT 

 

[To incorporate final agreed-upon
determination in accordance with the Option Agreement]

 

    	 

    	 

    

 

EXHIBIT
C

 

RULES
AND REGULATIONS

 

IN CASE OF ANY CONFLICT
OR INCONSISTENCY BETWEEN ANY PROVISIONS OF THIS LEASE AND ANY OF THE RULES AND REGULATIONS AS ORIGINALLY OR AS HEREAFTER ADOPTED,
THE PROVISIONS OF THIS LEASE SHALL CONTROL.

 

1.          Except
for Tenant’s or its affiliate’s exclusive entrances, corridors, elevators and escalators in connection with Tenant’s
or its affiliate’s ownership of the Coach Unit, the rights of each tenant in the entrances, corridors, elevators and escalators
servicing the Building are limited to ingress and egress from such tenant’s premises for the tenant and its employees, licensees
and invitees, and no tenant shall use, or permit the use of, the entrances, corridors, escalators or elevators for any other purpose.
No tenant shall invite to the tenant’s premises, or permit the visit of, persons in such numbers or under such conditions
as to interfere with the use and enjoyment of any of the plazas, entrances, corridors, escalators, elevators and other facilities
of the Building by any other tenants. Tenant shall have the right to use the fire exits and stairways connection the Premises and
the Coach Unit for ingress and egress subject to compliance with applicable Laws and all other fire exits and stairways are for
emergency use only, and they shall not be used for any other purpose by the tenants, their employees, licensees or invitees. No
tenant shall encumber or obstruct, or permit the encumbrance or obstruction of, any of the sidewalks, plazas, entrances, corridors,
escalators, elevators, fire exits or stairways of the Building. Landlord reserves the right to control and operate the public portions
of the Building and the public facilities, as well as facilities furnished for the common use of the tenants, in such manner as
it in its reasonable judgment deems best for the benefit of the tenants generally, other than Tenant’s or its affiliate’s
exclusive entrances, corridors, elevators and escalators in connection with Tenant’s or its affiliate’s ownership of
the Coach Unit.

 

2.          Landlord
may refuse admission to the Building outside of Business Hours on Business Days to any person not known to the watchman in charge
or not having a pass issued by Landlord or the tenant whose premises are to be entered or not otherwise properly identified, and
Landlord may require all persons admitted to or leaving the Building to provide appropriate identification. Tenant shall be responsible
for all persons for whom it issues any such pass and shall be liable to Landlord for all acts or omissions of such persons. Any
person whose presence in the Building at any time shall, in the judgment of Landlord, be prejudicial to the safety, character or
reputation of the Building or of its tenants may be ejected therefrom. During any invasion, riot, public excitement or other commotion,
Landlord may prevent all access to the Building by closing the doors or otherwise for the safety of the tenants and protection
of property in the Building.

 

3.          Intentionally
omitted.

 

4.          No
awnings or other projections shall be attached to the outside walls of the Building. No curtains, blinds, shades or screens which
are different from the standards adopted by Landlord for the Building shall be attached to or hung in, or used in connection with,
any exterior window or door of the premises of any tenant, without the prior written consent of Landlord. Such curtains, blinds,
shades or screens must be of a quality, type, design and color, and attached in the manner approved by Landlord, which approval
shall not be unreasonably withheld.

    	Exhibit C - 1

    	 

    

 

5.          No
lettering, sign, advertisement, notice or object shall be displayed in or on the exterior windows or doors, or on the outside of
any tenant’s premises, or at any point inside any tenant’s premises where the same might be visible outside of such
premises, without the prior written consent of Landlord. In the event of the violation of the foregoing by any tenant, Landlord
may remove the same without any liability, and may charge the expense incurred in such removal to the tenant violating this rule.
Interior signs, elevator cab designations and lettering on doors and the Building directory shall, if and when approved by Landlord,
be inscribed, painted or affixed for each tenant by Landlord at the expense of such tenant, and shall be of a size, color and style
reasonably acceptable to Landlord.

 

6.          The
sashes, sash doors, skylights, windows and doors that reflect or admit light and air into the halls, passageways or other public
places in the Building shall not be covered or obstructed by any tenant, nor shall any bottles, parcels or other articles be placed
on the window sills or on the peripheral air conditioning enclosures, if any.

 

7.          No
showcases or other articles shall be put in front of or affixed to any part of the exterior of the Building, nor placed in the
common halls, corridors or vestibules.

 

8.          No
vehicles (other than bicycles in accordance with Landlord’s rules therefor), animals, fish or birds of any kind (other than
service animals permitted in accordance with applicable Laws) shall be brought into or kept in or about the premises of any tenant
or the Building.

 

9.          No
noise, including, without limitation, music or the playing of musical instruments, recordings, radios or television, which, in
the reasonable judgment of Landlord, might disturb other tenants in the Building, shall be made or permitted by any tenant. Nothing
shall be done or permitted in the premises of any tenant which would impair or interfere with the use or enjoyment by any other
tenant of any space in the Building.

 

10.        No
tenant, nor any tenant’s contractors, employees, agents, visitors or licensees, shall at any time bring into or keep upon
the premises or the Building any inflammable, combustible, explosive, or otherwise hazardous or dangerous fluid, chemical, substance
or material; provided, that Tenant may use and store in the Premises inflammable, combustible, explosive or otherwise hazardous
or dangerous fluids, chemicals, substances or materials that are typically used and stored in the ordinary course of business of
an office tenant using its office for the Permitted Use in a building comparable to the Building, provided that the use, storage
and disposal of such items is at all times in compliance with all Laws and in such quantities that are no larger than those customarily
used by office tenants in a building comparable to the Building.

 

    	Exhibit C - 2

    	 

    

 

 

11.        Additional
locks or bolts of any kind which shall not be operable by the Grand Master Key for the Building shall not be placed upon any of
the doors or windows by any tenant, nor shall any changes be made in locks or the mechanism thereof which shall make such locks
inoperable by said Grand Master Key unless Tenant provides Landlord with a key that shall be operable. Each tenant shall, upon
the termination of its tenancy, turn over to Landlord all keys of stores, offices and toilet rooms, either furnished to, or otherwise
procured by, such tenant, and in the event of the loss of any keys furnished by Landlord, such tenant shall pay to Landlord the
cost thereof.

 

12.        Unless
Tenant shall be utilizing Tenant’s or its affiliate’s exclusive freight elevator in the Building, all removals, or
the carrying in or out of any safes, freight, furniture, packages, boxes, crates or any other object or matter of any description
must take place during such hours and in such elevators, and in such manner as Landlord or its agent may reasonably determine from
time to time. The persons employed to move safes and other heavy objects shall be reasonably acceptable to Landlord and, if so
required by law, shall hold a Master Rigger’s license. Unless Tenant shall be utilizing Tenant’s or its affiliate’s
exclusive freight elevator in the Building, arrangements will be made by Landlord with any tenant for moving large quantities of
furniture and equipment into or out of the Building. All reasonable, out-of-pocket labor and engineering costs incurred by Landlord
in connection with any moving specified in this rule shall be paid by tenant to Landlord, within 30 days after demand.

 

13.        Landlord
reserves the right to inspect all objects and matter to be brought into the Building and to exclude from the Building all objects
and matter which violate any of these Rules and Regulations or the lease of which this Exhibit is a part. Landlord may require
any person leaving the Building with any package or other object or matter to submit a pass, listing such package or object or
matter, from the tenant from whose premises the package or object or matter is being removed, but the establishment and enlargement
of such requirement shall not impose any responsibility on Landlord for the protection of any tenant against the removal of property
from the premises of such tenant. Landlord shall in no way be liable to any tenant for damages or loss arising from the admission,
exclusion or ejection of any person to or from the premises or the Building under the provisions of this Rule, Rule 2 or Rule 31
hereof.

 

14.        No
tenant shall occupy or permit any portion of its premises to be occupied as an office for a public stenographer or public typist,
or for the possession, storage, manufacture, or sale of liquor, narcotics, dope, tobacco in any form. No tenant shall use, or permit
its premises or any part thereof to be used, for manufacturing, other than Tenant’s manufacturing of sample products in the
ordinary course of its business and in compliance with applicable Laws.

 

15.        Landlord
shall have the right to prohibit any advertising or identifying sign by any tenant which, in Landlord’s reasonable judgment,
tends to impair the reputation of the Building or its desirability as a building for others, and upon written notice from Landlord,
such tenant shall refrain from and discontinue such advertising or identifying sign.

 

16.        Landlord
shall have the right to prescribe the weight and position of safes and other objects of excessive weight, and no safe or other
object whose weight exceeds the lawful load for the area upon which it would stand shall be brought into or kept upon any tenant’s
premises. If, in the reasonable judgment of Landlord, it is necessary to distribute the concentrated weight of any heavy object,
the work involved in such distribution shall be done at the expense of the tenant and in such manner as Landlord shall determine.

 

    	Exhibit C - 3

    	 

    

 

17.        No
machinery or mechanical equipment other than ordinary portable business machines may be installed or operated in any tenant’s
premises without Landlord’s prior written consent which consent shall not be unreasonably withheld or delayed, and in no
case (even where the same are of a type so excepted or as so consented to by Landlord) shall any machines or mechanical equipment
be so placed or operated as to disturb other tenants; but machines and mechanical equipment which may be permitted to be installed
and used in a tenant’s premises shall be so equipped, installed and maintained by such tenant as to prevent any disturbing
noise, vibration or electrical or other interference from being transmitted from such premises to any other area of the Building.

 

18.        Landlord,
its contractors, and their respective employees shall have the right to use, without charge therefor, all light, power and water
in the premises of any tenant while cleaning or making repairs or alterations in the premises of such tenant.

 

19.        No
premises of any tenant shall be used for lodging of sleeping or for any immoral or illegal purpose.

 

20.        The
requirements of tenants will be attended to only upon application at the office of the Building. Employees of Landlord shall not
perform any work or do anything outside of their regular duties, unless under special instructions from Landlord.

 

21.        Canvassing,
soliciting and peddling in the Building are prohibited and each tenant shall cooperate to prevent the same.

 

22.        Tenant
shall not cause or permit any unusual or objectionable fumes, vapors or odors to emanate from the Premises which would annoy other
tenants or create a public or private nuisance. No cooking shall be done in the Premises except as is expressly permitted in the
Lease.

 

23.        Nothing
shall be done or permitted in any tenant’s premises, and nothing shall be brought into or kept in any tenant’s premises,
which would impair or interfere with any of the Building’s services or the proper and economic heating, ventilating, air
conditioning, cleaning or other servicing of the Building or the premises, or the use or enjoyment by any other tenant of any other
premises, nor shall there be installed by any tenant any ventilating, air conditioning, electrical or other equipment of any kind
which, in the reasonable judgment of Landlord, might cause any such impairment or interference.

 

24.        No
acids, vapors or other materials shall be discharged or permitted to be discharged into the waste lines, vents or flues of the
Building which may damage them. The water and wash closets and other plumbing fixtures in or serving any tenant’s premises
shall not be used for any purpose other than the purposes of which they were designed or constructed, and no sweepings, rubbish,
rags, acids or other foreign substances shall be deposited therein. All damages resulting from any misuse of the fixtures shall
be borne by the tenant who, or whose servants, employees, agents, visitors or licensees shall have, caused the same. Any cuspidors
or containers or receptacles used as such in the premises of any tenant, or for garbage or similar refuse, shall be emptied, cared
for and cleaned by and at the expense of such tenant.

 

    	Exhibit C - 4

    	 

    

  

25.        All
entrance doors in each tenant’s premises shall be left locked by the tenant when the tenant’s premises are not in use.
Entrance doors shall not be left open at any time. Each tenant, before closing and leaving its premises at any time, shall turn
out all lights.

 

26.        Hand
trucks not equipped with rubber tires and side guards shall not be used within the Building.

 

27.        All
blinds in each tenant’s premises above the ground floor shall be lowered as reasonably required because of the position of
the sun, during the operation of the Building air-conditioning system to cool or ventilate the tenant’s premises. If Landlord
shall elect to install any energy saving film on the windows of the Premises or to install energy saving windows in place of the
present windows, tenant shall cooperate with the reasonable requirements of Landlord in connection with such installation and thereafter
the maintenance and replacement of the film and/or windows and permit Landlord to have access to the tenant’s premises at
reasonable times during Business Hours to perform such work.

 

28.        If
the Premises be or become infested with vermin as a result of the use or any misuse or neglect of the Premises by Tenant, its agents,
employees, visitors or licensees, Tenant shall at Tenant’s expense cause the same to be exterminated from time to time to
the reasonable satisfaction of Landlord and shall employ such exterminators and such exterminating company or companies as shall
be designated by Landlord, or if none is so designated as reasonably approved by Landlord.

 

29.        All
messenger deliveries to the Premises between the hours of 6:00 a.m. and 8:30 p.m. on Business Days shall be processed through the
Messenger Center and all messengers arriving during such hours shall be required to bring deliveries to the Messenger Center. All
messengers making deliveries to the Premises at other hours shall bring such deliveries to the Building’s Visitors’
Desk.

 

30.        All
deliveries to the Building loading docks shall be scheduled by Tenant with the appropriate Landlord personnel at least 24 hours
in advance.

 

31.        All
vehicles entering the Building loading docks are subject to screening and inspection by Landlord’s personnel prior to entrance
to the loading dock area. Rule 2 above shall apply to all persons and vehicles seeking entrance to the loading dock area.

 

    	Exhibit C - 5

    	 

    

 

EXHIBIT D

 

FORM OF GUARANTY

 

AGREEMENT AND GUARANTY

 

AGREEMENT AND GUARANTY
(this “Guaranty”) made as of [_________ __, 20__], by COACH, INC., a Maryland corporation,
having an address at [______________ _____________________] (“Guarantor”), to [LEGACY YARDS TENANT LLC,
a Delaware limited liability company] having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York
10023 (“Landlord”).

 

WITNESSETH:

 

WHEREAS:

 

A.          Landlord
has been requested by Coach Legacy Yards LLC, a Delaware limited liability company (“Tenant”), to enter into
a Lease, dated as of the date hereof (the “Lease”), whereby Landlord would lease to Tenant, and Tenant would
rent from Landlord, the [entire rentable area of the _____ (__th) floor], as more particularly described in the Lease (the “Premises”),
in the building known as Tower C Condominium, located at ______________________ in New York, New York.

 

B.           Guarantor
owns, directly or indirectly, an interest in Tenant, and will derive substantial benefit from the execution and delivery of the
Lease.

 

C.           Guarantor
acknowledges that Landlord would not enter into the Lease unless this Guaranty accompanied the execution and delivery of the Lease.

 

NOW, THEREFORE,
in consideration of the execution and delivery of the Lease and of other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, Guarantor covenants and agrees as follows:

 

1.       
    Definitions. Defined terms used in this Guaranty and not otherwise defined shall have the meanings
assigned to them in the Lease.

 

2.       
    Covenants of Guarantor.

 

(a)          Guarantor
absolutely, unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety: (i) the full and
prompt payment of all Fixed Annual Rent and Additional Rent and all other sums and charges payable by Tenant under the Lease, and
(ii) the full and timely performance of all covenants, terms, conditions, obligations and agreements to be performed by Tenant
under the Lease (all of the obligations described in clauses (i) and (ii), collectively, the “Obligations”).
If a default shall occur under the Lease and be continuing beyond any applicable notice, grace or cure periods thereunder (subject,
in the event of any disputes between Landlord and Tenant, to the resolution thereof pursuant to the terms of the Lease), Guarantor
will, upon demand, promptly pay and perform all of the Obligations, and pay to Landlord when due all Fixed Annual Rent and Additional
Rent payable by Tenant under the Lease, together with all damages, costs and expenses to which Landlord is entitled pursuant to
the Lease.

 

    	Exhibit D - 1

    	 

    

 

(b)          Guarantor
agrees with Landlord that (i) any action, suit or proceeding of any kind or nature whatsoever (an “Action”)
commenced by Landlord against Guarantor to collect Fixed Annual Rent and Additional Rent and any other sums and charges due under
the Lease for any month or months shall not prejudice in any way Landlord’s rights to collect any such amounts due for any
subsequent month or months in any subsequent Action, (ii) Landlord may, at its option, without prior notice, upon demand (other
than any notice or demand required by Applicable Laws), join Guarantor in any Action against Tenant in connection with or based
upon the Lease or any of the Obligations, (iii) Landlord may seek and obtain recovery against Guarantor in an Action against
Tenant in which Guarantor is joined as a party or in any independent Action against Guarantor without Landlord first asserting,
prosecuting, or exhausting any remedy or claim against Tenant or against any security of Tenant held by Landlord under the Lease,
and (iv) Guarantor will be conclusively bound in any jurisdiction by a judgment in any Action by Landlord against Tenant,
as if Guarantor were a party to such Action, even though Guarantor is not joined as a party in such Action.

 

3.            Guarantor’s
Obligations Unconditional.

 

(a)          This
Guaranty is an absolute and unconditional guaranty of payment and of performance, and not of collection, and shall be enforceable
against Guarantor without the necessity of the commencement by Landlord of any Action against Tenant, and without the necessity
of any notice of nonpayment, nonperformance or nonobservance, or any notice of acceptance of this Guaranty, or of any other notice
or demand to which Guarantor might otherwise be entitled, all of which Guarantor hereby expressly waives in advance, other than
any notice or demand otherwise provided for under this Guaranty.

 

(b)          If
the Lease is renewed or the Term thereof extended for any time period beyond the Expiration Date, whether pursuant to an option
granted under the Lease or otherwise, or if Tenant hold over beyond the Expiration Date, the obligations of Guarantor hereunder
shall extend and apply to the full and faithful performance and observance of all of the Obligations under the Lease during any
such renewal, extension or holdover period.

 

(c)          This
Guaranty is a continuing guarantee and will remain in full force and effect notwithstanding, and the liability of Guarantor hereunder
shall be absolute and unconditional irrespective of: (i) any modifications or amendments of the Lease, (ii) any releases
or discharges of Tenant other than the full release and complete discharge of all of the Obligations, (iii) any extension
of time that may be granted by Landlord to Tenant, (iv) any assignment or transfer of all or any part of Tenant’s interest
under the Lease, (v) any subletting of the Premises, (vi) any changed or different use of the Premises, (vii) any
other dealings or matters occurring between Landlord and Tenant, (viii) the taking by Landlord of any additional guarantees
from other persons or entities, (ix) the releasing by Landlord of any other guarantor, (x) Landlord’s release of
any security provided under the Lease, or (xi) Landlord’s failure to perfect any landlord’s lien or other security
interest available under Applicable Laws. Guarantor hereby consents, prospectively, to Landlord’s taking or entering into
any or all of the foregoing actions.

 

    	Exhibit D - 2

    	 

    

  

(d)          This
Guaranty shall be effective as of the Commencement Date and shall remain in full force and effect, irrespective of whether or not
Tenant shall have entered into possession of the Premises and notwithstanding any delays or failure to occur of such entry into
possession.

 

(e)          Notwithstanding
the provisions of this Section 3, if Tenant shall have assigned the Lease to a Person which is not an Affiliate of Tenant
in accordance with the terms of the Lease, no modification of such Lease made subsequent to such assignment without the written
consent of Guarantor shall operate to increase the Obligations of Guarantor under this Guaranty beyond the obligations set forth
in the Lease as of the date of such assignment or to which Guarantor has consented in writing following the date of such assignment.

 

4.            Waivers
of Guarantor.

 

(a)          Guarantor
waives (i) notice of acceptance of this Guaranty, (ii) notice of any actions taken by Landlord or Tenant under the Lease
or any other agreement or instrument relating thereto, (iii) notice of any and all defaults by Tenant in the payment of all
Fixed Annual Rent and Additional Rent or other charges, or of any other defaults by Tenant under the Lease, (iv) all other
notices, demands and protests, and all other formalities of every kind in connection with the enforcement of the Obligations, omission
of or delay in which, but for the provisions of this Section 4, might constitute grounds for relieving Guarantor of its
obligations hereunder, and (v) any requirement that Landlord protect, secure, perfect or insure any security interest or lien,
or any property subject thereto, or exhaust any right or take any action against Tenant or any other Person or any collateral.

 

(b)          Guarantor
waives trial by jury of any and all issues arising in any Action upon, under or in connection with this Guaranty, the Lease, the
Obligations, and any and all negotiations or agreements in connection therewith.

 

5.            Subrogation.
Guarantor waives and disclaims any claim or right against Tenant by way of subrogation or otherwise in respect of any payment that
Guarantor may be required to make hereunder, to the extent that such claim or right would cause Guarantor to be a “creditor”
of Tenant for purposes of the United States Bankruptcy Code (11 U.S.C. §101 et seq., as amended), or any other Federal,
state or other bankruptcy, insolvency, receivership or similar Applicable Laws. If any amount shall be paid to Guarantor on account
of such subrogation rights at any time when all of the Obligations shall not have been paid and performed in full, Guarantor shall
hold such amount in trust for Landlord and shall pay such amount to Landlord immediately following receipt by Guarantor, to be
applied against the Obligations, whether matured or unmatured, in such order as Landlord may determine. Guarantor hereby subordinates
any liability or indebtedness of Tenant now or hereafter held by Guarantor to the obligations of Tenant to Landlord under the Lease.

 

6.            Representations
and Warranties of Guarantor. Guarantor represents and warrants that:

 

(a)          Guarantor
is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland, is duly qualified
to do business in each jurisdiction where the conduct of its business requires such qualification, and has all requisite power
and authority to enter into and perform its obligations under this Guaranty.

 

    	Exhibit D - 3

    	 

    

  

(b)          The
execution, delivery and performance by Guarantor of this Guaranty does not and will not (i) contravene Applicable Laws or
any contractual restriction binding on or affecting Guarantor or any of its properties, or (ii) result in or require the creation
of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties.

 

(c)          No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body
is required for the due execution, delivery and performance by Guarantor of this Guaranty.

 

(d)          This
Guaranty is a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms.

 

(e)          There
is no action, suit or proceeding pending or threatened against or otherwise affecting Guarantor before any court or other governmental
authority or any arbitrator which may adversely affect Guarantor’s ability to perform its obligations under this Guaranty.

 

(f)           Guarantor’s
primary place of business is as first set forth above.

 

(g)          Guarantor
owns, directly or indirectly, an ownership interest in Tenant.

 

(h)          The
Guarantor has reviewed and approved the Lease and each of the documents, agreements and instruments executed and delivered in connection
with the Lease.

 

7.            Notices.
All consents, notices, demands, requests, approvals or other communications given under this Guaranty shall be given as provided
in the Lease, as follows:

 

(a)          if
to Guarantor at Guarantor’s address set forth on the first page of this Guaranty, Attention: Todd Kahn, with a copy to (i)
to Guarantor at Guarantor’s address set forth on the first page of this Guaranty, Attention: Mitchell Feinberg and (ii) Fried,
Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, Attention: Jonathan L. Mechanic
and Harry R. Silvera, Esqs.; and

 

(b)          if
to Landlord, at Landlord’s address set forth on the first page of this Guaranty, Attention: Richard O’Toole, and with
copies to (i) Oxford Properties Group, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 900, Toronto, Ontario M5J 2J2 130,
Attention: Chief Legal Officer; (ii) Michael, Levitt & Rubenstein, LLC, 60 Columbus Circle, 20th Floor, New York, New
York 10023, Attention: Bernard J. Michael, Esq.; and (iii) Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New York
10022, Attention: Stuart D. Freedman, Esq., or

 

to such other addresses as either Landlord
or Guarantor may designate by notice given to the other in accordance with the provisions of this Section 7.

 

    	Exhibit D - 4

    	 

    

  

8.            Consent
to Jurisdiction; Waiver of Immunities.

 

(a)          Guarantor
hereby irrevocably (i) submits to the jurisdiction of any New York State or Federal court sitting in New York City in any
Action arising out of or relating to this Guaranty, and (ii) agrees that all claims in respect of such Action may be heard
and determined in such New York State or Federal court. Guarantor hereby irrevocably appoints _________, with an office on the
date hereof at _______ ________, New York, New York (the “Process Agent”), as its agent to receive, on behalf
of Guarantor, service of copies of the summons and complaint and any other process which may be served in any such Action. Such
service may be made by mailing or delivering a copy of such process to Guarantor in care of the Process Agent at the Process Agent’s
address with a copy to Guarantor at its address specified in Section 7 hereof, and Guarantor hereby irrevocably authorizes and
directs the Process Agent to accept such service on its behalf. As an alternative method of service, Guarantor also irrevocably
consents to the service of any and all process in any such Action by the mailing of copies of such process to Guarantor at its
address specified in Section 7 hereof. Guarantor agrees that a final judgment in any such Action shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner permitted under Applicable Laws.

 

(b)          Guarantor
irrevocably waives, to the fullest extent permitted by Applicable Laws, and agrees not to assert, by way of motion, as a defense
or otherwise (i) any objection which it may have or may hereafter have to the laying of the venue of any such Action brought
in any of the courts described in Section 8(a), (ii) any claim that any such Action brought in any such court has been
brought in an inconvenient forum, or (iii) any claim that Guarantor is not personally subject to the jurisdiction of any such
courts. Guarantor agrees that final judgment in any such Action brought in any such court shall be conclusive and binding upon
Guarantor and may be enforced by Landlord in the courts of any state, in any federal court, and in any other courts having jurisdiction
over Guarantor or any of its property, and Guarantor agrees not to assert any defense, counterclaim or right of set-off in any
Action brought by Landlord to enforce such judgment.

 

(c)          Nothing
in this Section 8 shall limit or affect Landlord’s right to (i) serve legal process in any other manner permitted
by Applicable Laws, or (ii) bring any Action against Guarantor or its property in the courts of any other jurisdictions.

 

(d)          Guarantor
hereby irrevocably waives, with respect to itself and its property, any diplomatic or sovereign immunity of any kind or nature,
and any immunity from the jurisdiction of any court or from any legal process, to which Guarantor may be entitled, and agrees not
to assert any claims of any such immunities in any Action brought by Landlord under or in connection with this Guaranty. Guarantor
acknowledges that the making of such waivers, and Landlord’s reliance on the enforceability thereof, is a material inducement
to Landlord to enter into the Lease.

 

(e)          Guarantor
agrees to execute, deliver and file all such further instruments as may be necessary under the laws of the State of New York, in
order to make effective (i) the appointment of the Process Agent, (ii) the consent by Guarantor to jurisdiction of the
state courts of New York and the federal courts sitting in New York, and (iii) all of the other provisions of this Section
8.

 

    	Exhibit D - 5

    	 

    

  

9.            Miscellaneous.

 

(a)          The
provisions, covenants and guaranties of this Guaranty shall be binding upon Guarantor and its heirs, successors and assigns, and
shall inure to the benefit of Landlord and its successors and assigns, and shall not be deemed waived or modified unless such waiver
or modification is specifically set forth in writing, executed by Landlord or its successors and assigns, and delivered to Guarantor.

 

(b)          Whenever
the words “include”, “includes”, or “including” are used in this Guaranty, they shall be deemed
to be followed by the words “without limitation”, and, whenever the circumstances or the context requires, the singular
shall be construed as the plural, the masculine shall be construed as the feminine and/or the neuter and vice versa.
This Guaranty shall be interpreted and enforced without the aid of any canon, custom or rule of law requiring or suggesting construction
against the party drafting or causing the drafting of the provision in question.

 

(c)          The
provisions of this Guaranty shall be governed by and interpreted solely in accordance with the internal laws of the State of New
York, without giving effect to the principles of conflicts of law.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit D - 6

    	 

    

 

IN WITNESS WHEREOF,
Guarantor has signed this Guaranty effective as of the date first set forth above.

 

	 	COACH, INC., a Maryland corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

ACKNOWLEDGEMENT

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit D - 7

    	 

    

 

EXHIBIT E

 

Reserved.

 

    	Exhibit E

    	 

    

 

EXHIBIT F

 

Litigation Schedule

 

    	Exhibit F

    	 

    

 

EXHIBIT G

 

Form of Guaranty

 

AGREEMENT AND GUARANTY

 

AGREEMENT AND GUARANTY
(this “Guaranty”) made as of [_________ __, 20__], by COACH, INC., a Maryland corporation,
having an address at [______________ _____________________] (“Guarantor”), to [LEGACY YARDS TENANT LLC,
a Delaware limited liability company] having an address at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York
10023 (“Landlord”).

 

WITNESSETH:

 

WHEREAS:

 

A.          Landlord
has been requested by Coach Legacy Yards LLC, a Delaware limited liability company (“Tenant”), to enter into
a Lease, dated as of the date hereof (the “Lease”), whereby Landlord would lease to Tenant, and Tenant would
rent from Landlord, the [entire rentable area of the _____ (__th) floor], as more particularly described in the Lease (the “Premises”),
in the building known as Tower C Condominium, located at ______________________ in New York, New York.

 

B.           Guarantor
owns, directly or indirectly, an interest in Tenant, and will derive substantial benefit from the execution and delivery of the
Lease.

 

C.           Guarantor
acknowledges that Landlord would not enter into the Lease unless this Guaranty accompanied the execution and delivery of the Lease.

 

NOW, THEREFORE,
in consideration of the execution and delivery of the Lease and of other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, Guarantor covenants and agrees as follows:

 

1.         
  Definitions. Defined terms used in this Guaranty and not otherwise defined shall have the meanings assigned to
them in the Lease.

 

2.            Covenants
of Guarantor.

 

(a)          Guarantor
absolutely, unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety: (i) the full and
prompt payment of all Fixed Annual Rent and Additional Rent and all other sums and charges payable by Tenant under the Lease, and
(ii) the full and timely performance of all covenants, terms, conditions, obligations and agreements to be performed by Tenant
under the Lease (all of the obligations described in clauses (i) and (ii), collectively, the “Obligations”).
If a default shall occur under the Lease and be continuing beyond any applicable notice, grace or cure periods thereunder (subject,
in the event of any disputes between Landlord and Tenant, to the resolution thereof pursuant to the terms of the Lease), Guarantor
will, upon demand, promptly pay and perform all of the Obligations, and pay to Landlord when due all Fixed Annual Rent and Additional
Rent payable by Tenant under the Lease, together with all damages, costs and expenses to which Landlord is entitled pursuant to
the Lease.

 

    	Exhibit G

    	 

    

 

(b)          Guarantor
agrees with Landlord that (i) any action, suit or proceeding of any kind or nature whatsoever (an “Action”)
commenced by Landlord against Guarantor to collect Fixed Annual Rent and Additional Rent and any other sums and charges due under
the Lease for any month or months shall not prejudice in any way Landlord’s rights to collect any such amounts due for any
subsequent month or months in any subsequent Action, (ii) Landlord may, at its option, without prior notice, upon demand (other
than any notice or demand required by Applicable Laws), join Guarantor in any Action against Tenant in connection with or based
upon the Lease or any of the Obligations, (iii) Landlord may seek and obtain recovery against Guarantor in an Action against
Tenant in which Guarantor is joined as a party or in any independent Action against Guarantor without Landlord first asserting,
prosecuting, or exhausting any remedy or claim against Tenant or against any security of Tenant held by Landlord under the Lease,
and (iv) Guarantor will be conclusively bound in any jurisdiction by a judgment in any Action by Landlord against Tenant,
as if Guarantor were a party to such Action, even though Guarantor is not joined as a party in such Action.

 

3.           Guarantor’s
Obligations Unconditional.

 

(a)         This
Guaranty is an absolute and unconditional guaranty of payment and of performance, and not of collection, and shall be enforceable
against Guarantor without the necessity of the commencement by Landlord of any Action against Tenant, and without the necessity
of any notice of nonpayment, nonperformance or nonobservance, or any notice of acceptance of this Guaranty, or of any other notice
or demand to which Guarantor might otherwise be entitled, all of which Guarantor hereby expressly waives in advance, other than
any notice or demand otherwise provided for under this Guaranty.

 

(b)         If
the Lease is renewed or the Term thereof extended for any time period beyond the Expiration Date, whether pursuant to an option
granted under the Lease or otherwise, or if Tenant hold over beyond the Expiration Date, the obligations of Guarantor hereunder
shall extend and apply to the full and faithful performance and observance of all of the Obligations under the Lease during any
such renewal, extension or holdover period.

 

(c)         This
Guaranty is a continuing guarantee and will remain in full force and effect notwithstanding, and the liability of Guarantor hereunder
shall be absolute and unconditional irrespective of: (i) any modifications or amendments of the Lease, (ii) any releases
or discharges of Tenant other than the full release and complete discharge of all of the Obligations, (iii) any extension
of time that may be granted by Landlord to Tenant, (iv) any assignment or transfer of all or any part of Tenant’s interest
under the Lease, (v) any subletting of the Premises, (vi) any changed or different use of the Premises, (vii) any
other dealings or matters occurring between Landlord and Tenant, (viii) the taking by Landlord of any additional guarantees
from other persons or entities, (ix) the releasing by Landlord of any other guarantor, (x) Landlord’s release of
any security provided under the Lease, or (xi) Landlord’s failure to perfect any landlord’s lien or other security
interest available under Applicable Laws. Guarantor hereby consents, prospectively, to Landlord’s taking or entering into
any or all of the foregoing actions.

 

    	Exhibit G

    	 

    

 

(d)         This
Guaranty shall be effective as of the Commencement Date and shall remain in full force and effect, irrespective of whether or not
Tenant shall have entered into possession of the Premises and notwithstanding any delays or failure to occur of such entry into
possession.

 

(e)          Notwithstanding
the provisions of this Section 3, if Tenant shall have assigned the Lease to a Person which is not an Affiliate of Tenant
in accordance with the terms of the Lease, no modification of such Lease made subsequent to such assignment without the written
consent of Guarantor shall operate to increase the Obligations of Guarantor under this Guaranty beyond the obligations set forth
in the Lease as of the date of such assignment or to which Guarantor has consented in writing following the date of such assignment.

 

4.           Waivers
of Guarantor.

 

(a)          Guarantor
waives (i) notice of acceptance of this Guaranty, (ii) notice of any actions taken by Landlord or Tenant under the Lease
or any other agreement or instrument relating thereto, (iii) notice of any and all defaults by Tenant in the payment of all
Fixed Annual Rent and Additional Rent or other charges, or of any other defaults by Tenant under the Lease, (iv) all other
notices, demands and protests, and all other formalities of every kind in connection with the enforcement of the Obligations, omission
of or delay in which, but for the provisions of this Section 4, might constitute grounds for relieving Guarantor of its
obligations hereunder, and (v) any requirement that Landlord protect, secure, perfect or insure any security interest or lien,
or any property subject thereto, or exhaust any right or take any action against Tenant or any other Person or any collateral.

 

(b)          Guarantor
waives trial by jury of any and all issues arising in any Action upon, under or in connection with this Guaranty, the Lease, the
Obligations, and any and all negotiations or agreements in connection therewith.

 

5.            Subrogation.
Guarantor waives and disclaims any claim or right against Tenant by way of subrogation or otherwise in respect of any payment that
Guarantor may be required to make hereunder, to the extent that such claim or right would cause Guarantor to be a “creditor”
of Tenant for purposes of the United States Bankruptcy Code (11 U.S.C. §101 et seq., as amended), or any other Federal,
state or other bankruptcy, insolvency, receivership or similar Applicable Laws. If any amount shall be paid to Guarantor on account
of such subrogation rights at any time when all of the Obligations shall not have been paid and performed in full, Guarantor shall
hold such amount in trust for Landlord and shall pay such amount to Landlord immediately following receipt by Guarantor, to be
applied against the Obligations, whether matured or unmatured, in such order as Landlord may determine. Guarantor hereby subordinates
any liability or indebtedness of Tenant now or hereafter held by Guarantor to the obligations of Tenant to Landlord under the Lease.

 

6.            Representations
and Warranties of Guarantor. Guarantor represents and warrants that:

 

(a)          Guarantor
is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland, is duly qualified
to do business in each jurisdiction where the conduct of its business requires such qualification, and has all requisite power
and authority to enter into and perform its obligations under this Guaranty.

 

    	Exhibit G

    	 

    

 

(b)          The
execution, delivery and performance by Guarantor of this Guaranty does not and will not (i) contravene Applicable Laws or
any contractual restriction binding on or affecting Guarantor or any of its properties, or (ii) result in or require the creation
of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties.

 

(c)          No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body
is required for the due execution, delivery and performance by Guarantor of this Guaranty.

 

(d)         This
Guaranty is a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms.

 

(e)         There
is no action, suit or proceeding pending or threatened against or otherwise affecting Guarantor before any court or other governmental
authority or any arbitrator which may adversely affect Guarantor’s ability to perform its obligations under this Guaranty.

 

(f)           Guarantor’s
primary place of business is as first set forth above.

 

(g)          Guarantor
owns, directly or indirectly, an ownership interest in Tenant.

 

(h)          The
Guarantor has reviewed and approved the Lease and each of the documents, agreements and instruments executed and delivered in connection
with the Lease.

 

7.            Notices.
All consents, notices, demands, requests, approvals or other communications given under this Guaranty shall be given as provided
in the Lease, as follows:

 

(a)          if
to Guarantor at Guarantor’s address set forth on the first page of this Guaranty, Attention: Todd Kahn, with a copy to (i)
to Guarantor at Guarantor’s address set forth on the first page of this Guaranty, Attention: Mitchell Feinberg and (ii) Fried,
Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, Attention: Jonathan L. Mechanic
and Harry R. Silvera, Esqs.; and

 

(b)          if
to Landlord, at Landlord’s address set forth on the first page of this Guaranty, Attention: Richard O’Toole, and with
copies to (i) Oxford Properties Group, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 900, Toronto, Ontario M5J 2J2 130,
Attention: Chief Legal Officer; (ii) Michael, Levitt & Rubenstein, LLC, 60 Columbus Circle, 20th Floor, New York, New
York 10023, Attention: Bernard J. Michael, Esq.; and (iii) Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New York
10022, Attention: Stuart D. Freedman, Esq., or

 

to such other addresses as either Landlord
or Guarantor may designate by notice given to the other in accordance with the provisions of this Section 7.

 

    	Exhibit G

    	 

    

 

8.            Consent
to Jurisdiction; Waiver of Immunities.

 

(a)          Guarantor
hereby irrevocably (i) submits to the jurisdiction of any New York State or Federal court sitting in New York City in any
Action arising out of or relating to this Guaranty, and (ii) agrees that all claims in respect of such Action may be heard
and determined in such New York State or Federal court. Guarantor hereby irrevocably appoints _________, with an office on the
date hereof at _______ ________, New York, New York (the “Process Agent”), as its agent to receive, on behalf
of Guarantor, service of copies of the summons and complaint and any other process which may be served in any such Action. Such
service may be made by mailing or delivering a copy of such process to Guarantor in care of the Process Agent at the Process Agent’s
address with a copy to Guarantor at its address specified in Section 7 hereof, and Guarantor hereby irrevocably authorizes and
directs the Process Agent to accept such service on its behalf. As an alternative method of service, Guarantor also irrevocably
consents to the service of any and all process in any such Action by the mailing of copies of such process to Guarantor at its
address specified in Section 7 hereof. Guarantor agrees that a final judgment in any such Action shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner permitted under Applicable Laws.

 

(b)          Guarantor
irrevocably waives, to the fullest extent permitted by Applicable Laws, and agrees not to assert, by way of motion, as a defense
or otherwise (i) any objection which it may have or may hereafter have to the laying of the venue of any such Action brought
in any of the courts described in Section 8(a), (ii) any claim that any such Action brought in any such court has been
brought in an inconvenient forum, or (iii) any claim that Guarantor is not personally subject to the jurisdiction of any such
courts. Guarantor agrees that final judgment in any such Action brought in any such court shall be conclusive and binding upon
Guarantor and may be enforced by Landlord in the courts of any state, in any federal court, and in any other courts having jurisdiction
over Guarantor or any of its property, and Guarantor agrees not to assert any defense, counterclaim or right of set-off in any
Action brought by Landlord to enforce such judgment.

 

(c)          Nothing
in this Section 8 shall limit or affect Landlord’s right to (i) serve legal process in any other manner permitted
by Applicable Laws, or (ii) bring any Action against Guarantor or its property in the courts of any other jurisdictions.

 

(d)          Guarantor
hereby irrevocably waives, with respect to itself and its property, any diplomatic or sovereign immunity of any kind or nature,
and any immunity from the jurisdiction of any court or from any legal process, to which Guarantor may be entitled, and agrees not
to assert any claims of any such immunities in any Action brought by Landlord under or in connection with this Guaranty. Guarantor
acknowledges that the making of such waivers, and Landlord’s reliance on the enforceability thereof, is a material inducement
to Landlord to enter into the Lease.

 

(e)          Guarantor
agrees to execute, deliver and file all such further instruments as may be necessary under the laws of the State of New York, in
order to make effective (i) the appointment of the Process Agent, (ii) the consent by Guarantor to jurisdiction of the
state courts of New York and the federal courts sitting in New York, and (iii) all of the other provisions of this Section
8.

 

    	Exhibit G

    	 

    

 

9.            Miscellaneous.

 

(a)          The
provisions, covenants and guaranties of this Guaranty shall be binding upon Guarantor and its heirs, successors and assigns, and
shall inure to the benefit of Landlord and its successors and assigns, and shall not be deemed waived or modified unless such waiver
or modification is specifically set forth in writing, executed by Landlord or its successors and assigns, and delivered to Guarantor.

 

(b)          Whenever
the words “include”, “includes”, or “including” are used in this Guaranty, they shall be deemed
to be followed by the words “without limitation”, and, whenever the circumstances or the context requires, the singular
shall be construed as the plural, the masculine shall be construed as the feminine and/or the neuter and vice versa.
This Guaranty shall be interpreted and enforced without the aid of any canon, custom or rule of law requiring or suggesting construction
against the party drafting or causing the drafting of the provision in question.

 

(c)          The
provisions of this Guaranty shall be governed by and interpreted solely in accordance with the internal laws of the State of New
York, without giving effect to the principles of conflicts of law.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit G

    	 

    

 

IN WITNESS WHEREOF, Guarantor has signed
this Guaranty effective as of the date first set forth above.

 

	 	COACH, INC., a Maryland corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

ACKNOWLEDGEMENT

 

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

  

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit G

    	 

    

 

EXHIBIT H

 

Form of Memorandum of
Option Agreement

 

WHEN RECORDED, RETURN TO:

 

	 	 
	 	 
	 	 
	 	 
	Attention:  	 	 

 

	 

 

MEMORANDUM OF OPTION AGREEMENT

 

by and among

 

LEGACY YARDS LLC and

PODIUM FUND TOWER C SPV LLC,

as Optionor

 

and

 

COACH LEGACY YARDS LLC,

as Optionee

 

DATED: as of [__________ __], 20[__]

 

	 	PREMISES:	[Unit(s) 2A, 2B and 3]	 
	 	 	Tower C Condominium	 
	 	 	(Block [______], Lot(s) [____] (f/k/a Lot _))	 
	 	 	Borough of Manhattan,	 
	 	 	New York, New York	 

 

	 

 

    	Exhibit H

    	 

    

 

MEMORANDUM OF OPTION
AGREEMENT

 

THIS
MEMORANDUM OF OPTION AGREEMENT (this “Memorandum”), made as of the ____ day of [__________], 20[__], by and
among Legacy Yards Tenant LLC, a Delaware limited liability company (“Legacy Tenant”), and Podium Fund Tower
C SPV LLC, , a Delaware limited liability company (“Tower C SPV”), each having an address c/o The Related Companies,
L.P., 60 Columbus Circle, New York, New York 10023 (Legacy Tenant and Tower C SPV are individually and collectively referred to
herein as “Optionor”), and COACH LEGACY YARDS LLC, a Delaware limited liability company, having an address c/o
Coach, Inc., [______________________], New York, New York [_________] (“Optionee”).

 

WITNESSETH:

 

WHEREAS,
Legacy Tenant is the owner on the date hereof of the leasehold estate and interest in and to the condominium units designated
and described in that certain Declaration Establishing a Plan for Condominium Ownership of Premises located at 501 West 30th
Street, New York, New York 10001, Pursuant to Article 9-B of the Real Property Law of the State of New York, dated as of [__________,
20__], made by the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit corporation
of the State of New York, as declarant (as amended, modified, supplemented or restated from time to
time, the “Condominium Declaration”), as Office Unit 2A, Office Unit 2B, and
Office Unit 3 (each a “Unit” and collectively, the “Units”) and more particularly
described on Exhibit A attached hereto, which Condominium Declaration was recorded in the New York County Office of the
Register of the City of New York (the “Register’s Office”), on [__________],
20[__], as City Register File No. _________.

 

WHEREAS, Optionee owns
the fee estate and interest in and to the condominium unit designated and described in the Condominium
Declaration as Office Unit 1 (the “Office Unit 1”);

 

WHEREAS,
pursuant to that certain Option Agreement, dated as of the date hereof (the “Agreement”), Optionor granted
to Optionee the right and option to purchase or lease [Office Unit 2A, Office Unit 2B, and a portion of Office Unit 3 consisting
of the 23rd Floor of the Building]10 (collectively, the “Option”),
on the terms and subject to the conditions set forth in the Agreement; and

 

WHEREAS, Optionor and
Optionee desire to enter into and record this Memorandum in order that third parties will have notice of the existence of the Option.

 

NOW, THEREFORE, in consideration
of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

 

 		10	To be updated prior to execution to reflect the addition of Office Unit 2A or Office Unit 2B
to the Coach Unit pursuant to the Operating Agreement, if applicable.

 

    	Exhibit H

    	 

    

 

1.          Option
Period. Pursuant to the terms of the Agreement, the Option may be exercised by Optionee at any time during the period (the
“Option Period”) [____________________], on the terms and subject to the conditions set forth in the Agreement.

 

2.          Subordination
of Option. In accordance with the terms of the Agreement, the Option to purchase or lease the 23rd Floor of the
Building is subject and subordinate to any and all rights of L’Oreal USA, Inc., a Delaware corporation, with
respect to the 23rd Floor of the Building pursuant to that certain Lease, dated as of [___________], 2013, by and between
Legacy Yards Tenant LLC, as landlord, and L’Oreal USA, Inc., as tenant, with respect to premises
located in Unit 3.

 

3.          Termination
and Release of Option. Upon the expiration or earlier termination of the Agreement, Optionee shall execute and deliver a termination
and release of this Memorandum and the Option granted pursuant to the Agreement in recordable form and otherwise in accordance
with the terms and conditions set forth in the Agreement. Notwithstanding the foregoing, the termination or expiration of
the Agreement and the Option as provided therein shall be self-effectuating and the failure of Optionee to execute or deliver any
such termination of this Memorandum shall not affect the effectiveness of such termination and the release hereof.

 

4.          Incorporation
of Agreement. All of the terms, conditions, provisions, representations and warranties, and covenants of the Agreement are
incorporated in this Memorandum by reference as though set forth in their entirety herein, and the Agreement and this Memorandum
shall be deemed to constitute but a single instrument. The provisions of this Memorandum are solely for the purpose of giving notice
to third parties of Optionee’ interest in the Units and shall not be deemed to add to, modify, or limit the provisions of
the Agreement, and shall be of no force or effect whatsoever in construing the Agreement.

 

5.          Counterparts.
This Memorandum may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed an original and all of which taken together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit H

    	 

    

 

IN WITNESS WHEREOF,
Optionor and Optionee have executed this Memorandum as of the day and year first above written.

 

	 	OPTIONOR: 	 
	 	 	 
	 	LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	By:	Podium Fund Tower C SPV LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 	 	 
	 	 	 	 		 	By:	 
	 	 	 	 	 	 		Name:
	 	 	 	 	 	 		Title:
	 	 	 	 	 	 	 	 
	 	 	PODIUM FUND TOWER C SPV LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:		 
	 	 	 	 	 	Title:		 

 

    	Exhibit H

    	 

    

 

	 	OPTIONEE: 
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit H

    	 

    

 

ACKNOWLEDGEMENTS

 

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

  

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit H

    	 

    

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit H

    	 

    

 

EXHIBIT A

 

DESCRIPTION OF THE
LAND AND THE UNIT[S]

 

The condominium unit[s] known as [Office
Unit 2A, Office Unit 2B, and Office Unit 3] (each a “Unit” and collectively, the “Units”)
in the condominium known as Tower C Condominium in the building known as and by the street number 501 West 30th
Street in the Borough of Manhattan, City, County and State of New York (the “Building”), such Units being designated
and described as [Office Unit 2A, Office Unit 2B, and Office Unit 3] in a certain declaration
dated as of _____, 20__ made by the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit
corporation of the State of New York, as declarant, pursuant to Article 9-B of the Real Property
Law of the State of New York, as amended, establishing a plan for condominium ownership of the Building and the land upon which
the Building is situate as more particularly described below (the “Land”), which Declaration was recorded in
the New York County Office of the Register of the City of New York (the “Register’s Office”), on [__________],
20[__], as City Register File No. _________. [Unit 2A] is also designated as Tax Lot __ in Block ___ of the Borough of Manhattan
on the Tax Map of the Real Property Assessment Department of the City of New York (the “Tax Map”), and on the
Floor Plans of the Building, certified by [_____________], on [__________], 20[__], and
filed with the Real Property Assessment Department of the City of New York on [__________], 20[__],
as Condominium Plan No. ____ and also recorded in the Register’s Office on [__________],
20[__], as City Register File No. ______________ (the “Condominium Plan”). [Unit 2B is also designated as Tax
Lot __ in Block ___ of the Borough of Manhattan on the Tax Map and on the Condominium Plan.] [Unit 3 is also designated as Tax
Lot __ in Block ___ of the Borough of Manhattan on the Tax Map and on the Condominium Plan.]

 

The Land upon which the Building containing
the Unit[s] is erected is described as follows:

 

ALL OF THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County of New
York, City and State of New York, bounded and described as follows:

 

    	Exhibit H

    	 

    

 

EXHIBIT I

 

Form of Termination Agreement

 

WHEN RECORDED, RETURN TO:

 

	 	 
	 	 
	 	 
	 	 
	Attention:  	 	 

 

	 

 

TERMINATION OF OPTION AGREEMENT

 

by and between

 

LEGACY YARDS TENANT LLC and

PODIUM FUND TOWER C SPV LLC,

as Optionor

 

and

 

COACH LEGACY YARDS LLC,

as Optionee

 

DATED: as of [__________ __], 20[__]

 

	 	PREMISES:	[Unit(s) 2A, 2B and 3]	 
	 	 	Tower C Condominium	 
	 	 	(Block [______], Lot(s) [____] (f/k/a Lot _))	 
	 	 	Borough of Manhattan,	 
	 	 	New York County, New York	 

 

	 

 

    	Exhibit I

    	 

    

 

TERMINATION OF
OPTION AGREEMENT

 

THIS
TERMINATION OF OPTION AGREEMENT (this “Termination”), made as of the ____ day of [__________], 20[__], by and
among Legacy Yards Tenant LLC, a Delaware limited liability company (“Legacy Tenant”), and Podium Fund Tower
C SPV LLC, , a Delaware limited liability company (“Tower C SPV”), each having an address c/o The Related Companies,
L.P., 60 Columbus Circle, New York, New York 10023 (Legacy Tenant and Tower C SPV are individually and collectively referred to
herein as “Optionor”), and COACH LEGACY YARDS LLC, a Delaware limited liability company, having an address c/o
Coach, Inc., [______________________], New York, New York [_________] (“Optionee”).

 

WITNESSETH:

 

WHEREAS,
Legacy Tenant is the owner on the date hereof of the [leasehold][fee] estate and interest in and to the condominium units designated
and described in that certain Declaration Establishing a Plan for Condominium Ownership of Premises located at 501 West 30th
Street, New York, New York 10001, Pursuant to Article 9-B of the Real Property Law of the State of New York, dated as of [__________,
20__], made by the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit corporation
of the State of New York, as declarant (as amended, modified, supplemented or restated from time to
time, the “Condominium Declaration”), as [Office Unit 2A, Office Unit 2B,
and Office Unit 3] (each a “Unit” and collectively, the “Units”) and more particularly
described on Exhibit A attached hereto, which Condominium Declaration was recorded in the New York County Office of the
Register of the City of New York (the “Register’s Office”), on [__________],
20[__], as City Register File No. _________.

 

WHEREAS, pursuant to
that certain Option Agreement, dated as of [__________], 20[__] (the “Agreement”), Optionor granted to Optionee
the right and option to purchase or lease [Office Unit 2A, Office Unit 2B, and a portion of Office Unit 3 consisting of the 23rd
Floor of the Building]11 (collectively, the “Option”), on the terms and subject to the conditions
set forth in the Agreement; and

 

WHEREAS,
a Memorandum of Option Agreement (the “Memorandum”), dated as of [__________], 20[__], was recorded in the Register’s
Office on [__________], 20[__], as City Register File No. _________,
in order to provide third parties with notice of the existence of the Option.

 

NOW, THEREFORE, in consideration
of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.          Optionor
and Optionee hereby agree that the Agreement is terminated as of the Effective Date, and Optionor and Optionee shall have no further
liability to the other thereunder, except for such obligations as may be expressly stated in the Agreement to survive the termination
or expiration thereof.

 

 

		11	To be updated prior to execution to reflect the addition of Office Unit 2A or Office Unit 2B
to the Coach Unit pursuant to the Operating Agreement, if applicable.

  

    	Exhibit I

    	 

    

 

2.          Optionor
and Optionee hereby direct that the Memorandum be discharged of record.

 

3.          This
Termination be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed an original and all of which taken together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	Exhibit I

    	 

    

 

IN WITNESS WHEREOF,
Optionor and Optionee have executed this Termination as of the day and year first above written.

 

	 	OPTIONOR: 	 
	 	 	 
	 	LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	By:	Podium Fund Tower C SPV LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 	 	 
	 	 	 	 		 	By:	 
	 	 	 	 	 	 		Name:
	 	 	 	 	 	 		Title:
	 	 	 	 	 	 	 	 
	 	 	PODIUM FUND TOWER C SPV LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 	 	 
	 	 	By:	Podium Fund REIT LLC,
	 	 	 	a Delaware limited liability company,
	 	 	 	its Managing Member
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:		 
	 	 	 	 	 	Title:		 

  

    	Exhibit I

    	 

    

 

	 	OPTIONEE:
	 	 
	 	COACH LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit I

    	 

    

 

ACKNOWLEDGEMENTS

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit I

    	 

    

 

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

 

On the ______ day of
______________, 20__, before me, the undersigned, personally appeared __________________________________, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	My Commission Expires:	 	 	 
	 	 	 	Notary Public

(Affix Notarial Stamp)

 

    	Exhibit I

    	 

    

 

EXHIBIT A

 

DESCRIPTION OF THE
LAND AND THE UNIT[S]1

 

The condominium unit[s] known as [Office
Unit 2A, Office Unit 2B, and Office Unit 3] (each a “Unit” and collectively, the “Units”)
in the condominium known as Tower C Condominium in the building known as and by the street number 501 West 30th
Street in the Borough of Manhattan, City, County and State of New York (the “Building”), such Units being designated
and described as [Office Unit 2A, Office Unit 2B, and Office Unit 3] in a certain declaration
dated as of _____, 20__ made by the Metropolitan Transportation Authority, a body corporate and politic constituting a public benefit
corporation of the State of New York, as declarant, pursuant to Article 9-B of the Real Property
Law of the State of New York, as amended, establishing a plan for condominium ownership of the Building and the land upon which
the Building is situate as more particularly described below (the “Land”), which Declaration was recorded in
the New York County Office of the Register of the City of New York (the “Register’s Office”), on [__________],
20[__], as City Register File No. _________. [Unit 2A] is also designated as Tax Lot __ in Block ___ of the Borough of Manhattan
on the Tax Map of the Real Property Assessment Department of the City of New York (the “Tax Map”), and on the
Floor Plans of the Building, certified by [_____________], on [__________], 20[__], and
filed with the Real Property Assessment Department of the City of New York on [__________], 20[__],
as Condominium Plan No. ____ and also recorded in the Register’s Office on [__________],
20[__], as City Register File No. ______________ (the “Condominium Plan”). [Unit 2B is also designated as Tax
Lot __ in Block ___ of the Borough of Manhattan on the Tax Map and on the Condominium Plan.] [Unit 3 is also designated as Tax
Lot __ in Block ___ of the Borough of Manhattan on the Tax Map and on the Condominium Plan.]

 

The Land upon which the Building containing
the Unit[s] is erected is described as follows:

 

ALL OF THAT CERTAIN plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County of New
York, City and State of New York, bounded and described as follows:

 

    	Exhibit I

    	 

    

 

Exhibit O-1

 

Severed Parcel Plan

 

    	Exhibit O-1

    	 

    

 

 

 

    	 

    	 

    

 

Exhibit O-2

 

Temporary Aesthetic Treatment Plan

  

    	Exhibit O-2

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit P

 

Arbiters

 

Hon. Stephen G. Crane

Hon. Bernard J. Fried

Mike Young, Esq.

 

    	Exhibit P

    	 

    

 

Exhibit Q

 

Approved Replacement Developers

 

Tishman Speyer

Hines

Silverstein Properties

The Durst Organization

Forest City Ratner

Boston Properties

Rudin

 

    	Exhibit Q

    	 

    

 

Schedule 1

 

Initial Percentage Interests

 

	Fund Member	 	 	61.76	%
	 	 	 	 	 
	Coach Member	 	 	38.24	%
	 	 	 	 	 
	Total:	 	 	100	%

  

    	Schedule 1

    	 

    

 

Schedule 2

 

Initial Capital Contributions

 

	Fund Member	 	$	100	 
	 	 	 	 	 
	Coach Member	 	$	100	 
	 	 	 	 	 
	Total:	 	 	 	 

 

    	Schedule 2

    	 

    

 

Schedule 3

 

Member Representatives

 

	Fund Member	Jeff Blau
	 	Jay Cross
	 	 
	Coach Member	Todd Kahn
	 	Mitchell L. Feinberg
	 	Jane Neilson

  

    	Schedule 3

    	 

    

 

Schedule 4

 

Construction Loan Statement of Sources and
Uses

  

    	Schedule 4

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Schedule 5

 

Schedule of Pre-Development Costs and Project
Costs

 

    	Schedule 5REDACTED COPY 

CONFIDENTIAL TREATMENT REQUESTED 

 

*** Confidential treatment has been requested for portions of
this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Pages where confidential treatment
has been requested are stamped, “Confidential Treatment Requested” and the redacted material has been separately filed
with the Securities and Exchange Commission. All redacted material has been marked by three asterisks (***).

 

EXECUTION COPY

 

DEVELOPMENT AGREEMENT

 

between

 

ERY DEVELOPER LLC

 

and

 

coach
LEGACY YARDS LLC 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE 1.	CERTAIN DEFINITIONS	2
	 	 	 
	Section 1.01	Defined Terms	2
	Section 1.02	Rules of Construction	23
	 	 	 
	ARTICLE 2.	DEVELOPER’S RESPONSIBILITIES; DEVELOPMENT FEE	24
	 	 	 
	Section 2.01	Retention of Developer	24
	Section 2.02	Developer’s Responsibilities	24
	Section 2.03	Standard of Performance	26
	Section 2.04	Development Fee	26
	Section 2.05	Additional Development Fee; Additional Work Costs	28
	Section 2.06	Survival	29
	 	 	 
	ARTICLE 3.	ARCHITECT AND CONSULTANTS; PLANS, AND CHANGES TO PLANS	29
	 	 	 
	Section 3.01	Project Architect and Consultants; the Executive Construction Manager	29
	Section 3.02	Process for Development of Design	31
	Section 3.03	Consultation with the Coach Member and the Coach Member’s Consultants	31
	Section 3.04	The Coach Member’s Approval Rights; Change Orders; Changes Required by Law	32
	Section 3.05	Field Changes	35
	Section 3.06	Change Orders Initiated by the Coach Member; Payment for such Changes	36
	Section 3.07	Pricing of Changes; Time for Approvals	36
	Section 3.08	The Coach Member Review of Plans Not a Representation or Assumption	40
	Section 3.09	Plans and Materials Available	40
	 	 	 
	ARTICLE 4.	OPEN-BOOK NATURE OF PROJECT; DRAW REQUESTS, AND RE-ALLOCATION OF PROJECT COSTS; MONTHLY REPORTS; AUDIT RIGHTS; BOOKS AND RECORDS; ENVIRONMENTAL REPORTS	41
	 	 	 
	Section 4.01	“Open-Book” Nature of Project; Meeting with Lenders	41
	Section 4.02	Draw Requests and Re-Allocation of Project Costs	41
	Section 4.03	Audit of Construction Costs	46
	Section 4.04	Books and Records	46
	Section 4.05	Environmental Reports; Indemnification	46
	Section 4.06	Survival	47

 

    	- i -

    	 

    

 

	ARTICLE 5.	AWARD OF TRADE CONTRACTS; LABOR MATTERS	48
	 	 	 
	Section 5.01	Bidding and Award of Contracts	48
	Section 5.02	Project Labor Agreement	50
	 	 	 
	ARTICLE 6.	SCHEDULE AND UPDATES	50
	 	 	 
	Section 6.01	Project Schedule; Updates	50
	Section 6.02	Milestones	51
	 	 	 
	ARTICLE 7.	SUBGUARD; PAYMENT AND PERFORMANCE BONDS; DEVELOPER’S INSURANCE; DEVELOPER INDEMNITIES	53
	 	 	 
	Section 7.01	Subguard	53
	Section 7.02	Insurance Coverages	54
	Section 7.03	Legal Proceedings	55
	 	 	 
	ARTICLE 8.	COACH FINISH WORK; SITE LOGISTICS	56
	 	 	 
	Section 8.01	Design of Coach Finish Work	56
	Section 8.02	Block Delivery	58
	Section 8.03	Site Logistics Procedures	60
	Section 8.04	Performance of Coach Finish Work; Coach Work Delay	60
	Section 8.05	Cost of Performing Coach Finish Work	62
	 	 	 
	ARTICLE 9.	INSPECTION RIGHTS DURING CONSTRUCTION; SUBSTANTIAL COMPLETION; DELAYS IN ACHIEVING SUBSTANTIAL COMPLETION; PUNCH LIST; WARRANTIES; DEFECTIVE WORK	62
	 	 	 
	Section 9.01	Inspection by the Coach Member During Construction; On-Going Consultation	62
	Section 9.02	Substantial Completion of Coach Unit; Punch List; Acceptance Procedure	63
	Section 9.03	Delay in Achieving Substantial Completion	65
	Section 9.04	Contractor Warranties; Defective Work; Latent Defects	66
	Section 9.05	Developer Warranty	67
	Section 9.06	Coach Member’s Right to Remove Developer Violations	67
	Section 9.07	Coach Unit Certificate of Occupancy	67
	 	 	 
	ARTICLE 10.	COACH TOTAL DEVELOPMENT COSTS; DEVELOPER DEFAULT; ALLOCATION AND USE OF CONTINGENCIES AND SAVINGS; DEVELOPER’S OVERHEAD; HOLDBACKS AND ESCROW; COACH COSTS CAP	68
	 	 	 
	Section 10.01	Coach Total Development Costs	68
	Section 10.02	Developer Default	72
	Section 10.03	Intentionally Omitted.	73

 

    	- ii -

    	 

    

 

	Section 10.04	Allocation and Use of Contingencies in Budget; Allocation of Cost Savings	74
	Section 10.05	Developer’s Overhead	74
	Section 10.06	Holdbacks and Escrows	75
	Section 10.07	Cap on Coach Total Development Costs	75
	Section 10.08	Coach Fixed Land Cost	75
	Section 10.09	Coach Guaranty	76
	 	 	 
	ARTICLE 11.	INTENTIONALLY OMITTED	77
	 	 	 
	ARTICLE 12.	TITLE COSTS; LITIGATION COSTS	77
	 	 	 
	Section 12.01	Title Costs	77
	Section 12.02	Survival	78
	 	 	 
	ARTICLE 13.	PUNCH LIST WORK; SPECIAL HOIST PROVISIONS; DELIVERIES AND PAYMENTS TO BE MADE FOLLOWING THE CLOSING; FINAL ACCOUNTING	78
	 	 	 
	Section 13.01	Completion of Punch List Work	78
	Section 13.02	Intentionally Omitted.	79
	Section 13.03	The East Hoist	79
	Section 13.04	Payment of the Cost of Post-Distribution Work Properly Allocable to the Coach Unit	81
	Section 13.05	Final Accounting at Final Completion; Final Payments	81
	Section 13.06	Developer’s Obligation to Discharge Liens and Remove Violations After the Closing	82
	Section 13.07	Survival	82
	 	 	 
	ARTICLE 14.	DISPUTE RESOLUTION	82
	 	 	 
	Section 14.01	Dispute Resolution	82
	 	 	 
	ARTICLE 15.	REPRESENTATIONS AND WARRANTIES	84
	 	 	 
	Section 15.01	Developer’s Representations	84
	Section 15.02	Coach Member’s Representations	85
	 	 	 
	ARTICLE 16.	FLOOR AREA; RE-MEASUREMENT	87
	 	 	 
	Section 16.01	Floor Area	87
	Section 16.02	Re-Measurement	87
	 	 	 
	ARTICLE 17.	EXCULPATION; INDEMNIFICATION.	87
	 	 	 
	Section 17.01	Exculpation	87
	Section 17.02	Indemnification	88
	Section 17.03	Survival	88

 

    	- iii -

    	 

    

 

	ARTICLE 18.	NOTICES	88
	 	 	 
	Section 18.01	Notices	88
	 	 	 
	ARTICLE 19.	MISCELLANEOUS	90
	 	 	 
	Section 19.01	Further Assurances	90
	Section 19.02	Governing Law	90
	Section 19.03	Submission to Jurisdiction; Waiver of Jury Trial	90
	Section 19.04	Amendments and Waivers	91
	Section 19.05	Confidentiality; Publicity	91
	Section 19.06	Non-Waiver of Rights	92
	Section 19.07	Execution in Counterparts	92
	Section 19.08	Exhibits and Schedules	92
	Section 19.09	Headings	92
	Section 19.10	Assignments of this Agreement	92
	Section 19.11	Successors and Assigns	93
	Section 19.12	Severability	93
	Section 19.13	No Third Party Beneficiaries	93
	Section 19.14	No Joint Venture or Partnership	94
	Section 19.15	No Construction Against Draftsperson	94
	Section 19.16	Brokerage	94
	Section 19.17	Authorized Representatives	94
	Section 19.18	Remedies	94
	Section 19.19	Prevailing Party Entitled to Fees and Costs	94
	Section 19.20	Survival	94

 

    	- iv -

    	 

    

 

EXHIBITS

 

	Exhibit A-1	Legal Description of the Master Ground Lease Property
	Exhibit A-2	Legal Description of the Land
	Exhibit B	Authorized Representatives
	Exhibit C	Base Building Lighting
	Exhibit D	Budget
	Exhibit E	Coach TCO Work and Developer TCO Work
	Exhibit F	Cost Allocation Methodology
	Exhibit G	Delivery Condition
	Exhibit H	Existing Contractors/Consultants
	Exhibit I	Landscaping
	Exhibit J	Forty-Seventh Floor Curtain Wall Adjustment
	Exhibit K-1	List of Plans
	Exhibit K-2	Exceptions to Plans
	Exhibit L	Schedule
	Exhibit M	Signage Plans
	Exhibit N-1	Form of Certificate of Substantial Completion (Developer)
	Exhibit N-2	Form of Certificate of Substantial Completion (Project Architect)
	Exhibit N-3	Form of Certificate of Substantial Completion (Coach’s Architect)
	Exhibit O	Coach TI Items
	Exhibit P	Form of Payment and Performance Bond
	Exhibit Q	Form of Owner Scope Change Request Form
	Exhibit R	Awarded Trade Contracts
	Exhibit S-1	Insurance Coverages
	Exhibit S-2	Named Insureds and Additional Insureds
	Exhibit T	Preliminary Schedule for Coach Finish Work
	Exhibit U	LEED Certification Requirements
	Exhibit V	Preliminary Site Logistics Plan
	Exhibit W	Hoist Impact Area
	Exhibit X-1	Arbiters
	Exhibit X-2	Work Dispute Arbiters
	Exhibit Y	Measurement Methodology

 

    	- v -

    	 

    

 

DEVELOPMENT AGREEMENT,
dated as of April 10, 2013, by and between ERY DEVELOPER LLC, a Delaware limited liability company (“Developer”),
with an office at c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023, and coach
LEGACY YARDS LLC, a Delaware limited liability company (the “Coach Member”), with an office at c/o Coach,
Inc., 516 West 34th Street, New York, New York 10001.

 

WITNESSETH:

 

WHEREAS, ERY Tenant
LLC, a Delaware limited liability company (“Master Tenant”), as ground lessee, entered into that certain Agreement
of Lease (Eastern Rail Yard Section of the John D. Caemmerer West Side Yard), dated as of the date hereof
(the “Master Ground Lease”), with the Metropolitan Transportation Authority, a body corporate and politic constituting
a public benefit corporation of the State of New York (the “MTA”), as ground lessor, pursuant to which Master
Tenant ground leased from the MTA, for a ninety-nine (99) year term, certain airspace above and terra firma within the Eastern
Rail Yard Section (the “ERY”) of the John D. Caemmerer West Side Yard in the City, County and State of New York
as more particularly described on Exhibit A-1 attached hereto and in the Master Ground Lease (the “Master
Ground Lease Property”);

 

WHEREAS, the Coach
Member and Podium Fund Tower C SPV LLC, a Delaware limited liability company (the “Fund Member”), have entered
into that certain Limited Liability Company Agreement of Legacy Yards LLC, a Delaware limited liability company (the “Building
C JV”), dated as of the date hereof (as amended from time to time, the “Operating Agreement”);

 

WHEREAS, Legacy Yards
Tenant LLC, a Delaware limited liability company (“Legacy Tenant”), an indirect, wholly-owned subsidiary of
the Building C JV, has entered into that certain Agreement of Severed Parcel Lease (Eastern Rail
Yard Section of the John D. Caemmerer West Side Yard), dated as of the date hereof (as amended from
time to time, the “Building C Lease”), as ground lessee, with the MTA pursuant to which Legacy Tenant leased
that certain portion of the ERY located on terra firma on the northwest corner of West 30th Street and 10th Avenue, New York, New
York as more particularly described on Exhibit A-2 attached hereto (the “Land”),
which was initially part of the Master Ground Lease Property but was severed therefrom, as evidenced by that certain Balance Lease
Amendment, dated as of the same date, by and between Master Tenant and the MTA; 

 

WHEREAS, Developer
shall develop and construct, in accordance with the terms hereof, a commercial building containing office space, a podium with
retail space, parking facilities, loading docks and other facilities, and other improvements to be constructed on the Land, as
shown on the Plans (as the same exist from time to time, collectively, the “Building”);

 

WHEREAS, pursuant to
the Operating Agreement, the Coach Member is the beneficial owner of the Coach Unit (as defined herein) and the Leasehold Estate
(as defined in the Operating Agreement) with respect thereto, and the Fund Member is the beneficial owner of the Fund Member Units
(as defined herein) and the Leasehold Estate with respect thereto; and

 

    	 

    	 

    

 

WHEREAS, Developer
is an Affiliate of the Fund Member and will derive substantial benefit from the formation of the Building C JV and the Coach Member
and the Fund Member entering into the Operating Agreement.

 

NOW, THEREFORE, in
consideration of the promises and obligations of Developer and the Coach Member set forth in this Agreement, subject to the terms
of this Agreement, and intending to be legally bound hereby, the parties agree as follows:

 

ARTICLE 1.

CERTAIN DEFINITIONS

 

Section 1.01         Defined
Terms. Capitalized terms used and not defined in this Agreement shall have the meanings ascribed to such terms in the Operating
Agreement. In addition, the following words and phrases (to the extent not defined in the first paragraph of this Agreement,
in the recitals to this Agreement or in the Operating Agreement) have the following meanings in this Agreement:

 

“Additional
Developer Work” has the meaning set forth in Section 2.05(a).

 

“Additional
Developer Work Costs” has the meaning set forth in Section 2.05(a).

 

“Additional
Development Fee” has the meaning set forth in Section 2.05(a).

 

“Additional
Office Units” means, collectively, “Office Unit 2A”, “Office Unit 2B” and “Office Unit
3” each as defined in the Condominium Declaration, consisting inter alia of office space and related improvements
and Facilities, as described in the Condominium Declaration and as shown on the Condominium Plans, less (a) Office Unit 2A, if
the Coach Expansion Right is exercised with respect thereto, and (b) Office Unit 2B, if the Coach Expansion Right is exercised
with respect thereto.

 

“Additional
Overhead Costs” has the meaning set forth in Section 2.05(a).

 

“Affiliate”
means, with respect to any Person, a Person which directly or indirectly, through one or more intermediaries, Controls, is Controlled
by or is under common Control with, such Person.

 

“Agreement”
means this Agreement and the Exhibits attached hereto (or subsequently incorporated herein through amendments hereto), as the same
may be amended from time to time.

 

“Ancillary
Unit” means the “Ancillary Unit” as defined in the Condominium Declaration and as shown on the Condominium
Plans.

 

“Approval
Statement of Changes” has the meaning set forth in Section 3.07(b).

 

“Arbiter(s)”
has the meaning set forth in Section 14.01(a).

 

    	- 2 -

    	 

    

 

“Arbitration”
means an arbitration proceeding conducted in accordance with the provisions of Article 14.

 

“Authorized
Representative” means an Authorized Representative of a party identified on Exhibit B attached hereto; provided,
that the parties may designate, upon not less than three (3) business days’ notice given to the other party in accordance
with the terms of Article 18, additional or substituted Authorized Representatives.

 

“Base Building”
means all parts of the Building to be constructed on behalf of Legacy Tenant or on behalf of the Coach Member, as applicable, as
shown on the Plans, including, without limitation, (a) all improvements comprising the core and shell of the Building, (b) the
foundation and entire exterior envelope (including, without limitation, the exterior walls, curtain wall, storefronts, windows
and roofs (whether setback or otherwise)) of the Building, (c) the entire superstructure (including, without limitation, all
structural elements, footings, foundations, foundation walls, columns, girders, slabs, beams, supports, interior loading walls
and concrete floor slabs) of the Building, (d) all mechanical, heating, ventilating, air conditioning, plumbing and electrical
systems to be constructed on behalf of Legacy Tenant or on behalf of the Coach Member, as applicable, (e) the walls, partitions
and doors separating the Units one from the other and from the Common Elements (other than interior finishes on walls), (f) all
stairs, stairways, escalators and elevators, (g) all sidewalks, including paving, surrounding the Building, (h) all loading docks
for the Building, (i) the Podium, (j) all Facilities which are for the common use of the Units and Unit Owners or which are necessary
or convenient for the overall existence, operation, maintenance or safety of the Project, and (k) all entrances and points of ingress
to and egress from the Building, in each case as shown on the Plans. The term “Base Building”, as used herein, shall
not include or refer to any Finish Work, including the Coach Finish Work or the Developer Finish Work.

 

“Base Building
Lighting” means the lighting scheme for the Building exterior set forth on Exhibit C attached hereto. The parties
have approved the plan for the Base Building Lighting attached hereto as Exhibit C.

 

“Base Building
Work” means all items of work, labor, material, equipment and installation necessary to construct and complete the Base
Building in accordance with the Plans and Schedule.

 

“Base Cost”
has the meaning set forth in Section 10.02(b).

 

“Best Efforts”
means those commercially reasonable efforts that a well-qualified and diligent development manager would use to fulfill the obligations
of Developer hereunder, using its best professional skill and judgment and consistent with best practices in the industry.

 

“Block”
means each group of floors or space in the Coach Unit specified in the Block Delivery Schedule for delivery to the Coach Member
as a single block of space, which Blocks consist of the following groups of floors or space as of the date hereof: (a) floors 6-10,
(b) floors 11-15, (c) floors 16-20; (d) Office Unit 1 Service Elevator; (e) Office Unit 1 Passenger Elevators; (f) the Coach
Lobby and Coach Atrium; and (g) if the Coach Expansion Right is exercised, the Coach Expansion Premises.

 

    	- 3 -

    	 

    

 

“Block Delivery
Schedule” has the meaning set forth in Section 8.02(a).

 

“Broker”
has the meaning set forth in Section 19.16.

 

“Budget”
means the budget setting forth all budgeted costs of constructing the Building including all budgeted Project Costs for the Developer
Work and the Base Building Work approved by the parties on the date hereof, as the same may be amended from time to time by Developer
and approved by the Coach Member in accordance with this Agreement and the Operating Agreement. The parties hereby approve the
Budget attached hereto as Exhibit D (subject to the rights of each of Developer and the Coach Member to review and,
as applicable, revise from time to time the allocation of costs set forth therein in accordance with the Cost Allocation Methodology
and other applicable provisions of this Agreement).

 

“Building”
has the meaning set forth in the Recitals.

 

“Building
C JV” has the meaning set forth in the Recitals.

 

“Building
C Lease” has the meaning set forth in the Recitals.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which national banks are permitted or required
to be closed in the City.

 

“Certificate
of Substantial Completion” has the meaning set forth in clause (r) of the definition of Substantial Completion.

 

“Change
Order Grace Period” has the meaning set forth in Section 3.07(h).

 

“City”
means The City of New York.

 

“Claims”
has the meaning set forth in Section 17.02.

 

“Closing”
means the consummation of the distribution and conveyance of the Coach Unit by the Building C JV (or directly by the MTA) to the
Coach Member and the other transactions occurring contemporaneously therewith as contemplated in the Operating Agreement.

 

“Closing Date”
means the date on which the Closing occurs.

 

“Coach Approval
Areas” has the meaning set forth in Section 3.04(a).

 

“Coach Areas”
means, collectively and as described in the Condominium Declaration and as shown on the Condominium Plans, the Coach Unit, including
the Coach Lobby, the Coach Atrium, the “Office Unit 1 Storage Space”, the “Office Unit 1 Messenger Center/Mail
Room”, the Coach Elevators, and the Coach Exclusive Systems and the “Office Unit 1 Exclusive Use Common Elements”.

 

“Coach Atrium”
means the “Office Unit 1 Atrium” as defined in the Condominium Declaration and as shown on the Condominium Plans, including
all Facilities relating thereto.

 

“Coach Change
Order” has the meaning set forth in Section 3.06.

 

    	- 4 -

    	 

    

 

“Coach
Change Delay” has the meaning set forth in Section 3.07(c).

 

“Coach
Change Delay Cost” has the meaning set forth in Section 3.07(c).

 

“Coach Contingency”
has the meaning set forth in Section 10.04(a).

 

“Coach
Costs Cap” has the meaning set forth in Section 10.07.

 

“Coach Elevators”
means, collectively, the “Office Unit 1 Passenger Elevators” and the “Office Unit 1 Service Elevator”,
as such terms are defined in the Condominium Declaration and as shown on the Condominium Plans.

 

“Coach Exclusive
Systems” means the heating, ventilating, air conditioning, electrical, communications, plumbing, mechanical and fire
protection and other Facilities which exclusively serve or benefit the Coach Unit.

 

“Coach Expansion
Notice” has the meaning set forth in the Operating Agreement.

 

“Coach
Expansion Premises” means (a) “Office Unit 2A” as defined in the Condominium Declaration, consisting inter
alia of the 21st floor of the Building and related improvements and Facilities, as described in the Condominium Declaration
and as shown on the Condominium Plans, and which shall be deemed to contain 46,263 rentable square
feet based on the Plans on the date hereof (subject to re-measurement pursuant to Section 16.02), and (b) “Office
Unit 2B” as defined in the Condominium Declaration, consisting inter alia of the 22nd floor of the Building
and related improvements and Facilities, as described in the Condominium Declaration and as shown on the Condominium Plans, and
which shall be deemed to contain 45,513 rentable square feet based on the Plans on the date hereof
(subject to re-measurement pursuant to Section 16.02). 

 

“Coach Expansion
Right” means the right of the Coach Member to expand the Coach Unit upwards into Coach Expansion Premises, pursuant and
in accordance with the applicable terms of the Operating Agreement.

 

“Coach Finish
Work” means the fixtures, finishes, equipment, fitting-out and other improvements (other than Developer Work and Base
Building Work) to be constructed or installed by or on behalf of the Coach Member (and not by Developer) within the Coach Areas
to build out and prepare the Coach Areas for Coach’s initial use and occupancy.

 

    	- 5 -

    	 

    

 

***
Confidential Treatment Requested

 

“Coach
Fixed Land Cost” means an amount equal to the product of (a) *** multiplied by (b) the total rentable
square feet of the Coach Unit (which will include, for the avoidance of doubt, and without duplication, (i) the total rentable
square feet of Office Unit 2A, if the Coach Expansion Right is exercised with respect to Office Unit 2A, or (ii) the total rentable
square feet of Office Unit 2A and Office Unit 2B, if the Coach Expansion Right is exercised with respect to Office Unit 2A and
Office Unit 2B). The Coach Fixed Land Cost includes (x) all costs of the fee purchase of the Coach Unit from the MTA in order to
effectuate the Closing, including, without limitation, any deposits payable to the MTA and, if applicable, any contributions required
to be made to the LIRR Work Fund (as defined in the Building C Lease), (y) Coach’s Allocable Share of rental and any other
amounts that may be payable under the Building C Lease (including, if applicable, any rental in respect of Estimated ERY Roof Costs
or the LIRR Work Cost Allocable Share or the Guaranteed Default Payments (as each such phrase is defined therein)), and (z) Coach’s
Allocable Share of the cost of constructing the Podium (it being acknowledged and agreed that, except to the extent included
in Coach Fixed Land Cost, the Coach Member shall not be responsible for the payment of any costs associated
with acquiring fee title of the Coach Unit from the MTA, any rental or other amounts that may be payable under the Building
C Lease or any costs of constructing the Podium, which such costs and other amounts shall be the responsibility
of Developer or the Fund Member and are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the
Related/Oxford Guaranty). 

 

“Coach Floor
Area” has the meaning set forth in Section 16.01(b).

 

“Coach Guarantor”
means Coach, Inc., a Maryland corporation, together with its successors and permitted assigns.

 

“Coach Guaranty”
means that certain Guaranty Agreement, dated as of the date hereof, made by Coach Guarantor in favor of Developer, the Building
C JV and the Fund Member.

 

“Coach Holdover
Costs” means any and all (a) holdover rent and other amounts that are paid or become payable by the Coach Member (or
its Affiliates) to its landlord under the Coach Lease on account of any holdover (including consequential damages, if any, to the
extent provided for in the Coach Lease in effect as of the date hereof), and (b) in the event the Coach Member (or any of its Affiliates)
vacates all or any portion of the Coach Leased Premises, any and all rental, out-of-pocket moving expenses and other amounts paid
or that become payable by the Coach Member (or any of its Affiliates) to any third party for, arising from or with respect to any
Coach Temporary Space which are incurred by the Coach Member (or any of its Affiliates) in good faith; but specifically excluding
(i) Coach Temporary Space rental for any periods prior to the date that is ninety (90) days prior to the expiration of the term
of the Coach Lease, (ii) regular, non-holdover rental under the Coach Lease for the period ending on the scheduled expiration
date thereof, (iii) any of the Coach Member’s (or its Affiliates) (as opposed to its landlord’s) consequential damages,
special damages, punitive damages, lost opportunity costs, or other similar damages or costs and (iv) any of the foregoing amounts
which are incurred solely as a result of a Coach Change Delay or Coach Work Delay extending beyond the Change Order Grace Period.

 

“Coach Indemnitees”
means the Coach Member, the Coach Guarantor, the Coach Lender and all other Affiliates of the Coach Member and the Coach
Guarantor, Coach’s Architect, and Coach’s Consultants, and the respective directors, officers, shareholders, principals,
partners, members, managers, agents and employees of the foregoing, and their respective successors and assigns; and the term “Coach
Indemnitee” means any one of the Coach Indemnitees, as the context requires.

 

    	- 6 -

    	 

    

 

“Coach
Lease” means, collectively, (a) that certain Lease dated December 9, 2004 between 450 Partners LLC and Coach,
Inc., as amended by (i) that certain First Amendment of Lease dated November 2, 2005 and (ii) that certain Second Amendment to
Lease dated August 3, 2007, and (b) that certain Sublease Agreement dated December 16, 2010 between WNET.ORG and Coach, Inc., together
with (i) that certain Consent to Sublease dated December 16, 2010 among 450 Partners LLC, WNET.ORG and Coach, Inc., and (ii) that
certain Letter dated December 8, 2010 from CBRE Richard Ellis, Inc. to Coach, Inc. regarding said Sublease, with
respect to premises in the building located at 450 West 33rd Street in New York, New York. 

 

“Coach Leased
Premises” means the premises demised under the Coach Lease as of the date hereof.

 

“Coach Lender”
means Coach Legacy Yards Lender LLC, a Delaware limited liability company, together with its successors and assigns.

 

“Coach Lender
Advance” means a funding of Coach Unit Loan proceeds by the Coach Lender, in accordance with the provisions of (and as
more fully described in) the applicable Loan Documents.

 

“Coach Lobby”
means the “Office Unit 1 Lobby” as defined in the Condominium Declaration together with the escalators leading therefrom
to the “General Common Lobby” (as defined in the Condominium Declaration), as shown on the Condominium Plans.

 

“Coach Member”
has the meaning set forth in the Preamble.

 

“Coach
Mezzanine Loan” has the meaning set forth in the Operating Agreement.

 

“Coach
Mortgage Loan” has the meaning set forth in the Operating Agreement.

 

“Coach Overhead
Cap” has the meaning set forth in Section 10.05.

 

“Coach Overhead Costs”
has the meaning set forth in Section 10.05.

 

“Coach
Reserved Parking Spaces” means the fifteen (15) parking spaces in the Parking Unit reserved for use by the Coach Member
and its Affiliates and its and their respective Permitted Users (as defined in the Condominium Declaration) at the then current
rates for parking spaces in the Parking Unit, which parking spaces are intended to be provided exclusively on a valet basis and
shall not consist of any specific parking spaces in any specific location within the Parking Unit.

 

“Coach Shared
Building Systems and Areas” means the heating, ventilating, air conditioning, electrical, communications, plumbing, loading
dock, freight, mechanical and fire protection systems, including the fixtures, equipment and areas with respect thereto, which
are to be shared by the Coach Unit and the Additional Office Units in accordance with the terms of the Condominium Declaration,
together with any other areas and Facilities in the Building, including, without limitation, the risers, air shafts, elevator shafts,
freight elevators, electrical and other utility closets, equipment rooms, bathrooms, fire doors and fire stairways, which contain
(or in which are located) any such “shared” systems, fixtures, equipment or utilities pursuant to the Condominium Documents.

 

    	- 7 -

    	 

    

 

“Coach TCO
Work” means all of the work, other than Developer TCO Work, that is necessary for a temporary certificate of occupancy
to be obtained from the DOB for the Coach Areas pursuant to Section 645 of the New York City Charter DOB (or such other departmental
office as shall be issuing certificates of occupancy), as set forth and identified as work to be performed by the Coach Member
on Exhibit E attached hereto. For the avoidance of doubt, the Coach TCO Work constitutes Coach Finish Work.

 

“Coach Temporary
Space” means temporary space to which the Coach Member (or its Affiliates) relocates that is reasonably comparable to
the Coach Leased Premises, and, if available within a ten (10) block radius of the Coach Leased Premises, located within such ten
(10) block radius.

 

“Coach
Total Development Costs” means, subject to the applicable provisions of Section 10.01, the total amount of
the following: (a) the Coach Fixed Land Cost; plus (b) the total amount of (i) one hundred percent (100%) of Project Costs
which are properly allocated solely to the Coach Unit in accordance with the Cost Allocation Methodology and this Agreement, (ii)
Coach’s Allocable Share of all other Project Costs which are properly allocated, in part, to the Coach Member in accordance
with the Cost Allocation Methodology and this Agreement, which Project Costs shall include the Coach Overhead Costs (subject to
the Coach Overhead Cap), and (iii) Coach’s Allocable Share of transfer taxes, if and to the extent applicable, on the Coach
Fixed Land Cost (other than the portion of the Coach Fixed Land Cost payable at Closing in connection with the transfer
of fee title to the Coach Unit, based on the Option Price (as defined in the Building C Lease) therefor, it being agreed that all
transfer taxes, if any, payable with respect to such portion of the Coach Fixed Land Cost shall be paid by the Coach Member in
accordance with Section 3.8(j)(ii) of the Operating Agreement); plus (c) the Development Fee;
plus (d) without duplication, the Coach Contingency if and to the extent expended in accordance with the provisions of this
Agreement on Project Costs which are otherwise described in clause (b) above and are properly allocated to the Coach Unit
in accordance with the Cost Allocation Methodology and this Agreement. The Coach Total Development Costs shall be increased or
decreased, and shall be subject to the Coach Costs Cap, as provided and in accordance with the applicable provisions of this Agreement.
For the avoidance of doubt, except to the extent included in Coach Fixed Land Cost, Coach Total Development Costs shall
not include the payment of any costs associated with acquiring fee title of the Coach Unit from the
MTA, any rental or other amounts that may be payable under the Building C Lease or any costs of constructing the Podium,
which such costs and other amounts shall be the responsibility of Developer or the Fund Member and are guaranteed by the
Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty. 

 

“Coach Unit”
means “Office Unit 1” as defined in the Condominium Declaration, consisting inter alia of floors 6 through
20 of the Building and related improvements and Facilities, as described in the Condominium Declaration and as shown on the Condominium
Plans, and which shall be deemed to contain 737,774 rentable square feet in the aggregate based on the Plans on the date hereof
(subject to re-measurement pursuant to Section 16.02), together with any portion of the Coach Expansion Premises with
respect to which the Coach Expansion Right is exercised for purposes of this Agreement (including for purposes of applying the
Cost Allocation Methodology).

 

    	- 8 -

    	 

    

 

“Coach
Unit Loan” means, collectively, the Coach Mortgage Loan and the Coach Mezzanine Loan.

 

“Coach Warranty”
has the meaning set forth in Section 9.04(a).

 

“Coach Work
Delay” has the meaning set forth in Section 8.04(b).

 

“Coach’s
Allocable Share” means, with respect to any Project Costs, the share of Project Costs properly allocated to the Coach
Unit in accordance with the Cost Allocation Methodology and this Agreement.

 

“Coach’s
Architect” means Studios Architecture, or any successor architectural firm designated by the Coach Member.

 

“Coach’s
Consultant(s)” means any or all of the architects (other than Coach’s Architect), engineers, consultants or advisors,
or any of their respective subconsultants, engaged by or on behalf of the Coach Member with respect to the Project, as applicable
in context, including, without limitation, Gardiner & Theobald, Inc.

 

“Common Elements”
means the “Common Elements” as defined in the Condominium Declaration.

 

“Completion
Deposits” means any and all amounts required to be deposited with the Construction Lender from time to time pursuant
to the Loan Documents in order for the Construction Loan to be “in balance”. Each of the Completion Deposits
is referred to herein as a “Completion Deposit”.

 

“Condominium”
means the condominium to be created for the Land and Building pursuant to the Condominium Documents.

 

“Condominium
Board” means the board of managers or other governing board of the Condominium elected or designated by the Unit Owners
in accordance with the provisions of the Condominium By-Laws.

 

“Condominium
By-Laws” means the “By-Laws” as defined in the Condominium Declaration.

 

“Condominium
Declaration” has the meaning set forth in the Operating Agreement.

 

“Condominium
Documents” means, collectively, the Condominium Declaration, the Condominium By-Laws and the Condominium Plans.

 

“Condominium
Plans” means the “Floor Plans” as defined in the Condominium Declaration, as the same may be modified from
time to time in accordance with the terms hereof and of the Operating Agreement.

 

“Condominium
Warranty” has the meaning set forth in Section 9.04(a).

 

    	- 9 -

    	 

    

 

“Construction
Lender” means, collectively, the Third Party Lender and the Coach Lender.

 

“Construction
Loan” means, collectively, the Third Party Loan and the Coach Unit Loan.

 

“Construction
Loan Agreement” means, collectively, (a) that certain Building Loan and Security Agreement and that certain Project Loan
and Security Agreement, each dated as of the date hereof, by and among the Construction Lender and Legacy Tenant, and (b) that
certain Mezzanine Loan and Security Agreement, dated as of the date hereof, by and among the Construction Lender and Legacy Mezzanine.

 

“Construction
Loan Funding Phase” has the meaning set forth in Section 10.01(h).

 

“Construction
Management Agreement” means that certain Construction Contract dated as of February 21, 2013, between Executive Construction
Manager, as agent for Developer, and Construction Manager, relating to the performance of the Developer
Work and Base Building Work, as the same may be amended or replaced from time to time with the approval of the Coach Member as
and to the extent provided in Section 3.01(c). 

 

“Construction
Manager” means Tutor Perini Building Corp., or another construction contractor selected
by Developer and approved by the Coach Member as and to the extent provided in Section 3.01(c).

 

“Construction
Objection Notice” has the meaning set forth in Section 9.01(a).

 

“Consultant”
means any or all of Coach’s Consultants or Developer’s Consultants, as applicable in context.

 

“Contractor
Warranty” has the meaning set forth in Section 9.04(a).

 

“Control”
means the possession, directly or indirectly, of the power to direct (or cause the direction
of) the management and policies of a Person, whether through the ownership of voting securities
or other ownership interest, by contract or otherwise; provided, that the fact that such power may be subject to
certain approval or veto rights in favor of one or more other Persons shall not ipso facto be deemed to mean that
the Person possessing such power lacks Control of the Person in question for purposes hereof. “Controlled”
and “Controlling” each have the meanings correlative thereto.

 

“Cost Allocation
Methodology” means the methodology for allocating Project Costs approved by the parties and attached hereto as Exhibit
F. The Cost Allocation Methodology allocates all items of Project Costs between the Coach Unit and all other Units, as set
forth therein. The parties hereto have approved the Cost Allocation Methodology.

 

“Defective
Work” has the meaning set forth in Section 9.04(a).

 

“Delivery
Condition” means the condition of a Block or other Major Milestone Event which meets the applicable standards set forth
in Exhibit G attached hereto.

 

    	- 10 -

    	 

    

 

“Design Consultants”
has the meaning set forth in Section 3.01(a).

 

“Destination
Retail Access Unit” means the “Destination Retail Access Unit” as defined in the Condominium Declaration
and as shown on the Condominium Plans.

 

“Developer”
has the meaning set forth in the Preamble.

 

“Developer
Default” means any failure or breach by Developer, beyond any applicable notice and cure periods (if any), in fulfilling
or complying with Developer’s obligations under this Agreement.

 

“Developer
Finish Work” means that portion of the Coach Finish Work, if any, to be performed by Developer at the Coach Member’s
request following the date hereof and at the Coach Member’s sole cost and expense, which cost and expense is in addition
to and not included in the Coach Total Development Costs.

 

“Developer
Indemnitees” means Developer, the Fund Member, the Related/Oxford Guarantor, the Third Party Lender, and all Affiliates
of Developer and the Related/Oxford Guarantor, Developer’s Consultants and the Project Architect, and the respective directors,
officers, shareholders, principals, partners, members, managers, agents and employees of the foregoing, and their respective successors
and assigns; and the term “Developer Indemnitee” means any one of the Developer Indemnitees, as the context
requires.

 

“Developer
TCO Work” means all Developer Work and Base Building Work necessary for a temporary certificate of occupancy to be obtained
from the DOB for the Coach Areas pursuant to Section 645 of the New York City Charter DOB (or such other departmental office as
shall be issuing certificates of occupancy), as set forth and identified as work to be performed by Related or Developer on Exhibit
E attached hereto.

 

“Developer
Violations” means all Violations noticed or filed against the Coach Unit, or, to the extent affecting Coach’s use
or occupancy of the Coach Unit, any Common Elements (other than any Office Unit 3 Exclusive Use Common Elements (as defined in
the Condominium Declaration)), or any portion thereof (or, prior to the creation of the Condominium, the portions of the Building
that will constitute the Coach Unit or any such Common Elements), other than any Violations resulting from Coach Finish Work or
otherwise arising from any act or wrongful omission (i.e., where there is an obligation to affirmatively act) of the Coach
Member, Coach’s Architect or any of Coach’s Consultants.

 

    	- 11 -

    	 

    

 

“Developer
Work” means the completion of the following, in each case as shown on the Plans: (a) the core and shell of the Building,
including, without limitation, the foundation and entire exterior envelope (including, without limitation, the curtain wall, windows
and roofs (whether setback or otherwise)) of the Building, the Coach Atrium, and the entire superstructure (including, without
limitation, the foundations, columns, girders, beams, supports, all support and other features necessary for the installation of
raised flooring, and concrete floor slabs) of the Building, including, without limitation, with respect to Office Unit 2A and Office
Unit 2B in accordance with the specifications required by the Coach Member as shown on the Plans (and the parties agree that no
portion of the incremental costs of so constructing Office Unit 2A and Office Unit 2B over the Base Building standard specifications
shall be allocated to the Coach Member or included in Coach Total Development Costs); (b) all Common Elements (but excluding the
Office Unit 3 Exclusive Use Common Elements (as defined in the Condominium Declaration)); (c) the Coach Exclusive Systems and the
Coach Shared Building Systems and Areas (i.e., all Building systems other than those Building systems which are exclusive to the
Additional Office Units); (d) the Coach Areas; (e) the core bathrooms within the Coach Unit and within Office Unit 2A and Office
Unit 2B (and the parties agree that no portion of the incremental costs of so constructing the core bathrooms in Office Unit 2A
and Office Unit 2B over the Base Building standard specifications shall be allocated to the Coach Member or included in Coach Total
Development Costs; provided, that the excess of the actual costs of completing the interior finishes thereof over
the allowance therefor contained in the Budget shall be allocated to the Coach Member and included in Coach Total Development Costs);
(f) all sidewalks, including paving, surrounding the Building; (g) the Podium; (h) the Landscaping; (i) the Base Building
Lighting; (j) the Loading Dock Unit; (k) the Parking Unit; (l) the Developer TCO Work; and (m) all entrances and points of ingress
to and egress from the Building. For the avoidance of doubt, the Developer Work shall not include any Finish Work (including any
Additional Developer Work). 

 

“Developer’s
Consultant(s)” means any or all of the architects, engineers, consultants or advisors (other than the Executive Construction
Manager, the Construction Manager and the Project Architect) engaged by or on behalf of Legacy Tenant or Developer, as agent for
Legacy Tenant (including by Executive Construction Manager, as agent for Developer), with respect to the design and construction
of the Developer Work and the Base Building Work, as applicable in context.

 

“Development
Fee” has the meaning set forth in Section 2.04(a).

 

“DOB”
means the New York City Department of Buildings or any successor agency responsible for conducting inspections and issuing building
permits, certificates of occupancy or elevator or other like permits or certificates.

 

“Draw Request”
means, as the context requires (a) a requisition made by a Member or Developer (on behalf of a Member) to the Members of the Building
C JV for a capital contribution by such Member(s) to the Building C JV to fund Project Costs pursuant to and in accordance with
the terms of the Operating Agreement, and (b) a requisition to fund Project Costs submitted by (i) Legacy Tenant or Developer (on
behalf of Legacy Tenant) requesting an advance of Mortgage Loan from the Mortgage Lender or (i) Legacy Mezzanine or Developer (on
behalf of Legacy Mezzanine) requesting an advance of the Mezzanine Loan from the Mezzanine Lender, in each case which complies
with the applicable provisions of this Agreement, the Operating Agreement and the applicable Loan Documents.

 

“Encumbrance”
means a mortgage, security agreement, security interest, lien, levy, lease, pledge, hypothecation, charge, claim, license, judgment,
covenant, easement, or any other encumbrance or restriction of any and every kind whatsoever.

 

“Environmental
Laws” means, collectively, the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. Section
9601 et seq.), and any federal, state of local statute, law, ordinance, code, rule, regulation, order or decree regulating,
relating to, or imposing liability or standards of conduct concerning, any hazardous, toxic, radioactive, biohazardous or dangerous
waste, substance or materials, including any regulations adopted and publications promulgated with respect thereto.

 

    	- 12 -

    	 

    

 

“ERY”
has the meaning set forth in the Recitals.

 

“Exceptions
Notice” has the meaning set forth in Section 9.02(c).

 

“Excess Cost”
has the meaning set forth in Section 10.02(a).

 

“Executive
Construction Manager” means Hudson Yards Construction LLC, a Delaware limited liability company, or
another construction management firm selected by Developer to act in such capacity as agent for Developer and approved by the Coach
Member as and to the extent provided in Section 3.01(b).

 

“Executive
Construction Management Agreement” means that certain Amended and Restated Executive Construction Management Agreement,
dated as the date hereof, between Developer, as agent for Legacy Tenant, and Executive Construction Manager, relating to the performance
of the Developer Work and the Base Building Work, as the same may be amended or replaced from time to time with the approval of
the Coach Member as and to the extent provided in Section 3.01(b).

 

“Exhibits”
means the exhibits attached to this Agreement (or subsequently incorporated herein through amendments hereto), as the same may
be amended from time to time.

 

“Existing
Contractors/Consultants” means the contractors, subcontractors, consultants, advisors and suppliers which perform work
or provide materials in connection with the Developer Work or the cost of which is otherwise included in the Coach Total Development
Costs (as and to the extent provided in the Cost Allocation Methodology). The Existing Contractors/Consultants as of the date hereof
are listed on Exhibit H attached hereto.

 

“Facilities”
has the meaning set forth in the Condominium Declaration.

 

“FAR”
means “floor area ratio” as such term is defined in and construed pursuant to the Zoning Resolution.

 

“Field Changes”
means changes necessitated by unforeseen job conditions in the field which are customarily resolved by architects and construction
managers and which have no material design ramifications.

 

“Field Office”
means that certain office of Developer for the Project located at 511 West 33rd Street in New York, New York.

 

“Final Completion”
means the stage in the development of the Project when all of the following have occurred:

 

(a)          Substantial
Completion; 

 

    	- 13 -

    	 

    

 

(b)          the
completion of all Punch List Work in accordance with the Plans and all applicable Laws; 

 

(c)          the
completion of the Base Building Lighting in accordance with the Plans and all applicable Laws; 

 

(d)          the
commissioning of Coach Exclusive Systems and Coach Shared Building Systems and Areas or other Building systems shared by the Coach
Unit and any other Unit (i.e., Building systems that are not exclusive to the Additional Office Units); 

 

(e)          completing
and permanently opening the Parking Unit for continuous use by the Coach Member and the general public with parking capacity for
not less than 200 vehicles not less than, including the Coach Reserved Parking Spaces; 

 

(f)          the
Executive Construction Manager, the Construction Manager, the Project Architect and the major Developer’s Consultants, and
all direct “hard cost” contractors and subcontractors retained or contracted in connection with the Developer Work
or work in and to the Coach Unit (other than Coach Finish Work) have all delivered waivers of liens and claims for all work performed
to the date of Final Completion (or, if not, Developer shall provide evidence of the bonding of any such lien(s) or the provisions
of other security (reasonably satisfactory to the Coach Member) sufficient to discharge any such liens); and

 

(g)          Developer
assigns or causes to be assigned (y) to the Coach Member all Coach Warranties (to the extent not previously assigned to the Coach
Member), and (z) to the Condominium Board all Condominium Warranties (to the extent not previously assigned to the Condominium
Board or to the extent relating to portions of the Project not constituting Developer Work which are not yet complete, which Condominium
Warranties shall be assigned to the Condominium Board when the applicable work is complete). 

 

“Finish Work”
means the installations, furnishing, fixtures, finishes, equipment, fitting-out and other improvements, if any, to be developed
and constructed from time to time by or on behalf of a Member and its contractors (as opposed to Developer on behalf of Legacy
Tenant) within any Unit owned (directly or beneficially through Legacy Tenant) in order to ready the same for use and occupancy
by such Member or any tenant of such Unit.

 

“Floor Area”
has the meaning ascribed thereto in Section 12-10 of the Zoning Resolution and shall be measured in accordance with the standards
set forth in the Zoning Resolution (notwithstanding that the Building may be exempt from application of the Zoning Resolution under
Public Authorities Law Section 1266(8)).

 

    	- 14 -

    	 

    

 

“Force Majeure”
means any failure of or delay in the availability of any public utility; any City-wide strikes or labor disputes; any unusual delays
or shortages encountered in transportation, fuel, material or labor supplies; casualties; earthquake, hurricane, flood, tidal wave
or other severe weather events and other acts of God; acts of the public enemy or of war or terrorism; governmental embargo restrictions;
injunctions; other acts or occurrences beyond the reasonable control of a party; provided, that (a) any of the foregoing
events or occurrences shall not be a Force Majeure event if caused by the party claiming Force Majeure, (b) in each case, Developer
(if it is the party claiming Force Majeure) shall have given the Coach Member written notice of any such claim on or prior to the
date which is the earlier to occur of (y) five (5) Business Days after the cessation of such Force Majeure event and (z) ten (10)
Business Days after Legacy Tenant, Developer or any Affiliate of either has knowledge of the existence of the Force Majeure event,
and (c) in each case, Developer (if it is the party claiming Force Majeure) shall use its Best Efforts to minimize the delay occasioned
thereby. In no event shall a Force Majeure event result from (or be deemed to have occurred as a result of) any failure or inability
to fund, or any delay in funding, any construction or other work (including, without limitation, any failure to fund, or delay
in funding of, any proceeds of the Third Party Mortgage Loan or the Third Party Mezzanine Loan by the Third Party Lender).

 

“Forty-Seventh
Floor Curtain Wall Adjustment” means the adjustment to the exterior glass curtain wall on the 47th Floor of the Building
facing north depicted on Exhibit J attached hereto in order to accommodate the “Core Wall Installation” (as
defined in the Condominium Declaration).

 

“Fund Member”
has the meaning set forth in the Recitals.

 

“Fund Member
Units” means, collectively, the Additional Office Units, the Retail Unit, the Parking Unit, the Loading Dock Unit, the
Ancillary Unit and the Destination Retail Access Unit (i.e., all Units in the Condominium other than the Coach Unit).

 

“Government
Entity” means the United States of America; the State of New York; the City; any other political subdivision of any of
the foregoing; and any agency, authority, department, court, commission or other legal entity of any of the foregoing.

 

“Hazardous
Material(s)” means materials, substances, fluids, chemicals, gases, or other compounds the presence, use, storage, emission,
drainage, leakage, effusion, modification or disposition of which is prohibited by Law or is subject by Law to specific procedures,
controls, or restrictions, or which are otherwise deemed toxic, poisonous or unsafe; and shall include asbestos, lead paint and
PCB’s.

 

“IDA Documents”
has the meaning set forth in the Operating Agreement.

 

“Interest
Rate” means, with respect to any amount advanced or contributed, interest at the rate per annum equal to the sum of (a)
the LIBOR Rate (as defined in the Construction Loan Agreement) then in effect (taking into account any interest rate cap or hedging
agreements with respect thereto) plus (b) seven hundred and fifty (750) basis points (7.50%) plus (c) for purposes
of Section 10.02, an additional five hundred (500) basis points (5.00%).

 

“KPF”
means Kohn Pederson Fox Associates PC.

 

“Land”
has the meaning set forth in the Recitals.

 

“Landscaping”
means, collectively, (a) the landscaping and hardscaping on top of the Podium in the area from the Building to the eastern edge
of the Cultural Facility Area (as defined in the Master Ground Lease), including that portion of the 30th Street landscaping located
southeast of the Building, (b) the landscaping or streetscaping with respect to the plaza in front of 10th Avenue, the 30th
Street sidewalk area, and (c) if Tower D is not under construction when the Coach Member takes occupancy of the Coach Unit, the
temporary landscaping in the Tower D area, each as shown on the plan attached hereto as Exhibit I.

 

    	- 15 -

    	 

    

 

“Law”
or “Laws” means any law, rule, regulation, order, statute, ordinance, resolution, regulation, code, decree,
judgment, injunction, mandate or other legally binding requirement of any Government Entity.

 

“LEED”
means Leadership in Energy and Environmental Design.

 

“Legacy Mezzanine”
means Hudson Yards Mezzanine LLC, a Delaware limited liability company, a direct subsidiary of the Building C JV and the sole member
of Legacy Tenant.

 

“Legacy Tenant”
has the meaning set forth in the Recitals.

 

“Legal Proceeding”
means an action, litigation, arbitration, administrative proceeding and other legal or equitable proceeding of any kind.

 

“Loading Dock
Unit” means the “Loading Dock Unit” as defined in the Condominium Declaration and as shown on the Condominium
Plans.

 

“Loan Documents”
has the meaning set forth in the Operating Agreement.

 

“Major Milestone
Event” has the meaning set forth in Section 6.02(a).

 

“Major Milestone
Outside Date” has the meaning set forth in Section 6.02(a).

 

“Master Ground
Lease” has the meaning set forth in the Recitals.

 

“Master Ground
Lease Property” has the meaning set forth in the Recitals.

 

“Master Tenant”
has the meaning set forth in the Recitals.

 

“Material
Litigation” has the meaning ascribed thereto in the Operating Agreement.

 

“Maximum Change
Cost” has the meaning set forth in Section 3.07(c).

 

“Members”
means, collectively, the Coach Member and the Fund Member, the Members of the Building C JV. Each of the Members is referred to
herein as a “Member”.

 

“Mezzanine
Loan” has the meaning set forth in the Operating Agreement.

 

“Mortgage
Loan” has the meaning set forth in the Operating Agreement.

 

“MTA”
has the meaning set forth in the Recitals.

 

“MTA Parties”
means, collectively, the MTA and The Long Island Railroad Company.

 

“MTA Project
Documents” has the meaning set forth in the Operating Agreement.

 

    	- 16 -

    	 

    

 

“Net
Increased Cost or Savings” has the meaning set forth in Section 3.07(c).

 

“Notice”
has the meaning set forth in Section 18.01(a).

 

“Office Units”
means, collectively, the Coach Unit and the Additional Office Units.

 

“Operating
Agreement” has the meaning set forth in the Recitals.

 

“OSCR”
has the meaning set forth in Section 3.06.

 

“OSCR
Response Statement of Changes” has the meaning set forth in Section 3.07(c).

 

“Oxford”
means Oxford Hudson Yards LLC, a Delaware limited liability company, together with its successors and assigns.

 

“Oxford
Guarantor” means OP USA Debt Holdings Limited Partnership, an Ontario limited partnership,
an Affiliate of Oxford, together with its permitted successors and assigns. 

 

“Parking Unit”
means the “Parking Unit” as defined in the Condominium Declaration and as shown on the Condominium Plans, which is
intended to be operated exclusively on a valet basis.

 

“Permitted
Encumbrances” has the meaning ascribed thereto in the Operating Agreement.

 

“Person”
means an individual person, a corporation, partnership, trust, joint venture, limited liability company, proprietorship, estate,
association, land trust, other trust, Government Entity or other incorporated or unincorporated enterprise, entity or organization
of any kind.

 

“Plan
Revision Cost” has the meaning set forth in Section 3.07(c).

 

“Plans”
means the construction plans and specifications for the Base Building listed on Exhibit K-1 attached hereto, as the same
may be amended from time to time in accordance with and subject to the provisions of this Agreement, through addenda, bulletins,
change orders, Field Changes or other modifications (and as to change orders and Field Changes, whether or not incorporated in
the Plans). Developer and the Coach Member have approved the Plans listed on Exhibit K-1 attached hereto by initialing one
or more sets of the Plans, except as described in the schedule of exceptions attached hereto as Exhibit K-2. The parties
acknowledge that the Coach Expansion Premises shall, as part of Developer Work, be built-out to the same specifications as the
Coach Unit and not in accordance with the specifications for the build-out of the other Fund Member Units.

 

“Podium”
means that certain portion of the Building consisting of a podium to be constructed over the Land, extending from underneath the
tower portion of the Building to the Western lot line of the Land, which will include inter alia (a) the Retail Unit,
(b) the Loading Dock Unit, (c) the Parking Unit, (d) the Ancillary Unit, (e) the Destination Retail Access Unit, (f) the pad and
foundations and entry for the improvements to be constructed as the Cultural Facility Component, (as defined in the Master Ground
Lease), and (g) mechanical and other service spaces for the ERY, all as shown on the Plans.

 

    	- 17 -

    	 

    

 

“Preliminary
Site Logistics Plan” has the meaning set forth in Section 8.03.

 

“Project”
means the design, construction and development of the Base Building, including all Developer Work and Base Building Work.

 

“Project
Architect” means KPF, the “core and shell” architect for the Developer Work and the Base Building
Work, or another architect selected by the Building C JV or Developer, on behalf of Legacy Tenant, and
reasonably approved by the Coach Member as provided in Section 3.01(a). 

 

“Project Architect
Agreement” means that certain Architectural Services Agreement, dated as of June 1, 2012, between Legacy Tenant (successor
by assignment from Master Tenant) and KPF, as the same may be amended or replaced from time to time with the approval of the Coach
Member as and to the extent provided in Section 3.01(a).

 

“Project Costs”
means, generally, all hard and soft costs of designing, constructing and developing the Project. Project Costs shall be allocated
between the Coach Unit and the Fund Member Units, as set forth in the Cost Allocation Methodology and the applicable provisions
of this Agreement and the Operating Agreement.

 

“Project Labor
Agreement” means that certain Project Labor Agreement Covering Specified Construction Work, effective as of January 16,
2013, between Executive Construction Manager and The Building and Construction Trades Council of Greater New York and Vicinity,
as the same may be amended or replaced from time to time in accordance with the terms hereof.

 

“Property”
means the Land and Building (whether or not submitted to a condominium regime).

 

“Proposed
Punch List” has the meaning set forth in Section 9.02(b).

 

“Punch List”
has the meaning set forth in Section 9.02(c).

 

“Punch List
Work” has the meaning set forth in Section 9.02(c).

 

“Punch List
Work Completion Dates” has the meaning set forth in Section
9.02(b).

 

“Related”
means The Related Companies, L.P., a New York limited partnership, together with its successors and assigns.

 

“Related Affiliate”
means any Person (a) over which any Related Control Person exercises day-to-day operational and managerial control as a managing
member or otherwise, and (b) of which one or more Related Beneficial Owners collectively own, directly or indirectly, at least
two percent (2%) of the economic interests; provided, that the aggregate equity investment of such Related Control Persons
with respect to both the ERY and the Western Rail Yard Section of the John D. Caemmerer West Side Yard shall not be required to
exceed $100,000,000.00.

 

    	- 18 -

    	 

    

 

“Related Beneficial
Owner” means any of Stephen M. Ross or Jeff T. Blau or Bruce A. Beal, Jr., and their respective spouses, descendants,
heirs, legatees and devisees, and any trust created for the benefit of any of such persons.

 

“Related Control
Person” means any of Stephen M. Ross or Jeff T. Blau or Bruce A. Beal, Jr.

 

“Related/Oxford
Guarantor” means, collectively, and jointly and severally, Related and Oxford Guarantor,
together with their respective permitted successors and assigns. 

 

“Related/Oxford
Guaranty” means that certain Guaranty Agreement, dated as of the date hereof, made by the Related/Oxford Guarantor in
favor of the Coach Member.

 

“Required
Podium Infrastructure” means, collectively, all of the items allocated to “Podium Infrastructure” in the
Budget, including (a) the Parking Component (as defined in the Master Lease); (b) the Loading Dock Unit; (c) the Ancillary Unit,
(d) the foundations of the Building; (e) the pad and foundations and entry for the improvements to be constructed as the Cultural
Facility Component; (f) the physical work performed on the High Line in order to satisfy
the Building’s open space requirements under applicable zoning Laws and requirements; (g) the Destination Retail Access Unit,
as well as caissons and other support structure for the retail structure to be built on the north side of the Building; (h) landscaping
and hardscaping of the Podium; (i) excavation and other early work for the construction of residential Tower D at 30th Street and
11th Avenue; (j) MTA Force Account oversight of construction of the Building; and (k) demolition of the Metals Purchasing Building
(as defined in the Master Ground Lease). 

 

“Retail Unit”
means the “Retail Unit” as defined in the Condominium Declaration and as shown on the Condominium Plans.

 

“Schedule”
means the schedule for the development and construction of the Project attached hereto as Exhibit L, and any modifications
thereto which shall be subject to the approval of the Coach Member as and to the extent herein provided.

 

“Shop Drawings,
Product Data and Samples” means (a) drawings, diagrams, schedules and other data to illustrate some portion of the construction
work, (b) illustrations, standard schedules, performance charts, instructions, brochures, diagrams and other information to illustrate
materials or equipment for some portion of the construction work, and (c) physical examples which illustrate materials, equipment
or workmanship and establish standards by which the construction work will be evaluated, all as the same relate to construction
of Developer Work or the Coach Approval Areas or which illustrate work the cost of which (or any portion of the cost of which)
will be included in the Coach Total Development Costs.

 

“Signage Guidelines”
means the plans, specifications and guidelines for signs to be affixed to the Building exterior or the Podium exterior, including
any retail storefronts, and any amendments or additions to any such plans, specifications or guidelines, which are prepared by
or on behalf of Developer and approved by the Coach Member as and to the extent provided in Section 3.04(a)(xiv).

 

    	- 19 -

    	 

    

 

“Signage Plan”
means the Signage Plan designating the location, approximate size and user for various signs to be affixed to the Building exterior
(including the Podium exterior), and any amendments or additions thereto which are prepared by or on behalf of Developer and approved
by the Coach Member as and to the extent provided in Section 3.04(a)(xiv). The parties have approved the Signage Plan
attached hereto as Exhibit M.

 

“Site Logistics
Procedures” has the meaning set forth in Section 8.03.

 

“Statement
of Changes” has the meaning set forth in Section 3.07(c).

 

“Substantial
Completion” means the stage in the development of the Project when all of the following have occurred:

 

(a)          all
Developer Work (other than any Base Building Lighting that is not otherwise part of the Developer TCO Work) is substantially completed
in accordance with the Plans, this Agreement and applicable Laws; 

 

(b)          without
limiting clause (a) above, the Coach Exclusive Systems and the Coach Shared Building Systems and Areas have been completed,
in accordance with the Plans, this Agreement and applicable Laws to the extent required so that regular and permanent (i.e.,
not temporary) service is available, and all such systems have been tested (but not commissioned or signed-off), and are operational,
except to the extent that completion and testing is dependent on performance of the Coach Finish Work; 

 

(c)          the
exterior envelope and curtain wall of the Building and the Coach Atrium (including the Coach Atrium wall, envelope and enclosures
to the Coach Atrium) are complete and the Building is fully and permanently enclosed in a water and weather-tight manner and as
shown on the Plans; 

 

(d)          except
as provided in Section 13.03 (and subject to the terms and conditions thereof), any hoists or tower cranes affixed to or
penetrating the Coach Areas (or the façade surrounding the same) and any brackets relating to any such hoists or tower cranes
shall have been removed, and any penetrations through the core of the Coach Areas (or the façade surrounding the same) resulting
from any hoist or tower crane shall have been patched;

 

(e)          all
Developer TCO Work shall have been completed and, subject to the completion of the Coach TCO Work where applicable, the DOB (or
such other departmental office as shall be issuing certificates of occupancy) has issued a temporary certificate of occupancy for
the Coach Areas pursuant to Section 645 of the New York City Charter; 

 

(f)          removal
of all construction trailers and sidewalk protection sheds surrounding the Building and completion of all permanent sidewalks surrounding
and required in connection with the Building; provided, that if and the to the extent the DOB requires any such sidewalk
protection shed(s) to be maintained, the maintenance of such sidewalk protection shed(s) shall not be deemed a failure to satisfy
this condition (provided that Developer shall use reasonable efforts to configure or locate the same in an area or areas that minimize
any disruption of access to and use and occupancy of the Coach Unit for the normal conduct of business in the ordinary course);

 

    	- 20 -

    	 

    

 

(g)          the
roof and all setback areas, risers, load frames or support structures, closets and other infrastructure or areas (including risers
from the Coach Areas to the roofs) necessary for the Coach Member to permanently and securely install its video, cable, telecommunications,
satellite, microwave and other devices or technology shown on the Plans have been completed in accordance with the Plans, this
Agreement and all applicable Laws; and elevator access to the Building roof is available as shown on the Plans to the extent required
for the Coach Member to install all its roof-top installations; 

 

(h)         all
Coach Elevators and one Building elevator providing access to the roof (i) have been finished, tested and adjusted, (ii) are operational,
and (iii) have been inspected and certified for use by the DOB; 

 

(i)          the
elevator frames and doors, and the hall call buttons and lighting and associated devices, are permanently installed in or for all
Coach Elevators and one Building elevator providing access to the roof (unless such permanent installation is dependent on completion
of Coach Finish Work which is not yet completed); 

 

(j)          safe
and continuous access is available to the Coach Areas through the Coach Lobby; 

 

(k)         the
Coach Areas and Common Elements (other than any Office Unit 3 Exclusive Use Common Elements) are cleared of any debris, construction
materials or equipment, surplus materials, rubbish, rubble, tools, discarded equipment, spillage of solid or liquid waste (unless
such debris or other items are present as a result of any Coach Finish Work);

 

(l)          completing
and permanently providing access to the Coach Reserved Parking Spaces in the Parking Unit, for continuous use by the Coach Member;

 

(m)        completing
the Landscaping; 

 

(n)         payment
in full has been made of all the hard and soft costs (including, without limitation, general conditions items) incurred in respect
of Developer Work to the date covered by the most recently funded Draw Request, excepting (i) amounts retained by Legacy Tenant
in accordance with the provisions of the Executive Construction Management Agreement, any agreement with the Project Architect
or with any of the Existing Contractors/Consultants, or any future construction agreements approved by the Coach Member as and
to the extent provided in this Agreement or the Operating Agreement, and the applicable Loan Documents; and (ii) claims that Developer
is contesting in good faith and in a commercially reasonable manner and otherwise in accordance with the provisions of the applicable
Loan Documents; 

 

(o)         receipt
by the Coach Member of waivers of liens and claims from all direct hard cost contractors and subcontractors performing work on
or providing materials for Developer Work, all through the date of the most recently funded Draw Request under the Construction
Loan (or, if any mechanic’s liens have been filed in respect of such work, then the receipt by the Coach Member of evidence
of the posting of bonds or the provision of other security (reasonably satisfactory to the Coach Member) in respect of any such
liens);

 

    	- 21 -

    	 

    

 

(p)          the
removal of all Developer Violations, the completion of such Developer Work, and the receipt of such governmental or departmental
sign-offs and approvals for Developer Work, all as are required to obtain a temporary certificate of occupancy for the Coach Areas
that permits office use and any legal uses ancillary thereto (which shall include, as an accessory
use (within the meaning of the Zoning Resolution) to the Coach Member’s office use (in a manner substantially the same as
the Coach Member’s current accessory use at 516 West 34th Street, New York, New York), the assembly of the Coach Member products
on-site, and the use of the Coach Member cafeteria and showrooms for employees and guests);

 

(q)          receipt
by the Coach Member of a record of all applicable filings and periodic sign-offs with or from all municipal or governmental departments
or offices with respect to Developer Work through the date which is no more than twenty (20) days prior to the Substantial Completion
Date, including, without limitation, reports and results of all controlled inspections; and

 

(r)          receipt
by the Coach Member of a certificate addressed to the Coach Member (the “Certificate of Substantial Completion”),
signed by (i) Developer, in the form attached hereto as Exhibit N-1, (ii) the Project Architect, in the form attached hereto
as Exhibit N-2, and (iii) Coach’s Architect, in the form attached hereto as
Exhibit N-3, each delivered in accordance with the procedures set forth in Section 9.02.

 

“Substantial
Completion Date” means the date on which Substantial Completion is achieved, as agreed to by Developer and the Coach
Member or, in the absence of such agreement, as determined by Arbitration as provided herein.

 

“Third Party
Lender” means Starwood Property Mortgage, L.L.C., in its capacity as a Construction Lender and its capacity as Administrative
Agent on behalf of the Construction Lenders, together with its successors and permitted assigns in each such capacity.

 

“Third Party
Lender Advance” means a funding of Third Party Loan proceeds by the Third Party Lender, in accordance with the provisions
of (and as more fully described in) the applicable Loan Documents.

 

“Third Party
Loan” means, collectively, the Third Party Mortgage Loan and the Third Party Mezzanine Loan.

 

“Third Party
Mezzanine Loan” has the meaning set forth in the Operating Agreement. 

 

“Third Party
Mortgage Loan” has the meaning set forth in the Operating Agreement. 

 

“Title Company”
has the meaning set forth in the Operating Agreement.

 

“Total
Coach Change Cost” has the meaning set forth in Section 3.07(c).

 

“Tower
D” means the residential condominium building intended to be constructed at the northeast corner of West 30th Street
and 11th Avenue on the parcel of land adjacent to the Building.

 

    	- 22 -

    	 

    

 

“Unit Owner”
means, with respect to the Coach Unit, the Coach Member, and with respect to each of the Fund Member Units, Legacy Tenant or the
Fund Member, as applicable, or, after conveyance of a Unit by the Coach Member, Legacy Tenant or the Fund Member, the actual owner
of such Unit.

 

“Units”
means, collectively, the Coach Unit, the Additional Office Units, the Retail Unit, the Parking Unit, the Ancillary Unit, the Destination
Retail Access Unit and the Loading Dock Unit. Each of the Units is referred to herein as a “Unit”.

 

“UTEP”
has the meaning set forth in the Operating Agreement.

 

“Violations”
means any notes or notices of any violation of law noted in or issued by any Government Entity against or with respect to the Building
or any portion thereof.

 

“Work
Dispute Arbiter” has the meaning set forth in Section 14.01(a).

 

“Zoning Resolution”
means the Zoning Resolution of the City of New York, effective as of December 15, 1961, as amended from time to time.

 

Section 1.02         Rules
of Construction. Wherever used in this Agreement:

 

(a)          the
word “day” means a calendar day unless otherwise specified;

 

(b)          the
word “party” means one or more of the signatories to this Agreement, as the context requires;

 

(c)          the
word “notice” means a notice in writing, whether or not specifically so stated;

 

(d)          unless
otherwise specifically provided herein to the contrary, all consents and approvals to be granted hereunder shall, in order to be
valid and recognized by the parties, be and be required to be in writing, whether or not specifically so stated;

 

(e)          “month”
means a calendar month unless otherwise specified;

 

(f)        
   the word “amended” means “amended, modified, extended, renewed, changed or otherwise
revised”; and the word “amendment” means “amendment, modification, extension, change, renewal or
other revision”;

 

(g)           the
phrase “subject to the terms of this Agreement” means “upon and subject to all terms, covenants, conditions and
provisions of this Agreement”;

 

(h)          the
word “or” is not exclusive and the word “including” is not limiting; and

 

(i)         
 the word “delay” means a delay or interference to a particular schedule which (i) will require more than a
minimal rearrangement of or delay in other activities or commitments by the affected party; (ii) was not caused by action or
inaction of the affected party; and (iii) is the sole cause of the rearrangement of or delay in other activities or
commitments by the affected party.

 

    	- 23 -

    	 

    

  

ARTICLE 2.

DEVELOPER’S RESPONSIBILITIES; DEVELOPMENT FEE

 

Section 2.01         Retention
of Developer. The Coach Member hereby retains Developer to act as the Coach Member’s developer in connection with
the Developer Work and to provide the services hereinafter set forth. Developer hereby accepts the undertakings and obligations
set forth in this Agreement with respect to the performance of the Developer Work and, as applicable, the Base Building Work. Developer
shall act in good faith, shall use reasonable efforts and diligence and shall do all things necessary to perform its obligations
and services under this Agreement.

 

Section 2.02         Developer’s
Responsibilities. Developer shall: (i) use all commercially reasonable efforts and diligence to coordinate, supervise
and facilitate such services as may be necessary to implement the pre-development, development, design, construction and completion
of the Developer Work and Base Building Work in accordance with this Agreement, the Plans, the Budget and the Schedule, and (ii)
provide consultation, advice and assistance to the Coach Member concerning all matters with respect to the development of the Project
and the performance of the Coach Finish Work. Developer shall supply the personnel necessary to perform its responsibilities under
this Agreement, and all such persons shall be employees of Developer or an Affiliate of Developer and shall not be, or be deemed
to be, employees of the Coach Member or the Building C JV or any of its direct or indirect subsidiaries. Developer’s obligations
under this Agreement shall include, but shall not be limited to, the following:

 

(a)          Developer
shall, as agent for Legacy Tenant: (i) employ or continue to employ the Executive Construction Manager pursuant to the Executive
Construction Management Agreement; (ii) employ or continue to employ the Project Architect pursuant to the Project Architect
Agreement; (iii) cause the Executive Construction Manager, as agent for Developer, to employ or continue to employ the Construction
Manager pursuant to the Construction Management Agreement; (iv) cause the Executive Construction Manager, as agent for Developer,
to employ or continue to employ the Existing Consultants/Contractors pursuant to their respective applicable agreements; and (v)
enforce, and cause Executive Construction Manager to enforce, its respective rights and remedies (as appropriate) under any such
agreements, to the extent commercially reasonable to do so;

 

(b)          Developer,
as agent for Legacy Tenant, shall or shall cause Executive Construction Manager as agent for Developer to (i) retain such additional
Persons (in addition to the Existing Consultants/Contractors), and (ii) subject to the applicable terms and conditions of this
Agreement, make such purchases of materials, equipment and supplies, as shall be necessary or appropriate to design, construct
and complete the Developer Work and to achieve Final Completion, and (iii) enforce its (or their) rights and remedies (as appropriate)
under any agreements with any such Persons, to the extent commercially reasonable to do so;

 

    	- 24 -

    	 

    

 

(c)          Developer,
as agent for Legacy Tenant, shall or shall cause Executive Construction Manager as agent for Developer to comply with its respective
material obligations under any contracts, letter agreements or purchase orders or other agreements it enters into (or has entered
into) in connection with the construction of the Project; provided, that this Section 2.02(c) shall not preclude
Developer from terminating the Construction Management Agreement or the Project Architect Agreement or any agreement with any of
the Existing Contractors/Consultants or any future contracts or purchase orders entered into by Developer or Executive Construction
Manager, in the event of a breach thereof by the Construction Manager or by any such other Person or counter-party, nor shall it
preclude the Executive Construction Manager from terminating any contract or canceling any purchase order it enters into in connection
with the Project in the event of a breach by the applicable contractor, consultant or materialman;

 

(d)          Developer
shall oversee, manage and coordinate the development of the Project, so as to, without limiting the foregoing: (i) cause the Developer
Work to be completed and Substantial Completion to be achieved, and cause completion of all Punch List Work to be achieved, and
cause Final Completion to be achieved, in each case, in accordance with the Budget, the Plans, the Schedule, the applicable Loan
Documents, this Agreement, and all applicable Laws, free from fault or defect, on a lien-free basis (subject only to Permitted
Encumbrances), in a good and workman-like manner and incorporating only new materials and equipment, and by means and methods complying
with all applicable Laws and insurance requirements; (ii) apply for and obtain (or cause to be applied for and obtained) all building
and other permits required for the Project, as and when required in accordance with the Schedule, including all certificates of
occupancy to be obtained by Developer as required herein; (iii) manage and oversee the performance by (and enforce and pursue
claims against, as appropriate and where reasonable to do so) the Executive Construction Manager, the Project Architect, the Construction
Manager, and all Developer’s Consultants, contractors, subcontractors and vendors involved in the Project (except for any
of the foregoing retained by any Member in connection with the performance of any Finish Work for such Member); and (iv) cause
the entire Building to be completed in accordance with a first-class standard;

 

(e)          To
the extent provided in Section 9.04 or Section 9.05, Developer shall cause to be completed, repaired, replaced, rebuilt
or corrected all items of Developer Work and all items of work the cost of which (or any portion of the cost of which) is included
in the Coach Total Development Costs and which are incorrect, defective, incomplete, omitted, or not otherwise in compliance with
the Plans (in the event of a dispute as to whether any such item of work is incorrect, defective, incomplete, omitted, or not otherwise
in compliance with the Plans, the Project Architect and Coach’s Architect will consult and meet at least twice in an effort
to resolve any such dispute within ten (10) Business Days of notice of such dispute being given by one party to the other and,
if the Project Architect and Coach’s Architect are unable to resolve any such dispute within such ten (10) Business Day period,
then either the Coach Member or Developer may submit the matters still in dispute to Arbitration, to be resolved in accordance
with the provisions of Article 14 by the Work Dispute Arbiter);

 

    	- 25 -

    	 

    

 

(f)          Developer
shall, or shall cause the Executive Construction Manager or the applicable contractor to, remove or bond or satisfy all mechanic’s
or materialmen’s liens filed (including after the Closing) against the Coach Areas or the Property (or any portion thereof)
resulting from any work performed by or on behalf of Developer, Legacy Tenant or the Executive Construction Manager, in each case
within forty-five (45) days of receipt by Developer (or Legacy Tenant or the Executive Construction Manager) of copies of any such
lien (and shall cause the Title Company to insure over such lien(s), if permitted by the Construction Lender in order to have a
Draw Request funded); and Developer shall cure and remove of record (or cause to be cured and removed of record) all Developer
Violations, within forty-five (45) days of receipt of copies of any such Developer Violation or as soon thereafter as is practicable;

 

(g)          Developer
shall propose cost efficiencies whenever practicable;

 

(h)          Developer
shall, or shall cause the Executive Construction Manager to, coordinate the safe and efficient performance, by all Unit Owners,
of any Finish Work to be performed in the Building (in a non-discriminatory manner and otherwise as required herein and in the
Site Logistics Procedures), and shall coordinate the safe and efficient performance and completion of any Base Building Work with
any Finish Work being performed (likewise in a non-discriminatory manner but in a manner so as not to impede the completion of
the Base Building, and otherwise as required herein and in the Site Logistics Procedures) which coordination, from and after the
recordation of the Condominium Declaration, shall also be subject to the applicable provisions of the Condominium Documents;

 

(i)          Developer
shall, or shall cause the Executive Construction Manager to, be responsible for developing, with the approval of all requisite
City departments, and implementing a site safety plan (including, without limitation, such netting and sidewalk sheds and other
elements as required by Law);

 

(j)          Developer
shall cause Legacy Tenant arrange for the testing, inspecting and commissioning of all facilities, systems and equipment that are
part of Developer Work;

 

(k)          Within
one hundred twenty (120) days of achieving Final Completion, Developer shall cause to be prepared and delivered to the Coach Member
a complete set of final “as built” construction drawings with respect to the Developer Work;

 

(l)          Developer
shall cause the Developer Work and the Base Building Work to be constructed so as to cause the Building to achieve, at a minimum,
LEED Gold certification (for New Construction and Major Renovation) from the United States Green Building Council and shall use
Best Efforts to obtain such certification; and

 

(m)          Developer
shall perform all other obligations of Developer described elsewhere in this Agreement.

 

Section 2.03         Standard
of Performance. Without limiting Developer’s obligations under this Agreement, Developer shall use its Best Efforts in
the performance of its obligations under Section 2.01 and Section 2.02.

 

Section 2.04         Development
Fee. (a) The Coach Total Development Costs shall include a development fee (the “Development Fee”) equal
to the product of (i) Thirteen and No/100 Dollars ($13.00) multiplied by (ii) the total rentable square feet of the
Coach Unit (which will include, for the avoidance of doubt, and without duplication, (A) the total rentable square feet of Office
Unit 2A, if the Coach Expansion Right is exercised with respect to Office Unit 2A, or (B) the total rentable square feet of
Office Unit 2A and Office Unit 2B, if the Coach Expansion Right is exercised with respect to Office Unit 2A and Office Unit 2B).
The Development Fee may be subject to increase as provided in Section 3.06, if applicable.

 

    	- 26 -

    	 

    

 

***
Confidential Treatment Requested

 

(b)          The
Development Fee shall be earned and payable as follows:

 

(i)          *** of the Development Fee will be earned on a percentage of completion basis, based on the percentage completion of
the Developer Work until Substantial Completion, and shall be payable as follows: 

 

(A)         a
portion equal to the percentage completion of the Developer Work will be paid within ten (10) Business Days after the date on which
both of the following have occurred: (A) the funding in full of the final Third Party Lender Advance; and (B) thereafter, the funding
in full by the Fund Member of the Fund Member’s portion of the first Draw Request to be funded with equity funds from the
Fund Member; and

 

(B)         the
remaining portion will be paid on a monthly basis on a percentage completion basis of the Developer Work until Substantial Completion
(thus leaving, based on the current Schedule, *** of the Development Fee unpaid at
such time); and 

 

(ii)         the
remaining *** of the Development Fee will be earned and payable on the date on which the Coach Member first commences
occupying the Coach Unit for the normal conduct of business in the ordinary course. 

 

(c)          Developer shall submit to the Coach Member a request for payment
of any installment of the Development Fee not less than ten (10) Business Days prior to the date on which payment is to be
made, except if such installment of the Development Fee is to be funded, in whole or in part, from proceeds of the Coach Unit
Loan, such submission shall be made no later than two (2) Business Days before the date the applicable request for
disbursement of proceeds is made under the Coach Unit Loan. Each request for payment of any installment of the Development
Fee shall include a breakdown in reasonable detail as to the calculation of the applicable portion of the Development Fee for
which request is being made for payment and a certification from the Project Architect to Legacy Tenant setting forth, in
reasonable detail, the percentage of completion of Developer Work, which percentage completion shall be subject to
confirmation by Coach’s Consultants. If the Coach Member wishes to dispute the calculation of all or any portion of the
Development Fee for which request is being made for payment (including, without limitation, the percentage of completion
achieved), the Coach Member shall deliver notice to Developer. If the parties are unable to resolve such dispute within ten
(10) Business Days after delivery of such notice, then either party may submit such dispute to Arbitration to be resolved in
accordance with the provisions of Article 14. If the Coach Member shall deliver notice of dispute as aforesaid, then
the Coach Member shall have no obligation to pay any portion of the Development Fee for which payment is being disputed until
such dispute is resolved, except as otherwise agreed by the Coach Member and Developer while working in good faith to resolve
such dispute.

 

    	- 27 -

    	 

    

 

*** Confidential Treatment Requested

 

(d)          In
the event that this Agreement is terminated for any reason prior to the date on which the first installment of the Development
Fee is paid, then a portion of the Development Fee equal to the percentage of the Developer Work completed as of the date of such
termination (which portion shall be adjusted to offset any amounts owing from Developer, the Fund Member or the Related/Oxford
Guarantor to the Coach Member in the case of any termination by reason of a Developer default) shall be paid to Developer within
thirty (30) days of such termination.

 

(e)          The
obligation of the Coach Member to pay the Development Fee pursuant to this Section 2.04 is guaranteed by the Coach Guarantor
subject to and in accordance with the Coach Guaranty.

 

Section 2.05         Additional
Development Fee; Additional Work Costs. (a) If, from and after the date of this Agreement, the Coach Member shall request
that Developer perform, or cause to be performed, any Coach Finish Work (“Additional Developer Work”), and Developer
elects to perform and performs, or causes to be performed, such Additional Developer Work, then (i) in addition to the Development
Fee, in consideration for the performance of such Additional Developer Work, the Coach Member shall pay to Developer a fee (the
“Additional Development Fee”) equal to *** of all so-called “hard” costs actually
incurred by the Coach Member, or Developer on behalf of the Coach Member, in connection with the Additional Developer Work (without
duplication of any amounts otherwise included in Coach Total Development Costs) (“Additional Developer Work Costs”),
and (ii) the Additional Developer Work Costs and any actual Developer overhead costs associated with the performance by Developer
of such Additional Developer Work (provided, that such overhead costs shall include only those costs of the type included herein
as part of the Coach Overhead Costs, shall be without duplication of any amounts otherwise included in Coach Overhead Costs, and
shall be reasonably agreed upon by and between the Coach Member and Developer prior to commencement of the Additional Developer
Work) (the “Additional Overhead Costs”) shall be funded by the Coach Member or through the Coach Unit Loan as
incurred by Developer. The Additional Development Fee, Additional Developer Work Costs and the
Additional Overhead Costs shall be paid in addition to, and separately from, the Coach Total Development Costs and shall not be
subject to the Coach Costs Cap.

 

(b)          The
Additional Development Fee shall be payable as follows:

 

(i)          *** of the Additional Development Fee shall be paid promptly upon the commencement of the Additional Developer
Work;

 

(ii)         ***
of the Additional Development Fee will be paid monthly on a percentage of completion of the Additional
Developer Work basis until the Additional Developer Work is completed; and 

 

(iii)        the
remaining *** of the Additional Development Fee will be earned and payable on the date on which the Coach Member
first commences occupying the Coach Unit for the normal conduct of business in the ordinary course.

 

    	- 28 -

    	 

    

 

(c)          Developer
shall submit to the Coach Member a request for payment of any installment of the Additional Development Fee, Additional Developer
Work Costs and Additional Overhead Costs not less than ten (10) Business Days prior to the date on which payment is to be made,
except if such installment is to be funded, in whole or in part, from proceeds of the Coach Unit Loan, such submission shall be
made no later than two (2) Business Days before the date the applicable request for disbursement of proceeds is made under the
Coach Unit Loan. Each request for payment of any installment of the Additional Development Fee shall include a breakdown in reasonable
detail as to the calculation of the applicable portion of the Additional Development Fee for which request is being made for payment
and a certification from the Project Architect to Legacy Tenant setting forth, in reasonable detail, the percentage of completion
of the Additional Developer Work, which percentage completion shall be subject to confirmation
by Coach’s Consultants. If the Coach Member wishes to dispute the calculation of all or any portion of the Additional Development
Fee (including, without limitation, the percentage of completion achieved), or any Additional Developer Work Costs or Additional
Overhead Costs, the Coach Member shall deliver written notice thereof to Developer within ten (10) Business Days of the date such
request for payment is delivered to the Coach Member, which notice shall set forth, in reasonable detail, the basis for the Coach’s
Member’s dispute. If the parties are unable to resolve such dispute within ten (10) Business Days after delivery of such
notice, then either party may submit such dispute to Arbitration to be resolved in accordance with the provisions of Article
14. If the Coach Member shall deliver notice of dispute as aforesaid, then the Coach Member shall have no obligation to pay
any portion of such Additional Developer Work Costs, Additional Overhead Costs or the Additional Development Fee for which payment
is being disputed until such dispute is resolved, except as otherwise agreed by the Coach Member and Developer while working in
good faith to resolve such dispute.

 

(d)          The
obligation of the Coach Member to pay the Additional Development Fee, Additional Developer Work Costs and the Additional Overhead
Costs pursuant to this Section 2.05 is guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty.

 

Section 2.06         Survival.
The provisions of this Article 2 shall survive the Closing.

 

ARTICLE 3.

ARCHITECT AND CONSULTANTS; PLANS, AND CHANGES TO PLANS

 

Section 3.01         Project
Architect and Consultants; the Executive Construction Manager. (a) The Coach Member hereby
approves KPF, as the Project Architect, and the Project Architect Agreement. Subject to the Coach Member’s prior written
approval of any substitute architectural firm, which approval shall not be unreasonably withheld, conditioned or delayed, Developer
shall have the right to retain a substitute architectural firm as the Project Architect. Any material amendment to the Project
Architect Agreement, and any new contract with KPF or any substitute Project Architect, and any material amendment to any such
new contract, in each case which affects or would reasonably be expected to affect the Developer Work or the Coach Total Development
Costs shall be subject to the Coach Member’s prior written approval, which approval shall not be unreasonably withheld, conditioned
or delayed. 

 

    	- 29 -

    	 

    

 

(b)          The
Coach Member hereby approves Hudson Yards Construction LLC, as the Executive Construction Manager, and
the Executive Construction Management Agreement. Subject to the Coach Member’s prior written approval of any substitute construction
management firm, Developer shall have the right to retain a substitute construction management firm as the Executive Construction
Manager. Any amendment to the Executive Construction Management Agreement, and any new contract with Hudson Yards Construction
LLC or any substitute Executive Construction Manager, and any amendment to any such new contract, in each case shall be subject
to the Coach Member’s prior written approval. Developer acknowledges and agrees no amounts payable under the Construction
Management Agreement shall result in any incremental increase of Coach Total Development Costs and that all such amounts shall
be a direct “pass through” of amounts otherwise includable in Coach Total Development Costs (without any markup or
other upcharge in respect thereof). 

 

(c)          The
Coach Member hereby approves Tutor Perini Building Corp., as the Construction Manager for the
Project, and the Construction Management Agreement. Subject to the Coach Member’s prior written
approval of any substitute construction management or general contracting firm, which approval shall not be unreasonably withheld,
conditioned or delayed, Developer shall have the right to retain a substitute construction management or general contracting firm
as the Construction Manager. Any material amendment to the Construction Management Agreement, and any new contract with Tutor
Perini Building Corp. or any substitute Construction Manager, and any material amendment to any such
new contract, in each case which affects or would reasonably be expected to affect the Developer Work or the Coach Total Development
Costs shall be subject to the Coach Member’s prior written approval, which approval shall not be unreasonably withheld, conditioned
or delayed. 

 

(d)          The
Coach Member hereby approves the Existing Consultants/Contractors, and the contracts entered into with such Persons (except, with
respect to each such contract, to the extent that any schedule of values attached to such contract does not comply with the Cost
Allocation Methodology, in which case the Coach Member approves the contract but not the schedule of values attached thereto).
If any part of the costs of retaining any additional or substitute “hard” cost contractors or “soft” cost
contractors or consultants in connection with the Developer Work is or will be included in the Coach Total Development Costs (as
and to the extent provided in the Cost Allocation Methodology), the terms of any agreement with any such contractor or consultant
shall not in any way prejudice the Coach Member in favor of the Fund Member or Developer or any other Person.

 

(e)          The
Coach Member agrees that if it does not respond or object to, or comment on, any request for approval of any substitute Project
Architect or Executive Construction Manager or any new contract, or any amendment to any contract which the Coach Member has the
right to approve (as and to the extent provided in the preceding subparagraphs of this Section 3.01), within fifteen
(15) Business Days of receipt of any such written request for approval in the case of any substitute Project Architect or Executive
Construction Manager or within ten (10) Business Days of receipt of any such written request for approval in the case of any new
contract, or amendment to any contract (accompanied, in the case of each such request, with reasonably detailed supporting information
regarding the terms of employ with such proposed Person to the extent relevant to such approval), and such request conspicuously
indicated on the first page thereof in bold face print “REQUEST FOR APPROVAL; FAILURE TO RESPOND WITHIN [15] [10] BUSINESS
DAYS MAY RESULT IN DEEMED APPROVAL”, then the Coach Member will be deemed to have approved the substitute Project Architect
or Executive Construction Manager or, the new contract or amendment, as applicable.

 

    	- 30 -

    	 

    

 

(f)          The
Coach Member’s approval of the Project Architect, the Executive Construction Manager, the Construction Manager, the Existing
Consultants/Contractors, or of any substitute or additional Project Architect, Executive Construction Manager, Construction Manager,
consultant or contractor, shall not be deemed the acceptance by the Coach Member of any work performed or to be performed by any
such Person.

 

(g)          All
costs associated with the performance of work by the Project Architect, the Construction Manager, the Existing Consultants/Contractors,
or any substitute or additional Project Architect, Construction Manager, consultant or contractor, are (or shall be) allocated
to the Coach Member only as set forth in this Agreement and in the Cost Allocation Methodology and shall be subject to the Coach
Costs Cap as provided in this Agreement.

 

Section 3.02         Process
for Development of Design. (a) Developer will instruct and use its Best Efforts to cause the Project Architect and all other
architects, engineers and designers engaged by Developer, as agent for Legacy Tenant, to complete all construction documents with
all due diligence (including the coordination of the Plans, to the extent the Plans or coordination are not fully completed on
the date hereof). Developer will use its Best Efforts, by means of value engineering or scope evaluation exercises or otherwise,
to cause the Project Architect and all other Persons engaged by Developer, as agent for Legacy Tenant, to design the Base Building
so that the hard costs of the Developer Work are reasonably likely to be completed at or below
the hard costs of the Developer Work (including the Coach Contingency), as estimated in the Budget.

 

(b)          Developer
shall timely requisition funds from the Building C JV or the Construction Lender in order to cause the Project Architect, Developer’s
Consultants and the Executive Construction Manager to be paid amounts due to such Persons when due in order to ensure continuity
and diligent prosecution of the design and development process; provided, that, so long as the same is permitted pursuant
to the applicable Loan Documents and subject to compliance with the applicable provisions thereof, nothing herein shall preclude
Developer or the Building C JV, on behalf of Legacy Tenant, from withholding payment in connection with a valid dispute with any
such Person.

 

Section 3.03         Consultation
with the Coach Member and the Coach Member’s Consultants. (a) Developer will use its Best Efforts to cause the Developer’s
Consultants and the Executive Construction Manager to consult directly with the Coach Member and Coach’s Architect
and Coach’s Consultants on matters affecting the Coach Unit, the Developer Work or the
Coach Approval Areas and on any of the costs included in the Coach Total Development Costs all on reasonable notice to, and in
the presence of, Developer’s representatives. Developer will invite the Coach Member, and the Coach Member may invite Coach’s
Architect and Coach’s Consultants, to principal project and design meetings two (2) times per month involving or affecting
the Coach Total Development Costs, the Developer Work or the Coach Approval Areas or the overall
Base Building design, as well as any design changes to any other Units which would affect any of the Coach Approval Areas. In any
event, Developer shall meet with the Coach Member, Coach’s Architect and Coach’s Consultants (i) not less often than
monthly to evaluate the status and progress of the design, development or construction of the Base Building as a whole, as well
as specific aspects of the development process, and (ii) not less often than monthly, to review changes to the Plans, including
proposed Budget changes and the impact of any proposed Budget changes on the Coach Total Development Costs. Without limiting any
of the foregoing and the Coach Member’s right to attend (and invite Coach’s Architect and Coach’s Consultants
to attend) all bank finance meetings (which are anticipated to occur once a month), Developer will not be obligated to include
Coach in design meetings that do not involve or affect any Coach Total Development Costs, the Schedule, any Coach Areas, any Developer
Work or any Coach Approval Areas. Developer will use Best Efforts to cause Developer’s Consultants and the Executive Construction
Manager to provide directly to the Coach Member, Coach’s Architect and Coach’s Consultants copies of all plans, specifications
and other materials prepared by any such Persons for the Coach Member’s review and approval (as and to the extent such materials
relate to the Developer Work or the Coach Approval Areas or as otherwise provided herein).

 

    	- 31 -

    	 

    

 

(b)          Coach
will use its commercially reasonable efforts to cause Coach’s Architect and Coach’s Consultants to consult directly
with Developer and the Project Architect and Developer’s Consultants with respect to any Coach Finish Work impacting
any areas of the Building other than the Coach Areas. 

 

Section 3.04         The
Coach Member’s Approval Rights; Change Orders; Changes Required by Law. (a) The Coach Member shall have the right to
approve or disapprove, in its sole discretion, any change or set of changes to the Plans, any change order or any Field Change
(subject in each case to Section 3.05), any Shop Drawings, Product Data and Samples, or any new Plan which would (y) increase
the Coach Total Development Costs or (z) affect or impact, other than to a de minimis extent, any of the following
(hereinafter referred to as the “Coach Approval Areas”):

 

(i)          the
Developer Work;

 

(ii)         the
Schedule for Substantial Completion or for completing Punch List Work or for Final Completion;

 

(iii)        the
volume (including floor-to-ceiling heights), area, quality, lay-out, use, safety, functionality or efficiency of any of the Coach
Areas, the Coach Expansion Premises or the areas in which are located or comprising the Coach Shared Building Systems and Areas
(but, as to the Coach Shared Building Systems and Areas, only as they affect the Coach Areas or the Coach Expansion Premises);
and the finishes in any of the foregoing, to the extent they are to be performed by Developer;

 

(iv)        the
location and size of any columns and floor penetrations in or through the Coach Areas or the Coach Expansion Premises;

 

(v)         the
location and size of, or the quality, lay-out, use, safety, functionality, efficiency or specifications for, any of the systems,
utilities or fixtures forming a part of the Coach Exclusive Systems or the Coach Shared Building Systems and Areas (but, as to
the Coach Shared Building Systems and Areas, only as they affect the Coach Areas or the Coach Expansion Premises);

 

    	- 32 -

    	 

    

 

(vi)        the
location and specifications of any elevator, escalator, stairway and stairwell serving the Coach Areas or the Coach Expansion Premises
(including, without limitation, the Coach Elevators);

 

(vii)       any
acoustical ratings for the curtain wall or demising walls separating the Coach Areas or the Coach Expansion Premises from any other
Unit or area of the Building, and any transmissions of sound/vibration from mechanical floors to the Coach Areas or the Coach Expansion
Premises;

 

(viii)      the
access to or egress from the Coach Areas or the Coach Expansion Premises;

 

(ix)         the
access from the Coach Areas or the Coach Expansion Premises to the Parking Unit, or any material deviation from the location, size,
area or floor-to-ceiling height of the Coach Reserved Parking Spaces as shown on the Plans;

 

(x)          the
portion of any roof or setback which is designated in the Plans to be used by the Coach Member or any owner or occupant of the
Coach Expansion Premises, and access by the Coach Member to any satellite, antennae or camera hook-ups to be used by the Coach
Member;

 

(xi)         the
massing and envelope of the Building, the façade of the Building (including any change to the exterior finishes and materials
of the Building, and any lanterns or treatment on the top of the Building, it being acknowledged that the Forty-Seventh Floor Curtain
Wall Adjustment shall be permitted), the entrances to the Building;

 

(xii)        any
plan for, and any change to any plan for, the Base Building Lighting;

 

(xiii)       any
plan for, and any material change to any plan for, landscaping or streetscaping work with respect to the Landscaping;

 

(xiv)       signage
(including, without limitation, any advertising signage) to be placed on any fence, enclosure or sidewalk bridge surrounding or
erected on the Property during construction (other than signage identifying the Project as “Hudson Yards” or identifying
Developer, the Fund Member or its Affiliates, the Construction Lender or the Construction Manager); provided, that with
respect to any such signage solely identifying a tenant of the Building (as opposed to advertising signage), upon submission of
a reasonably detailed proposal therefor to the Coach Member (which proposal shall include information regarding size, content,
fabrication and duration of display of such signage), the Coach Member shall be reasonable in the granting of its approval or disapproval
thereof, provided that the Coach Member and its Affiliates shall have the right to join in such signage in the most prominent position;

 

    	- 33 -

    	 

    

 

(xv)       subject
to all applicable Laws, the Core Wall Installation and the Signage Plan and Signage Guidelines (or any amendments or additions
thereto or to any element thereof), signage at the Coach Lobby or any lobby shared by the Coach Member and any other Unit Owner
prior to the recordation of the Condominium Declaration (it being acknowledged and agreed that the Condominium Declaration shall
govern and control all signage with respect to the Building from and after the recordation thereof);

 

(xvi)      the
total Floor Area of the Building or the Floor Area ratio of the Office Units to the Retail Unit or any other Units in the Building,
in each case to the extent the same would in any way affect the Building’s qualification for any real estate tax abatements,
including, without limitation, any tax abatement under UTEP; or

 

(xvii)     without
limiting clause (xvi) above, the Building’s qualification for any real estate tax abatements, including, without limitation,
the tax abatement under UTEP.

 

(b)          Any
dispute as to whether any matter is subject (or not) to the approval of the Coach Member as set forth in Section 3.04(a)
shall be submitted to Arbitration to be resolved in accordance with the provisions of Article 14. If the Coach Member has
the right of approval, the Coach Member’s decision to approve or disapprove any matter described in Section 3.04(a)
shall not be arbitrable, however.

 

(c)          Developer
will consult with the Coach Member in connection with changes to the Plans which affect or relate to any Base Building Work that
does not otherwise constitute Developer Work; provided, that such consultation pursuant to this Section 3.04(c) shall
not be construed as conferring on the Coach Member any additional approval rights beyond those rights otherwise conferred on the
Coach Member under the other provisions of this Agreement.

 

(d)          Intentionally
omitted.

 

(e)          In
no event shall Developer utilize or claim any portion of the Coach Unit Loan to fund or pay for any change(s) requested by Developer
on behalf of or for the primary benefit of any Member (other than the Coach Member).

 

(f)          If
a change in the Plans is required by Law or the MTA or Construction Lender and if such change would impact or affect any Coach
Approval Areas or the Coach Total Development Costs, Developer shall advise and promptly consult with the Coach Member as to the
particular requirement and the solution or solutions it is considering. Unless there is only one clear way to comply with such
requirement, Developer shall obtain the Coach Member’s prior written approval for the proposed change, which approval shall
not be unreasonably withheld; provided, that to the extent economically feasible, Developer will use its Best Efforts to
make any such change in the manner that has the least impact on the Plans for the Developer Work and any other Coach Approval Areas
and that minimizes any increase in the Coach Total Development Costs (so long as such manner does not discriminate in its impact
on the Plans against any other Unit or the cost of any other Unit). Subject to the Coach Costs Cap, the cost of implementing any
change in the Plans that is required as a result of any change in Laws shall be borne by the Coach Member and the Fund Member in
accordance with the Cost Allocation Methodology. The cost of implementing any change in the Plans that is required by the MTA or
Construction Lender shall be borne by the Fund Member. For the avoidance of doubt, Developer shall not be obligated to make any
change in the Plans requested by the Coach Member after the date hereof if, and to the extent,
such change would violate the terms of the MTA Project Documents, the IDA Documents or the Loan Documents, as applicable, or which
has been disapproved by the MTA, the IDA or the Construction Lender, if and to the extent the MTA, the IDA or Construction Lender
has a discretionary right to approve such change under the MTA Project Documents, the IDA Documents or the Loan Documents, as applicable.

 

    	- 34 -

    	 

    

 

(g)          The
parties acknowledge that Developer’s failure to seek, in accordance with, and to the extent required by, the provisions of
this Agreement, the Coach Member’s prior consent to any change in the Plans, new Plan, change order, Field Change or Shop
Drawings, Product Data and Sample which is (or are) implemented during the course of construction and which impact or affect to
more than to a de minimis extent any of the Coach Approval Areas may constitute a Developer Default subject to the
provisions of Section 10.02.

 

Section 3.05         Field
Changes. (a) The Coach Member will make a representative available to approve or disapprove
Field Changes which are subject to the Coach Member’s approval in accordance with the provisions
of Section 3.04 within no more than three (3) Business Days following the receipt of such information and materials as shall
be reasonably required to consider such proposed Field Change (including the estimated cost and Schedule impact (if any) of the
proposed Field Change). If the Coach Member does not approve or disapprove a Field Change which
is subject to the Coach Member’s approval (in accordance with the provisions of Section
3.04) within such three (3) Business Day period, then the Coach Member will be deemed to
have approved such Field Change. 

 

(b)          Notwithstanding
the provisions of Section 3.04(a) or Section 3.05(a), if, with respect to a change order
or a Field Change, (i) the total cost thereof shall not exceed $250,000.00, (ii) the total cost of all such change orders and Field
Changes made pursuant to this Section 3.05(b) shall not exceed Two Million and No/100
Dollars ($2,000,000.00) in the aggregate and (iii) such change order or Field Change shall have no adverse effect on the Coach
Areas or the Coach Member’s use and occupancy of the Coach Areas, then Developer shall have the right to implement such change
order or Field Change without prior approval from the Coach Member.

 

(c)          Developer
shall maintain a log of all Field Changes on site, shall keep such log current, and shall make such log available for inspection
by the Coach Member (and Coach’s Architect and Coach’s Consultants) promptly upon request therefor.

 

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*** Confidential Treatment Requested

 

Section 3.06         Change
Orders Initiated by the Coach Member; Payment for such Changes.
The Coach Member may request changes in the design of the Developer Work (a “Coach
Change Order”) by submitting a completed “Owner Scope Change Request” Form in the form attached hereto as
Exhibit Q (an “OSCR”). Developer shall, subject to the provisions of Section 3.07, cause the Project
Architect, Executive Construction Manager and Developer’s Consultants to make any change pursuant to a Coach Change Order
(and the same shall not be subject to Developer’s approval) if (a) such change will not require any adverse changes to any
portion of the Building other than the Coach Areas, (b) such change will not increase the cost of operating any Unit other than
the Coach Unit (other than to a de minimis extent), (c) such change will not cause any material delay in the Schedule
or in the completion of any Major Milestone Event or Substantial Completion of the Developer Work or Base Building Work, (d) such
change complies with Law, and (e) the Third Party Lender has approved such change to the extent such approval is required under
the Loan Documents. The aggregate net Total Coach Change Cost of implementing all Coach Change Orders will be added to, or subtracted
from, Coach Total Development Costs as further provided in Section 10.01 and, if so added to Coach Total Development Costs,
shall be funded by the Coach Member or through the Coach Unit Loan as part of Coach Total Development Costs and the Coach Costs
Cap shall be adjusted accordingly as provided in Section 10.07. In addition, and without limiting the provisions of Section
2.04, if (i) the Total Coach Change Cost for any single Coach Change Order equals or exceeds *** or (ii) the net
Total Coach Change Cost for all Coach Change Orders equals or exceeds ***, then the Development Fee shall be increased
by an amount equal to *** of the total net “hard” costs of such Coach Change Order(s).

 

Section 3.07         Pricing
of Changes; Time for Approvals. (a) Where the Coach Member’s approval to any change in the Plans (including to
any change order or Field Change) is required or requested by Developer hereunder, Developer shall provide the Coach Member and
Coach’s Architect and Coach’s Consultants with notice of such change and shall make all documents evidencing such change
(including, without limitation, Shop Drawings, Product Data and Samples and similar documents)
available for review by the Coach Member, Coach’s Architect and Coach’s Consultants at the Field Office, in each case
in order to solicit the Coach Member’s views and obtain the Coach Member’s approval(s) thereto (subject, in the case
of Field Changes, to the provisions of Section 3.05).

 

(b)          With
respect to any change to the Plans or any change order (other than Field Changes), or any change to any Shop Drawings, Product
Data and Samples, or any new Plan requested by Developer which is subject to the Coach Member’s approval, Developer shall
furnish (or cause Executive Construction Manager to furnish) to the Coach Member, a reasonably detailed statement, including a
completed OSCR (an “Approval Statement of Changes”) (i) setting forth in reasonable detail Developer’s
reasonable estimate of (A) any anticipated change in the Coach Total Development Costs expected to result therefrom (which may
be expressed as a reasonably anticipated range or maximum) and (B) any adjustments in the Schedule (including the Schedule for
completing Punch List Work) resulting therefrom and (ii) unless the Coach Member agrees (in its sole discretion) to pay any
increase in the Coach Total Development Costs resulting therefrom, establishing that any such change (including, without limitation,
soft costs and any increases of any nature in the Coach Total Development Costs associated with implementing the requested change(s))
will be funded by Developer or the Fund Member (and not by the Coach Member or through the Coach Unit Loan) or out of a non-Coach
contingency or other line item that does not affect any Coach Total Development Costs in accordance with the applicable provisions
of the Loan Documents. Developer shall provide the Coach Member with back-up or cost analyses or estimates and any other supporting
documentation for any Approval Statement of Changes, in each case reasonably promptly upon request.

 

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(c)          With
respect to any Coach Change Order, within ten (10) Business Days of Developer’s receipt of an OSCR with respect thereto,
Developer shall furnish (or cause Executive Construction Manager to furnish) to the Coach Member, a reasonably detailed statement
(an “OSCR Response Statement of Changes”, and together with any Approval Statement of Changes, each a “Statement
of Changes”) setting forth in reasonable detail Developers’ best reasonable estimate of (i)
the net delay (the “Coach Change Delay”), if any, that such proposed change will cause to Schedule, including,
without limitation, to the date of Substantial Completion, (ii) the cost that will be incurred, if any, solely as a result of any
such net delay, which cost shall include, without limitation, any costs required to be paid by Developer under the Construction
Management Agreement (collectively, but subject to the provisions of Section 3.07(h), the “Coach Change Delay Cost”),
(iii) the amount, if any, by which such proposed change will increase or decrease the cost of constructing the Developer Work or
Base Building Work (including, without limitation, any increase or decrease in the Coach Total Development Costs (which amount
shall be expressly set forth therein) and any actual increase or decrease in financing charges or overhead, but excluding those
items of overhead covered by, and payable out of, the Development Fee) (such amount, the “Net Increased Cost or Savings”),
and (iv) the actual cost that shall be incurred by Developer, if any, in connection with the preparation of revised Plans
as a result of such proposed change (such actual cost, the “Plan Revision Cost”).
The sum of the actual Net Increased Cost or Savings, the actual Coach Change Delay Cost (subject to the provisions of Section
3.07(h)) and the actual Plan Revision Cost are referred to herein as the “Total Coach Change Cost”. Developer’s
best reasonable estimate of the foregoing costs or savings may be expressed as a reasonably anticipated range or maximum (the
high end of such range or such maximum being referred to as “Maximum Change Cost”). The Coach Member
acknowledges that the Total Coach Change Cost and the Coach Change Delay Cost, calculated as set forth above, are good-faith estimates
only and agrees that (A) to the extent the Maximum Change Cost for any change requested by the Coach Member is equal
to or less than One Hundred Thousand and No/100 Dollars ($100,000.00), then, subject to Section 3.06, Developer will perform,
or cause to be performed, such proposed change and the Coach Member shall be deemed to have agreed to pay, as a part of Coach Total
Development Costs, the Total Coach Change Cost (subject to the Coach Member and Developer agreeing on the Total Coach Change Costs
as set forth in Section 3.07(d) (which process for agreement shall not interrupt or delay Developer’s construction
of the Project in accordance with the change requested by the Coach Member or limit the Coach Member’s rights hereunder,
and in no event shall the Coach Member be responsible to pay, as part of the Coach Total Development Costs or otherwise, any portion
of the Total Coach Change Cost that exceeds the Maximum Change Cost), and the Coach Member shall comply, to the extent compliance
by the Coach Member (as opposed to compliance by Legacy Tenant, Legacy Mezzanine or Developer) is required, with the provisions
of the Loan Documents applicable thereto (and shall reasonably cooperate in connection with compliance with any requirements under
the Loan Documents applicable to Legacy Tenant, Legacy Mezzanine or Developer), and (B) to the extent the Maximum Change Cost for
any change requested by the Coach Member is greater than One Hundred Thousand and No/100 Dollars ($100,000.00), Developer shall
not undertake to perform any such change order work unless and until the Coach Member authorizes Developer in writing to proceed
with such work and either the Coach Member agrees in writing to pay, as a part of Coach Total Development Costs, the Total Coach
Change Cost, which may be on a time and materials basis as if Developer was performing such work for its own account (and in no
event shall the Coach Member be responsible to pay, as part of the Coach Total Development Costs or otherwise, any portion of the
Total Coach Change Cost that exceeds of the Maximum Change Cost), or the Coach Lender agrees in writing to advance such Total Coach
Change Cost to Legacy Tenant or Legacy Mezzanine, as applicable (and in no event shall the Coach Lender be responsible to advance
any portion of the Total Coach Change Cost that exceeds of the Maximum Change Cost), and the Coach Member shall comply, to the
extent compliance by the Coach Member (as opposed to compliance by Legacy Tenant, Legacy Mezzanine or Developer) is required, with
the provisions of the Loan Documents applicable thereto; provided, that notwithstanding any such agreement, the Coach Member
and Developer shall attempt in good faith to agree on the Total Coach Change Costs as set forth in Section 3.07(d),
which process for agreement shall not interrupt or delay Developer’s construction of the Project in accordance with the change
requested by the Coach Member or limit the Coach Member’s rights hereunder. In the event that, solely as a result of a Coach
Change Order (implemented by Developer), the Third Party Loan is no longer “in balance”, the Coach Member shall make
Completion Deposits as and to the extent required under the Loan Documents to the extent necessitated by reason of such change,
and the amount of any such Completion Deposits made by the Coach Member shall be credited against the Coach Total Development Costs
as and when applied. Notwithstanding anything to the contrary set forth above, if a Coach Change Order results in a Total Coach
Change Cost that is a negative number (i.e., there is a net cost savings), then (x) with respect to Coach Change Orders that only
relate to the Coach Unit (or to the Coach Unit and to one or more other Units to a de minimis extent), the Coach
Member will receive the full benefit of any Project Cost savings resulting from such change, and (y) with respect to Coach Change
Orders that relate to the Coach Unit and one or more other Units (other than to a de minimis extent), the Project
Cost savings resulting from such change shall be applied to the Coach Unit and such other Unit(s) through the Cost Allocation Methodology.

 

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(d)          Subject
to Section 3.07(c), Developer and the Coach Member (and their respective Consultants) shall consult and attempt, in good
faith, to agree on the costs of implementing any change, the resulting adjustment (if any) in the Coach Total Development Costs,
the Total Coach Change Cost, any adjustment in the Schedule, any Coach Change Delay, and on all other matters set forth in any
Statement of Changes, in each case as soon as practicable and within no more than ten (10) Business Days after the Coach Member
receives a Statement of Changes and all additional information it may reasonably request to evaluate such Statement of Changes.
This provision shall apply whether the change is requested by Developer or by the Coach Member. Any such agreement (if and when
reached) shall be memorialized in writing or in an amended and approved Budget or in an amended and approved Schedule or set of
Plans, in each case initialed by the Developer and the Coach Member. Developer’s approval or implementation of a change pursuant
to a Coach Change Order, as aforesaid, shall be deemed a representation by Developer that it has obtained (or determined that it
was not required to obtain) the prior consent of the Thirty Party Lender to such change. If Developer and the Coach Member are
unable to agree on any Statement of Change, or on any component thereof, within ten (10) Business Days, then either party may submit
such dispute to Arbitration pursuant to the provisions of Article 14. Notwithstanding the foregoing, the Coach Member’s
disapproval of any change for which its approval is required shall not be arbitrable.

 

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(e)          If
the Coach Member does not respond or object to, or comment on, any Statement of Changes within ten (10) Business Days after receipt
of the same and all additional information reasonably requested by the Coach Member to evaluate such Statement of Changes, then
the Coach Member will be deemed to have disapproved such Statement of Changes and the implementation of the proposed changes described
therein. If the Coach Member gives comments or objections within such ten (10) Business Day period (including any request for further
information), Developer and the Coach Member will consult in an effort to resolve any issues. The ten (10) Business Day period
provided in this Section 3.07(e) shall be extended if the Coach Member reasonably determines and notifies Developer within
such ten (10) Business Day period that Developer’s submission is materially defective or incomplete. Developer will furnish
interpretations, explanations, and additional information if and as requested by the Coach Member within five (5) Business Days
of the Coach Member’s written request. If Developer and the Coach Member are unable to resolve any outstanding issues within
ten (10) Business Days, then either party may submit such dispute to Arbitration pursuant to the provisions of Article 14.
Notwithstanding the foregoing, the Coach Member’s disapproval of any change for which its approval is required shall not
be arbitrable.

 

(f)          If
Developer notifies the Coach Member that it has determined it is not required to implement any change in the Developer Work requested
by the Coach Member pursuant to the provisions of this Agreement within ten (10) Business Days after receipt of the OSCR submitted
by the Coach Member with respect thereto and all requested additional information, Developer and the Coach Member will consult
in an effort to resolve any issues. If Developer and the Coach Member are unable to resolve any outstanding issues within ten (10)
Business Days, then either party may submit such dispute to Arbitration pursuant to the provisions of Article 14.

 

(g)          Developer
shall keep accurate books and records in accordance with generally accepted accounting principles consistently applied to all items
included in all Statements of Changes and shall make such books and records and all invoices, receipts, contracts, subcontracts
and other information pertaining to the computation thereof available to the Coach Member and its representatives, from time to
time and upon reasonable, advance request, in the event that the Coach Member demands Arbitration with respect to any Statements
of Changes.

 

(h)          Notwithstanding
the foregoing provisions of this Section 3.07, the Coach Member shall not be responsible for, and shall not be required
to pay (nor shall the same be included in Coach Total Development Costs), any Coach Change Delay Costs with respect to any change
in the Developer Work pursuant to any Coach Change Order undertaken by Developer in accordance with this Agreement until such time
as the total days of Coach Change Delay for all Coach Change Orders undertaken by Developer exceeds thirty (30) calendar days in
the aggregate (the “Change Order Grace Period”), and, at such time, the Coach Member shall only be responsible
for, and required to pay, Coach Change Delay Costs with respect to each day of Coach Change Delay from and after the 31st calendar
day of Coach Change Delay resulting from any Coach Change Order undertaken by Developer (i.e.,
no Coach Change Delay Costs shall be payable by the Coach Member (or included in Coach Total Development Costs), in any event,
with respect to the first thirty (30) calendar days of Coach Change Delay).

 

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(i)          Notwithstanding
anything to the contrary contained in this Section 3.07, if Developer fails to notify the Coach Member of any delay that
could become a Coach Change Delay within five (5) Business Days after Developer becomes aware of such delay, then such delay shall
not be deemed to have occurred until Developer gives notice to the Coach Member of such delay. Any calculation of Coach Change
Delay shall be made on a net basis taking into account actual time savings, if any, resulting from any acts of the Coach Member,
Coach’s Architect, Coach’s Consultants or any of such parties’ agents, employees or contractors. If Developer
or the Coach Member believes that any Coach Change Delay (or any delay which may result in a Coach Change Delay) might be mitigated
by the expenditure of additional money or the performance of overtime work, Developer or the Coach Member, as applicable, may give
notice thereof to the other party setting forth in reasonable detail Developer’s or the Coach Member’s, as applicable,
proposed plan of mitigation. In addition, if requested by the Coach Member, Developer shall endeavor to propose a plan that, in
Developer’s reasonable judgment, might mitigate the Coach Change Delay in question. If, in Developer’s reasonable judgment,
the Coach Member’s mitigation plan or Developer’s mitigation plan will reduce or eliminate said Coach Change Delay
and will not otherwise cause a disruption in the Schedule, Developer shall notify the Coach Member of Developer’s estimate
of the cost and the amount of overtime work required to implement any such mitigation plan, and the Coach Member shall have the
right to pay such additional cost (as finally determined) and the cost of any overtime work or cause such overtime work to be performed
at the Coach Member’s sole cost and expense, in either case by giving notice thereof to Developer within ten (10) days after
the Coach Member was given such notification by Developer. Any such costs, and the cost of overtime work performed by the Coach
Member in implementing any mitigation plan pursuant to this Section 3.07(i), shall be in addition to, and separate from,
the Coach Total Development Costs and shall not be subject to the Coach Costs Cap, and the payment of such additional money by
the Coach Member or the performance of such overtime work at the Coach Member’s expense shall not affect the obligations
of the Coach Member with respect to such Coach Change Delay (to the extent such delay is not mitigated or eliminated). Any dispute
with respect to the existence or duration of any Coach Change Delay shall be submitted to Arbitration pursuant to the provisions
of Article 14. The obligation of the Coach Member to pay all such costs required to be paid by the Coach Member pursuant
to this Section 3.07(i) is guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty.

 

Section 3.08         The
Coach Member Review of Plans Not a Representation or Assumption.
The review or approval by the Coach Member (or Coach’s Architect or any of Coach’s
Consultants on behalf of the Coach Member) of any of the Plans or Shop Drawings, Product Data
and Samples shall in no event be or be deemed to be (a) a representation or agreement, implied or otherwise, by the Coach
Member, Coach’s Architect or any of Coach’s Consultants, that any such Plans or other materials
comply with applicable Laws, or (b) an assumption by the Coach Member, Coach’s Architect
or Coach’s Consultants of any liability in respect of any such Plans or materials, or in respect of the implementation of
any such Plans or materials.

 

Section 3.09         Plans
and Materials Available. Developer shall maintain at the Building or at Developer’s field office, for inspection and
use by the Coach Member and Coach’s Consultants (on a non-exclusive basis), at least one
record copy of (a) the Plans, and any change orders or other modifications to any such Plans, in each case in good order, and (b)
all Shop Drawings, Product Data and Samples showing or related to all current and pending Developer Work or for any construction
work the cost of which is included in the Coach Total Development Costs. The obligations of Developer pursuant to this Section
3.09 shall survive the Closing and the termination of this Agreement for a period of two (2) years.

 

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ARTICLE 4.

OPEN-BOOK NATURE OF PROJECT; DRAW REQUESTS, AND RE-ALLOCATION OF PROJECT COSTS; MONTHLY REPORTS; AUDIT RIGHTS; BOOKS AND RECORDS;
ENVIRONMENTAL REPORTS

 

Section 4.01         “Open-Book”
Nature of Project; Meeting with Lenders. (a) All modifications to the Budget and all back-up therefor, all spreadsheets supporting
any numbers or categories of cost therein, all cost breakdowns and allocations relating to the Developer Work or any of the costs
included in the Coach Total Development Costs, all value engineering and cost estimating studies and exercises performed or prepared
in connection with the Project, all revised Schedules, and all material financial analyses, studies and materials performed or
prepared in connection with the Project or any Project Costs shall be done on an “open book” basis, with the Coach
Member and Coach’s Consultants having prompt, complete and unrestricted access thereto.

 

(b)          Without
limiting the generality of the foregoing, Developer shall invite the Coach Member and Coach’s Consultants to attend each
monthly meeting with the Construction Lender or its disbursement agent (including after Closing to the extent they affect the Coach
Member), and shall, simultaneously with any Draw Request or other material submission made to the Construction Lender or its disbursement
agent regarding the Base Building (including submissions made after the Closing, if they affect the Coach Member), copy or cause
the Executive Construction Manager to copy, the Coach Member on such Draw Request or submission (including, in each copy to the
Coach Member, a copy of all supporting documentation simultaneously submitted to the Construction Lender or such disbursement agent,
including copies of lien waivers, title continuations, architect’s certificates or revised budgets showing re-allocations
among line items included therein, etc.). In addition, Developer shall provide (or cause to be provided) to the Coach Member, with
each monthly Draw Request, monthly reports regarding the Developer Work and the Base Building (in a format, and providing for a
level of detail, reasonably acceptable to the Coach Member), which shall include reasonably detailed information regarding Developer’s
overhead and soft cost expenses for the prior month.

 

Section 4.02         Draw
Requests and Re-Allocation of Project Costs. (a) Each Draw Request shall be prepared and submitted to the Coach Member as follows:

 

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(i)          Developer
will cause the Construction Manager and each subcontractor to submit to Developer at least five (5) days prior to the end of each
calendar month its preliminary hard cost application for payment (each, an “Application for Payment”) via the
Textura—CPM billing and payment system, and will provide the Coach Member, Coach’s Architect and the applicable Coach’s
Consultants with access to each Application for Payment when submitted. Within two (2) Business Days after the end of each calendar
month, Developer, the Executive Construction Manager, the Construction Manager, the Coach Member, Coach’s Architect and the
applicable Coach’s Consultants and the construction consultant for the Construction Lender (“Lender’s Consultant”)
will meet to review the percentage of completion and the Application for Payment submitted by the Construction Manager and each
subcontractor. Each Application for Payment shall be jointly approved by Developer, the Coach Member, Coach’s Architect and
the applicable Coach’s Consultants and the Lender’s Consultant, and if any Application for Payment is not so jointly
approved, Developer will cause the Construction Manager or the applicable subcontractor, as the case may be, to revise and resubmit
to Developer its Application for Payment within three (3) Business Days of Developer’s request therefor and provide the Coach
Member, Coach’s Architect and the applicable Coach’s Consultants with access via the Textura—CPM billing and
payment system to such revised Application for Payment when submitted. Developer shall cause the Executive Construction Manager
to summarize the Applications for Payment received from the Construction Manager and the subcontractors and submit to Developer
and the Coach Member, Coach’s Architect and the applicable Coach’s Consultants a Draw Request which complies with the
further provisions of this Section 4.02 on or prior to the ninth (9th) day of each calendar month during the term of this
Agreement.

 

(ii)         Developer
will cause each design professional to submit to Developer at least five (5) days prior to the end of each calendar month an Application
for Payment via the Textura—CPM billing and payment system and will provide the Coach Member, Coach’s Architect and
the applicable Coach’s Consultants with access to each Application for Payment when submitted. The Coach Member, Coach’s
Architect and the applicable Coach’s Consultants may provide comments to Developer with respect to the Application for Payment
submitted by any design professional. Developer shall (A) cause the Executive Construction Manager to summarize the Applications
for Payment received from the design professionals, (B) summarize all other soft costs, design costs, Developer Overhead Costs,
and other Project Costs, and (C) cause the Executive Construction Manager to submit to Developer and the Coach Member, Coach’s
Architect and the applicable Coach’s Consultants a Draw Request which sets forth all of the foregoing and which complies
with the further provisions of this Section 4.02 on or prior to the ninth (9th) day of each calendar month during the
term of this Agreement.

 

(iii)        Developer
shall prepare a monthly Draw Request that sets forth and summarizes all of the costs described in clauses (i) and (ii)
above and specifically and clearly allocates all such costs to the Coach Unit and the Fund Member Units in accordance with the
Cost Allocation Methodology and the applicable provisions of this Agreement. Each Draw Request shall conform to the Cost Allocation
Methodology and the applicable requirements of this Agreement and shall in all cases be subject to and comply with all of the requirements
for draw requests under the Mortgage Loan or the Mezzanine Loan, as applicable, set forth in the applicable Loan Documents (which
requirements shall also apply, mutatis mutandis, to Draw Requests for any equity funds to be contributed by any Member to
the Building C JV). Developer shall submit each Draw Request to the Coach Member, Coach’s Architect and the applicable Coach’s
Consultants on the tenth (10th) day of each calendar month during the term of this Agreement.

 

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(iv)        Developer
shall submit each Draw Request prepared in accordance with the foregoing provisions of this Section 4.02 on or about the
fifteenth (15th) day of the applicable calendar month during the term of this Agreement to the Mortgage Lender or the Mezzanine
Lender, as applicable, for disbursement of Mortgage Loan proceeds or Mezzanine Loan proceeds in accordance with the terms of this
Agreement and applicable the Loan Documents or following the disbursement in full of the Mezzanine Loan and the Mortgage Loan,
to the Building C JV and the Members in accordance with the terms of this Agreement and the Operating Agreement, as applicable.
In no event shall any dispute between Developer and the Coach Member with respect to any Draw Request prevent or delay the submission
thereof on or about the fifteenth (15th) day of the applicable calendar month or, subject to the further provisions of this Section
4.02, reduce the amount of such Draw Request.

 

(b)          The
Coach Member shall have the right to review and dispute all or any portion of each Draw Request (except to the extent consistent
with the applicable approved Application for Payment), and the allocation of costs to the Coach Member as shown in each Draw Request,
as follows:

 

(i)          If,
in the Coach’s Member’s opinion, the amount of any hard cost item to be funded pursuant to a Draw Request is not supported
by the work performed as of the date of such Draw Request, then within three (3) Business Days of its receipt of such Draw Request,
the Coach Member shall inform the Developer in writing of its objection to the amount of such hard cost item or percentage of completion
(it being agreed that any objection raised after such three (3) Business Day period shall be addressed in the following month’s
Draw Request). Developer, the Executive Construction Manager, and the Construction Manager shall review and attempt to resolve
the Coach Member’s objections, and Developer and the Coach Member shall agree to do one of the following: (A) adjust such
hard cost item, and the amount of such adjustment, in such Draw Request, (B) require additional documentation or inspection or
(C) remove the amount for such hard cost item in its entirety from such Draw Request. In the event that the Coach Member and Developer
are unable to agree on the amount of any hard cost item included in a Draw Request, then such Draw Request shall be submitted for
funding, including the amount of such hard cost item in dispute, and the dispute with respect to such amount will be resolved through
Arbitration pursuant to the provisions of Article 14.

 

(ii)         If,
in the Coach’s Member’s opinion, the amount of any design professional costs or other soft costs to be funded pursuant
to a Draw Request is not supported by the work performed as of the date of such Draw Request, then within three (3) Business Days
of its receipt of such Draw Request, the Coach Member shall inform the Developer in writing of its objection to the amount of such
soft cost item or percentage of completion (it being agreed that any objection raised after such three (3) Business Day period
shall be addressed in the following month’s Draw Request). Developer shall respond within two (2) Business Days of its receipt
of such objection from the Coach Member by (A) adjusting the amount for such item in such Draw Request, (B) providing additional
documentation to the Coach Member, (C) removing the amount for such item in its entirety from such Draw Request or (D) notifying
the Coach Member that Developer does not agree with such objection. In the event that the Coach Member and Developer are unable
to agree on the amount of any soft cost item included in a Draw Request, then such Draw Request shall be submitted for funding,
including the amount of such soft cost item in dispute, and the dispute with respect to such amount will be resolved through Arbitration
pursuant to the provisions of Article 14.

 

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(iii)        The
Coach Member shall be entitled to all material and information that is reasonably necessary to evaluate and analyze the cost information
in each Draw Request and the allocation of costs to the Coach Member, and Developer shall provide the Coach Member, Coach’s
Architect and the applicable Coach’s Consultants with all such material and information. If the Coach Member disputes the
allocation to the Coach Member of any cost in any Draw Request, it shall notify the Developer in writing within five (5) Business
Days of receipt of such Draw Request together with such material and information (it being agreed that any objection raised after
such five (5) Business Day period shall be addressed in the following month’s Draw Request). Developer and the Coach Member
will consult in good faith to resolve any allocation dispute, and any re-allocation of costs in resolution of such dispute will
be implemented in the following month’s Draw Request in accordance with the further provisions of this Section 4.02.

 

(iv)        In
no event shall any dispute with respect to any Draw Request prevent or delay the submission of such Draw Request on the fifteenth
(15th) day of the applicable calendar month, or reduce the amount of any Draw Request so submitted.

 

(v)         On
a quarterly basis, Developer will furnish the Coach Member with an interest adjustment at the applicable Construction Loan Rate
for any of items which were disputed by the Coach Member but initially paid for with proceeds of the Coach Unit Loan or by the
Coach Member.

 

(c)          Following
the resolution or Arbitration of any dispute referenced in Section 4.02(b), Developer shall, and shall cause Legacy Tenant
or Legacy Mezzanine, as applicable, to direct the Construction Lender to, re-allocate Project Costs among the Units (together with
interest, as provided below) as necessary to reflect the resolution or Arbitration of all allocation issues in dispute, and the
next Draw Request (to be prepared and submitted by Developer) shall reflect such re-allocations. If any costs were (or are) initially
allocated to the Coach Unit and then are re-allocated to another Unit (whether before or after the Closing), the Coach Total Development
Costs shall be decreased by all such amounts which are so re-allocated together with interest thereon at the Interest Rate from
the date on which each such cost was (or is) paid by a Coach Lender Advance or otherwise by the Coach Member until the date on
which each such cost is re-allocated to the Fund Member, and Legacy Tenant or Legacy Mezzanine, as applicable (and the Fund Member
as required pursuant to the terms of the Operating Agreement), shall make Completion Deposits as and to the extent required under
the applicable Loan Documents if the Mortgage Loan proceeds then available to Legacy Tenant and the Mezzanine Loan proceeds then
available to Legacy Mezzanine are insufficient to fund such re-allocated costs or if the Third Party Loan is not “in balance”
as a result of such re-allocation. If any costs are (or were) initially allocated to the Fund Member Units and then are re-allocated
to the Coach Unit, the cost of the Fund Member Units likewise shall be decreased by all such amounts which are so re-allocated
together with interest thereon at the Interest Rate from the date on which each such cost was (or is)
initially funded by a Third Party Lender Advance or otherwise by the Fund Member pursuant to the terms of the Operating Agreement
or the Third Party Lender until the date on which each such respective cost is re-allocated to the Coach Unit. In such event, such
costs shall be funded out of the Coach Unit Loan, if available, or by the Coach Member pursuant to the terms of the Operating Agreement,
as applicable. 

 

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(d)          Should
any re-allocation occur after the Closing, and if the Coach Member shall have made (directly or through a Coach Lender Advance)
an overpayment, Developer shall, or shall cause Legacy Tenant or Legacy Mezzanine, as applicable, to direct the Construction Lender
to, re-allocate Project Costs (together with interest thereon, as provided in the following sentence) to the Fund Member Units
to the extent of such overpayment, and credit any future Coach Lender Advances to be made to Legacy Tenant or Legacy Mezzanine,
as applicable, or equity contributions to be made by or on behalf the Coach Member to such extent, so as to reduce the next payment
required under this Agreement. Costs which are so re-allocated to the Fund Member Units shall bear interest (and be re-allocated
with interest) at the Interest Rate from the date on which the Coach Member (directly or through a Coach Lender Advance) made (or
makes) a payment in respect of such cost until the date on which such cost is re-allocated. Should any re-allocation occur after
the Closing, and if the Coach Member shall have made an underpayment, Developer shall, or shall cause Legacy Tenant or Legacy Mezzanine,
as applicable, to direct the Construction Lender to, re-allocate Project Costs (together with interest thereon, as provided in
the following sentence) to the Coach Unit to the extent of such underpayment and credit any future Third Party Lender Advances
to be made to Legacy Tenant or Legacy Mezzanine or equity contributions to be made by or on behalf the Fund Member to such extent,
together with interest thereon at the Interest Rate from the date such cost was paid or funded until the date on which such cost
is re-allocated.

 

(e)          The
payment of any costs which are re-allocated to the Fund Member Units under Section 4.02(b), Section 4.02(c) or Section
4.02(d) and which are not recovered by the Coach Member, whether through (i) adjustments in the Coach Lender Advances which
result (dollar-for-dollar) in decreases in the Coach Total Development Costs or (ii) [intentionally omitted]
or (iii) payment to the Coach Member by the Fund Member, shall
be paid by the Building C JV directly to the Coach Member at Final Completion, together with
interest thereon as provided in Section 4.02(c) and Section 4.02(d).
Such payment obligations are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford
Guaranty and are consistent with the obligation to make final payments under Section 13.05. Neither
the Coach Contingency nor any portion of the Coach Unit Loan may be used to pay such amounts to the Coach Member
or to “cover” such amounts. 

 

    	- 45 -

    	 

    

 

Section 4.03         Audit
of Construction Costs. (a) The Coach Member and its representatives shall have the right, on a semi-annual basis, to inspect,
audit and make copies of all books and records of the Building C JV and its subsidiaries or the Developer, and all materials in
Developer’s possession or in the possession of the Building C JV, the Executive Construction Manager, the Construction Manager
(but, in such case, only to the extent relating to the Project or Project Costs), the Project Architect (but, in such case, only
to the extent relating to the Project or Project Costs), any of the Members or the Related/Oxford Guarantor (but, in each case,
only to the extent that such Person has records relating to expenses charged to the Project which are not otherwise available from
Developer or the Building C JV and its subsidiaries), and relating to the Project or Project Costs, to the extent necessary in
order to enable the Coach Member to establish or confirm the Coach Total Development Costs or any other amounts payable by or chargeable
to the Coach Member under this Agreement. Any such audit shall be conducted during business hours, on reasonable notice, and at
the Coach Member’s cost and expense; provided, that if such audit reveals any over-charging or over-allocation to the Coach
Member of Project Costs in excess of 3% of the aggregate amounts charged or allocated to the Coach Member which are the subject
of such audit, then Developer shall reimburse the Coach Member for all out of pockets costs actually incurred by the Coach Member
in conducting such audit. Any such audit may cover all prior monthly Draw Requests that have not been the subject of any prior
audit (unless it shall be necessary, in order to understand and evaluate particular transactions or payments that are the subject
of the audit in question, to review transactions or payments made which were the subject of a prior audit). The Coach Member shall
submit a report of its findings (in each audit) to Developer not later than ten (10) Business Days after it concludes each such
audit.

 

(b)          Developer
and the Coach Member shall consult in good faith to resolve any matter in dispute raised in any audit conducted by the Coach Member
as provided in Section 4.03(a) within ten (10) Business Days of Developer’s receipt of the Coach Member’s
audit report. If they cannot resolve a particular dispute (with respect to any matter raised in such audit report) within such
ten (10) Business Day period, the dispute shall be submitted to Arbitration pursuant to the provisions of Article 14. In
no event shall a dispute prevent or delay Draw Requests from being processed and paid, subject in all events to the satisfaction
of all conditions applicable thereto.

 

(c)          If
any amounts paid are ultimately determined not to be Project Costs, or to have been improperly charged to the Coach Total Development
Costs, the Coach Total Development Costs will be appropriately reduced and credited with interest at the Interest Rate.

 

(d)          Nothing
herein shall prevent the Coach Member from conducting an inspection of all books and records of the Building C JV, Developer, its
subsidiaries, the Executive Construction Manager or the Construction Manager (but, in the latter case, only to the extent relating
to the Project or Project Costs) for purposes of a final accounting described in Section 13.05.

 

Section 4.04         Books
and Records. Developer shall maintain copies of all Draw Requests, invoices and other documentation as shall be necessary to
establish and verify the Project Costs for a period of two (2) years following the date on which Final Completion occurs; provided,
that such maintenance shall give the Coach Member no additional rights or time periods for audit; and provided, further,
that if the Coach Member requests (at any time prior to the expiration of such two-year period) that Developer deliver to the Coach
Member (at the Coach Member’s sole cost and expense) copies of all such Draw Requests, invoices and other documentation,
then Developer shall deliver all such materials to the Coach Member.

 

Section 4.05         Environmental
Reports; Indemnification. (a) Developer shall provide the Coach Member with a copy of all reports, inspections, or analyses
concerning the presence (or possible presence) of Hazardous Materials in or on the Land or the Building, including, without limitation,
drafts thereof, which Developer commissions or receives, in each case promptly after receipt thereof.

 

    	- 46 -

    	 

    

 

(b)          In
connection with all aspects of the Project, Developer shall comply, and shall use commercially reasonable efforts to cause the
Project Architect and any Developer’s Consultants to comply, with all Environmental Laws, and shall take all such actions
with respect to the Project which may be required by any Government Entity to comply with any such Environmental Laws.

 

(c)          Developer
shall indemnify, defend, reimburse, and hold harmless the Coach Member, and each of the Coach Indemnitees, from and against any
and all claims relating to (i) any alleged violation or contravention of any Environmental Laws by Developer or any of Developer’s
Consultants with respect to the Land, the Developer Work, the Base Building Work, or any Finish Work performed by or on behalf
of Developer or any of its Affiliates, and (ii) in connection with any remediation or cleanup of the Land required by Environmental
Laws resulting from the acts or omissions of any Person; except, in each case, to the extent such losses, claims or costs (A) are
caused by the Coach Member or any of the Coach Indemnitees or (B) result from the Coach Member or the Coach’s Consultants
carrying out of any Coach Finish Work. The provisions of this Section 4.05(c) and the obligations of Developer hereunder
shall survive the Closing and the termination of this Agreement; provided, that Developer shall have no further obligations
or liabilities under this Section 4.05(c) (other than for then existing claims hereunder) from and after both of the following
occur: (x) the third (3rd) anniversary of the date on which Final Completion is achieved, as agreed
to by Developer and the Coach Member or, in the absence of such agreement, as determined by Arbitration as provided in this Agreement,
and (y) the delivery by Developer to the Coach Member of a current Phase I environmental site assessment (and, if applicable,
a current Phase II environmental assessment) for the Property, dated on or about the date referred to in clause (x) above,
prepared consistent with ASTM Practice E 1527 that does not identify any recognized environmental conditions that require further
investigation or remediation.

 

(d)          The
Coach Member shall indemnify, defend, reimburse, and hold harmless Developer, and each of the
Developer Indemnitees, from and against any and all claims relating to any alleged violation or contravention of any Environmental
Laws by the Coach Member or any of Coach’s Consultants with respect to their performance of the Coach Finish Work; except,
in each case, to the extent such losses, claims or costs (i) are caused by the Developer or any of the Developer Indemnitees or
(ii) result from the Developer or the Developer’s Consultants carrying out of any Developer Work, Base Building Work or Developer
Finish Work. The provisions of this Section 4.05(d) and the obligations of the Coach Member hereunder shall survive the
Closing; provided, that the Coach Member shall have no further obligations or liabilities under this Section 4.05(d)
(other than for then existing claims hereunder) from and after the third (3rd) anniversary of the date on which the Coach Finish
Work is completed.

 

Section 4.06         Survival.
Except as otherwise expressly provided in Section 4.05, the provisions of this Article 4 and the obligations of Developer
and its successors and assigns shall survive the Closing and the termination of this Agreement.

 

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ARTICLE 5.

AWARD OF TRADE CONTRACTS;
LABOR MATTERS

 

Section 5.01         Bidding
and Award of Contracts. (a) Developer has entered into the Executive Construction Management Agreement for the performance
of the Base Building Work. The trade contracts for construction of the Project bid and awarded as of the date hereof are set forth
on Exhibit R attached hereto.

 

(b)          To
the extent not already bid and awarded, Developer shall bid and award trade contracts for construction of the Project in accordance
with the provisions of this Article 5 and the Schedule.

 

(c)          The
construction work not yet bid will be bid in separate bid packages. The Developer will or will cause the Executive Construction
Manager to prepare for each bid package, in consultation with the Coach Member, a list of bidders who will be asked to respond
to each bid package; provided, that no Affiliate of Developer, the Fund Member, Related, Oxford, or the Executive Construction
Manager, shall be included on such list of bidders without disclosure to the Coach Member, in reasonable detail, of such Affiliate
relationship and the prior written approval of Coach. If any Affiliated party is included on any list of bidders (which inclusion
shall be subject to Coach’s written approval as herein provided), such Affiliated bidder shall not be provided, and shall
not have or be given any access to, any information of any kind with respect to the bid package, the Schedule, the Budget, or any
other aspect of, or information with respect to, the Project that is not provided to all third-party bidders and shall, in all
events, be treated in the same manner and subject to the same requirements and process as all third-party bidders (except as may
be otherwise agreed to in writing by the Coach Member). Developer will, or will cause the Executive Construction Manager to, provide
the Coach Member with copies of the bid lists for all contractors, subcontractors and vendors and shall consult with the Coach
Member in connection therewith. At the request of the Coach Member, the Developer (or the Executive Construction Manager) shall
supply to the Coach Member (i) to the extent available to Developer (or the Executive Construction Manager), information regarding
the background and qualifications of any contractor, subcontractor or vendor under consideration for receipt of each such bid package,
and (ii) information regarding any affiliation or prior or current business dealings between Developer, Related, Oxford or
the Executive Construction Manager, on the one hand, and each such contractor, subcontractor or vendor, on the other hand. The
Coach Member shall have the right to request that Developer include on the list of bidders for each bid package, one or more bidders
selected by the Coach Member.

 

    	- 48 -

    	 

    

 

(d)          As
contract documents for each bid package are completed, Developer or the Executive Construction Manager shall solicit and receive
from at least three (3) third-party bidders fixed price bids on each bid package; provided, that to the extent Developer believes
that, with respect to any bid package, it is not possible to solicit and receive at least three (3) fixed price bids from third-party
bidders, Developer shall promptly notify the Coach Member thereof and request the Coach Member’s approval to solicit and
receive less than three (3) third-party fixed price bids, which approval shall not be unreasonably withheld, conditioned or delayed.
During the period when Developer or the Executive Construction Manager is proceeding with the bid process (i) Developer shall
keep the Coach Member apprised (on a weekly basis regarding such week’s progress and developments, if any) of the status
of the bid process and provide to the Coach Member and Coach’s Consultants all information and access to all documents relating
thereto as may be reasonably requested by the Coach Member or Coach’s Consultants (it being understood that such access shall
be provided at a location mutually agreed to by Developer and Coach Member and that copies of fixed price bids shall not be delivered
to the Coach Member but prompt access thereto will be given to the Coach Member), and (ii) the Coach Member and Coach’s Consultants
may communicate any of their concerns with the bids or bidding process to Developer, which shall act reasonably to address such
concerns. Developer or the Executive Construction Manager shall level bids received and prepare a bid comparison analysis and prepare
a “leveling report” and access to such analyses and leveling report to the Coach Member and its Consultants promptly
(it being understood that such access shall be provided at the Field Office and that copies of fixed price bids and the leveling
report shall not be delivered to the Coach Member outside of the Field Office). If Developer shall arrange bid conferences, Developer
shall invite the Coach Member and Coach’s Consultants to attend all bid conferences. The Coach Member and Coach’s Consultants
may attend any bid conferences.

 

(e)          Developer
shall consult with the Coach Member and Coach’s Consultants prior to awarding any hard cost contract if any part of the costs
of such contract is or will be borne by the Coach Member. After consulting with the Coach Member and Coach’s Consultants,
Developer shall award all contracts based on cost, quality of work, ability to meet the Schedule and ability to satisfy the requirement
of this Agreement; provided, that if Developer does not award a contract to the lowest bidder, Developer shall provide the
Coach Member with an explanation of Developer’s reasons for not awarding the applicable contract to the lowest bidder, which
must be consistent with the foregoing criteria. Notwithstanding the foregoing Developer shall not award any contract to any Affiliate
of Developer, the Fund Member, Related, Oxford, or the Executive Construction Manager, if such person is not the lowest bidder,
without the prior written approval of the Coach Member. In addition, there shall be a trade payment breakdown or schedule of values
attached to each trade contract entered into by Legacy Tenant or the Executive Construction Manager (either prior to or after the
date of this Agreement) which will allocate costs consistent with the Cost Allocation Methodology. Costs will, in any event, be
allocated to the Coach Member in accordance with the Cost Allocation Methodology, as elsewhere provided in this Agreement. Any
dispute regarding whether any trade payment breakdown or schedule of values is, in fact, consistent with the Cost Allocation Methodology
shall be submitted to Arbitration to be resolved in accordance with the provisions of Article 14.

 

(f)          In
no event shall the Coach Member have any liability or obligation to any contractor, subcontractor or vendor solicited or selected
by Developer, Legacy Tenant or the Executive Construction Manager as provided in this Section 5.01 or otherwise providing
goods or services to the Project (unless such contractor is employed directly by the Coach Member in connection with its Finish
Work), and except that the costs thereof shall constitute Project Costs and shall be part of the Coach Total Development Costs
to the extent provided in this Agreement, the Cost Allocation Methodology and the Budget.

 

(g)          The
Coach Member shall keep confidential any confidential bid information received by it. If the Coach Member shares any bid information
with its consultants, it shall direct such consultants likewise to keep such information confidential.

 

    	- 49 -

    	 

    

 

(h)          The
provisions of this Section 5.01 (other than Section 5.01(g)) shall only apply to contracts as to which all or any
portion of the payments thereunder shall constitute part of the Coach Total Development Costs. If the Coach Member is not allocated
any portion of the cost of such contract, the Coach Member shall have no involvement in the bidding with respect to such contract.

 

(i)          Either
party may elect to dispute whether Developer’s bidding and awarding procedures comply with the provisions of this Section
5.01 and to have such dispute submitted to Arbitration pursuant to the provisions of Article 14, and, to the extent
feasible, the parties shall diligently attempt to cause the Arbiter to resolve such dispute within five (5) Business Days after
the appointment of such Arbiter. Developer shall have no obligation to suspend the bidding and awarding process if the Coach Member
causes any dispute with respect thereto to be submitted to Arbitration; provided, that Developer shall be responsible for any and
all additional costs and expenses, including, without limitation, Project Costs, resulting from Developer’s failure to comply
with the provisions of this Section 5.01 and bid and award contractors in accordance with such provisions.

 

Section 5.02         Project
Labor Agreement. Developer has provided a copy of the Project Labor Agreement to the Coach Member. Developer hereby represents
and warrants to the Coach Member that the Project Labor Agreement by its terms will no longer apply to the Coach Unit or any owner
or occupant thereof from and after the substantial completion of the Coach Finish Work (including any Coach Finish Work punch list
items). Developer shall, and shall cause Legacy Tenant and the Executive Construction Manager to, promptly deliver to the Coach
Member any amendment or supplement to the Project Labor Agreement, or any separate or additional letter or agreement sent to or
entered into with the Building & Construction Trade Council of Greater New York or with any individual union or other trade
group in connection with the Project, and shall not, and shall not cause or permit Legacy Tenant or the Executive Construction
Manager to, enter into any of the foregoing without the prior written consent of the Coach Member if the same would impose any
costs on or otherwise adversely affect the Coach Member or the Coach Unit. In no event shall there be any agreement or commitment
with any trade group or union which will affect the management or operation of the Coach Unit by the Coach Member.

 

ARTICLE 6.

SCHEDULE AND UPDATES

 

Section 6.01         Project
Schedule; Updates. (a) Developer shall use Best Efforts to adhere to, and will instruct and use its Best Efforts to cause the
Executive Construction Manager, the Project Architect and other Consultants and all contractors to adhere to, the dates and time
periods set forth in the Schedule (subject to Force Majeure events, Coach
Change Delays extending beyond the Change Order Grace Period resulting from any change requested by the Coach Member and Coach
Work Delays). 

 

    	- 50 -

    	 

    

 

(b)          Developer
shall give the Coach Member (for the Coach Member’s review) (i) monthly “look-aheads” with respect to the Schedule
and (ii) quarterly updates of the Schedule (or on such other shorter basis, including monthly, as any such updates are prepared
and issued by the Executive Construction Manager or Developer), in each case showing revisions, additions, and deletions and providing
detailed explanations of all such modifications. The Coach Member shall have the right to approve any such updates or amendments
if any such updates or amendments (or any component thereof) have or will have the effect (on their face, or as implemented) of
discriminating against the Coach Member (i.e., if the change favors or has the effect of favoring the work for the Fund
Member or any Fund Unit over work to be performed for the Coach Member or the Coach Unit). Notwithstanding the foregoing, no update
to the Schedule shall be deemed to modify or amend the Block Delivery Schedule or the anticipated Substantial Completion Date unless
and to the extent specifically approved by the Coach Member. Any dispute regarding any such matter shall be submitted to Arbitration
to be resolved in accordance with the provisions of Section 14.01.

 

Section 6.02         Milestones.
(a) For purposes hereof, the terms “Major Milestone Event” and “Major Milestone Outside Date”
means the Major Milestone Event and the corresponding Major Milestone Outside Date set forth directly across from said Major Milestone
Event in the chart below:

 

	 	Major Milestone Event	 	
        Major Milestone

        Target Date
	 	
        Major Milestone

        Outside Date*
	 
	 	 	 	 	 	 	 
	1.	Completion of foundation and lowest slab (street level)	 	August 21, 2013	 	September 20, 2013	 
	 	 	 	 	 	 	 
	2.	Completion of concrete with slab at 21st Floor	 	April 10, 2014	 	May 10, 2014	 
	 	 	 	 	 	 	 
	3.	Delivery of Floors 6 – 10 in Delivery Condition	 	April 30, 2014	 	May 14, 2014	 
	 	 	 	 	 	 	 
	4.	Delivery of Floors 11 – 15 in Delivery Condition	 	June 13, 2014	 	June 27, 2014	 
	 	 	 	 	 	 	 
	5.	Delivery of Floors 16 – 20 in Delivery Condition	 	July 29, 2014	 	August 12, 2014	 
	 	 	 	 	 	 	 
	6.	Availability of Temporary HVAC to Coach Areas	 	October 1, 2014	 	October 15, 2014	 
	 	 	 	 	 	 	 
	7.	Completion and delivery of Office Unit 1 Service Elevator in Delivery Condition	 	December 29, 2014	 	January 28, 2015	 
	 	 	 	 	 	 	 
	8.	Permanent electrical power to Coach Areas delivered	 	February 1, 2015	 	February 15, 2015	 
	 	 	 	 	 	 	 
	9.	Completion and delivery of Office Unit 1 Passenger Elevators in Delivery Condition	 	February 3, 2015	 	March 5, 2015	 
	 	 	 	 	 	 	 
	10.	Permanent HVAC to Coach Areas tested, operational and balanced	 	May 1, 2015	 	May 15, 2015	 
	 	 	 	 	 	 	 
	11.	Completion and delivery of Coach Lobby and Coach Atrium in Delivery Condition	 	May 4, 2015	 	May 18, 2015	 
	 	 	 	 	 	 	 
	12.	Completion of fire-alarm contractor certified pre-test in Delivery Condition	 	May 15, 2015	 	May 15, 2015	 
	 	 	 	 	 	 	 
	13.	Completion of Developer TCO Work and, subject to completion of Coach TCO Work where applicable, receipt of a temporary certificate of occupancy for the Coach Areas	 	June 1, 2015	 	June 1, 2015	 
	 	 	 	 	 	 	 
	14.	Coach Expansion Premises (if Coach Expansion Right is Exercised)	 	90 days after later of (i) the Coach Expansion Notice date or (ii) July 29, 2014	 	90 days after later of (i) the Coach Expansion Notice date or (ii) August 12, 2014	 

 

    	- 51 -

    	 

    

 

*Each Major Milestone Outside Date shall
be extended on a day-for-day basis for delays caused by Force Majeure events, Coach Change Delays extending
beyond the Change Order Grace Period, and Coach Work Delays. For all purposes of this Agreement, (i) concurrent delays caused
by any Force Majeure event, Coach Change Delay extending beyond the Change Order Grace Period,
or Coach Work Delay, shall only be counted once as a single period of delay, (ii) concurrent delays caused by any Force Majeure
event, Coach Change Delay and Coach Work Delay shall be deemed to be caused by such Force Majeure
event, and (iii) concurrent delays caused by any Coach Change Delay and Coach Work Delay shall
be deemed to be caused by such Coach Change Delay.

 

(b)          Developer
shall exercise Best Efforts to cause each Major Milestone Event to be achieved on or prior to the corresponding Major Milestone
Target Date set forth directly across from said Major Milestone Event (but the failure of said Major Milestone Event to be achieved
on or prior to the applicable Major Milestone Target Date shall not, in and of itself, constitute a Developer Default or otherwise
impose on Developer penalties or other liabilities to the Coach Member hereunder). If, on or prior to a Major Milestone Outside
Date, Developer shall not complete, or cause to be completed, the applicable Major Milestone Event, then Developer shall, or shall
cause the Executive Construction Manager to, exercise Best Efforts to take all actions necessary or appropriate to mitigate any
delays to the construction of the Project, the completion of the applicable Major Milestone Event and the timely completion of
the next Major Milestone Event on or prior to the Major Milestone Outside Date with respect thereto (including, without limitation,
the employment of overtime labor or other expenditure of additional money) at Developer’s sole cost and expense (and no portion
of the cost thereof shall be included in Coach Total Development Costs). Nothing contained in this Section 6.02 (including,
without limitation, Developer’s efforts to mitigate any delay) shall in any way limit any rights or remedies of the Coach
Member set forth in this Agreement or the Operating Agreement or otherwise with respect to any such delay or affect any of Developer’s
obligations to the Coach Member with respect thereto (except to the extent any such delay is actually mitigated or eliminated).

 

    	- 52 -

    	 

    

 

(c)          If
the Coach Member believes in good faith that any delay with respect to the completion of any Major Milestone Event on or prior
to the applicable Major Milestone Outside Date might be mitigated by the expenditure of additional money or the performance of
overtime work, the Coach Member may give notice thereof to Developer setting forth in reasonable detail the Coach Member’s
proposed plan of mitigation. If, in Developer’s reasonable judgment, the Coach Member’s mitigation plan will reduce
or eliminate the applicable delay in the completion of such Major Milestone Event, Developer shall, or shall cause the Executive
Construction Manager to, implement such plan at Developer’s sole cost and expense (and no portion of the cost thereof shall
be included in Coach Total Development Costs). In addition, if requested by the Coach Member, Developer shall provide to the Coach
Member a proposed plan for mitigation of the delay in question, and Developer shall, or shall cause the Executive Construction
Manager to, exercise Best Efforts to implement such plan at Developer’s sole cost and expense (and no portion of the cost
thereof shall be included in Coach Total Development Costs). The performance of any such mitigation work by Developer (including,
without limitation, the payment of additional money by Developer or the performance of overtime work at Developer’s sole
cost and expense) shall not affect any of Developer’s obligations to the Coach Member with respect to such delay (except
to the extent any such delay is actually mitigated or eliminated).

 

(d)          For
the avoidance of doubt, the obligations of Developer under this Section 6.02 are guaranteed by the Related/Oxford Guarantor
subject to and in accordance with the Related/Oxford Guaranty, and neither the Coach Contingency nor
any portion of the Coach Unit Loan may be used to pay such amount to the Coach Member or to “cover”
such amount.

 

(e)          Any
dispute regarding the timely completion of any Major Milestone Event or Developer’s compliance with its obligations under
this Section 6.02 to mitigate any delay in the completion of any Major Milestone Event shall be submitted to Arbitration
pursuant to the provisions of Article 14.

 

ARTICLE 7.

SUBGUARD; PAYMENT AND PERFORMANCE BONDS;

DEVELOPER’S INSURANCE; DEVELOPER INDEMNITIES

 

Section
7.01         Subguard. (a) Subject to the provisions of Section 7.01(b),
Developer shall obtain and maintain that certain subguard policy form (the “Subguard Policy”) issued by an insurer
selected by Developer and reasonably acceptable to the Coach Member for the benefit of the Building C JV. The Coach Member shall
have the right to approve any material amendments to the Subguard Policy, such approval not to be unreasonably withheld or delayed.
Developer shall provide the Coach Member with any notice of cancellation of the Subguard Policy it receives from the Subguard Policy
insurer within five (5) Business Days of its receipt of such notice. The costs associated with obtaining and maintaining the Subguard
Policy shall constitute a Project Cost.

 

    	- 53 -

    	 

    

 

(b)          Notwithstanding
the foregoing provisions of Section 7.01(a), Developer may, in lieu of obtaining and maintaining a Subguard Policy, obtain
or cause to be obtained (i) dual obligee payment and performance bonds for all trade contracts relating to the Developer Work
and the Base Building Work a contract amount in excess of Two Million Dollars ($2,000,000.00), which dual obligee payment and performance
bonds shall be substantially in the form of Exhibit P attached hereto with a surety company reasonably acceptable to the
Coach Member and licensed to do business in the State of New York, as surety, and with, inter alia, Executive Construction
Manager, Developer, Legacy Tenant, the Coach Member and the Coach Lender as dual obligees, and (ii) a guaranty in favor of, inter
alia, Executive Construction Manager, Developer and Legacy Tenant, from the creditworthy parent entity of Construction Manager
with respect to any work that is “self-performed” by Construction Manager or an Affiliate thereof.

 

Section 7.02         Insurance
Coverages. (a) Developer or the Executive Construction Manager shall cause to be maintained (through Final Completion) the
insurance coverages listed and described in Exhibit S-1 attached hereto, naming the parties described in Exhibit S-2
attached hereto as named or additional insureds, as applicable. Developer shall not amend or revise or terminate (or permit the
Executive Construction Manager or any Person to amend or revise or terminate) the coverages (including any limits or deductibles
shown on Exhibit S-1 attached hereto) without the Coach Member’s prior written approval, which approval shall not
be unreasonably withheld or delayed; provided, that Developer may, without first obtaining the Coach Member’s prior
written approval, revise (or cause to be revised) any builder’s risk policy obtained and maintained by Developer, as required
herein, to omit or reduce from the coverage provided thereby at the appropriate time the Coach Unit is conveyed to the Coach Member
(and thereafter covered by the Condominium policies or the Coach Member’s property insurance) in accordance with the provisions
of this Agreement and the Operating Agreement.

 

(b)          Developer
shall maintain in full force and effect the OCIP “Wrap-Up” liability insurance policy which is currently in effect
until Final Completion. The OCIP Wrap-Up policy shall be limited to the activities that are performed on the Project site and shall
be implemented prior to the commencement of construction activity. Coach, Inc. and the Coach Member shall be named insured, and
the Coach Lender shall be named as an additional insured, for any policies issued under the OCIP “Wrap-Up”. Developer
shall use Best Efforts to cause the Project Architect to maintain in full force and effect, the errors and omissions policies which
are currently in effect until the Base Building Work is completed. Developer shall not amend or revise or terminate (or permit
or consent to any amendment, revision or termination of) such policies without, in each case, the Coach Member’s prior written
approval, which approval shall not be unreasonably withheld or delayed.

 

(c)          With
respect to all insurance policies maintained by Developer as required hereunder, Developer shall (i) provide the Coach Member with
a certified copy of binders and polices and (ii) provide the Coach Member with certificates of insurance evidencing such insurance
policies in a form reasonably acceptable to the Coach Member.

 

    	- 54 -

    	 

    

 

(d)          Each
insurance policy provided under Sections 7.02(a), (b) or (c) above shall provide that it will not expire or
terminate or be cancelled without, in each case, the insurer’s providing to the Coach Member at least thirty (30) days prior
written notice of such expiration, termination or cancellation.

 

Section 7.03         Legal
Proceedings. (a) Developer shall, or shall cause Legacy Tenant (or its insurance carrier) to, defend any Legal Proceedings
commenced against any of the Coach Indemnitees arising from or due to any bodily injury, sickness, disease or death of or to any
person or persons, or any damage to or destruction of property, arising as a result of or in connection with the construction of
any portion of the Base Building and any activities of any Person retained by or on behalf of the Developer, Legacy Tenant or the
Executive Construction Manager in connection with the Project (whether such activities are on-site or off-site). All reasonable
and actual net costs thereof (to the extent not covered by insurance) shall constitute Project Costs, and shall constitute a part
of Coach Total Development Costs to the extent of Coach’s Allocable Share thereof. 

 

(b)          Developer
shall copy the Coach Member on all material documents it sends or serves in any such Legal Proceeding, shall give the Coach Member
copies of any material documents served on it in any such Legal Proceeding and shall advise the Coach Member regularly as to the
status of the same (unless such Proceeding is being handled by an insurance carrier or its counsel, in which event Developer shall
provide the Coach Member with reports on the status of such Legal Proceedings from time to time and, in any event, upon request).
If Developer fails to defend, or cause Legacy Tenant (or its insurance carrier) to defend, diligently against any such Legal Proceeding,
the Coach Member (or any other Coach Indemnitee named in such proceeding) shall have the right (but not the obligation) to defend
the same at the expense of the Developer or the Building C JV, as applicable. Developer shall not
settle any such Legal Proceeding without the written consent of the Coach Indemnitee named in such Legal Proceeding unless such
settlement shall release each Coach Indemnitee against whom liability has been asserted from all liability with respect to such
Legal Proceeding without any contribution from such Coach Indemnitee. The foregoing provisions shall not require defense of any
Legal Proceeding against any Coach Indemnitee to the extent of the gross negligence of willful misconduct of such Coach Indemnitee
or any other Coach Indemnitee.

 

(c)          Developer’s
obligations to cause Legacy Tenant to undertake the defense under this Section 7.03 shall not be limited or defined by the
amount of insurance carried by Developer or by limitations on amount or type of damages under worker’s compensation acts
or other laws relating to employee benefits.

 

(d)          Notwithstanding
any provision of this Agreement to the contrary, the Coach Member shall have the right to approve the settlement of any litigation
or the settlement of any arbitration, or the release or compromise of any claim of or debt due to the Building C JV or any of its
subsidiaries, which settlement, release or compromise could result in an increase the Coach Total Development Costs.

 

(e)          In
no event shall the Coach Member have any liability or obligation to the Executive Construction Manager, any Developer’s Consultant,
any contractor, subcontractor, vendor, worker, employee or other Person employed by Developer or by Executive Construction Manager
or any of Developer’s Consultants, or, except to the extent otherwise provided in the Operating Agreement, the Building C
JV, and Developer shall indemnify the Coach Member from and against claims from any such Person, except to the extent such losses
are caused by the Coach Member’s gross negligence or willful misconduct.

 

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(f)          The
provisions of this Section 7.03 and the obligations of Developer and its successors and assigns hereunder shall survive
the Closing and termination of this Agreement.

 

ARTICLE 8.

COACH FINISH WORK; SITE LOGISTICS

 

Section 8.01         Design
of Coach Finish Work. (a) The Coach Member will design the Coach Finish Work, at the
Coach Member’s expense, and will consult with Developer on an on-going basis in order to facilitate
proper coordination of the design of the Coach Finish Work with the design and construction of the Developer Work. The Coach
Member will update and deliver to Developer a schedule for construction of the Coach Finish Work periodically
as such schedule is updated. A preliminary schedule for construction of the Coach Finish Work is attached hereto as Exhibit T.
The Coach Member will deliver design development documents and final construction documents showing
the Coach Finish Work to Developer. To the extent any Coach Finish Work requires the prior consent of the Construction Lender pursuant
to the terms of the Loan Documents, the performance of such work shall be subject to Construction Lender’s consent and Developer
shall promptly seek, or shall cause Legacy Tenant or Legacy Mezzanine, as applicable, to promptly seek, Construction Lender’s
consent and shall reasonably cooperate with the Coach Member and the Construction Lender to obtain Construction Lender’s
consent. 

 

(b)          Developer
will have the right to review plans for the Coach Finish Work, submit comments to the Coach Member and disapprove any design feature
in a plan or design relating to the Coach Finish Work only if the design feature or element (i) violates the Declaration of Easements,
the Restrictive Declarations or the ZLDA (as each such term is defined in the Operating Agreement), or applicable Laws, (ii) is
structurally or mechanically incompatible with any aspect of the Base Building, (iii) would require changes in the Base Building
design to accommodate such design feature (it being understood that Developer’s right to disapprove any such change and the
design for the Coach Finish Work shall, in such instance, be governed by the provisions of Section 3.06, which are incorporated
herein by this reference), (iv) would increase the costs of operation or construction of any portion of the Building other than
the Coach Unit (unless, in the case of any such increased construction costs, the Coach Member funds such costs), (v) would delay
completion of the Base Building in accordance with the then current Schedule, or (vi) would cause the Floor Area of the Coach
Unit to exceed the Coach Floor Area in the aggregate.

 

(c)          Developer
shall respond or object to any plans for the Coach Finish Work (to the extent it is permitted to do so, as provided in paragraph
(b) above) within ten (10) Business Days after receipt of the same and all requested additional information. If Developer gives
comments or objections within such ten (10) Business Days (including any request for further information), Developer and the Coach
Member will consult, in an effort to resolve any issues. The ten (10) Business Day period in this Section 8.01(c) shall
be extended if the Coach Member’s submission is materially defective or incomplete and Developer so notified the Coach Member.
The Coach Member will furnish interpretations, explanations, and additional information if and as requested by Developer within
the ten (10) Business Day period under this Section 8.01(c). Any consent granted by Developer to any plan submitted by the
Coach Member which impacts the design or construction of the Base Building shall be deemed an acknowledgment by Developer that
it has obtained (or determined that it was not required to obtain) the prior consent, as applicable, of the Construction Lender
to such plan.

 

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(d)          If
Developer does not respond or object to any plans for the Coach Finish Work within ten (10) Business Days after receipt of the
same and all requested additional information, then Developer will be deemed to have approved such proposed change and the implementation
thereof; provided, that with respect to any proposed change which would cause the Floor Area of the Coach Unit to exceed
the Coach Floor Area in the aggregate, if Developer fails to respond within such ten (10) Business Day period, the Coach Member
may send a second notice to Developer of such failure to respond and if Developer does not respond or object, in reasonable detail,
to such second notice within five (5) days after receipt of the same, then Developer will be deemed to have approved such proposed
change. The Coach Member understands that any deemed consent by Developer as provided in this Section 8.01(d) shall not
bind the Construction Lender (if its consent to such a plan is required). Developer shall, however, seek to obtain the consent
of the Construction Lender (where such consent is required).

 

(e)          The
Coach Member may not proceed to construct any aspect of the Coach Finish Work which has been disapproved by Developer until the
issue is resolved. Any dispute as to whether any matter is (or is not) subject to the approval of Developer as set forth in Section 8.01(b)
shall be submitted to Arbitration to be resolved in accordance with the provisions of Article 14. Any dispute as to Developer’s
approval or disapproval of any matter described in this Section 8.01 shall not be arbitrable.

 

(f)          Without
limiting the provisions of Section 3.03, Section 8.02 or Section 9.01, the Coach Member, Coach’s
Architect and Coach’s Consultants shall have the right, but not the obligation, prior to the same satisfying the Delivery
Condition, to enter any Block of the Coach Unit between the hours of 8:00 a.m. and 3:00 p.m. and at all other times during which
a hoist or any other vertical transportation is in operation at the Building for the purposes of inspecting, measuring and designing
the same, subject to reasonable notice to Developer. Developer shall have the right to have its representatives present during
such access.

 

(g)          The
Coach Member may not proceed to construct any aspect of the Coach Finish Work unless the Coach Member first obtains all applicable
DOB or other permits required by Law. Developer shall, promptly upon request, provide to the Coach Member and Coach’s Consultants
all information and materials necessary (and execute the same if required) for the Coach Member to obtain all applicable DOB or
other approvals and permits required by Law which respect to the Coach Finish Work.

 

(h)          The
Coach Member shall perform the Coach Finish Work in accordance with the LEED certification requirements set forth on Exhibit
U attached hereto or otherwise in accordance with LEED Gold certification requirements.

 

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Section 8.02         Block
Delivery. (a) Developer shall use its Best Efforts to deliver to the Coach Member each Block
in Delivery Condition in accordance with the schedule and sequence for such delivery set forth in Section 6.02(a) (the “Block
Delivery Schedule”) and the provisions of this Section 8.02 so as to permit the Coach Member to perform the Coach
Finish Work in advance of Substantial Completion and the Closing. Anything contained in this Section 8.02 to the contrary
notwithstanding, the Coach Member shall not be obligated to accept delivery of any Block outside of the sequence set forth in the
Block Delivery Schedule or to accept delivery of any partial Block.

 

(b)          With
respect to each Block, Developer shall give the Coach Member a notice stating that Developer believes that such Block is, or is
about to be, in Delivery Condition, and setting forth a date, not less than ten (10) Business Days after the giving of such notice,
for the parties to conduct a joint walk-through of such Block. On the date so set forth in Developer’s notice, Developer,
Developer’s Consultants, the Coach Member and Coach’s Consultants shall walk through and make a visual inspection of
each floor in such Block, and (i) if the Coach Member concurs that the Block is in Delivery Condition, the Coach Member shall
thereupon be deemed to have accepted delivery of possession of such Block, subject to any punch-list items noted during such walk-through
which shall be completed by Developer, any latent defects and any other defects, omissions, or failures in Delivery Condition not
readily ascertainable by a visual inspection, or (ii) if the Coach Member concludes such Block is not in Delivery Condition,
the Coach Member shall specify and list in reasonable detail all items of work asserted to be incomplete which result in the Delivery
Condition not having been achieved. Notwithstanding the foregoing, the Coach Member may (but shall have no obligation), upon any
walk-through, concur that one or more whole (but not partial) floors within a Block are in Delivery Condition (but not the balance
of such Block), in which case the Coach Member may (but shall have no obligation to) accept delivery of such floor or floors (but
not of the balance of such Block).

 

(c)          Without
limiting the foregoing provisions of Section 8.02(b) with respect to Delivery Condition, the parties agree that the delivery
to, and acceptance by, the Coach Member of any Block, or any performance of Coach Finish Work by the Coach Member on any floor
or floors of such Block, will not constitute Substantial Completion.

 

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(d)          Without
limiting the obligations of Developer under Section 6.02, if Developer shall (i) fail to deliver any Block in its
Delivery Condition to the Coach Member on or prior to the date specified for such delivery on the Block Delivery Schedule or (ii)
fail to complete or cause to be completed any Major Milestone Event on or prior to the applicable Major Milestone Outside Date
or (iii) otherwise delay (in violation of this Agreement) the Coach Member’s completion of the Coach Finish Work, then (A)
the Coach Member shall have the right to take any actions and incur any expenses (including, without limitation, the expenditure
of additional monies and the performance of overtime work) which the Coach Member believes in good faith would reasonably be expected
to mitigate any delay to the Coach Finish Work resulting from Developer’s failure to so deliver any such Block, complete
or cause the completion of any Major Milestone Event on or prior to the applicable Major Milestone Outside Date, or Developer otherwise
delaying (in violation of this Agreement) the Coach Member’s completion of the Coach Finish Work, and any and all such actual
out-of-pocket expenses so incurred by the Coach Member shall be reimbursed by Developer within ten (10) days of the Coach Member’s
demand therefor, and (B) Developer shall pay to the Coach Member all Coach Holdover Costs and other
actual out-of-pocket losses, costs, expenses and damages (but not any punitive, speculative or special damages)
resulting from the Coach Member’s inability to perform or complete timely the Coach
Finish Work and occupy timely the Coach Unit as a result of any such delay, such payment to be due as
and when incurred and within ten (10) days after demand by the Coach Member (such payments to
be made timely within such time periods without regard to the existence or pendency of any dispute with respect thereto as provided
below, but subject to true-up based on the resolution of any such dispute, if applicable). The obligation of Developer to make
the payments set forth in this Section 8.02(d) is guaranteed by the Related/Oxford Guarantor subject to and in accordance
with the Related/Oxford Guaranty, and neither the Coach Contingency nor any portion of the Coach Unit
Loan may be used to pay such amount to the Coach Member or to “cover” such amount.
Nothing contained in this Section 8.02(d) shall in any way limit any rights or remedies of the Coach Member set forth
in this Agreement or the Operating Agreement or otherwise with respect to any such delay or affect any of Developer’s obligations
to the Coach Member with respect thereto (except to the extent any such delay is actually mitigated or eliminated). Any dispute
regarding whether (x) the Coach Member’s mitigation efforts were made in good faith or (y) the incurrence by the Coach Member
of costs (but not the amount thereof) in connection therewith was reasonable giving due regard to the nature of the delay in question
or (z) with respect to a claim under clause (iii) above, whether Developer has otherwise delayed the Coach Member’s
completion of the Coach Finish Work in violation of this Agreement, in each case shall be submitted to Arbitration pursuant to
the provisions of Article 14.

 

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Section 8.03         Site
Logistics Procedures. Simultaneously herewith, Developer has prepared and the Coach Member has approved the preliminary
plan and written procedures for logistics, hoisting and access which is attached hereto as Exhibit V attached hereto (the
“Preliminary Site Logistics Plan”). Developer shall amend and expand upon the Preliminary Site Logistics Plan
as may be reasonably necessary or desirable to (a) further accommodate for the side-by-side performance of (i) the Developer Work
and Base Building Work and (ii) the Coach Finish Work, (b) further address procedures for coordination by Coach’s Consultants
and Developer’s Consultants with respect to the sharing of the Building hoist and loading docks during the performance of
Developer Work and the Coach Finish Work, and (c) without duplication of any amounts otherwise included in Coach Total Development
Costs, properly allocate the equitable sharing of costs associated therewith; provided, that Developer shall consult with
the Coach Member in developing any such amendments or materials and shall obtain the Coach Member’s prior written consent
to any such amendment to, or other expansion of, the Preliminary Site Logistics Plan (or new such Plan or procedures) (which consent
shall not be unreasonably withheld or delayed). The Preliminary Site Logistics Plan and any revisions or additions to the Preliminary
Site Logistics Plan (or any new like plan or procedure) (collectively, the “Site Logistics Procedures”), and
Developer and the Executive Construction Manager in implementing same, shall: (i) not discriminate against the Coach Member (e.g.,
favor the Fund Member or its occupants), it being understood, however, that Base Building Work shall have priority over Coach Finish
Work (but Coach Finish Work shall have priority over any other Finish Work); (ii) ensure that, as of the Substantial Completion
Date, the Coach Member shall have the exclusive use of (and regular access to) the Coach Elevators and the Coach Lobby (provided
that such exclusive use shall be subject to the completion of Punch List Work); (iii) following the delivery of any Block
to the Coach Member in Delivery Condition, allow the Coach Member orderly and regular access to those areas of the Building outside
the Coach Areas (including the roofs) which the Coach Member must access to perform the Coach Finish Work and for commissioning
of Coach Exclusive Systems and Coach Shared Building Systems; (iv) following the delivery of any Block to the Coach Member
in Delivery Condition, provide that the Coach Member is provided with temporary utilities, to perform Coach Finish Work, if available
under normal construction sequencing (it being understood that the Coach Member shall have permanent utility power and HVAC in
the Coach Unit at and as a condition of Substantial Completion); and (v) following the delivery of any Block to the Coach Member
in Delivery Condition, provide the Coach Member non-exclusive access to, and use of, construction hoists, freight elevators, loading
docks, staging areas (outdoor or indoor as appropriate) and other services and facilities (each if and to the extent operational)
for use by the Coach Member, Coach’s Consultants and their respective workers and vendors; in all cases, the Coach Member
and Developer hereby agreeing to coordinate side-by-side performance of the Base Building Work and the Coach Finish Work in accordance
with the Site Logistics Plan. The Site Logistics Procedures shall not impose, at any time, any cost or charge or fees for access
to or through, or use of, any facilities or areas in the Building; provided, that Developer shall have the right to restrict
the Coach Member’s access to certain non-common areas of the Building, to the extent reasonably necessary to complete the
Developer Work or the Base Building Work, so long as such restriction of access shall not affect the Coach Member’s ability
to timely perform the Coach Finish Work or occupy the Coach Areas for the normal conduct of business in the ordinary course. The
Site Logistics Procedures shall not impose, at any time, any cost or charge or fees for utilities (other than as set forth in the
Budget) or general conditions items (other than as set forth in the Cost Allocation Methodology). Notwithstanding the foregoing,
the Coach Member understands and agrees that it may be required to pay additional general conditions costs (e.g., overtime
or utilities) in connection with the performance of the Coach Finish Work, but under no circumstances shall the Coach Member be
charged for costs it is already paying for through (or as part of) the Coach Total Development Costs; provided, that from
the date of the Delivery of the first Block in Delivery Condition until Final Completion, Developer shall be responsible for any
and all costs of installing and commissioning the permanent perimeter heating units in the Coach Unit during the performance of
Coach Finish Work (it being understood and agreed that the Coach Member shall be responsible for maintaining, and for all costs
of operating, such perimeter heating units in the Coach Unit).

 

Section 8.04         Performance
of Coach Finish Work; Coach Work Delay. (a) Developer understands that the Coach Member may
perform the Coach Finish Work both prior to and after the Substantial Completion Date and the Closing Date. The Coach Member
understands that its contractors and subcontractors performing any Coach Finish Work, whether prior to or after the Substantial
Completion Date or the Closing Date and until Developer completes all of its work in the Base Building, will be subject to the
direction and coordination of Developer in accordance with the Site Logistics Plan. The Coach Member
shall comply with the Site Logistics Procedures, and shall repair any damage to the Building caused by the Coach Member
or its contractors and subcontractors in the performance of any Finish Work.

 

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(b)          If
the Coach Member shall perform any Coach Finish Work prior to the Substantial Completion Date on any Block delivered to the Coach
Member in accordance with Section 8.02 and the Coach Member reasonably anticipates that such performance of Coach Finish
Work shall result in an actual delay in the Substantial Completion of Developer Work or Developer obtaining a temporary certificate
of occupancy for the Building, the completion of Punch List Work within the agreed-upon time periods to complete such Punch List
Work, the Coach Member shall promptly notify Developer thereof. If (i) prior to the Substantial Completion Date on any Block delivered
to the Coach Member in accordance with Section 8.02, the Coach Member shall perform Coach Finish Work with respect to such
Block in a manner that is not consistent with good construction practices for comparable projects in New York City and the Site
Logistics Procedures (taking into account the side by side performance of (x) the Developer Work and Base Building Work and (y)
the Coach Finish Work contemplated under this Agreement), and such performance of Coach Finish Work results in an actual delay
in the Substantial Completion of the Developer Work, (ii) the Coach Member fails to comply with its obligations under this Agreement
and such failure results in an actual delay in the Substantial Completion of the Developer Work or an actual delay in the completion
of Punch List Work within the agreed-upon time periods to complete such Punch List Work, or (iii) Coach’s Architect
or Coach’s Consultants act in a manner that is outside the scope of their engagement in connection with the Project and inconsistent
with this provisions of this Agreement and such actions result in an actual delay in the Substantial Completion of the Developer
Work or an actual delay in the completion of Punch List Work within the agreed-upon time periods to complete such Punch List Work
(each of clauses (i)-(iii), a “Coach Work Delay”), then, as applicable, the Developer Work shall
be deemed to have been Substantially Completed (solely for purposes of Developer’s obligation to substantially complete in
accordance with the Schedule) on the date it would have been Substantially Completed but for such delay, such Punch List Work shall
be deemed to have been completed (solely for purposes of Developer’s obligation to complete the same within the agreed-upon
time periods) on the date it would have been completed but for such delay, as applicable. If
Developer fails to notify the Coach Member of any delay that could become a Coach Work Delay within five (5) Business Days after
Developer becomes aware of such delay, then such delay shall not be deemed to have occurred until Developer gives notice to the
Coach Member of such delay. Any calculation of Coach Work Delay shall be made on a net basis taking into account actual time savings,
if any, resulting from any acts of the Coach Member, Coach’s Architect, Coach’s Consultants or any of such parties’
agents, employees or contractors. If Developer or the Coach Member
believes that any Coach Work Delay (or any delay which may result in a Coach Work Delay) might be mitigated by the expenditure
of additional money or the performance of overtime work, Developer or the Coach Member, as applicable, may give notice thereof
to the other party setting forth in reasonable detail Developer’s or the Coach Member’s, as applicable, proposed plan
of mitigation. In addition, if requested by the Coach Member, Developer shall endeavor to propose a plan that, in Developer’s
reasonable judgment, might mitigate the Coach Work Delay in question. If, in Developer’s reasonable judgment, the Coach Member’s
mitigation plan or Developer’s mitigation plan will reduce or eliminate said Coach Work Delay and will not otherwise cause
a disruption in the Schedule, Developer shall notify the Coach Member of Developer’s estimate of such expenditure or the
amount of such overtime work, and the Coach Member shall have the right to pay such additional money (as finally determined) or
to cause such overtime work to be performed at the Coach Member’s sole cost and expense, in either case by giving notice
thereof to Developer within ten (10) days after the Coach Member was given such notification by Developer. The payment of such
additional money by the Coach Member or the performance of such overtime work at the Coach Member’s expense shall be in addition
to, and separate from, the Coach Total Development Costs and shall not be subject to the Coach Costs Cap, shall not affect the
obligations of the Coach Member with respect to such Coach Work Delay (to the extent such delay shall not be mitigated or eliminated),
and shall be guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty. Any dispute with respect to
the existence or duration of any Coach Work Delay shall be submitted to Arbitration pursuant to the provisions of Article 14.

 

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(c)          The
performance of any Developer Work or Finish Work, including, without limitation, the Coach Finish Work, or any other work in the
Project, shall not be carried out in a manner which would violate the Project Labor Agreement or any other union contracts affecting
the Project (provided that any such other union contracts shall be subject to the Coach Member’s prior written approval to
the extent such contracts would impose any obligations or restrictions on the Coach Member or any Coach Finish Work would otherwise
fall under the purview thereof), or create any work stoppage, picketing, labor disruption or labor disharmony. If Developer Work
is performed using union labor, the Coach Finish Work shall also be performed using union labor. 

 

Section 8.05         Cost
of Performing Coach Finish Work. The cost of Coach Finish Work shall not be the responsibility of the Developer, the Building
C JV or any of its subsidiaries or the Fund Member, but shall be at the sole cost and expense
of the Coach Member. 

 

ARTICLE 9.

INSPECTION RIGHTS DURING CONSTRUCTION; SUBSTANTIAL COMPLETION; DELAYS IN ACHIEVING SUBSTANTIAL COMPLETION; PUNCH LIST; WARRANTIES;
DEFECTIVE WORK

 

Section 9.01         Inspection
by the Coach Member During Construction; On-Going Consultation. The Coach Member and its representatives (including Coach’s
Consultants) will have the right, at the Coach Member’s expense, and on reasonable notice between the hours of 8:00 a.m.
and 3:00 p.m. and at all other times during which a hoist or any other vertical transportation is in operation at the Building,
to inspect from time to time any construction work being performed by or on behalf of Developer if such work comprises or relates
to the Developer Work or if the cost of such work (or any portion thereof) will be included in the Coach Total Development Costs
(including, without limitation, work on the exterior of the Building). Without limiting the foregoing, once each month on the date
established by Developer as the inspection date for purposes of preparing the monthly Draw Request, the Coach Member and its representatives
shall have the right to observe the construction work performed since the prior inspection (if and to the extent such work comprises
or relates to the Developer Work or if the cost of such work (or any portion thereof) shall be included in the Coach Total Development
Costs) for the purpose, inter alia, of confirming whether such work is in conformance with the Plans for such work.
Inspection by the Coach Member pursuant to the provisions of this Section 9.01 or the Coach Member’s failure
to give a Construction Objection Notice, will not, however, be construed as acceptance by the Coach Member or the Coach Member’s
representatives of work which is defective, incomplete, or otherwise not in compliance with the Plans, or as a waiver by the Coach
Member of any rights under this Agreement, or as a release by the Coach Member of Developer or any of Developer’s contractors
or any surety from any warranty, guarantee, or obligation provided under this Agreement or the Plans or the applicable construction
contract(s). Any inspection performed by the Coach Member or its representatives shall be performed in compliance with the Project
site safety plan. The Coach Member acknowledges that its right to inspect the Base Building Work hereunder shall give it no right
to direct any portion of the work except as provided in this Agreement. If the Coach Member objects to any such aspect of the construction
being performed by or on behalf of Developer or, in the course of its visual inspection, becomes aware that any Developer Work
is defective, incomplete or otherwise not in compliance with the Plans, the Coach Member shall give Developer written notice within
five (5) Business Days or such longer period of time as is reasonable under the circumstances after the Coach Member becomes so
aware of the same (such notice, and each subsequent objection notice as contemplated in the further provisions of this Section
9.01, a “Construction Objection Notice”) detailing such objection(s). If the Coach Member gives a Construction
Objection Notice, the Project Architect and Coach’s Architect will consult and meet at least twice in an effort to resolve
any issues within ten (10) Business Day of receipt by Developer of any Construction Objection Notice from the Coach Member. If
the Project Architect and Coach’s Architect are unable to resolve any dispute as to whether any Developer Work is defective,
incomplete or otherwise not in compliance with the Plans or are otherwise unable to agree on a course of action that addresses
the Coach Member’s objection(s) within such ten (10) Business Day period, then either the Coach Member or Developer may submit
the matters still in dispute to Arbitration, to be resolved in accordance with the provisions of Article 14 by the Work
Dispute Arbiter.

 

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Section 9.02         Substantial
Completion of Coach Unit; Punch List; Acceptance Procedure. Developer and the Coach Member agree that the following procedures
shall apply to determine when Substantial Completion has been achieved:

 

(a)          Developer
shall give the Coach Member at least one hundred eighty (180) and then ninety (90) days’
prior notice of Developer’s good faith estimate of the Substantial Completion Date (it being understood that such dates shall
constitute estimates only and shall in no way affect the actual occurrence of Substantial Completion).

 

(b)          When
Developer considers that Substantial Completion has occurred, Developer shall submit to the Coach Member
(i) a Certificate of Substantial Completion, together with appropriate back-up and related materials (e.g., a temporary
certificate of occupancy), (ii) a proposed punch list (the “Proposed Punch List”), listing all Punch List Work
items to be performed by Developer following the Substantial Completion Date, and (iii) the outside date(s) by which Developer
expects each item or group of items listed on the Proposed Punch List to be completed. Within ten (10) Business Days after the
Coach Member’s receipt of the aforesaid deliveries, the Coach Member, Coach’s
Architect, Coach’s Consultants, Developer and the Project Architect shall conduct one or more inspection(s) of the Building
to confirm whether Substantial Completion has occurred (and the Substantial Completion Date) and, further, but subject to Section
9.02(c), to confirm the Punch List Work to be performed and the outside dates by which the items of Punch List Work will be
expected to be completed (such dates being hereinafter referred to as the “Punch List Work Completion Dates”).

 

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(c)          If
the Coach Member believes that Substantial Completion has not yet occurred, or if the
Coach Member objects to (or believes corrections or additions are required to be made to) the Proposed Punch List or the
dates by which the items or group of items listed on the Proposed Punch List will be completed, the
Coach Member shall give Developer notice (such notice, and each subsequent objection notice as contemplated in the further
provisions of this Section 9.02(c), an “Exceptions Notice”) within ten (10) Business Days following the
Coach Member’s receipt of the Proposed Punch List (or any revised Proposed Punch List resubmitted to the
Coach Member for its approval) detailing (i) the conditions to Substantial Completion which the
Coach Member believes have yet to be achieved, if any, or (ii) revisions to the Proposed Punch List, if any, or to the dates
proposed for completion of the Punch List Work. Developer and the Coach Member shall cooperate
and proceed expeditiously to confirm the Substantial Completion Date, the Punch List Work and the dates for completion of the Punch
List Work, and shall perform such additional inspections of the Building as shall be required to confirm such date and lists. The
term “Punch List” means the Proposed Punch List, as amended following resolution
by Developer and the Coach Member or by the Work Dispute Arbiter in an Arbitration of any dispute with respect thereto (including
in respect of the dates for completion of the Punch List Work). The term “Punch List Work” means, collectively,
minor or insubstantial details of construction, decoration, mechanical adjustment or installation the non-completion of which does
not prevent the use and occupancy of the Coach Areas for their intended purposes.

 

(d)          If
Developer and the Coach Member are unable to agree on whether the construction-related conditions
of Substantial Completion have occurred (or the additional work required to achieve same has occurred) or on the Punch List (including
the dates set forth therein) within ten (10) Business Days after Developer’s receipt of an Exceptions Notice, then either
the Coach Member or Developer may submit the matters still in dispute to Arbitration, to be resolved
in accordance with the provisions of Article 14 by the Work Dispute Arbiter.

 

(e)          If
the parties determine (or it is determined pursuant to Arbitration) that additional work is required in order to achieve Substantial
Completion, Developer shall cause such work to be performed with due diligence and Developer shall deliver a new Certificate of
Substantial Completion (and revised Proposed Punch List, as appropriate) and the same procedure (including, without limitation,
as to inspections and delivery of Exceptions Notices, and timing for delivery of Exceptions Notices) shall be repeated to the extent
necessary until it is determined that Substantial Completion has occurred and the Punch List has been agreed upon.

 

(f)          If
the Coach Member fails to deliver an Exceptions Notice to Developer within any of the ten (10)
Business Day period(s) referred to in Section 9.02(c), Developer may send notice to the Coach
Member of such failure and if the Coach Member does not respond or object, in reasonable detail, to such notice within five
(5) Business Days after receipt of the same, then the Coach Member shall have waived its right
to deliver an Exceptions Notice and the Certificate of Substantial Completion (or revised Certificate of Substantial Completion)
and the Proposed Punch List (or the revised Proposed Punch List or revised Punch List Work Completion Dates, as the case may be)
shall be deemed approved by the Coach Member.

 

(g)          Notwithstanding
any provision of this Agreement to the contrary, any agreement regarding Substantial Completion, and any resolution by Arbitration
of any dispute regarding Substantial Completion or the Substantial Completion Date, shall not preclude the
Coach Member from asserting any claims for latent defects. Further, notwithstanding any provision of this Agreement to the
contrary, the parties further agree that any agreement regarding Substantial Completion or the Substantial Completion Date, and
any resolution by Arbitration of any dispute regarding Substantial Completion, shall not finally resolve, nor shall it preclude
the Coach Member from auditing or questioning (in the manner provided for in this Agreement),
the Coach Total Development Costs or the cost of any item of work performed to achieve Substantial Completion or the allocation
of any such costs to the Coach Member.

 

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(h)          If
the only matter in dispute regarding Substantial Completion is (are) the date(s) on which particular items of Punch List Work (is)
are expected to be completed, then, notwithstanding any provision of this Agreement or the Operating Agreement to the contrary,
the parties will proceed with the Closing in accordance with the applicable provisions of the Operating Agreement.

 

Section 9.03         Delay
in Achieving Substantial Completion. Without limiting the provisions of Section 6.02 or Section 8.02 or any applicable
provisions of the Operating Agreement or any of the Coach Member’s other rights or remedies, if Developer does not achieve
Substantial Completion by June 1, 2015 (as such date may be extended on a day-for-day basis by reason of Force Majeure, Coach Change
Delays extending beyond the Change Order Grace Period, or Coach Work Delays), then (a) the Coach Member shall have the right to
take any actions and incur any expenses (including, without limitation, the expenditure of additional monies and the performance
of overtime work) which the Coach Member believes in good faith would reasonably be expected to mitigate any delay to the Coach
Finish Work or the ability of the Coach Member to commence occupying the Coach Unit for the normal conduct of business in the ordinary
course resulting from Developer’s failure to so achieve Substantial Completion, and any and all such actual out-of-pocket
expenses so incurred by the Coach Member shall be reimbursed by Developer within ten (10) days of the Coach Member’s demand
therefor, and (b) Developer shall pay to the Coach Member all Coach Holdover Costs and other actual
out-of-pocket losses, costs, expenses and damages (but not any punitive, speculative or special damages)
resulting from the Coach Member’s inability to perform or complete timely Coach Finish Work and commence occupying
the Coach Unit for the normal conduct of business in the ordinary course on or prior to June 1, 2015 (as such date may be extended
on a day-for-day basis by reason of Force Majeure, Coach Change Delays extending beyond the Change Order Grace Period, or Coach
Work Delays) as a result of such delay, such payment to be due as and when incurred
and within ten (10) days after demand by the Coach Member (such payments to be made timely within such time periods without
regard to the existence or pendency of any dispute with respect thereto as provided below, but subject to true-up based on the
resolution of any such dispute, if applicable). The obligation of Developer to make the payments set forth in this Section 9.03
is guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty, and neither
the Coach Contingency nor any portion of the Coach Unit Loan may be used to pay such amount to the Coach Member
or to “cover” such amount. Nothing contained in this Section 9.03 shall in any way limit any rights
or remedies of the Coach Member set forth in this Agreement or the Operating Agreement or otherwise with respect to any such delay
or affect any of Developer’s obligations to the Coach Member with respect thereto (except to the extent any such delay is
actually mitigated or eliminated). Any dispute regarding whether (i) the Coach Member’s mitigation efforts were made in good
faith or (ii) the incurrence by the Coach Member of costs (but not the amount thereof) in connection therewith was reasonable giving
due regard to the nature of the delay in question shall be submitted to Arbitration pursuant to the provisions of Article 14.

 

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Section 9.04         Contractor
Warranties; Defective Work; Latent Defects. (a) Developer has included in the Executive Construction Management Agreement and
in each hard cost contract which governs (in whole or in part) the performance of any Developer Work entered into prior to the
date hereof, and agrees that it shall use its Best Efforts to include in each hard cost contract which governs (in whole or in
part) the performance of any Developer Work entered into after date hereof), warranty/guaranty provisions customary for the type
or category of work involved in projects of similar scope and character as the Project, which are assignable as contemplated herein
(any such, a “Contractor Warranty”) under which the Executive Construction Manager or the respective contractor
will be required, at its (or their) expense, to repair, replace, or correct any work which is incorrect, inadequate, defective,
incomplete, omitted or not in compliance with the applicable Plans and this Agreement (any such, “Defective Work”)
for a period after completion by such contractor as is customary for such type or category of work. Developer shall use Best Efforts,
also, to obtain the agreement of the Executive Construction Manager and each contractor that (i) the Condominium shall be a third-party
beneficiary of (and, in any event, a permitted assignee of), and may enforce directly, the Contractor Warranty as to any work performed
in respect of the Common Elements (including any Coach Areas, to the extent they are Common Elements, and any Coach Shared Building
Systems and Areas) (Developer agreeing to ensure, or cause the Executive Construction Manager to ensure, that each such Condominium
Warranty is severable and assignable (in whole and in part) and to assign, or cause the Executive Construction Manager or each
contractor to assign, such warranties to the Condominium on creation of the Condominium or when the contractor completes its work
in the Base Building, if later (any such assigned warranties, the “Condominium Warranty”)), and (ii) the Coach
Member shall be a third-party beneficiary of (and, in any event, a permitted assignee of), and may enforce directly, any Contractor
Warranty covering work performed in the Coach Areas or to the Coach Exclusive Systems and the Coach Elevators (any such warranty,
a “Coach Warranty”) (Developer agreeing to ensure, or cause the Executive Construction Manager to ensure, that
each such Coach Warranty is severable and assignable (in whole and in part) and to assign, or cause the Executive Construction
Manager or each contractor to assign, such warranties to the Coach Member at the later of the completion of all work by such contractor
or at the Closing). Each Contractor Warranty that is not either a Condominium Warranty or a Coach Warranty shall be assigned to
Legacy Tenant or Legacy Tenant shall be a third-party beneficiary thereunder and may enforce such Contractor Warranty with respect
to work performed in respect of the Fund Member Units. If the Executive Construction Manager or a contractor raises ongoing claims
with Developer as a defense in any claim by the Coach Member for Defective Work against such contractor, then Developer will remain
responsible to use Developer’s Best Efforts to enforce the applicable Contractor Warranty, including any Coach Warranty,
in accordance with its terms and conditions so as to cause the Executive Construction Manager or such contractor, at the Executive
Construction Manager’s or such contractor’s expense (as the case may be), to repair, replace, or correct such Defective
Work, but Developer shall have no liability, except as otherwise expressly provided in this Agreement, for any failure of the Executive
Construction Manager or any contractor to repair, replace, or correct such Defective Work; provided, that the foregoing
shall in no event limit Developer’s obligation to cure or correct Defective Work as provided in Section 9.05. The
Coach Member shall have the right to review and reasonably approve any Developer’s Consultant’s proposal for remedying
or addressing any Defective Work.

 

(b)          Any
dispute as to whether Developer has used Best Efforts to enforce a Coach Warranty shall be submitted to Arbitration to be resolved
in accordance with the provisions of Article 14.

 

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(c)          Notwithstanding
any provision of this Agreement to the contrary, if in the course of performing the Coach Finish Work or at any other time, the
Coach Member discovers Defective Work in any Developer Work, and if the Defective Work is covered by a Coach Warranty or
a Condominium Warranty, then, until such time as Developer assigns the applicable Contractor Warranty to the
Coach Member or the Condominium Board (as applicable), Developer shall use Best Efforts to enforce any applicable Coach
Warranty or Condominium Warranty so as to cause the contractor to correct or replace the Defective Work, but
Developer shall have no liability, except as otherwise expressly provided in this Agreement, for any failure of the Executive Construction
Manager or any contractor to repair, replace, or correct such Defective Work; provided, that the foregoing shall in no event limit
Developer’s obligation to cure or correct Defective Work as provided in Section 9.05.

 

(d)          The
provisions of this Section 9.04 shall survive the Closing and the termination of this Agreement.

 

Section 9.05         Developer
Warranty. Notwithstanding anything to the contrary contained herein, Developer shall be responsible for curing or correcting,
at its sole cost and expense, any Defective Work identified on or prior to the two (2) year anniversary of the Closing Date. The
costs of curing or correcting any Defective Work pursuant to this Section 9.05 are guaranteed
by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty. Developer may use the Coach Contingency
or any other portion of Coach Total Development Costs (subject to the Coach Costs Cap and only to the extent such costs would otherwise
constitute Coach Total Development Costs) to pay any such costs or to “cover” such amount. The provisions of this Section
9.05 shall survive the Closing and the termination of this Agreement.

 

Section 9.06         Coach
Member’s Right to Remove Developer Violations. Without limiting the provisions of Section 9.03, if the
Coach Member notifies Developer that Developer is not timely removing Developer Violation(s) and that such failure is preventing
or delaying the Coach Member from obtaining a temporary certificate of occupancy for the Coach
Areas, and if Developer fails within thirty (30) days following receipt of any such notice to remove or cure the Developer Violation,
then the Coach Member shall have the right (but not the obligation) to remove such Developer
Violation or pay the fine imposed in connection therewith. In such event, Developer shall reimburse the
Coach Member for the costs of removing such Violation within ten (10) days of receiving an invoice therefor from the
Coach Member. Developer’s obligation to pay any amounts to the Coach Member as required
in this Section 9.06 is guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford
Guaranty.

 

Section 9.07         Coach
Unit Certificate of Occupancy. Developer shall reasonably cooperate with the Coach Member,
at no additional out-of-pocket cost to Developer (unless the Coach Member shall pay for the same), in the
Coach Member’s efforts to obtain a permanent certificate of occupancy for the Coach Unit that permits office
use and any legal uses ancillary thereto (which shall include, as an accessory use (within the meaning of the Zoning Resolution)
to the Coach Member’s office use (in a manner substantially the same as the Coach Member’s current accessory use at
516 West 34th Street, New York, New York), the manufacture and assembly of the Coach Member products on-site, and the use of the
Coach Member cafeteria and showrooms for employees and guests).

 

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*** Confidential Treatment Requested

 

ARTICLE 10.

COACH TOTAL DEVELOPMENT COSTS; DEVELOPER DEFAULT;
ALLOCATION AND USE OF CONTINGENCIES AND SAVINGS; DEVELOPER’S OVERHEAD; HOLDBACKS AND ESCROW; COACH COSTS CAP

 

Section 10.01         Coach
Total Development Costs. (a) The Coach Member shall be responsible for paying the Coach Total Development Costs as and when
provided in, and subject to the provisions of, this Agreement and the Operating Agreement (including the Coach Costs Cap). Subject
to the satisfaction (or waiver) during the Construction Loan Funding Phase of all conditions precedent to advances of Construction
Loan proceeds set forth in the applicable Loan Documents, such obligation of the Coach Member shall not be conditioned upon
or contingent upon the funding of any Coach Lender Advance (but shall be subject to the satisfaction (or waiver) of such conditions
precedent). Based on the Budget attached to this Agreement as Exhibit D attached hereto,
on the date hereof, the Coach Member and Developer budget the Coach Total Development Costs (including
the Coach Fixed Land Cost and including the entire Coach Contingency (i.e., assuming that the Coach Contingency is allocated
and expended in full on Project Costs allocated to the Coach Member)) to be ***. The Budget is based on the Construction Management
Agreement, the existing contracts for hard and soft costs relating to the Developer Work and the balance of the Base Building Work,
the current Plans, the current Schedule and the Cost Allocation Methodology (each as approved by the Coach Member and Developer
as of the date of this Agreement (subject to the rights of each of Developer and the Coach Member to review and, as applicable,
revise from time to time the allocation of costs set forth therein in accordance with the Cost Allocation Methodology and other
applicable provisions of this Agreement)). The budgeted Coach Total Development Costs will be increased or decreased from time
to time to reflect actual increases or decreases in Project Costs as the same are permitted to be allocated to the Coach Member
in accordance with the Cost Allocation Methodology and this Agreement, subject to the Coach Costs Cap, and the Coach Total Development
Costs will be finally determined at Final Completion based on the final Project Costs allocated to the Coach Member as provided
in Section 13.05. 

 

(b)          Without
limiting the foregoing, the budgeted Coach Total Development Costs will be increased from time to time to include the following:

 

(i)          subject
to the provisions of Section 3.06 and Section 3.07, the aggregate net Total Coach Change Costs (if the same is a
positive amount); and 

 

(ii)         subject
in all events to the Coach Costs Cap, Coach’s Allocable Share of all other increases in Project
Costs not otherwise allocated in this Section 10.01(b) and which are permitted to be allocated to the Coach Member
as provided in this Agreement, including, without limitation, due to (A) Force Majeure events which affect the performance
of Developer Work, (B) professional consultant errors or omissions and contractor defaults relating to the design or performance
of Developer Work, (C) unforeseen job site conditions (including Field Changes approved by the Coach Member (to the extent
such approval is required)), and (D) recovery-effort costs (should Developer seek and obtain recovery from professional consultants,
contractors and other third parties relating to the design or performance of Developer Work), which shall, in each case, be reconciled
at the time of Substantial Completion or as soon as practicable thereafter and again at Final Completion in accordance with Section
13.05. 

 

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(c)          Without
limiting the foregoing, the budgeted Coach Total Development Costs shall be decreased from time to time to reflect all net savings
or decreases in Project Costs, including, without limitation:

 

(i)          Coach’s
Allocable Share of savings in hard costs;

 

(ii)         Coach’s
Allocable Share of any reductions in interest cost and of any other soft cost savings, resulting from time savings in the Schedule
or early distribution of the Coach Unit;

 

(iii)        subject
to the provisions of Section 3.06 and Section 3.07, Coach’s Allocable Share
of the aggregate net Total Coach Change Costs (if the same is a
negative amount), and one hundred percent (100%) of any cost reductions attributable to the elimination
of items relating specifically to the Coach Unit from the Developer Work or the transfer of such items to Coach Finish Work; and

 

(iv)        Coach’s
Allocable Share of insurance or any other cost recoveries that may be obtained or any penalties or delay payments or other amounts
paid to Developer by any insurer, the Executive Construction Manager or any contractors or other Persons employed on the
Project.

 

(d)          In
no event shall the Coach Total Development Costs include or be increased by any of the following:

 

(i)          any
costs due to changes in the design of the Developer Work or Base Building Work other than changes to the Developer Work requested
by the Coach Member after the date hereof (as set forth in Section 10.01(b)(i)) or as may be
required by changes in applicable Law after the date hereof (as set forth in Section 3.04(f)) or as otherwise specifically
agreed to by the Coach Member as provided in Section 3.07(b);

 

(ii)         any
cost increases in Project Costs incurred by reason of the Schedule for performance of any Developer Work or any Base Building Work
not being met or the Schedule for distribution of the Coach Unit not being met, except (subject to Section 3.07(h)) to the
extent any such delay is caused by a Coach Change Delay extending beyond the Change Order Grace Period or is otherwise caused by
any Coach Work Delay or any failure of the Coach Member to comply with its obligations under this Agreement or the Operating Agreement;

 

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(iii)        any
costs resulting from (A) any “Default” or “Event of Default” (as such terms are defined in the Loan Documents),
except if caused by the Coach Member or its Affiliates, or Coach’s Architect or Coach’s Consultants, or (B) the failure
by any Person (other than the Coach Member or Coach’s Architect or Coach’s Consultants) to comply with any condition
to funding of a Coach Lender Advance or a Third Party Lender Advance, as applicable, under the Loan Documents, this Agreement or
the Operating Agreement; it being understood, however, that if the matter comprising the Default or the Event of Default or non-compliance
would otherwise give rise to an increase in the Coach Total Development Costs if such matter were not a Default or an Event of
Default (e.g., a failure to complete the Project by a certain date due to a Force Majeure event), then, the fact that a
Default or an Event of Default or any such non-compliance has occurred shall not preclude an increase in the Coach Total Development
Costs which would otherwise be required hereunder; or

 

(iv)        any
extension fee or administrative or other similar fee payable to the Third Party Lender during any extension of the Construction
Loan (which the Coach Member shall not be obligated to pay, in whole or in part), unless such extension is required solely as a
result of a Coach Change Delay extending beyond the Change Order Grace Period or a Coach Work
Delay or any failure of the Coach Member to comply with its obligations under this Agreement or the Operating Agreement.

 

(e)          Any
disputes between Developer and the Coach Member as to the Coach Total Development Costs shall
be resolved by Arbitration as provided in Article 14.

 

(f)          Developer
agrees to use Best Efforts to minimize any increases in the Coach Total Development Costs and, in connection therewith, to seek
recovery from insurers, professional consultants, contractors and other third parties when appropriate and cost effective to do
so.

 

(g)          The
parties acknowledge and agree that all Project Costs of any type or nature which are not properly included in the Coach Total Development
Costs or otherwise payable by the Coach Member pursuant to this Agreement or the Operating Agreement, and, except as expressly
provided herein, any Project Costs that are properly included in Coach Total Development Costs but that would cause the Coach Total
Development Costs to exceed the Coach Costs Cap, are the responsibility of the Fund Member pursuant to the terms of the Operating
Agreement and are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty, and
neither the Coach Contingency nor any portion of the Coach Unit Loan may be used to pay any such costs.
Without limiting the foregoing, the parties further acknowledge and agree that (i) the Coach
Total Development Costs shall not include any amounts payable in respect of or attributable to the Third Party Loan
or, except to the extent included in Coach Fixed Land Cost or otherwise payable by the Coach Member pursuant to the express
terms of this Agreement or of the Operating Agreement, (A) any costs associated with acquiring fee title
of the Coach Unit from the MTA in order to effectuate the Closing, including, without limitation, any deposits payable to
the MTA and, if applicable, any contributions required to be made to the LIRR Work Fund, (B)
any rental or other amounts that may be payable under the Building C Lease (including, if applicable,
any rental in respect of Estimated ERY Roof Costs or the LIRR Work Cost Allocable Share or the Guaranteed Default Payments),
or (C) any costs of constructing the Podium, and (ii) payment of all such amounts and costs in
full are the responsibility of the Fund Member pursuant to the terms of the Operating Agreement and are guaranteed by the Related/Oxford
Guarantor subject to and in accordance with the Related/Oxford Guaranty, and neither the Coach Contingency
nor any portion of the Coach Unit Loan may be used to pay any such amounts and costs. Without limiting the foregoing, payment
of all of the foregoing costs and amounts (whether by the Fund Member or the Related/Oxford Guarantor) shall not be shall not be
conditioned upon or contingent upon the funding of any Third Party Lender Advance.

 

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(h)          (i)          Subject
to the further provisions of this Section 10.01(h), all items of Project Cost that, pursuant to the Cost Allocation
Methodology and the applicable provisions of this Agreement and the Operating Agreement, are shared between (A) the Coach Member,
on the one hand, and (B) the Fund Member, on the other hand, shall be funded by the applicable parties as incurred, pro
rata, in accordance with their respective percentage shares of the applicable item of Project Cost based on the Budget in
effect from time to time (without regard for whether the tangible construction material of work corresponding to such cost is being
supplied or performed in respect of only one (or more than one but less than all) Units or whether the Cost Allocation Methodology
derives a party’s ultimate percentage share of such cost item based on a physical or tangible metric (e.g., Façade
Contact Area). Thus, for example only, if based on the Budget and the Cost Allocation Methodology, Coach’s Allocable
Share of Project Costs in respect of the concrete utilized in construction of the Building is [X]% (and, correspondingly, the Fund
Member’s allocable share of such Project Costs is [Y]%), then each dollar of Project Cost incurred in respect of the Building
concrete shall be funded [X]% by the Coach Member and [Y]% by Developer or the Fund Member, notwithstanding the fact that the Building
concrete may be utilized with respect to construction of the Coach Unit before it is utilized with respect to construction of any
Additional Office Unit.

 

(ii)         The
parties acknowledge and agree that: (A) the Coach Member and the Fund Member intend to fund their respective Project Costs (y)
first, through Coach Lender Advances and Third Party Lender Advances, respectively, and (z) second, after the final
disbursement of Construction Loan proceeds, through their respective contributions of equity capital to the Building C JV; (B) based
on Developer’s current draw schedule, the Construction Loan is intended to fund monthly during the anticipated period commencing
on the date hereof through and including September 2014 (the period of time commencing on the date hereof and ending on the date
on which the final advance of Construction Loan proceeds is actually made is referred to herein as the “Construction Loan
Funding Phase”); and (C) notwithstanding the foregoing provisions of Section 10.01(h)(i), during the Construction
Loan Funding Phase, Coach Lender Advances and Third Party Lender Advances shall be funded in accordance with the fixed pro rata
percentages set forth in the Construction Loan Agreement rather than in accordance with the provisions of Section 10.01(h)(i).
Accordingly, if as a result of the funding of Project Costs through the Construction Loan in the manner described above, the Coach
Unit Loan has funded as of the end of the Construction Loan Funding Phase either more or less Coach Total Development Costs than
would have been funded had the relative funding of Coach Lender Advances and Third Party Lender Advances been made in accordance
with the provisions of Section 10.01(h)(i), then concurrently with the funding by the Coach Member and the Fund Member
of the first monthly Draw Request to be funded with equity capital, the following shall apply: (I) in the case of an overfunding
of the Coach Unit Loan, Developer shall cause the Fund Member to pay to the Coach Member the amount of such overfunding (without
regard to any interest that may have accrued or been paid on such amount), or (II) in the case of an underfunding of the Coach
Unit Loan, the Coach Member shall pay to the Fund Member the amount of such underfunding (without regard to any interest that may
have accrued or been paid on such amount). Thereafter, the parties shall continue to fund their respective Allocable Shares of
Project Costs in accordance with the provisions of Section 10.01(h)(i).

 

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(iii)        In
addition, the parties acknowledge the additional “true-up” payments of the Coach Fixed Land Cost and other previously
incurred Coach Total Development Costs that will be due and payable by the Coach Member pursuant to Section 3.3(c) of the Operating
Agreement in connection with the Coach Member’s exercise of the Coach Expansion Right thereunder.

 

(i)          Notwithstanding
anything to the contrary contained herein or in the Operating Agreement, if Developer (or its Affiliate) enters into a binding
agreement with any other purchaser of office space in the Building (other than an Affiliate of Developer or the Fund Member) prior
to the Closing which provides for (i) a fixed land cost which is less than $212 per square foot (taking into account all components
comprising the Coach Fixed Land Cost), (ii) a development fee or an allocation of Developer’s overhead costs which is less
(on a per square foot basis) than the Development Fee or the Coach Overhead Costs, respectively, or (iii) otherwise provides
for an allocation or methodology of allocation for Project Costs which is more favorable in any material respect to such other
purchaser than that provided for herein, then the Coach Total Development Costs payable by the Coach Member under
this Agreement and the Operating Agreement will be reduced to equal the amount which the Coach Member would
have paid had such more favorable terms been applicable to the Coach Member. 

 

(j)          For
the avoidance of doubt, the foregoing provisions of this Section 10.01 shall not limit the obligations of the Coach Member
under this Agreement to pay any other amounts which pursuant to the terms hereof do not constitute Coach Total Development Costs,
as and when required to be paid by the Coach Member pursuant to the terms hereof. 

 

Section 10.02         Developer
Default. (a) Without limiting the provisions of Section 10.01, to the extent that the Coach Total Development Costs
exceeds the Base Cost, or the cost of the Coach Finish Work is increased or the Coach Member otherwise incurs any other actual
loss, cost or expense, in each case as a result of Developer Default(s) (collectively, the “Excess Cost” or
“Excess Costs”, as applicable), then, notwithstanding any provision of this Agreement to the contrary, Developer
shall be liable for the Excess Costs (including interest thereon from the date each such Excess Cost is incurred to the date of
recovery at the Interest Rate). The obligations of Developer under this Section 10.02 are guaranteed by the Related/Oxford
Guarantor subject to and in accordance with the Related/Oxford Guaranty and neither Developer nor the Building C JV nor the Fund
Member may use or permit the use of the Coach Contingency or any portion of the Coach Unit Loan to pay any such costs or to “cover”
such amount.

 

(b)          As
used herein, the term “Base Cost” means (i) the sum of (A) the budgeted Coach Total Development Costs shown
on the Budget, together with the Coach Contingency shown in the Budget, and (B) any increases in the Coach Total Development Costs
as described in Section 10.01(b), less (ii) any decreases in the Coach Total Development Costs as described in Section
10.01(c).

 

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(c)          The
Coach Member shall notify Developer of any Developer Default within thirty (30) days following the date on which the
Coach Member has knowledge of such Developer Default (or the Coach Member shall be deemed
to have waived its claim for such alleged Developer Default). In addition, at the Closing, the Coach
Member will notify Developer whether it knows of any Developer Default(s) as of such date. The Coach Member shall recognize
any cure of a Developer Default(s), whether performed by Developer, the Building C JV, the Fund Member, the Related/Oxford Guarantor
or the Third Party Lender; provided, that such recognition shall not entitle Developer, the Building C JV, the Fund Member
or the Third Party Lender, to any notice or additional cure period with respect to any Developer Default. As used in this Agreement,
the term “the Coach Member knows of” or “the Coach
Member has knowledge of” any Developer Default means solely the actual knowledge of Todd Kahn or Mitchell L. Feinberg.

 

(d)          Any
dispute regarding a Developer Default, the Excess Cost or the Base Cost shall be submitted to Arbitration to be resolved in accordance
with the provisions of Article 14.

 

(e)          Without
limiting the foregoing, upon the occurrence and during the continuance of a Developer Default, the Coach Member shall have the
right, without prejudice to any other rights and remedies otherwise available to the Coach Member, to (i) obtain equitable relief
by way of injunction, or (ii) compel specific performance by Developer of its obligations hereunder (without any need to prove
or demonstrate damages).

 

(f)          Without
limiting the foregoing, upon the occurrence of any Management Change Event (as defined in the Operating Agreement) or any other
event or circumstance which would entitle the Coach Member to assume or acquire control of the day-to-day operation and management
of the Building C JV (including, without limitation, the occurrence of certain “Events of Default” under the Operating
Agreement), the Coach Member shall have the right, without prejudice to any other rights and remedies otherwise available to the
Coach Member, but subject to compliance with the applicable terms of the Loan Documents (or waiver thereof by the Third Party Lender)
and the Project Documents (or the waiver thereof by the MTA or IDA, as applicable), to terminate this Agreement and Developer’s
rights under this Agreement upon delivery of a termination notice to Developer and to appoint or engage, or cause the Building
C JV to appoint or engage, an Approved Replacement Developer for the Developer Work and the Base Building Work in accordance with
the terms of the Operating Agreement.

 

(g)          The
failure or delay by the Coach Member in exercising any right, power or privilege shall not operate as a waiver thereof, nor shall
any single or partial exercise thereof preclude any other or further exercise.

 

(h)          The
provisions of this Section 10.02 shall survive the Closing and the termination of this Agreement.

 

Section 10.03         Intentionally
Omitted.

 

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***
Confidential Treatment Requested

 

Section 10.04         Allocation
and Use of Contingencies in Budget; Allocation of Cost Savings. (a) The hard and soft cost contingencies have been allocated
in the Budget and under the Loan Documents among the Coach Unit and the Fund Member Units all as set forth in the Budget and the
Loan Documents. The contingencies allocated to the Coach Member, as shown in the Coach Contingency line-items in the Budget (including
for hard costs and soft costs), are referred to herein, collectively, as the “Coach Contingency”. Cost increases
or adjustments in Project Costs, and the application or use of any contingency, including the Coach Contingency, will continue
to be reflected in any amended Budget on a Unit-by-Unit basis (i.e., among the Coach Unit and the Fund Member Units) in
the manner currently shown in the Budget and Loan Documents.

 

(b)          Developer
may request the Coach Lender to advance funds out of the Coach Contingency to pay for the Coach Total Development Costs for which
the Coach Member is responsible under this Agreement, but not if such costs arise from Developer Defaults or, except as expressly
provided in this Agreement, exceed the Coach Costs Cap, subject to the provisions of this Agreement and compliance with the applicable
terms of the Loan Documents; provided, Developer may not utilize any portion of the Coach Contingency that would exceed,
on a percentage basis, the percentage completion of the Developer Work at the time in question plus ten percent (10%). For example,
if percentage completion of the Developer Work at the time in question is forty percent (40%), then fifty percent (50%) of the
Coach Contingency may be applied in accordance with the provisions of this Section 10.04(b).

 

(c)          Developer
may re-allocate Coach’s Allocable Share of any Project Cost savings to the Coach Contingency and use such savings to fund
the Coach Total Development Costs, subject to the provisions of this Agreement and compliance with the applicable requirements
of the Coach Lender or the Third Party Lender under the Loan Documents; provided, that such reallocation shall not affect
the calculation of Base Cost under Section 10.02(b).

 

Section 10.05         Developer’s
Overhead. Developer and the Coach Member have agreed to an “overhead budget and staffing plan” which sets
forth a staffing plan and a line-item budget and contingency for overhead items attributable to the Coach Unit. The Budget reflects
a cost of *** (the “Coach Overhead Costs”) which the Coach Member agrees to pay, subject to the provisions
of Section 10.07, and as part of the Coach Total Development Costs, provided that Developer adheres to such budget
and staffing plan, as follows:

 

(a)          *** of the Coach Overhead Costs monthly on a percentage of completion basis until Substantial Completion (thus leaving,
based on the current Schedule, *** of the Coach Overhead Costs unpaid at such time); and

 

(b)          the
remaining *** of the Coach Overhead Costs will be earned and payable on the date on which the Coach Member first
commences occupying the Coach Unit for the normal conduct of business in the ordinary course.

 

The parties agree that if there are material
deviations from the overhead budget and staffing plan (in the implementation of the Project), Developer and the Coach Member will
re-visit the overhead budget and staffing plan and the costs set forth therein. The Coach Member will have the right to audit the
matters set forth in the overhead budget and staffing plan in the audits it conducts (to confirm that Developer is complying in
all material respects with the staffing plan and other expectations set forth in the “overhead budget and staffing plan”)
in accordance with the provisions of Section 4.03 and Section 13.05. In no event shall the Coach Total Development
Costs include any Coach Overhead Costs in excess of $*** (the “Coach Overhead Cap”). The provisions of
this Section 10.05 shall survive the Closing and the termination of this Agreement for a period of three (3) years
following Final Completion.

 

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*** Confidential Treatment Requested

 

Section 10.06         Holdbacks
and Escrows. As more particularly set forth in the Operating Agreement, at Closing, the Coach Member shall (a) be entitled
to holdback from its payment of the Coach Total Development Costs an amount equal to the product of (i) 125% and (ii) the
reasonably estimated cost to complete the items set forth in the Punch List, which funds will be released as such Punch List Work
is completed (with the balance, if any, being paid upon final completion of all Punch List Work), and (b) deposit into an escrow
account a portion of the Coach Total Development Costs equal to 105% of the cost of all disputed items of Coach Total Development
Costs as of the Closing Date (not in excess of $12,500,000), which funds will be released as such dispute(s) are resolved as provided
in Section 10.01(e).

 

Section 10.07         Cap
on Coach Total Development Costs. Notwithstanding anything to the contrary contained herein or in the Operating Agreement,
in no event shall the Coach Total Development Costs payable by Coach (whether pursuant to this
Agreement or the Operating Agreement or otherwise) exceed the maximum aggregate sum of (a) the Coach
Fixed Land Cost plus (b) the product of (i) *** multiplied by (ii) the total rentable square feet of the
Coach Unit (which will include, for the avoidance of doubt, and without duplication, (A) the total rentable square feet of Office
Unit 2A, if the Coach Expansion Right is exercised with respect to Office Unit 2A, or (B) the total rentable square feet of Office
Unit 2A and Office Unit 2B, if the Coach Expansion Right is exercised with respect to Office Unit 2A and Office Unit 2B) plus
(c) subject to the provisions of Section 3.06 and Section
3.07, the aggregate net Total Coach Change Costs (if the same is a positive amount) (such sum, the “Coach Costs
Cap”). The parties acknowledge and agree that the Coach Total Development Costs shall not include any interest and other
financing costs pertaining solely to the Coach Unit Loan (i.e., commitment fees, title insurance premiums payable with respect
to the Coach Lender’s title policy, the Coach Lender’s legal fees and disbursements, and interest on the Coach Unit
Loan), and that the Coach Member shall be responsible for such costs and expenses outside of the Coach Costs Cap. In addition,
the parties acknowledge and agree that with respect to the items set forth on Exhibit O attached hereto (the “Coach
TI Items”), the actual cost of each Coach TI Item shall be included in Coach Total Development Costs and the Budget contains
allowances therefor (which are reflected in the budgeted figure for Coach Total Development Costs set forth in Section 10.01(a)),
but that any excess of the actual costs thereof in the aggregate over the aggregate of such allowances shall not be subject to
the Coach Costs Cap. The provisions of this Section 10.07 shall survive the Closing and
the termination of this Agreement. 

 

Section 10.08         Coach
Fixed Land Cost. (a) On or prior to the date hereof, the Coach Member has funded, as part of its Initial Capital Contribution
(as defined in the Operating Agreement) to the Building C JV or from the proceeds of the Coach Unit Loan, an amount equal to ***
(subject to Section 10.01(i)) of the Coach Fixed Land Cost as of the date hereof. Subject to
Section 10.01(i), the Coach Member shall pay, or cause the Coach Lender to advance Coach
Unit
Loan proceeds to pay, as part of the Coach Total Development Costs, the balance of the Coach
Fixed Land Cost as follows: 

 

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*** Confidential Treatment Requested 

 

(i)          the
balance of the Coach Fixed Land Cost less the portion of the Coach Fixed Land Cost equal to the amount described in clause (ii)
below will be paid monthly on the basis of the percentage of completion of the Required Podium Infrastructure until construction
of the Required Podium Infrastructure is completed; and

 

(ii)         a
portion of Coach Fixed Land Cost equal to the sum of (A) *** plus (B) either (y) *** if the Coach Expansion
Right is exercised with respect to Office Unit 2A or (z) *** if the Coach Expansion Right is exercised with respect to Office Unit
2A and Office Unit 2B, will be paid at, and upon the occurrence of, the Closing. 

 

(b)          Developer
or the Fund Member shall submit to the Coach Member a request for funding of any installment of the Coach Fixed Land Cost not less
than ten (10) Business Days prior to the date on which such funding is to be made, except if such installment of the Coach Fixed
Land Cost is to be funded, in whole or in part, from proceeds of the Coach Unit Loan, such submission shall be made no later than
two (2) Business Days before the date the applicable request for disbursement of proceeds is made under the Coach Unit Loan. Each
request for payment of any monthly installment of the Coach Fixed Land Cost pursuant to clause (i) of Section 10.08(a)
shall include a breakdown in reasonable detail as to the calculation of the applicable portion of the Coach Fixed Land Cost for
which request is being made for payment and a certification from the certification from the Project Architect to Legacy Tenant
setting forth, in reasonable detail, the percentage of completion of the Required Podium Infrastructure,
which percentage of completion shall be subject to confirmation by Coach’s Consultants. If the Coach Member wishes to dispute
the calculation of all or any portion of the Coach Fixed Land Cost for which request is being made for payment (including, without
limitation, the percentage of completion achieved), the Coach Member shall deliver notice to Developer within five (5) Business
Days (or such longer period as may be reasonable under the circumstances) of the date such request for payment is delivered to
the Coach Member, which notice shall set forth, in reasonable detail, the basis for such the Coach’s Member’s dispute.
If the parties are unable to resolve such dispute within ten (10) Business Days after delivery of such notice, then either party
may submit such dispute to Arbitration to be resolved in accordance with the provisions of Article 14. If the Coach Member
shall deliver notice of dispute as aforesaid, then the Coach Member shall have no obligation to pay any portion of the Coach Fixed
Land Cost for which payment is being disputed until such dispute is resolved, except as otherwise agreed by the Coach Member and
Developer while working in good faith to resolve such dispute.

 

Section 10.09         Coach
Guaranty. All payment obligations of the Coach Member under this Agreement and the Operating Agreement, including, without
limitation, the obligation to pay all Coach Total Development Costs and all other amounts payable by the Coach Member hereunder
or under the Operating Agreement, are guaranteed by the Coach Guarantor subject to and in accordance with the Coach Guaranty, and
the Coach Member may not use any contingency, other than the Coach Contingency, or any portion of the Third Party Loan to pay the
Coach Total Development Costs or any such amounts.

 

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ARTICLE 11.

INTENTIONALLY OMITTED

 

ARTICLE 12.

TITLE COSTS; LITIGATION COSTS

 

Section 12.01         Title
Costs. (a) The costs incurred by Developer, the Fund Member or the Building C JV to remove, by payment, bonding or otherwise,
any Encumbrance which is not a Permitted Encumbrance shall be a Project Cost allocable among the Coach
Unit and the Fund Member Units in accordance with the Cost Allocation Methodology and the applicable provisions of this
Agreement (and shall be subject to the Coach Costs Cap) based on the nature of the underlying claim; provided, that (i)
if such Encumbrance results from any affirmative action or wrongful omission (i.e., where there
is an obligation to affirmatively act) of Developer, the Fund Member or any of their respective Affiliates, then all such
costs shall be borne in their entirety by Developer or the Fund Member (through the Building C JV), as applicable, and (ii) if
such Encumbrance results from any affirmative action or wrongful omission (i.e., where there
is an obligation to affirmatively act) of the Coach Member or any of its Affiliates, then all such costs shall be borne
in their entirety by the Coach Member (and shall not be subject to the Coach Costs Cap). The foregoing allocation of costs shall
not limit the obligations of the Fund Member under the Operating Agreement to cause any Encumbrance which is not a Permitted Encumbrance
to be removed from the Coach Unit in connection with the Closing.

 

(b)          The
costs of satisfying any indemnity delivered in any affidavit given to the Title Company that is customarily given by a seller to
induce the Title Company to issue a commitment to issue an owner’s policy of title insurance insuring
the fee simple title to the buyer free of Encumbrances other than the Permitted Encumbrances (should the Coach Member elect
to obtain title insurance), or any obligation assumed in any such affidavit, shall be a Project Cost allocable among the
Coach Unit and the Fund Member Units in accordance with the Cost Allocation Methodology and the applicable provisions of
this Agreement (and shall be subject to the Coach Costs Cap) based on the nature of the underlying claim (unless caused by Developer,
the Fund Member or any of their respective Affiliates, and then shall be borne in its entirety by Developer or the Fund Member,
as applicable). The foregoing allocation of costs shall not limit the obligations of the Fund Member under the Operating Agreement
to deliver any such indemnity or affidavit in connection with the Closing.

 

(c)          The
costs incurred by Developer, the Fund Member or the Building C JV to satisfy any Material Litigation shall be a Project Cost allocable
among the Coach Unit and the Fund Member Units in accordance with the Cost Allocation Methodology
and the applicable provisions of this Agreement (and shall be subject to the Coach Costs Cap) based on the nature of the underlying
claim; provided, that (i) if such litigation results from any affirmative action or wrongful
omission (i.e., where there is an obligation to affirmatively act) of Developer, the Fund Member or any of their
respective Affiliates, then all such costs shall be borne in their entirety by Developer or the Fund Member (through the Building
C JV), as applicable, and (ii) if such litigation results from any affirmative action or wrongful
omission (i.e., where there is an obligation to affirmatively act) of the Coach Member or any of its Affiliates,
then all such costs shall be borne in their entirety by the Coach Member (and shall not be subject to the Coach Costs Cap). The
foregoing allocation of costs shall not limit the obligations of the Fund Member under the Operating Agreement to cause any Material
Litigation to be satisfied in connection with the Closing.

 

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(d)          The
obligations of Developer under this Article 12 are guaranteed by the Related/Oxford Guarantor subject to and in accordance
with the Related/Oxford Guaranty, and neither Developer nor the Building C JV nor the Fund Member may use or permit the use of
the Coach Contingency or any portion of the Coach Unit Loan to pay any such costs or to “cover” such amount. The obligations
of the Coach Member under this Article 12 are guaranteed by the Coach Guarantor subject to and in accordance with the Coach
Guaranty.

 

Section 12.02         Survival.
The provisions of this Article 12 shall survive the Closing.

 

ARTICLE 13.

PUNCH LIST WORK; SPECIAL HOIST PROVISIONS; DELIVERIES AND PAYMENTS TO BE MADE FOLLOWING THE CLOSING; FINAL ACCOUNTING

 

Section 13.01         Completion
of Punch List Work. (a) Developer shall cause the Punch List Work to be completed in accordance with the Plans and all applicable
Laws, and with due diligence and, in any event, within the times periods set forth therefor on the Punch List, subject to Force
Majeure, Coach Change Delays extending beyond the Change Order Grace Period and Coach Work Delays.

 

(b)          If
Developer fails to commence (or cause to be commenced) the Punch List Work promptly following agreement on the Punch List or if
Developer does not thereafter diligently progress and complete (or cause the progression and completion of) such Punch List Work
within the time periods set forth for completion of such work as set forth on the Punch List (subject to extension for Force Majeure,
Coach Change Delays extending beyond the Change Order Grace Period and Coach Work Delays), and
if the Coach Member notifies Developer that the applicable contractors have not commenced or
are not proceeding with due diligence and within the agreed-upon time periods to complete such Punch List Work (subject to extension
for Force Majeure, Coach Change Delays extending beyond the Change Order Grace Period and Coach
Work Delays) and of the Coach Member’s intention to perform the Punch List Work, then within
ten (10) Business Days thereafter, if the Punch List Work is not completed or being diligently prosecuted to completion by Developer
(subject to extension for Force Majeure, Coach Change Delays extending beyond the Change Order Grace
Period and Coach Work Delays), the Coach Member shall have the right (but not the obligation)
to undertake the Punch List Work. In addition, the parties acknowledge and agree that any failure by Developer to commence (or
cause to be commenced) the Punch List Work promptly following agreement on the Punch List, and any failure by Developer to cause
the progression and completion of the Punch List Work within the time periods set forth for completion of such work as set forth
on the Punch List (subject to extension for Force Majeure, Coach Change Delays extending beyond the
Change Order Grace Period and Coach Work Delays), may constitute a Developer Default subject to the provisions of Section
10.02.

 

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(c)          Without
limiting the foregoing provisions of this Section 13.01, if Developer fails to complete or cause the completion of the Punch
List Work within the agreed-upon time periods for the completion of such Punch List Work (subject to extension for Force Majeure,
Coach Change Delays extending beyond the Change Order Grace Period and Coach Work Delays), then
(i) the Coach Member shall have the right to take any actions and incur any expenses (including,
without limitation, the expenditure of additional monies and the performance of overtime work) which the Coach Member believes
in good faith would reasonably be expected to mitigate any delay to the Coach Finish Work or the ability of the Coach Member to
commence occupying the Coach Unit for the normal conduct of business in the ordinary course resulting from Developer’s failure
to so complete the Punch List Work, and any and all such actual out-of-pocket expenses so incurred
by the Coach Member shall be reimbursed by Developer within ten (10) days of the Coach Member’s demand therefor, and (ii) Developer
shall pay to the Coach Member all Coach Holdover Costs and other actual out-of-pocket losses, costs, expenses and damages (but
not any punitive, speculative or special damages) resulting from the Coach Member’s
inability to perform or complete timely Coach Finish Work and commence occupying the Coach Unit for the normal conduct of business
in the ordinary course on or prior to June 1, 2015 (as such date may be extended on a day-for-day basis by reason of Force Majeure,
Coach Change Delays extending beyond the Change Order Grace Period, or Coach Work Delays) as a result of such delay, such payment
to be due as and when incurred and within ten (10) days after demand by the Coach Member (such payments to be made timely within
such time periods without regard to the existence or pendency of any dispute with respect thereto as provided below, but subject
to true-up based on the resolution of any such dispute, if applicable). The obligation of Developer to make the payments set forth
in this Section 13.01(c) is guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford
Guaranty, and Developer may not use the Coach Contingency or any portion of the Coach Unit Loan to pay such amount to the Coach
Member or to “cover” such amount. Nothing contained in this Section 13.01(c) shall in any way limit any
rights or remedies of the Coach Member set forth in this Agreement or the Operating Agreement or otherwise with respect to any
such delay or affect any of Developer’s obligations to the Coach Member with respect thereto (except to the extent any such
delay is actually mitigated or eliminated).

 

(d)          Any
dispute regarding whether (i) any such failure by Developer has caused a delay in the Coach Member’s
ability to complete Coach Finish Work and commence occupying the Coach Unit for the normal conduct of business in the ordinary
course, (ii) the Coach Member’s mitigation efforts were made in good faith or (iii) the incurrence by the Coach Member of
costs (but not the amount thereof) in connection therewith was reasonable giving due regard to the nature of the delay in question,
in each case shall be submitted to Arbitration pursuant to the provisions of Article 14.

 

Section 13.02         Intentionally
Omitted.

 

Section 13.03         The
East Hoist. (a) Notwithstanding the occurrence of Substantial Completion, from and after the Substantial Completion Date until
the date that is six (6) months following the date on which the Coach Member first begins to take occupancy
of any Block (or portion thereof) for the normal conduct of business in the ordinary course (the “Hoist Use Period”),
the Developer may continue to maintain and use the construction hoist located on the 10th Avenue side of the Building (the “East
Hoist”) on the following terms and conditions:

 

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(i)          For
each month during the Hoist Use Period (and for each month or partial month thereafter to and including the Hoist Removal Date),
Developer shall pay to the Coach Member a monthly fee (the “Hoist Use Fee”) equal to the product of (A) the
applicable Hoist Fee Rate multiplied by (B) the Hoist Impact Area, which Hoist Use Fee shall be payable monthly in
advance on the first day of each such monthly period (which Hoist Use Fee shall be prorated for any partial month and if the Hoist
Removal Date is any day other than the last day of a calendar month, any amount paid for any period after the Hoist Removal Date
shall be refunded to Developer).

 

(ii)         During
the Hoist Use Period (and thereafter until the Hoist Removal Date), the Coach Member shall enjoy non-exclusive use of the East
Hoist in accordance with the Site Logistics Procedures.

 

(iii)        At
all times during the Hoist Use Period (and thereafter until the Hoist Removal Date), excepting any East Hoist brackets that may
remain), the curtain wall enclosing the Coach Areas (or the façade surrounding the same) shall have been completed and finished
in a water and weather-tight manner as shown on the Plans, in compliance with all applicable Laws and the Site Logistics Procedures.

 

(iv)        All
temporary fire-rated walls required by applicable Law to demise the Hoist Impact Area from the balance of the Coach Areas shall
be installed and removed by Developer at Developer’s sole cost and expense.

 

(v)         Developer
shall use Best Efforts to cause the Hoist Removal Date to occur on or prior to the end of the Hoist Use Period (it being acknowledged
and agreed, however, but without limiting Developer’s liability under Section 13.03(c), that Developer’s liability
for the failure of the Hoist Removal Date to occur on or prior to the expiration of the Hoist Use Period shall be limited to payment
of the Hoist Use Fee as provided herein).

 

(b)          As
used herein: (i) “Hoist Impact Area” means an amount of rentable square feet equal to two (2) times the rentable
square feet of the Coach Unit affected by the East Hoist as shown on Exhibit W attached hereto; (ii) “Hoist Rate”
means a rate per annum equal to (A) $60.00 for the period commencing on the first day of the Hoist Use Period and continuing until
the date that is six (6) months thereafter, plus (B) an additional $20.00 for each additional month thereafter until the
occurrence of the Hoist Removal Date (i.e., $80 for the seventh month, $100 for the eighth month, and so on); and (iii) “Hoist
Removal Date” means the date on which Developer shall remove the East Hoist and any brackets
relating to the East Hoist, and shall patch any penetrations through the core of the Coach Areas (or the façade surrounding
the same) resulting from the East Hoist and complete and finish the curtain wall enclosing the Coach Areas (or the façade
surrounding the same) in a water and weather-tight manner as shown on the Plans.

 

(c)          Developer
shall indemnify, defend, reimburse, and hold harmless the Coach Member, and each of the Coach Indemnitees, from and against any
and all claims arising out of or relating to the continued use of the East Hoist or presence of the East Hoist on the Building
from and after the Substantial Completion Date through the Hoist Removal Date.

 

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(d)          Developer’s
obligations under this Section 13.03 are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the
Related/Oxford Guaranty.

 

(e)          The
provisions of this Section 13.03 shall survive the Closing and the termination of this Agreement.

 

Section 13.04         Payment
of the Cost of Post-Distribution Work Properly Allocable to the Coach Unit. Following the Closing, the Coach Member shall continue
to make payments, or shall cause the Coach Lender to make additional Coach Lender Advances, for Project Costs properly allocable
to the Coach Unit (including, without limitation, for Punch List Work and releases of retainage amounts held on account of work
performed prior to the Closing). The Coach Member will be responsible for reimbursing the Coach
Lender for all such monies properly advanced by the Coach Lender, as shall be agreed by the Coach Lender and the
Coach Member. In no event shall the sum of the amounts paid by the Coach Member following
the Closing exceed the costs properly chargeable to the Coach Member hereunder on account of
the Coach Total Development Costs after the Closing Date (but including any Project Cost re-allocations with respect to periods
prior thereto, as provided herein).

 

Section 13.05         Final
Accounting at Final Completion; Final Payments. (a) Promptly following Final Completion, Developer shall prepare and submit
to the Coach Member a final statement of all the Project Costs and Coach’s Allocable Share
thereof and the final Coach Total Development Costs, including a detailed statement of any costs incurred since the last Draw Request
through the date of Final Completion, a final computation of all savings and liquidated damages inuring to the benefit of the Coach
Unit, a statement of the resolution of all claims relating to the Project, and the final allocation of Project Costs among the
Coach Unit and the Fund Member Units. The Coach Member shall have the right to examine such final
statement and all the books and records of the Project for the purposes of (i) verifying or confirming any matters set forth in
such final statement which relate to the preceding Draw Requests or which have been the subject of adjustments or re-allocations
among the Units, (ii) reconciling Project Costs included in the Coach Total Development Costs and which relate to matters (e.g.,
resolution of claims with the Executive Construction Manager or contractors or suppliers, liquidated damages paid by the Executive
Construction Manager, and payments of retainages) covered in the preceding Draw Requests or were the subject of adjustments or
re-allocations among the Units or (iii) determining whether any Project Costs were mistakenly or improperly allocated to the
Coach Member during the course of the Project. The Coach Member and Developer shall endeavor
to resolve promptly any issues arising out of such examination. If the parties are unable to resolve such matters promptly, either
the Coach Member or Developer may submit to Arbitration such matters as are arbitrable under
the provisions of Article 14. If this final accounting shall establish that the amounts paid by or on behalf of the Coach
Member exceed the final Coach Total Development Costs determined as provided in this Agreement, then, within thirty (30) days of
the completion of said final accounting, Developer shall cause to be paid by the Fund Member (through the Building C JV) to the
Coach Member the amount of such excess together with interest thereon at (A) the applicable Construction Loan Interest Rate,
to the extent the costs resulting in such excess were initially funded or paid out of Coach Lender Advances, and (B) the Interest
Rate, to the extent the costs resulting in such excess were initially funded by the Coach Member under the Operating Agreement
or otherwise. Subject to the Coach Costs Cap, if the final accounting shall establish that the final Coach Total Development Costs
exceeds amounts paid by the Coach Member to date, then, within thirty (30) days of the completion
of said final accounting, the Coach Member shall pay to the Building C JV (for distribution to
the Fund Member) the amount of such deficiency, together with interest thereon, at (x) the applicable Construction Loan Interest
Rate, to the extent the costs resulting in such deficiency were initially funded or paid out of Third Party Lender Advances, and
(y) the Interest Rate, to the extent the costs resulting in such excess were initially funded by Completion Deposits or otherwise
by the Fund Member under the Operating Agreement; provided, that in no event shall the Coach
Member be obligated to pay any amounts on account of the Coach Total Development Costs in excess of the Coach Costs Cap,
and the Fund Member shall be responsible for, and Developer shall cause the Fund Member to pay, any and all amounts in excess of
the Coach Cost Cap.

 

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(b)          Developer’s
obligation to pay or caused to be paid to the Coach Member any amounts as required in this Section
13.05 is guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty. Developer
may not use the Coach Contingency or any proceeds of the Coach Unit Loan to pay such amount to the Coach
Member or to “cover” such amount.

 

Section 13.06         Developer’s
Obligation to Discharge Liens and Remove Violations After the Closing. Developer shall cause to be bonded or removed any liens
or other Encumbrances (other than Permitted Encumbrances) filed or recorded against the Coach Unit after the Closing by any Person
performing Developer Work or any Base Building Work, or by any Person asserting a claim against Developer, Legacy Tenant or the
Building C JV with respect thereto, in each case within thirty (30) days of the filing thereof. In addition, Developer shall proceed
with due diligence to cause to be removed all Developer Violations which are noticed or filed against the Building after the Closing.
Developer’s obligations under this Section 13.06 are guaranteed by the Related/Oxford Guarantor subject to and in
accordance with the Related/Oxford Guaranty. Developer may not use the Coach Contingency or any proceeds of the Coach Unit Loan
to pay such amount to the Coach Member or to “cover” such amount.

 

Section 13.07         Survival.
The provisions of this Article 13 shall survive the Closing and the termination of this Agreement.

 

ARTICLE 14.

DISPUTE RESOLUTION

 

Section 14.01         Dispute
Resolution. (a) If a dispute arises that the parties are unable to resolve and for which this Agreement provides resolution
by Arbitration or pursuant to the provisions of this Article 14, then, in any such case, the Coach Member or Developer shall
present the dispute to the arbiters identified in Exhibit X-1 attached hereto (each, an “Arbiter”), who
are listed in the order of priority (i.e., the second individual serves only if the first is not available and the third individual
serves only if the first and second are not available) and who will resolve the dispute as provided in this Article 14;
provided, that if this Agreement provides that a dispute is to be resolved by a Work Dispute Arbiter, then the Coach Member
or Developer shall present the dispute to the arbiters identified in Exhibit X-2 attached hereto (each, a “Work
Dispute Arbiter”), who are listed in the order of priority (i.e., the second individual serves only if the first is not
available and the third individual serves only if the first and second are not available) and who will resolve the dispute as provided
in this Article 14. If one from among the panel of Arbiters (or Work Dispute Arbiters) resigns or becomes unable to serve
hereunder, a successor individual shall be selected by the parties hereto. Except during the pendency of an arbitration proceeding
pursuant to the procedures contained herein, either party may, by written notice to the other, disqualify any of the Arbiters or
Work Dispute Arbiters for reasonable cause and propose additional arbitrators to be Arbiters or Work Dispute Arbiters to be agreed
upon by the parties hereto.

 

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(b)          A
party (“Disputing Party”) may submit a request for resolution of a dispute (a “Dispute”)
pursuant to the provisions of this Agreement by giving notice (a “Dispute Notice”) of the Dispute to the other
party to the Dispute (the “Other Disputing Party”) and to the Arbiter (or Work Dispute Arbiter), which Dispute
Notice shall identify the provision of the Agreement at issue and shall specify in reasonable detail: (i) the nature of the dispute
and the interpretation or decision requested; (ii) the party’s proposal to resolve the dispute; and (iii) a written explanation
of its position, together with any materials that it deems relevant for such purpose.

 

(c)          Within
five (5) Business Days after receiving the Dispute Notice, the Other Disputing Party to the Dispute shall have the right to deliver
to the Arbiter (or Work Dispute Arbiter), with a copy to the Disputing Party), its written statement setting forth (i) its position
in reasonable detail with respect to the matters in Dispute, (ii) its proposal to resolve the dispute, and (iii) a written explanation
of its position, together with any materials that it deems relevant for such purpose. The Arbiter (or Work Dispute Arbiter) shall
coordinate among the Disputing Party and the Other Disputing Party in order to arrange for a time or time(s) to meet and present
positions within the time deadlines as provided below. The Disputing Party and the Other Disputing Party shall each make themselves
available during such time deadlines and if no mutually convenient time is agreed upon, each party shall be available during business
hours on the last Business Day of such time deadline.

 

(d)          The
Disputing Party and Other Disputing Party shall each be entitled to present additional evidence and arguments to the Arbiter (or
Work Dispute Arbiter) (in addition to the initial written statements described above) in accordance with procedures, if any, determined
by the Arbiter (or Work Dispute Arbiter), which procedures shall be implemented by the Arbiter (or Work Dispute Arbiter) so as
to cause the time deadlines set forth below to be met. All evidence and arguments must be presented to the Arbiter (or Work Dispute
Arbiter) within five (5) Business Days after the expiration of the five (5) Business Day period described in Section 14.01(c).
The Arbiter (or Work Dispute Arbiter) shall in all events render its decision by the later of (i) ten (10) Business Days after
receipt of the second initial statements of the Other Disputing Party pursuant to Section 14.01(c) or (y) seven (7) Business
Days after all evidence and arguments have been presented under this Section 14.01(d). The Arbiter (or Work Dispute Arbiter)
shall issue a single written decision stating, in reasonable detail, the basis for its decision. The Arbiter (or Work Dispute Arbiter)
shall allocate the costs of the Dispute (including the costs of the arbitration, any expert witnesses and reasonable attorney’s
fees) between the Disputing Parties as it deems appropriate and shall set forth such cost allocation in its decision. Although
the Arbiter (and Work Dispute Arbiter) cannot vary the terms of this Agreement, the decision of the Arbiter (or Work Dispute Arbiter)
need not accept, in its entirety, the position(s), or the specific cost allocations, advanced by any one Disputing Party. The Arbiter’s
(or Work Dispute Arbiter’s) decision shall be conclusive and binding on all Parties to the Dispute and shall be confirmable
in a court of competent jurisdiction.

 

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(e)          Developer
shall not stop the design or construction of the Building during the pendency of any dispute, but shall not proceed with any aspects
of the work at issue in the dispute if any work performed might have to be changed depending on the resolution of the Arbitration.

 

(f)          Proceedings
before or involving dispute resolution under this Article 14 in and of themselves shall not constitute events of Force Majeure.

 

(g)          No
dispute or matter arising under this Agreement shall be subject to resolution under this Article 14 unless this Agreement
provides for such dispute or matter to be resolved by Arbitration under this Article 14.

 

(h)          The
decision of the Arbiters (or Work Dispute Arbiters) with respect to the allocation of fees incurred in any Arbitration shall be
final and binding on all parties to the Arbitration.

 

(i)          The
provisions of this Article 14 shall survive the Closing and the termination of this Agreement.

 

ARTICLE 15.

REPRESENTATIONS AND WARRANTIES

 

Section 15.01         Developer’s
Representations. Developer represents and warrants to the Coach Member, as of the date hereof, as follows:

 

(a)          Developer
is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and has
all requisite power and authority to carry on its business as now being conducted. Developer has the requisite power and authority
to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by Developer
of this Agreement and the transactions contemplated hereby have been duly and validly authorized by all requisite organizational
action (including such requisite action by the direct and indirect members of Developer). This Agreement has been duly
executed and delivered by Developer. This Agreement constitutes a legal, valid and binding obligation of Developer enforceable
against Developer in accordance with its terms.

 

(b)          The
execution and delivery of this Agreement by Developer and the consummation of the transactions contemplated hereby by Developer
do not and will not (i) violate or conflict with the limited liability company agreement of Developer, (ii) violate or conflict
with any judgment, decree or order of any court applicable to or affecting Developer, (iii) breach any provisions of, or constitute
a default under, any contract, agreement, instrument or obligation to which Developer is a party or by which Developer is bound,
or (iv) violate or conflict with any Laws applicable to Developer.

 

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(c)          No
approval, authorization, consent or other actions by or filing with any third party or governmental agency or authority is required
for the execution of this Agreement by Developer and the performance of Developer’s obligation hereunder, other than (i)
any such approval, authorization, consent or other action or filing which has been obtained, taken or made, and (ii) building and
other similar governmental permits or approvals which, in accordance with best construction practices in New York City for similar
first class projects, will be obtained in the regular course of construction of the Project and which are not otherwise required
under the Loan Documents as a condition precedent to the initial advance of the Third Party Loan.

 

(d)          Neither
Developer nor any of its constituent owners have engaged in any dealings or transactions, directly or indirectly, (i) in contravention
of any U.S., international or other money laundering regulations or conventions, including, without limitation, the United States
Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money Laundering Abatement
and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. § 1 et seq., as amended), or any foreign asset
control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation
or executive order relating thereto, or (ii) in contravention of and Anti-Terrorism Order or on behalf of terrorists or terrorist
organizations, including those persons or entities that are included on any relevant lists maintained by the United Nations, North
Atlantic Treaty Organization, Organization of Economic Cooperation and Development, Financial Action Task Force, U.S. Office of
Foreign Assets Control, U.S. Securities & Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence
Agency, U.S. Internal Revenue Service, or any country or organization, all as may be amended from time to time. Neither Developer
nor any of its constituent owners (A) are or will be conducting any business or engaging in any transaction with any person appearing
on the U.S. Treasury Department’s Office of Foreign Assets Control list of restrictions and prohibited persons, or (B) are
a person described in Section 1 of the Anti-Terrorism Order, and to the best of Developer’s knowledge, respectively
neither Developer nor any of its Affiliates have engaged in any dealings or transactions, or otherwise been associated with any
such person.

 

(e)          There
are no actions, suits or proceedings at law or in equity by or before any Government Entity now pending or threatened against or
affecting Developer, Related, the Oxford Guarantor, any Affiliates of Developer or the Related/Oxford Guarantor or any of their
respective assets, which actions, suits or proceedings, if determined against Developer, Related, the Oxford Guarantor any such
Affiliate of Developer or Related or the Oxford Guarantor or any of such assets, might reasonably be expected to materially adversely
affect the condition (financial or otherwise) or business of Developer or Related or the Oxford Guarantor or the condition or ownership
of any of their respective assets or their ability to perform their respective obligations under this Agreement or the Related/Oxford
Guaranty.

 

Section 15.02         Coach
Member’s Representations. The Coach Member represents and warrants to Developer, as of the date hereof, as follows:

 

    	- 85 -

    	 

    

 

(a)          The
Coach Member is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware.
The Coach Member has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The execution, delivery and performance by the Coach Member of this Agreement and the transactions contemplated hereby have been
duly and validly authorized by all requisite organizational action. This Agreement has been duly executed and delivered
by the Coach Member. This Agreement constitutes a legal, valid and binding obligation of the Coach Member enforceable against the
Coach Member in accordance with its terms.

 

(b)          The
execution and delivery of this Agreement by the Coach Member and the consummation of the transactions contemplated hereby by the
Coach Member do not and will not (i) violate or conflict with the limited liability company agreement of the Coach Member, (ii) violate
or conflict with any judgment, decree or order of any court applicable to or affecting the Coach Member, (iii) breach any provisions
of, or constitute a default under, any contract, agreement, instrument or obligation to which the Coach Member is a party or by
which the Coach Member is bound, or (iv) violate or conflict with any Laws applicable to the Coach Member.

 

(c)          No
approval, authorization, consent or other actions by or filing with any third party or governmental agency or authority is required
for the execution of this Agreement by the Coach Member and the performance of the Coach Member’s obligation hereunder, other
than any such approval, authorization, consent or other action or filing which has been obtained, taken or made.

 

(d)          Neither
the Coach Member nor any of its constituent owners have engaged in any dealings or transactions, directly or indirectly, (i) in
contravention of any U.S., international or other money laundering regulations or conventions, including, without limitation, the
United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. § 1 et seq., as amended), or any
foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto, or (ii) in contravention of and Anti-Terrorism Order or on behalf of terrorists
or terrorist organizations, including those persons or entities that are included on any relevant lists maintained by the United
Nations, North Atlantic Treaty Organization, Organization of Economic Cooperation and Development, Financial Action Task Force,
U.S. Office of Foreign Assets Control, U.S. Securities & Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central
Intelligence Agency, U.S. Internal Revenue Service, or any country or organization, all as may be amended from time to time. Neither
the Coach Member nor any of its constituent owners (A) are or will be conducting any business or engaging in any transaction with
any person appearing on the U.S. Treasury Department’s Office of Foreign Assets Control list of restrictions and prohibited
persons, or (B) are a person described in Section 1 of the Anti-Terrorism Order, and to the best of the Coach Member’s
knowledge, respectively neither the Coach Member nor any of its Affiliates have engaged in any dealings or transactions, or otherwise
been associated with any such person.

 

(e)          There
are no actions, suits or proceedings at law or in equity by or before any Government Entity now pending or threatened against or
affecting the Coach Member, the Coach Guarantor, any Affiliates of the Coach Member or the Coach Guarantor or any of their respective
assets, which actions, suits or proceedings, if determined against the Coach Member, the Coach Guarantor, any Affiliates of the
Coach Member or the Coach Guarantor or any of such assets, might reasonably be expected to materially adversely affect the condition
(financial or otherwise) of the Coach Member or the Coach Guarantor or the condition or ownership of any of their respective assets
or their ability to perform their obligations under this Agreement or the Coach Guaranty.

 

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ARTICLE 16.

FLOOR AREA; RE-MEASUREMENT

 

Section 16.01         Floor
Area. Developer and the Coach Member acknowledge that, as set forth on the Plans on the date hereof, the Building contains
1,421,776 square feet of Floor Area. Based on the Plans on the date hereof, the Coach Unit shall be entitled to utilize (a) 563,932
square feet of Floor Area plus (b) 31,275 square feet of Floor Area if the Coach Expansion Right is
exercised with respect to Office Unit 2A, and an additional 32,725 square feet of Floor Area if the Coach Expansion Right is also
exercised with respect to Office Unit 2B (the total Floor Area set forth in clause (a) and (b), collectively, the “Coach
Floor Area”). Subject to compliance with the provisions hereof as to changes in the Plans, the Coach Member may alter
the Coach Areas (or elements within the Coach Areas) so as to re-allocate Floor Area in the Coach Areas, provided that the
Coach Areas shall not exceed the Coach Floor Area in the aggregate. This provision, and similar provisions regarding the Floor
Area to be utilized by each Unit other than the Coach Unit, shall be included in the Condominium Declaration.

 

Section 16.02         Re-Measurement.
Promptly following Substantial Completion, Developer shall cause the gross square feet of the Building and the rentable square
feet of the office Units in the Building and the façade contact area of each portion of the Building, in each case as actually
constructed, to be re-measured in accordance with the measurement methodology set forth on Exhibit Y attached hereto. If
the rentable square feet of an office Unit based on such re-measurement is different by more than one-half of one percent (0.5%)
than the rentable square feet of such Unit based on the Plans on the date hereof, as set forth in this Agreement, then (a) the
rentable square feet of such Unit shall be increased or decreased, as applicable, based on such re-measurement, and (b) the Floor
Area figures set forth in Section 16.01 shall be appropriately adjusted. If the rentable square feet of an office Unit based
on such re-measurement is different by one-half of one percent (0.5%) or less than the rentable square feet of such Unit based
on the Plans on the date hereof, then no adjustment shall be made and the rentable square feet of such Unit shall be deemed to
equal the rentable square feet of such Unit set forth in this Agreement. Any dispute with respect to such re-measurement of the
Building shall be submitted to Arbitration pursuant to the provisions of Article 14.

 

ARTICLE 17.

EXCULPATION; INDEMNIFICATION. 

 

Section 17.01         Exculpation.
(a) Except for obligations and liabilities of the Coach Guarantor under the Coach Guaranty, no Affiliate of the Coach Member and
no direct or indirect partner, member or shareholder in or of the Coach Member or any Affiliate of the Coach Member (and no officer,
director, manager, employee or agent of any such partner, member or shareholder) will be liable for the performance of the Coach
Member’s obligations under this Agreement.

 

    	- 87 -

    	 

    

 

(b)          Except
for obligations and liabilities of the Related/Oxford Guarantor under the Related/Oxford Guaranty, no Affiliate of Developer and
no direct or indirect partner, member or shareholder in or of Developer or any Affiliate of Developer (and no officer, director,
manager, employee or agent of any such partner, member or shareholder), will be liable for the performance of Developer’s
obligations under this Agreement.

 

Section 17.02         Indemnification.
(a) Subject to the provisions of Section 17.02(c), the Coach Member shall defend, indemnify and hold harmless the Developer
Indemnitees from and against all actual losses, damages, charges, liabilities and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) arising from any third-party claims of any nature (hereinafter, collectively, “Claims”)
relating to or arising from (i) the Coach Member’s breach or default in the performance of any of the Coach Member’s
obligations under and in accordance with the terms of this Agreement or (ii) the Coach Member’s failure (other than by reason
of Developer’s default under this Agreement) or refusal to comply with or abide by any applicable Laws. The obligations of
the Coach Member under this Section 17.02(a) are guaranteed by the Coach Guarantor subject to and in accordance with the
Coach Guaranty.

 

(b)          Subject
to the provisions of Section 17.02(c), Developer shall defend, indemnify and hold harmless the Coach Indemnitees from and
against all actual losses, damages, charges, liabilities and expenses (including, without limitation, reasonable attorneys’
fees and expenses) arising from any Claims relating to or arising from (i) Developer’s breach or default in the performance
of any of Developer’s obligations under and in accordance with the terms of this Agreement or (ii) Developer’s failure
(other than by reason of the Coach Member’s default under this Agreement) or refusal to comply with or abide by any applicable
Laws. The obligations of Developer under this Section 17.02(b) are guaranteed by the Related/Oxford Guarantor subject to
and in accordance with the Related/Oxford Guaranty.

 

(c)          In
no event shall the Coach Member or Developer be liable for, and each party, on behalf of itself and its respective Indemnitees,
hereby waives any claim for, any special, punitive or consequential damages, including loss of profits or business opportunity,
arising under or in connection with this Agreement or any default by the other party hereunder.

 

Section 17.03         Survival.
The provisions of this Article 17 shall survive the Closing and the termination of this Agreement.

 

ARTICLE 18.

NOTICES

 

Section 18.01         Notices.
Any and all notices, demands, requests, consents, approvals or other communications (each, a “Notice”) permitted
or required to be made under this Agreement shall be in writing, signed by the party giving such Notice and shall be delivered
(a) by hand (with signed confirmation of receipt), (b) by nationally or internationally recognized overnight mail or courier service
(with signed confirmation of receipt) or (c) by facsimile transmission or email (with a confirmation copy or copy of the email
delivered in the manner described in clause (a) or (b) above). All such Notices shall be deemed delivered, as applicable: (i) on
the date of the personal delivery or facsimile (as shown by electronic confirmation of transmission) if delivered by 5:00 p.m.,
and if delivered after 5:00 p.m. then on the next business day; or (ii) on the next business day for overnight mail. Notices directed
to a party shall be delivered to the parties at the addresses set forth below or at such other address or addresses as may be supplied
by written Notice given in conformity with the terms of this Section 18.01:

 

    	- 88 -

    	 

    

 

	 	If to Developer:	ERY Developer LLC
	 	 	c/o The Related Companies, L.P.
	 	 	60 Columbus Circle, 19th Floor
	 	 	New York, New York 10023
	 	 	Attention:  Jeff T. Blau and L. Jay Cross
	 	 	Facsimile:  (212) 801-3540
	 	 	 
	 	with a copy to:	The Related Companies, L.P.
	 	 	60 Columbus Circle, 19th Floor
	 	 	New York, New York 10023
	 	 	Attention:  Amy Arentowicz, Esq.
	 	 	Facsimile:  (212) 801-1003
	 	 	 
	 	and to:	Oxford Hudson Yards LLC
	 	 	320 Park Avenue, 17th Floor
	 	 	New York, New York 10022
	 	 	Attention:  Dean J. Shapiro
	 	 	Facsimile:  (212) 986-7510
	 	 	 
	 	and to:	Oxford Properties Group
	 	 	Royal Bank Plaza, North Tower 
	 	 	200 Bay Street, Suite 900
	 	 	Toronto, Ontario M5J 2J2 Canada 
	 	 	Attention: Chief Legal Counsel
	 	 	Facsimile:  (416) 868-3799
	 	 	 
	 	 	and, if different than the address set forth above, to the address posted from time to time as the corporate head office
    of Oxford Properties Group on the website www.oxfordproperties.com to the attention of the Chief Legal Counsel (unless
    the same is not readily ascertainable or accessible by the public in the ordinary course)
	 	 	 
	 	and to:	Schulte Roth & Zabel LLP
	 	 	919 Third Avenue
	 	 	New York, New York 10022
	 	 	Attention:  Stuart D. Freedman, Esq.
	 	 	Facsimile:  (212) 593-5955

 

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	 	If to the Coach Member:	Coach Legacy Yards LLC
	 	 	c/o Coach, Inc.
	 	 	516 West 34th Street
	 	 	New York, New York 10001
	 	 	Attention:  Todd Kahn
	 	 	Facsimile:  (212) 629-2398
	 	 	 
	 	with copies to:	Coach, Inc.
	 	 	516 West 34th Street
	 	 	New York, New York 10001
	 	 	Attention:  Mitchell L. Feinberg
	 	 	Facsimile:  (212) 629-2298
	 	 	 
	 	and to:	Fried, Frank, Harris, Shriver & Jacobson LLP
	 	 	One New York Plaza 
	 	 	New York, New York 10004
	 	 	Attention:  Jonathan L. Mechanic and Harry R. Silvera, Esqs.
	 	 	Facsimile:  (212) 859-4000

 

Any counsel designated
above or any replacement counsel who may be designated respectively by any party or such counsel by written Notice to the other
parties is hereby authorized to give Notices hereunder on behalf of its respective client.

 

ARTICLE 19.

MISCELLANEOUS

 

Section 19.01         Further
Assurances. The Coach Member and Developer shall do such other and further acts and things, and execute and deliver such instruments
and documents (not creating any obligations or imposing any expense (except to a de minimis extent) in addition to
those otherwise created or imposed by this Agreement), as either may reasonably request from time to time in furtherance of effectuating
the transactions contemplated in this Agreement.

 

Section 19.02         Governing
Law. This Agreement shall be governed and-construed in accordance with the laws of the State of New York, without
regard to principles of conflicts of law.

 

Section 19.03         Submission
to Jurisdiction; Waiver of Jury Trial. (a) Developer and the Coach Member hereby irrevocably and unconditionally (i) agree
that the exclusive forum for any suit, action or other legal proceeding arising out of or relating to this Agreement shall be the
Supreme Court of the State of New York in New York County or the United States, Southern District of New York; (ii) consent to,
and waive any and all personal rights under the laws of any state to object to the jurisdiction of each such court in any such
suit, action or proceeding; and (iii) waive any objection which it may have to the laying of venue of any such suit, action or
proceeding in any of such courts. In furtherance of such agreement, Developer and the Coach Member agree, upon request of the other
party, to discontinue (or cause to be discontinued) any such suit, action or proceeding pending in any other jurisdiction or court
and Developer and the Coach Member irrevocably consent to the service of any and all process in any such suit, action or proceeding
by service of copies of such process to Developer or the Coach Member, as the case may be, at its address provided herein. Nothing
in this Section 19.03, however, shall affect the right of Developer or the Coach Member to serve legal process in any other
manner permitted by law.

 

    	- 90 -

    	 

    

 

(b)          TO
THE FULL EXTENT PERMITTED BY LAW, DEVELOPER AND THE COACH MEMBER HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON
THE ADVICE OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY CONDUCT, ACT OR OMISSION OF DEVELOPER OR THE COACH
MEMBER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, SHAREHOLDERS, PARTNERS, MEMBERS, MANAGERS, EMPLOYEES, AGENTS OR ATTORNEYS,
OR ANY AFFILIATES, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

 

(c)          The
waivers contained in this Section 19.03 are given knowingly and voluntarily by Developer and the Coach Member and, with
respect to the waiver of jury trial, is intended to encompass individually each instance and each issue as to which the right to
a trial by jury would otherwise accrue. Developer-and the Coach Member are hereby authorized to file a copy of this
Section 19.03 in any proceeding as conclusive evidence of these waivers by the other party.

 

Section 19.04         Amendments
and Waivers. This Agreement may not be amended, supplemented or otherwise modified, except by a written instrument executed
by the Coach Member and Developer. No provision of this Agreement may be waived except by a written instrument executed by the
party against whom the enforcement of such waiver is sought and then only to the extent set forth in such instrument.

 

Section 19.05         Confidentiality;
Publicity. (a) The Coach Member, Developer and their respective partners, principals, members, owners, shareholders, partners,
attorneys, agents, employees and consultants (and their respective successors and assigns) will treat the terms of this Agreement
and all information disclosed to it by the other party, or otherwise gained through to the Project, as confidential, giving it
the same care as its own confidential information, and make no use of any such disclosed information not independently known to
it, except (A) in connection with the transactions contemplated hereby, (B) to the extent legally compelled (by deposition, interrogatory,
request for documents, subpoena, civil investigative demand or similar process) to disclose the same, (C) to the extent required
by any federal, state, local or foreign laws, or by any rules or regulations of the United States Securities and Exchange Commission
(or its equivalent in any foreign country) or any domestic or foreign public stock exchange or stock quotation system, that may
be applicable to Developer or the Coach Member or any of their direct or indirect constituent owners or Affiliates or (D) to the
extent required by the MTA Project Documents or the Loan Documents, but in such case disclosure may only be made to the MTA or
the Construction Lender. Notwithstanding the foregoing, the terms hereof may be disclosed to (i) a party’s accountants, attorneys,
employees, agents, actual or potential direct or indirect transferees, sublessees, direct or indirect investors and direct or indirect
lenders, and others in privity with such party or its Affiliates or actual or potential transferees or lenders, in each case to
the extent reasonably necessary for such party’s business purposes or in connection with a dispute hereunder, (ii) the Building
C JV, the Fund Member and any Construction Lender or other lender providing financing to the Coach Member or its Affiliates or
to the Fund Member or its Affiliates, which financing shall be secured by the Coach Unit or the Fund Member Units or any direct
or indirect interests therein, and (iii) any equity investor in the Coach Member or its Affiliates or the Fund Member or its Affiliates
providing equity capital for the Project. In the event of a termination of this Agreement, each party shall promptly return all
confidential information it has received.

 

    	- 91 -

    	 

    

 

(b)          All
publicity signs located at or about the Project shall first be approved by the Coach Member and Developer. Neither party may, without
the other party’s prior consent, permit the public dissemination of any public relations releases, advertisements or other
communications or materials with respect to the Project that includes or describes the identity the other party or its constituents
or affiliates.

 

Section 19.06         Non-Waiver
of Rights. Except as expressly provided in this Agreement, no delay on the part of any party hereto in exercising any right,
power or privilege hereunder shall operate as a waiver thereof or as a waiver of any other right, power or privilege hereunder,
nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise hereunder.
The waiver of any breach hereunder shall not be deemed to be a waiver of any other or any subsequent breach hereof. Except as otherwise
provided in this Agreement, the rights and remedies of each party under this Agreement are cumulative and are not exclusive of
any rights or remedies which the party may otherwise have at law or in equity.

 

Section 19.07         Execution
in Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but
all of which together shall constitute one and the same instrument.

 

Section 19.08         Exhibits
and Schedules. All Exhibits and Schedules attached to this Agreement or subsequently incorporated herein are hereby made (and
shall be deemed) a part of this Agreement.

 

Section 19.09         Headings.
The Article and Section headings in this Agreement are inserted only as a matter of convenience and are not to be given any effect
(whether limiting or otherwise) in construing any provision of this Agreement.

 

Section 19.10         Assignments
of this Agreement. (a) Developer shall not assign this Agreement, or any of its rights or obligations herein or hereunder,
except with the prior written consent of the Coach Member (and only if such assignee assumes Developer’s obligations hereunder
from and after the date of such assignment). Notwithstanding the foregoing (but subject to the applicable provisions of the Loan
Documents and the MTA Project Documents), Developer may, without the consent of the Coach Member, (i) assign this Agreement and
its rights and obligations herein or hereunder to (x) Related, (y) a Related Affiliate or (z) an Affiliate of Related and Oxford;
provided, that in each case (A) no such assignment shall impair, vitiate or otherwise affect the obligations of Developer
hereunder or the Related/Oxford Guarantor under the Related/Oxford Guaranty, (B) such assignment is made in connection with an
assignment of all of Developer’s other rights and interests in and to the Project to such assignee and (C) such assignment
is made at the sole expense of Developer, and (ii) collaterally assign this Agreement to the Construction Lender (subject to any
applicable terms and conditions as may be set forth in the Loan Documents). Any transfer of a direct or indirect interest in Developer
shall constitute an assignment of this Agreement for purposes hereof if, as a result of such transfer, Developer is no longer controlled
by (x) Related, (y) a Related Affiliate or (z) Related and Oxford collectively. Any attempted assignment in violation of this
Section 19.10(a) shall be null and void.

 

    	- 92 -

    	 

    

 

(b)          The
Coach Member shall not assign this Agreement, or any of its rights or obligations herein or hereunder, except with the prior written
consent of Developer (and only if such assignee assumes the Coach Member’s obligations hereunder from and after the date
of such assignment). Notwithstanding the foregoing (but subject to the applicable provisions of the Loan Documents), the Coach
Member may, without the consent of Developer, assign this Agreement and its rights and obligations herein or hereunder to (i) the
Coach Guarantor or one or more Affiliates of the Coach Guarantor, (ii) an entity created by merger, reorganization or recapitalization
of or with the Coach Guarantor or any Affiliate thereof or (iii) a purchaser of all or substantially all of the Coach Member’s,
the Coach Guarantor’s, or their Affiliate’s assets or a purchaser of a controlling share of the Coach Member’s,
the Coach Guarantor’s, or their Affiliate’s stock or other ownership interest; provided, that in each case (A)
no such assignment shall impair, vitiate or otherwise affect the obligations of the Coach Member hereunder or the Coach Guarantor
under the Coach Guaranty and (B) such assignment is made at the sole expense of the Coach Member. Any transfer of a direct or indirect
interest in the Coach Member shall constitute an assignment of this Agreement for purposes hereof if, as a result of such transfer,
the Coach Member is no longer an Affiliate of the Coach Guarantor. Any attempted assignment in violation of this Section 19.01(b)
shall be null and void.

 

Section 19.11         Successors
and Assigns. This Agreement (and all terms thereof, whether so expressed or not), shall be binding upon the respective successors,
permitted assigns and legal representatives of the parties and shall inure to the benefit of and be enforceable by the parties
and their respective successors, permitted assigns and legal representatives.

 

Section 19.12         Severability.
If any term, covenant, condition or provision of this Agreement is determined by a final judgment to be invalid or unenforceable,
the remaining terms, covenants, conditions and provisions of this Agreement shall not be affected thereby; and each other term,
covenant, condition and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

Section 19.13         No
Third Party Beneficiaries. The representations, warranties, covenants and agreements of the parties contained herein are intended
solely for the benefit of the parties (and their successors and permitted assigns) to whom such representations, warranties, covenants
or agreements are made and shall confer no rights hereunder, whether legal or equitable, upon any other party, and no other party
shall be entitled to rely thereon, except that the Coach Indemnitees and the Developer Indemnitees may rely on and shall have the
right to enforce any indemnification of such Person under and in accordance with the terms of this Agreement.

 

    	- 93 -

    	 

    

 

Section 19.14         No
Joint Venture or Partnership. The Coach Member and Developer intend that the relationships created hereunder and under the
other transaction documents be solely that of owner and developer. Nothing herein or therein is intended to create a joint venture
or partnership relationship between the Coach Member and Developer.

 

Section 19.15         No
Construction Against Draftsperson. This Agreement shall be construed without regard to any presumption requiring construction
against the party drafting this Agreement.

 

Section 19.16         Brokerage.
Each party hereby represents and warrants to the other that it has had no communication with any broker, consultant, finder or
similar person in connection with the transactions contemplated hereby, other than CBRE, Inc. (“Broker”). Each
party shall indemnify and hold the other harmless against and from all costs, expenses, damages and liabilities, including reasonable
attorneys’ fees and disbursements, arising from any claims for brokerage commissions, finders’ fees or other compensation
resulting from or arising out of any conversations, negotiations or actions (or claims of the same) that the indemnifying party
had by itself or anyone acting on behalf of itself, with any broker, consultant, finder or similar person, other than Broker. The
Coach Member shall be solely responsible to compensate Broker pursuant to the terms of a separate agreement with Broker.

 

Section 19.17         Authorized
Representatives. The signature of any one of a party’s Authorized Representatives, acting alone, shall constitute the
duly authorized, valid and binding act of the party for whom the respective person is the Authorized Representative. A party may
change (or add) Authorized Representative(s) at any time by notice to the other party; and each party shall be entitled to rely
upon the written certificate or consent of any person designated by the other party as an Authorized Representative.

 

Section 19.18         Remedies.
Except as specifically provided herein, each party has and may pursue all rights available at law or in equity by reason of the
failure, by any other party hereto, to keep or perform such other party’s agreements or obligations under this Agreement.

 

Section 19.19         Prevailing
Party Entitled to Fees and Costs. In the event of any Legal Proceeding between or among the Coach Member and Developer concerning
this Agreement, the prevailing party shall be entitled to reimbursement from the losing party for the fees and costs of such proceeding
incurred by the prevailing party. For this purpose, “prevailing party” means the party who obtains a judgment or order,
final beyond appeal, adverse to the other party. The foregoing provisions shall not apply to the fees and costs of any dispute
that is governed by the provisions of Article 14.

 

Section 19.20         Survival.
The provisions of this Article 19 shall survive the Closing and the termination of this Agreement.

 

[Signatures Appear on Following Page]

 

    	- 94 -

    	 

    

 

IN WITNESS WHEREOF,
Developer and the Coach Member, have executed this Agreement as of the date first above written.

 

	 	ERY DEVELOPER LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ L. Jay Cross
	 	 	Name:  L. Jay Cross
	 	 	Title:    President
	 	 	 
	 	coach LEGACY YARDS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Todd Kahn
	 	 	Name:  Todd Kahn
	 	 	Title:    Executive Vice President and General Counsel

 

    	 

    	 

    

 

	ACKNOWLEDGED AND AGREED TO:
	 
	PODIUM FUND TOWER C SPV LLC,
	a Delaware limited liability company

 

	By:	Podium Fund REIT LLC,
	 	a Delaware limited liability company,
	 	its Managing Member

 

	 	By:	/s/ L. Jay Cross
	 	 	Name:  L. Jay Cross
	 	 	Title:   President

 

	LEGACY YARDS LLC, a Delaware
	limited liability company

 

	By:	Podium Fund Tower C SPV LLC,
	 	a Delaware limited liability company,
	 	its Managing Member

 

	 	By:	Podium Fund REIT LLC,
	 	 	a Delaware limited liability company,
	 	 	its Managing Member

 

	 	By:	/s/ L. Jay Cross
	 	 	Name:  L. Jay Cross
	 	 	Title:    President

 

    	 

    	 

    

 

Exhibit A-1

 

Legal Description of the Master Ground Lease
Property

 

    	Exhibit A-1

    	 

    

 

EXHIBIT A-1

 

LEGAL DESCRIPTION OF THE MASTER GROUND
LEASE PROPERTY

 

ALL THAT CERTAIN plot, piece or parcel of land, with the buildings
and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County of New York, City and State of New
York, bounded and described as follows:

 

Basement Level and Below:

 

All of the lands at or below an upper limiting plane of elevation
12.00 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection of the easterly
line of Eleventh Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said easterly line of Eleventh Avenue, North 00°03'07" East, a distance of 182.50 feet to a point; thence

 

	 	2.	Leaving Eleventh Avenue,
South 89°56'53" East, a distance of 98.58 feet to a point; thence

 

		3.	South 00°03'07" West, a distance of 104.83 feet to a point; thence

 

		4.	South 89°56'53" East, a distance of 112.00 feet to a point; thence

 

		5.	South 00°03'07" West, a distance of 77.67 feet to a point on the aforementioned northerly line of West 30th Street;
thence

 

		6.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 210.58 feet to the Point of Beginning.

 

Street Level: 

 

All of the lands above a lower limiting plane of elevation 12.00
feet and at or below an upper limiting plane of elevation 29.00 feet (Manhattan Borough Datum) within the following horizontal
boundary:

 

Beginning at a point formed by the intersection of the easterly
line of Eleventh Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said easterly line of Eleventh Avenue, North 00°03'07"
East, a distance of 182.50 feet to a point; thence

  

    	 

    	 

    

 

		2.	Leaving Eleventh Avenue, South 89°56'53" East,
a distance of 119.54 feet to a point; thence

 

		3.	South 00°03'07" West, a distance of 34.75 feet to a point; thence

 

		4.	South 89°56'53" East, a distance of 37.04 feet to a point; thence

 

		5.	South 00°03'07" West, a distance of 12.90 feet to a point; thence

 

		6.	South 89°56'53" East, a distance of 45.42 feet to a point; thence

 

		7.	South 00°03'07" West, a distance of 31.86 feet to a point; thence

 

		8.	South 89°56'53" East, a distance of 10.32 feet to a point; thence

 

		9.	South 36°42'17" East, a distance of 27.85 feet to a point; thence

 

		10.	South 00°03'07" West, a distance of 18.31 feet to a point; thence

 

		11.	North 89°56'53" West, a distance of 2.33 feet to a point; thence

 

		12.	South 00°03'07" West, a distance of 6.60 feet to a point; thence

 

		13.	South 89°56'53" East, a distance of 0.50 feet to a point; thence

 

		14.	South 00°03'07" West, a distance of 5.03 feet to a point; thence

 

		15.	South 89'56'53" East a distance of 1.80 feet to a point; thence

 

		16.	South 00°03'07" West, a distance of 30.67 feet to a point; thence

 

		17.	North 89°56'53" West, a distance of 8.37 feet to a point; thence

 

		18.	South 00°03'07" West, a distance of 20.06 feet to a point on the aforementioned northerly line of West 30th Street;
thence

 

		19.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 220.58 feet to the Point of Beginning.

 

Mezzanine Level: 

 

All of the lands above a lower limiting plane of elevation 29.00
feet and at or below an upper limiting plane of elevation 40.55 feet (Manhattan Borough Datum) within the following horizontal
boundary:

 

    	 

    	 

    

 

Beginning at a point formed by the intersection of the easterly
line of Eleventh Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said easterly line of Eleventh Avenue, North 00°03'07" East, a distance of 182.50 feet to a point; thence

 

		2.	Leaving Eleventh Avenue, South 89°56'53" East,
a distance of 120.95 feet to a point; thence

 

		3.	North 78°45'38" East, a distance of 49.37 feet to a point; thence

 

		4.	South 89°56'53" East, a distance of 62.81 feet to a point; thence

 

		5.	South 00°03'07" West, a distance of 136.41 feet to a point; thence

 

		6.	North 89°56'53" West, a distance of 3.21 feet to a point; thence

 

		7.	South 00°03'07" West, a distance of 35.70 feet to a point; thence

 

		8.	North 89°56'53" West, a distance of 8.37 feet to a point; thence

 

		9.	South 00°03'07" West, a distance of 20.06 feet to a point on the aforementioned northerly line of West 30th Street;
thence

 

		10.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 220.58 feet to the Point of Beginning.

 

Plaza Level and Above I: 

 

All of the lands above a lower limiting plane of elevation 40.55
feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection of the easterly
line of Eleventh Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said easterly line of Eleventh Avenue, North 00°03'07" East, a distance of 182.50 feet to a point; thence

 

		2.	Leaving Eleventh Avenue, South 89°56'53" East,
a distance of 120.95 feet to a point; thence

 

		3.	North 78°45'38" East, a distance of 49.37 feet to a point; thence

 

		4.	South 89°56'53" East, a distance of 214.64 feet to a point; thence

 

    	 

    	 

    

 

		5.	South 00°03'07" West, a distance of 192.17 feet
to a point on the aforementioned northerly line of West 30th Street; thence

 

		6.	Along said northerly line of West 30th Street, North
89°56'53" West, a distance of 384.00 feet to the Point of Beginning.

 

Plaza Level and Above II (Lot 9110): 

 

All of the lands above a lower limiting plane of 40.55 feet
(Manhattan Borough Datum)

within the following horizontal boundary:

 

Beginning at a point formed by the intersection of the westerly
line of Tenth Avenue (100'

R.O.W.) and the southerly line of West 33rd Street (60' R.O.W.);
running thence

 

		1.	Along said westerly line of Tenth Avenue, South 00°03'07"
West, a distance of 520.33 feet to a point; thence

 

		2.	Leaving Tenth Avenue, North 89°56'53" West.
a distance of 630.64 feet to a point; thence

 

		3.	South 78°45'38" West, a distance of 49.37 feet
to a point; thence

 

		4.	North 89°56'53" West, a distance of 120.95 feet
to a point in the easterly line of Eleventh Avenue (100' R.O.W.); thence

 

		5.	Along said easterly line of Eleventh Avenue, North 00°03'07"
East, a distance of 530.00 feet to a point formed by the intersection of said easterly line of Eleventh Avenue
and the aforementioned southerly line of West 33rd Street; thence

 

		6.	Along said southerly line of West 33rd Street, South
89°56'53" East, a distance of 800.00 feet to the Point of Beginning.

 

    	 

    	 

    

 

Exhibit A-2

 

Legal Description of the Land

 

    	Exhibit A-2

    	 

    

 

EXHIBIT A-2

 

LEGAL DESCRIPTION OF THE LAND

 

ALL OF THAT CERTAIN plot, piece
or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, County
of New York, City and State of New York, bounded and described as follows:

 

Tower C-Basement level and below:

 

All of the lands at or below
an upper limiting plane of elevation 12.00 feet (Manhattan Borough Datum) within the following horizontal boundary:

 

Beginning at a point formed by
the intersection of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running
thence

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 589.42
feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 77.67 feet to a point; thence

 

		3.	North 89°56'53" West, a distance of 112.00 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 104.83 feet to a point; thence

 

		5.	South 89°56'53" East, a distance of 22.37 feet to a point; thence

 

		6.	North 78°45'38" East, a distance of 49.37 feet to a
point; thence

 

		7.	South 89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		8.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet
to the Point of Beginning.

 

Tower C-Street Level: 

 

All of the lands above a lower
limiting plane of elevation 12.00 feet and at or below an upper limiting plane of elevation 29.00 feet (Manhattan Borough Datum)
within the following horizontal boundary:

 

Beginning at a point formed by the intersection of
the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

  

    	 

    	 

    

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42 feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence
	 	 	 

		3.	South 89°56'53" East, a distance of 8.37 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 30.67 feet to a point; thence

 

		5.	North 89°56'53" West, a distance of 1.80 feet to a point; thence

 

		6.	North 00°03'07" East, a distance of 5.03 feet to a point; thence

 

		7.	North 89°56'53" West, a distance of 0.50 feet to a point; thence

 

		8.	North 00°03'07" East, a distance of 6.60 feet to a point; thence

 

		9.	South 89°56'53" East, a distance of 2.33 feet to a point; thence

 

		10.	North 00°03'07" East, a distance of 18.31 feet to a point; thence

 

		11.	North 36°42'17" West, a distance of 27.85 feet to a point; thence

 

		12.	North 89°56'53" West, a distance of 10.32 feet to a point; thence

 

		13.	North 00°03'07" East, a distance of 31.86 feet to a point; thence
	 	 	 

		14.	North 89°56'53" West, a distance of 45.42 feet to
a point; thence

 

		15.	North 00°03'07" East, a distance of 12.90 feet to a point; thence

 

		16.	North 89°56'53" West, a distance of 37.04 feet to a point; thence

 

		17.	North 00°03'07" East, a distance of 34.75 feet to a point; thence

 

		18.	South 89°56'53" East, a distance of 1.41 feet to a point; thence

 

		19.	North 78°45'38" East, a distance of 49.37 feet to a point; thence

 

		20.	South 89°56'53" East, a distance of 630.64 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		21.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet
to the Point of Beginning.

 

    	 

    	 

    

 

Tower C-Mezzanine Level:

 

All of the lands above a lower limiting
plane of elevation 29.00 feet and at or below an upper limiting plane of elevation 40.55 feet (Manhattan Borough Datum) within
the following horizontal boundary:

 

Beginning at a point formed by the intersection
of the westerly line of Tenth Avenue (100' R.O.W.), and the northerly line of West 30th Street (60' R.O.W.); running thence

 

		1.	Along said northerly line of West 30th Street, North 89°56'53" West, a distance of 579.42
feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East, a distance of 20.06 feet to a point; thence

 

		3.	South 89°56'53" East, a distance of 8.37 feet to a point; thence

 

		4.	North 00°03'07" East, a distance of 35.70 feet to a point; thence

 

		5.	South 89°56'53" East, a distance of 3.21 feet to a point; thence

 

		6.	North 00°03'07" East, a distance of 136.41 feet to a point; thence

 

		7.	South 89°56'53" East, a distance of 567.83 feet to a point on the aforementioned westerly
line of Tenth Avenue; thence

 

		8.	Along said westerly line of Tenth Avenue, South
00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

Tower C-Plaza level and above: 

 

All of the lands above a lower limiting plane of elevation 40.55
feet (Manhattan Borough

Datum) within the following horizontal boundary:

 

Beginning at a point formed by the intersection of the westerly
line of Tenth Avenue (100'

R.O.W.), and the northerly line of West 30th Street (60' R.O.W.);
running thence

 

		1.	Along said northerly line of West 30th Street, North
89°56'53" West, a distance of 416.00 feet to a point; thence

 

		2.	Leaving West 30th Street, North 00°03'07" East,
a distance of 192.17 feet to a point; thence

 

    	 

    	 

    

 

		3.	South 89°56'53" East, a distance of 416.00 feet to a point on the aforementioned westerly line of Tenth Avenue; thence

 

		4.	Along said westerly line of Tenth Avenue, South 00°03'07" West, a distance of 192.17 feet to the Point of Beginning.

 

    	 

    	 

    

 

Exhibit B

 

Authorized Representatives

 

1.     Coach
Member:

Todd Kahn

Jane Neilson

 

2.     Developer:

Jeff Blau

L. Jay Cross

 

    	Exhibit B

    	 

    

 

Exhibit C

 

BASE BUILDING LIGHTING

 

1.      See
pictorial rendering attached hereto.

 

2.     The
base of the Building will have high efficiency recessed white lighting which accentuates the faceted geometry of the colonnades
and helps the tower achieve a sense of levity. In addition, these fixtures will provide a brighter pedestrian area at these spaces
helping to mark the entry of the Building. The lighting helps the sense of the interior activity spilling through the colonnade.
The soffit above the Coach Lobby has integrated linear LED lighting (white) which accentuates its sculpted, shingled character
and casts an ambient glow to the High Line area as it passes through the Building. The triangular shapes of the tower top are backlit
and the crown ridge is uplit, which together provides a bright iconic shape for the identity of the Building on the New York skyline.

 

    	Exhibit C

    	 

    

 

 

 

    	 

    	 

    

 

Exhibit D

 

BUDGET

 

    	Exhibit D

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

Exhibit E

 

Coach TCO
Work and Developer TCO Work

 

    	Exhibit E

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit F

 

Cost Allocation Methodology

 

I.           GENERAL
COST ALLOCATION METHODOLOGIES

 

The following sets forth the various methodologies
pursuant to which costs associated with the Building will be allocated:

 

	1.	DIRECT ALLOCATIONS	Where applicable, cost categories will be split into clearly defined components (“Direct Allocations”) fully attributed to each Unit. 
	 	 	 
	2.	GSF	Costs allocated by gross square footage (“GSF”) are allocated based on the total GSF of the Building.  Coach’s share of costs allocated by GSF will be the GSF of the Coach Unit divided by the GSF of the Building. 
	 	 	 
	3.	THE TOWER	That portion of the Building that is located from the Building’s eastern property line to 365 feet west of the Building’s eastern property line, as more specifically shown on the plans (the “Tower”). 
	 	 	 
	4.	TOWER GSF	Costs allocated by GSF in the Tower (“Tower GSF”) will be split based on an allocation of the total GSF in the Tower which is attributable to each Unit.  For avoidance of doubt, the portion of the Building located west of the point that is 365 feet west of the Building’s eastern property line to the Building’s western property line (the “Terra Firma Portion”), which includes the parking facility, loading docks, and certain retail space, is not part of the Tower for this purpose and, except to the extent included in the Coach Fixed Land Cost, no costs associated with the construction of such portion of the Building shall be allocated to the Coach Member pursuant to these Cost Allocation Methodologies. 
	 	 	 
	5.	OFFICE GSF	Costs allocated by “Office GSF” are allocated based on the total GSF of office space in the Tower.  Coach’s share of costs allocated by Office GSF will be the GSF of the Coach Unit divided by the total GSF of the Coach Unit plus the aggregate GSF of the Additional Office Units.

 

    	Exhibit F – Page 1

    	 

    

 

	6.	FAÇADE CONTACT AREA	Costs allocated by “Façade Contact Area” are shared based on the portion of the contact area of the Tower façade behind which each Unit and Common Elements are located. 
	 	 	 
	7.	TOTAL COSTS	Costs allocated by “Total Costs” are shared based on the proportion of total development costs for each Unit in the Building.  For the Coach Unit, this represents Coach Total Development Costs divided by the total Project Costs. 
	 	 	 
	8.	HARD COSTS	Costs allocated by “Hard Costs” are allocated based on the total overall percentage of Building specific Hard Costs allocated to each Unit pursuant to the other cost allocation rules set forth herein. 
	 	 	 
	9.	COACH TI	Costs allocated by “Coach TI” with respect to the Coach TI Items referenced in Section 10.07 of the Development Agreement will be allocated to Coach as tenant items subject to the Coach Costs Cap to the extent provided in Section 10.07 of the Development Agreement. 
	 	 	 
	10.	LEGACY GSF	Costs allocated by “Legacy GSF” are allocated based on the total GSF of the following portions of the Building: the Coach Unit, the Additional Office Units, the Retail Unit and the Parking Unit.  Coach’s share of costs allocated by Legacy GSF will be the GSF of the Coach Unit divided by the aggregate GSF of the Coach Unit, the Additional Office Units, the Retail Unit and the Parking Unit. 
	 	 	 
	11.	LEGACY TOTAL COSTS	Costs allocated by “Legacy Total Costs” (i.e., legal costs of outside counsel to the Third Party Lender) will be allocated based on the total overall percentage of Project Costs allocated to the Coach Unit, the Additional Office Units, the Retail Unit and the Parking Unit. 
	 	 	 
	12.	NON-COACH LEGACY GSF	Costs allocated by “Non-Coach Legacy GSF” are allocated among the Additional Office Units, the Retail Unit and the Parking Unit based on their total relative GSF.  The Coach Unit will not have a share of costs allocated by Non-Coach Legacy GSF. 

 

    	Exhibit F – Page 2

    	 

    

 

 ***
Confidential Treatment Requested

 

	13.	NON-COACH
    LEGACY 

    TOTAL COSTS	Costs allocated by “Non-Coach Legacy Total Costs” will be allocated among the Additional Office Units, the Retail Unit and the Parking Unit based on each such Unit’s share of the total of Project Costs for such Units.  The Coach Unit will not have a share of costs allocated by Non-Coach Total Costs. 
	 	 	 
	14.	TERRA FIRMA GSF	Costs allocated by “Terra Firma GSF” relate to the Terra Firma Portion and will be allocated among the Parking Unit, the Retail Unit, the Coach Unit and Required Podium Infrastructure based on their relative GSF.  The Coach Unit will not have a share of costs allocated by Terra Firma GSF except for its share relating to its storage space in the Loading Dock area. 
	 	 	 
	15.	FUTURE COST CATEGORIES	As the design and development process progresses, additional cost items may require allocation among the Units.  Developer and Coach will work in good faith to divide the costs as Direct Allocations.  For costs not divisible into Direct Allocations, one of the above allocation methodologies may be employed with the agreement of both Coach and Developer.  Additional cost allocation methods may also be created with the agreement of both Coach and Developer. 

 

II. COACH
FIXED LAND COST

 

Coach Fixed
Land Cost of *** per RSF of the Coach Unit will consist of the Coach Member’s share of the following costs:

 

    	Exhibit F – Page 3

    	 

    

 

*** Confidential
Treatment Requested

 

	A.	LAND	The cost to Coach of the fee purchase of the Coach Premises from the MTA (the “Coach Fixed Land Costs”) shall be an amount equal to the product of (a) *** multiplied by (b) the total rentable square feet of the Coach Unit (which will include, for the avoidance of doubt, and without duplication, (i) the total rentable square feet of Office Unit 2A, if the Coach Expansion Right is exercised with respect to Office Unit 2A, or (ii) the total rentable square feet of Office Unit 2A and Office Unit 2B, if the Coach Expansion Right is exercised with respect to Office Unit 2A and Office Unit 2B).  The Coach Fixed Land Cost includes (x) all costs of the fee purchase of the Coach Unit from the MTA in order to effectuate the Closing, including, without limitation, any deposits payable to the MTA and, if applicable, any contributions required to be made to the LIRR Work Fund (as defined in the Building C Lease), (y) Coach’s Allocable Share of rental and any other amounts that may be payable under the Building C Lease (including, if applicable, any rental in respect of Estimated ERY Roof Costs or the LIRR Work Cost Allocable Share or the Guaranteed Default Payments (as each such phrase is defined therein)), and (z) Coach’s Allocable Share of the cost of constructing the Podium (it being acknowledged and agreed that, except to the extent included in Coach Fixed Land Cost, the Coach Member shall not be responsible for the payment of any costs associated with acquiring fee title of the Coach Unit from the MTA, any rental or other amounts that may be payable under the Building C Lease or any costs of constructing the Podium).

 

	 	 	If Developer enters into a binding agreement with any other purchaser of office space in the Building (other than an affiliate of Developer) which provides for (i) a fixed land cost which is less than *** per square foot (taking into account all components comprising the Coach Fixed Land Cost), (ii) a development fee or an allocation of Developer’s overhead costs which is less (on a per square foot basis) than the Development Fee or the Coach Overhead Costs, respectively, or (iii) otherwise provides for an allocation or methodology of allocation for Project Costs which is more favorable in any material respect to such other purchaser than that provided for herein, then the Coach Total Development Costs payable by the Coach Member under this Agreement and the Operating Agreement will be reduced to equal the amount which the Coach Member would have paid had such more favorable terms been applicable to the Coach Member.

 

    	Exhibit F – Page 4

    	 

    

 

 

III. COSTS
TO BE ALLOCATED

 

The following
are the costs to be allocated pursuant to the various methodologies above:

 

1.          BUILDING-SPECIFIC
HARD COSTS

 

	A.	STRUCTURE	Coach’s share of concrete structural frame, secondary structural steel, column encasements, trusses, truss encasements, outriggers, metal deck, concrete on metal deck, cast concrete decks, shear walls, columns, outriggers, roofs, parapets and bulkheads shall be allocated on a Tower GSF basis. 
	 	 	 
	B.	FAÇADE	Coach’s share of building façade costs will be based on a Façade Contact Area basis. 
	 	 	 
	C.	ELECTRICAL	Where possible, electrical systems costs shall be allocated as Direct Allocations for all work from the incoming service through distribution.  Shared electrical systems costs shall be allocated on a Tower GSF basis. 
	 	 	 
	D.	FIRE ALARM	Fire alarm costs shall be allocated as Direct Allocations, with exception of any FDNY required tie-ins, and cross communication systems for fire alarm panels, which shall be allocated on a Tower GSF basis.
	 	 	 
	E.	SEPARATE MECHANICAL	Where possible, mechanical systems costs shall be allocated as Direct Allocations.
	 	 	 
	F.	SHARED MECHANICAL	Shared mechanical systems, such as support for incoming services and common mechanical within transfer trusses, will be allocated on a Tower GSF basis.
	 	 	 
	G.	SEPARATE PLUMBING	Where possible, plumbing systems costs shall be allocated as Direct Allocations.
	 	 	 
	H.	SHARED PLUMBING	Shared plumbing systems, including underslab and foundation drainage, roof leaders, roof drainage, and mechanical room drainage, shall be allocated on a Tower GSF basis.
	 	 	 
	I.	SPRINKLER	Where possible, sprinkler system costs shall be allocated as Direct Allocations.  The common standpipe system and common storage tanks shall be allocated on a Tower GSF basis. 

 

    	Exhibit F – Page 5

    	 

    

 

	J.	VERTICAL TRANSPORTATION	Vertical transportation costs shall be allocated as Direct Allocations.  Shared freight elevators shall be allocated on a Tower GSF basis.  For the avoidance of doubt, elevator bank 1 shall be allocated to the Coach Member and elevator banks 2 and 3 shall not be allocated to the Coach Member, regardless of whether the Coach Member elects to take all or any portion of the Coach Expansion Premises. 
			 
	K.	INTERNAL CORE DIVISIONAL WALLS	Where possible, sheetrock and stud wall costs, and masonry wall costs shall be allocated as Direct Allocations.  Exceptions to this allocation are for common mechanical and incoming service rooms, which shall be allocated on a Tower GSF basis. 
	 	 	 
	L.	GENERAL CONDITIONS	General conditions shall be allocated on a Hard Costs basis. 
	 	 	 
	M.	COACH EXPANSION PREMISES	The incremental costs of constructing Office Unit 2A and Office Unit 2B over the Base Building Work shall be allocated to the Coach Expansion Premises (i.e., to the Fund Member or to the Coach Member, depending on whether the Coach Member exercises the Coach Expansion Right with respect to such portion of the Coach Expansion Premises) and subject to the Coach Costs Cap to the extent the Coach Member exercises the Coach Expansion Right with respect to such portion of the Coach Expansion Premises; provided, that the incremental cost of the Coach spec interior finishes of core bathrooms in the Coach Expansion Premises in excess of the allowance therefor in the Project budget shall be allocated to the Coach Member on a Coach TI basis. 

 

	2.	BUILDING-SPECIFIC SOFT COSTS	 
	 	 	 
	A.	ARCHITECTS & ENGINEERS	Project architectural and engineering costs will be allocated on a GSF basis.
	 	 	 
	B.	LEGAL	Legal costs will be allocated as Direct Allocations where possible (and, with respect to the portion allocated to the Fund Units, may be further allocated on a Non-Coach Legacy Total Costs basis).  Legal costs of outside counsel to IDA will be allocated based on Legacy GSF.  Other legal costs will be allocated on a Total Costs basis. 

 

    	Exhibit F – Page 6

    	 

    

 

	C.	INSURANCE	Insurance costs will be allocated on a Total Costs basis. 
	 	 	 
	D.	ACCOUNTING	Accounting costs for outside auditors will be allocated on a Total Costs basis. 
	 	 	 
	E.	TITLE INSURANCE	Owner’s title insurance costs for the initial closing date leasehold policy will be allocated based on a Total Costs basis.  Title insurance costs for the loan policy will be allocated based on relative portions of the construction loan. 
	 	 	 
	F.	PERMITS, FEES & SURVEY	Permits, fees and survey costs will be allocated on a GSF basis.
	 	 	 
	G.	REAL ESTATE TAXES / PILOT	Real estate taxes and PILOT payments during construction will be based on Legacy GSF. 
	 	 	 
	H.	MARKETING	Where possible, marketing will be allocated as Direct Allocations. Shared marketing costs will be allocated on a Legacy GSF basis. 
	 	 	 
	I.	LEASING AND COMMISSIONS	Leasing and commissions will be allocated as Direct Allocations. 
	 	 	 
	J.	FINANCING AND INTEREST	Financing and interest costs will be allocated as Direct Allocations (i.e., any interest and other financing costs pertaining solely to the Coach Unit Loan shall be borne by the Coach Member, and any interest and other financing costs pertaining solely to the Third Party Loan shall be borne by the Fund Member and allocated as Non-Coach Total Costs). 

 

    	Exhibit F – Page 7

    	 

    

 

Exhibit G

 

Delivery
Condition

 

    	Exhibit G

    	 

    

 

 

	Coach Delivery Conditions	2/18/13

 

All Developer Work to be completed in
accordance with Development Agreement. Delivery Conditions at each milestone are described in the table below.

 

		1.	Completion of foundation and lowest slab (street level)

 

		2.	Concrete complete with slab at 215t floor

 

		3-5.	Office Floors Block Turnover

 

	Structure	 	Concrete frame complete on Delivery Block Floors
	Exterior Enclosure	 	Watertight with curtainwall installed on Delivery Block Floors, except designated Hoist and Crane Impact Areas and Atrium.
	Base Building Stairwells	 	Fire stairwells erected to the floor, including temporary handrails suitable for worker accessibility
	Walls	 	Core enclosure framed at Block Delivery Floors, drywall work underway with remaining Base Building drywall work to be coordinated with Coach fitout schedule.
	Temporary roof	 	Installed above Delivery Block Floors. Removal of intermediate temp roofs will be done by Base Building Contractor in coordination with Coach.
	Floor	 	Delivery Block Floors broom cleaned
	Utility Closets	 	Base Building utility closets mechanical rough-in complete at Block Delivery Floors with drywall work underway
	Toilet Rooms	 	Toilet room work underway at Block Delivery Floors and complete per Base Building schedule
	 	 	 
	HVAC	 	 
	HVAC duct risers	 	Main HVAC duct risers underway
	Air Towers	 	Air riser shafts, air towers, main ductwork to Delivery Block Floors installed, dampers and controls installed, panels not complete and operational but ready for Coach tie in.
	Piping Riser	 	Underway to Delivery Block Floors
	Heating hot water connections to FPTUs	 	Underway
	Supplemental Chilled Water Risers	 	Supplemental chilled water supply and return risers complete with valued outlets where appropriate.
	 	 	 
	Electrical	 	 
	Base Building Electrical Closets	 	Closets complete on Delivery Block Floors with base building high and low voltage distribution panels underway and drywall underway.
	Bus Duct	 	Bus duct and/or cable risers/feeders serving Delivery Block Floors installed, not energized.
	Utility power panels	 	Installed, powered work underway.
	Vertical conduits and slab	 	Vertical conduits and slab opening for telecommunicationJ

 

    	 

    	 

    

 

	opening for telecommunication	 	underway.
	Temporary lighting	 	Installed in core per specifications
	Temporary Power	 	Available at block turnover
	 	 	 
	Standpipe/Sprinkler	 	 
	Standpipe/Sprinkler Main	 	Main installed to Delivery Block Floors, takeoffs serving the floor complete.
	Sprinkler Loop	 	Temp Sprinkler loop not required by DOB/FDNY Code and is not planned to be installed. Sprinkler coverage is only required at time of TCO. If a temporary loop is required, it will be provided at block turnover.
	Base Building Sprinkler	 	Flow and tamper switch complete
	 	 	 
	Plumbing	 	 
	Plumbing Risers	 	Takeoffs serving the floor complete
	Drain piping at terrace	 	Complete at delivery of office floor block including 19th floor terrace

 

		6.	Temporary HVAC available

 

		7.	Coach Low Rise Service Elevator Complete

 

Low-rise service elevator complete
and signed off by DOB

Low-rise service elevator lobby
complete and signed off by DOB

Low-rise-service elevator door
frames in place/set

Low-rise service elevator machine
room complete and signed off by DOB

 

		8.	Permanent Electrical Power

 

		9.	Coach Low Rise Passenger Elevators Complete

 

Low-rise passenger elevators
complete and signed off by DOB

Low-rise passenger elevator
lobby complete and signed off by DOB

Low-rise passenger elevator
door frames in place/set

Low-rise passenger elevator
machine room complete and signed off by DOB

 

		10.	Permanent HVAC Tested, Operational and Balanced

 

		11.	Coach Main Lobby and Atrium Complete

 

Coach lobby complete including
finishes and storefront, ready for Coach FF&E

Coach mail room complete and
ready for Coach FF&E

Atrium exterior wall complete
and watertight

Atrium interior wall complete

Atrium staircase complete including
handrails

 

    	 

    	 

    

 

Atrium HVAC complete including smoke purge system
in mechanical areas on floors 5M and 21 Atrium electrical complete

Atrium lighting complete

 

		12.	Fire Alarm Contractor Certified Pre-Test Complete

 

Developer to manage fire alarm installation process
for both Base Building and Coach Finish Work under two separate contracts. Fire alarm deliverables subject to Coach delivery of
Coach Finish Work and systems in accordance with fire alarm subcontractor date and scope requirements. Coach Finish Work fire alarm
will be a Coach Tenant Item (excluded from GMP).

 

Base Building Contract Deliverables:

		-	Base Building warden stations complete

		-	Base Building strobe and speaker panels complete

		-	Base Building smoke detectors complete to provide elevator fireman's
recall 

		-	Floor supply and return airshaft complete with fire smoke damper terminated
at core wall

 

Coach Finish Work Contract Deliverables:

		-	Fire Alarm devices in Coach space installed, tested and operational

 

		13.	TCO for Coach Space for Move In (Subject to Coach
Work)

 

See Exhibit N - TCO Work

 

		14.	Final Completion

 

		-	HVAC, electrical and mechanical systems commissioned

		-	Curtainwall installed and watertight for the Building, all hoists
removed and curtainwall panels in-filled at Hoist Impact Areas

 

    	 

    	 

    

 

Exhibit H

 

Existing Contractors/Consultants

1.          Accenture
LLP

2.          ADAPT
Corporation

3.          AKF
Engineers LLP

4.          Cerami
& Associates, Inc.

5.          Cherins
& Co LLC

6.          Code
Consultants Professional Engineers, PC

7.          CS
Technology, Inc.

8.          DeSimone
Consulting Engineers, P.L.L.C.

9.          Entek
Engineering, LLC

10.         Field
Management Services, Inc.

11.         Gordon
H. Smith Corporation

12.         Guidepost
Solutions, LLC

13.         Helmark
Steel, Inc.

14.         Henshell
& Buccellato, Consulting Architects

15.         Jaros,
Baum & Bolles Consulting Engineers

16.         Jenkins
& Huntington, Inc.

17.         Kohn
Pederson Fox Associates PC

18.         Langan
Engineering, Environmental, Surveying and Landscape Architecture, D.P.C.

19.         L’Observatoire
International, Inc.

20.         MSA
Security, Inc.

21.         Multiband
Corporation

22.         Multivista
Construction Documentation

23.         Nelson
Byrd Woltz Landscape Architects, PLLC

24.         Neoscape

25.         Pentagram
Design, Inc.

26.         Philip
Habib & Associates

27.         R&R
Scaffolding, Ltd.

28.         Rowan
Williams Davies & Irwin Inc.

29.         T&M
Protection Resources, LLC

30.         The
Mill Group Inc.

31.         Thorton
Thomasetti, Inc.

32.         Vidaris
Inc. (f/k/a Israel Berger & Associates, LLC d/b/a Viridian Energy & Environment)

33.         visualhouse
usa llc.

 

    	Exhibit H

    	 

    

 

Exhibit I

 

Landscaping

 

    	Exhibit I

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit J

 

Forty-Seventh Floor Curtain Wall Adjustment

 

    	Exhibit J

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit K-1

 

List of Plans

 

    	Exhibit K-1

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit K-2

 

Exceptions to Plans

 

    	Exhibit K-2

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit L

 

Schedule

 

    	Exhibit L

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit M

 

Signage Plans

 

    	Exhibit M

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit N-1

 

Form of Certificate of Substantial Completion
(Developer)

 

DEVELOPER’S CERTIFICATE OF SUBSTANTIAL
COMPLETION

 

Project:                   South Office Tower - Hudson Yards

 

Developer:             ERY Developer LLC

 

Date:                       [____________, 20__]

 

Reference is made to
that certain Development Agreement, dated as of dated as of April ___, 2013, by and between ERY Developer LLC, a Delware limited
liabity company (“Developer”), and Coach Legacy Yards LLC, a Delware limited liabity company (the “Coach
Member”), with respect to the development and construction by Developer of the building commonly referred to as the South
Office Tower and other improvements (collectively, the “Building”)
on the property located at the northwest corner of West 30th Street and 10th Avenue and known as Parcel C of the Eastern Rail Yard
Section of John D. Caemmerer West Side Yard (the “Project”).
Capitalized terms not defined herein shall have the meanings ascribed to them in the Development Agreement.

 

Developer hereby certifies
to the Coach Member that, subject to the completion of the Punch List Work, the following conditions of Substantial Completion
have been fully satisfied and completed as of the date of this Certificate:

 

1.          All
Developer Work (other than any Base Building Lighting that is not otherwise part of the Developer TCO Work) is substantially completed
in accordance with the Plans, this Agreement and applicable Laws;

 

2.          Without
limiting clause 1 above, the Coach Exclusive Systems and the Coach Shared Building Systems and Areas have been completed, in accordance
with the Plans, the Development Agreement and applicable Laws to the extent required so that regular and permanent (i.e.,
not temporary) service is available, and all such systems have been tested (but not commissioned or signed-off), and are operational,
except to the extent that completion and testing is dependent on performance of Coach Finish Work;

 

3.          The
exterior envelope and curtain wall of the Building and the Coach Atrium (including the Coach Atrium wall, envelope and enclosures
to the Coach Atrium) are complete and the Building is fully and permanently enclosed in a water and weather-tight manner and as
shown on the Plans;

 

4.          Except
as provided in Section 13.03 of the Development Agreement (and subject to the terms and conditions thereof), any
hoists or tower cranes affixed to or penetrating the Coach Areas (or the façade surrounding the same) and any brackets relating
to any such hoists or tower cranes shall have been removed, and any penetrations through the core of the Coach Areas (or the façade
surrounding the same) resulting from any hoist or tower crane shall have been patched;

 

    	Exhibit N-1 – Page 1

    	 

    

 

5.          All
Developer TCO Work has been completed and, subject to the completion of the Coach TCO Work where applicable, the Department
of Buildings of the City of New York (“DOB”) (or such other departmental office as
shall be issuing certificates of occupancy) has issued a temporary certificate of occupancy for the Coach Areas pursuant to Section
645 of the New York City Charter;

 

6.          All
construction trailers and sidewalk protection sheds impeding access to the Coach Lobby have been removed and all permanent sidewalks
surrounding and required in connection with the Building are completed; other than any such sidewalk protection sheds required
by the DOB to be maintained, and Developer shall have used (and shall continue to use) reasonable efforts to configure or locate
the same in an area or areas that minimize any disruption of access to and use and occupancy of the Coach Unit for the normal conduct
of business in the ordinary course;

 

7.          The
Building roof and all setback areas, risers, load frames or support structures, closets and other infrastructure or areas (including
risers from the Coach Areas to the roofs) necessary for the Coach Member to permanently and securely install its video, cable,
telecommunications, satellite, microwave and other devices or technology shown on the Plans have been completed in accordance with
the Plans and all applicable laws; and elevator access to the Building roof is available as shown on the Plans to the extent required
for the Coach Member to install all its roof-top installations;

 

8.          All
Coach Elevators and one Building elevator providing access to the roof (i) have been finished, tested and adjusted, (ii) are operational,
and (iii) have been inspected and certified for use by the DOB;

 

9.          The
elevator frames and doors, and the hall call buttons and lighting and associated devices, are permanently installed in or for all
Coach Elevators and one Building elevator providing access to the roof of the Building (unless such permanent installation is dependent
on completion of Coach Finish Work which is not yet completed);

 

10.         Safe
and continuous access is available to the Coach Areas through the Coach Lobby;

 

11.         The
Coach Areas and Common Elements (other than any Office Unit 3 Exclusive Use Common Elements, Retail Unit Exclusive Use Common Elements
or Parking Unit Exclusive Use Common Elements) are cleared of any debris, construction materials or equipment, surplus materials,
rubbish, rubble, tools, discarded equipment, spillage of solid or liquid waste (unless such debris or other items are present as
a result of Coach Finish Work);

 

12.         Access
to the Coach Reserved Parking Spaces in the Parking Unit, for continuous use by the Coach Member has been completed and permanently
provided;

 

13.         The
Landscaping has been completed;

 

    	Exhibit N-1 – Page 2

    	 

    

 

14.         Payment
in full has been made of all the hard and soft costs (including, without limitation, general conditions items) incurred in respect
of Developer Work to the date covered by the most recently funded Draw Request, excepting (i) amounts retained by Legacy Tenant,
as owner, in accordance with the provisions of the Executive Construction Management Agreement, any agreement with the Project
Architect or with any of the Existing Contractors/Consultants, or other construction agreements
and the applicable provisions of the Loan Documents; and (ii) claims that Developer is contesting in good faith and in a commercially
reasonable manner and otherwise in accordance with the provisions of the Loan Documents to the extent applicable; 

 

15.         Waivers
of liens and claims have been received from all direct hard cost contractors and subcontractors performing work on or providing
materials for Developer Work, all through the date of the most recently funded Draw Request under the Construction Loan or Developer
has provided to the Coach Member evidence that bonds have been posted or other security (reasonably satisfactory to Coach) has
been provided in respect of any mechanic’s liens filed in respect of such work in respect of any mechanic’s liens filed
in respect of such work; 

 

16.         All
Developer Violations have been removed, the Developer Work has been completed, and such governmental or departmental sign-offs
and approvals have been received for Developer Work, all as are required to obtain a temporary certificate of occupancy for the
Coach Areas that permits office use and any legal uses ancillary thereto (which shall include,
as an accessory use (within the meaning of the Zoning Resolution) to the Coach Member’s office use (in a manner substantially
the same as the Coach Member’s current accessory use at 516 West 34th Street, New York, New York), the assembly of the Coach
Member products on-site, and the use of the Coach Member cafeteria and showrooms for employees and guests); 

 

17.         All
applicable filings and periodic sign-offs with or from all municipal or governmental departments or offices with respect to Developer
Work through the date which is no more than twenty (20) days prior to the Substantial Completion Date, including, without limitation,
reports and results of all controlled inspections, have been received and copies thererof have been provided by Developer to the
Coach Member.

 

	 	ERY DEVELOPER LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit N-1 – Page 3

    	 

    

 

Exhibit N-2

 

Form of Certificate of Substantial Completion
(Project Architect)

 

FORM OF ARCHITECT’S CERTIFICATE
OF SUBSTANTIAL COMPLETION

 

Kohn Pedersen Fox Associates PC

 

[__________ __, 20__]

 

Legacy Yards Tenant LLC (“Owner”)

c/o The Related Companies, L.P.

60 Columbus Circle

New York, New York 10023

 

Coach Legacy Yards LLC (“Coach Member”)

c/o Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Todd Kahn

 

	 	Re:	Project:	501 West 30th Street, New York, New York 

Hudson Yards – South Office Tower (Tower C)

 

Ladies and Gentlemen:

 

The undersigned (“Architect”)
entered into an Architectural Services Agreement with ERY Tenant LLC (“ERY Tenant”) dated as of June 1, 2012,
as amended by that certain Letter Agreement, dated as of February 12, 2013, and as assigned by ERY Tenant to Legacy Yards Tenant
LLC (“Owner”) as of the date hereof (as may be amended from time to time, collectively, the “Architect
Agreement”), with respect to the design and development by Owner of the building commonly referred to as the South Office
Tower (Tower C) and certain other related improvements (collectively, the “Improvements”) on the property located
at the northwest corner of West 30th Street and 10th Avenue and known as Parcel C of the Eastern Rail Yard Section of John D. Caemmerer
West Side Yard (the “Project”). Architect has been engaged by Owner to act as the architect of record for the
Project. Capitalized terms not defined herein shall have the meanings ascribed to them in that certain Development Agreement dated
as of April __, 2013 between ERY Developer LLC and Coach Legacy Yards LLC.

 

    	Exhibit N-2 – Page 1

    	 

    

 

In connection with
the Project and in accordance with the terms of the Architect Agreement, Architect hereby certifies to Owner and the Coach Member
that, in the Architect’s professional opinion, based on (i) Architect’s performance of its services under the Architect
Agreement; (ii) as to matters outside the services of the Architect, based on and limited to written representation of others (including
but not limited to the main contractor, various subcontractors, and engineers and other consultants retained directly by Owner);
and (iii) based upon all necessary information and certifications by others (which universe of information and certifications must
be mutually agreed upon by Owner and Architect) supporting the below statements which must be supplied to Architect before Architect
can provide this Certification, and further, based on the foregoing and upon the Architect’s knowledge, information and belief,
the construction of the Developer Work designed by Architect is sufficiently complete in accordance with the Plans (as defined
herein) so that the Owner can occupy or utilize the Developer Work designed by Architect for its intended use as specified below
(“substantially complete”) and the date of such substantial completion for such Work is the date hereof. For all matters
outside the scope of Architect’s services, all certifications below are merely certifying that the Architect received information
from the relevant parties confirming the information set forth below.

 

1.     The
Developer Work is in substantial conformance with the plans and specifications identified in [Exhibit A attached hereto (the “Plans”)]
[this exhibit should list all of the plans listed on Exhibit K-1 to the Development Agreement, as modified by Change Orders,
and omitting only those plans prepared by Studios], other than the completion of the Developer Work set forth on the
punch lists prepared by Architect and others.

 

2.     As
of the date hereof, the Developer Work is substantially completed in accordance with the Plans and in accordance with applicable
Laws, other than the completion of the Developer Work set forth on the punch lists prepared by Architect and others.

 

3.    The
exterior envelope and curtain wall of Tower C and the Coach Atrium (excluding the interior enclosing wall thereof) appear to be
substantially complete, other than the completion of the Developer Work set forth on the punch lists prepared by Architect and
others.

 

    	Exhibit N-2 – Page 2

    	 

    

 

4.     The
roof and all setback areas and riser closets and other infrastructure or areas (including risers from the Coach Areas to the roofs)
necessary for the Coach Member to permanently and securely install its video, cable, telecommunications, satellite, microwave
and other devices or technology shown on the Plans have been substantially completed in accordance with the Plans and in accordance
with applicable Laws, other than the completion of the Developer Work set forth on the punch lists prepared by Architect
and others.

 

5.     All
Coach Elevators (excluding, for all purposes of this paragraph 5, the elevator cab interiors) and one Tower C elevator providing
access to the roof (i) have been substantially completed and (ii) have been inspected and certified for use by the NYC DOB.

 

Notwithstanding
anything to the contrary herein or otherwise, nothing contained in this Certificate, including but not limited to the capitalized
terms not defined herein and the definitions thereof, shall increase Architect’s duties or obligations or decrease Architect’s
rights under the Architect Agreement or with regard to the Plans, the Project, or otherwise.
Furthermore, without limiting the foregoing, any and all liability of Architect under this Certificate shall be subject to the
same limitations of liability contained in the Architect Agreement. This certification is not a representation as to the performance
of any of the systems or construction components contained in the Developer Work, and no opinions are expressed regarding the quality
or completeness of the designs or work provided by any entity other than the Architect.

 

	 	Very truly yours,
	 	 
	 	Kohn Pedersen Fox Associates pc
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit N-2 – Page 3

    	 

    

 

EXHIBIT A

 

PLANS

 

    	Exhibit N-2 – Page 4

    	 

    

 

Exhibit N-3

 

Form of Certificate of Substantial Completion
(Coach’s Architect)

 

FORM OF ARCHITECT’S CERTIFICATE
OF SUBSTANTIAL COMPLETION

 

STUDIOS ARCHITECTURE

 

[__________ __, 20__]

 

Coach Legacy Yards LLC (“Coach Member”)

c/o Coach, Inc.

516 West 34th Street

New York, New York 10001

Attention: Todd Kahn

 

	 	Re:	Project:	501 West 30th Street, New York, New York
	 	 	 	Hudson Yards – South Office Tower (Tower C)

 

Ladies and Gentlemen:

 

The undersigned (“Architect”)
entered into a Proposal for Interior Design Services with [Coach, Inc. (“Coach”)] dated as of [_______], (as
may be amended from time to time, collectively, the “Architect Agreement”), with respect to the design and
development by Legacy Yards Tenant LLC (“Owner”) and the Coach Member of the building commonly referred to
as the South Office Tower (Tower C) and certain other related improvements (collectively, the “Improvements”)
on the property located at the northwest corner of West 30th Street and 10th Avenue and known as Parcel C of the Eastern Rail
Yard Section of John D. Caemmerer West Side Yard (the “Project”). Architect has been engaged by the Coach Member
to act as the provider of certain architectural services in connection with the Project. Capitalized terms not defined herein
shall have the meanings ascribed to them in that certain Development Agreement dated as of April __, 2013 between ERY Developer
LLC and Coach Legacy Yards LLC.

 

    	Exhibit N-3 – Page 1

    	 

    

 

In connection with
the Project and in accordance with the terms of the Architect Agreement, Architect hereby certifies to the Coach Member that, in
the Architect’s professional opinion, based on (i) Architect’s performance of its services under the Architect Agreement;
(ii) as to matters outside the services of the Architect, based on and limited to written representation of others (including but
not limited to the main contractor, various subcontractors, and engineers and other consultants retained directly by Owner); and
(iii) based upon all necessary information and certifications by others (which universe of information and certifications must
be mutually agreed upon by Owner and Architect) supporting the below statements which must be supplied to Architect before Architect
can provide this Certification, and further, based on the foregoing and upon the Architect’s knowledge, information and belief,
the construction of the Developer Work designed by Architect is sufficiently complete in accordance with the Plans (as defined
herein) so that the Owner can occupy or utilize the Developer Work designed by Architect for its intended use as specified below
(“substantially complete”) and the date of such substantial completion for such Work is the date hereof. For all matters
outside the scope of Architect’s services, all certifications below are merely certifying that the Architect received information
from the relevant parties confirming the information set forth below.

 

6.     The
Developer Work is in substantial conformance with the plans and specifications identified in [Exhibit A attached hereto (the “Plans”)]
[this exhibit should list all of the plans prepared by Studios], other than the completion of the Developer Work
set forth on the punch lists prepared by Architect and others.

 

7.     As
of the date hereof, the Developer Work is substantially completed in accordance with the Plans and in accordance with applicable
Laws, other than the completion of the Developer Work set forth on the punch lists prepared by Architect and others.

 

8.    The
interior enclosing wall of Tower C and the Coach Atrium is substantially complete, other than the completion of the Developer Work
set forth on the punch lists prepared by Architect and others.

 

9.    The
elevator cab interiors of all Coach Elevators have been substantially completed.

 

Notwithstanding
anything to the contrary herein or otherwise, nothing contained in this Certificate, including but not limited to the capitalized
terms not defined herein and the definitions thereof, shall increase Architect’s duties or obligations or decrease Architect’s
rights under the Architect Agreement or with regard to the Plans, the Project, or otherwise.
Furthermore, without limiting the foregoing, any and all liability of Architect under this Certificate shall be subject to the
same limitations of liability contained in the Architect Agreement. This certification is not a representation as to the performance
of any of the systems or construction components contained in the Developer Work, and no opinions are expressed regarding the quality
or completeness of the designs or work provided by any entity other than the Architect.

    	Exhibit N-3 – Page 2

    	 

    

 

	 	Very truly yours,
	 	 
	 	Studios Architecture
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    	Exhibit N-3 – Page 3

    	 

    

 

EXHIBIT A

 

PLANS

 

    	Exhibit N-3 – Page 4

    	 

    

 

Exhibit O

 

Coach TI Items

 

    	Exhibit O

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit P

 

Form of Payment and Performance Bond

 

    	Exhibit P

    	 

    

 

 

FORM
OF PERFORMANCE AND PAYMENT BOND

 

PERFORMANCE BOND 

 

Bond
No: _______________________________

 

	CONTRACTOR/PRINCIPAL:	 	SURETY:
	 	 	 	 	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	 	 	 
	OBLIGEE:	 	CONSTRUCTION CONTRACT/PROJECT:
	 	 	 
	Name: Hudson Yards Construction LLC	 	Name: Hudson Yards - Tower C and Terra Firma
	Address: c/o The Related Companies, L.P.	 	Address: 501 West 30th Street
	60 Columbus Circle	 	New York, New York 10001
	New York, New York 10023	 	 

 

BOND

 

	Date	 
	 	 
	Amount	 

 

		1.	The Contractor and Surety, jointly and severally, bind themselves,
their heirs, executors, administrators, successors and assigns to the Obligee for the performance of the Construction Contract,
which is incorporated herein by reference.

 

		2.	If the Contractor performs the Construction Contract, the Surety and the Contractor shall have
no obligation under this Bond.

 

		3.	The Surety's obligation under this Bond shall arise after

 

		(i)	the Obligee declares the Contractor in Default, terminates the Construction Contract and

notifies the Surety of such Default and termination; and

 

		(ii)	the Obligee has agreed to pay the Balance of the Contract Price in accordance with the terms of
the Construction Contract to the Surety or to a contractor selected by the Surety to perform the Construction Contract.

 

		4.	Within ten (10) days after the Obligee has satisfied the conditions of Section 3, the Surety shall,
at its sole cost and expense, take one of the following actions:

 

		(i)	arrange for the Contractor, with the consent of the Obligee,
to perform and complete the Construction Contract;

 

    	 

    	 

    

 

		(ii)	undertake
to perform and complete the Construction Contract itself, through its agents or independent contractors;

 

		(iii)	obtain bids or negotiated proposals from qualified contractors acceptable to the Obligee for a
contract for performance and completion of the Construction Contract, arrange for a contract to be prepared for execution by the
Obligee and a contractor selected with the Obligee's concurrence, to be secured with performance and payment bonds executed by
a qualified surety equivalent to the bonds issued on the Construction Contract, and pay to the Obligee the amount of damages as
described in Section 6 in excess of the Balance of the Contract Price incurred by the Obligee as a result of the Contractor Default;
or

 

		(iv)	waive its right to perform and complete, arrange for completion, or obtain a new contractor and
with reasonable promptness under the circumstances:

 

		a)	after investigation, determine the amount for which it may be liable to the Obligee and, as soon
as practicable after the amount is determined, make payment to the Obligee; or

 

		b)	deny liability in whole or in part and notify the Obligee, citing the reasons for denial.

 

		5.	If the Surety does not proceed as provided in Section 4, the Surety shall be deemed to be in default
on this Bond seven (7) days after receipt of an additional written notice from the Obligee to the Surety demanding that the Surety
perform its obligations under this Bond, and the Obligee shall be entitled to enforce any remedy available to the Obligee. If the
Surety proceeds as provided in Section 4(iv), and the Obligee refuses the payment or the Surety has denied liability, in whole
or in part, without further notice the Obligee shall be entitled to enforce any remedy available to the Obligee.

 

		6.	If the Surety elects to act under Sections 4(i), 4(ii) or 4(iii), then the responsibilities of
the Surety to the Obligee shall not be greater than those of the Contractor under the Construction Contract, and the responsibilities
of the Obligee to the surety shall not be greater than those of the Obligee under the Construction Contract. Subject to the commitment
by the Obligee to pay the Balance of the Contract Price, the Surety is obligated, without duplication, for

 

		(i)	the responsibilities of the Contractor for correction of defective work and completion of the
                                                                 Construction Contract;

 

		(ii)	additional legal, design professional and delay costs resulting from the Contractor's
                                                                  Default, and resulting from the actions or failure to act of the Surety under Section 4; and

 

		(iii)	liquidated damages, or if no liquidated damages are specified in the Construction Contract, actual
damages caused by delayed performance or non-performance of the Contractor.

 

		7.	If the Surety elects to act under Section 4(i), 4(ii) or 4(iii), the Surety's liability is limited
to the amount of this Bond.

 

		8.	The Surety shall not be liable to the Obligee or others for obligations of the Contractor that
are unrelated to the Construction Contract, and the Balance of the Contract Price shall not be reduced or set off on account of
any such unrelated obligations. No right of action shall accrue on this Bond to any person or entity other than the Obligee or
its heirs, executors, administrators, successors and assigns.

 

    	 

    	 

    

 

		9.	The Surety hereby waives notice of any change, including changes
of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. The Surety agrees that
no change, extension of time, alteration, addition, omission or other modification of the Construction Contract, the Contract Documents
or the Work to be performed, shall in any way affect its obligation under this Bond.

 

		10.	Any proceeding, legal or equitable, under this Bond may
be instituted in any court of competent jurisdiction in the location in which the work or part of the work is located and shall
be instituted within two years after a declaration of Contractor Default or within two years after the Contractor ceased working
or within two years after the Surety refuses or fails to perform its obligations under this Bond, whichever occurs first.

 

		11.	Notice to the Surety, the Obligee or the Contractor shall
be mailed or delivered to the address shown on the first page of this Bond.

 

		12.	Definitions:

 

		(i)	Balance of the Contract Price: The total amount payable by the Obligee to the Contractor
                                                                 under the Construction Contract after all proper adjustments have been made, including allowance to the Contractor of any
                                                                 amounts received or to be received by the Obligee in settlement of insurance or other claims for damages to which the
                                                                 Contractor is entitled, reduced by all valid and proper payments made to or on behalf of the Contractor under the
                                                                 Construction Contract.

 

		(ii)	Construction Contract: The agreement between the Obligee and Contractor identified on the cover
page, including all Contract Documents and changes made to the agreement and the Contract Documents.

 

		(iii)	Contractor Default. Failure of the Contractor, which has not been remedied or waived, to perform
or otherwise to comply with a material term of the Construction Contract.

 

		(iv)	Contract Documents. All the documents that comprise the agreement between the Obligee and Contractor.

 

		13.	If this Bond is issued for an agreement between a Contractor
and Subcontractor, the term Contractor in this Bond shall be deemed to be Subcontractor and the term Owner shall be deemed to
be Contractor.

 

	CONTRACTOR/PRINCIPAL	 	SURETY
	 	 	 
	Name	 	Name
	 	 	 
	Signature 	 	 	Signature	 
	 	 	 
	Name and Title 	 	 	Name and Title	 

 

    	 

    	 

    

 

RIDER TO PERFORMANCE BOND ADDING ADDITIONAL
OBLIGEE

 

Rider
to be attached to and form a part of Bond Number_____________, dated the
       day of ____________, 20        ,
executed by ______________________________ (the "Surety") on behalf
of_____________________________(the "Principal") in favor of HUDSON YARDS CONSTRUCTION LLC (the
"Obligee"),

 

WHEREAS, the Principal has by written agreement
dated ______________________, 20 entered into a contract (the "Construction Contract") with the Obligee for
___________________________________________; and

 

WHEREAS, upon
the request of the Principal and Obligee the attached bond is hereby amended to add LEGACY YARDS TENANT LLC, LEGACY YARDS LLC,
COACH LEGACY YARDS LLC, STARWOOD PROPERTY MORTGAGE, L.L.C., COACH LEGACY YARDS LENDER LLC, METROPOLITAN TRANSPORTATION AUTHORITY
and THE LONG ISLAND RAIL ROAD COMPANY, and their respective successors and assigns as additional Obligees,

 

In no event shall the
aggregate liability of the Surety to either or to both Obligees exceed the penal sum of the attached bond, nor shall the Surety
be liable except for a single payment for each single breach or default. At the Surety's election, any payment due to either Obligee
may be made by its check issued jointly both.

 

This change is effective this_____day of _______________

 

The attached bond shall
be subject to all of its terms, conditions and limitations except as herein modified.

 

DATED as of this_____day of March, 2013.

 

	CONTRACTOR/PRINCIPAL:	 	SURETY:	 
	 	 	 	 
	Name	 	Name	 
	 	 	 	 
	Signature 	 	 	Signature	 
	 	 	 	 
	Name and Title	 	 	Name and Title	 

 

    	 

    	 

    

 

PAYMENT BOND

 

Bond No:________________________

 

	CONTRACTOR/PRINCIPAL:	 	SURETY:
	 	 	 	 	 
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	 	 	 	 	 
	 	 	 
	OBLIGEE:	 	CONSTRUCTION CONTRACT/PROJECT:
	 	 	 
	Name: Hudson Yards Construction LLC	 	Name: Hudson Yards — Tower C and Terra
	Address: c/o The Related Companies,	 	Firma Address: 501 West 30th Street
	L.P. 60 Columbus Circle	 	New York, New York 10001
	New York, New York 10023	 	 

BOND

 

	Date	 
	 	 
	Amount	 

 

		1.	The Contractor and Surety, jointly and severally, bind
themselves, their heirs, executors, administrators, successors and assigns to the Obligee for the payment of the above sum well
and truly to be made.

 

		2.	The Contractor has entered into a written Construction Contract with the Obligee, which is
                                                                                  incorporated herein by reference.

 

		3.	The condition of this Bond is such that, if the Contractor shall promptly pay all persons
                                                                                  having just claims for (a) labor, materials, services, insurance, supplies, machinery, equipment, rentals, fuels, oils,
                                                                                  implements, tools and/or appliances and any other items of whatever nature, furnished for, used or consumed in the
                                                                                  prosecution of the work called for by said contract and any and all modifications thereof, whether lienable or
                                                                                  nonlienable and whether or not permanently incorporated in said work; (b)pension, welfare, vacation and/or other
                                                                                  supplemental employee benefit contributions payable under collective bargaining agreements with respect to persons employed
                                                                                  upon said work; and (c)federal, state and local taxes and/or contributions required by law to be withheld and/or paid
                                                                                  with respect to the employment of persons upon said work, then this obligation shall be null and void; otherwise it shall
                                                                                  remain in full force and effect.

 

		4.	The Surety hereby waives notice of any change, including
changes of time, to the Construction Contract or to related subcontracts, purchase orders and other obligations. The Surety agrees
that no change, extension of time, alteration, addition, omission or other modification of the Construction Contract, the Contract
Documents or the Work to be performed, shall in any way affect its obligation under this Bond.

 

		5.	The Contractor and the
Surety agree that this Bond shall inure to the benefit of all persons supplying labor and material in the prosecution of the work
provided for in the Construction Contract, as well as to the Obligee, and that such persons may maintain independent actions upon
this Bond in their own names.

 

    	 

    	 

    

 

		6.	Any proceeding, legal or equitable, under this Bond
may be instituted in any court of competent jurisdiction in the location in which the work or part of the work is located.

 

		7.	Notice to the Surety, the Obligee or the Contractor
shall be mailed or delivered to the address shown on the first page of this Bond.

 

		8.	Definitions:

 

		(i)	Construction Contract: The agreement between the Obligee and Contractor identified on the cover
page, including all Contract Documents and changes made to the agreement and the Contract Documents.

 

		(ii)	Contract Documents. All the documents that comprise the agreement between the Obligee and Contractor.

 

		9.	If this Bond is issued for an agreement between a
Contractor and Subcontractor, the term Contractor in this Bond shall be deemed to be Subcontractor and the term Owner shall be
deemed to be Contractor.

 

	CONTRACTOR/PRINCIPAL	 	SURETY
	 	 	 
	Name	 	Name
	 	 	 
	Signature	 	 	Signature	 
	 	 	 
	Name and Title	 	 	Name and Title	 

 

    	 

    	 

    

 

RIDER TO PAYMENT BOND ADDING ADDITIONAL
OBLIGEE

 

Rider to be attached to
and form a part of Bond Number____________, dated      theday of ____________, 20____, executed by (the
"Surety") on behalf of_________________________________________(the "Principal") in favor of
HUDSON YARDS CONSTRUCTION LLC (the "Obligee"),

 

WHEREAS, the Principal has by written
agreement dated, 20 , entered into a contract (the "Construction Contract") with the Obligee for
___________________________________________; and

 

WHEREAS, upon the
request of the Principal and Obligee the attached bond is hereby amended to add LEGACY YARDS TENANT LLC, LEGACY YARDS LLC, COACH
LEGACY YARDS LLC, STARWOOD PROPERTY MORTGAGE, L.L.C., COACH LEGACY YARDS LENDER LLC, METROPOLITAN TRANSPORTATION AUTHORITY and
THE LONG ISLAND RAIL ROAD COMPANY, and their respective successors and assigns as additional Obligees,

 

In no event shall
the aggregate liability of the Surety to either or to both Obligees exceed the penal sum of the attached bond, nor shall the Surety
be liable except for a single payment for each single breach or default. At the Surety's election, any payment due to either Obligee
may be made by its check issued jointly both.

 

This change is effective
this_____day of  ________________

 

The attached bond
shall be subject to all of its terms, conditions and limitations except as herein modified.

 

DATED as of this____day of March, 2013.

 

	CONTRACTOR/PRINCIPAL 	 	SURETY
	 	 	 
	Name	 	Name
	 	 	 
	Signature	 	 	Signature	 
	 	 	 
	Name and Title	 	 	Name and Title	 

 

    	 

    	 

    

  

Exhibit Q

 

Form of Owner Scope Change Request Form

 

    	Exhibit Q

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit R

 

Awarded Trade Contracts

 

	1.	Almar Plumbing & Heating Corp.
	 	 
	2.	ADCO Electrical Corporation.
	 	 
	3.	Eagle One Roofing Contractors Inc.
	 	 
	4.	Enclos Corp.
	 	 
	5.	FCV Sewer & Water, Inc.
	 	 
	6.	GZA GeoEnvironmental Inc.
	 	 
	7.	KSW Mechanical Services, Inc.
	 	 
	8.	New York Concrete Corporation.
	 	 
	9.	Rael Automatic Sprinkler Co., Inc.
	 	 
	10.	Schindler Elevator Corporation.
	 	 
	11.	Tectonic Engineering & Surveying Consultants, P.C.
	 	 
	12.	Tishman Construction Corporation of New York.
	 	 
	13.	W & W Glass, LLC.

 

    	Exhibit R

    	 

    

 

Exhibit S-1

 

INSURANCE COVERAGE

 

		(A)	Developer shall purchase and maintain the following insurance
during the pendency of the Project and any additional period as may be required elsewhere in the Development Agreement (“Agreement”).
All insurance coverage required hereunder shall be issued in amounts required by law but in no event less than those specified
below and shall be issued by insurance companies having an A.M. Best Financial Strength Rating of “A-“ or better and
a Size Category of “VII” or greater. No work shall be commenced under this Agreement until Developer, Executive Construction
Manager, and the Construction Manager shall have obtained all of the following insurance and the Coach Member shall have approved
of same:

 

		i.	Statutory Worker’s Compensation and Employers Liability
in accordance with the laws of the State of New York as well as any applicable Federal law (e.g. U.S. Longshore and Harbor Workers)
and including coverage for “other states” as set forth in Part Three of the Workers Compensation and Employers Liability
Insurance Policy. Limits shall be as follows:

 

Employers Liability:

$1,000,000 Bodily Injury by Accident

$1,000,000 Bodily Injury by Disease

$1,000,000 Policy Limit for Bodily Injury by Disease

 

		ii.	Commercial General Liability insurance on an occurrence
form in a minimum amount of Two Hundred Million Dollars ($200,000,000) combined single limit per occurrence, and in the aggregate
including a contractual liability endorsement. Such policy or policies shall include coverage for bodily injury, including wrongful
death, property damage liability, personal injury, advertising liability, premises/operations, products/completed operations,
broad form property damage, elevator liability (including coverage for escalators), and such other coverages as the Coach Member
may require. Commercial General Liability Insurance shall include Products and Completed operations extended reporting period
for the lesser of ten (10) years.

 

		iii.	Excess Liability Insurance may be provided on an Each
Occurrence and Combined Single Limit excess of Commercial General Liability and Employer’s Liability.

 

		(B)	If the Liability policies above do not contain the standard
ISO separation of insureds provision, or an equivalent clause, such polices shall be endorsed to provide cross-liability coverage.

 

    	Exhibit S-1 – Page 1

    	 

    

 

		(C)	Coverage under Section A shall be extended to include
the interest of the Coach Member and Coach Guarantor as an additional insured for both ongoing and completed operations. Certificates
of Insurance evidencing Liability coverage under which the Coach Member and Coach Guarantor is required to be named as an Additional
Insured must state that the Coach Member, Coach Guarantor and its respective officers, employees and agents are included as Additional
Insureds on a primary and non-contributory basis with respect to any other insurance or self-insurance
programs afforded to, or maintained by the Coach Member. The certificate of insurance must specify the policies under which such
Additional Insured status has been granted and a copy of the Additional Insured Endorsement(s) or Policy Provision(s) that grant(s)
the required Additional Insured status must be attached to the certificate. Policies shall contain a provision whereby the
coverage may not renewed, cancelled or materially changed without at least sixty (60) days written notice to the Coach Member.
Limits under said policies shall reinstate annually during the period of construction.

 

		(D)	Developer or Executive Construction Manager and the Coach
Member agree that with respect to any hazard, liability, casualty or other loss or claim which is covered by insurance then being
carried by either Coach Member or Developer or Executive Construction Manager, (a) the party carrying such insurance and suffering
such loss releases the other party of and from any and all claims with respect to such loss to the extent of the insurance proceeds
paid with respect thereto and specifically excepting from such release any deductible required to be paid therewith; and (b) their
respective insurance companies shall have no right of subrogation against the other or their respective agents, sub-contractors,
employees, licensees or invitees on account thereof. Developer or Executive Construction Manager’s insurance policies will
also be specifically endorsed to waive, to the extent possible without invalidating or making it impossible for Developer or Executive
Construction Manager to obtain insurance, all rights of subrogation against the Coach Member.

 

		(E)	A “Wrap-up”
Liability policy wherein the Developer shall maintain the insurance specified in Section 7.02(b) for all on site activities until
final project completion at Developer’s cost and expense. The “Wrap-Up” will be for the benefit of the Developer,
Executive Construction Manager, Construction Manager and all eligible contractors and subcontractors that are enrolled in the
“Wrap-Up” program. The polices shall name the Coach Member and Coach Guarantor as named insured for all policies issued
for the project. The “Wrap-Up” shall be limited to activities that are performed on the project site and will be implemented
prior to the commencement of construction activity.

 

		(F)	Builders’ Risk insurance shall be purchased by
the Developer or the Construction Manager for the entire work on a completed value form, on a non-reporting basis. Insurance shall
be written on an “all risks” basis in an amount equal to 100% of the Full Replacement Cost. The insurance shall be
written to cover all risks of physical loss, including terrorism, except those specifically excluded in the policy. Coverage shall
be extended to include as named insureds the Coach Member, Coach Guarantor, the Developer and all contractors and subcontractors
that are performing work on the project.

 

    	Exhibit S-1 – Page 2

    	 

    

 

		(G)	Automobile liability insurance (including coverage of
owned, non-owned, and hired vehicles) providing insurance against liability for personal injury, including death resulting there
from, and for damage to property, with limits of liability not less than Five Million Dollars ($5,000,000) per occurrence and
Five Million Dollars ($5,000,000) aggregate.

 

		(H)	Railroad Protective Liability insurance, as required
by local transit authority, with limits of liability of not less than Two Million Dollars ($2,000,000) per claim and Six Million
Dollars ($6,000,000) aggregate; provided, however, that if the insurance required by this shall be obtained through the Developer’s
“Wrap-Up’ Liability insurance or Contractor Provided insurance with the contractual exclusion for work done within
fifty (50) feet of a railroad, light rail, subway or similar tracked conveyance deleted, the requirements of this Section shall
be deemed satisfied.

 

		(I)	Professional Liability insurance with limits of at least
$5,000,000 per claim and in the aggregate with respect to claims made against the Developer or such consultants or professionals
employed by the developer for negligent acts, errors, or omissions attributable to Developer or such consultants or professionals
in the performance of work hereunder. This coverage shall be maintained in effect for not less than the statute of repose period
after the period of substantial completion.

 

		(J)	Contractor’s Pollution Liability (for Contractors
involved with services or activities involving potential Environmental Risks) or Asbestos/Lead Abatement Liability (for Contractors
engaged in asbestos/lead abatement activities).

 

	Bodily Injury and Property Damage Limit:	$10,000,000 each occurrence
	Products/Completed Operations Limit:	$10,000,000 annual aggregate
	Personal Injury & Advertising Injury Limit:	$10,000,000 each person
	General Aggregate:	$10,000,000 per project
	Per Project	$10,000,000

 

    	Exhibit S-1 – Page 3

    	 

    

 

If protection is not afforded
under the Commercial General Liability Coverage, (and the work performed or services provided involve potential Environmental Risks)
this insurance shall be maintained on an occurrence basis unless otherwise agreed by the Coach Member and shall be maintained for
a period of not less than the Statute of Repose or Statute of Limitations whichever is greater after the date of substantial completion
after final acceptance of the work. No endorsement or modification of this policy limiting the scope of coverage for Contractual
Liability, Products/Completed Operations, explosion, collapse and underground hazards, or Personal Injury shall be permitted. In
addition, no pollution, asbestos, lead or similar exclusions or limitations that would, in any way, limit or restrict coverage
for the contractor’s abatement or other environmental services or activities shall be permitted. Also, no designated Premises/Operations
limitation shall be permitted. Asbestos/Lead Abatement Liability policies shall provide bodily injury coverage for “exposure”
to asbestos/lead and shall be modified so that the “impaired property” exclusion does not apply to property that has
been “contaminated” by asbestos/lead.

  

    	Exhibit S-1 – Page 4

    	 

    

 

Exhibit S-2

 

Named Insureds and Additional Insureds

 

	ERY Tenant LLC	 	WRY Tenant LLC
	ERY Developer LLC	 	Legacy Yards LLC
	Legacy Yards Tenant LLC	 	Legacy Yards Mezzanine LLC
	Coach, Inc.	 	Coach Legacy Yards LLC
	WRY Developer LLC	 	Hudson Yards Gen-Par, LLC
	Related Hudson Yards, LLC	 	Oxford Hudson Yards LLC
	Oxford Podium Fund Investor LLC	 	The Related Companies, L.P.
	The Related Companies, Inc.	 	The Related Realty Group, Inc.
	Podium Fund MM LLC	 	Podium Fund Investments LLC
	Podium Fund REIT LLC	 	Podium Fund Tower C SPV LLC
	Podium Fund Capital LLC	 	Podium Fund Tower C Corp.
	OMERS Administration Corporation	 	OP Olympic Capital Corp (US), Inc.
	OP USA Debt Holdings Limited Partnership	 	OP USA Debt GP Inc.
	Kuwait Investment Authority	 	HY Acquisition Company LLC
	Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A. (NY Trust comprised of pension fund investors)	 	Metropolitan Transportation Authority
	Triborough Bridge and Tunnel Authority	 	The Long Island Rail Road Company
	National Railroad Passenger Corp. (Amtrak)	 	New Jersey Transit Rail Operations, Inc./New Jersey Transit Corporation
	Consolidated Rail Corporation	 	CSX Transportation Inc.
	Hudson Yards Development Corporation	 	Hudson Yards Infrastructure Corporation
	Hudson Yards Construction LLC	 	The City of New York, together with its officials and employees
	The State of New York	 	The Department of Environmental Protection
	Tutor Perini Building Corp.	 	Tutor Perini Corporation
	Tishman Construction Corporation of New York	 	Tishman Construction Corporation
	New York City Industrial Development Agency, a New York public benefit corporation	 	Coach Legacy Yards Lender LLC
	Starwood Property Mortgage, L.L.C.	 	Podium-K Investors LLC

 

    	Exhibit S-2

    	 

    

 

Exhibit T

 

Preliminary
Schedule for Coach Finish Work

 

    	Exhibit T

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit U

 

LEED Certification
Requirements

 

    	Exhibit U

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit V

 

Preliminary
Site Logistics Plan

 

    	Exhibit V

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit W

 

Hoist Impact
Area

 

    	Exhibit W

    	 

    

 

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

Exhibit X-1

 

Arbiters

Honorable Stephen G. Crane

Honorable Bernard J. Fried

Michael Young, Esq.

 

    	Exhibit X-1

    	 

    

 

Exhibit X-2

 

Work Dispute Arbiters

Walter Hunt, FAIA

Kenneth D. Levien, AIA

 

    	Exhibit X-2

    	 

    

 

Exhibit Y

 

Measurement Methodology

 

    	Exhibit Y

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]