Document:

Exhibit
10.61

 

SECOND AMENDMENT TO

AGREEMENT OF PURCHASE AND SALE

 

This Second Amendment to Agreement of Purchase and Sale (this “Second Amendment”) is entered into as of this 19th day of
May, 2006 by and between LB Lincoln Mall Holdings LLC, as Seller, and Inland
Real Estate Acquisitions, Inc., as Buyer.

 

RECITALS:

 

	
  A.

  	
   

  	
  Seller and Buyer entered into that certain Agreement
  of Purchase and Sale dated February 6, 2006 (together with the Reinstatement
  and First Amendment (defined below) and this Second Amendment) collectively
  referred to herein as the “Contract”),
  whereby Seller agreed to sell and Buyer agreed to purchase, on the terms and
  conditions provided therein, certain improved real property commonly known as
  Lincoln Mall, located in Lincoln, Rhode Island, and as more specifically
  described in the Contract (the “Property”).

  
	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  By notice dated February 23, 2006 (“Termination Date”) the Buyer elected to terminate the
  Contract.

  
	
   

  	
   

  	
   

  
	
  C.

  	
   

  	
  Seller and Buyer reinstated and amended the Contract
  by that certain Reinstatement and First Amendment to Agreement of Purchase
  and Sale dated April 24, 2006 (the “Reinstatement and First
  Amendment”).

  
	
   

  	
   

  	
   

  
	
  D.

  	
   

  	
  Seller and Buyer have agreed to further amend the
  terms of the Contract as herein described.

  

 

 

THEREFORE, IT IS AGREED AS FOLLOWS:

 

	
  1.

  	
   

  	
  Defined terms utilized in this Second Amendment and
  not otherwise defined shall have the meanings ascribed to them by the
  Contract.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  At Closing, Seller shall provide Buyer with a credit
  in the sum of: (i) Three Hundred Thirty-one Thousand and no/100 Dollars ($331,000.00)**
  in full satisfaction of the claim of Buyer in regard to the condition of the
  Property roofing system; and (ii) an amount equal to the difference between
  sum of rent and reimbursements for the former 1,790 square foot tenant space
  and the new 5,550 square foot tenant space attributable to the Eye Associates
  tenancy from May 31, 2006 through June 15, 2006.

  

 

** $451,000 roof credit (1/3 of est.) favor Buyer; less $120,000
Lincoln Educational expansion space buildout (the “Build-out”) (33% of estimate
(Buyer share)). The $120,000 is subject to post closing prove up and settlement
between the parties (against the $360,000 overall est.) upon completion of the
required work (see paragraph 3, below).

 

	
  3.

  	
   

  	
  At Closing, Seller shall establish a sole order
  (Seller with Chicago Title (CTT)) escrow and fund the escrow with the
  $360,000.00 Build-out estimate. The escrow shall permit Seller to draw down
  the balance from time to time (without the consent of Buyer required) to fund
  the Build-out pursuant to the tcrms of the Lincoln Educational lease (as

  

 

 

1

 

	
   

  	
   

  	
  amended). CTT
  shall provide Buyer with copies of each disbursement request. Prior to
  Closing, Seller and Buyer shall agree upon a form of post closing agreement
  which shall cover insurance and indemnity matters in regard to liability,
  property damage and mechanic’s liens arising from Seller’s post closing
  responsibility for the Build-out. At the time the Build-out is complete,
  Seller and Buyer shall reconcile and prove-up the cost and expense of the
  Build-out (based upon Buyer having a 33% responsibility for said costs and
  expenses), which prove-up shall be supported by contractor invoices and final
  lien waivers and a reconciliation of the CTT escrow. Seller or Buyer, as the
  case may be, shall remit the sum determined to be due and owing from one
  party to the other within ten (10) days of the date such determination is
  made.

  
	
   

  	
   

  	
   

  
	
  4. 

  	
   

  	
  A condition
  precedent to the obligation of Buyer to Close upon the transaction described by
  the Contract is that prior to May 31, 2006, Seller shall have entered into a
  lease amendment with Lincoln Educational Services for expansion of its
  demised premises in the form attached as Exhibit A and made a part hereof.

  
	
   

  	
   

  	
   

  
	
  5. 

  	
   

  	
  Buyer shall have
  3-business days after receipt (email delivery is acceptable) from time-to-time
  to review and exercise its right of approval (acting reasonably) of: (i)
  tenant estoppels, and (ii) Seller’s response to Buyer’s May 12, 2006 title,
  survey letter, including matters pertaining to zoning and parking; and (iii)
  the calendar year 2005 tenant CAM reconciliations. If Buyer does not respond
  within such applicable 3-business day period the Seller delivery shall
  thereupon be deemed approved by Buyer.

  
	
   

  	
   

  	
   

  
	
  6. 

  	
   

  	
  Except as
  provided herein, the terms and conditions of the Contract shall remain in
  full force and effect and Buyer hereby approves of its due diligence
  investigations of the Property.

  
	
   

  	
   

  	
   

  
	
  7. 

  	
   

  	
  This Second
  Amendment may be executed in counterparts and delivered via facsimile or email
  transmission, all of which counterparts taken together shall be deemed to be
  but one original.

  

 

  IN WITNESS WHEREOF, this Second Amendment has been executed
by the parties here to as of the date first above written.

 

PLEASE SEE FOLLOWING PAGE FOR SIGNATURES

 

2

 

	
  SELLER:

  
	
   

  
	
  LB
  LINCOLN MALL HOLDINGS, LLC

  
	
   

  
	
  By: WP Lincoln Associates, L.P.

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln Developers, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln, Inc.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  BUYER:

  
	
   

  
	
  INLAND
  REAL ESTATE ACQUISITIONS, INC.

  
	
   

  
	
  By:

  	
  /s/ G. Joseph Cosenza

  	
   

  
	
   

  	
  G. Joseph Cosenza, President

  

 

 

 

 

 

ESCROW
AGENT:

Chicago Title & Trust Company

 

	
  By:

  	
   

  
	
   

  	
  Nancy Castro, Senior Escrow Officer

  

 

 

3

 

	
  SELLER:

  
	
   

  
	
  LB
  LINCOLN MALL HOLDINGS, LLC

  
	
   

  
	
  By: WP Lincoln Associates, L.P.

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln Developers, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln, Inc.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  /s/ Bryan S.
  Weingarten

  
	
   

  	
  Name:

  	
  Bryan S.
  Weingarten

  
	
   

  	
  Title:

  	
  President

  

 

	
  BUYER:

  
	
   

  
	
  INLAND
  REAL ESTATE ACQUISITIONS, INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  G. Joseph Cosenza, President

  

 

 

 

 

 

ESCROW
AGENT:

Chicago Title & Trust Company

 

	
  By:

  	
   

  
	
   

  	
  Nancy Castro, Senior Escrow Officer

  

 

 

4

 

	
  SELLER:

  
	
   

  
	
  LB
  LINCOLN MALL HOLDINGS, LLC

  
	
   

  
	
  By: WP Lincoln Associates, L.P.

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln Developers, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln, Inc.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

	
  BUYER:

  
	
   

  
	
  INLAND
  REAL ESTATE ACQUISITIONS, INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  G. Joseph Cosenza, President

  

 

 

 

 

 

ESCROW
AGENT:

Chicago Title & Trust Company

 

	
  By:

  	
  /s/ Nancy Castro

  
	
   

  	
  Nancy Castro, Senior Escrow Officer

  

 

 

5

 

REINSTATEMENT AND FIRST AMENDMENT TO

AGREEMENT OF PURCHASE AND SALE

 

This Reinstatement
and First Amendment to Agreement
of Purchase and Sale
(this “Amendment”) is
entered into this 24th day of April, 2006 by and between LB Lincoln Mall Holdings LLC, as Seller, and Inland Real Estate Aquisitions, Inc., as Buyer. 

 

RECITALS:

 

	
  A.

  	
   

  	
  Seller and Buyer
  entered into that certain Agreement of Purchase and Sale dated February 6, 2006 (the “Contract”), whereby Seller agreed to sell and Buyer agreed to purchase, on the terms and conditions provided therein, certain improved real property commonly known as Lincoln Mall, located in Lincoln, Rhode Island, and as more specifically described in the Contract (the “Property”).

  
	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  By notice dated
  February 23, 2006 (“Termination Date”)
  the Buyer elected to terminate the Contract.

  
	
   

  	
   

  	
   

  
	
  C.

  	
   

  	
  Seller and Buyer
  wish to reinstate
  the Contract and amend its provisions as provided for in this Amendment.

  

 

THEREFORE, IT IS AGREED AS FOLLOWS:

 

	
  1.

  	
   

  	
  The Contract is
  hereby reinstated and amended as of the date of this Amendment subject
  to the terms of this Amendment.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Generally, whenever the Contract makes reference
  to a date
  or time period by use
  of the terms “from the date hereof,” “date of this Agreement,” or
  similar references, the provision and time period shall
  in fact relate to
  the date of this Amendment.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Section 1.1.13 of the Contract is amended so that the “Effective
  Date” of the Contract shall be the date of this Amendment.

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Article 2 of the Contract is amended as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  At Section 2.2(a), the Purchase Price shall be
  $60,500,000.00.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  Section 2.4, replace “February
  10, 2006” with
  “April 24, 2006.”

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Section 3.1 of the Contract is amended so that the Due Diligence Period shall
  expire at 5 p.m. Chicago,
  Illinois time twenty-five (25) days after
  the Effective
  Date.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Section 5.3.6 of the Contract is amended at the last line of
  the second paragraph thereof by deleting the date of “March 6, 2006” and replacing it with “the last day of the Due Diligence Period.”

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Section 8.1 of the Contract, “New Leases; Lease Modifications,” shall be supplemented by adding that the Seller shall take such actions
  and pay all expenses of whatever nature to put tenants satisfying the
  Occupancy Conditions (as defined upon
  Exhibit A attached

  

 

 

6

 

	
   

  	
   

  	
  hereto and made a part hereof) into
  the following spaces at the Property whether
  prior to or after the date of Closing (collectively, the “Required
  New Tenancies”):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a) expansion space of 12,000 s.f. for Lincoln Educational
  Services;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) Eye Associates new space — 5,550 s.f.;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)
  Sweet Sensations
  space of 1,726 s.f.; and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)
  Super Suppers space
  of 2,393 s.f..

  
	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  All references in the Contract to the “Rent Coverage Agreement” are hereby
  deleted.

  
	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  By reason of the change
  in Purchase
  Price, with regard to Section 8.5(f)
  of the Contract, Seller
  acknowledges that it will secure a current waiver of the Right of First
  Opportunity of Stop & Shop Supermarket
  Company, LLC, based on the Contract, as amended by this Amendment.

  
	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Section 9.2 of the
  Contract is hereby
  amended by amending and restating the first sentence thereof: “Subject
  to satisfaction of the conditions described by the Contract (as herein amended), the closing hereunder (“Closing”) shall
  be held and delivery of all items to be made at the Closing under the terms of
  this Agreement shall be through escrow at the office of Escrow Agent on or before May 31, 2006, time being of the essence (the “Closing Date”).”

  
	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Section 9.5 of the Contract
  is amended as follows: To the extent an acceptable tenant, guarantor, and/or REA estoppel certificate was previously delivered to Seller by Buyer prior
  to the Termination Date, Buyer agrees that it shall secure a tenant update certificate from each such tenant, guarantor, and/or REA party
  substantially in the form attached hereto as
  Exhibits “V,” “W,” and ‘X,”
  respectively.

  
	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Section 10.14 of the Contract, “Rent Coverage Agreement”,
  is hereby deleted.

  
	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Exhibit B of the
  Contract, “Rent Roll”, is hereby replaced with “Exhibit B
  — Revised”, attached hereto and
  made a part hereof.

  
	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Exhibit L of the Contract, ‘‘Security Deposits”,
  is hereby replaced with “Exhibit L — Revised”, attached hereto and made a
  part hereof.

  
	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Except as provided herein, Seller and
  Buyer each hereby re-affirm the
  accuracy of the representations
  made and the Exhibits
  attached to the Contract (to the extent not otherwise modified herein).

  
	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Except as provided herein, the terms and conditions of the Contract shall
  remain in full force and effect.

  
	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  This Amendment may be executed in counterparts and delivered via facsimile
  or email transmission, all of which counterparts taken
  together shall be deemed to be but one original.

  

 

 

7

 

IN WITNESS
WHEREOF, this Amendment has been executed by the partics here to as
of the date
first above written.

 

 

	
  SELLER:

  
	
   

  
	
  LB
  LINCOLN MALL HOLDINGS, LLC

  
	
   

  
	
  By: WP Lincoln Associates, L.P.

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln Developers, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  WP Lincoln, Inc.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  
	
   

  	
  By:

  	
  /s/ Bryan S.
  Weingarten

  
	
   

  	
  Name:

  	
  Bryan S.
  Weingarten

  
	
   

  	
  Title:

  	
  President

  

 

	
  BUYER:

  
	
   

  
	
  INLAND
  REAL ESTATE ACQUISITIONS, INC.

  
	
   

  
	
  By:

  	
  /s/ G. Joseph Cosenza

  	
   

  
	
   

  	
  G. Joseph Cosenza, President

  

 

 

 

 

 

ESCROW
AGENT:

Chicago Title & Trust Company

 

	
  By:

  	
  /s/ Nancy Castro

  
	
   

  	
  Nancy Castro, Senior Escrow Officer

  

 

 

8

 

 

 

AGREEMENT
OF SALE AND PURCHASE

 

between

 

 

LB Lincoln Mall Holdings LLC

 

“Seller”

 

 

and

 

 

Inland
Real Estate Acquisitions, Inc.

 

“Buyer”

 

 

 

 

with
Deposit Instructions for

 

Chicago
Title & Trust Company

 

as
Escrow Agent

 

 

 

 

Lincoln
Mall

Lincoln,
Rhode Island

 

“Property”

 

 

 

TABLE
OF CONTENTS

LIST
OF EXHIBITS AND SCHEDULES

 

	
  ARTICLE 1 - CERTAIN DEFINITIONS

  
	
  Section 1.1

  	
  Definitions

  
	
  Section 1.2

  	
  Rules of Construction

  
	
   

  	
   

  
	
  ARTICLE 2 - PURCHASE PRICE

  
	
  Section 2.1

  	
  Agreement to Purchase and Sell

  
	
  Section 2.2

  	
  Purchase Price

  
	
  Section 2.3

  	
  Deposit

  
	
  Section 2.4

  	
  Failure to Execute

  
	
  Section 2.5

  	
  Intentionally Deleted

  
	
  Section 2.6

  	
  Assumption of Obligations

  
	
   

  	
   

  
	
  ARTICLE 3 - BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY

  
	
  Section 3.1

  	
  Buyer’s Inspections and Due Diligence

  
	
  Section 3.2

  	
  Delivery Period

  
	
  Section 3.3

  	
  Site Visits

  
	
  Section 3.4

  	
  Buyer’s Due Diligence Indemnity

  
	
  Section 3.5

  	
  Confidentiality

  
	
  Section 3.6

  	
  Due Diligence Period

  
	
   

  	
   

  
	
  ARTICLE 4 - TITLE AND SURVEY

  
	
  Section 4.1

  	
  Certain Exceptions to Title

  
	
  Section 4.2

  	
  Title Insurance

  
	
   

  	
   

  
	
  ARTICLE 5 - DEPOSIT AND INSTRUCTIONS

  
	
  Section 5.1

  	
  Permitted Termination; Seller’s Default

  
	
  Section 5.2

  	
  Buyer Default

  
	
  Section 5.3

  	
  Deposit Instructions

  
	
  Section 5.4

  	
  Designation of Reporting Person

  
	
   

  	
   

  
	
  ARTICLE 6 - REPRESENTATIONS AND WARRANTIES OF SELLER

  
	
  Section 6.1

  	
  Representations and Warranties of Seller

  
	
  Section 6.2

  	
  Limited Liability

  
	
  Section 6.3

  	
  Seller’s Knowledge

  
	
  Section 6.4

  	
  Liability of Representations and Warranties

  
	
   

  	
   

  
	
  ARTICLE 7 - REPRESENTATIONS AND WARRANTIES OF BUYER

  
	
  Section 7.1

  	
  Buyer’s Representations and Warranties

  
	
  Section 7.2

  	
  Brokerage

  
	
  Section 7.3

  	
  Buyer’s Independent Investigation

  
	
  Section 7.4

  	
  Buyer’s Release of Seller

  
	
  Section 7.5

  	
  Discharge

  
	
   

  	
   

  
	
  ARTICLE 8 - LEASES; MAINTENANCE OF PROPERTY

  
	
  Section 8.1

  	
  New Leases; Lease Modifications

  
	
  Section 8.2

  	
  Lease Expenses

  
	
  Section 8.3

  	
  Lease Enforcement

  
	
   

  	
   

  

 

 

	
  ARTICLE 9 - CLOSING AND CONDITIONS

  
	
  Section 9.1

  	
  Escrow Instructions

  
	
  Section 9.2

  	
  Closing

  
	
  Section 9.3

  	
  Seller’s Closing Documents and Other Items

  
	
  Section 9.4

  	
  Buyer’s Closing Documents and Other Items

  
	
  Section 9.5

  	
  Estoppel Certificates

  
	
  Section 9.6

  	
  Prorations and Closing Costs

  
	
  Section 9.7

  	
  Brokers

  
	
  Section 9.8

  	
  Expenses

  
	
   

  	
   

  
	
  ARTICLE 10 - MISCELLANEOUS

  
	
  Section 10.1

  	
  Amendment and Modification

  
	
  Section 10.2

  	
  Risk of Loss and Insurance Proceeds

  
	
  Section 10.3

  	
  Notices

  
	
  Section 10.4

  	
  Assignment

  
	
  Section 10.5

  	
  Governing Law and Consent to Jurisdiction

  
	
  Section 10.6

  	
  Counterparts

  
	
  Section 10.7

  	
  Entire Agreement

  
	
  Section 10.8

  	
  Severability

  
	
  Section 10.9

  	
  Attorney Fees

  
	
  Section 10.10

  	
  Payment of Fees and Expenses

  
	
  Section 10.11

  	
  Confidential Information

  
	
  Section 10.12

  	
  Non-Business Day Extensions

  
	
   

  	
   

  
	
  Exhibit “A”

  	
  Description of Land

  
	
  Exhibit “B”

  	
  Rent Roll

  
	
  Exhibit “C”

  	
  Intentionally Deleted

  
	
  Exhibit “D”

  	
  List of Service and Other Contracts

  
	
  Exhibit “E”

  	
  Form of Deed

  
	
  Exhibit “F”

  	
  Form of Bill of Sale

  
	
  Exhibit “G”

  	
  Form of Assignment and Assumption of Leases

  
	
  Exhibit “H”

  	
  Form of Assignment and Assumption of Contracts

  
	
  Exhibit “I”

  	
  Form of Tenant Estoppel Certificate

  
	
  Exhibit “J”

  	
  Intentionally Deleted

  
	
  Exhibit “K”

  	
  Intentionally Deleted

  
	
  Exhibit “L”

  	
  List of Security Deposits

  
	
  Exhibit “M”

  	
  Form of Survey Certification

  
	
  Exhibit “N”

  	
  Form of Audit Letter

  
	
  Exhibit “O”

  	
  Form of REA Estoppel Certificate

  
	
  Exhibit “P”

  	
  Due Diligence Checklist

  
	
  Exhibit “Q”

  	
  Occupancy Conditions

  
	
  Exhibit “R”

  	
  Form of GAP Indemnity

  
	
  Exhibit “S”

  	
  Form of Seller Affidavit

  
	
  Exhibit “T”

  	
  Form of Rent Coverage Agreement

  
	
  Exhibit “T-1”

  	
  Rent Coverage Agreement Deposit Values

  
	
  Exhibit “U”

  	
  Leasing Parameters

  

 

 

 

AGREEMENT OF SALE AND PURCHASE

 

                THIS AGREEMENT OF
SALE AND PURCHASE (this “Agreement”), dated as of February 6, 2006
(the “Effective Date”), is between LB Lincoln Mall Holdings LLC, a Delaware
limited liability company (“Seller”), and Inland Real Estate Acquisitions, Inc.,
an Illinois corporation, or its permitted assignee, as provided in Section 10.4
(Assignment) below (“Buyer”).

 

ARTICLE
1 - CERTAIN DEFINITIONS

 

Section
1.1            Definitions. The parties hereby agree that the following terms
shall have the meanings hereinafter
set forth, such definitions to be applicable equally to the singular and plural
forms, and to the masculine and feminine forms, of such terms:

 

        1.1.1       “Agreement”
shall mean this Agreement, as the same may be amended, modified, or
supplemented from time to time in writing by the parties hereto.

 

1.1.1.1 “Audit Letter” shall mean the letter
attached hereto as Exhibit “N” and made a part hereof.

 

1.1.2       “Business
Days” shall mean any day other than a Saturday,
Sunday or day on which national banking associations are authorized or required
to close.

 

        1.1.3       “Closing” shall have the
meaning ascribed in Section 9.2.

 

        1.1.4       “Closing Date” shall mean,
TIME BEING OF THE ESSENCE, the date on which the Closing shall occur, but in no
event later than the date set forth in Section 9.2.

 

        1.1.5       “Closing Statement” shall have
the meaning ascribed in Section 9.6.1(a).

 

1.1.6       “Contracts” shall mean the
service contracts and other contracts described in Exhibit “D”.

 

        1.1.7       “Intentionally deleted”

 

        1.1.8       “Deposit” shall have the
meaning ascribed in Section 2.3.

 

        1.1.9       “Due Diligence Checklist” shall
mean the document attached hereto as Exhibit “P” and made a part hereof.

 

        1.1.10     “Due Diligence” shall mean the
review contemplated by Section 3.1 and related provisions of this Agreement.

 

        1.1.11     “Due Diligence Items” shall mean
those items, documents and deliveries contemplated in Section 3.2.

 

        1.1.12     “Due Diligence Period” shall
mean the time period contemplated by Section 3.1 of this Agreement.

 

 

 

4

 

        1.1.13     “Effective Date” shall mean the
date of the execution of this Agreement by all parties hereto.

 

        1.1.14     “Environmental Laws” means all
federal, state and local environmental laws, rules, statutes, directives,
binding written interpretations, binding written policies, ordinances and
regulations issued by any Governmental Entity and in effect as of the date of
this Agreement with respect to or which otherwise pertain to or affect the Real
Property or the Improvements, or any portion thereof, the use, ownership,
occupancy or operation of the Real Property or the Improvements, or any portion
thereof, or Buyer, and as same have been amended, modified or supplemented from
time to time prior to the date of this Agreement, including, but not limited to
the Comprehensive Environmental Response, Compensation and Liability Act of
1980 (42 U.S.C. § 9601 et seq.), the Hazardous Substances
Transportation Act (49 U.S.C. § 1802 et seq.), the Resource
Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the
Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe
Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act
(42 U.S.C. § 7401 et seq.), the Solid Waste Disposal Act
(42 U.S.C. § 6901 et seq.), the Toxic Substances Control Act
(15 U.S.C. § 2601 et seq.), the Emergency Planning and Community
Right-to-Know Act of 1986 (42 U.S.C. § 11001 et seq.), the Radon
and Indoor Air Quality Research Act (42 U.S.C. § 7401 note,
et seq.), the Superfund Amendment Reauthorization Act of 1986
(42 U.S.C. § 9601 et seq.), comparable state and local laws, and
any and all rules and regulations which have become effective prior to the date
of this Agreement under any and all of the aforementioned laws.

 

        1.1.15     “Escrow Agent” shall mean Chicago
Title & Trust Company.

 

        1.1.16     “Fixtures” shall mean the
fixtures which are located at and affixed to any of the Improvements as of the
Closing Date, but specifically excluding any trade fixtures of the Tenants
under the Leases.

 

        1.1.17     “Governmental Entity” means the
various governmental and quasi-governmental bodies or agencies having
jurisdiction over Seller, the Real Property or the Improvements or any portion
thereof.

 

        1.1.18     “Hazardous Materials” means any
pollutants, contaminants, hazardous or toxic substances, materials or wastes
(including petroleum, petroleum by-products, radon, asbestos and asbestos
containing materials, polychlorinated biphenyls (“PCBs”), PCB-containing
equipment, radioactive elements, infectious agents, and urea formaldehyde), as
such terms are used in any Environmental Laws (excluding solvents, cleaning
fluids and other lawful substances used in the ordinary operation and
maintenance of the Real Property, to the extent in closed containers).

 

        1.1.19     “Improvements” shall mean the
buildings, improvements, and structures located on the Real Property.

 

        1.1.20     “Land” shall mean the certain
parcel of land and appurtenances thereto more particularly described on Exhibit
“A” including Seller’s right, title and interest in and to all rights-of-way,
open or proposed streets, alleys, easements, strips or gores of land adjacent
to that certain parcel of land.

 

        1.1.21     “Leases” shall mean all
unexpired leases, subleases, occupancy agreements, and any other agreements for
the use, possession, or occupancy of any portion of

 

 

5

 

the Real Property as of the Closing Date,
including any tenant guaranties delivered in connection with any of the
foregoing.

 

        1.1.22     “Licensee Parties” shall mean those
authorized agents, contractors, consultants and representatives of Buyer who
shall inspect, investigate, test or evaluate the Property on behalf of Buyer in
accordance with this Agreement.

 

        1.1.23     “New Leases” or “New Lease”
shall mean, collectively, or singularly, any lease for space at the Property
entered into between the Effective Date and the Closing Date.

 

        1.1.23.1 “Occupancy
Conditions” shall mean those certain conditions described upon
Exhibit “Q,” attached hereto and made a part hereof, as such term is referenced
in the Rent Coverage Agreement.

 

        1.1.24     “Operating Expenses” shall mean
operating expenses and common area maintenance charges, including utilities,
insurance and other charges, under the Leases whether deemed additional rent or
otherwise, but excluding Rent or any charges for taxes or other assessments.

 

        1.1.25     “Permitted Exceptions” shall mean and
include all of the following: applicable zoning and building ordinances and
land use regulations, such state of facts as would be disclosed by a physical
inspection of the Property, the lien of taxes and assessments not yet due and
payable (it being agreed by Buyer and Seller that if any special assessment is
assessed with respect to the Property after the date hereof and the owner of
the Property has the election to pay such tax or assessment either immediately
or under a payment plan with interest, Seller may elect to pay under a payment
plan), any exclusions from coverage set forth in the jacket of any Owner’s
Policy of Title insurance or any standard printed exceptions not removed by the
Owner’s Affidavit, any exceptions caused by Buyer, its agents, representatives
or employees, subject to the approval of Buyer, which approval shall not be
unreasonably withheld or delayed, such other exceptions as the Title Company
shall commit to insure over, without any additional cost to Buyer, whether such
insurance is made available in consideration of payment, bonding, indemnity of
Seller or otherwise, the rights of the tenants under the Leases, any matters
deemed to constitute Permitted Exceptions under Section 4.1 hereof.

 

        1.1.26     “Permitted Outside Parties”
shall have the meaning ascribed in Section 3.5.

 

        1.1.27     “Personal Property” shall mean
all of the right, title, and interest of Seller in and to the tangible personal
property, which is located at and used in connection with the Real Property as
of the Closing Date, but specifically excluding (a) any personal property
owned, financed or leased by the Tenants under the Leases, (b) any
computer software which either is licensed to Seller, or Seller deems
proprietary and (c) any tangible personal property used by any affiliated
or unaffiliated on-site property manager. Personal Property shall not
include any appraisals, budgets, strategic plans for the Real Property,
internal analyses, marketing information, submissions relating to Seller’s
obtaining of corporate authorization, attorney and accountant work product,
attorney-client privileged documents, or other information in the possession or
control of Seller or WP Realty, as defined below, which Seller deems
proprietary.

 

 

6

 

        1.1.28     “Pre-Effective Date Leases”
or “Pre-Effective Date Lease” shall mean,
collectively, or singularly, any lease for space at the Property in effect as
of the Effective Date.

 

        1.1.29     “Property” shall mean the Real
Property, the Personal Property, the Leases, the Contracts, and to the extent
transferable, all of Seller’s right, title and interest in and to all tangible
and intangible assets of any nature relating to the Property, including without
limitation, (a) all warranties upon the Improvements or the Personal Property,
(b) rights to any plans, specifications, engineering studies, reports,
drawings, and prints relating to the construction, reconstruction,
modification, and alteration of Improvements, (c) all works of art, graphic
designs, and other intellectual or intangible property used by Seller in
connection with the Property, including any trade name (Lincoln Mall) associated
with the Improvements, (d) and (d) any governmental permits, licenses,
agreements, utility contracts, or other rights relating to ownership, use, or
operation of the Property.

 

        1.1.30     “Property Manager(s)” shall mean
the entity which manages the Property (i.e. WP Realty, Inc.).

 

        1.1.31     “Intentionally deleted”.

 

        1.1.32     “Purchase Price” shall have the
meaning ascribed in Section 2.2.

 

        1.1.33     “Real Property” shall mean the
Land, Improvements, and Fixtures on the Land.

 

        1.1.33.1 “REA Estoppel Certificate”
shall mean the estoppel certificate attached hereto as Exhibit “O” and made a
part hereof.

 

        1.1.34     “Intentionally Deleted”.

 

        1.1.35     “Intentionally Deleted”.

 

        1.1.36     “Rent Rolls” shall have the
meaning ascribed in Section 3.2.

 

        1.1.37     “Rents” shall have the meaning
and include fixed monthly rentals, additional rentals, percentage rentals,
escalation rentals (which include each Tenant’s proration share of building
operation and maintenance costs and expenses as provided for under the
applicable Lease, to the extent the same exceeds any expense stop specified in
such Lease), retroactive rentals, all administrative charges, utility charges,
tenant or real property association dues, storage rentals, special event
proceeds, temporary rents, telephone receipts, locker rentals, vending machine
receipts and other sums and charges payable by tenants under the Leases or from
other occupants or users of the Property.

 

        1.1.38     “Survey” or “Surveys”
shall mean, that certain ALTA survey of the real property and improvements (including
the Target tract and Target improvements) prepared by a professional registered
land surveyor pursuant to the certification requirements required by the terms
of Exhibit “M” attached hereto and made a part hereof.

 

 

7

 

        1.1.39     “Tenants” shall mean all persons
or entities occupying or entitled to possession of any portion of the Real
Property pursuant to the Leases, including tenants, subtenants, and licensees.

 

        1.1.40     “Title Policy” shall have the
meaning ascribed in Section 4.2.

 

        1.1.41     “Title Commitment” shall have
the meaning ascribed in Section 4.1.

 

        1.1.42     “Title Company” shall mean Chicago
Title & Trust Company.

 

        1.1.43     “WP Realty” shall mean WP Realty, Inc.

 

Section 1.2            Rules of
Construction. Article and Section captions used in this Agreement
are for convenience only and
shall not affect the construction of this Agreement. All references to “Article”
or “Sections” without reference to a document other than this Agreement, are
intended to designate articles and sections of this Agreement, and the words “herein,”
“hereof,” “hereunder,” and other words of similar import refer to this
Agreement as a whole and not to any particular Article or Section, unless
specifically designated otherwise. The use of the term “including” shall mean
in all cases “including but not limited to,” unless specifically designated
otherwise. No rules of construction against the drafter of this Agreement shall
apply in any interpretation or enforcement of this Agreement, any documents or
certificates executed pursuant hereto, or any provisions of any of the
foregoing.

 

ARTICLE 2 - PURCHASE PRICE

 

Section 2.1            Agreement
to Purchase and Sell. Seller agrees to sell, transfer and assign to
Buyer, and Buyer agrees
to purchase, accept and assume subject to the terms and conditions stated
herein, all of Seller’s right, title and interest in and to the Property.

 

Section 2.2            Purchase Price.

 

(a)           Buyer
shall pay Seller a purchase price of Sixty Five Million Five Hundred Seventy-three
Thousand One Hundred Sixty-nine Dollars ($65,573,169.00) (“Purchase Price”) at
Closing to be paid pursuant to the terms of Section 9.2, hereof.

 

(b)           The
Purchase Price and such other funds as may be necessary to pay Buyer’s expenses
hereunder, subject to closing adjustments, shall be deposited with the Escrow
Agent on or before the Closing Date and paid to Seller upon satisfaction of all
conditions precedent to the Closing as described herein.

 

Section 2.3            Deposit. Within one (1)
business day after the Effective Date, Buyer shall deposit via wire transfer the sum of Three Hundred
Seventy-five Thousand Dollars ($375,000.00) in immediately available funds as a
deposit (the “Initial Deposit”) with Escrow Agent whose address and wiring
instructions are as indicated in Section 10.3 hereof. If the Buyer does not
elect to exercise its right to terminate this Agreement in accordance with the
provisions of Section 3.6 below, then Buyer shall deposit, with Escrow Agent
via wire transfer, an additional Six Hundred Twenty-five Thousand Dollars
($625,000.00) (the “Additional Deposit”) (the Initial Deposit and Additional
Deposit shall be collectively known as the “Deposit”) in immediately available
funds by 5:00 p.m. Chicago, Illinois time one (1) business day after the
expiration of the Due Diligence Period. The Deposit shall be fully refundable prior
to the

 

 

8

 

expiration
of the Due Diligence Period and shall otherwise be held and delivered by Escrow
Agent in accordance with the provisions of Article 5. Interest earned on the
Deposit shall be the property of Buyer in all events. After the expiration of
the Due Diligence Period, the Deposit shall be non-refundable except as
provided in Sections 3.6, 4.1, 5.1, 5.3.6, 8.1, 8.5, 9.5.3 and 10.2 of this
Agreement. Except as otherwise expressly set forth herein, the Deposit shall be
applied against the Purchase Price on the Closing Date.

 

Section 2.4            Failure to
Execute. In the event this Agreement is not executed by
Buyer and received and executed
by Seller (a facsimile copy of the executed signature pages with overnight
delivery of the original signed Agreement will be deemed received by Seller) by
4:00 p.m. Eastern Time on February 10, 2006, Buyer’s offer shall become null
and void.

 

Section 2.5            Intentionally
Deleted.

 

Section 2.6            Assumption
of Obligations. As additional consideration for the purchase and
sale of the Property, at
Closing Buyer will: (a) assume and perform all of the covenants and
obligations of Seller pursuant to the Leases and Contracts, including without
limitation, those relating to any tenant deposits (to the extent credited to
Buyer) and the physical or environmental condition of the Property, which arise
on or after the Closing Date; and (b) assume and agree to discharge,
perform and comply with each and every liability, duty, covenant, debt or
obligation of Seller resulting from, arising out of, or in any way related to
any licenses or permits and arising on or after the Closing Date. Buyer hereby
indemnifies and holds Seller harmless from and against any and all claims,
liens, damages, demands, causes of action, liabilities, lawsuits, judgments,
losses, costs and expenses (including but not limited to attorneys’ fees and
expenses) asserted against or incurred by Seller and arising out of the failure
of Buyer to perform its obligations pursuant to this Section 2.6.  The provisions of this
Section 2.6 shall survive the Closing without limitation.

 

ARTICLE 3 - BUYER’S DUE
DILIGENCE/

CONDITION OF THE PROPERTY

 

Section 3.1            Buyer’s
Inspections and Due Diligence. Buyer acknowledges that
commencing on the
Effective Date and continuing for a period which will expire at 5:00 p.m. Chicago,
Illinois time on March 6, 2006 (the “Due Diligence Period”), Buyer has and/or
will conduct, its examinations, inspections, testing, studies and
investigations (herein collectively called the “Due Diligence”) of the
Property, including utilizing the information regarding the Property and such
documents applicable to the Property, as Seller makes available, as set forth
in Section 3.2 below. Except for any limitations as may be imposed by Sections
3.3 and 3.5 below, Buyer may conduct such due diligence activities,
inspections, and studies of the Property as it deems necessary or appropriate,
and examine and investigate to its full satisfaction all facts, circumstances,
and matters relating to the Property (including the physical condition and use,
availability and adequacy of utilities, access, zoning, compliance with applicable
laws, environmental conditions, engineering and structural matters), title,
survey matters, and any other matters it deems necessary or appropriate for
purposes of consummating this transaction. The Due Diligence shall be at Buyer’s
sole cost and expense.

 

Section 3.2            Delivery
Period.

 

(a)           Buyer
hereby acknowledges the receipt from Seller of certain Due Diligence Items
requested by the Buyer and to the extent not already delivered, Seller agrees
to deliver to Buyer the documentation described upon the Due Diligence
Checklist within 5-days of

 

 

9

 

the date hereof to the extent within
Seller’s possession and/or control (collectively, the “Due Diligence Items”).

 

(b)           Intentionally
deleted.

 

(c)           All
documents, materials, and information furnished to or made available to Buyer
pursuant to this Section 3.2 are being furnished or made available to Buyer for
information purposes only and without any representation or warranty by Seller
with respect thereto, express or implied, except as may otherwise be expressly
set forth in Section 6 below and as limited by Section 6.2 and 7.3.2
below, and all such documents, materials, and information are expressly
understood by Buyer to be subject to the confidentiality provisions of Section
3.5 below.

 

Section 3.3            Site
Visits. Buyer and its Licensee Parties shall have reasonable access to the
Real Property at agreed upon times
for agreed upon purposes on at least forty-eight (48) hours prior notice to
Seller. Such notice shall describe the scope of the Due Diligence Buyer intends
to conduct during Buyer’s access to the Real Property. Seller shall make
reasonable efforts to have an agent available to accompany Buyer or any
Licensee Parties, and in all events Seller shall have the right to have a
representative present during any visits to or inspections of the Real Property
by Buyer or any Licensee Parties. Buyer will conduct its Due Diligence in a
manner which is not disruptive to Tenants or the normal operation of the Real
Property. Buyer shall be permitted to enter the Real Property and contact any
leasing agents or Property Manager(s) of the Real Property upon at least
forty-eight (48) hours prior notice to Seller and Seller shall be permitted to
have a representative present during any said contact with said parties. Buyer and
the Licensee Parties may contact any Tenants at the Real Property and make
inquiries of such Tenants which in any way relate to the Real Property upon
notice to Seller. In the event Buyer desires to conduct any physically
intrusive Due Diligence, such as sampling of soils, other media, building
materials, or the like, Buyer will identify in writing exactly what procedures
Buyer desires to perform and request Seller’s express written consent. Seller
may withhold or condition consent to any physically intrusive Due Diligence in
Seller’s sole and absolute discretion. Upon receipt of Seller’s written
consent, Buyer and all Licensee Parties shall, in performing such Due
Diligence, comply with the agreed upon procedures and with any and all laws,
ordinances, rules, and regulations applicable to the Property and will not
engage in any activities which would violate any permit, license, or
environmental law or regulation. Buyer and any Licensee Parties will:
(a) maintain comprehensive general liability (occurrence) insurance in
terms and amounts satisfactory to Seller covering any accident arising in
connection with the presence of Buyer or the other Licensee Parties on the Real
Property or Improvements, and deliver a certificate of insurance, which names
the Seller and WP Realty as additional insureds thereunder verifying such
coverage to Seller prior to entry upon the Real Property or Improvements;
(b) promptly pay when due the costs of all entry and inspections and examinations
done with regard to the Property; and (c) restore the Real Property and
Improvements to the condition in which the same were found before any such
entry upon the Real Property and inspection or examination was undertaken.

 

Section 3.4            Buyer’s Due
Diligence Indemnity. Buyer shall defend, indemnify, and hold harmless Seller, Seller’s
partners, shareholders, or members, as applicable, WP Realty and the Property
Manager(s) from and against all losses, costs, damages, claims, and liabilities
(whether arising out of injury or death to persons or damage to the Property or
otherwise) including, but not limited to, costs of remediation, restoration and
other similar activities, mechanic’s and materialmen’s liens and attorneys’
fees, arising out of or in connection with

 

 

10

 

Buyer’s
Due Diligence or Buyer’s or any Licensee Parties’ entry upon the Real Property,
unless any of the same are caused solely by the gross negligence or willful
misconduct of Seller and/or WP Realty. The provisions of this Section 3.4 shall
survive the Closing or, if the purchase and sale is not consummated, any
termination of this Agreement and shall survive for a period of 12-months from
the date of Closing.

 

Section 3.5            Confidentiality. Buyer agrees
that any information obtained by Buyer or its employees, attorneys, partners,
accountants, lenders or investors, or Licensee Parties (collectively, for
purposes of this Section 3.5, the “Permitted Outside Parties”) in the
conduct of its Due Diligence shall be treated as confidential pursuant to
Section 10.11 of this Agreement. Buyer further agrees that within its
organization, or as to the Permitted Outside Parties, the Due Diligence Items
will be disclosed and exhibited only to those persons within Buyer’s
organization or to those Permitted Outside Parties who are responsible for
determining the feasibility of Buyer’s acquisition of the Property. Buyer
further acknowledges that the Due Diligence Items and other information
relating to the leasing arrangements between Seller and any tenants or
prospective tenants are proprietary and confidential in nature. Buyer agrees
not to divulge the contents of such Due Diligence Items or any other
information except in strict accordance with the provisions of Sections 3.5 and
10.11 of this Agreement. In permitting Buyer and the Permitted Outside Parties
to review the Due Diligence Items and other information to assist Buyer, Seller
has not waived any privilege or claim of confidentiality with respect thereto,
and no third party benefits or relationships of any kind, either express or
implied, have been offered, intended or created by Seller and any such claims
are expressly rejected by Seller and waived by Buyer and the Permitted Outside
Parties, for whom, by its execution of this Agreement, Buyer is acting as an
agent with regard to such waiver.

 

Section 3.6            Due
Diligence Period. In the event Buyer determines, in Buyer’s sole and
exclusive judgment, for any
reason or for no reason, not to acquire the Property, Buyer may, by delivering
to Seller and Escrow Agent written notice of termination hereunder on or before
the end of the Due Diligence Period, terminate its obligations hereunder
without further liability except as described in Sections 3.4, 9.7 and 10.11. If
Buyer timely delivers such written notice of termination, the Deposit, together
with any interest earned thereon, shall promptly be refunded by Escrow Agent to
Buyer. If before the end of the Due Diligence Period, Buyer fails to give
Seller such written notice, then Buyer shall be deemed to have elected to waive
its rights to terminate this Agreement. Buyer shall be permitted after the
expiration of the Due Diligence Period to conduct further physical Due
Diligence and other examinations, inspections, testing, studies or
investigations regarding the Property, provided that Buyer shall not have the
right to terminate this Agreement, pursuant to Article 3 hereof, as a result
thereof.

 

ARTICLE 4 - TITLE AND SURVEY

 

                Section 4.1            Certain Exceptions to Title. Buyer shall
have the right to object in writing to any title matters that are not
Permitted Exceptions which are disclosed in the commitment for title insurance (including
supplemental reports and updates) (“Title Commitment”) or Survey (herein collectively
called “Liens”) during the Due Diligence Period and after the expiration of the
Due Diligence Period to the extent such matters are first shown on Title
Commitment updates and/or the Survey after the expiration of the Due Diligence
Period. Unless Buyer shall timely object to the Liens, all such Liens and any
such supplemental reports or updates (to the extent not objected to by Buyer as
provided above) shall be deemed to constitute additional Permitted Exceptions. Any
exceptions which are timely objected to by Buyer shall be herein collectively
called the “Title Objections.” Seller may elect (but shall not be

 

 

11

 

obligated)
to remove or cause to be removed at its expense, any Title Objections, and shall
be entitled to a reasonable adjournment of the Closing (not to exceed thirty (30)
days) for the purpose of such removal, which removal will be deemed effected by
the issuance of title insurance eliminating or insuring against the effect of
the Title Objections. Seller shall notify Buyer in writing within ten (10)
business days after receipt of Buyer’s notice of Title Objections whether
Seller elects to remove the same. If Seller is unable to remove or endorse over
any Title Objections prior to the Closing, or if Seller elects not to remove
one or more Title Objections, Buyer may elect to either (a) terminate this
Agreement upon notice to Seller and Escrow Agent, in which event the Deposit,
together with any interest earned thereon, shall promptly be paid to Buyer by
Escrow Agent and, thereafter, the parties shall have no further rights or
obligations hereunder except for those obligations which expressly survive the
termination of this Agreement as set forth in Sections 3.4, 9.7 and 10.11, or
(b) waive such Title Objections, in which event such Title Objections shall be
deemed additional Permitted Exceptions and the Closing shall occur as herein
provided without any reduction of or credit against the Purchase Price. Notwithstanding
the above, Seller hereby agrees that it shall (a) satisfy any other mortgage or
deed of trust or other monetary liens placed on the Property by Seller, and (b)
cause the removal (by bonding, payment to the Title Company, or otherwise) of
other monetary liens encumbering the Property (other than any liens caused by
(or relating to) the acts or omissions of the Buyer, the Licensed Parties or
any tenants at the Premises) in an amount not to exceed Five Hundred Thousand
Dollars ($500,000.00) in the aggregate.

 

                Section 4.2            Title Insurance. At
Closing, Buyer shall have the Title Company issue to Buyer an extended coverage ALTA 1992 Form owner’s
form title policy together, if issuable in Rhode Island, with a 3.1 zoning
endorsement (including parking and loading docks), and the following described
additional endorsements: PIN, utility facility, comprehensive, subdivision, contiguity,
creditors rights, condominium, survey, and including coverage for any
construction (the “Title Policy”), in the amount of the Purchase Price,
insuring that fee simple title to the Real Property is vested in Buyer subject
only to the Permitted Exceptions. Buyer shall be entitled to request that the
Title Company provide such endorsements (or amendments) to the Title Policy as
Buyer may reasonably require, provided that (a) such endorsements (or
amendments) shall impose no additional liability on, Seller, (b) Buyer’s
obligations under this Agreement shall not be conditioned upon Buyer’s ability
to obtain such endorsements and, if Buyer is unable to obtain such endorsements,
Buyer shall nevertheless be obligated to proceed to close the transaction
contemplated by this Agreement without reduction of or set off against the
Purchase Price, and (c) the Closing shall not be delayed as a result of Buyer’s
request. Seller agrees to provide the Title Company with a GAP Indemnity in the
form attached hereto as Exhibit “R” and a Seller’s Affidavit in the form
attached hereto as Exhibit “S”.

 

ARTICLE 5 - DEPOSIT AND
INSTRUCTIONS

 

                Section 5.1            Permitted Termination; Seller’s
Default. If the sale of the Property is not consummated due to the
permitted termination of this Agreement by Buyer as herein expressly provided,
the Deposit shall be promptly returned to Buyer, together with any interest
earned thereon. If the sale of the Property is not consummated due to Seller’s
default hereunder, Buyer shall be entitled, as its sole remedy, either (a) to terminate
this Agreement and receive the return of the Deposit, together with any
interest earned thereon, or (b) to enforce specific performance of this
Agreement, together with a claim for reasonable attorney’s fees and costs of
suit. Buyer expressly waives its rights to seek additional damages in the event
of Seller’s default hereunder. Buyer shall be deemed to have elected to
terminate this Agreement and receive back the Deposit, together with any
interest earned thereon, if Buyer

 

 

12

 

fails
to file suit for specific performance against Seller in a court prescribed by
Section 10.5 hereof, on or before sixty (60) days following the date upon which
Closing was to have occurred.

 

                Section 5.2            Buyer Default. If the
sale is not consummated due to the failure of Buyer to Close as provided by the terms of this
Agreement, or due to a Buyer’s default under this Agreement, then Seller shall
retain the Deposit as liquidated damages, which retention shall operate to
terminate this Agreement and release Buyer from any and all liability
hereunder, except as provided in Sections 3.4, 9.7, and 10.11. The parties have
agreed that Seller’s actual damages, in the event of a failure to consummate
this sale due to Buyer’s default, would be extremely difficult or impracticable
to determine. After negotiation, the parties have agreed that, considering all
the circumstances existing on the date of this Agreement, the amount of the
Deposit is a reasonable estimate of the damages that Seller would incur in such
event. By executing this Agreement of Sale and Purchase, each party
specifically confirms the accuracy of the statements made above and the fact
that each party was represented by counsel who explained, at the time this
Agreement was made, the consequences of this liquidated damages provision. The
foregoing is not intended to limit Buyer’s indemnity obligations under Sections
3.4, 9.7, and 10.11.

 

                Section 5.3            Deposit Instructions. The
Escrow Agent joins hereinbelow to evidence its agreement to hold such funds in
accordance with the terms and conditions of this Agreement. Further, the
following provisions shall control with respect to the rights, duties and
liabilities of the Escrow Agent.

 

5.3.1               The
Escrow Agent acts hereunder as a depository only and is not responsible or
liable in any manner whatsoever for the (i) sufficiency, correctness,
genuineness or validity of any written instrument, notice or evidence of a
party’s receipt of any instruction or notice which is received by the Escrow
Agent, or (ii) identity or authority of any person executing such instruction
notice or evidence.

 

5.3.2               The
Escrow Agent shall have no responsibility hereunder except for the performance
by it in good faith of the acts to be performed by it hereunder, and the Escrow
Agent shall have no liability except for its own willful misconduct or gross
negligence.

 

5.3.3               The
Escrow Agent shall be reimbursed on an equal basis by Buyer and Seller for any
reasonable expenses incurred by the Escrow Agent arising from a dispute with
respect to the amount held in escrow, including the cost of any legal expenses
and court costs incurred by the Escrow Agent, should the Escrow Agent deem it
necessary to retain an attorney with respect to the disposition of the amount
held in escrow.

 

5.3.4               In
the event of a dispute between the parties hereto with respect to the
disposition of the amount held in escrow, the Escrow Agent shall be entitled,
at its own discretion, to deliver such amount to an appropriate court of law
pending resolution of the dispute.

 

5.3.5               The
Escrow Agent shall invest the amount in escrow in accounts which are federally
insured or which invest solely in government securities and shall be applied in
accordance with the terms of this Agreement. Interest earned thereon shall be the
property of Buyer in all events.

 

 

13

 

5.3.6               If, after the expiration of the Due
Diligence Period and prior to the Closing Date, the Escrow Agent receives a
certificate of either Seller or Buyer (for purposes of this Section 5.3.6, the “Certifying
Party”) certifying that, (a) the Certifying Party is entitled to receive the
Deposit pursuant to the terms of this Agreement, and (b) a copy of the
certificate was delivered as provided herein to the other party (for purposes
of this Section 5.3.6, the “Other Party”) prior to or contemporaneously with
the giving of such certificate to the Escrow Agent, then, the Escrow Agent
should thereupon immediately forward said certification to the other party by
fax and overnight mail in accordance with Section 10.3 hereof and then, unless
the Escrow Agent has then previously received, or receives within five (5)
Business Days after receipt of the Certifying Part’s certificate, contrary
instructions from the Other Party, the Escrow Agent, within one (1) Business
Day after the expiration of the foregoing five (5) Business Day period, will
deliver the Deposit to the Certifying Party, and thereupon the Escrow Agent
will be discharged and released from any and all liability hereunder. If the
Escrow Agent receives contrary instructions from the Other Party within five
(5) Business Days following the Escrow Agent’s receipt of said certificate, the
Escrow Agent will not so deliver the Deposit, but will continue to hold the
same pursuant hereto.

 

NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THE
CONTRARY, ESCROW AGENT IS HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE DEPOSIT
(INCLUDING ANY INTEREST EARNED THEREON) TO BUYER IMMEDIATELY (WITHOUT FURTHER
AUTHORIZATION FROM SELLER) UPON RECEIPT BY ESCROW AGENT OF BUYER’S NOTICE OF
TERMINATION OF THIS AGREEMENT PURSUANT TO SECTION 3.6 ABOVE, ON OR PRIOR TO
5:00 P.M. (CHICAGO, ILLINOIS TIME) ON MARCH 6, 2006.

 

                Section 5.4            Designation of Reporting Person.
In order to assure compliance with the requirements of
Section 6045 of the Internal Revenue Code of 1986, as amended (for
purposes of this Section 5.4, the “Code”), and any related reporting
requirements of the Code, the parties hereto agree as follows:

 

(a)           Provided the Escrow Agent shall
execute a statement in writing (in form and substance reasonably acceptable to
the parties hereunder) pursuant to which it agrees to assume all
responsibilities for information reporting required under Section 6045(e) of
the Code, Seller and Buyer shall designate the Escrow Agent as the person to be
responsible for all information reporting under Section 6045(e) of the Code
(the “Reporting Person”). If the Escrow Agent refuses to execute a statement
pursuant to which it agrees to be the Reporting Person, Seller and Buyer shall
agree to appoint another third party as the Reporting Person.

 

(b)           Seller and Buyer hereby agree:

 

(i) to provide to the
Reporting Person all information and certifications regarding such party, as
reasonably requested by the Reporting Person or otherwise required to be
provided by a party to the transaction described herein under Section 6045
of the Code; and

 

(ii) to provide to the
Reporting Person such party’s taxpayer identification number and a statement
(on Internal Revenue Service Form W-9 or an acceptable substitute form,
or on any other form the applicable current or future Code sections and
regulations might require and/or any form requested by the Reporting Person),
signed under penalties of perjury, stating that the taxpayer identification
number supplied by such party to the Reporting Person is correct.

 

 

14

 

                (c)           Each party hereto agrees to retain
this Agreement for not less than three (3) years from the end of the calendar
year in which the Closing occurred, and to produce it to the Internal Revenue
Service upon a valid request therefor.

 

ARTICLE 6 - REPRESENTATIONS AND
WARRANTIES OF SELLER

 

                Section
6.1            Representations and
Warranties of Seller. Subject to the provisions of Sections 6.2 and 7.5, Seller makes the
following representations and warranties with respect to the Property:

 

                (a)           Status. Seller
is duly organized or formed limited liability company, validly existing and in
good standing under the laws of the State of its organization and qualified to
do business in the State in which the Property is located.

 

                (b)           Authority. The
execution and delivery of this Agreement and the performance of Seller’s
obligations hereunder have been or will be duly authorized by all necessary
action on the part of the Seller, and this Agreement constitutes the legal,
valid and binding obligation of the Seller, subject to equitable principles and
principles governing creditors’ rights generally.

 

                (c)           Non-Contravention.
The execution and delivery of this Agreement by the Seller and the consummation
by Seller of the transaction contemplated hereby will not, to the Seller’s
knowledge (i) violate any judgment, order, injunction, decree, regulation or
ruling of any court or Governmental Entity or (ii) conflict with, result in a
breach of, or constitute a default under the organic documents of the Seller,
any note or other evidence of indebtedness, any mortgage, deed of trust or
indenture, or any lease or other material agreement or instrument to which the
Seller is a party or by which the Seller may be bound.

 

                (d)           Suits and Proceedings.
There are no legal actions, suits or similar proceedings pending and served, or
to Seller’s knowledge, threatened against the Seller or the Property which (i)
are not adequately covered by existing insurance or (ii) if adversely
determined, would adversely affect the value of the Property, the continued
operations thereof, or Seller’s ability to consummate the transactions
contemplated hereby.

 

                (e)           Non-Foreign
Entity. Seller is not a “foreign person” or “foreign corporation” as
those terms are defined in the Internal Revenue Code of 1986, as amended, and
the regulations promulgated thereunder.

 

                (f)            Consents. No
consent, waiver, approval or authorization is required from any person or
entity (that has not already been obtained) in connection with the execution
and delivery of this Agreement by Seller or the performance by Seller of the
transaction contemplated hereby.

 

                (g)           No Violations. Seller
has not received any written notification from any Governmental Entity (i) that
the Property is in violation of applicable fire, health, building, ADA, use,
occupancy or zoning laws or (ii) that any work is required to be done upon or
in connection with the Property where such work remains outstanding and, if
unaddressed would have a material adverse affect on the use of the Property as
currently owned and operated.

 

 

15

 

                (h)           Condemnation. Seller
has not received any written condemnation notice with respect to all or any part
of the Property.

 

                (i)            Leasing Commission
Agreements. There are no leasing commissions or fees currently owing
or to be paid for any Pre-Effective Date Leases which have not been fully paid
or will be fully paid prior to Closing.

 

                (j)            Environmental. Seller
has not received written notice of violation of any Environmental Laws.

 

                (k)           As of the date hereof, Seller has
paid, all unemployment taxes and personal property taxes, if any, due and
payable by Seller.

 

                (l)            Security Deposits.
The Seller, as of the Effective Date, holds the security deposits listed on
Exhibit “L” from the tenants of the Property.

 

                (m)          Leases. The
Rent Roll attached hereto as Exhibit “B” is true and correct in all material
respects. At Closing, Seller shall deliver an updated Rent Roll to Buyer,
certified by Seller as then being true and correct. There are no leases,
license agreements, occupancy agreements or tenancies, written or oral, for any
space in the Property other than the Leases set forth on the Rent Roll. Seller
has delivered to Buyer a true, correct and complete copy of each of the Leases (including
all amendments, modifications and supplements thereto). Except as may be
otherwise disclosed to Buyer in the Due Diligence Items provided to Buyer: (i)
each of the Leases is in full force and effect and each Tenant is now in
possession of its premises under its Lease; (ii) to Seller’s knowledge, no
Tenant is in default in the observance of any of the material covenants or
conditions to be kept, observed or performed by it under its Lease; (iii)
except as may be set forth in the Leases, no Tenant is entitled to any free
rent, rebate, rent concession, deduction or offset; (iv) Seller has not
received from any Tenant under a Lease any written notice of default which is
uncured as of the Effective Date in performing any of its obligations as
landlord under such Lease and to Seller’s knowledge, there are no pending
claims for offsets against rent.

 

                (n)           Contracts, Licenses and
Permits. Except as shown on Exhibit “D”, there are no service or
other contracts, licenses or permits affecting Seller’s operation of the
Property. Seller agrees to cooperate in terminating as of Closing, those
Contracts Buyer wishes to terminate. The existing management contract for the
Property shall terminate as of the Closing Date, although the existing
management company and Seller shall cooperate in the orderly transition of
management of the Property to Buyer.

 

                (o)           Development Agreements.
There exist no non-recorded development, cost-sharing, recapture or
like-agreements burdening either Seller or the Property that will survive the
Closing of the transactions described by this Agreement

 

                (p)           Brokerage. Seller
represents and warrants that there are no claims for brokerage commissions,
finders’ fees, or similar compensation in connection with this Agreement based
on any arrangement or agreement entered into by Seller and binding upon Buyer,
except as set forth in Section 9.7 hereof.

                (q)           Seller represents and warrants that
the Property is currently not under contract with another party other than the
Buyer.

 

16

 

                Section 6.2            Limited Liability. The
repre­sen­tations and warranties of Seller set forth in Section 6.1, together with
Seller’s liability for any breach before Closing of any of the Seller’s interim
operating covenants under Article 8, will survive the Closing for a period
of twelve (12) months. Buyer will not have any right to bring any action
against Seller as a result of any material untruth or inaccuracy of such
representations and warranties, unless and until an action is filed within said
twelve (12) month period. In the event, Buyer, in said action receives an
unappealable judgment against Seller on account of any material untruth or
inaccuracy of such representations and warranties, then subject to the
provisions hereof, Seller shall be liable to Buyer for the amount of such
judgment, however, it is understood and agreed that notwithstanding the amount
of such judgment, Seller’s liability thereunder shall nevertheless be capped at
an amount not to exceed a total of One Million Dollars ($1,000,000.00) and
Buyer hereby knowingly waives any right or claim to seek and receive an amount
in excess of One Million Dollars ($1,000,000.00) from the Seller on account
thereof. Seller shall have no liability with respect to any of Seller’s
representations, warranties and covenants herein if, prior to the Closing,
Buyer has actual knowledge of any breach of a covenant of Seller herein, or
Buyer obtains actual knowledge (from whatever source, including, without
limitation, any tenant estoppel certificates, as a result of Buyer’s Due
Diligence or written disclosure by Seller or Seller’s agents and employees)
that contradicts any of Seller’s representations and warranties herein, and
Buyer nevertheless consummates the transaction contemplated by this Agreement. Sections 3.4,
9.7 and 10.11 will survive Closing without limitation unless a specified period
is otherwise provided in this Agreement. All other representations, warranties,
covenants and agreements made or undertaken by Seller under this Agreement,
unless otherwise specifically provided herein, will survive the Closing Date for
a period of 12-months from the date thereof. As used herein, the phrase “Buyer
obtains knowledge,” or “known to Buyer,” or words of similar import (i) shall mean
the actual knowledge of G. Joseph Cosenza, Robert Brinkman and/or Karen Kautz, and
not the knowledge of any other person, (ii) shall mean the actual knowledge of
such individual, without any investigation or inquiry of any kind, and (iii)
shall not mean such individual is charged with knowledge of the acts, omissions
and/or knowledge of any Buyer’s agents or employees.

                Section 6.3            Seller’s Knowledge. For
purposes of this Agreement and any document delivered at Closing, whenever the phrase “to
Seller’s knowledge” or the “knowledge” of Seller or words of similar import are
used, they shall be deemed to refer to facts within the actual knowledge only
of Bryan S. Weingarten and Joseph Staugaard of WP Realty and no others, at the
times indicated only, upon reasonable investigation of the files in the
possession of Bryan S. Weingarten and Joseph Staugaard of WP Realty, and not to
any constructive knowledge of the foregoing individual or of Seller, any entity
that is a partner in Seller, or any affiliates of any thereof, or to any
officer, agent, representative, or employee of Seller, any such constituent
partner, or any such affiliate.

 

                Section 6.4            Liability of Representations and
Warranties.  Buyer
acknowledges that the individual
named above are named solely for the purpose of defining and narrowing the
scope of Seller’s knowledge and not for the purpose of imposing any liability
on or creating any duties running from such individual or WP Realty to Buyer. Buyer
covenants that it will bring no action of any kind against such individual, any
shareholder, partner or member of Seller, as applicable, or WP Realty related
to or arising out of these representations and warranties. The individual named
is an officer of WP Realty who currently has responsibility for asset
management of Seller’s interest in the Real Property and for the day to day
management and the sale thereof.

 

 

17

 

ARTICLE 7 - REPRESENTATIONS AND WARRANTIES OF BUYER

 

                Section 7.1            Buyer’s Representations and
Warranties. Buyer represents and warrants to Seller the following:

 

                (a)           Status. Buyer
is a corporation duly organized and validly existing under the laws of the State
of Illinois.

 

                (b)           Authority. The
execution and delivery of this Agreement and the performance of Buyer’s
obligations hereunder have been or will be duly authorized by all necessary
action on the part of Buyer and this Agreement constitutes the legal, valid and
binding obligation of Buyer, subject to equitable principles and principles
governing creditors’ rights generally.

 

                (c)           Non-Contravention.
The execution and delivery of this Agreement by Buyer and the consummation by
Buyer of the transactions contemplated hereby will not violate any judgment,
order, injunction, decree, regulation or ruling of any court or Governmental
Entity or conflict with, result in a breach of, or constitute a default under
the organic documents of Buyer, any note or other evidence of indebtedness, any
mortgage, deed of trust or indenture, or any lease or other material agreement
or instrument to which Buyer is a party or by which it is bound.

 

                (d)           Consents. No
consent, waiver, approval or authorization is required from any person or
entity (that has not already been obtained) in connection with the execution
and delivery of this Agreement by Buyer or the performance by Buyer of the
transactions contemplated hereby.

 

                Section 7.2            Brokerage. Buyer
represents and warrants that there are no claims for brokerage commissions, finders’ fees, or similar
compensation in connection with this Purchase Agreement based on any
arrangement or agreement entered into by Buyer and binding upon Seller, except
as may be otherwise specifically set forth in Section 9.7 below.

 

                Section 7.3            Buyer’s Independent Investigation.

 

7.3.1               Buyer has been given, or will be
given before the end of the Due Diligence Period, a full opportunity to inspect
and investigate each and every aspect of the Property, either independently or
through agents of Buyer’s choosing, including, without limitation:

 

(a)           All matters relating to title,
together with all governmental and other legal requirements such as taxes,
assessments, zoning, use permit requirements, and building codes;

 

(b)           The physical condition and aspects of
the Property, including, without limitation, the interior, the exterior, the
square footage within the improvements on the Real Property and within each
tenant space therein, the structure, the paving, the utilities, and all other
physical and functional aspects of the Property, including, without limitation,
an examination for the presence or absence of Hazardous Materials, which shall
be performed or arranged by Buyer at Buyer’s sole expense;

 

 

18

 

(c)           Any easements and/or access rights
affecting the Property;

 

(d)           The Leases and all matters in
connection therewith, including, without limitation, the ability of the tenants
to pay rent;

 

(e)           The service contracts and any other
documents or agreements of significance affecting the Property; and

 

(f)            All other matters of material
significance affecting the Property or delivered to Buyer by Seller in
accordance with Article 3 of this Agreement.

 

7.3.2               THE TRANSACTION CONTEMPLATED BY
THIS AGREEMENT HAS BEEN NEGOTIATED BETWEEN SELLER AND BUYER, THIS AGREEMENT
REFLECTS THE MUTUAL AGREEMENT OF SELLER AND BUYER, AND BUYER HAS CONDUCTED OR
SHALL CONDUCT ITS OWN INDEPENDENT EXAMINATION OF THE PROPERTY. OTHER THAN THE
MATTERS REPRESENTED IN SECTION 6.1 HEREOF AS SUCH MAY BE LIMITED BY
SECTION 6.2 HEREOF, BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON,
EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF SELLER OR ANY
OF SELLER’S AGENTS OR REPRESENTATIVES, AND BUYER HEREBY ACKNOWLEDGES THAT NO
SUCH REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS EXPRESSLY PROVIDED HEREIN, SELLER
SPECIFICALLY DISCLAIMS, AND NEITHER IT NOR ANY OTHER PERSON IS MAKING, ANY
REPRESENTATION, WARRANTY OR ASSURANCE WHATSOEVER TO BUYER AND NO WARRANTIES OR
REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED, ARE MADE
BY SELLER OR RELIED UPON BY BUYER WITH RESPECT TO THE STATUS OF TITLE TO OR THE
MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, OR ANY
PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (a) ANY IMPLIED OR EXPRESS
WARRANTY OF MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS WARRANTY OF
FITNESS FOR A PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF
CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF BUYER
UNDER APPROPRIATE STATUTES TO CLAIM DIMINUTION OF CONSIDERATION, (e) ANY
CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, WITH
RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (f) THE FINANCIAL
CONDITION OR PROSPECTS OF THE PROPERTY AND (g) THE COMPLIANCE OR LACK
THEREOF OF THE REAL PROPERTY OR THE IMPROVEMENTS WITH GOVERNMENTAL REGULATIONS,
IT BEING THE EXPRESS INTENTION OF SELLER AND BUYER THAT, EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, THE PROPERTY WILL BE CONVEYED AND TRANSFERRED TO
BUYER IN ITS PRESENT CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS”,
WITH ALL FAULTS. Buyer represents that it is a knowledgeable, experienced and
sophisticated buyer of real estate, and that it is relying solely on its own
expertise and that of Buyer’s consultants in purchasing the Property (other
than as expressly provided herein). Buyer acknowledges and agrees that it will
have the opportunity to conduct such inspections, investigations and other
independent examinations of the Property and related matters, including but not
limited to the physical and environmental conditions thereof, during the Due
Diligence Period and will rely upon same and not upon any statements of Seller
or of any officer, director, employee, agent or attorney of Seller (except as
expressly set forth herein). Buyer acknowledges that all information obtained
by Buyer will be obtained

 

 

19

 

from
a variety of sources and Seller will not be deemed to have represented or
warranted the completeness, truth or accuracy of any of the Due Diligence Items
or other such information heretofore or hereafter furnished to Buyer (except as
expressly set forth herein). Upon Closing, Buyer will assume the risk that
adverse matters, including, but not limited to, adverse physical and environmental
conditions, may not have been revealed by Buyer’s inspections and
investigations. Buyer acknowledges and agrees that upon Closing, Seller will
sell and convey to Buyer, and Buyer will accept the Property, “AS IS, WHERE IS,”
with all faults. Buyer further acknowledges and agrees that there are no oral
agreements, warranties or representations, collateral to or affecting the
Property, by Seller, any agent of Seller or any third party. Seller is not
liable or bound in any manner by any oral or written statements,
representations or information pertaining to the Property furnished by any real
estate broker, agent, employee, servant or other person, unless the same are
specifically set forth or referred to herein. Buyer acknowledges that the
Purchase Price reflects the “as is, where is” nature of this sale and any
faults, liabilities, defects or other adverse matters that may be associated
with the Property. BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE
DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, AND UNDERSTANDS THE
SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE
DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS
AGREEMENT, AND THAT SELLER WOULD NOT HAVE AGREED TO SELL THE PROPERTY TO BUYER
FOR THE PURCHASE PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN
THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS SUBSECTION 7.3.2 WILL
EXPRESSLY SURVIVE THE CLOSING, WILL NOT MERGE WITH THE PROVISIONS OF ANY
CLOSING DOCUMENTS.

 

                Section 7.4            Buyer’s Release of Seller.

 

        7.4.1       Seller Released From Liability.
Seller is hereby released from all responsibility and liability to Buyer (and
not to any third party) regarding the condition (including the presence in the
soil, air, structures and surface and subsurface waters, of Hazardous Materials
or substances that have been or may in the future be determined to be toxic,
hazardous, undesirable or subject to regulation and that may need to be
specially treated, handled and/or removed from the Property under current or
future federal, state and local laws, regulations or guidelines), valuation,
salability or utility of the Property, or its suitability for any purpose
whatsoever except to the extent that such responsibility or liability is the
result of the material inaccuracy (if any) of Seller’s representations under
Section 6.1 hereof.

 

        7.4.2       Buyer’s Waiver of
Objections. Buyer acknowledges that it has inspected or will inspect
during the Due Diligence Period the Property, observed its physical characteristics
and existing conditions and had the opportunity to conduct such investigation
and study on and of said Property and adjacent areas as it deemed necessary,
and subject to Seller’s responsibility for any breach of the warranties and
representations contained in Section 6.1 of this Agreement, hereby waives
any and all objections to or complaints (including but not limited to actions
based on federal, state or common law and any private right of action under
CERCLA, RCRA or any other state and federal law to which the Property is or may
be subject) regarding physical characteristics and existing conditions,
including without limitation structural and geologic conditions, subsurface
soil and water conditions and solid and hazardous waste and Hazardous Materials
on, under, adjacent to or otherwise affecting the Property. Buyer further
hereby assumes the risk of changes in applicable laws and regulations

 

 

20

 

relating
to past, present and future environmental conditions on the Property, and the
risk that adverse physical characteristics and conditions, including without
limitation the presence of Hazardous Materials or other contaminants, may not
be revealed by its investigation.

 

                7.4.3       Survival. The foregoing
waivers and releases by Buyer shall survive either (a) the Closing and the
recordation of the Deed, and shall not be deemed merged into the Deed upon its
recordation, or (b) any termination of this Agreement.

 

                Section 7.5            Discharge. Notwithstanding
any other provisions contained herein, or in any document or instrument delivered in
connection with the transfer contemplated hereby, to the contrary (including,
without limitation, any language providing for survival of certain provisions
hereof or thereof), Buyer hereby acknowledges and agrees that (a) prior to
Closing, Buyer’s sole recourse in the event of a breach by Seller shall be as
set forth in Section 5.1 hereof, and (b) Seller shall, upon consummation of
Closing, be deemed to have satisfied and fulfilled all of Seller’s covenants,
indemnities, and obligations contained in this Agreement and the documents
delivered pursuant hereto, and Seller shall have no further liability to Buyer
or otherwise with respect to this Agreement, the transfers contemplated hereby,
or any documents delivered pursuant hereto, except (i) to the extent of any
obligation or liability Seller may have under Section 6.1 as to which Seller’s
liability, if any, shall be limited as provided in Sections 6.2, and (ii) to
the extent of any obligation or liability Seller may have under Section 9.5, as
such may be limited by Section 6.2, if such Seller has certified any estoppel
certificate.

 

ARTICLE 8 - LEASES; MAINTENANCE
OF PROPERTY

 

                From the date hereof until the
Closing, and except as otherwise consented to or approved by Buyer, Seller
covenants and agrees with Buyer as follows:

 

                Section 8.1            New Leases; Lease Modifications.
After the expiration of the Due Diligence Period, Seller shall not, without
Buyer’s prior written consent in each instance, which consent shall not be
unreasonably withheld and shall be given or denied in good faith, with the
reasons for such denial specified in reasonable detail, within five (5)
Business Days after receipt by Buyer of the information referred to in the next
sentence, enter into a New Lease; modify or amend any Pre-Effective Date
Lease (except pursuant to the exercise by a Tenant of a renewal, extension or
expansion option or other right contained in such Tenant’s lease); consent to
any assignment or sublease in connection with any Pre-Effective Date
Lease or New Lease; or remove any tenant under any Pre-Effective Date
Lease or New Lease, whether by summary proceedings or otherwise, except by
reason of a default of the tenant under the subject Pre-Effective Lease
or New Lease. Seller shall furnish Buyer with a written notice of the proposed
action which shall contain information regarding the proposed action that
Seller believes is reasonably necessary to enable Buyer to make informed
decisions with respect to the advisability of the proposed action. If Buyer
fails to object in writing to any such proposed action within five (5) Business
Days after receipt of the aforementioned information, Buyer shall be deemed to
have approved the proposed action. If any Lease requires that the landlord’s
consent be given under the applicable circumstances (or not be unreasonably
withheld), then Buyer shall be deemed ipso facto to have approved such action. Any
notice from Buyer rejecting the proposed action shall include a description of
the reasons for Buyer’s rejection. If Buyer rejects the proposed action, Seller
nevertheless retains full right, power and authority to execute such documents
as are necessary to effect such action, and Seller shall promptly advise Buyer
of the same. The foregoing notwithstanding, in the event Buyer has rejected the
proposed action but the Seller nonetheless proceeds to effect it, Buyer shall
have the right,

 

 

21

 

within
five (5) Business Days after receipt of such Seller’s notice that the Seller
has taken such action, to elect to terminate this Agreement by the delivery to
Seller and Escrow Agent of a written notice of termination, in which case the
Deposit, including any interest earned thereon, shall be paid to Buyer and,
thereafter, the parties shall have no further rights or obligations hereunder
other than any arising under any section herein which expressly provides that
it shall survive the termination of this Agreement. If Buyer fails to notify
Seller within such time period, Buyer shall be deemed to have fully waived any
rights to terminate this Agreement pursuant to this Section 8.1. Seller
shall deliver to Buyer a true and complete copy of each such New Lease, renewal
or extension agreement, modification, or amendment, as the case may be,
promptly after the execution and delivery thereof.

 

Section 8.2            Lease
Expenses. Seller shall be responsible for the cost and
expense required to place all of
the current vacant tenant rentable space at the Property into “vanilla box”
finish condition if they are not currently in said condition.

 

Section 8.3            Lease
Enforcement. Subject to the provisions of Section 8.1
above, prior to the Closing
Date, Seller shall have the right, but not the obligation (except to the
extent that Seller’s failure to act shall constitute a waiver of such rights or
remedies), to enforce the rights and remedies of the landlord under any
Pre-Effective Date Lease or New Lease, by summary proceedings or otherwise.

 

Section 8.4            Additional
Covenants. Seller agrees that during the period between the Effective Date and the Closing Date,
Seller will manage and operate the Property (including making all required
repairs) or will cause the Property to be managed and operated (including,
making all required repairs) under policies substantially similar to those
existing prior to the Effective Date and shall continue to offer services and
amenities in accordance with past practices. Seller will maintain in effect the
existing property and liability insurance coverage with respect to the Property
from the date hereof through the Closing Date or earlier termination of this Agreement.
Seller will not grant any Lien or cause any instrument to be recorded that
would further encumber the Property in any manner, unless same will be
discharged on or prior to Closing. After the end of the Due Diligence Period,
Seller shall not amend any Contract or enter into any new service or
maintenance contract or similar agreement that is not terminable as of the
Closing Date. Seller shall give Buyer prompt notice if, during the term of this
Agreement, (a) Seller receives any written notices of violations of applicable
laws, or (b) Seller receives notice that any Tenant has filed bankruptcy or has
vacated and ceased doing business at its premises (other than upon expiration
of its Lease) or (c) there is any occurrence that would render any of Seller’s
representations or warranties herein untrue in any material respect at Closing.
Subject to the prorations described in this Agreement, Seller will cause to be
paid all trade accounts and costs and expenses of operation and maintenance of
the Property incurred or attributable to a period prior to the Closing. Seller
will not hereinafter enter into (including, without limitation, any term sheet,
letter of intent, contract or like agreement) for or relating to the purchase
of all or substantially all of the Property or any part thereof from any person
other than Buyer.

 

Section 8.5            Conditions Precedent to
Buyer’s Closing Obligations. The obligations of Buyer to purchase the Property from
Seller and to perform the other covenants and obligations to be performed by
Buyer on the Closing Date shall be subject to the following conditions (all or
any of which may be waived in writing, in whole or in part, by Buyer):

 

 

22

 

(a)           Representations and Warranties.
The representations and warranties made by Seller in Section 6.1 hereof shall
be true and correct in all material respects on the date of this Agreement and
shall be true and correct in all material respects on and as of the Closing
Date with the same force and effect as if such representations and warranties
had been made on and as of the Closing Date. For purposes of this Section 8.5(a),
to the extent that any representation and warranty made by Seller is based upon
the knowledge of Seller or the lack of receipt of notice by Seller, such
knowledge or notice (subject to the provisions of Sections 6.2 and 6.3 of this
Agreement) shall include any actual knowledge of Seller or notice received by
Seller on or prior to the Closing Date, whether obtained or received by Seller
from a third party, Buyer or otherwise.

 

(b)           Estoppel
Certificates. On the Closing Date, the requirements related to estoppel
certificates in Section 9.5 shall have been satisfied.

 

(c)           Seller
shall have performed in all material respects and complied in all material
respects with all covenants and requirements of Seller set forth in this
Agreement.

 

(d)           On the Closing Date, the Property is then
in substantially the same physical condition as existed upon the expiration of
the Due Diligence Period, reasonable wear and tear and damage caused by
casualty excepted.

 

(e)           As of the date of Closing, neither
Seller nor any Major Tenant shall be in material default under the terms of any
Lease and no Major Tenant shall have filed for bankruptcy protection under any
applicable statute.

 

(f)            A written waiver is received from
Stop & Shop Supermarket Company, LLC waiving their right under Section XX
of their Lease (“Right of First Opportunity”), as same pertains to the
transaction contemplated by this Agreement.

 

The failure of any of the foregoing conditions after
the expiration of the Due Diligence Period and prior to Closing shall entitle
Buyer to either (i) waive any or all such conditions and proceed to Closing or
(ii) terminate this Agreement upon notice to Seller and Escrow Agent and Seller’s
and Buyer’s respective obligations to sell or purchase the Property shall be
null, void and of no force or effect and neither Seller nor Buyer shall have
further rights or obligations hereunder, except pursuant to such provisions
hereof as expressly survive the termination of this Agreement, and the Title
Company shall, subject to the provisions of Section 5.3.6 hereof, promptly
cause the Deposit, together with any interest earned thereon, to be returned to
Buyer (unless Seller shall deliver its good faith objection thereto to the
Title Company and Buyer within five (5) business days of receipt of Buyer’s
notice of termination).

 

ARTICLE 9 - CLOSING AND CONDITIONS

 

                Section 9.1            Escrow Instructions. Upon execution
of this Agreement, the parties hereto shall deposit an executed counterpart
of this Agreement with the Title Company, and this instrument shall serve as
the instructions to the Title Company as the escrow holder for consummation of
the purchase and sale contemplated hereby. Seller and Buyer agree to execute
such reasonable additional and supplementary escrow instructions as may be
appropriate to enable the Title Company to comply with the terms of this
Agreement; provided, however, that in the event of any conflict between the
provisions of this Agreement and any supplementary escrow instructions, the
terms of this Agreement shall control.

 

 

23

 

                Section 9.2            Closing. The closing
hereunder (“Closing”) shall be held and delivery of all items to be made at the Closing under the terms of
this Agreement shall be through escrow at the office of the Escrow Agent on or
before seven (7) business days after the expiration of the Due Diligence
Period, time being of the essence (the “Closing Date”). Such date and time may
not be extended without the prior written approval of both Seller and Buyer. Subject
to the terms of this Agreement, no later than 11:00 a.m. Chicago, Illinois
time on the Closing Date, Buyer shall deposit, by wire transfer, in escrow with
the Escrow Agent the Purchase Price (subject to adjustments described in
Section 9.6), together with all other costs and amounts to be paid by
Buyer at the Closing pursuant to the terms of this Agreement, by Federal
Reserve wire transfer of immediately available funds to an account to be
designated by the Escrow Agent. No later than 2:00 p.m. Chicago, Illinois time
on the Closing Date, (a) Buyer will cause the Escrow Agent to (i) pay
to Seller by Federal Reserve wire transfer of immediately available funds to an
account designated by Seller, the Purchase Price (subject to adjustments
described in Section 9.6), less any costs or other amounts to be paid by
Seller at Closing pursuant to the terms of this Agreement, and (ii) pay
all appropriate payees the other costs and amounts to be paid by Buyer at
Closing pursuant to the terms of this Agreement and (b) Seller will direct
the Escrow Agent to pay to the appropriate payees out of the proceeds of
Closing payable to Seller, all costs and amounts to be paid by Seller at
Closing pursuant to the terms of this Agreement. It shall constitute a
condition precedent to Seller’s obligations to consummate the Closing hereunder
that Buyer deliver the Purchase Price to Escrow Agent on or prior to the
Closing Date.

 

                Section 9.3            Seller’s Closing Documents and Other
Items. At or before Closing, Seller shall deposit into escrow the
following items:

 

9.3.1       A duly
executed and acknowledged standard Rhode Island form of Quitclaim Deed with “Covenants
against Grantor’s Acts” for the Property in the form attached hereto as Exhibit
“E” (the “Deed”);

 

9.3.2       A duly
executed counterpart of the Bill of Sale in the form attached hereto as Exhibit
“F” (the “Bill of Sale”);

 

9.3.3       The
[three (3)] duly executed counterparts of an Assignment and Assumption of
Leases in the form attached hereto as Exhibit “G” (the “Assignment and Assumption
of Leases”);

 

9.3.4       The
[three (3)] duly executed counterparts of an Assignment and Assumption of
Contracts, Warranties and Guaranties, and Other Intangible Property in the form
attached hereto as Exhibit “H” (the “Assignment and Assumption of Contracts”);

 

9.3.5       An
affidavit pursuant to Section l445(b)(2) of the Code, and on which Buyer is
entitled to rely, that the Seller is not a “foreign person” within the meaning
of Section l445(f)(3) of the Code;

 

9.3.6       Notices
to each tenant of the Property, signed by the Seller that shall disclose that
the Property has been sold to Buyer and that, after the Closing, all rents
should be paid to Buyer or Buyer’s designee;

 

 

24

 

9.3.7       Seller shall deliver to Buyer a set of keys to the
Property on the Closing Date. Location of any of the items referred to in this
subsection at the Property on the Closing Date shall be deemed to be delivery
to Buyer;

 

9.3.8       Such other documents as may be reasonably required
by the Title Company or as may be agreed upon by Seller and Buyer to consummate
the purchase of the Property as contemplated by this Agreement;

 

9.3.9       A duly executed audit letter
in favor of Buyer’s auditors (KPMG) in the form of Exhibit “N”, attached hereto
and made a part hereof;

 

9.3.10     A closing statement between Seller and Buyer, duly
executed by Seller, setting forth the prorations and adjustments to the
Purchase Price respecting the Property to be made pursuant to Section 9.6; and

 

9.3.11     The estoppel
certificates required under Section 9.5 herein.

 

9.3.12     In regard to all Property warranties for
materials and workmanship (e.g. roof, HVAC, parking lot), copies thereof and an
assignment executed by Seller of all of its right, title and interest in, to
and under the same by Seller’s execution of Exhibit “H” attached hereto, and
also in regard to any roof warranties only, the original transfer of such
warranties assented to by the material and/or service provider at no cost or
expense to Buyer.

9.3.13     An updated Rent Roll
certified by Seller to Buyer as then being true and correct.

 

9.3.14     The execution
of a Gap Indemnity and Seller Affidavit in the forms attached hereto and made a
part hereof as Exhibit “R” and Exhibit “S”.

 

9.3.15     The execution
of counterpart originals of the Rent Coverage Agreement (See Section 10.14
below).

 

9.3.16     Any required Rhode
Island transfer documents.

 

                Section 9.4            Buyer’s Closing Documents and Other
Items. At or before Closing, Buyer shall deposit into escrow the
following items:

 

9.4.1       The balance of the Purchase Price and such
additional funds as are necessary to close this transaction;

 

9.4.2       A duly executed counterpart of the Bill of Sale;

 

9.4.3       The [three (3)] duly executed counterparts of the
Assignment and Assumption of Leases;

 

9.4.4       The [three (3)] duly executed counterparts of the
Assignment and Assumption of Contracts;

 

 

25

 

9.4.5       Documentation to establish to Seller’s reasonable
satisfaction the due authority of Buyer’s acquisition of the Property and Buyer’s
delivery of the documents required to be delivered by Buyer pursuant to this
Agreement (including, but not limited to, the organizational documents of
Buyer, as they may have been amended from time to time, resolutions of Buyer
and incumbency certificates of Buyer);

 

9.4.6       Such other documents as may be reasonably required
by the Title Company or as may be agreed upon by Seller and Buyer to consummate
the purchase of the Property as contemplated by this Agreement;

 

9.4.7       The Closing Statement duly executed by Buyer; and

 

9.4.8       If applicable, with respect to any security deposits
which are letters of credit, Seller shall, if the same are assignable, (a)
deliver to Buyer at the Closing such letters of credit, (b) execute and deliver
such other instruments as the issuers of such letters of credit shall
reasonably require, and (c) cooperate with Buyer to change the named
beneficiary under such letters of credit to Buyer, so long as the Seller does
not incur any additional liability or expense in connection therewith.

 

9.4.9       The execution of the counterpart originals of the Rent
Coverage Agreement (See Section 10.14 below).

 

9.4.10     Any required Rhode Island transfer documents.

 

                Section 9.5            Estoppel Certificates.

 

9.5.1       Within three (3) business days prior to Closing, the
Seller shall use its reasonable efforts to obtain tenant estoppel certificates
from each tenant of the Property in the form prescribed in the applicable
Lease, the applicable tenant’s then standard estoppel form, or otherwise in
accordance with the provisions for estoppel certificates prescribed in the
applicable Lease, and, if no form or specified provisions are so prescribed, in
the form attached hereto as Exhibit “I”. It shall be a condition to Buyer’s
obligation to close the sale and purchase of the Property that, as soon as they
are available but no later than three (3) business days prior to the Closing,
Seller shall deliver to Buyer acceptable (to Buyer) tenant estoppel
certificates in the form, or otherwise in accordance with the provisions for
estoppel certificates, prescribed in the applicable Lease, the applicable
tenant’s then standard estoppel form, or, if no form or specified provisions
are so prescribed, substantially in the form attached as Exhibit ”I” from (a)
all tenants occupying six thousand (6,000) or more square feet of gross
leasable area within the Property (“Major Tenants”), and (b) as well as estoppels
from all tenants occupying under 6,000 square feet, excluding any kiosk tenants
(“Minor Tenants”) to achieve estoppel delivery representing no less than one
hundred percent (100%) of the gross leasable area of the Property occupied by
tenants as of the Closing Date (subsections (a) and (b) above, collectively “Required
Estoppels”).

 

9.5.2       Notwithstanding the above, Seller may substitute a
Seller Estoppel (in the form attached as Exhibit “I”) for up to twenty-five percent
(25%) of the Minor Tenant Required Estoppels which Seller Estoppels shall be
completed by Seller and warranted and represented by Seller “to Seller’s
knowledge”. Seller’s representations and warranties in the certificates shall
survive the Closing, provided that Buyer must give Seller written notice of any
claim it may have against Seller for a breach of any such representation and warranty
and file an action

 

 

26

 

within
twelve (12) months of the Closing Date. The applicable limits on liability set
forth in Section 6.2 shall apply to any representations or warranties provided
in any Seller Estoppels. Any claim which Buyer may have which is not so
asserted and an action filed within the twelve (12) month period shall not be
valid or effective and Seller shall have no liability with respect thereto. In
the event that, following the Closing Date, Seller obtains a Required Estoppel
with respect to any Lease for which Seller self-certified and such Required
Estoppel complies with Section 9.5.1 and confirms the information on the
Required Estoppel provided by Seller, then Seller shall deliver such Required
Estoppel to Buyer and, upon such delivery, Seller shall be automatically
released from any liability or obligation under the Seller Estoppel previously
delivered by Seller with respect to such Lease.

 

9.5.3       If Seller is unable to obtain and deliver sufficient
Required Estoppels as required under Section 9.5.1, or if the certificates
required under Section 9.5.1 or substituted Required Estoppels permitted under
Section 9.5.2 materially differ from the form prescribed in the applicable
lease, the applicable tenant’s then standard estoppel form, or Exhibit “I”, as
the case may be, or if any of the Required Estoppels indicate that Seller is
currently in default of a material term of the applicable lease in question,
then Seller shall not be in default by reason thereof, but Buyer may, by
written notice given to Seller and Escrow Agent before the Closing, elect (a)
to waive said conditions and proceed with the closing, (b) to terminate this
Agreement and receive a refund of the Deposit together with any interest earned
thereon, or (c) to extend the Closing for up to thirty (30) days to allow
Seller to make reasonable efforts to obtain the Required Estoppels required
under Section 9.5.1 or, in the event of material differences, to allow Buyer
additional time to review such material differences to determine whether Buyer
will proceed with the Closing or terminate the Agreement. In the event Seller
fails to obtain any Required Estoppels then Seller shall disclose to Buyer
whatever information Seller possesses, if any, concerning the reason for Seller
being unable to obtain such Required Estoppels. If Buyer so elects to terminate
this Agreement, neither party shall have any further rights or obligations
hereunder except as provided in Sections 3.4, 9.7, and 10.11.

 

9.5.4       Seller shall obtain and deliver to Buyer, no less
than three (3) business days prior to Closing, a Reciprocal Easement Agreement
estoppel certificate in substance as described upon Exhibit “O” attached hereto
and made a part hereof from Target Corporation and any other party to a
reciprocal easement agreement, operation and easement agreement and
like-agreement benefiting and/or burdening the Property.

 

                Section 9.6            Prorations and Closing Costs.

 

9.6.1

 

(a) Seller and Buyer agree to adjust, as of
11:59 p.m. on the day immediately preceding the Closing Date (i.e., Buyer
to receive the benefits and burdens of the Property as of the Closing Date),
the following (collectively, the “Proration Items”): real estate taxes and
assessments due and payable prior to the Closing Date shall be paid in full by
Seller at or prior to Closing, real estate and personal property taxes and
assessments based on 2005 tax bill, with a later reproration of taxes when the
actual bills are received, utility bills (except as hereinafter provided), collected
Rents (subject to the terms of 9.6.1(b) below) and Operating Expenses (subject
to the terms of 9.6.1(c) below) payable by the owner of the Property. Seller
will be charged and credited for the amounts of all of the Proration Items
relating to the period up to the Closing Date, and Buyer will be charged and
credited for all of the Proration Items relating to the period beginning on the
Closing Date and extending thereafter. Such preliminary

 

 

27

 

estimated Closing prorations shall be set forth on a preliminary
closing statement to be prepared by Seller and submitted to Buyer for Buyer’s
approval prior to the Closing Date (the “Closing Statement”). The Closing
Statement, once agreed upon, shall be signed by Buyer and Seller and delivered
to the Escrow Agent for purposes of making the preliminary proration adjustment
at Closing subject to the final cash settlement provided for below. The
preliminary proration shall be paid at Closing by Buyer to Seller (if the
preliminary prorations result in a net credit to Seller) or by Seller to Buyer (if
the preliminary prorations result in a net credit to Buyer) by increasing or reducing
the cash to be delivered by Buyer in payment of the Purchase Price at the
Closing. If the actual amounts of the Proration Items are not known as of the
Closing Date, the prorations will be made at Closing on the basis of the best
evidence then available; thereafter, when actual figures are received,
re-prorations will be made on the basis of the actual figures, and a final cash
settlement will be made between Seller and Buyer (“Reproration Date”). No
prorations will be made in relation to insurance premiums, and Seller’s
insurance policies will not be assigned to Buyer. Final readings and final
billings for utilities will be made if possible as of the Closing Date, in
which event no proration will be made at the Closing with respect to utility
bills. Seller will be entitled to all deposits presently in effect with the
utility providers, and Buyer will be obligated to make its own arrangements for
deposits with the utility providers. The provisions of this Section 9.6.1(a)
will survive the Closing for twelve (12) months.

 

                (b)           Buyer will receive a credit on the
Closing Statement for the prorated amount (as of 11:59 p.m. of the day prior to
the Closing Date) of all Rentals from and including the day of Closing through
the end of the month in which Closing occurs. Rentals are “Delinquent” when
they were due prior to the Closing Date, and payment thereof has not been made
on or before the Closing Date. Delinquent Rentals will not be prorated, except for
the month in which closing occurs and further except Seller will receive a
credit for any Rents paid in arrears by any United States government or Rhode
Island government tenants as if such Rents had been collected in advance. Subject
to the provisions below in Section 9.6.1(e) regarding utilities, all sums
collected by Buyer in the month in which the Closing Date occurs shall first be
applied to the month of Closing with the entire amount thereof either forwarded
to the Seller or reimbursed to the Seller by the Buyer and then all sums
collected by Buyer from and after Closing from each Tenant will be applied
first to Rentals owed by such Tenant to Buyer and then to Delinquent Rentals
owed by such Tenant to Seller. Any sums due Seller will be promptly remitted to
Seller. Buyer shall not have an exclusive right to collect any sums due Seller
from Tenants under the Leases and Seller hereby retains the right to pursue any
Tenant under the Leases for any sums due Seller for periods attributable to
Seller’s ownership of the Property; provided, however, Seller (i) shall be
required to notify Buyer in writing of Seller’s intention to commence or pursue
any legal proceedings; (ii) shall only be permitted to commence or pursue legal
proceedings after the date which is three (3) months after Closing; and (iii)
shall not be permitted to commence or pursue any legal proceedings against any
Tenant seeking eviction of such Tenant or the termination of the underlying
Lease. The provisions of this Section 9.6.1(b) will survive the Closing for
twelve (12) months.

 

                (c)           (i)            Seller shall
not be credited at Closing with accrued and unpaid Operating Expenses and real
estate taxes for the Property.  Buyer agrees to reasonably cooperate with
Seller in regard to the post-Closing reconciliation and billing processing of
amounts due and payable to Seller, if any, attributable to any period prior to the
Closing Date. Seller shall credit Buyer in a sum equal to the collected and not
yet expended sums on deposit from Tenants as of the date of Closing. On the
Re-Proration Date, the party that receives the payment shall receive the
remainder of the difference or excess, as applicable, for Operating

 

 

28

 

Expenses and real estate taxes less any
adjustments made during re-proration pursuant to Section 9.6.1(a). Subject to
reimbursement from Seller, if any, as herein provided, Buyer will be solely
responsible, from and after Closing, for preparing the annual reconciliation
for Operating Expenses and real estate taxes and collecting from Tenants the
amount of any outstanding Operating Expenses and real estate taxes for periods
before and after Closing, and where appropriate, reimbursing Tenants for
amounts attributable to Operating Expenses and real estate taxes, as may be
necessary based on annual reconciliations for Operating Expenses and real
estate taxes.

 

(ii)           Notwithstanding the foregoing set
forth in subsection 9.6.1(c)(i) above, current (i.e., not delinquent) real
estate taxes referred to above that are not due and payable on or before the
date of Closing and are payable on a pro rata basis by a tenant, either: (i)
directly to the assessing authority, or (ii) to Seller, as landlord, upon
presentation of a paid tax bill therefor, shall not be prorated at Closing, and
Buyer shall accept title to the Property subject to such current, accrued and
unpaid real estate taxes, and Buyer shall look solely to the tenant for payment
of its pro rata share thereof.

 

                (d)           In
the event that on or prior to the first anniversary of the Closing Date a
tenant of the Property exercises any right that it might have under its lease
to inspect or audit the common area maintenance expenses for the Property for
any period prior to the Closing Date, Buyer shall promptly notify Seller of
such exercise. Seller, at the cost and expense of Seller, shall have the right
to fully participate in, and at its election, take over the management and
defense of, such inspection or audit and any litigation, mediation and/or
arbitration proceedings resulting from such inspection or audit. Buyer shall
reasonably cooperate with the efforts of Seller in connection with any such
inspection, audit, litigation, mediation and/or arbitration proceeding and
shall utilize reasonable efforts to minimize or mitigate any liability of
Seller hereunder. Seller hereby covenants and agrees to indemnify and hold
harmless Buyer from and against any liabilities Buyer shall suffer as a result
of any refund of common area costs or payment of costs and expenses as a result
of any such inspection or audit initiated and with the results articulated to
Buyer on or prior to the first anniversary of the Closing Date of any period
prior to the Closing Date. The provisions of this Section 9.6.1(d) shall not be
merged into the Deed delivered by Seller at Closing and shall survive the
Closing for a period of 12-months from the Closing Date.

 

                (e)           Utilities. Buyer and Seller agree that the utilities are
billed in arrears. It is hereby agreed that, prior to and after Closing, Seller
is hereby permitted to send out bills to the tenants for the period of time
accruing prior to the Closing Date and use reasonable efforts to collect same
directly from the tenants. However, Buyer agrees that, notwithstanding anything
contained in this Agreement to the contrary, if Buyer receives any monies from
the tenants due Seller for utilities due for the period prior to the Closing Date,
Buyer will, within two (2) business days thereafter, forward said sums directly
to the Seller.

 

                (f)            Intentionally deleted.

 

                (g)           The amount of any security deposits held
by Seller under the Leases shall be credited to Buyer, and thereafter, Buyer
shall be responsible for same.

 

                (h)           If any of the items described in this
Section hereof cannot be apportioned at the Closing because of the
unavailability of information as to the amounts which are to be apportioned or
otherwise, or are incorrectly apportioned at Closing or subsequent thereto,
such

 

 

29

 

items shall be apportioned or reapportioned, as
the case may be, as soon as practicable after the Closing Date or the date such
error is discovered, as applicable.

 

                (i)            If after the Closing, the parties
discover any errors in adjustments and apportionments, same shall be corrected
as soon after their discovery as possible. The provisions of this Section 9.6
shall survive the closing, provided that no adjustments shall be made later
than twelve (12) months after the Closing Date unless prior to such date the
party seeking the adjustment shall have delivered a written notice to the other
specifying the nature and basis for such claim.

 

9.6.2       (i) Seller shall pay one hundred percent (100%) of
any State, county and local transfer tax, and one-half (1/2) of the escrow fee,
if any, one hundred percent (100%) of the costs of the Title Policy and title
search, one hundred percent (100%) of the cost of any endorsements and upon
Seller’s receipt of appropriate back-up substantiating the cost thereof, up to
Four Thousand Dollars ($4,000.00) of the Buyer’s cost to obtain an appraisal of
the Property and up to Two Thousand Dollars ($2,000.00) of Buyer’s cost to
obtain an updated environmental report. Buyer shall pay one-half (1/2) of the
escrow fee, if any, and one hundred percent (100%) of any personal property
sales taxes allocated to the personal property specifically transferred to
Buyer hereunder which, if any, will be limited to the office supplies and
furniture in the management office located at the Property. Seller shall also be
responsible for any costs of updating the survey of the Property and the Target
tract or otherwise conforming such survey to the requirements for issuance of a
Title Policy or for any new survey that may be required for issuance of such
Title Policy which survey shall be in accordance with the minimum standard detail
requirements for ALTA/ACSM Land Title surveys jointly established and adopted
by ALTA and ACSM in 2005.

 

                (ii)
Seller shall comply with the requirements of the State of Rhode Island in
regard to any withholding taxes due upon the sale of Property pursuant to this
Agreement.

 

                Section 9.7            Brokers. Buyer hereby represents
and warrants to Seller that it did not employ or use any broker or finder to arrange or bring
about this transaction. Seller hereby represents and warrants to Buyer that
other than Cushman & Wakefield of Massachusetts, Inc. (“Broker”), Seller
has not employed or used any broker or finder to arrange or bring about this
transaction and that there are no claims or rights for brokerage commissions or
finder’s fees in connection with the transactions contemplated by this
Agreement other than to Broker. Seller represents and warrants that Seller has
employed Broker with respect to this transaction, and Seller shall only pay
brokerage fees with respect to this transaction to Broker pursuant to a
separate agreement between Seller and Broker. If any person brings a claim for
a commission or finder’s fee based upon any contact, dealings, or communication
with Seller, then Seller shall defend Buyer from such claim, and shall
indemnify Buyer and hold Buyer harmless from any and all costs, damages,
claims, liabilities, or expenses (including, without limitation, reasonable
attorneys’ fees and disbursements) incurred by Buyer with respect to the claim.
If any person brings a claim for a commission or finder’s fee based upon any
contact, dealings, or communication with Buyer, then Buyer shall defend Seller
from such claim, and shall indemnify Seller and hold Seller harmless from any
and all costs, damages, claims, liabilities, or expenses (including, without
limitation, reasonable attorneys’ fees and disbursements) incurred by Seller
with respect to the claim. The provisions of this Section 9.7 shall survive the
Closing or, if the purchase and sale is not consummated, any termination of
this Agreement and shall not be subject to the twelve (12) month limitation set
forth in Section 6.2.

 

 

30

 

                Section 9.8            Expenses. Except as
provided in Sections 9.6 and 9.7, each party hereto shall pay its own expenses incurred in connection with
this Agreement and the transactions contemplated hereby, including, in the case
of Buyer, all third-party engineering and environmental review costs.

 

ARTICLE 10 - MISCELLANEOUS

 

                Section
10.1         Amendment and Modification. Subject to
applicable law, this Agreement may be amended, modified, or
supplemented only by a written agreement signed by Buyer and Seller.

 

                Section 10.2         Risk of Loss
and Insurance Proceeds.

 

10.2.1     Minor Loss. Buyer shall be bound to purchase the
Property for the full Purchase Price as required by the terms hereof, without
regard to the occurrence or effect of any damage to the Property or destruction
of any improvements thereon or condemnation of any portion of the Property,
provided that: (a) the cost to repair any such damage or destruction, or the
diminution in the value of the remaining Property as a result of a partial
condemnation, does not (i) exceed two percent (2%) of the Purchase Price, or
(ii) permit any Major Tenant to terminate its lease, or (iii) results in the
Property parking ratio being reduced below the ratio required by law or by any
lease or reciprocal easement agreement affecting the Property, or (iv) materially
and adversely on a permanent basis affects any point of ingress or egress to
the Property, and (b) upon the Closing, there shall be a credit against the
Purchase Price due hereunder equal to the amount of any insurance proceeds or
condemnation awards collected by Seller as a result of any such damage or
destruction or condemnation, plus the amount of any insurance deductible, less
any sums expended by Seller toward the restoration or repair of the Property or
in collecting such insurance proceeds or condemnation awards. If the proceeds
or awards have not been collected as of the Closing, then such proceeds or
awards shall be assigned to Buyer, except to the extent needed to reimburse
Seller for sums expended to the Closing to repair or restore the Property or to
collect any such proceeds or awards.

 

10.2.2     Major Loss. If the amount of the damage or destruction
or condemnation as specified above: (i) exceeds two percent (2%) of the
Purchase Price, or (ii) permits any Major Tenant to terminate its lease, or
(iii) results in the Property parking ratio being reduced below the ratio
required by law or by any lease or reciprocal easement agreement affecting the
Property, or (iv) materially and adversely on a permanent basis affects any
point of ingress or egress to the Property, then Buyer may at its option, to be
exercised by written notice to Seller and Escrow Agent within ten (10) business
days of Seller’s notice of the occurrence of the damage or destruction or the
commencement of condemnation proceedings, terminate this Agreement. Buyer’s
failure to elect to terminate this Agreement within said ten (10) Business Day
period shall be deemed an election by Buyer to consummate this purchase and
sale transaction. If Buyer elects to terminate this Agreement within such ten
(10) Business Day period, the Deposit together with any interest earned thereon
shall be returned to Buyer by Escrow Agent and neither party shall have any
further rights or obligations hereunder except as provided in Sections 3.4,
9.7, and 10.11. If Buyer elects or is deemed to have elected to proceed with
the purchase, then upon the Closing, there shall be a credit against the
Purchase Price due hereunder equal to the amount of any insurance proceeds or
condemnation awards collected by Seller as a result of any such damage or
destruction or condemnation, plus the amount of any insurance deductible, less
any sums expended by Seller toward the restoration

 

 

31

 

or
repair of the Property or in collecting such insurance proceeds or condemnation
awards. If the proceeds or awards have not been collected as of the Closing,
then such proceeds or awards shall be assigned to Buyer, except to the extent
needed to reimburse Seller for sums expended to the Closing to repair or
restore the Property or to collect any such proceeds or awards.

 

                Section 10.3         Notices. All notices
required or permitted hereunder shall be in writing and shall be served on the Parties at the following
address:

 

	
  If to Seller:

  	
   

  	
  LB Lincoln Mall Holdings
  LLC

  
	
   

  	
   

  	
  c/o WP Realty, Inc.

  
	
   

  	
   

  	
  Bryn Mawr Plaza

  
	
   

  	
   

  	
  940 Haverford Road

  
	
   

  	
   

  	
  Bryn Mawr, Pennsylvania
  19010

  
	
   

  	
   

  	
  Attn: Bryan S. Weingarten

  
	
   

  	
   

  	
  Facsimile: (610) 552-6091

  
	
   

  	
   

  	
   

  
	
  with Copies to:

  	
   

  	
  LB Lincoln Mall Holdings
  LLC

  
	
   

  	
   

  	
  c/o WP Realty, Inc.

  
	
   

  	
   

  	
  Bryn Mawr Plaza

  
	
   

  	
   

  	
  940 Haverford Road

  
	
   

  	
   

  	
  Bryn Mawr, Pennsylvania
  19010

  
	
   

  	
   

  	
  Attn: Jerry Rosenberg,
  Esquire

  
	
   

  	
   

  	
  Facsimile: (610) 552-6004

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LB Lincoln Mall Holdings
  LLC

  
	
   

  	
   

  	
  c/o Lehman Brothers
  Holding Inc.

  
	
   

  	
   

  	
  399 Park Avenue, 8th
  Floor

  
	
   

  	
   

  	
  New York, New York 10022

  
	
   

  	
   

  	
  Attn: Chris Westfahl

  
	
   

  	
   

  	
  Facsimile: (646) 758-5311

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  McKenna Long &
  Aldridge LLP

  
	
   

  	
   

  	
  303 Peachtree Street,
  Suite 5300

  
	
   

  	
   

  	
  Atlanta, Georgia 30308

  
	
   

  	
   

  	
  Attn: Patrick McGeehan

  
	
   

  	
   

  	
  Facsimile: (404) 527-4198

  

 

	
  If
  to Buyer:

  	
   

  	
  Inland
  Real Estate Acquisitions, Inc.

  
	
   

  	
   

  	
  2901
  Butterfield Road

  
	
   

  	
   

  	
  Oak
  Brook, IL 60523

  
	
   

  	
   

  	
  Attention:
  G. Joseph Cosenza, President

  
	
   

  	
   

  	
  Facsimile:
  (630) 218-4935

  
	
   

  	
   

  	
   

  
	
  with
  Copies to:

  	
   

  	
  The
  Inland Real Estate Group, Inc.

  
	
   

  	
   

  	
  2901
  Butterfield Road

  
	
   

  	
   

  	
  Oak
  Brook, IL 60523

  
	
   

  	
   

  	
  Attention:
  Robert Baum, General Counsel

  
	
   

  	
   

  	
  Facsimile:
  (630) 218-4900

  

 

 

32

 

	
   

  	
   

  	
  Charles J. Benvenuto P.C.

  
	
   

  	
   

  	
  2901 Butterfield Road, 3rd Floor

  
	
   

  	
   

  	
  Oak Brook, IL 60523-1159

  
	
   

  	
   

  	
  Attn: Charles J. Benvenuto

  
	
   

  	
   

  	
  Facsimile: (630) 571-2360

  
	
   

  	
   

  	
   

  
	
  If to Escrow Agent:

  	
   

  	
  Chicago Title & Trust
  Company

  
	
   

  	
   

  	
  171 North Clark Street

  
	
   

  	
   

  	
  Chicago, Illinois 60601

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn: Nancy Castro, Senior
  Escrow Officer

  
	
   

  	
   

  	
  Facsimile: 312-223-3409

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wire transfer instructions
  for Escrow Agent:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank:

  	
   

  	
  LaSalle National Bank

  
	
   

  	
   

  	
  135 South LaSalle Street

  	
   

  	
   

  
	
   

  	
   

  	
  Chicago, Illinois 60603

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notify:

  	
   

  	
  Nancy Castro, D2

  
	
   

  	
   

  	
  Escrow Number D2 026007785

  
	
   

  	
   

  	
  (Telephone number:
  312-223-2709)

  
	
   

  	
   

  	
  ABA#:

  	
   

  	
  0710 005 05

  
	
   

  	
   

  	
  Account Name:

  	
   

  	
  Chicago Title and Trust
  Company, Loop

  
	
   

  	
   

  	
  Account No.:

  	
   

  	
  5800038704

  

 

Any such notices may be sent by (a) intentionally
deleted, (b) a nationally recognized overnight courier, in which case
notice shall be deemed delivered one (1) business day after deposit with such
courier, or (c) facsimile transmission, in which case notice shall be deemed
delivered upon electronic verification that transmission to recipient was
completed, provided a copy of said notice is simultaneously also sent to the
applicable party in accordance with the provisions of subsection (a) or (b)
above solely for the purpose of providing another copy of same to the other
party. The above addresses and facsimile numbers may be changed by written
notice to the other party; provided that no notice of a change of address or
facsimile number shall be effective until actual receipt of such notice. Copies
of notices are for informational purposes only, and a failure to give or
receive copies of any notice shall not be deemed a failure to give notice.

 

                Section 10.4         Assignment.
This Agreement may not be assigned by Seller or Buyer without the prior written
consent of the other party. However,
any permitted assignee by either party does not release the assigning party of
its obligations under the Agreement. Notwithstanding the above, Buyer may
assign the Agreement to an affiliate of Buyer owned and controlled by the Buyer
without the prior consent of Seller.

 

                Section 10.5         Governing Law
and Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF RHODE ISLAND, WITHOUT REGARD TO
ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION ARISING
OUT OF THIS AGREEMENT MUST BE COMMENCED BY BUYER OR SELLER IN THE STATE COURTS
OF THE STATE OF RHODE ISLANDAND EACH PARTY HEREBY CONSENTS TO THE 

 

 

33

 

JURISDICTION OF THE ABOVE COURTS IN ANY SUCH ACTION AND TO THE LAYING
OF VENUE IN THE STATE OF RHODE ISLAND. ANY PROCESS IN ANY SUCH ACTION SHALL BE
DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID, TO THE PARTIES AT
THEIR RESPECTIVE ADDRESS DESCRIBED IN SECTION 10.3 HEREOF.

 

                Section 10.6         Counterparts. This Agreement
may be executed in two or more fully or partially executed counterparts, each of which
will be deemed an original binding the signer thereof against the other signing
parties, but all counterparts together will constitute one and the same
instrument.

 

                Section 10.7         Entire
Agreement. This Agreement and any other document to be furnished
pursuant to the provisions
hereof embody the entire agreement and understanding of the parties hereto as
to the subject matter contained herein. There are no restrictions, promises,
representations, warranties, covenants, or undertakings other than those
expressly set forth or referred to in such documents. This Agreement and such
documents supersede all prior agreements and understandings among the parties
with respect to the subject matter hereof.

 

                Section 10.8         Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction
will, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement, or affecting the validity or
enforceability of any of the terms or provisions of this Agreement.

 

                Section 10.9         Attorney
Fees. If any action is brought by any party to this Agreement to enforce
or interpret its terms or
provisions, the prevailing Party will be entitled to reasonable attorney fees
and costs incurred in connection with such action prior to and at trial and on
any appeal therefrom.

 

                Section 10.10        Payment of
Fees and Expenses. Each party to this Agreement will be responsible for, and will pay, all of
its own fees and expenses, including those of its counsel and accountants,
incurred in the negotiation, preparation, and consummation of this Agreement
and the transaction contemplated hereunder.

 

                Section 10.11        Confidential
Information. The Parties acknowledge that the transaction described herein is of a confidential
nature and shall not be disclosed except to Permitted Outside Parties or as
required by law (including the SEC filing requirements of Buyer and/or its
nominee). No party shall make any public disclosure of the specific terms of
this Agreement, except as required by law (including the SEC filing
requirements of Buyer and/or its nominee). In connection with the negotiation
of this Agreement and the preparation for the consummation of the transactions
contemplated hereby, each Party acknowledges that it will have access to
confidential information relating to the other party. Each Party shall treat
such information as confidential, preserve the confidentiality thereof, and not
duplicate or use such information, except to Permitted Outside Parties in
connection with the transactions contemplated hereby. In the event of the
termination of this Agreement for any reason whatsoever (except in case of a
Seller default), Buyer shall return to Seller, all documents, work papers,
engineering and environmental studies and reports and all other materials
(including all copies thereof obtained from Seller in connection with the transactions
contemplated hereby), and each party shall use its best efforts, including
instructing its employees and others who have had access to such information,
to keep confidential and not to use any such information.

 

 

34

 

The provisions of this Section 10.11 shall survive the Closing or, if
the purchase and sale is not consummated, any termination of this Agreement and
shall not be subject to the three (3) month limitation set forth in Section
6.2.

 

                Section 10.12        Non-Business Day Extensions. If the final date of any period which is set out in
any provision of this
Agreement falls on a Saturday, Sunday or legal holiday under the laws of the
United States or the State of Rhode Island, then, in such event, the time of
such period shall be extended to the next day which is not a Saturday, Sunday
or legal holiday.

 

                Section 10.13        Time of the
Essence. It is agreed that time is of the
essence with regard to the terms of
this Agreement.

 

                Section 10.14        Rent Coverage Agreement.

 

                A.            Buyer and Seller agree to negotiate
in good faith to finalize the final form of Rent Coverage Agreement prior to
the expiration of the Due Diligence Period which will be substantially in the
form attached hereto and made a part hereof as Exhibit T and which shall utilize
the Deposit Values listed in Exhibit T-1 attached hereto and made a part
hereof.

 

                B.            Buyer hereby agrees that any Deposit
Values allocated on Exhibit T-1 for the spaces shown as the 1,000 sq. ft.
space, the 5,500 sq. ft. space or the 18, 881 sq. ft. space (which in the case
of the 18,881 square foot space, may be any portion thereof) then held in the
escrow account established under the Rent Coverage Agreement shall be released by
the Escrow Agent under the Rent Coverage Agreement to the Seller within five
(5) business days after the satisfaction of the following conditions:

 

                (i)            (a)           Buyer
entering directly into a lease with a tenant for any said space, or

 

                (b)           Seller presenting to the Buyer an
executed lease from a tenant satisfying the Leasing Parameters set forth on
Exhibit U; and

 

                (ii)           The Occupancy Conditions set forth on
Exhibit Q are thereupon satisfied for the space in question.

 

Notwithstanding the above, Buyer hereby agrees that the Deposit Values
listed on Exhibit T-1 for the Super Suppers space and the Super Cuts space
shall be released to Seller upon satisfaction of the Occupancy Conditions.

 

It is agreed however, that if, on the two (2) year anniversary of the
Closing Date the Occupancy Conditions have not yet been satisfied for any such
space, then Seller agrees that the money allocated on Exhibit T-1 for LC and TI
for any such space will thereupon be released directly to the Buyer unless the Conditions
set forth in subsection B(i) above are satisfied prior to the expiration of the
aforesaid two (2) year period for the space in question, in which case the portion
of the Deposit Values allocated to LC and TI on Exhibit T-1 for any such space
in question will remain in the escrow account and then be released to the
Seller upon satisfaction of the Occupancy Conditions.

 

 

35

 

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

 

SELLER:

LB LINCOLN MALL HOLDINGS, LLC, a

Delaware limited liability company

 

	
   

  	
  By:

  	
  WP Lincoln Associates,
  L.P., a

  	
   

  	
   

  
	
   

  	
   

  	
  Pennsylvania limited
  partnership, a member,

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  WP Lincoln Developers,
  L.P., a

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Pennsylvania limited
  partnership, its

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  WP Lincoln, Inc., a
  Pennsylvania

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  corporation, its General
  Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Bryan S. Weingarten

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Bryan S. Weingarten,
  President

  	
   

  	
   

  

 

 

 

 

BUYER:

Inland Real Estate Acquisitions, Inc.

 

 

 

	
  By:

  	
  /s/ G. Joseph Cosenza

  
	
   

  	
  Name: G. Joseph Cosenza

  
	
   

  	
  Title: President

  

 

 

 

 

ESCROW AGENT:

 

                The Escrow Agent
is executing this Agreement to evidence its agreement to hold the Deposit in
accordance with the terms and conditions of this Agreement.

 

Chicago Title & Trust Company

 

 

	
  By:

  	
  /s/ Nancy Castro

  
	
   

  	
  Printed Name: Nancy Castro

  
	
   

  	
  Its: Senior Escrow Officer

  

 

 

36Exhibit 10.62

 

ASSIGNMENT

 

This Assignment is made as of the 31st day of May,
2006 by INLAND REAL ESTATE ACQUISITIONS, INC.,
an Illinois corporation (“Assignor”) to
and for the benefit of MB Lincoln Mall, L.L.C., a Delaware limited liability company (“Assignee”).

 

Assignor does hereby sell, assign, transfer, set over
and convey unto Assignee all of its right, title and interest as Buyer under
that certain Agreement of Sale and Purchase dated as of  February 6, 2006, as amended, and entered into
by LB Lincoln Mall Holdings LLC, as Seller, and Assignor, as Buyer
(collectively, the “Agreement”),
for the sale and purchase of Condominium Unit 2 which is a part of the property
improved with a retail shopping center commonly known as Lincoln Mall, located
in Lincoln, Rhode Island.

 

Assignor represents and warrants that it is the Buyer
under the Agreement, and that it has not sold, assigned, transferred, or
encumbered such interest in any way to any other person or entity.  By acceptance hereof, Assignee accepts the
foregoing assignment and agrees, from and after the date hereof, to (i) perform
all of the obligations of Buyer under the Agreement, and (ii) indemnify,
defend, protect and hold Assignor harmless from and against all claims and
liabilities arising under the Agreement.

 

IN WITNESS WHEREOF, Assignor and Assignee have
executed this instrument as of the date first written above.

 

	
   

  	
  ASSIGNOR:

  
	
   

  	
  INLAND REAL ESTATE

  
	
   

  	
  ACQUISITIONS, INC.

  
	
   

  	
  an Illinois corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ G. Joseph Cosenza

  
	
   

  	
  Name:

  	
  G. Joseph Cosenza

  
	
   

  	
  As Its:

  	
  President

  
				

 

 

 

	
   

  	
  ASSIGNEE:

  
	
   

  	
  MB
  LINCOLN MALL, L.L.C.,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Minto
  Builders (Florida), Inc.,

  
	
   

  	
   

  	
  a
  Florida corporation, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Valerie Medina

  
	
   

  	
   

  	
  Name:

  	
  Valerie
  Medina

  
	
   

  	
   

  	
  Its:

  	
  Assistant
  Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]