Document:

Exhibit
10.2

 

 

 

 

 

 

 

	
  AGREEMENT OF PURCHASE AND SALE

  
	
   

  
	
  between

  
	
   

  
	
  SPEEDRING,
  LLC,

  
	
   

  
	
   

  	
  Seller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  and

  
	
   

  
	
  THE
  HAMPSHIRE GENERATIONAL FUND LLC,

  
	
   

  
	
   

  	
  Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Premises:

  
	
   

  
	
  6717 Alabama
  Highway 157, Cullman, Alabama

  

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  1.

  	
   

  	
  Agreement to Sell and Purchase; Description of
  Property

  	
   

  	
  1

  
	
  2.

  	
   

  	
  Exceptions to Title; Title Matters

  	
   

  	
  2

  
	
  3.

  	
   

  	
  Purchase Price and Payment; Escrow Agent

  	
   

  	
  8

  
	
  4.

  	
   

  	
  Closing

  	
   

  	
  12

  
	
  5.

  	
   

  	
  As Is

  	
   

  	
  14

  
	
  6.

  	
   

  	
  Leaseback Provisions

  	
   

  	
  28

  
	
  7.

  	
   

  	
  Representations and Warranties of the Parties;
  Certain Covenant

  	
   

  	
  29

  
	
  8.

  	
   

  	
  Closing Deliveries

  	
   

  	
  34

  
	
  9.

  	
   

  	
  Limitation on Liability of Parties

  	
   

  	
  37

  
	
  10.

  	
   

  	
  Fire or Other Casualty

  	
   

  	
  39

  
	
  11.

  	
   

  	
  Condemnation

  	
   

  	
  43

  
	
  12.

  	
   

  	
  Brokerage

  	
   

  	
  45

  
	
  13.

  	
   

  	
  Closings Costs; Fees and Disbursements of Counsel,
  etc

  	
   

  	
  45

  
	
  14.

  	
   

  	
  Notices

  	
   

  	
  46

  
	
  15.

  	
   

  	
  Survival; Governing Law

  	
   

  	
  49

  
	
  16.

  	
   

  	
  Counterparts; Captions

  	
   

  	
  49

  
	
  17.

  	
   

  	
  Entire Agreement; No Third Party Beneficiaries

  	
   

  	
  50

  
	
  18.

  	
   

  	
  Waivers; Extensions

  	
   

  	
  50

  
	
  19.

  	
   

  	
  No Recording

  	
   

  	
  51

  
	
  20.

  	
   

  	
  Assignments

  	
   

  	
  51

  
	
  21.

  	
   

  	
  Pronouns; Joint and Several Liability

  	
   

  	
  51

  
	
  22.

  	
   

  	
  Successors and Assigns

  	
   

  	
  52

  
	
  23.

  	
   

  	
  Cross Default

  	
   

  	
  52

  
	
  24.

  	
   

  	
  Like Kind Exchange

  	
   

  	
  54

  
	
  25.

  	
   

  	
  Further Assurances

  	
   

  	
  55

  
	
  26.

  	
   

  	
  Prohibited Persons and Transactions

  	
   

  	
  56

  

 

 i
 

 

EXHIBITS:

A.            Legal
Description

B.            Lease

C.            Form
of Deed

D.            Form
of Broker’s Lien Affidavit

 ii

AGREEMENT OF PURCHASE AND SALE

THIS AGREEMENT OF PURCHASE AND SALE
(“Agreement”), made as of
March 15, 2007, by and between Speedring, LLC, a Delaware limited liability
company, having an office at 6717 Alabama Highway 157, Cullman, Alabama (“Seller”), and The Hampshire
Generational Fund LLC, a New Jersey limited liability company, having an office
at 15 Maple Avenue, Morristown, New Jersey 07960 (“Purchaser”).

W  I  T  N  E  S  S
E  T  H

1.                                       Agreement
to Sell and Purchase; Description of Property.

Seller agrees to sell and convey to Purchaser, and
Purchaser agrees to purchase from Seller, upon the terms and conditions
hereinafter contained, all right, title and interest of Seller in and to: (i)
that parcel of land
located at 6717 Alabama Highway 157, in the City of Cullman, County of Cullman,
State of Alabama, the legal description of which is attached hereto as Exhibit “A”
(the “Land”); (ii) an industrial/office building, consisting of approximately
one hundred twenty thousand square feet of space, constructed thereon (the “Building”);  (iii) the land lying in the bed of
any street, highway, road or avenue, opened or proposed, public or private, in
front of or adjoining the Land, to the center line thereof, and (iv) the
fixtures and equipment attached to the Building and used in the operation of
the Building.

All of the above enumerated property, rights and
interests to be sold to Purchaser pursuant to this Agreement are hereinafter
sometimes collectively referred to as the “Property”.

2.                                       Exceptions
to Title; Title Matters.

2.1           Subject to the provisions of this
Section 2, Seller shall cause to be conveyed to Purchaser good and marketable
title to the Property, insurable at regular rates by a title insurance company
licensed to do business in the State of Alabama, subject only to the following
exceptions (the “Permitted Exceptions”):

2.1.1            All presently existing and future
liens for unpaid real estate taxes, municipal or governmental assessments,
water and sewer charges, and assessments, not due and payable as of the date of
the Closing.

2.1.2            All present and future zoning,
building, environmental, sanitary, fire, safety and other laws, ordinances,
codes, restrictions and regulations of all governmental and quasi-governmental
authorities having jurisdiction with respect to the Property, including,
without limitation, all zoning variances and special exceptions, if any
(collectively, “Laws and Regulations”).

 

2.1.3            All covenants, restrictions and
rights and all easements and agreements of record for the erection and/or maintenance
of water, gas, steam, electric, telephone, sewer or other utility or
communication pipelines, poles, wires, conduits or other like facilities, and
appurtenances thereto, over, across and under the Property (collectively, “Rights”),
provided that a title company licensed in the State of Alabama will insure that
any violation thereof will not result in a forfeiture or reversion of title and
further provided that such Rights do not prohibit or materially interfere with
the current use of the Property.

2.1.4            Any state of facts (other than
encroachments and boundary line disputes) which would be shown on or by an
accurate current survey of the Property or physical inspection thereof
(collectively, “Facts”), provided that a title company licensed in the State of
Alabama will insure that any violation thereof will not result in the
forfeiture or reversion of title and further provided that such Facts do not
prohibit or materially interfere with the current use of the Property.

2.1.5            Standard printed exclusions contained in an
A.L.T.A. Form B Owner’s Policy.

2.1.6            Any other matter not set forth above
in this Section 2.1 which Purchaser waives or is deemed to waive pursuant to
Section 2.2 hereof.

2.2           Promptly after the date of this
Agreement, Purchaser shall cause title to the Property to be examined by
General Land Abstract Co., Inc. (the “Title Company” or “Escrow Agent”), and
the Title Company shall deliver copies of its title report for the Property
(the “Title Report”) to Purchaser’s attorney. 
Purchaser agrees that on or before the “Diligence Termination Date” (as
hereinafter defined in Section 5.8), Purchaser or its attorney shall furnish to
Seller’s attorney a writing (the “Title Report Objection Notice”) specifying
any exceptions to title to the Property set forth in the Title Report which are
not Permitted Exceptions and “subject to” which Purchaser does not agree to
accept title.  Purchaser’s failure to
deliver the Title Report Objection Notice to Seller on or before 5:00 PM
Eastern Standard Time on the Diligence Termination Date, or to timely specify
any such exceptions to title in the Title Report Objection Notice, shall,
except with respect to the monetary liens described in the last sentence of
Section 2.3 (which, pursuant to the provisions of said sentence, are required
to be paid, discharged or removed of record), or requirements or exceptions
that are customarily removed from a final policy by a standard title affidavit,
constitute Purchaser’s irrevocable acceptance of the Title Report or of all exceptions
in the Title Report which it did not so timely specify, and Purchaser shall be
deemed to have unconditionally waived any right to object to such matters.  If, after giving the Title Report Objection
Notice to Seller, Purchaser learns, through continuation reports or other
written evidence, of any title defect(s) which first affected the Property
subsequent to the date of the Title Report and which are not Permitted
Exceptions and “subject to” which Purchaser does not agree to accept title,
Purchaser shall give written notice thereof to Seller promptly after the date
Purchaser 

 2
 

learns of same.  In the event
that the Title Company shall insure fee simple title to the Property, at
regular insurance rates, without additional exceptions to title other than
Permitted Exceptions or as otherwise permitted hereunder, Seller shall have
satisfied the requirements of this Agreement as to the state of title to the
Property.  In addition, in the event
Seller is able to supply Purchaser with a fee title insurance policy insuring
fee simple title to the Property, at regular rates, without additional
exceptions to title other than Permitted Exceptions or as otherwise permitted
hereunder, whether issued by the Title Company or any other title insurance
company licensed to do business in the State of New Hampshire, Seller shall
have satisfied the requirements of this Agreement as to the state of title to
the Property; provided, however, that any such alternative title insurance
company is consented to by Purchaser’s counsel, which consent shall not be
unreasonably withheld, conditioned or delayed. 
TIME IS OF THE ESSENCE with respect to all time periods set forth in
this Section 2.2.

2.3           Within fifteen (15) days of receipt
of the Title Objection Notice, or subsequent notice following a continuation
notice, Seller shall notify Purchaser either that (i) Seller will not cure the
title defects raised in the Title Objection Notice (or subsequent notice), or
(ii) Seller will use best efforts to cure the title defects raised in the Title
Objection Notice (or subsequent notice) in accordance with the provisions of
this Section 2.  Seller shall be entitled
to one (1) or more adjournments of the Closing, for a period not to exceed
ninety (90) days in the aggregate, to enable Seller to remove any
non-conforming title objections.  If
Seller elects to adjourn the Closing as provided above, this Agreement shall
remain in effect for the period or periods of adjournment, in accordance with
its terms.  Seller shall not be required
to take or bring any action or proceeding or any other steps to remove any
defect in or objection to title or to expend any moneys therefor, nor shall
Purchaser have any right of action against Seller therefor, at law or in
equity, except that Seller shall, on or prior to the Closing, pay, discharge or
remove of record or cause to be paid, discharged or removed of record at Seller’s
sole cost and expense all consensual monetary liens, judgments and mechanic’s
liens (other than Permitted Exceptions) encumbering the Property, which are in
liquidated amounts and which may be satisfied by the payment of money
(including the preparation or filing of appropriate satisfaction instruments in
connection therewith).  If Seller
notifies Purchaser that Seller will not cure the title defects raised in the
Title Objection Notice (or subsequent notice) or if Seller is unable to remove
any objections after expiration of the foregoing adjournment period, Purchaser
shall have the right to terminate this Agreement by providing written notice
thereof to Seller.  In the event this
Agreement is terminated pursuant to this Article 2, Purchaser shall be entitled
to the return of the Downpayment, together with interest thereon, and this
Agreement shall be of no further force and effect, except for provisions hereof
which expressly survive such termination.

2.4           Notwithstanding anything in Section
2.3 above to the contrary, Purchaser may at any time accept such title as
Seller can convey, without reduction of the Purchase Price (as hereinafter defined)
or any credit or allowance on account thereof or any claim 

 3
 

against Seller.  The acceptance
of the Deed (as hereinafter defined) by Purchaser shall be deemed to be full
performance of, and discharge of, every agreement and obligation on Seller’s part
to be performed under this Agreement, except for such matters which are
expressly stated in this Agreement to survive the Closing.

2.5           If the Property shall, at the time of
the Closing, be subject to any liens such as for judgments or transfer,
inheritance, estate, franchise, license or other similar taxes or any
encumbrances or other title exceptions which Purchaser objected to, Seller
shall be deemed to satisfy Purchaser’s objection to title regarding such items
provided that, at the time of the Closing, Seller delivers certified or
official bank checks at the Closing in the amount required to satisfy the same
and delivers to Purchaser and/or the Title Company at the Closing instruments
in recordable form (and otherwise in form reasonably satisfactory to the Title
Company in order to omit the same as an exception to its title policy)
sufficient to satisfy and discharge of record such liens and encumbrances
together with the cost of recording or filing such instruments, provided that
such recordable discharges shall not be required from institutional mortgagees
that have provided payoff letters if the Title Company shall otherwise issue or
bind itself to issue a policy which shall omit such liens.

3.                                       Purchase
Price and Payment; Escrow Agent.

3.1           The purchase price payable by
Purchaser to Seller for the Property is THREE MILLION SIX HUNDRED NINETY-FIVE
THOUSAND AND 00/100 DOLLARS ($3,695,000.00) subject to such apportionments,
adjustments and credits as are provided herein (the “Purchase Price”).

3.2                                 The
Purchase Price shall be payable as follows:

3.2.1            Simultaneously with the execution
and delivery of this Agreement by Purchaser, ONE HUNDRED THOUSAND AND 00/100
DOLLARS ($100,000.00) (the “Downpayment”), by federal funds wire transfer or
bank check drawn on a member bank of the New York Clearinghouse Association,
payable to the order of Escrow Agent. 
The Downpayment shall be held by Escrow Agent and disbursed in
accordance with the terms and conditions of this Agreement.  Any interest earned on the Downpayment shall
be deemed to be part of the Downpayment and shall be paid together with the
principal portion of the Downpayment, it being understood and agreed that any
interest earned on the Downpayment shall be credited against the Purchase Price
upon the Closing.

3.2.2            The balance of the Purchase Price
shall be paid to Seller on the date of the Closing, subject to the
apportionments, adjustments and credits as are provided herein, simultaneously
with the delivery of the Deed, by federal funds wire transfer of immediately
available funds to an account at such bank or banks as shall be designated by
Seller by written notice to Purchaser and Escrow Agent.

 4
 

 

3.3           Whenever in this Agreement Purchaser
is entitled to a return of the Downpayment, Purchaser shall be entitled to the
return of the Downpayment, together with all interest earned thereon.  Whenever in this Agreement Seller is entitled
to retain the Downpayment, Seller shall be entitled to the Downpayment,
together with all interest earned thereon. 
The Downpayment shall be held in an interest bearing account.

3.4           If for any reason the Closing does
not occur, the Escrow Agent shall deliver the Downpayment to Seller or
Purchaser only upon receipt of a written demand therefor from such party,
subject to the following provisions.  If
for any reason the Closing does not occur and either party makes written demand
upon the Escrow Agent for the payment of the Downpayment, the Escrow Agent
shall 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 within ten (10)
days after the giving of such notice, the Escrow Agent is hereby authorized to
make such payment.  If the Escrow Agent
does receive such written objection within such period, the Escrow Agent shall
continue to hold such amount until otherwise directed by written instructions
signed by Seller and Purchaser or a final judgment of a court.  The parties acknowledge that the Escrow Agent
is acting solely as a stakeholder at their request and for their convenience,
that the Escrow Agent shall not be deemed to be the agent of either of the
parties, and that the Escrow Agent shall not be liable to either of the parties
for any action or omission on its part taken or made in good faith, and not in
disregard of this Agreement, but shall be liable for its negligent acts.  Seller and Purchaser shall jointly and
severally indemnify and hold the Escrow Agent harmless from and against all
liabilities (including reasonable attorneys’ fees, expenses and disbursements)
incurred in connection with the performance of the Escrow Agent’s duties
hereunder, except with respect to actions or omissions taken or made by the
Escrow Agent in bad faith, in disregard of this Agreement or involving
negligence on the part of the Escrow Agent. 
Notwithstanding the foregoing, in the event Purchaser elects to
terminate this Agreement in accordance with Section 5.8 hereof, the Escrow
Agent shall promptly refund the Downpayment to Purchaser, without awaiting the
objection period set forth above, provided that Purchaser simultaneously
deliver written notice terminating this Agreement to both Seller and the Escrow
Agent on or before the Diligence Termination Date in accordance with Section
5.8 hereof.

3.5           The Escrow Agent is designated the “real
estate reporting person” for purposes of Section 6045 of Title 26 of the United
States Code and Treasury Regulation 1.6045-4 and any instruments or settlement
statement prepared by the Escrow Agent shall so provide.  Upon the consummation of the transaction
contemplated by this Agreement, the Escrow Agent shall file a Form 1099
information return and send the statement to Seller as required under the
above-referenced statute and regulation.

3.6           The Escrow Agent has executed this
Agreement in the place indicated on the signature page hereof in order to
confirm that the Escrow Agent shall hold the 

 5
 

Downpayment in escrow and shall disburse the Downpayment pursuant to
the provisions hereof.

3.7           Purchaser expressly agrees and
acknowledges that Purchaser’s obligations hereunder are not in any way
conditioned upon or qualified by Purchaser’s ability to obtain financing of any
type or nature whatsoever (i.e., whether by way of debt financing or equity
investment, or otherwise) or otherwise conditioned upon any other matter or
thing whatsoever not specifically provided for herein.

4.                                       Closing.

4.1           The closing of the transaction
contemplated hereby (the “Closing”) shall occur at 10:00 AM Eastern Standard
Time on the date that is not later than thirty (30) days following the
Diligence Termination Date on a Business Day, provided that the Closing shall
not occur until two (2) full business days after Seller and Purchaser have
delivered all closing documents to Escrow Agent, and all other conditions to
Closing have been satisfied or waived by Purchaser (such date, as the same may
be adjourned in accordance with the provisions of this Agreement being herein
referred to as the “Closing Date”).  The
term “Business Day” means any day of the year except a Saturday, Sunday or
legal holiday for banks in New York City. 
If the closing has not occurred as of the foregoing date, then either
party shall have the right to make time of the essence upon ten (10) days’
notice to the other party.  At the
Closing, Seller shall deliver possession of the Property to Purchaser, free and
clear of any tenancies or occupants, subject only to the Lease.

4.2           The Closing shall occur through an
escrow closing arrangement pursuant to escrow instructions delivered separately
by Seller and Purchaser or jointly by Seller and Purchaser to the Escrow Agent
on or before the Closing Date.  Seller
shall make its deliveries into escrow in accordance with Section 8.1 hereof and
such escrow instructions and Purchaser shall make its deliveries into escrow in
accordance with Section 8.2 hereof and such closing instructions.

4.3           Notwithstanding anything to the
contrary contained herein, Seller and Purchaser acknowledge and agree that the
Closing hereunder shall occur simultaneously with the closing under that
certain Agreement of Purchase and Sale, dated as of the date hereof, by and
between Axsys Technologies IR Systems, Inc., as seller, and The Hampshire
Generational Fund LLC, as purchaser, for the purchase and sale of certain real
property commonly known as 24 Simon Street, Nashua, New Hampshire (the “New
Hampshire Agreement”).  In the event the
closing under the New Hampshire Agreement is adjourned pursuant to its terms,
the Closing Date hereunder shall be similarly adjourned to allow for a
simultaneous closing of the transactions contemplated hereunder and the
transactions contemplated under the New Hampshire Agreement.

 6
 

 

5.                                       As
Is.

5.1           Purchaser is purchasing the Property
in its now existing condition (subject to normal wear and tear and loss or
damage by fire, other casualty and condemnation [to the extent provided
herein], between the date hereof and the Closing) “AS IS, WHERE IS, AND WITH
ALL FAULTS” with respect to all facts, circumstances, conditions and defects,
and Seller has no obligation to determine or correct any such facts,
circumstances, conditions or defects or to compensate Purchaser for same.  Seller has specifically bargained for the
assumption by Purchaser of all responsibility to investigate the Property, Laws
and Regulations, Rights, Facts, compliance with Environmental Laws (as defined
in Section 5.3 hereof), the environmental condition of the Property, including
the presence of Hazardous Materials (as defined in Section 5.3 hereof), and
violations of any of the foregoing, and of all risk of adverse conditions and
has structured the Purchase Price and other terms of this Agreement in
consideration thereof.  Purchaser hereby
covenants and represents that upon the expiration of the Diligence Period,
Purchaser shall have either (i) terminated this Agreement by notice to Seller
pursuant to Section 5.8 hereof, or (ii) undertaken and completed all such
investigations of the Property, Laws and Regulations, Rights, Facts, compliance
with Environmental Laws, the environmental condition of the Property, including
the presence of Hazardous Materials, and violations of any of the foregoing as
Purchaser shall have deemed necessary or appropriate under the circumstances as
to the status thereof and based upon same, Purchaser is and will be relying
strictly and solely upon such inspections and examinations and the advice and
counsel of its own consultants, agents, legal counsel and officers and
Purchaser is and will be fully satisfied that the Purchase Price is fair and
adequate consideration for the Property. 
Except as is otherwise expressly set forth in this Agreement to the
contrary, Seller agrees to cause the Building to be maintained between the date
hereof and the Closing in at least as good a condition as it was in as of the
date hereof, normal wear and tear and loss or damage by fire, other casualty
and condemnation (to the extent provided herein) excepted.

5.2           Seller hereby disclaims all
warranties of any kind or nature whatsoever (including warranties of
habitability and fitness for particular purposes), whether expressed or
implied, including, without limitation, warranties with respect to the
Property.  Purchaser acknowledges that it
is not relying upon any representation of any kind or nature made by Seller, or
of any broker, or any of their respective direct or indirect members, partners,
shareholders, officers, directors, employees or agents (collectively, the “Seller
Related Parties”) with respect to the Property, and that, in fact, no such
representations were made except as may be otherwise expressly set forth in
this Agreement.

5.3           Seller makes no warranty with respect
to: (i) the environmental condition of the Property, including, without
limitation, the presence of Hazardous Materials in the Building, or on, at,
above or beneath the Property (or any parcel or land in proximity 

 7
 

thereto); or (ii) compliance with or violations of any Environmental
Laws.  The term “Hazardous Materials”
shall mean (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, whether friable or
non-friable, (e) polychlorinated biphenyl (“PCBs”) or PCB containing materials
or fluids, (f) radon, (g) any other hazardous or radioactive substance,
material, pollutant, contaminant or waste, and (h) any other substance with
respect to which any Environmental Law (as hereinafter defined) or governmental
or quasi-governmental authority requires environmental investigation,
monitoring or remediation.  The term “Environmental
Laws” shall mean all federal, state and local laws, statutes, ordinances,
regulations and common law, now or hereafter in effect, 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.),
and the regulations promulgated thereunder, 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).

5.4           Purchaser shall rely solely upon
Purchaser’s own knowledge of the Property based on its investigation of the
Property and its own inspection of the Property in determining the Property’s
physical condition.  Seller hereby grants
to Purchaser the right to conduct an investigation of the physical condition
and state of repair of the Property, the operation thereof, zoning, building,
use, environmental, health, safety, Laws and Regulations, Rights, Facts,
violations of any of the foregoing, and any other matters affecting or relating
to the Property as Purchaser deems necessary (the “Diligence Review”).  As part of Purchaser’s Diligence Review,
Purchaser shall have right to undertake a phase I environmental assessment, as
that term is defined by the American Society for Testing and Materials (“ASTM”),
of the Property (a “Phase I”).  Purchaser
shall not have the right to conduct any intrusive soil, sediment, water,
groundwater or building material sampling (a “Phase II”) on, at, above or
beneath the Property except and to the extent (i) the Phase I reasonably
recommends such Phase II in connection with Recognized Environmental
Conditions, as that term is defined in the ASTM Standards 

 8
 

E1527-05, at the Property, and (ii) Seller approves in writing, at its
sole discretion, such Phase II.  Subject
to the provisions of Sections 5.5 and 5.6 hereof, Purchaser and Purchaser’s
appropriate representatives shall be afforded access to the Property, during
normal business hours and on reasonable advance written notice to Seller, for
the purpose of conducting the Diligence Review; provided, however, that neither
Purchaser nor Purchaser’s representatives shall unreasonably interfere with the
business operations of Seller, nor shall they cause any damage or make any
alterations to the Property.  Purchaser
agrees to indemnify, defend and hold harmless Seller from and against all loss,
expense (including reasonable counsel, consultant and expert fees), damage and
liability resulting from injury to persons or property caused by Purchaser, its
representatives, or their respective employees, agents or contractors, in the
conduct of such investigation.  Subject
to the provisions of Sections 5.5 and 5.6 hereof, on or before the date of this
Agreement, Seller has delivered to
Purchaser environmental and wetlands reports, if any; copies of any material
agreements affecting the Property; and copies of any notices from government
authorities alleging violations of Laws and Regulations.  Seller represents to Purchaser that, to the
best knowledge of Seller, Seller has delivered to Purchaser all such documents
in the possession and control of Seller as of the date of this Agreement.  For purposes of the preceding sentence, “to
the best knowledge of Seller” shall mean to the actual knowledge of Martyn
Acreman, General Manager of Seller, without any duty of inquiry or
investigation, other than a reasonable review by such person of Seller’s files
relating to the Property which are maintained by or under the direction of such
person.  In addition, during the
Diligence Period, subject to the provisions of Sections 5.5 and 5.6 hereof,
Purchaser shall be afforded access to all other material documents relating to
the Property in the possession and control of Seller (other than documents
subject to the attorney-client privilege), including, without limitation, all
material documents relating to the physical condition and state of repair of
the Property, the operation thereof, zoning, building, use, environmental,
health, safety, Laws and Regulations, Rights, Facts, violations of any of the
foregoing, reasonably requested by Purchaser in connection with the Diligence
Review, for inspection and copying, at the location of such documents at the
Property or at the offices of Seller’s counsel, Cole, Schotz, Meisel, Forman
& Leonard, P.A., during normal business hours and at a time reasonably
convenient to Seller, upon not less than three (3) Business Days prior written
notice to Seller, specifying the category of documents to be reviewed.  Seller represents to Purchaser that Seller
will provide Purchaser, to the best knowledge of Seller, with access to all
such documents in the possession and control of Seller at the time Purchaser
requests to review same.  For purposes of
the preceding sentence, “to the best knowledge of Seller” shall mean to the
actual knowledge of Martyn Acreman, General Manager of Seller, without any duty
of inquiry or investigation, other than a reasonable review by such person of
Seller’s files relating to the Property which are maintained by or under the
direction of such person.  All such
documents shall be kept in confidence pursuant to the provisions of Sections
5.5 and 5.6 hereof, and not disclosed to any other party other than Purchaser’s
consultants, lenders, and investors (unless disclosure to such parties is
prohibited by Federal Laws (as hereinafter defined)), provided that such
parties agree in writing to keep 

 9
 

same in confidence, or as required by law, and upon the termination of
this Agreement prior to Closing for any reason, Purchaser shall promptly return
such records without retaining any copies or electronic images thereof.  In addition, Seller shall make a management
employee of Seller with knowledge of the past and present operations at the
Property available to Purchaser for interview in connection with Purchaser’s
Diligence Review.  The provisions of this
Section 5.4 shall survive the termination of this Agreement or the Closing Date
and shall not be deemed to have merged into any of the documents executed or
delivered at the Closing.

5.5           Purchaser acknowledges that Seller
maintains Confidential Information (as hereinafter defined) at the
Property.  Purchaser agrees that in
entering the Property pursuant to this Section 5 or otherwise, Purchaser shall
comply with measures required by Seller to protect such Confidential
Information, including any limitations imposed by Seller with respect to access
to any portion of the Property pursuant to Section 5.6 hereof.  Purchaser agrees that Purchaser shall not
disclose to any third party any Confidential Information obtained by Purchaser,
except as otherwise permitted hereunder, whether obtained inadvertently or
otherwise.  For purposed hereof, “Confidential
Information” shall mean information in any manner relating to Seller, its
customers, contractors or permitted subtenants, or their respective affiliates,
or to Seller’s business operations,  that
is non-public, confidential or proprietary in nature, including but not limited
to financial statements, cost and expense data, billing records, policies,
databases, contracts, customers, suppliers, alliances, trade secrets,
proprietary information and processes, software, software and technology
architecture, “know-how” or production techniques, networks, business
methodologies and strategies, facilities and marketing and customer data,
together with all copies, reproductions, notes, memoranda, analysis, data,
reports, records, evaluations, compilations, forecasts, studies,
interpretations, summaries or other documents which contain or otherwise
reflect such information, regardless of whether or not such information is
specifically identified as “confidential”. 
Notwithstanding the foregoing, the term “Confidential Information” shall
exclude any Confidential Information to the extent that such Confidential
Information (a) is or becomes generally available to the public other than as a
result of acts by Purchaser or its consultants, employees, agents, contractors,
directors, officers, partners, attorneys, accountants or other representatives
( “Purchaser’s Representatives”) in violation of this Agreement, or the acts of
any other person to whom Purchaser or Purchaser’s Representatives has disclosed
the Confidential Information; (b) is in the possession of Purchaser or
Purchaser’s Representatives prior to the disclosure by Seller; or (c) is
disclosed to Purchaser or Purchaser’s Representatives on a non-confidential
basis by a person other than Seller or its consultants, employees, agents,
contractors, directors, officers, partners, attorneys, accountants or other
representatives, unless, to the Purchaser’s actual knowledge, the person
disclosing such Confidential Information is restricted from disclosing same to
Purchaser or Purchaser’s Representatives by any contractual, fiduciary or other
legal obligations.  For purposes hereof,
the term “person” shall be construed broadly and shall include, without
limitation, any natural person, corporation,

 10

partnership, limited liability company, trust, association or other
entity.  The provisions of this Section
5.5 shall survive the termination of this Agreement or the Closing Date and
shall not be deemed to have merged into any of the documents executed or
delivered at the Closing.

5.6           Purchaser acknowledges that it is
aware that the Property and the operations conducted therein are subject to
federal regulation, including without limitation, the Arms Export Control Act,
22 U.S.C. § 2778 et seq.; the International Traffic in Arms Regulations,
22 C.F.R. Parts 120-130; the Atomic Energy Act of 1954, 42 U.S.C. § 2011 et
seq.; the Nuclear Regulatory Commission Regulations, 10 C.F.R. § 1.1 et
seq.; and Executive Order 12829 (collectively, “Federal Laws”).  Purchaser further acknowledges that it is
aware that, notwithstanding any obligation of Seller pursuant to this Section 5
or any other section of this Agreement, Seller may be prohibited by Federal
Laws from disclosing to Purchaser and to any Purchaser’s Representatives
certain information deemed to be “restricted”, “classified”, “secret” or other
similarly described information, and Purchaser agrees to abide by all security
measures implemented by Seller to prevent disclosure of such “restricted”, “classified”,
“secret” or other similarly described information, including, but not limited
to, the escorting at all times of Purchaser and any of Purchaser’s
Representatives by an authorized representative of Seller through the Property
and the denial of access to Purchaser and any of Purchaser’s Representatives to
certain portions of the Premises deemed “restricted”, “classified”, “secret” or
otherwise restricted from public access pursuant to any Federal Laws.  Purchaser agrees that Purchaser and any of
Purchaser’s Representatives that Purchaser wishes to have access to the
Property shall be a “US Person” as that term is defined by Federal Law and that
Purchaser and any of Purchaser’s Representatives will present a validly issued
United States passport or validly issued United States green card identifying
such person as a “US Person” prior to entering the Property.

5.7           In conducting any inspections or
tests in the course of the Diligence Review, neither Purchaser, nor Purchaser’s
consultants, employees, agents or contractors, shall cause any damage to the
Property.  Purchaser shall not make, nor
cause to be made, any borings, test pits, holes or excavations on the Property
without the prior written consent of Seller. 
Any such borings, test pits, holes and excavations, and any damage to
the Property caused by Purchaser, Purchaser’s representatives, and their
respective consultants, employees, agents and contractors, shall be promptly
filled or repaired, as the case may be, at Purchaser’s sole cost and
expense.  Prior to each entry upon the
Property by Purchaser, Purchaser’s representatives or their respective
consultants, employees, agents or contractors for purposes other than to
conduct a Phase II or to engage in other invasive activities at the Property,
Purchaser shall furnish or caused to be furnished to Seller by its agents or
contractors, and caused to be maintained and kept in effect without expense to
Seller, at all times that Purchaser, Purchaser’s representative or their
respective consultants, employees, agents or contractors are upon the Property,
insurance against claims for personal injury (including death) and property
damage, under (i) a 

 11
 

policy or policies of general public liability insurance of not less
than One Million and 00/100 Dollars ($1,000,000.00) combined single limit; and
(ii) adequate worker’s compensation insurance to cover all workers and others
engaged on work on the Property (provided, however, that Seller need not be
named as an additional insured with respect to any such worker’s compensation
insurance).  Prior to each entry upon the
Property by Purchaser, Purchaser’s representatives or their respective
consultants, employees, agents or contractors for the purpose of conducting a
Phase II or engaging in other invasive activities at the Property, Purchaser
shall furnish or caused to be furnished to Seller by its agents or contractors,
and cause to be maintained and kept in effect without expense to Seller, at all
times that Purchaser, Purchaser’s representative or their respective consultants,
employees, agents or contractors are upon the Property, insurance against
claims for personal injury (including death) and property damage, under (i) a
policy or policies of general public liability insurance of not less than Two
Million and 00/100 Dollars ($2,000,000.00) combined single limit; (ii) adequate
worker’s compensation insurance to cover all workers and others engaged on work
on the Property (provided, however, that Seller need not be named as an
additional insured with respect to any such worker’s compensation insurance);
and (iii) contractor’s pollution liability insurance with policy limits of at
least Three Million and 00/100 Dollars ($3,000,000.00), issued on an occurrence
and not claims-made, basis.  Each policy
shall provide that it cannot be cancelled without at least ten (10) days prior
written notice to Seller, and shall be issued by a recognized responsible
insurance company licensed to do business in the date of New Hampshire.  Proof of payment of the premium of each
policy and each replacement policy shall also be delivered to Seller in the
form of an Acord certificate.

5.8           If Purchaser determines, in its sole
and absolute discretion, for any reason or no reason at all, that it is not
satisfied with the Property and/or any matters relating thereto, Purchaser
shall have the right to terminate this Agreement upon written notice delivered
to Seller and Escrow Agent on or before 5:00 p.m. Eastern Standard Time on the
thirtieth (30th)
day after execution and delivery of this Agreement by both parties (the “Diligence
Termination Date”), such thirty (30) day period being referred to as the “Diligence
Period”).  In such event, (i) this
Agreement shall immediately terminate, (ii) the Escrow Agent shall deliver the
Downpayment and any interest earned thereon to Purchaser, (iii) any studies,
surveys, test results or reports prepared in connection with the Diligence
Review, and all copies thereof, shall be promptly furnished to Seller, (iv) any
original documents or copies of documents furnished by Seller to Purchaser
shall be promptly returned to Seller, and (v) each party shall be released from
any further liability to the other hereunder, except with respect to the
provisions hereof which expressly survive the termination of this Agreement.  If Purchaser does not deliver such written
notice of termination to Seller, for any cause or reason whatsoever, on or
before 5:00 p.m. Eastern Standard Time on the Diligence Termination Date, TIME
BEING OF THE ESSENCE, the contingency provided for herein shall be deemed
irrevocably waived by Purchaser. 
Purchaser’s failure to deliver written notice of termination to Escrow
Agent on or before 5:00 p.m. Eastern Standard Time on the Diligence Termination
Date shall 

 12
 

not be deemed to be a waiver by Purchaser of the contingency provided
for herein, provided that such notice is timely delivered to Seller in
accordance with the provisions of this Section 5.8.  Notwithstanding the foregoing, Purchaser may,
at any time during the Diligence Period, notify Seller in writing that
Purchaser waives the balance of the Diligence Period, in which instance the
Diligence Period shall be deemed to expire as of the date of such notice.

6.                                       Leaseback
Provisions.

6.1           At the Closing, Seller, as tenant,
and Purchaser, as landlord, shall enter into a lease (the “Lease”) of the
Property in the form attached hereto as Exhibit “B”.  There shall be no adjustment or apportionment
between Seller and Purchaser of real estate taxes, assessments, water charges
and sewer rents, or installments thereof, which are a lien on the
Property.  At the Closing, Seller have in
force all insurance policies required under the terms of the Lease and shall
deliver to Purchaser certificates evidencing such insurance.

7.                                       Representations
and Warranties of the Parties; Certain Covenants.

7.1           Seller, to the best of its knowledge,
warrants, represents and covenants to and with Purchaser that the following are
true and correct on the date hereof:

7.1.1            Seller is a limited liability
company duly formed and in good standing under the laws of the State of
Delaware and has the requisite power and authority to enter into and to perform
the terms of this Agreement.  The
execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all requisite action of
Seller.  This Agreement constitutes, and
each document and instrument contemplated hereby to be executed and delivered
by Seller, when executed and delivered, shall constitute the legal, valid and
binding obligation of Seller enforceable against Seller in accordance with its
respective terms (subject to bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors’ rights generally).

7.1.2            Seller is not a “foreign person”
within the meaning of Section 1445 of the Internal Revenue Code 1986, as
amended, or any regulations promulgated thereunder (collectively, the “Code”).

7.1.3            Neither the execution and the
delivery of this Agreement, nor the consummation of the transactions
contemplated hereby:

(i)            will violate any injunction,
judgment, order, decree, ruling, charge, or other restriction of any federal, state, county or municipal
governmental agency, board, commission, officer, official or entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government and having jurisdiction over Purchaser, Seller and the
Property (the “Governmental Authority”), or court to which 

 13
 

Seller is subject or any provision of the certificate of formation or
operating agreement of Seller; and

(ii)           Seller does not need to give any
notice to, make any filing with, or obtain any authorization, consent, or
approval of any Governmental Authority in order for the parties hereto to
consummate the transactions contemplated by this Agreement.

7.2           Purchaser warrants, represents and
covenants to and with Seller that the following are true and correct on the
date hereof:

7.2.1            Purchaser is a limited liability
company duly formed and in good standing under the laws of the State of New
Jersey.  The execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby
have been duly authorized by all requisite action of Purchaser.  This Agreement constitutes, and each document
and instrument contemplated hereby to be executed and delivered by Purchaser,
when executed and delivered, shall constitute the legal, valid and binding
obligation of Purchaser enforceable against Purchaser in accordance with its
respective terms (subject to bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditor’s rights generally).

7.2.2            Neither the execution and the
delivery of this Agreement, nor the consummation of the transactions
contemplated hereby:

(i)            will violate any injunction, judgment,
order, decree, ruling, charge, or other restriction of any Governmental Authority, or court to
which Purchaser is subject or any provision of the certificate of formation or
operating agreement of Purchaser; and

(ii)           Purchaser does not need to give any
notice to, make any filing with, or obtain any authorization, consent, or
approval of any Governmental Authority order for the parties hereto to
consummate the transactions contemplated by this Agreement.

7.3           Purchaser agrees and acknowledges
that, except as otherwise specifically set forth in this Agreement to the
contrary, neither Seller, any of the Seller Related Parties, any broker, agent,
or representative, nor any purported agent or representative of Seller or any
of the Seller Related Parties, have made, and neither Seller nor any of the
Seller Related Parties are liable for or bound in any manner by, any express or
implied warranties, guaranties, promises, statements, inducements,
representations or information pertaining to the Property or any part
thereof.  Without limiting the generality
of the foregoing, Purchaser agrees and acknowledges that it has not relied on
any representations or warranties, express or implied, and that neither Seller,
nor the Seller Related Parties have made any representations or warranties,
other than as expressly set 

 14
 

forth herein, as to (a) the current or future real estate tax
liabilities, assessments or valuations of the Property (including, without
limitation, the status of any real estate tax appeal or negotiations, Seller’s
intentions with respect thereto, or the eventual outcome thereof), (b) the
potential qualification of the Property for any and all benefits conferred by
Federal, state or municipal laws, whether for subsidies, special tax treatment,
insurance, mortgages, or any other benefits, whether similar or dissimilar to
those enumerated, (c) the compliance of the Property, in its current or any
future state, with applicable zoning ordinances and the ability to obtain a
change in the zoning or a variance with respect to the Property’s
noncompliance, if any, with said zoning ordinances, (d) the availability of any
financing for the acquisition, alteration, rehabilitation or operation of the
Property from any source, including, but not limited to, any state, city or
Federal government or any institutional or non-institutional lender, (e) the
current or future use of the Property, (f) the present or future structural and
physical condition of any of the improvements on the Land or their suitability
for rehabilitation or renovation, (g) the presence or absence of any violations
of any Laws and Regulations, or (h) the income, expenses, operation,
agreements, licenses, easements, instruments or documents of or in any way
affecting the Property.  Further,
Purchaser acknowledges and agrees that neither Seller nor any of the Seller
Related Parties are liable for or bound by (and Purchaser has not relied upon)
any oral or written statements, representations or any other information
respecting the Property furnished by Seller, any of the Seller Related Parties
or any broker, employee, agent, consultant or other person representing or
purportedly representing Seller or any of the Seller Related Parties.  The provisions of this Section 7.3 shall
survive the Closing.

8.                                       Closing
Deliveries.

8.1           At least two (2) Business Days prior
to the Closing, Seller shall deliver or cause to be delivered to Escrow Agent
the following:

8.1.1            a warranty deed, sufficient to
convey fee title to the Property subject to and in accordance with the
provisions of this Agreement, in the form attached hereto and made a part
hereof as Exhibit “C” (the “Deed”).

8.1.2            an original counterpart of the
Lease.

8.1.3            a check, in accordance with Section
13 hereof, in the amount of the documentary transfer taxes and transfer fees
due in connection with the consummation of the transaction contemplated by this
Agreement (the “Transfer Tax”).

8.1.4            all tax returns and other documents
(collectively, the “Transfer Tax Returns”) if any, required to be executed and
delivered by Seller in connection with the payment of the Transfer Tax.

 15
 

 

8.1.5            a certificate, duly executed and
acknowledged by Seller, in accordance with Section 1445 of the Code.

8.1.6            an affidavit of title in the form
reasonably required by the Title Company.

8.1.7            Seller’s (i) certificate of
formation, (ii) good standing certificate dated not more than fifteen (15) days
prior to the Closing Date, and (iii) resolutions authorizing the transaction
contemplated herein, which documents shall be accompanied by a certification
signed by a secretary, assistant secretary, managing member, or general
partner, as the case may be, certifying that such copies are true, complete and
correct and that such documents have not be modified, terminated or rescinded
and remain in full force and effect.

8.1.8            an original counterpart of a closing
statement (the “Closing Statement”) setting forth, inter alia, the material monetary terms of the transaction
contemplated hereby.

8.1.9            an authorization and release to the
Escrow Agent, reasonably acceptable to Purchaser and the Escrow Agent,
regarding the disposition of the Downpayment.

8.1.10          a Broker’s Lien Affidavit in the form
attached hereto and made a part hereof as Exhibit “D”.

8.1.11          a Guaranty of Lease as executed by
Axsys Technologies, Inc.

8.1.12          any other documents, instruments or
agreements reasonably necessary to effectuate the transaction contemplated by
this Agreement.

8.2           At least two (2) Business Days prior
to the Closing, Purchaser shall deliver or cause to be delivered to Escrow
Agent the following:

8.2.1            the balance of the Purchase Price
required pursuant to Section 3.2 hereof.

8.2.2            Purchaser’s (i) certificate of
formation, (ii) good standing certificate dated not more than fifteen (15) days
prior to the Closing Date, and (iii) resolutions authorizing the transaction
contemplated herein, which documents shall be accompanied by a certification
signed by a secretary, assistant secretary, managing member, or general
partner, as the case may be, certifying that such copies are true, complete and
correct and that such documents have not be modified, terminated or rescinded
and remain in full force and effect.

8.2.3            an original counterpart of the
Lease.

 16
 

 

8.2.4            all Transfer Tax Returns, if any,
required to be executed and delivered by Purchaser in connection with the
payment of the Transfer Tax.

8.2.5            an authorization and release to the
Escrow Agent, reasonably acceptable to Seller and the Escrow Agent, regarding
the disposition of the Downpayment.

8.2.6            an original counterpart of the
Closing Statement.

8.2.7            any other documents, instruments or
agreements reasonably necessary to effectuate the transaction contemplated by
this Agreement.

9.                                       Limitation
on Liability of Parties.

9.1           Purchaser shall be in default
hereunder if (a) it fails to close on a closing date for which time was made to
be of the essence, or (b) it fails to perform a material covenant set forth in
this Agreement, and does not cure such failure within ten (10) business days
after receipt of notice thereof from Seller, and the Closing does not occur as
a result thereof (a “Purchaser’s Default”). 
In the event of a Purchaser’s Default, Seller’s sole and exclusive
remedy for the Purchaser’s Default shall be, and Seller shall be entitled, to
terminate this Agreement and receive and retain the Downpayment and any
interest earned thereon as and for full and complete liquidated and agreed
damages for Purchaser’s Default, and Purchaser shall be released from any
further liability to Seller hereunder as a result of such default, except with
respect to the provisions hereof which expressly survive the termination of
this Agreement.  SELLER AND PURCHASER
AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE
DAMAGES WHICH SELLER MAY SUFFER UPON SUCH A PURCHASER DEFAULT AND THAT THE
DOWNPAYMENT AND ANY INTEREST EARNED THEREON, AS THE CASE MAY BE, REPRESENTS A
REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT THAT SELLER WOULD SUFFER UPON
SUCH A PURCHASER DEFAULT.  SUCH LIQUIDATED
AND AGREED DAMAGES ARE NOT INTENDED AS A FORFEITURE OR A PENALTY WITHIN THE
MEANING OF APPLICABLE LAW.

9.2           Seller shall be in default hereunder
if (a) it fails to close on a closing date for which time was made to be of the
essence, or (b) it fails to perform a material covenant set forth in this
Agreement, and does not cure such failure within ten (10) business days after
receipt of notice thereof from Purchaser, subject to the provisions of Section
2.3 hereof, and the Closing does not occur as a result thereof (a “Seller’s
Default”).  In the event of a Seller’s
Default, Purchaser’s sole and exclusive remedies shall be, and Purchaser shall
be entitled, to either (a) receive the Downpayment with the interest earned
thereon, if any, and receive from Seller reimbursement of all of its due diligence
and legal costs incurred in connection with this Agreement, which costs shall
not exceed Fifty Thousand and 00/100 Dollars ($50,000.00), upon which Seller
shall be 

 17
 

released from any further liability to Purchaser hereunder as a result
of such default, except with respect to the provisions hereof which expressly
survive the termination of this Agreement or (b) seek specific performance of
Seller’s obligations hereunder, provided that if Seller’s willfully defaults
and deliberately takes action which deprives Purchaser of its remedy of
specific performance, Seller may recover damages not to exceed One Hundred
Fifty Thousand and 00/100 Dollars ($150,000.00).  In no event shall Seller, under any
circumstances, be liable to Purchaser for any other damages of any kind
whatsoever, except as specifically provided in this Section 9.2.

9.3           If any action or proceeding is
brought by either party to enforce this Agreement, then the prevailing party in
such action shall be entitled to recover its reasonable attorneys’ fees and
costs incurred in such action or proceeding.

10.                                 Fire
or Other Casualty.  

10.1         Seller shall promptly notify Purchaser
of any fire or other casualty (a “Casualty”) occurring at the Property.  Within forty-five (45) days of the date of a
Casualty, Seller shall provide Purchaser with a written estimate (the “Repair
Estimate”), prepared by a reputable architect, engineer or contractor selected
by Seller, setting forth the cost to repair or restore the Property.  In the event the estimated cost to repair or
restore the Property exceeds One Million and 00/100 Dollars ($1,000,000.00),
then Seller and Purchaser shall each have the right to terminate this Agreement
upon written notice delivered to the other party within ten (10) days of the
date of the Repair Estimate, TIME BEING OF THE ESSENCE.  If this Agreement is terminated pursuant to
any provision of this Section 10, the Downpayment, together with any interest
earned thereon, shall be delivered to Purchaser and the parties shall have no
further rights or obligations with respect to this Agreement, except with
respect to the provisions hereof which expressly survive the termination of
this Agreement.  In the event of a
Casualty, the Closing Date shall be adjourned for a period of time sufficient to
permit the delivery of the Repair Estimate and the exercise of any right to
terminate this Agreement pursuant to this Section 10.1.

10.2         Seller shall also have the right to
terminate this Agreement in the event of a Casualty if, in Seller’s reasonable
judgment: (i) Seller determines that the amount of insurance proceeds (less
costs incurred by Seller, including reasonable attorneys fees and other
professional fees, in collecting such proceeds), together with the amount of
any applicable insurance deductible, would be insufficient to cover all costs
associated with the repair or restoration of the Property; (ii) Seller is
unable to determine that Seller may, as of right, under applicable zoning and
land use laws and regulations, repair or restore the Building to a complete
architectural unit of substantially the same size, condition and character as
the same existed immediately prior to the Casualty; or (iii) Seller is unable
to determine that Seller may, as of right, continue to use and occupy the
Property in the same manner and to the same extent as Seller used and occupied
the Property immediately prior to the Casualty. 
With respect to clause (i), Seller’s judgment shall be 

 18
 

deemed reasonable if based upon the written estimate of a reputable
architect, engineer or contractor selected by Seller.  With respect to clauses (ii) and (iii),
Seller’s judgment shall be deemed reasonable if based upon the advice of a
reputable attorney, architect or engineer. 
The Closing Date shall be adjourned for a period of thirty (30) days
from the date of the Casualty to permit Seller make the determinations set
forth above; provided, however, that if Seller is unable to make such
determinations with such thirty (30) day period, Seller, upon notice to
Purchaser in each instance, shall be entitled to adjourn the Closing Date for
not more than two (2) additional thirty (30) day periods.

10.3         In the event of a Casualty and this
Agreement is not terminated as provided in Sections 10.1 and 10.2 hereof, the
Closing shall occur within thirty (30) days of the date Seller makes its
determination pursuant to Section 10.2 and there shall be no adjustment in the
Purchase Price.  Upon Closing, all
insurance proceeds shall be paid to Seller or delivered to the Insurance
Trustee (as defined in Section 10.4 of the Lease), as applicable, pursuant to
Section 10.4 of the Lease and Seller shall thereafter repair and restore the
Property in accordance with the provisions of Article 10 of the Lease.  In the event all insurance proceeds have not
been collected prior to Closing, Seller shall continue to have the right to
adjust, negotiate, compromise or contest all losses with the insurance
carrier(s) after the Closing Date, and Purchaser agrees to assign to Seller or
to the Insurance Trustee, as applicable, as of the Closing Date, all of
Purchaser’s interest in all such insurance proceeds and to execute such
documents as may be required by the insurance carrier(s) to permit payment of
the insurance proceeds to Seller or to the Insurance Trustee, as applicable, in
accordance with Section 10.4 of the Lease.

10.4         In the event this Agreement is
terminated pursuant to this Section 10, Purchaser shall not be entitled to any
portion of the proceeds of insurance payable with respect to the Casualty, all
of which shall become the property of Seller, and Purchaser shall, at Seller’s
request, execute all requisite releases with respect to such insurance
proceeds.

11.                                 Condemnation.

11.1         In the event the entire Property shall
be taken or condemned for any public or quasi-public purpose by right of
eminent domain or by purchase in lieu thereof prior to Closing, this Agreement
shall automatically terminate.  In such
event, the Downpayment, together with any interest earned thereon, shall be
delivered to Purchaser and the parties shall have no further rights or
obligations with respect to this Agreement.

11.2         In the event only a portion of the
Property shall be taken or condemned for any public or quasi-public purpose by
right of eminent domain or by purchase in lieu thereof, or Seller receives a
notice from any governmental authority that such action is pending or
contemplated, Seller shall promptly notify Purchaser of same.  Purchaser or Seller shall have the right to
terminate this Agreement within thirty (30) days after receipt of such
notice.  If this Agreement is terminated
pursuant to this Section 11, the 

 19
 

Downpayment, together with any interest earned thereon, shall be
delivered to Purchaser and the parties shall have no further rights or
obligations with respect to this Agreement, except with respect to the
provisions hereof which expressly survive the termination of this Agreement.

11.3         In the event only a portion of the
Property shall be taken or condemned and this Agreement is not terminated as
provided in this Section 11, there shall be no adjustment of the Purchase
Price.  Upon Closing, all condemnation
award proceeds shall be paid to Seller or delivered to the Insurance Trustee,
as applicable, pursuant to Section 11.4 of the Lease and Seller shall
thereafter restore the Property in accordance with the provisions of Article 11
of the Lease.  In the event that the
condemnation award proceeds have not been finally determined or paid prior to
Closing, Seller shall continue to have the right to adjust, negotiate, compromise
or contest any claims with respect to the condemnation award after the Closing
Date, subject to the rights of Purchaser pursuant to the Lease, and Purchaser
agrees to assign to Seller or to the Insurance Trustee, as applicable, as of
the Closing Date, all of Purchaser’s interest in any such condemnation award
and to execute such documents as the condemning authority may require to permit
payment of the condemnation award proceeds to Seller or to the Insurance
Trustee pursuant to Section 11.4 of the Lease.

11.4         In the event this Agreement is
terminated pursuant to this Section 11, Purchaser shall not be entitled to any
portion of the condemnation award payable with respect to the any taking or
condemnation, all of which shall become the property of Seller, and Purchaser
shall, at Seller’s request, execute all requisite releases with respect to such
condemnation award proceeds.

12.                                 Brokerage.

Purchaser and Seller each represent and warrant to the
other that it has not dealt with any broker, consultant, finder or like agent
who might be entitled to a commission or compensation on account of introducing
the parties hereto, the negotiation or execution of this Agreement or the
Lease, or the closing of the transactions contemplated hereby.  Purchaser and Seller each agree to indemnify
and hold the other harmless from and against all claims, losses, liabilities
and expenses (including, without limitation, reasonable attorneys’ fees and
disbursements) which may be asserted against, imposed upon or incurred by such
party by reason of any claim made by any broker, consultant, finder or like
agent, for commissions or other compensation as a result of a breach by the
indemnifying party of its representation and warranty in this Section 12.  The provisions of this Section 12 shall
survive the Closing or termination of this Agreement.

13.                                 Closings
Costs; Fees and Disbursements of Counsel, etc.

At the Closing, Seller shall pay the Transfer
Tax.  Seller and Purchaser shall each
execute and/or swear to the Transfer Tax Returns required in connection with
the

 20

Transfer Tax.  All such tax payments shall be made payable
directly to the order of the appropriate governmental officer or the Title
Company.  Except as may be otherwise
expressly provided to the contrary in this Agreement, Purchaser shall pay (a)
all charges for recording and/or filing the Deed and (b) all title charges and
survey costs, including, without limitation, the premium on Purchaser’s title
policy.  Each of the parties hereto shall
bear and pay the fees and disbursements of its own counsel, accountants and
other advisors in connection with the negotiation and preparation of this
Agreement and the Closing.  The
provisions of this Section 13 shall survive the Closing.

14.           Notices.

All notices, demands, requests, consents, approvals or
other communications (for the purposes of this Section individually referred to
as “Notice” and collectively referred to as “Notices”) required or permitted to
be given hereunder or which are given with respect to this Agreement, in order
to constitute effective notice to the other party, must be in writing and shall
only be deemed to have been given when (a) personally delivered with signed
delivery receipt obtained, (b) when transmitted by facsimile machine, if
followed by the giving of, pursuant to one of the other means set forth in this
Section 14 before the end of the first business day thereafter, a copy of such
Notice and printed confirmation of successful transmission of such Notice to
the appropriate facsimile number of the address listed below as obtained by the
sender from the sender’s facsimile machine, (c) upon receipt, when sent by
prepaid nationally recognized and reputable overnight courier or (d) upon
receipt or refusal to accept delivery if sent postage prepaid by registered or
certified United States mail, return receipt requested, in each case addressed
as follows:

	
  If to Seller by overnight
  courier, to:

  
	
   

  
	
  Speedring, LLC

  
	
  6717 Alabama
  Highway 157

  
	
  Cullman, Alabama
  35057

  
	
  Attention:

  	
  Mr. Robert Tidwell

  
	
  Facsimile:

  	
  (256) 737-5239

  
	
   

  	
   

  
	
  If to Seller by
  United States mail, to:

  
	
   

  
	
  Speedring, LLC

  
	
  P.O. Box 1588

  
	
  Cullman, Alabama
  35056-1588

  
	
  Attention:

  	
  Mr. Robert Tidwell

  
	
  Facsimile:

  	
  (256) 737-5239

  
	
   

  	
   

  
	
  with copies to:

  

 

 21
 

 

	
  Axsys Technologies, Inc.

  	
   

  
	
  175 Capital Boulevard,
  Suite 103

  	
   

  
	
  Rocky Hill,
  Connecticut 06067

  	
   

  
	
  Attn: Julie
  Oakes, Assistant Treasurer

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  
	
   

  	
   

  
	
  Coles, Schotz,
  Meisel, Forman & Leonard, P.A.

  	
   

  
	
  Court Plaza
  North

  	
   

  
	
  25 Main Street

  
	
  Hackensack, New
  Jersey 07601

  
	
  Attention:

  	
  Michael Sternlieb, Esq.

  
	
  Facsimile:

  	
  (201) 678-6223

  
	
   

  
	
  If to Purchaser,
  to:

  	
   

  
	
   

  	
   

  
	
  The Hampshire
  Generational Fund LLC

  	
   

  
	
  15 Maple Avenue

  	
   

  
	
  Morristown, New
  Jersey 07960

  
	
  Attention:

  	
  Mark S. Rosen, Esq.

  
	
  Facsimile:

  	
  (973) 285-9643

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  
	
  Duane Morris LLP

  	
   

  
	
  744 Broad
  Street, Suite 1200

  	
   

  
	
  Newark, New
  Jersey 07102

  
	
  Attention:

  	
  Stephen A. Urban, Esq.

  
	
  Facsimile:

  	
  (973) 424-2057

  
	
   

  	
   

  
	
  If to Escrow
  Agent, to:

  
	
   

  
	
  General Land
  Abstract Co., Inc.

  	
   

  
	
  2 Research Way

  	
   

  
	
  Princeton, New
  Jersey 08540

  
	
  Attention:

  	
  David B. Grodnick, Esq.

  
	
  Facsimile:

  	
  (609) 951-0044

  
	
   

  	
   

  
	
  Notices shall be
  valid only if given in the manner provided above.

  
			

 

15.           Survival;
Governing Law.

Except as otherwise expressly set forth in this
Agreement, the provisions of this Agreement shall not survive the Closing
provided for herein.  This Agreement
shall be 

 22
 

governed by, interpreted
under, and construed and enforced in accordance with, the laws of the State of
Alabama.

16.           Counterparts;
Captions.

This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which,
together, shall constitute one and the same instrument.  The captions in this Agreement are for
convenience of reference only and shall not affect the construction to be given
any of the provisions hereof.

17.           Entire
Agreement; No Third Party Beneficiaries.

This Agreement (including all exhibits annexed hereto)
contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior understandings, if any, with respect
thereto.  This Agreement may not be
modified, changed, supplemented or terminated, nor may any obligations
hereunder be waived, except by written instrument signed by the party to be
charged or by its agent duly authorized in writing.  The parties do not intend to confer any
benefit hereunder on any person, firm or corporation other than the parties
hereto.  The provisions of this Section
17 shall survive the Closing.

18.           Waivers;
Extensions.

No waiver of any breach of any agreement or provision
herein contained shall be deemed a waiver of any preceding or succeeding breach
thereof or of any other agreement or provision herein contained.  No extension of time for performance of any
obligations or acts shall be deemed an extension of the time for performance of
any other obligations or acts.

19.           No
Recording.

The parties hereto agree that neither this Agreement
nor any memorandum or notice hereof shall be recorded.  Any recordation or attempted recordation by
Purchaser shall constitute a Purchaser’s Default.

20.           Assignments.

Purchaser shall neither transfer or assign its rights
nor delegate its obligations hereunder without obtaining Seller’s prior written
consent, which consent may be granted or withheld in Seller’s sole and absolute
discretion.  Notwithstanding the foregoing,
Purchaser may assign this Agreement without Seller’s consent to an entity
controlled by Purchaser or another affiliate of The Hampshire Companies.  No such assignment shall relieve Purchaser
from its obligations hereunder.

 23
 

 

21.           Pronouns;
Joint and Several Liability.

All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine or neuter, singular or plural, as
the identity of the parties may require. 
If Purchaser consists of two or more parties, the liability of such
parties shall be joint and several.

22.           Successors
and Assigns.

This Agreement shall bind and inure to the benefit of
Seller, Purchaser and their respective permitted successors and assigns.

23.           Cross
Default.  Seller and Purchaser
acknowledge that Axsys Technologies IR Systems, Inc. (“IR Systems”), an
affiliate of Seller, and Purchaser are parties to the New Hampshire
Agreement.  Seller and Purchaser hereby
agree as follows:

(i)            if
IR Systems commits a Seller’s Default (as defined in the New Hampshire Agreement)
under the New Hampshire Agreement, such default shall be deemed a Seller’s
Default hereunder for which Purchaser shall be entitled to all of its rights
and remedies as provided in herein for a Seller’s Default.  If Seller commits a Seller’s Default
hereunder, such default shall be deemed a Seller’s Default by IR Systems under
the New Hampshire Agreement for which Purchaser shall be entitled to all of its
rights and remedies as provided for in the New Hampshire Agreement for a Seller’s
Default.

(ii)           if
Purchaser commits a Purchaser’s Default (as defined in the New Hampshire
Agreement) under the New Hampshire Agreement, such default shall be deemed a
Purchaser’s Default hereunder for which Seller shall be entitled to all of its
rights and remedies as provided for herein for a Purchaser’s Default,
including, without limitation, the retention of the Downpayment as provided
herein.  If Purchaser commits a Purchaser’s
Default hereunder, such default shall be deemed a Purchaser’s Default by
Purchaser under the New Hampshire Agreement for which IR Systems shall be
entitled to all of its rights and remedies as provided for in the New Hampshire
Agreement for a Purchaser’s Default, including, without limitation, the
retention of the Downpayment (as defined in the New Hampshire Agreement).

(iii)          If
Purchaser assigns its interest in this Agreement in accordance with the
provisions of Section 20 hereof, a default committed by Purchaser’s assignee
hereunder shall be deemed a Purchaser’s Default under this Agreement and under
the New Hampshire Agreement for which Seller and IR Systems shall be entitled
to all of their respective rights and remedies in accordance with this Section
23.  If Purchaser assigns its interest in
the New Hampshire Agreement pursuant to Section 20 thereof, a default committed
by Purchaser’s assignee thereunder shall be deemed a Purchaser’s Default under
the New Hampshire Agreement and under this Agreement for 

 24
 

which IR Systems and Seller shall be entitled to all of their
respective rights and remedies in accordance with this Section 23.

(iv)          If
this Agreement is terminated by either party pursuant to its terms, then the
New Hampshire Agreement shall terminate simultaneously with the termination of
this Agreement.  If the New Hampshire
Agreement is terminated by either party pursuant to its terms, then this
Agreement shall terminate simultaneously with the termination of the New
Hampshire Agreement.

24.           Like
Kind Exchange.

24.1         If
so requested by either party (the “Requesting Party”), the other party (the “Other
Party”) shall cooperate in structuring and completing this transaction for the
Requesting Party so as to effect a “like kind exchange” (an “Exchange”)
pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”)
and Revenue Procedure 2000-37.  The Other
Party shall execute any and all documents and/or agreements and take such other
actions reasonably requested by the Requesting Party which are, in the
reasonable judgment of the Requesting Party, necessary to effectuate the
Exchange, provided, however, that Purchaser shall not be required to accept
title to any other property other than the Property.  Not in limitation of the foregoing, the Other
Party shall, within fifteen (15) days following a request by the Requesting
Party, consent in writing to the assignment by the Requesting Party of the
Requesting Party’s rights under this Agreement with respect to the transfer of
the Property to a qualified intermediary prior to the Closing hereunder.  Notwithstanding the foregoing, each and every
obligation of the Requesting Party under this Section 24.1 shall be conditioned
on the following:

24.1.1          The Requesting Party
shall bear, and be responsible for, any and all costs incurred or liabilities
sustained by the Other Party, both prior to and after the Closing, which are
directly or indirectly attributable to the Exchange or any attempt to effect
the Exchange, including, without limitation, reasonable attorneys’ fees and
costs, and any and all realty transfer fees;

24.1.2          The Exchange, and the
Other Party’s obligations hereunder, shall not, in the reasonable opinion of
the attorneys, accountants and other professional advisors of the Other Party,
subject the Other Party, directly or indirectly, to any crime, offense,
penalty, fine or punitive damages; and

24.1.3          The Exchange shall not
delay the Closing.

25.           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 

 25
 

those otherwise imposed
by this Agreement) as either may reasonably request from time to time, whether
at or after the Closing, in furtherance of the purposes of this Agreement.

26.           Prohibited
Persons and Transactions.

Purchaser and Seller, to its respective knowledge,
each represents and warrants to the other that (i) neither it nor any of its
affiliates, nor any of their respective partners, members, shareholders or
other equity owners owning a 10% or greater interest in it, and none of their
respective employees, officers, directors, representatives or agents is, nor
will they become, a person or entity with whom U.S. persons or entities are
restricted from doing business under regulations of the Office of Foreign Asset
Control (“OFAC”) of the Department of the Treasury (including those named on
OFAC’s Specially Designated and Blocked Persons List) or under any statute,
executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to
Commit, or Support Terrorism), or other governmental action and has not and
will not assign or otherwise transfer this Agreement, or any interest herein
to, contract with or otherwise engage in any dealings or transactions or be
otherwise associated with such persons or entities, (ii) neither Purchaser or
Seller nor any respective affiliate is knowingly engaged in, and shall not
knowingly engage in, any dealings or transactions or knowingly be otherwise
associated with such persons or entities described in (i) above, (iii) neither
Purchaser or Seller nor any respective affiliate is a person or entity whose
activities violate the International Money Laundering Abatement and Financial
Anti-Terrorism Act of 2001 or the regulations or orders thereunder, (iv) none
of the funds or other assets of Purchaser or Seller constitute property of, or
are beneficially owned, directly or indirectly, by any Embargoed Person (as
hereinafter defined), (v) no Embargoed Person has any interest of any nature
whatsoever in Purchaser or Seller (whether directly or indirectly), and (vi)
none of the funds of Purchaser or Seller have been derived from any unlawful
activity with the result that the investment in Purchaser or Seller is
prohibited by law or this Agreement is in violation of law.

As used herein, the term “Embargoed Person” means any
person, entity or government subject to trade restrictions under U.S. law,
including but not limited to, the International Emergency Economic Powers Act,
50 U.S.C. § - 1701 et seq., The Trading
with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated thereunder with the result
that the investment in Purchaser or Seller is prohibited by law or Purchaser or
Seller is in violation of law.

[SIGNATURE PAGE FOLLOWS]

 26
 

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the day and year first
above written.

	
  

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  SPEEDRING, LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: Axsys Technologies, Inc., its sole Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David A.
  Almeida

  	
   

  
	
   

  	
  Name: 

  	
  David Almeida

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  THE HAMPSHIRE GENERATIONAL FUND LLC, a New Jersey
  limited liability company

  
	
   

  	
   

  
	
   

  	
  By: Hampshire Partners II, LLC, its manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert T.
  Schmitt

  	
   

  
	
   

  	
  Name: 

  	
  Robert T. Schmitt

  
	
   

  	
  Title:

  	
  Senior Vice President

  
					

 

ESCROW AGENT:

SOLELY FOR THE PURPOSES OF

CONFIRMING THE PROVISIONS OF 

SECTION 3:

General Land Abstract Co., Inc.

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ David B.
  Grodnick

  	
   

  
	
   

  	
  David B. Grodnick, Esq.

  
	
   

  	
  Senior Vice President

  

 

 27

 

EXHIBIT A

 

 

 

 

 

 

 

 

 

 

 

 A-1

 

EXHIBIT B

LEASE AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 B-1

 

EXHIBIT C

FORM OF
DEED

 

 

 

 

 

 

 

 

 

 

 

 

 C-1

 

EXHIBIT
D

FORM OF
BROKER’S LIEN AFFIDAVIT

 

 

 

 

 

 

 

 

 

 

 

 

 D-1Exhibit 10.3

AMENDMENT TO AGREEMENT OF
PURCHASE AND SALE

THIS AMENDMENT TO
AGREEMENT OF PURCHASE AND SALE (this “Amendment”) is dated as of April
16, 2007, between AXSYS
TECHNOLOGIES IR SYSTEMS, INC. (“Seller”),
and THE HAMPSHIRE GENERATIONAL FUND LLC.
(“Purchaser”).

Seller and
Purchaser entered into an Agreement of Purchase and Sale dated March 15, 2007
(herein the “Agreement”), pursuant to which Seller agreed to sell and
convey to Purchaser, and Purchaser agreed to acquire from Seller, subject to
the terms and conditions contained therein, certain real property located in
Nashua, New Hampshire, more particularly set forth therein (the “Property”).  All capitalized terms used herein shall have
the meaning specified in the Agreement.

Purchaser has
advised Seller that Purchaser will assign the Agreement as of the Closing Date
to Nashua-Suffolk 2007, LLC (“Suffolk”), as a 79% tenant-in-common, and to
Nashua-Garrett 2007, LLC (“Garrett”) as a 21% tenant-in-common.

Seller and
Purchaser now desire to amend the Agreement in the manner herein provided.

NOW THEREFORE, in consideration of the foregoing
premises, the promises herein contained, and other good and valuable
consideration, receipt of which is hereby acknowledged, Seller and Purchaser
agree as follows:

1.             Pollution Legal Liability Insurance.  Seller agrees (i) on or before the Closing
Date, to name Suffolk and Garrett as named insureds on that certain Pollution
Legal Liability Select Policy issued by American International Specialty Lines
Insurance Company, Policy No. PLS 1778481 (the “Policy”), and (ii) on or before
the date that Purchaser advises Seller that Suffolk and Garrett are closing a
mortgage loan encumbering the Property with Bear Stearns Commercial Mortgage,
Inc. (“Lender”), to add Lender as a mortgagee insured on the Policy and to
extend the term of the Policy such that the term thereof shall extend for a
period of ten (10) years from the closing date of such mortgage loan.

2.             Alabama Agreement.  Seller and Purchaser agree that,
notwithstanding Section 4.3 of the Agreement, the closing of title pursuant to
the Alabama Agreement shall not be a condition of Closing under the Agreement.

3.             Waiver of Due Diligence Period.  In accordance with Section 5.8 of the
Agreement, Purchaser hereby waives the balance of the Due Diligence Period and
such Due Diligence Period is hereby deemed to have expired as of the date
hereof.  Purchaser shall have no further
right to terminate the Agreement in accordance with Section 5.8 of the
Agreement, and the date of this Amendment shall be deemed to be the Diligence
Termination Date for all purposes of the Agreement.

4.             Miscellaneous. 
Except as amended hereby, all of the terms and conditions of the
Agreement are hereby ratified and confirmed and shall remain in full force and
effect.  This 

Amendment shall be binding upon and inure to the
benefit of the successors and assigns of the parties hereto.  This Amendment shall be governed by,
construed and enforced in accordance with the laws of the State of New
Hampshire.  If there is any inconsistency
between the provisions of this Amendment and the provisions of the Agreement,
the provisions of this Amendment shall govern. 
This Amendment may be executed and delivered in several counterparts,
each of which, when so executed and delivered, shall constitute an original,
fully enforceable counterpart for all purposes.

IN
WITNESS WHEREOF, Seller and Purchaser have executed this Amendment as of the
date first set forth above.

	
  

  	
  AXSYS TECHNOLOGIES IR SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID A. ALMEIDA

  	
   

  
	
   

  	
  Name: David
  A. Almeida

  
	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
  THE HAMPSHIRE
  GENERATIONAL FUND LLC.

  
	
   

  	
   

  
	
   

  	
  By: Hampshire Partners II, LLC, its manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT T. SMITH

  
	
   

  	
   

  	
  Name: Robert T. Smith

  
	
   

  	
   

  	
  Title: Senior Vice President

  
					

 

 

 2

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