Document:

Sale and Purchase Agreement

 

between

 

EEGO West 38 Fee, LLC

 

as Seller

 

and

 

ARC NY25638001, LLC

 

as Purchaser

 

Premises:

 

256 West 38th Street

 

New York, NY

 

October 19, 2012

 

 

    	 

    	 	

    
 

TABLE OF CONTENTS

 

 

	 	 	Page
	 	 	 
	1.	Certain Definitions.	1
	 	 	 
	2.	Sale-Purchase.	4
	 	 	 
	3.	Purchase Price.	5
	 	 	 
	4.	Condition of Title.	5
	 	 	 
	5.	Closing.	7
	 	 	 
	6.	Violations.	8
	 	 	 
	7.	Apportionments.	8
	 	 	 
	8.	Closing Deliveries.	13
	 	 	 
	9.	Conditions Precedent.	17
	 	 	 
	10.	Estoppel Certificates.	18
	 	 	 
	11.	Cancellation of Contracts.	21
	 	 	 
	12.	Right of Inspection.	21
	 	 	 
	13.	Title Insurance.	23
	 	 	 
	14.	Return of Deposit.	25
	 	 	 
	15.	Purchaser’s Default.	25
	 	 	 
	16.	Representations and Warranties.	25
	 	 	 
	17.	Broker.	32
	 	 	 
	18.	Condemnation and Destruction.	32
	 	 	 
	19.	Escrow.	34
	 	 	 
	20.	Covenants.	35
	 	 	 
	21.	Transfer Taxes.	38
	 	 	 
	22.	Non-Liability.	38
	 	 	 
	23.	Seller’s Inability to Perform; Seller’s Default.	39

 

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	 	 	Page
	 	 	 
	24.	Condition of Premises.	39
	 	 	 
	25.	Environmental Matters.	42
	 	 	 
	26.	Tax Reduction Proceedings.	42
	 	 	 
	27.	Union Agreement; Other Employment Matters.	42
	 	 	 
	28.	Notices.	44
	 	 	 
	29.	Entire Agreement.	46
	 	 	 
	30.	Amendments.	46
	 	 	 
	31.	No Waiver.	46
	 	 	 
	32.	Successors and Assigns.	46
	 	 	 
	33.	Partial Invalidity.	46
	 	 	 
	34.	Section Headings; Incorporation of Exhibits.	46
	 	 	 
	35.	Governing Law.	46
	 	 	 
	36.	Confidentiality.	47
	 	 	 
	37.	No Recording or Notice of Pendency.	47
	 	 	 
	38.	Assignment.	48
	 	 	 
	39.	Counterparts.	48
	 	 	 
	40.	No Third Party Beneficiary.	48
	 	 	 
	41.	1031 Exchange.	48
	 	 	 
	42.	Business Days.	48
	 	 	 
	43.	Mortgage Loan Assignment.	49
	 	 	 
	44.	Waiver of Trial by Jury.	49

 

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EXHIBITS

 

	1(A)	Description of Land
	1(B)	Leases
	1(C)	Existing Contracts
	1(D)	Telecommunications Contracts
	1(E)	Brokerage Agreements
	1(F)	Union Agreement
	4(A)(i)	Permitted Exceptions
	4(A)(ii)	Title Objections
	8(A)(i)	Form of Bargain and Sale Deed
	8(A)(ii)	Form of Bill of Sale
	8(A)(iii)	Form of Assignment and Assumption of Leases
	8(A)(iv)	Form of Assignment and Assumption of Contracts
	8(A)(viii)	Form of Tenant Notice Letter
	8(A)(ix)	Form of Contractor Notice Letter
	8(A)(xiv)	Form of Assignment and Assumption of Union Agreement
	8 (A)(xix)	Form of Title Affidavit
	8(A)(xxiv)	Form of Master Lease
	10	Form of Tenant Estoppel Certificate
	16(A)(i)	Rent Roll and Rent Arrearages
	16(A)(ii)	Union Employee
	16(A)(xii)	Tax Assessment Reduction Proceedings
	16(A)(xiii)	Security Deposits
	20(A)(iv)	Certificates of Insurance

 

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SALE AND PURCHASE AGREEMENT
(this “Agreement”), made as of the 19th day of October, 2012 between EEGO West 38 Fee, LLC, a Delaware limited
liability company having an address c/o East End Capital, 600 Madison Avenue, 11th Floor, New York, New York 10022
(“Seller”) and ARC NY25638001, LLC, a Delaware limited liability company having an address at c/o American Realty
Capital, 405 Park Avenue, 15th Floor, New York, New York 10022 (“Purchaser”).

 

RECITALS:

 

A.Seller is the
owner of the fee interest in the Premises (as hereinafter defined), commonly known as 256 West 38th Street, New York,
New York.

 

B.Purchaser wishes
to purchase, and Seller wishes to sell, all of Seller’s right, title and interest in and to the Premises on the terms and
conditions set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows:

 

		1.	Certain Definitions.

 

Certain capitalized
terms used in this Agreement shall, for the purposes of this Agreement, have the meanings ascribed to such terms in this Article
1. Other capitalized terms used in this Agreement and not defined in this Article 1 shall have the meanings ascribed
to such terms elsewhere in this Agreement.

 

“Building”
shall mean the building commonly identified as 256 West 38th Street, New York, New York.

 

“Brokerage Agreements”
shall mean the agreements between Seller and any leasing brokers which are set forth on Exhibit “1(E)”.

 

“Escrow Agent”
shall mean Chicago Title Insurance Company (Philadelphia, PA).

 

“Existing Contracts”
shall mean the management, service, telecommunications, information service and maintenance contracts and collective bargaining
and other union agreements, and all amendments, modifications and/or assignments thereof, affecting the Premises or the operation
thereof, all of which are listed on Exhibits “1(C)”, “1(D)” and “1(F)”.

 

“Fixtures”
shall mean all equipment, fixtures and appliances of whatever nature which are (i) affixed to the Land or Improvements and (ii)
owned by Seller.

 

“Hazardous Materials”
means (a) those substances included within the definitions of any one or more of the terms “hazardous materials,” “hazardous
wastes,” “hazardous substances,” industrial wastes,” and “toxic pollutants,” as such terms
are defined under the Relevant Environmental Laws, or any of them, (b) petroleum and petroleum products, including, without limitation,
crude oil and any fractions thereof, (c) natural gas, synthetic gas and any mixtures thereof, (d) asbestos and or any material
which contains any hydrated mineral silicate, including, without limitation, chrysotile, amosite, crocidolite, tremolite, anthophylite
and/or actinolite, whether friable or non-friable (collectively, “Asbestos”), (e) polychlorinated biphenyl
(“PCBs”) or PCB-containing materials or fluids, (f) radon, (g) any other hazardous or radioactive substance,
material, pollutant, contaminant or waste, (h) any Pathogen (as hereinafter defined), and (i) any other substance with respect
to which any Relevant Environmental Law or governmental authority requires environmental investigation, monitoring or remediation.

 

    	 

    	 

    

“Improvements”
shall mean the improvements on the Land, including without limitation the Building.

 

“Land”
shall mean the land described on Exhibit “1(A)” and situated in the Borough of Manhattan, City, County and State
of New York, and designated as Block 787, Lot 72 in the Borough of Manhattan on the Tax Map of the City of New York, State of New
York.

 

“Leases”
(each individually, a “Lease”) shall mean the leases, tenancies, concessions, licenses and occupancies, and
all amendments, modifications and/or assignments thereof, affecting the Premises, all of which are as listed on Exhibit “1(B)”,
as the same may be amended, modified or extended from time to time in accordance with the terms of this Agreement, or entered into
between the date hereof and the Closing Date (as hereinafter defined) in accordance with the terms and conditions of Article
20 hereof, as well as all lease guaranties, if any, delivered in connection therewith.

 

“Master Lease”
shall mean the agreement set forth on Exhibit 8(A)(xxiv) attached hereto and made a part hereof.

 

“New Contracts”
shall mean all management, service, telecommunications, information service and maintenance contracts and collective bargaining
and other union agreements affecting the Premises or the operation thereof which are entered into by Seller after the date hereof
subject to the applicable provisions of this Agreement.

 

“Pathogen”
shall mean any pathogen, toxin or other biological agent or condition, including but not limited to, any fungus, mold, mycotoxin
or microbial volatile organic compound.

 

“Personal Property”
shall mean the aggregate of the following:

 

(i)All
site plans, architectural renderings, plans and specifications, engineering plans, as-built drawings, floor plans and other similar
plans or diagrams, if any, which (a) relate to the Real Property and (b) are in Seller’s possession or control;

 

(ii)Seller’s
right, title and interest, if any, in all licenses, permits, permit applications and warranties, guaranties, indemnities and bonds
which (a) relate to the Real Property and (b) are assignable by Seller to Purchaser, without penalty;

 

(iii)All
equipment, appliances, tools, machinery, supplies, building materials and other similar personal property which is (a) owned by
Seller as of the date of this Agreement and (b) attached to, appurtenant to or located in the Improvements and/or used in the day-to-day
operation or maintenance of the Improvements, but expressly excluding the Fixtures and any and all personal property owned by any
property manager, tenants in possession, public or private utilities licensees or contractors. Seller shall not transfer to any
third party or remove any Personal Property from the Premises after the date hereof, except for repair or replacement thereof and
except in the case of the termination of this Agreement. Notwithstanding the foregoing, “Personal Property”
expressly excludes, and Seller shall not be required to convey, and Purchaser shall not be entitled to receive, any items containing
the logo of Seller or any of Seller’s affiliates, or any computer programs, software and documentation thereof, electronic
data processing systems, program specifications, source codes, logs, input data and report layouts and forms, record file layouts,
diagrams, functional specifications and variable descriptions, flow charts and other related materials (collectively, “Operational
Systems”);

 

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(iv)All
non-exclusive trademarks, logos and trade names (if any) used or useful in connection with the Real Property, but only to the extent
that the same are not trademarks or trade names of Seller or any of Seller’s affiliated companies; and

 

(v)All
rights, privileges, easements and appurtenances to the Land and the Building, if any, including, without limitation, all of Seller’s
right, title and interest in and to all operating agreements, reciprocal easement agreements, mineral and water rights and all
easements, rights-of-way, air rights, development rights and other appurtenances used or connected with the beneficial use or enjoyment
of the Land and the Building.

 

“Premises”
shall mean the aggregate of the Real Property and the Personal Property.

 

“Purchaser Representatives”
shall mean Purchaser’s designees, agents, employees, consultants, appraisers, engineers, contractors and prospective lenders.

 

“Real Property”
shall mean the fee estate of Seller in and to the aggregate of the Land, the Building, the Fixtures, Seller’s right, title
and interest, if any, in the streets, roads, lands and alleys in front of and adjacent to the Land, and the hereditaments and appurtenances
to the Improvements and the Land, including without limitation all easements, rights-of-way, air rights and other similar interests
appertaining to the Land or the Building.

 

“Relevant Environmental
Laws” shall mean any and all laws, rules, regulations, statutes, orders and directives, whether federal, state or local,
applicable to the Premises or any part thereof now or hereinafter in effect, in each case as amended or supplemented from time
to time including, without limitation all applicable judicial or administrative orders, applicable consent decrees and binding
judgments relating to the regulation and protection of human health, safety, the environment and natural resources (including,
without limitation, ambient air, surface, water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species
and vegetation), including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended (49 U.S.C. §6901 et seq.), the Hazardous Material Transportation Act, as amended (49 U.S.C. §§
1801 et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. §§ 136 et
seq.), the Resource Conservation and Recovery Act, as amended (42 U.S. §§ 6901 et seq.), the Toxic
Substance Control Act, as amended (15 U.S.C. §§ 2601 et seq.), the Clean Air Act, as amended (42 U.S.C.
§§ 7401 et seq.), the Federal Water Pollution Control Act, as amended (33 U.S.C. §§ 1251 et
seq.) the Occupational Safety and Health Act, as amended (29 U.S.C. §§ 651 et seq.), the Safe Drinking
Water Act, as amended (42 U.S. C. §§ 300f et seq.), Environmental Protection Agency regulations pertaining
to Asbestos (including, without limitation, 40 C.F.R. Part 61, Subpart M, the United States Environmental Protection Agency Guidelines
on Mold Remediation in Schools and Commercial Buildings, the United States Occupational Safety and Health Administration regulations
pertaining to Asbestos including, without limitation, 29 C.F.R. Section 1910.1001 and 1926.58), and any state or local counterpart
or equivalent of any of the foregoing, and any related federal, state or local transfer of ownership notification or approval statutes.
The foregoing, with respect to the environmental condition of the Premises and any adjacent property, and any activities conducted
on or at the Premises, including by way of example and not limitation: (i) Hazardous Materials; (ii) air emissions, water discharges,
noise emissions and any other environmental, health or safety matter; (iii) the existence of any underground storage tanks that
contained or contain Hazardous Materials; and (vi) the existence of pcb contained electrical equipment.

 

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“Security Deposits”
(each individually, a “Security Deposit”) shall mean all security deposits and/or letters of credit actually
held by Seller under Leases as of the date hereof as listed on Exhibit “16(A)(xiii)” as same may be drawn down,
applied and/or retained after the date hereof in accordance with both the applicable Lease and the terms of this Agreement.

 

“Surviving Contracts”
shall mean Existing Contracts and New Contracts which are in effect as of the Closing.

 

“Telecommunications
Contracts” shall mean the telecommunications and information service contracts and licenses affecting the Premises or
the operation thereof which are listed on Exhibit “1(D)”.

 

“Tenants”
(each individually, a “Tenant”) shall mean the current tenants under the Leases.

 

“Title Insurer”
shall mean First American Title Insurance Company (New York, NY), as lead co-insurer for 50% of the liability, and Chicago Title
Insurance Company (Philadelphia, PA), as co-insurer for 50% of the liability.

 

“Union Agreement”
shall mean the collective bargaining agreement with respect to the Union Employee (hereinafter defined), a true and complete copy
of which to Seller’s Actual Knowledge is annexed hereto as Exhibit 1(F) or the Realty Advisory Board Agreement,
as the case may be.

 

		2.	Sale-Purchase.

 

In consideration of,
and upon and subject to, the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration,
the mutual receipt and legal sufficiency of which is hereby acknowledged, Seller agrees to sell and convey all of Seller’s
right, title and interest in and to the Premises, the Leases and the Surviving Contracts (as hereinafter defined) to Purchaser,
and Purchaser agrees to purchase the Premises, and all of Seller’s rights in and to the Leases and the Surviving Contracts
from Seller. Seller and Purchaser agree that no portion of the Purchase Price (as hereinafter defined) is attributable to the Personal
Property included in this sale.

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		3.	Purchase Price.

 

The purchase price
for the Premises (the “Purchase Price”) is Forty Eight Million Six Hundred Thousand and xx/100 Dollars ($48,600,000.00),
payable as follows: (i) Four Million Eight Hundred Sixty Thousand and xx/100 Dollars ($4,860,000.00) (the “Initial
Deposit”) within one (1) business day following the date hereof to Escrow Agent, by federal funds, wire transfer of
immediately available federal funds to an account designated by Escrow Agent, to be held by Escrow Agent pursuant to and in accordance
with the provisions of Article 19 of this Agreement; and (ii) subject to the apportionments and other credits provided for
in this Agreement, the balance of the Purchase Price on the Closing Date by federal funds or wire transfer of immediately available
federal funds to an account or accounts designated by Seller. Seller and Purchaser agree that one-half of the interest earned on
the Initial Deposit or the Deposit (as defined below), as applicable, shall be credited to the Purchase Price upon the Closing
and the balance of the interest on the Deposit shall, upon the Closing, be and remain the property of Seller, and shall not be
credited against the Purchase Price. Failure by Purchaser to deliver the Initial Deposit to Escrow Agent as provided above within
one (1) business day following the date hereof shall render this Agreement void ab initio.

 

		4.	Condition of Title.

 

A.The Premises
shall be sold, and title thereto conveyed, subject only to (collectively, the “Permitted Exceptions”):

 

(i)The
matters set forth on Exhibit “4(A)(i)”;

 

(ii)the
Leases and the rights of Tenants;

 

(iii)all
violations whether or not noted or issued; except that Seller shall tender payment at Closing to Title Insurer to pay to the appropriate
governmental agency any and all fines, fees, penalties, and interest imposed with respect to such violations through the Closing
Date.

 

(iv)all
present and future zoning, building, land use, environmental and other laws, ordinances, codes, restrictions, rules and regulations
or other legal requirements of all governmental authorities having jurisdiction with respect to the Premises, including, without
limitation, landmark designations and all zoning variances and special exceptions, if any;

 

(v)liens,
encumbrances, violations and defects (including, without limitation, any mechanics and/or materialmen’s lien or any judgment
arising as a result thereof), removal of which is an obligation of a Tenant;

 

(vi)All
presently existing and future liens for unpaid real estate taxes and water and sewer charges not due and payable as of the date
of the Closing, subject to adjustment as hereinbelow provided;

 

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(vii)All
covenants, restrictions and rights and all easements and agreements for the erection and/or maintenance of water, gas, steam, electric,
telephone, sewer or other utility pipelines, poles, wires, conduits or other like facilities, and appurtenances thereto, over,
across and under the Premises which are either (a) presently existing or (b) granted to a public utility in the ordinary course,
provided that the same shall not have a material adverse effect on the use of the Premises for its current use;

 

(viii)Statement
of facts shown on the survey, dated February 12, 2011 made by Haynes Land Surveyors, as updated on May 2, 2011 and any additional
facts which would be shown on or by an accurate current survey of the Premises;

 

(ix)The
Surviving Contracts;

 

(x)Consents
by any former owner of the Land for the erection of any structure or structures on, under or above any street or streets on which
the Land may abut;

 

(xi)Possible
encroachments and/or projections of stoop areas, roof cornices, window trims, vent pipes, cellar doors, steps, columns and column
bases, flue pipes, signs, piers, lintels, window sills, fire escapes, satellite dishes, protective netting, sidewalk sheds, ledges,
fences, coping walls (including retaining walls and yard walls), air conditioners and the like, if any, on, under or above any
street or highway, the Building, or any adjoining property, provided that the same shall not have a material adverse effect on
the use of the Property for its current use;

 

(xii)Variations
between tax lot lines and lines of record title;

 

(xiii)Standard
exclusions from coverage contained in the form of title policy or “marked-up” title commitment employed by the
Title Insurer;

 

(xiv)Any
financing statements, chattel mortgages, encumbrances or mechanics’ or other liens entered into by, or arising from, any
financing statements filed on a day more than five (5) years prior to the Closing and any financing statements, chattel mortgages,
encumbrances or mechanics’ or other liens filed against property no longer contained in the Premises, provided that the Title
Insurer shall remove them as exceptions from the title insurance policy to be issued to Purchaser at Closing or shall affirmatively
insure over them at regular rates;

 

(xv)Any
lien or encumbrance arising out of the acts or omissions of Purchaser;

 

(xvi)Subject
to the terms of this Agreement, any other matter which the Title Insurer may raise as an exception to title, provided the Title
Insurer will either omit or affirmatively insure against collection or enforcement of same out of the Premises and/or that no prohibition
of present use or maintenance of the Premises will result therefrom, as may be applicable;

 

(xvii)Any
encumbrance that will be extinguished upon conveyance of the Property to Purchaser, provided that the Title Insurer shall remove
them as exceptions from the title insurance policy to be issued to Purchaser at Closing or shall affirmatively insure over them;
and

 

 

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(xviii)any
other matter which, pursuant to the terms of this Agreement, is a permitted condition of the transaction contemplated by this Agreement.

 

B.Title
to the Premises shall be such title as the Title Insurer shall be prepared to insure, subject to the Permitted Exceptions and
the provisions of Article 13 hereof.

 

		5.	Closing.

 

The “Closing”
shall mean the consummation of each of the actions set forth in Article 8 of this Agreement, or the waiver in writing of
such action by the party in whose favor such action is intended, and the satisfaction of each condition precedent to the Closing
set forth in Article 9 and elsewhere in this Agreement, or the waiver in writing of such condition precedent by the party
intended to be benefited thereby. The Closing shall be consummated in escrow through First American Title Insurance Company, at
its office located at 633 Third Avenue, New York, New York 10016. Neither party hereto shall be required to be present at the Closing,
unless otherwise agreed to by the parties hereto. Purchaser and Seller agree to cause all documents and deliverables required to
be delivered by the parties hereunder, and by any necessary third parties, to be delivered to First American Title Insurance Company
at its New York City office address prior to 6:00 p.m. (Eastern Standard Time) on November 19, 2012 (such date, as same may be
extended or adjourned in accordance with this Agreement, is hereinafter referred to as the “Closing Date” or
“Initial Closing Date”). Purchaser shall be entitled to a one-time adjournment of the Initial Closing Date to
a date on or before December 26, 2012, provided that (i) Purchaser shall have delivered to Seller a written notice of the adjourned
Closing Date not less than five (5) business days prior to the Initial Closing Date and within two (2) business days following
delivery of such adjournment notice (TIME BEING OF THE ESSENCE) deliver an additional sum of Two Million Four Hundred Thirty Thousand
and xx/100 Dollars ($2,430,000.00) to Escrow Agent by wire transfer of immediately available federal funds to an account designated
by Escrow Agent, to be held by Escrow Agent pursuant to and in accordance with the provisions of Article 19 of this Agreement
(the “Additional Deposit”; the sum of the Initial Deposit and the Additional Deposit shall equal the “Deposit”).
In the event the Initial Closing Date is adjourned as provided above, regardless of the adjourned Closing Date, Seller and Purchaser
shall be required to deliver to First American Title Insurance Company at its New York City office address, on or before December
18, 2012, all of the documents and items required to be delivered by Seller and Purchaser pursuant to Article 8 hereof (except
that with respect to the closing statement, schedule of adjustments and payment direction letter, only Seller’s and Purchaser’s
signature pages must be delivered into escrow with First American). Purchaser shall have the right to accelerate the Initial Closing
Date or the adjourned Closing Date, as applicable, upon ten (10) business days prior written notice to Seller; provided that all
conditions precedent to both Purchaser’s and Seller’s respective obligations to close under this Agreement shall have
been satisfied (or waived in writing) (but failure to close on such accelerated Closing Date shall not constitute a default by
Seller under this Agreement). TIME IS OF THE ESSENCE with respect to Purchaser’s obligation to close on the Initial Closing
Date or the adjourned Closing Date, as applicable, subject to Seller’s right to adjourn the Closing as permitted under this
Agreement.

 

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		6.	Violations.

 

The Premises are sold,
and Purchaser shall accept same, subject to any and all violations of law, rules, regulations, ordinances, orders or requirements
noted in or issued by any Federal, state, county, municipal or other department or governmental agency having jurisdiction against
or affecting the Premises whenever noted or issued (collectively, “Violations”) and any conditions which could
give rise to any Violations. Other than tendering payment to the Title Insurer at Closing in order to pay the appropriate governmental
agency all fines, fees, penalties, and interest imposed with respect to the Violations through the Closing Date, Seller shall have
no obligation to cure or remove any Violations.

 

		7.	Apportionments.

 

A.The following
shall be apportioned between Seller and Purchaser at the Closing with respect to the Premises as of 11:59 p.m. of the day immediately
preceding the Closing Date, and the net amount thereof either shall be paid by Purchaser to Seller or credited to Purchaser, as
the case may be, at the Closing:

 

(i)Real
property taxes and assessments (or installments thereof), payments required to be made to any business improvement district (“BID
taxes”) and vault charges, except those required pursuant to Leases to be paid directly to the entity imposing same;

 

(ii)Water
rates and charges, except those required pursuant to Leases to be paid directly to the entity imposing same;

 

(iii)Sewer
taxes and rents, except those required pursuant to Leases to be paid directly to the entity imposing same;

 

(iv)Salaries,
vacation pay, sick pay and pension and other benefits of the one Union Employee (as hereinafter defined), provided Seller shall
provide appropriate backup for such items; Seller shall not be charged with termination pay arising by reason of Purchaser's termination
of the one (1) Union Employee or failure to hire any Union Employee, at or subsequent to the Closing, and Purchaser shall be fully
liable for any such termination pay. If personnel engaged at the Property are in the employ of an agent or contractor (including
any cleaning company engaged at the Property), then such adjustment or proration shall be made as appropriate with the agent to
reach the same economic result as if in the direct employ of Seller but Purchaser shall not be required to hire such non-union
employees;

 

(v)Permit,
license and inspection fees, if any, on the basis of the fiscal year for which levied, if the rights with respect thereto are transferred
to Purchaser;

 

(vi)Fuel,
if any, at the cost per gallon most recently charged to Seller, based on the supplier’s measurements thereof, plus sales
taxes thereon, which measurements shall be given by Seller to Purchaser as close to the Closing Date as is reasonably practicable,
and which, absent manifest error, shall be conclusive and binding on the Seller and Purchaser;

 

    	-8-

    	 

    

(vii)Deposits
on account with any utility company servicing the Premises to the extent transferred to (and assumed by) Purchaser shall not be
apportioned, but Seller shall receive a credit in the full amount thereof (including accrued interest thereon, if any);

 

(viii)Rents
(as hereinafter defined), if, as and when collected, in accordance with Section 7(F) hereof;

 

i)Leasing
Costs, if any, in accordance with Section 20(B) hereof;

 

(x)Payments
due under any Surviving Contracts;

 

(xi)Purchaser
shall receive a credit against the Purchase Price in an amount equal to the prepaid rents received by Seller in connection with
the Leases covering any period after the Closing Date.

 

(xii)Seller
shall receive a credit in an amount equal to $18,150.00.

 

(xiii)All
other items customarily apportioned in connection with the sale of similar properties similarly located.

 

B.Apportionment
of real property taxes, BID taxes, water rates and charges, sewer taxes and rents and vault charges shall be made on the basis
of the fiscal year for which assessed. If the Closing Date shall occur before the real property tax rate, BID taxes, water rates
or charges, sewer taxes or rents or vault charges are fixed, apportionment for any item not yet fixed shall be made on the basis
of the real property tax rate, BID taxes, water rates and charges, sewer taxes and rents or vault charges, as applicable, for the
preceding year applied to the latest assessed valuation. After the real property taxes, BID taxes, water rates and charges, sewer
taxes and rents and vault charges are finally fixed, Seller and Purchaser shall make a recalculation of the apportionment of same
after the Closing, and Seller or Purchaser, as the case may be, shall make an appropriate payment to the other based upon such
recalculation.

 

C.The amount
of any of the unpaid taxes, assessments, water charges, sewer rents and vault charges which Seller is obligated to pay and discharge,
with interest and penalties thereon (if any) to the Closing Date may, at Seller’s option, be allowed to Purchaser out of
the balance of the Purchase Price, provided that official bills therefor with interest and penalties thereon (if any) are furnished
by Seller at the Closing and provided that Title Insurer will omit same as exceptions from, or insure against collection from the
Premises in, Purchaser’s title insurance policy, at no additional cost or expense to Purchaser.

 

D.If any
refund of real property taxes, BID taxes, water rates or charges, sewer taxes or rents or vault charges is made after the Closing
Date covering a period prior to the Closing Date, the same shall be applied first to the reasonable out-of-pocket costs incurred
in obtaining same (including reasonable attorneys’ fees, accounting fees, consultant fees and filing fees) and the balance,
if any, of such refund shall, to the extent received by Purchaser, be paid to Seller (for the period prior to the Closing Date)
and to the extent received by Seller, be paid to Purchaser (for the period commencing with the Closing Date). Any payment to Seller
or Purchaser pursuant to the immediately preceding sentence shall be net of any amount payable to a Tenant in accordance with its
Lease (which payment to such Tenant shall be made promptly by the Purchaser or Seller, as applicable, after such refund is made).
Each of Purchaser and Seller hereby agrees to indemnify and hold harmless the other as to any refund payment paid by it to the
other for a Tenant.

 

    	-9-

    	 

    

E.If there
are meters measuring water consumption or sewer usage at the Premises, Seller shall obtain readings to a date not more than thirty
(30) days prior to the Closing Date. If such readings are not obtained, water rates and charges and sewer taxes and rents, if any,
shall be apportioned based upon the last actual meter readings, subject to reapportionment when readings for the relevant period
are obtained after the Closing Date. If any of the Tenants pay electric based on a submeter for their electric consumption, then
the Seller shall cause any such submeter to be read as close as possible to the Closing Date and upon completion of such reading,
the Seller shall bill each such Tenant electric charges, based on such reading. At the Closing, the Seller shall provide the Purchaser
with documentation as to any such readings and billings for submetered electric charges.

 

F.To the
extent that Seller or Purchaser receives Rents after the Closing Date, the same shall be held in trust by Seller or Purchaser,
as the case may be, and shall be applied in the order of priority set forth in this Section 7(F).

 

(i)The
following terms shall be as defined herein: “Base Rents”: fixed rent, and other amounts of a fixed nature (which
may include, without limitation, electric inclusion and supplemental water, HVAC and condenser water charges paid or payable by
Tenants; “Overage Rents”: a percentage of the Tenant’s business during a specified annual or other period
(sometimes referred to as “percentage rent”), so-called “escalation rent”, and additional
rent based upon increases in or otherwise attributable to real estate and BID taxes, operating expenses, utility costs, a cost
of living index or porter’s wages or otherwise, but which shall in no event include Reimbursable Payments (as hereinafter
defined); “Reimbursable Payments”: overtime heat, air conditioning or other utilities or services; freight elevator;
electric inclusion and adjustments related to electric usage (such as rate and/or fuel adjustments and survey); submetered electric;
supplemental water, HVAC, and condenser water charges; services or repairs, and labor costs associated therewith, to which a Tenant
is obligated to reimburse the landlord under its Lease or for which a Tenant has separately contracted with Seller or its agent;
true-ups on account of escalation and/or additional rent for years prior to the year in which the Closing occurs; above standard
cleaning; and all other items which are payable to Seller as reimbursement or payment for above standard or overtime services (but
which amounts shall not be treated as Reimbursable Payments if already included in a Tenant’s Base Rents); and “Rents”:
all amounts due and owing from Tenants, however characterized, including, without limitation, Base Rents, Overage Rents and Reimbursable
Payments.

 

(ii)Base
Rents and Overage Rents shall be adjusted and prorated on an as, if and when collected basis. Base Rents and Overage Rents collected
by Purchaser or Seller after the Closing from any Tenant who owes any such amounts for periods prior to the Closing shall be applied
in the following order, but shall be treated separately for such allocation purposes: (a) first, in payment of such amounts
owed by such Tenant for the month in which the Closing occurs, (b) second, in payment of such amounts owed by such Tenant for all
periods immediately following the month in which the Closing occurs, (c) third, in payment of such amounts owed by such Tenant
(if any) for any other period prior to the Closing. Each such amount, less any third party costs of collection (including reasonable
attorneys’ fees and expenses) reasonably allocable thereto, shall be paid over as provided above, and the party who receives
any such amount shall promptly pay over to the other party any portion thereof to which it is so entitled.

 

    	-10-

    	 

    

(iii)Reimbursable
Payments shall not be apportioned or adjusted; to the extent incurred prior to the Closing Date, Reimbursable Payments incurred
prior to Closing shall belong in their entirety to Seller, and shall be retained by Seller, and/or paid over to Seller by Purchaser,
as applicable, on an as, if and when collected basis. To the extent a payment is made by a Tenant which is specifically designated
as being on account of one or more Reimbursable Payments due to Seller, by reference to a charge, invoice number or otherwise,
or is of an amount which is equal to one or more Reimbursable Payments due to Seller, then same shall be treated as a Reimbursable
Payment, and shall be paid over to Seller promptly upon receipt thereof.

 

(iv)Purchaser
shall bill Tenants who owe Rents for periods prior to the Closing on a monthly basis for a period of nine (9) consecutive months
following the Closing and shall use commercially reasonable efforts to collect such past due Rents (which efforts shall include,
but not be limited to, including such amounts in Purchaser’s invoices and notices for rents due for the period after Closing,
but excluding litigation or otherwise seeking to terminate the Leases). Purchaser shall have no obligation to commence any action
or proceeding to collect any such past due Rents, provided, however, if Purchaser in fact commences any such action or proceeding,
the amount sought shall include all Rents unpaid for the period prior to the Closing. Notwithstanding the foregoing, if Purchaser
shall fail to collect such past due Rents after such nine (9) month period, Seller shall have the right to pursue Tenants to collect
such delinquencies (including, without limitation, the prosecution of one or more lawsuits, but Seller shall not be entitled to
pursue an action for eviction).

 

(v)Purchaser
shall (a) promptly render bills to the applicable Tenants for any Overage Rent in respect of a period that shall have expired prior
to the Closing but which is payable after the Closing, (b) bill Tenants for any such Overage Rent on a monthly basis for a period
of nine (9) consecutive months thereafter and (c) use commercially reasonable efforts to collect such Overage Rent (which efforts
shall include but not be limited to, including such amounts in Buyer’s invoices and notices for rents due for the period
after the Closing). Notwithstanding the foregoing, if Purchaser shall be unable to collect such Overage Rent after such nine (9)
month period, Seller shall have the right to pursue Tenants to collect such delinquencies (including, without limitation, the prosecution
of one or more lawsuits but Seller shall not be entitled to pursue and action for eviction). From and after the Closing, Seller
shall furnish to Purchaser calculations of the amounts due from Tenants on account of Overage Rent for periods prior to the Closing,
and such other information relating to the period prior to the Closing as is reasonably necessary for the billing of any such Overage
Rent. Purchaser shall bill Tenants for Overage Rent for periods prior to the Closing in accordance with and on the basis of such
information furnished by Seller. Purchaser shall deliver to Seller, concurrently with the delivery to Tenants, copies of all statements
relating to Overage Rent for periods prior to the Closing Date.

 

(vi)Overage
Rent for the calendar year in which the Closing occurs shall be apportioned between Seller and Purchaser using a percentage derived
by dividing the total operating expenses incurred for those operating expenses which are used by Seller in determining the operating
expense pool for the calendar year in question over each parties’ actual expenses incurred for such operating expenses. Seller
shall be entitled to receive the proportion of such Overage Rent (less a like portion of any out-of-pocket costs and expenses (including
reasonable attorneys’ fees and expenses) incurred in the collection of such Overage Rent) that the portion of such period
occurring prior to the Closing bears to the entire such period, and Purchaser shall be entitled to receive the proportion of such
Overage Rent (less a like portion of any out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses)
incurred in the collection of such Overage Rent) that the portion of such period from and after the Closing bears to the entire
such period. If, prior to the Closing, Seller shall receive any installment of Overage Rent attributable to Overage Rent for periods
from and after the Closing, such sum shall be apportioned at the Closing. If, after the Closing, Purchaser shall receive any installment
of Overage Rent attributable to Overage Rent for periods prior to the Closing, such sum (less any out-of-pocket costs and expenses
(including reasonable counsel fees) incurred by Purchaser in the collection of such Overage Rent) shall be paid by Purchaser to
Seller promptly after Purchaser receives payment thereof.

 

    	-11-

    	 

    

(vii)To
the extent that any payment on account of Overage Rent is required to be paid periodically by Tenants for any calendar year (or,
if applicable, any lease year or any other applicable accounting period), and at the end of such calendar year (or lease year or
other applicable accounting period, as the case may be) such estimated amounts are to be recalculated based upon the actual expenses,
taxes or other relevant factors for that calendar year (or lease year or other applicable accounting period, as the case may be),
then Purchaser agrees to so recalculate same, subject to Seller’s review and reasonable approval of such recalculation, and
to bill such Tenants for all amounts due from such Tenants on account therefor, within nine (9) months after the end of such calendar
year (or lease year or other applicable accounting period, as the case may be). At the time(s) of final calculation and collection
from (or refund to) each Tenant of the amounts in reconciliation of actual Overage Rent, there shall be a re-proration between
Seller and Purchaser in accordance with this Agreement and Seller and Purchaser shall each be entitled to (or responsible for,
as the case may be) the amounts attributable to such party’s period of ownership of the Premises, provided that Seller shall
have no liability for amounts due to Tenants if Purchaser shall have failed to obtain Seller’s prior approval of any such
recalculation. Purchaser shall indemnify and hold Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims,
liabilities and expenses (including, but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred
by Seller as the result of Purchaser failing to pay over to any Tenant any amount paid by Seller to Purchaser on account of Overage
Rent. The Seller, on or prior to the Closing, shall complete the reconciliations with the Tenants for Overage Rent for calendar
year 2012 and all prior years and to the extent any such Tenant overpaid such Overage Rent, the Seller shall, on or prior to the
Closing, refund any such overpayment of Overage Rent to each such applicable Tenant. At the Closing, the Seller shall provide documentation
to Purchaser as to the completion of such reconciliations. Seller hereby agrees to indemnify and hold Purchaser harmless from any
and all losses, costs, damages, liens, claims, counterclaims, liabilities and expenses (including, but not limited to, reasonable
attorneys’ fees, court costs and disbursements) incurred by Purchaser as a result of the Seller’s failure to refund
any overpayment of Overage Rent due by the Seller to any Tenant for any time period prior to the Closing.

 

    	-12-

    	 

    

(viii)Until
such time as all amounts required to be paid to Seller by Purchaser pursuant to this Section 7(F) shall have been paid in
full to the extent the Purchaser collects any arrears in Base Rents and/or Overage Rent owed to the Seller, Purchaser shall furnish
to Seller a reasonably detailed monthly accounting of cash receipts from Tenants (accompanied by aged receivable reports) with
a reasonably detailed accounting of amounts allocable to Seller pursuant to this Agreement, which accounting shall be delivered
to Seller for each such applicable month, within 20 days after the end thereof. Seller and Purchaser and their representatives
shall each have the right from time to time for a period of one (1) year following the Closing, on prior notice to the other party,
during ordinary business hours on business days, to review each other’s rental records with respect to the Premises to ascertain
the accuracy of any such accountings during the Seller’s and Purchaser’s respective periods of ownership for the Premises.

 

G.If any
adjustment or apportionment is miscalculated at the Closing, or the complete and final information necessary for any adjustment
is unavailable at the Closing, the affected adjustment shall be calculated after the Closing. The provisions of this Article 7
shall survive the Closing Date for a period of one (1) year.

 

		8.	Closing Deliveries.

 

A.At the
Closing, Seller shall deliver to Purchaser, executed and acknowledged, as applicable:

 

(i)A bargain
and sale deed without covenants against grantor’s acts, sufficient to convey fee title to the Land and Improvements subject
to and in accordance with the provisions of this Agreement, in the form attached hereto as Exhibit “8(A)(i)”,
and made a part hereof (the “Deed”);

 

(ii)A general
bill of sale for the Personal Property, in the form of Exhibit “8(A)(ii)”, conveying, lien free (other than
Permitted Exceptions) and as more particularly set forth therein, to Purchaser all of Seller’s right, title and interest
in and to the Personal Property;

 

(iii)An
assignment and assumption, in the form of Exhibit “8(A)(iii)”, which provides for, as more particularly set
forth therein, the assignment by Seller of all of Seller’s right, title and interest as landlord in and to the Leases, all
guaranties delivered in connection therewith and all security deposits thereunder, and the assumption by Purchaser of all of Seller’s
obligations as landlord under the Leases arising from and after the Closing Date (the “Assignment of Leases”);

 

(iv)An
assignment and assumption, in the form of Exhibit “8(A)(iv)”, which provides for, as more particularly set forth
therein, the assignment by Seller of all of Seller’s right, title and interest in and to all of the Surviving Contracts and
Brokerage Agreements and the assumption by Purchaser of all of Seller’s obligations under such Surviving Contracts and Brokerage
Agreements arising from and after the Closing Date (the “Assignment of Contracts”);

 

(v)ii)
The cash Security Deposits under Leases then in effect and then actually held by Seller (including, without limitation, the Security
Deposit of Gerard Yosca Jewelry, Inc.) (together with accrued interest thereon, if any, less Seller’s proportionate share
of administrative fees, if any) by payment of the aggregate amount thereof to Purchaser or a credit to Purchaser against the Purchase
Price, at Seller’s option.

 

    	-13-

    	 

    

(b)If
one or more Security Deposit is wholly or partially comprised of a letter of credit (collectively, the “Letters of Credit”),
Seller shall use commercially reasonable efforts to transfer the Letters of Credit to Purchaser as of the Closing Date, the cost
and expense of which Purchaser shall pay, and on the Closing Date Seller shall deliver to Purchaser all original Letters of Credit,
with all amendments thereto, actually held by Seller. As to those Letters of Credits which are not transferred to Purchaser at
Closing (collectively, the “Non-Transferable Letters of Credit”), Seller shall execute at Closing the documentation
necessary to cause the transfer or re-issuance of the Non-Transferable Letters of Credit and Seller and Purchaser shall reasonably
cooperate with each other on the Closing Date and following the Closing so as to effectuate the transfer of same to Purchaser and
cause Purchaser to be the beneficiary thereunder or to obtain a replacement letter of credit showing Purchaser as the beneficiary
thereunder. Until the Non-Transferable Letters of Credit shall be transferred to Purchaser or replaced, as aforesaid, Purchaser
shall hold the same, but upon request may deliver the same to Seller (if necessary), who shall then draw upon the same and deliver
the proceeds to Purchaser or return the same to the applicable Tenant, in each case upon Purchaser’s written instruction.
Seller shall also deliver to Purchaser at Closing such documentation, including, without limitation, sight drafts executed in blank,
as Purchaser shall reasonably require in connection with drawing under the Non-Transferable Letters of Credit in Seller’s
name. Purchaser shall indemnify and hold Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims,
liabilities and expenses (including, but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred
by Seller as the result of Seller taking any steps pursuant to a request of Purchaser, including drawing, or seeking to draw, on
any Tenant’s Security Deposit. The provisions of this Section 8(A)(v)(b) shall survive the Closing;

 

(vi)Executed
original counterparts of all Leases, guaranties of Leases, Union Agreement and Surviving Contracts, or copies thereof to the extent
executed original counterparts are not in Seller’s possession or control, all of which shall be certified by Seller as true
and correct to Seller’s Actual Knowledge, subject to the limitations set forth in Section 16(C) of this Agreement;

 

(vii)A
certification of non-foreign status, in form required by Internal Revenue Code Section 1445 and the regulations issued thereunder;

 

(viii)Notice
letters to the Tenants, in the form of Exhibit “8(A)(viii)” (the “Notice Letters”), to be
prepared by Purchaser;

 

(ix)Notice
letters to contractors under Surviving Contracts, in the form of Exhibit “8(A)(ix)” (the “Contractor
Letters”), to be prepared by Purchaser;

 

(x)The
Tenant Estoppels (as hereinafter defined), including any applicable Seller Estoppel (as hereinafter defined) required to be delivered
under Article 10 hereof;

 

    	-14-

    	 

    

(xi)A Real
Property Transfer Tax Return with respect to the New York City Real Property Transfer Tax (the “RPT Form”);

 

(xii)A
New York State Real Estate Transfer Tax Return and Credit Line Mortgage Certificate with respect to the New York State Real Estate
Transfer Tax (the “Form TP-584”);

 

(xiii)A
New York State Real Property Transfer Report Form RP-5217 NYC (the “RP-5217”);

 

(xiv)A
Department of Housing Preservation and Development Affidavit in Lieu of Registration Statement (the “Non-Multiple Dwelling
Affidavit”);

 

(xv)Evidence
of authority, good standing (if applicable) and due authorization of Seller to enter into the within transaction and to perform
all of its obligations hereunder, including, without limitation, the execution and delivery of all of the closing documents required
by this Agreement, and setting forth such additional facts, if any, as may be needed to show that the transaction is duly authorized
and is in conformity with Seller’s organizational documents and applicable laws and to enable Title Insurer to omit all exceptions
regarding Seller’s standing, authority and authorization;

 

(xvi)An
assignment and assumption agreement with respect to union collective bargaining agreements in the form of Exhibit “8(A)”

 

(xvi)
(the “Assumption of Union Agreement”), which shall be assumed by Purchaser or as Purchaser shall direct except
as otherwise provided in Section 27(B);

 

(xvii)To
the extent not available as a matter of public record and in Seller’s possession or control (a) those transferable licenses
and permits, authorizations and approvals pertaining to the Premises which are not posted at the Premises and (b) all transferable
guarantees and warranties which Seller has received in connection with any work or services performed or equipment installed during
Seller’s period of ownership at the Premises;

 

(xviii)Documentation
as reasonably required by the Purchaser to calculate the Overage Rent due and owing after the Closing;

 

(xix)A
title affidavit in substantially the form attached hereto as Exhibit “8(A)(xix)” (the “Title Affidavit”);

 

(xx)A closing
statement (the “Closing Statement”);

 

(xxi)Evidence
of Seller’s termination of any existing management and/or leasing agency agreements pertaining to the Premises;

 

(xxii)An
updated rent roll, arrears report and schedule of security deposits and letters of credit, certified to Seller’s Actual Knowledge
to be true and correct in all material respects, subject to the limitations set forth in Section 16(C) of this Agreement;

 

    	-15-

    	 

    

(xxiii)A
certificate from Seller, certifying to Purchaser that all of Seller’s representations and warranties provided for in Section
16 of this Agreement are true and correct in all material respects as of the Closing Date, but subject to the limitations set forth
in Sections 9(B) and (C) and 16(C), (D) and (E) of this Agreement;

 

(xxiv)A
Master Lease, in substantially the form attached hereto as “8(A)(xxiv)” (the “Master Lease”),
together with the sum of $600,000.00 from Seller (the “Master Lease Rent”) which shall be delivered to the Escrow
Agent at Closing, to be held and disbursed in accordance with the terms and conditions of the Master Lease.

 

(xxv)All
tenant files, to the extent in Seller’s possession or control;

 

(xxvi)All
keys, security codes, pass cards and like for the Premises, to the extent in Seller’s possession or control; and

 

(xxvii)Such
other instruments or documents which by the terms of this Agreement are to be delivered by Seller at the Closing.

 

B.At the
Closing, Purchaser shall deliver to Seller, executed and acknowledged, as applicable:

 

(i)The
balance of the Purchase Price and all other amounts payable by Purchaser to Seller at the Closing pursuant to this Agreement;

 

(ii)The
Assignment of Leases;

 

(iii)The
Assignment of Contracts;

 

(iv)The
Tenant Notice Letters;

 

(v)The
Contractor Notice Letters;

 

(vi)The
RPT Form;

 

(vii)The
RP-5217;

 

(viii)The
Form TP-584;

 

(ix)The
Assumption of Union Agreement (subject to Section 27(B));

 

(x)The
Master Lease;

 

(xi)Evidence
of authority, good standing (if applicable) and due authorization of Purchaser to enter into the within transaction and to perform
all of its obligations hereunder, including, without limitation, the execution and delivery of all of the closing documents required
by this Agreement, and setting forth such additional facts, if any, as may be needed to show that the transaction is duly authorized
and is in conformity with Purchaser’s organizational documents and applicable laws;

 

    	-16-

    	 

    

(xii)An
acknowledgement or receipt for each of the Security Deposits paid over or credited to Purchaser at the Closing;

 

(xiii)A
certificate from Purchaser, certifying to Seller that all of Purchaser’s representations and warranties provided for in Section
16(B) of this Agreement are true and correct in all material respects as of the Closing Date;

 

(xiv)The
Closing Statement; and

 

(xv)Such
other instruments or documents which by the terms of this Agreement are to be delivered by Purchaser at Closing.

 

C.The acceptance
of the Deed by Purchaser shall be deemed to be full performance and discharge of any and all obligations on the part of Seller
to be performed pursuant to the provisions of this Agreement, except where such agreements and obligations are specifically stated
to survive.

 

		9.	Conditions Precedent.

 

A.Seller’s
obligations under this Agreement are subject to satisfaction of the following conditions precedent, which may be waived in whole
or in part by Seller, provided such waiver is in writing and signed by Seller on or before the Closing Date:

 

(i)Purchaser
shall have paid or tendered payment of the Purchase Price and paid all other amounts payable by Purchaser pursuant to the terms
hereof;

 

(ii)Purchaser
shall have delivered to or for the benefit of Seller, on or before the Closing Date, all of the documents and items required to
be delivered by Purchaser pursuant to Article 8 hereof and Purchaser shall have performed in all material respects all of its other
obligations hereunder to be performed on or before the Closing Date; and

 

(iii)All
of Purchaser’s representations and warranties made in this Agreement shall be true and correct in all material respects as
of the date hereof and as of the Closing Date as if then made.

 

B.Purchaser’s
obligations under this Agreement are subject to the satisfaction of the following conditions precedent which may be waived in whole
or in part by Purchaser, provided such waiver is in writing and signed by Purchaser on or before the Closing Date:

 

(i)Seller
shall have delivered to or for the benefit of Purchaser, on or before the Closing Date, all of the documents and items required
to be delivered by Seller pursuant to Article 8 hereof and Seller shall have performed in all material respects all of its obligations
hereunder to be performed on or before the Closing Date; and

 

(ii)Subject
to the other provisions of this Agreement, all of Seller’s representations and warranties made in this Agreement shall be
true and correct in all material respects as of the date hereof and as of the Closing Date as if then made, and shall survive for
a period of one-hundred eighty (180) days following the Closing Date, other than those representations or warranties made as of
a specific date, or with reference to previously dated materials, in which event such representations and warranties shall be true
and correct as of the date thereof or as of the date of such materials, as applicable. For purposes hereof, a representation or
warranty shall not be deemed to have been breached if the representation or warranty is not true and correct in all material respects
as of the Closing Date by reason of changed facts or circumstances arising after the date hereof which did not arise by reason
of a breach of any covenant made by Seller under this Agreement.

 

    	-17-

    	 

    

C.Notwithstanding
anything to the contrary contained in this Agreement, (i) Seller does not represent or warrant that any Lease will be in force
or effect at Closing, that any Tenant will have performed its obligations under its Lease or that any Tenant will not be the subject
of bankruptcy proceedings and (ii) the existence of any default by a Tenant, the failure by a Tenant to perform its obligations
under its Lease, the termination of any Lease prior to Closing by reason of the Tenant’s default (if in accordance with the
other provisions of this Agreement) or the existence of bankruptcy proceedings pertaining to any Tenant shall not affect Purchaser’s
obligations hereunder in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to
any other claim on the part of Purchaser; provided; however, that it shall be a condition precedent to Purchaser’s obligation
to close hereunder that neither Cache, Inc. nor UAW (as defined below) shall have (i) terminated their
respective Leases; (ii) vacated and abandoned their respective demised premises (in no event shall vacation and abandonment include
closing for vacation or casualty); and (iii) filed for bankruptcy. The failure to satisfy such condition precedent in the immediately
preceding sentence shall constitute a failure of a condition to Purchaser’s obligations hereunder and not a default
by Seller.

 

D.Seller
shall be entitled to one or more adjournments, not to exceed sixty (60) days in the aggregate (along with all of Seller’s
other adjournments under this Agreement), of the Closing Date to attempt to satisfy any of the conditions described in Section
9B above.

 

    	-18-

    	 

    

 

 

		10.	Estoppel Certificates.

 

A.As soon
as reasonably practicable after the date hereof, Seller shall send to all of the Tenants a request to deliver estoppel certificates
(individually, an “Estoppel” and, collectively, the “Estoppels”). Thereafter, Seller shall
use reasonably diligent efforts to obtain and to deliver to Purchaser Estoppels from Tenants occupying no less than sixty-five
percent (65%) of the leased rentable square footage of the Premises on the date hereof (such percentage, as adjusted as set forth
below, the “Required Percentage”), which must include Cache, Inc. and United Auto Workers Union (“UAW”).
Each Estoppel shall either (i) be substantially in the form attached hereto as Exhibit 10 and made a part hereof, it being agreed
that (a) the inclusion of qualifications as to knowledge or word of similar import, (b) references to a general condition statement
such as “we reserve all rights” or “subject to our audit of ____ years operating expenses or taxes,” (c)
non-material modifications, (d) modifications thereof to conform the same to Leases or other information delivered or available
to Purchaser prior to the date of the execution of this Agreement shall not cause in each instance the Estoppel to be non-compliant
or (ii) be on such other form as may be provided by any Tenant, provided that it certifies the matters contained in Exhibit 10;
or (iii) in the event that any Lease provides for the form or content of an Estoppel that such Tenant shall be required to deliver,
then such Tenant’s estoppel may be in such form or contain only those matters as an estoppel is required to address pursuant
to the related Lease, without giving effect to any requirement regarding “additional information reasonably requested
by the lessor” or words of similar import. Each Estoppel, in any of the foregoing forms, shall be executed and delivered
by the Tenant, confirming in all material respects only such matters as an estoppel is required to address pursuant to the related
Lease, it being understood and agreed that, for the purposes of this Section 10(A), an estoppel shall fail to confirm the applicable
matters in all material respects if and only if the aggregate adverse economic impact as a result of all such failures is equal
to or exceeds the Floor, as defined in Section 16(C) herein (Estoppels that do confirm such applicable matters are referred to
herein as the “Confirming Estoppels”). Notwithstanding the foregoing, Seller shall have no obligation to deliver
an Estoppel from any Tenant which is in default in the payment of fixed rent or other fixed charges under its Lease or subject
to bankruptcy proceedings as of the Closing (or on account of a rejected lease in bankruptcy), and the Required Percentage shall
be reduced in the same proportion as the square footage of the Tenant then in default or bankruptcy and/or the rejected lease bears
to the rentable square footage leased as of the date hereof (the “Adjustment Factor”). In the event that Seller
is unable to obtain Confirming Estoppels from Tenants occupying one-hundred percent (100%) of the leased rentable square footage
of the Premises (subject to Section 10(B) below), Seller may, at its option, deliver one or more certificates in lieu thereof in
substantially the same form as the form of Estoppel attached hereto as Exhibit 10 (each, a “Seller Certificate”)
with respect to the Leases; provided, however, that such Seller Certificate is subject to the limitations set forth in Sections 16(C)
and this Section 10(A). In all events, Purchaser shall not be obligated to accept Seller Certificates in excess of thirty-five
percent (35%) of the rentable square footage of the Building (subject to Section 10(B) below) or in place of an Estoppel from Cache,
Inc. or UAW. Seller’s liability under each Seller’s Certificate shall expire on the earlier to occur of (a) the date
of delivery to Purchaser of a Confirming Estoppel covering the amount of square footage covered by the Seller’s Certificate
which has been given, or (b) the date which is one-hundred eighty (180) days after the Closing. Subject to Section 10(B) below,
Seller’s failure to deliver Confirming Estoppels (or Seller’s Certificates, as applicable) under this Article 10 shall
constitute a failure of a condition to Purchaser’s obligations hereunder and not a default by Seller, and Purchaser shall
not be entitled to specific performance of such obligation of Seller to deliver such Confirming Estoppels. Claims of any Tenant
set forth in any Estoppel shall not be deemed (alone or in combination with other matters), to cause such Estoppel not to be a
Confirming Estoppel in the event such claims are based on the (i) facts disclosed in writing or available to Purchaser prior to
Purchaser’s execution of this Agreement, (ii) an assertion by any Tenant that there are amounts due from Seller to such Tenant
allocable to periods prior to the Closing and which, under the terms of this Agreement, Seller has agreed to pay (Seller, at its
sole option, shall either pay such amounts to Tenant on or prior to the Closing Date or credit Purchaser at Closing against the
Purchase Price in such amounts, or Seller shall deposit with First American
Title Insurance Company, as escrow agent, such amounts to be held in escrow pursuant to an escrow agreement reasonably acceptable
to First American Title Insurance Company, Seller and Purchaser. Such escrow agreement shall provide that amounts in escrow shall
be released to Seller in the event a Confirming Estoppel is received within ninety (90) days after Closing, otherwise it shall
be released to Purchaser (provided that if a credit is given, Seller shall have no liability to such tenant or to Purchaser
with respect to such claim); or (iii) failure of the landlord to keep the Premises, the building systems or other improvements
or equipment in good order and repair or to make required repairs or improvements thereto (it being agreed that Seller shall not
be obligated to make any such repairs or improvements, and Purchaser hereby expressly agrees that for all purposes of this Agreement
the obligation to make any such repairs or improvements shall be conclusively deemed to have arisen or accrued after the Closing).

 

    	-19-

    	 

    

B.Notwithstanding
anything contained in this Section 10 to the contrary, in the event that the tenant, Geneva Worldwide, Inc. (“Geneva”),
fails to deliver a Confirming Estoppel on or prior to the Closing Date, Seller, in lieu of delivering and in satisfaction of its
obligations to deliver a Seller’s Certificate, shall deposit at Closing with First American Title Insurance Company, as escrow
agent, three-hundred thousand dollars ($300,000.00) to be held in escrow pursuant to an escrow agreement reasonably acceptable
to First American Title Insurance Company, Seller and Purchaser, for a period of ninety (90) days following the Closing Date (the
“Geneva Escrow Period”). Such escrow agreement shall provide that during the Geneva Escrow Period, Seller shall
have the right, on Purchaser’s behalf, to take such reasonable action necessary to cause Geneva to execute a Confirming Estoppel
(or a full release of all claims from Geneva relating to the September 24, 2012 letter) including, without, limitation, the right
to enter into settlement discussions and a settlement agreement with Geneva and cause work to be completed in connection with its
claims relating to the September 24, 2012 letter from Geneva to Seller. Purchaser acknowledges and agrees that, during the Geneva
Escrow Period, Purchaser shall not disclose, either directly or indirectly, the specific terms and conditions of this Section 10
to any third party, including, but not limited to, Geneva or any of its principals or employees. The escrow agreement shall further
provide that the amounts in escrow shall be released to (x) Purchaser, on the tenth (10th) day of each calendar month during the
Geneva Escrow Period, in an amount equal to the monthly base rent or other additional rent due and payable by Geneva pursuant to
its Lease, if Geneva has not made such payment by the tenth (10th) day of the month (except if such payment is made by Geneva after
the tenth (10th) day, Purchaser and Escrow Agent shall adjust accordingly) and (y) to Seller, less the aggregate sum of the amounts
paid or to be released to Purchaser in subclause (x) above, on a dollar-for dollar basis for every dollar that Seller actually
expended following receipt by Seller and delivery to Purchaser of a Confirming Estoppel executed by Geneva (or, in lieu thereof,
a release of claims relating to the September 24, 2012 letter, together with a Seller Certificate for Geneva). In the event Geneva
has not executed and delivered to Seller a Confirming Estoppel (or a release of claims relating to the September 24, 2012 letter,
together with a Seller Certificate for Geneva) on or before the last day of the Geneva Escrow Period, First American Title Insurance
Company shall release the balance of the escrow, if any, to Purchaser and Seller shall have no further obligations or liability
with respect to Geneva. This Section 10(B) shall survive Closing for ninety (90) days following the Closing Date.

 

C.Following
the receipt by Seller of an original Confirming Estoppel for Cache, Inc. and Geneva, Seller agrees to send such Tenants a form
of SNDA (upon receipt thereof from Purchaser’s lender), which SNDA shall be among Purchaser, Purchaser’s Lender and
such Tenant, in connection with Purchaser’s financing. Notwithstanding the immediately preceding sentence, it is expressly
understood and acknowledged by Purchaser that this Contract and Purchaser’s obligations hereunder are not contingent or conditioned
upon the execution and return by Tenant of such SNDA nor entitle Purchaser to a reduction in the Purchase Price.

 

D.Seller
shall not be required to expend any money, provide financial accommodations or commence any litigation in connection with obtaining
such Estoppels.

 

    	-20-

    	 

    

E.Seller
shall be entitled to one or more adjournments, not to exceed sixty (60) days in the aggregate (along with all of Seller’s
other adjournments under this Agreement), of the Closing Date to obtain Tenant Estoppels.

 

		11.	Cancellation of Contracts.

 

If Purchaser desires
that Seller cancel any Existing Contract, and such Existing Contract is cancelable without cause upon no more than thirty (30)
days’ notice by Seller or without payment of a cancellation fee or any other consideration (the “Desired Cancelled
Contracts”), Purchaser shall provide Seller with a list thereof within four (4) business days prior to Closing. Seller
shall, on or before the Closing Date, notify all parties under the Desired Cancelled Contracts of such cancellation. Purchaser
understands and agrees that certain Desired Cancelled Contracts may remain in effect after the Closing through the expiration of
the contractual termination period thereunder and that Purchaser shall be responsible for all payments and other obligations under
such Desired Cancelled Contracts arising after the Closing. Notwithstanding anything to the contrary contained herein, the existing
property management and leasing agency agreement with Newmark Grubb Knight Frank shall be terminated by Seller as of the Closing
and Seller shall be responsible for all costs and expenses associated therewith. The “Surviving Contracts” shall
mean the New Contracts and the Existing Contracts, excluding those Desired Cancelled Contracts which have actually been cancelled
with an effective cancellation date on or before the Closing.

 

		12.	Right of Inspection.

 

A.Purchaser
and Purchaser’s Representatives, prior to the Closing and during regular business hours, upon at least two (2) business days’
prior written notice to Seller, may inspect the Premises, provided that (i) Purchaser and Purchaser’s Representatives
shall not communicate with any Tenants or occupants of the Premises without, in each instance, the prior written consent of Seller,
which consent may be withheld in Seller’s sole discretion; provided, however, that Purchaser and Purchaser’s Representatives
may, through Seller , schedule meetings during regular business hours with any Tenant on the following conditions: (a) no such
meeting shall be scheduled until the applicable Tenant has delivered an Estoppel; (b) no such meeting shall occur unless Seller
and/or Seller’s leasing agent is in attendance (for such purposes, Seller agrees to make its leasing agent available at reasonable
times during regular business hours upon at least two (2) business days prior written notice); and (c) Seller makes no guaranty
or assurance that any Tenant will consent to such a meeting, (ii) Purchaser and Purchaser’s Representatives shall not perform
any invasive tests with respect to the Premises without the prior written consent of Seller in each instance, which consent may
be withheld in Seller’s sole but reasonable discretion, (iii) Purchaser shall have no additional rights or remedies under
this Agreement as a result of such inspection(s) or any findings in connection therewith and (iv) Purchaser may exercise such right
of access no more than five (5) times, plus a final inspection prior to the Closing, plus such additional times as to which Seller
may consent in Sellers sole discretion. Any entry upon the Premises shall be performed in a manner which is not unreasonably disruptive
to Tenants or occupants of the Premises or the normal operation of the Premises and shall be subject to the rights of any Tenants
or occupants of the Premises. Purchaser and Purchaser’s Representatives shall (i) exercise reasonable care at all times that
Purchaser shall be present upon the Premises, (ii) at Purchaser’s expense, Purchaser and Purchaser shall cause Purchasers
Representatives to observe and comply with all applicable laws and any conditions imposed by any insurance policy then in effect
with respect to the Premises and (iii) not engage in any activities which would violate the provisions of any permit or license
pertaining to the Premises. Seller shall have the right to have a representative of Seller accompany Purchaser and Purchaser’s
Representatives during any such communication or entry upon the Premises.

 

    	-21-

    	 

    

B.Additionally,
in conducting any inspection of the Premises or otherwise accessing the Premises, neither Purchaser nor any of Purchaser’s
Representatives shall (i) contact or have any discussions with any of Seller’s employees, agents or representatives, or contractors
providing services to, the Premises, unless in each case Purchaser obtains the prior consent of Seller, which may be withheld in
Seller’s sole discretion, it being agreed that all such contacts or discussions shall, pending any such approval, be directed
to Jeff Duarte, or (ii) damage the Premises. Purchaser agrees to be responsible for the cost of repairing and restoring any
damage or disturbance which Purchaser or Purchaser’s Representatives shall cause to the Premises incurred by Seller in connection
therewith. All inspection fees, appraisal fees, engineering fees and other costs and expenses of any kind incurred by Purchaser
or Purchaser’s Representatives relating to such inspection or its other access shall be at the sole expense of Purchaser.
If Closing hereunder shall not occur for any reason whatsoever, Purchaser shall: (A) at the request of Seller, promptly deliver
to Seller, at no cost to Seller, and without representation or warranty, the originals of all tests, reports and inspections of
the Premises, made and conducted by a third party for Purchaser or Purchaser’s Representatives or for Purchaser’s benefit
which are in the possession or control of Purchaser, without any representation or warranty with respect thereto, and (B) promptly
return to Seller copies of all due diligence materials delivered by Seller to Purchaser and shall destroy all copies of abstracts
thereto. Purchaser and Purchaser’s Representatives shall not be permitted to conduct borings of the Premises or drilling
in or on the Premises, or any other minimally invasive testing in connection with the preparation of an environmental audit or
in connection with any other inspection of the Premises without the prior written consent of Seller, which shall not be unreasonably
withheld (and, if such consent is given, Purchaser shall be responsible for the cost of repairing and restoring any damage as aforesaid
and shall reimburse Seller upon demand for any costs incurred by Seller in connection therewith).

 

C.Purchaser
hereby agrees to indemnify, defend and hold Seller, its officers, shareholders, partners, members, directors, employees, attorneys
and agents harmless from and against any and all liability, loss, cost, judgment, claim, damage or expense (including, without
limitation, attorneys’ fees and expenses), resulting from or arising out of the entry upon the Premises by Purchaser and
its employees, agents, consultants, contractors and advisors. The foregoing indemnification shall survive the Closing or the termination
of this Agreement.

 

D.As a condition
precedent to entering the Premises in connection with any inspection, Purchaser shall maintain or cause to be maintained, at Purchaser’s
sole cost and expense, a policy of comprehensive general public liability and property damage insurance by an insurer or syndicate
of insurers reasonably acceptable to Seller: (a) with a combined single limit of not less than Three Million Dollars ($3,000,000.00)
general liability and Five Million Dollars ($5,000,000.00) excess umbrella liability, or any combination thereof, with a limit
of not less than Eight Million Dollars ($8,000,000.00), (b) insuring Purchaser, Seller, their respective affiliates, Seller’s
lender and any other person or entity related to Seller or involved with the transaction contemplated by this Agreement (such additional
persons or entities to be designated in writing by Seller), as additional insureds, against any injuries or damages to persons
or property that may result from or are related to (x) Purchaser’s or Purchaser’s Representatives entry upon the Premises
and (y) any inspection or other activity conducted thereon by Purchaser or Purchaser’s Representatives and (c) containing
a provision to the effect that insurance provided by Purchaser hereunder shall be primary and noncontributing with any other insurance
available to Seller. Purchaser shall deliver evidence of such insurance coverage to Seller prior to the commencement of the first
inspection and proof of continued coverage prior to any subsequent inspection.

 

    	-22-

    	 

    

E.Notwithstanding
any provision in this Agreement to the contrary, neither Purchaser nor any of Purchaser’s Representatives shall contact any
Federal, state, county, municipal or other department or governmental agency regarding the Premises (other than accessing publicly
available documents) without Seller’s prior written consent thereto which consent may be withheld in Seller’s sole
discretion, provided that Title Insurer may order customary searches. In addition, if Seller’s consent is obtained by Purchaser,
Seller shall be entitled to receive at least five (5) business days prior written notice of the intended contact and shall be entitled
to have a representative present when Purchaser has any such contact with any governmental official or representative.

 

		13.	Title Insurance.

 

A.First
American Title Insurance Company has issued and delivered to Purchaser and Seller a title insurance report and commitment dated
September 14, 2012 for a fee owner’s title insurance policy (Title No. 3020-564747) (“Seller’s Title Commitment”).
Purchaser may order a new report (the “Commitment”) from any other title insurer comprising Title Insurer and
any update of the Commitment from Title Insurer. At Closing, Purchaser shall cause title to the Premises to be insured by the Title
Insurer at Purchaser’s sole cost and expense. Except as otherwise expressly provided in this Agreement, Seller shall have
no obligation to remove any exception to title. Except for the items identified in Exhibit “4(a)(ii)” (the “Known
Title Objections”), Purchaser unconditionally waives any right to object to any matters set forth in Seller’s Title
Commitment. At Closing, Seller shall deliver and Purchaser shall accept the Premises subject only to the Permitted Exceptions.
If exceptions to title appear on the Commitment or any update or continuation of the Commitment (each a “Continuation”)
which are not Permitted Exceptions, Purchaser shall notify Seller thereof within the earlier of five (5) business days after Purchaser
receives such Continuation and the last business day prior to the Closing Date, time being of the essence, and if Seller is unable,
or elects not to attempt, to eliminate such exceptions to title, or if Seller elects to attempt to eliminate any such exceptions
to title but is unable to do so or thereafter decides not to eliminate the same, and accordingly, is unable to convey title to
the Premises in accordance with the provisions of this Agreement, Seller shall so notify Purchaser and, within five (5) business
days after receipt of such notice from Seller, Purchaser shall elect either (i) to terminate this Agreement by notice given to
Seller (time being of the essence with respect to Purchaser’s notice), in which event the provisions of Article 14 of this
Agreement shall apply, or (ii) to accept title to the Premises subject to such exceptions, without any abatement of the Purchase
Price. If Purchaser shall not notify Seller of such election within such five (5) business day period, time being of the essence,
Purchaser shall be deemed to have elected clause (ii) above with the same force and effect as if Purchaser had elected clause (ii)
within such five (5) business day period.

 

    	-23-

    	 

    

B.If the
Commitment discloses judgments, bankruptcies or similar returns against persons or entities having names the same as or similar
to that of Seller but which returns are not against Seller, Seller, on request, shall deliver to Purchaser or Title Insurer affidavits
reasonably acceptable to Seller to the effect that such judgments, bankruptcies or returns are not against Seller.

 

C.If the
Commitment discloses exceptions (other than the Permitted Exceptions) which (i) may be removed solely by reference to Seller’s
existing title policy, or (ii) may be removed or satisfied by the payment of a liquidated sum of money (the “Title Cure
Amount”) not in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate with any sums expended or
incurred by Seller pursuant to Section 16(D), or (iii) were created, consented to or affirmatively permitted by Seller in writing
after the date hereof, then Seller shall remove such exceptions. In addition, Seller shall cause the Known Title Objections to
be satisfied, bonded over or otherwise secured to enable the Title Insurer to insure over the Known Title Objections or to remove
the Known Title Objections from Purchaser’s title insurance policy (except that Seller shall not be required to satisfy the
current mortgage covering the Premises if it is assigned pursuant to Section 43 below). The cost of removing or satisfying the
Known Title Objections shall not be counted against the Title Cure Amount. Notwithstanding the foregoing, Seller, at its option
in lieu of satisfying such exceptions, may deposit with Title Insurer such amount of money and provide such documentation, affidavits
and indemnities as may be reasonably determined by Title Insurer as being sufficient to induce it to insure Purchaser against collection
of such liens and/or encumbrances, including interest and penalties, out of or against the Premises, in which event such exceptions
shall not be objections to title.

 

D.Seller
shall be entitled to one or more adjournments of the Closing Date, not to exceed sixty (60) days in the aggregate (in addition
to all of Seller’s other adjournments under this Agreement), to remove any exceptions to title which Seller is obligated
to remove under this Agreement or elects to attempt, but is not obligated, to remove.

 

E.Notwithstanding
the foregoing provisions of this Article 13, in the event that Title Insurer shall raise an exception to title which is not a Permitted
Exception, Seller shall have no obligation to eliminate such exception and Purchaser shall have no right to terminate the Agreement
by reason of such exception if First American Title Insurance Company or Fidelity National Title Insurance Company shall be prepared
to insure title to the Premises at regular rates without such exception.

 

F.Purchaser
shall pay the costs of examination of title and any owner’s or mortgagee’s policy of title insurance to be issued insuring
Purchaser’s title to the Property, as well as all other title charges, survey fees, recording charges and any and all other
costs or expenses incident to the Closing.

 

G.Notwithstanding
anything in Article 13 hereof to the contrary, Purchaser may at any time accept such title as Seller can convey, without reduction
of the Purchase Price or any credit or allowance on account thereof or any claim against Seller. The acceptance of the Deed by
Purchaser shall be deemed to be full performance of, and discharge of, every agreement and obligation on Seller’s part to
be performed under this Agreement, except for the documents executed at Closing and such matters which are expressly stated in
this Agreement to survive the Closing, to the limit of such survival.

 

    	-24-

    	 

    

		14.	Return of Deposit.

 

If Seller is unable
to convey title in accordance with the express terms of this Agreement or if, in accordance with the terms of this Agreement, Purchaser
is entitled to and elects to terminate this Agreement, subject to Article 23 of this Agreement, then this Agreement shall terminate
and neither party to this Agreement shall have any further rights or obligations hereunder, except that Escrow Agent shall refund
to Purchaser the Deposit (together with all interest thereon, if any), and neither party to this Agreement shall thereafter have
any further right or obligation hereunder, except for the rights and obligations hereunder that expressly survive the termination
of this Agreement.

 

		15.	Purchaser’s Default.

 

If Purchaser shall
default hereunder or shall fail or refuse to perform its obligations in accordance with this Agreement, the parties hereto agree
that Seller’s sole remedy shall be to terminate this Agreement and retain the Deposit (together with all interest thereon,
if any) as liquidated damages, it being expressly understood and agreed that in the event of Purchaser’s default, Seller’s
damages would be impossible to ascertain and that the Deposit (together with all interest thereon, if any) constitutes a fair and
reasonable amount of compensation in such event. Upon such termination, neither party to this Agreement shall have any further
rights or obligations hereunder except that: (a) Purchaser shall return to Seller all written material relating to the Premises
or the transaction contemplated herein delivered by or on behalf of Seller in the manner provided in Section 12(B) hereof; (b) Escrow
Agent shall deliver to Seller and Seller shall retain the Deposit (together with all interest thereon, if any) as liquidated damages,
except with respect to any breaches of Surviving Obligations (as hereinafter defined); and (c) any provisions of this Agreement
which expressly survive the termination of this Agreement (collectively, the “Surviving Obligations”) shall
survive and continue to bind Purchaser and Seller.

 

		16.	Representations and Warranties.

 

A.Seller
hereby represents and warrants to Purchaser as follows:

 

(i)To the
Seller’s Actual Knowledge, the Leases listed on Exhibit “1(B)” are the only leases, licenses, tenancies,
possession agreements and occupancy agreements affecting the Premises on the date of this Agreement in which Seller holds the lessor’s,
licensor’s or grantor’s interest and there are no other leases, licenses, tenancies, possession agreements or occupancy
agreements affecting the Premises (other than subleases, licenses, tenancies or other possession or occupancy agreements which
may have been entered into by the Tenants, or their predecessors in interest, under such Leases); to the extent in the possession
or control of Seller, Seller has made copies of all such Leases available to Purchaser, which such Leases are true, complete and
correct in all material respects; as of the date hereof, except as may be set forth in Exhibit “1(B),” Seller,
as lessor under such Leases, has not received any written notice of any material default of any of its material obligations under
such Leases which has not been cured; and no Tenant is in arrears in the payment of Base Rent for any period in excess of thirty
(30) days, except as set forth on Exhibit “16(A)(i)”. Except as set forth in the
Leases, (a) no Tenant is entitled to rental concessions or abatements for any period subsequent to the scheduled date of Closing,
(b) no other or additional renewal or extension options have been granted to the Tenants and (c) no person, firm, or entity,
and none of the tenants, has any rights in, or rights to purchase or acquire all, or any part of the Real Property, including,
without limitation, a right of first refusal, right of first offer or option to purchase or lease with respect thereto other than
Purchaser hereunder. As of the date hereof, none of the Tenants has made any request for any
assignment, transfer, or subletting in connection with all or a portion of the Premises which is presently pending or under consideration.
All of the Leases are in full force and effect in accordance with their respective terms, and none of the Leases has been modified,
amended, renewed or extended except as set forth in Exhibit “1(B)”; all specified work required to be performed
by the landlord under the Leases (as distinguished from compliance with general maintenance and repair obligations of Landlord)
up to the date of Closing has been substantially completed or will be substantially completed prior to the Closing; all specified
construction allowances or other sums to be paid to any of the Tenants (as distinguished from costs or reimbursements related to
compliance with general maintenance and repair obligations of Landlord) up to the date of Closing have been or will be paid in
full prior to the Closing. No action, proceeding or arbitration is pending on the date hereof with any Tenant in respect of its
tenancy or its Lease; Seller represents and warrants to Purchaser that, to Seller’s Actual Knowledge, Seller has heretofore
billed all Tenants for all Base Rents, Overage Rents and Reimbursable Payments due under the Leases;

 

    	-25-

    	 

    

(ii)To
Seller’s Actual Knowledge, the one (1) Union Employee listed on Exhibit “16(A)(ii)” are all of the
Union Employees of Seller who work at the Premises as of the date hereof;

 

(iii)To
Seller’s Actual Knowledge, the Existing Contracts listed on Exhibit “1(C)” are the only Existing
Contracts; Seller has made copies of all such Existing Contracts available to Purchaser, which such Existing Contracts are true,
complete and correct in all material respects;

 

(iv)To
Seller’s Actual Knowledge, the Telecommunications Contracts listed on Exhibit “1 (D)”are the only Telecommunications
Contracts; to the extent in the possession or control of Seller, Seller has made copies of all such Telecommunications Contracts
available to Purchaser, which such Telecommunications Contracts are true, complete and correct in all material respects;

 

(v)To Seller’s
Actual Knowledge, there are no judgments of any kind against Seller unpaid or unsatisfied of record, except as shown on Seller’s
Title Commitment;

 

(vi)Seller
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware; Seller
has taken all action required to execute, deliver and, subject to obtaining any consents or waivers required to be obtained prior
to the Closing, perform this Agreement and to make all of the provisions of this Agreement the valid and enforceable obligations
they purport to be and has caused this Agreement to be executed by a duly authorized person;

 

    	-26-

    	 

    

(vii)This
Agreement and all documents which are to be delivered to Purchaser by Seller at the Closing are, or at the time of Closing will
be, duly authorized, executed and delivered by Seller; are, or at the time of Closing will be, legal, valid and binding obligations
of Seller enforceable in accordance with their terms, subject to general principles of equity and to bankruptcy, insolvency, reorganization,
moratorium or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors generally; and do
not conflict with any provision of any law or regulation to which Seller is subject, violate any provision of any judicial order
to which Seller is a party or to which Seller or the Premises is subject. The execution, delivery and performance of this Agreement
does not require the consent or approval of any court, administrative or governmental authority and do not result in the creation
or imposition of any lien or equity of any kind whatsoever upon, or give to any other person any interest or right (including any
right of termination or cancellation) in or with respect to, any material agreement to which Seller is a party or the business
or operations of Seller or any of its properties or assets;

 

(viii)Seller
is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code;

 

(ix)Seller
has not received written notice of any pending or threatened condemnation with respect to the Premises or any part thereof;

 

(x)There
are no actions, suits or proceedings against Seller in any court of law or in equity or before any governmental instrumentality
that would materially adversely affect the ability of Seller to perform its obligations, or materially adversely affect Purchaser’s
right, under this Agreement or the use or operation of the Premises;

 

(xi)To
Seller’s Actual Knowledge, the Brokerage Agreements listed on Exhibit “1(E)” are the only brokerage agreements
entered into by Seller with respect to leasing of portions of the Premises that remain outstanding and in effect. Seller has made
copies of all such Brokerage Agreements available to Purchaser, which such Brokerage Agreements are true, complete and correct
in all material respects;

 

(xii)Other
than as set forth on Exhibit “16(A)(xii)”, Seller has not commenced any tax assessment reduction proceedings
with respect to the Premises;

 

(xiii)Exhibit
“16(A)(xiii)” sets forth all Security Deposits, together with all interest earned thereon (including those in
the form of Letters of Credit), presently held by or on behalf of Seller with respect to the Leases. Seller shall not apply any
portion of the Security Deposits against any Tenant default subsequent to the date of this Agreement unless and until Tenant has
vacated the Premises or unless Purchaser is in default under this Agreement after the Initial Closing Date or adjourned Closing
Date, as applicable;

 

(xiv)Seller
currently maintains casualty insurance that, to Seller’s Actual Knowledge, would be sufficient to restore the Building to
its current condition as of the date hereof in the event of a casualty, subject to customary conditions, qualifications and exclusions
of insurance policies for similarly situated properties;

 

    	-27-

    	 

    

(xv)OFAC.
To Seller’s Knowledge, neither Seller nor Seller’s officers or directors are (i) currently identified on the Specially
Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively,
the “List”), and (ii) a person or entity with whom a citizen of the United States is prohibited to engage in
transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order
of the President of the United States, and (iii) an Embargoed Person (as hereinafter defined). The term “Embargoed Person”
means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International
Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated thereunder;

 

(xvi)ERISA.
Seller is not and is not acting on behalf of an “employee benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended, a “plan” within the meaning of Section 4975 of the Internal Revenue
Code of 1986, as amended or an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101
of any such employee benefit plan or plans;

 

(xvii)Except
as set forth on Exhibit 1(B), Seller has not received notice from any of the tenants or from the holder of any mortgage, requesting
the performance of any repairs, alterations or other work, or for the correction of any defaults under any agreements, ordinances,
rules or otherwise with respect to the Premises, which shall remain uncured on the Closing Date.

 

(xviii)No
rentable office space within the Building has become Available (as such term is defined in the Cache, Inc. Lease) for leasing following
the commencement date under the Lease for Cache, Inc.

 

B.Purchaser
represents and warrants to Seller that, as of the date hereof:

 

(i)Purchaser
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and,
is and in good standing and qualified to do business under the laws of the State of New York; Purchaser has taken all action required
to execute, deliver and perform this Agreement and to make all of the provisions of this Agreement the valid and enforceable obligations
they purport to be and has caused this Agreement to be executed by a duly authorized person;

 

(ii)This
Agreement and all documents which are to be delivered to Seller by Purchaser at the Closing: are, or at the time of Closing will
be, duly authorized, executed and delivered by Purchaser; are, or at the time of Closing will be, legal, valid and binding obligations
of Purchaser enforceable in accordance with their terms, subject to general principles of equity and to bankruptcy, insolvency,
reorganization, moratorium or other similar laws presently or hereafter in effect affecting the rights of creditors or debtors
generally; and do not conflict with any provision of any law or regulation to which Purchaser is subject, violate any provision
of any judicial order to which Purchaser is a party or to which Purchaser is subject;

 

    	-28-

    	 

    

(iii)There
are no judgments, orders or decrees of any kind against Purchaser unpaid or unsatisfied of record and no legal action, suit or
other legal or administrative proceeding pending, threatened or reasonably anticipated which could be filed before any court or
administrative agency which has, or is likely to have, any material adverse effect on (a) the business or assets or the condition,
financial or otherwise, of Purchaser or (b) the ability of Purchaser to perform its obligations under this Agreement;

 

(iv)Purchaser
has not filed any petition seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any law relating to bankruptcy or insolvency, nor has any such petition been filed against Purchaser; No
general assignment of Purchaser’s property has been made for the benefit of creditors, and no receiver, master, liquidator
or trustee has been appointed for Purchaser or any of its property; Purchaser is not insolvent and the consummation of the transactions
contemplated by this Agreement shall not render Purchaser insolvent; Purchaser has now and will have as of the Closing Date sufficient
capital or net worth to meet its current obligations; and Purchaser certifies that any financial statements and any financial statements
of Purchaser and/or any affiliate of Purchaser submitted to Seller are true, correct and complete; and

 

(v)Purchaser
is (a) not a person and/or entity with whom Seller is restricted from doing business under the International Emergency Economic
Powers Act, 50 U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of
2001; any executive orders promulgated thereunder, any implementing regulations promulgated thereunder by OFAC (including those
persons and/or entities named on OFAC’s List of Specially Designated Nationals and locked Persons); or any other applicable
law of the United States; (b) (i) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions
by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President
of the United States, and (ii) an Embargoed Person (as hereinafter defined). The term “Embargoed Person” means any
person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive
Orders or regulations promulgated thereunder.

 

C.The representations
of Seller set forth in Section 16 of this Agreement, the statements of Seller in any Seller Estoppel and the Seller’s indemnity
obligations to Purchaser under this Agreement and any document delivered by Seller at Closing which contains an indemnity (collectively,
the “Surviving Seller Representation(s)”) shall survive the Closing under this Agreement for a period of one-hundred
eighty (180) days after the Closing Date (the “Survival Period”); provided, however, that the
representations of Seller set forth in this Agreement with respect to Leases shall not survive the Closing to the extent a Tenant
Estoppel covering substantially the same matter is delivered. Each Surviving Seller Representation shall automatically be null
and void and of no further force and effect after the Survival Period unless, prior to the end of the Survival Period, Purchaser
shall have asserted in writing a specific claim with respect to the particular Surviving Seller Representation and commenced a
legal proceeding within sixty (60) days thereafter against Seller alleging that Seller is in breach of such Surviving Seller Representation
and that Purchaser has suffered actual damages as a result thereof (a “Proceeding”); provided, however, and
in every case Purchaser’s recovery for any claims referenced above shall be net of insurance proceeds and any indemnity contribution
or similar payment recoverable by Purchaser from any insurance company, tenant or third party. In no event shall Purchaser be entitled
to assert any incidental, indirect, special, exemplary, consequential or punitive damages, nor shall it be entitled to any lost
profits, unrealized expectations, similar claims or to any award or payment based on such damages. If Purchaser timely commences
a Proceeding, and a court of competent jurisdiction, pursuant to a final, non-appealable order in connection with such Proceeding,
determines that (1) the applicable Surviving Seller Representation was breached as of the date of this Agreement or the Closing
Date and (2) Purchaser suffered actual damages (the “Damages”) by reason of such breach and (3)
Purchaser did not have knowledge of such breach prior to the Closing and is not deemed to have knowledge as described in clause
(D) below and (4) the breach was “material” (as defined in Section 16(D)(ii)), then Purchaser shall be
entitled to receive an amount equal to the Damages, but in no event in an amount greater than the Ceiling (as hereinafter defined);
provided, however, Purchaser shall not be entitled to pursue any claims against Seller for damage to Purchaser to the extent the
aggregate of such claims is less than the Floor (as hereinafter defined). If Purchaser has a single claim against Seller that is
more than the Floor or multiple claims that, in the aggregate, is more than the Floor (so long as one of the multiple claims exceed
an amount equal to $50,000.00), then Purchaser shall be entitled to pursue the actual loss suffered by Purchaser in connection
with such claim against Seller, but in no event shall Seller’s liability for any and all claims exceed the Ceiling. For purposes
of this Section 16(C), Purchaser shall be deemed to have actual knowledge if Purchaser and/or its affiliates and their respective
officers, employees, agents, representatives or consultants had knowledge of the fact in issue prior to Closing. As used herein,
“Floor” shall mean with respect to any claim or claims against Seller for breach of any Surviving Seller Representation,
One Hundred Thousand Dollars ($100,000.00), and “Ceiling” shall mean Seven Hundred Fifty Thousand Dollars ($750,000.00).
During the Survival Period, Seller agrees to maintain a net worth in an amount equal to the Ceiling, which Purchaser acknowledges
and agrees may be satisfied by Seller maintaining cash and/or securities (which shall be reasonably evidenced by Seller to Purchaser).

 

    	-29-

    	 

    

D.(i) Until
Closing, Seller shall update any representation or warranty in this Agreement to correct any material mistake and/or to reflect
any material matter which arises subsequent to the date of this Agreement. If Purchaser has knowledge of any matter which would
constitute a material breach of Seller’s representations and warranties, Purchaser shall notify Seller of such material breach
within the earlier of five (5) business days of learning of same and the Closing Date, failing which Purchaser shall be deemed
to waive any such material breach of Seller’s representations and warranties. Seller shall have the right to contest Purchaser’s
determination as to a material breach of Seller’s representations and warranties, and shall have the right to attempt to
cure such breach without being obligated to complete such cure. In addition, Seller shall have until the date that is the later
of the originally scheduled Closing Date or sixty (60) days from the date of Purchaser’s notice to cure any such material
breach of Seller’s representations and warranties and, at Seller’s sole option, the Closing Date shall be extended
to such sixtieth (60th) day (or any earlier business day) after Purchaser’s notice to permit such cure by Seller. If the
Seller fails to cure any such material breach of Seller’s representations and warranties, then Purchaser, as its sole and
exclusive remedy, shall have the right to terminate this Agreement by written notice to Seller, in which case Escrow Agent shall
return the Deposit (together with all interest thereon, if any) to Purchaser and neither party to this Agreement shall thereafter
have any further right or obligation hereunder, other than the Surviving Obligations. For the purposes of Section 16, “material”
shall mean any state of facts, taken alone or together with all other material untruths or inaccuracies and all such covenants
with which Seller has not materially complied, the restoration of which to the condition represented or warranted by Seller under
this Agreement, or the cost of compliance with which, would cost in excess of One Hundred Thousand Dollars ($100,000.00).

    	-30-

    	 

    
 

 

(ii)The
representations and warranties of Seller set forth in this Agreement are subject to the following limitations: (i) subject to the
express provisions of Section 24, Seller does not represent or warrant that any particular Lease or contract will be in
force or effect as of the Closing or that the tenants or contractors thereunder, as applicable, will not be in default thereunder,
(ii) to the extent that Seller has delivered or made available to Purchaser (or to any Diligence Party (as hereinafter defined))
any Leases, contracts or other information with respect to the Premises at any time prior to the execution of this Agreement, and
such Leases, contracts or other information contain provisions inconsistent with any of such representations and warranties, then
such representations and warranties shall be deemed modified to conform to such provisions and Purchaser shall be deemed to have
knowledge thereof and, (iii) in the event that, prior to the Closing, Purchaser or any Diligence Party shall obtain knowledge of
any information that is contradictory to, and would constitute the basis of a breach of, any representation or warranty or failure
to satisfy any condition on the part of Seller, then promptly thereafter (and, in all events, prior to Closing), Purchaser shall
deliver to Seller notice of such information as provided in Section D(i) specifying the representation, warranty or condition to
which such information relates, and Purchaser further acknowledges that such representation, warranty or condition will not be
deemed breached in the event Purchaser shall have, prior to Closing, obtained knowledge of any information that is contradictory
to such representation or warranty and shall have failed to disclose to Seller as required hereby and Purchaser shall not be entitled
to bring any action after the Closing Date based on such representation, warranty or condition. Without limiting the generality
of the foregoing, Purchaser shall be deemed to know that any representation or warranty contained herein is untrue, inaccurate
or breached to the extent that (1) Purchaser or any Diligence Party has knowledge of any fact or information which is inconsistent
with such representation or warranty or (2) it is contained in the Diligence Reports or (3) this Agreement or any Lease, contract
or other information with respect to the Premises delivered or made available to Purchaser or any Diligence Party contain provisions
inconsistent with any such representations and warranties. “Diligence Party” shall mean any of the following:
(i) Purchaser and (ii) any direct or indirect officers, directors, employees, agents, consultants, affiliates, attorneys and representatives
of Purchaser who were involved in the negotiation of this Agreement, reviewed any Lease, contracts or other information relating
to the Premises, were involved in the performance of the due diligence conducted in order to prepare the same, or who otherwise
approved the transactions contemplated hereunder. “Diligence Reports” mean the results of any examinations,
inspections, investigations, test, studies, analyses, appraisals, evaluations and/or investigations prepared by or for or otherwise
obtained by or on behalf of Purchaser in connection with the Premises.

 

E.Any and
all uses of the phrase, “to Seller’s Actual Knowledge” or other references to Seller’s knowledge in this
Agreement (or in any Seller estoppel certificate or other document delivered by Seller pursuant to the terms of this Agreement),
shall mean the actual, present, conscious knowledge of Jonathon Yormak (collectively, the “Seller Knowledge Individuals”)
as to a fact at the time given without any investigation or inquiry. Without limiting the foregoing, Purchaser acknowledges that
the Seller Knowledge Individuals have not performed and are not obligated to perform any investigation or review of any files or
other information in the possession or control of Seller, or make any inquiry of any persons, or to take any other actions in connection
with the representations and warranties of Seller set forth in this Agreement. Neither the actual, present, conscious knowledge
of any other individual or entity, nor the constructive knowledge of the Seller Knowledge Individuals or of any other individual
or entity, shall be imputed to the Seller Knowledge Individuals. Such individuals shall have no personal liability under this Agreement
or otherwise with respect to the Real Property.

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		17.	Broker.

 

A.Seller
represents to Purchaser that it has not dealt with any broker, finder or like agent in connection with this transaction other than
Studley Inc. (“Broker”). Seller shall pay the amounts due Broker at Closing as set forth in a separate agreement
by and between Seller and Broker. Seller hereby indemnifies and holds Purchaser harmless from and against any and all claims for
any commission, fee or other compensation by any person or entity, including Broker, who shall claim to have dealt with Seller
in connection with this transaction and for any and all costs incurred by Purchaser in connection with any such claims including,
without limitation, reasonable attorneys’ fees and disbursements.

 

B.Purchaser
represents to Seller that it has not dealt with any broker, finder or like agent in connection with this transaction other than
Broker. Purchaser hereby indemnifies and holds Seller harmless from and against any and all claims for any commission, fee or other
compensation by any person or entity, who shall claim to have dealt with Purchaser in connection with this transaction and for
any and all costs incurred by Seller in connection with any such claims including, without limitation, reasonable attorneys’
fees and disbursements.

 

C.The provisions
of this Article 17 shall survive the Closing or any early termination of this Agreement.

 

		18.	Condemnation and Destruction.

 

A.If, prior
to the Closing Date, all or any “Significant Portion” (as hereinafter defined) of the Premises is taken, or
rendered unusable for its current purpose or reasonably inaccessible by eminent domain (or is the subject of a pending or contemplated
taking which has not been consummated), Seller shall notify Purchaser of such fact and Purchaser shall have the option to terminate
this Agreement upon notice to Seller given not later than five (5) days after receipt of Seller’s notice. For purposes of
this Section 18(A) and Section 18(B) hereof, a “Significant Portion” shall mean that the reasonable estimated
cost to repair or restore such damage, or the amount of the condemnation award with respect to such taking shall exceed Two Million
and xx/100 Dollars ($2,000,000), or if the ingress or egress to the Premises is materially and permanently adversely affected or
disturbed or more than five percent (5%) of the Improvements are taken, or if the Lease for Cache, Inc. or UAW is terminated as
a result of such damage or taking (unless such tenants shall waive their rights to terminate their respective Leases). If this
Agreement is terminated as aforesaid, neither party shall have any further right or obligation hereunder except that Escrow Agent
shall refund to Purchaser the Deposit (together with interest thereon, if any). If Purchaser does not elect to terminate this Agreement
(provided that Purchaser’s failure to elect to terminate shall be deemed an election to close pursuant to the terms of this
Agreement) or if the portion of the Premises which is taken or rendered unusable or reasonably inaccessible by eminent domain (or
is the subject of a pending or contemplated taking which has not been consummated) is not a Significant Portion of the Premises,
Purchaser shall accept so much of the Premises as remains after such taking with no abatement of the Purchase Price, and at the
Closing, Seller shall assign and turn over to Purchaser, and Purchaser shall be entitled to receive and keep, all of Seller’s
interest in and to all awards for such taking by eminent domain.

 

    	-32-

    	 

    

B.If, prior
to the Closing Date, a Significant Portion of the Building is destroyed by fire or other casualty, or Cache, Inc. or UAW has the
right to and terminates their respective Leases as a result of such fire or other casualty (unless such termination right shall
be waived by such tenant). Seller shall notify Purchaser in writing of such fact and Purchaser shall have the option to terminate
this Agreement upon ten (10) days’ notice to Seller given not later than ten (10) days after receipt of Seller’s notice,
which notice from Seller shall include an estimate from the adjuster for Seller’s insurance carrier as to the cost to restore
the Premises, provided, however, that within such ten (10) day period Seller may, at its option, notify Purchaser that it intends
to repair such damage at its sole cost and expense, and Seller may, upon such notice, postpone the Closing for a period of time
reasonably necessary, but not to exceed One Hundred twenty (120) days in the aggregate, to make such repairs. If Purchaser shall
elect to terminate this Agreement as aforesaid (provided that Purchaser’s failure to elect to terminate shall be deemed an
election to close pursuant to the terms of this Agreement), and Seller shall not notify Purchaser within such ten (10) day period
of its intention to make such repairs, this Agreement shall terminate and neither party shall have any further rights or obligations
hereunder except that Escrow Agent shall refund to Purchaser the Deposit (together with all interest thereon, if any). If Purchaser
does not elect to terminate this Agreement as provided above, or if the portion of the Premises so damaged or destroyed is not
a Significant Portion of the Premises, (i) Purchaser shall accept the Premises in its then “as
is” condition with no abatement of the Purchase Price, (ii) Purchaser shall have the right to participate in any
settlement negotiations with Seller’s insurance carriers and adjusters, (iii) at Closing Seller shall assign and turn over
to Purchaser, and Purchaser shall be entitled to receive and keep, all of Seller’s interest in and to all casualty and business
interruption and rental value insurance proceeds payable in connection with such casualty (except that the proceeds of any business
interruption or rental value insurance payable to Seller shall be apportioned as of the Closing Date) and (iv) Purchaser shall
receive a credit against the Purchase Price at the Closing in the amount of any deductible payable by Seller in connection with
casualty coverage. This Article is an express agreement to the contrary of Section 5-1311 of the New York General Obligation Law.

 

C.The provisions
of this Paragraph 18 shall survive the Closing to the extent that any portion of insurance proceeds or condemnation awards is not
fully paid or disbursed prior to Closing.

    	-33-

    	 

    
 

		19.	Escrow.

 

A.The Deposit
shall be held in escrow by Escrow Agent, upon the following terms and conditions:

 

(i)Escrow
Agent shall deposit the Deposit in an interest-bearing account or invest the Deposit in a money market or monetary fund;

 

(ii)Escrow
Agent shall deliver to Seller the Deposit (together with all interest thereon, if any) at and upon the Closing; and

 

(iii)If
this Agreement is terminated in accordance with the terms hereof, or if the Closing does not take place under this Agreement by
reason of the failure of either party to comply with such party’s obligations hereunder, Escrow Agent shall pay the Deposit
(together with all interest thereon, if any) to Seller and/or Purchaser, as the case may be, in accordance with the provisions
of this Agreement.

 

B.It is
agreed that:

 

(i)The
duties of Escrow Agent are only as herein specifically provided, and, except for the provisions of Section 19(C) hereof, are purely
ministerial in nature, and Escrow Agent shall incur no liability whatever except for its own willful misconduct or gross negligence;

 

(ii)Escrow
Agent shall not be liable or responsible for the collection of the proceeds of any checks used to pay the Deposit;

 

(iii)In
the performance of its duties hereunder, Escrow Agent shall be entitled to rely upon any document, instrument or signature believed
by it to be genuine and signed by either of the other parties hereto or their successors;

 

(iv)Escrow
Agent may assume that any person purporting to give any notice of instructions in accordance with the provisions hereof has been
duly authorized to do so;

 

(v)Escrow
Agent shall not be bound by any modification, cancellation or rescission of this Agreement unless in writing and signed by Escrow
Agent, Seller and Purchaser;

 

(vi)Except
as otherwise provided in Section 19(C) hereof, Seller and Purchaser shall jointly and severally reimburse and indemnify Escrow
Agent for, and hold it harmless against, any and all loss, liability, costs or expenses in connection herewith, including attorneys’
fees and disbursements, incurred without willful misconduct or gross negligence on the part of Escrow Agent arising out of or in
connection with its acceptance of, or the performance of its duties and obligations under, this Agreement, as well as the costs
and expenses of defending against any claim or liability arising out of or relating to this Agreement;

 

(vii)Each
of Seller and Purchaser hereby releases Escrow Agent from any act done or omitted to be done by Escrow Agent in good faith in the
performance of its duties hereunder; and

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(viii)Escrow
Agent may resign upon ten (10) days written notice to Seller and Purchaser. If a successor Escrow Agent is not appointed by Seller
and Purchaser within such ten (10) day period, Escrow Agent may petition a court of competent jurisdiction to name a successor.

 

C.Escrow
Agent is acting as a stakeholder only with respect to the Deposit. Escrow Agent, except in the event of the Closing, shall not
deliver the Deposit except on seven (7) days’ prior written notice to the parties and only if neither party shall object
within such seven (7) day period. If there is any dispute as to whether Escrow Agent is obligated to deliver all or any portion
of the Deposit or as to whom the Deposit is to be delivered, Escrow Agent shall not be required to make any delivery, but in such
event Escrow Agent may hold the same until receipt by Escrow Agent of an authorization in writing, signed by all of the parties
having any interest in such dispute, directing the disposition of the Deposit (together with all interest thereon, if any), or
in the absence of such authorization Escrow Agent may hold the Deposit (together with all interest thereon, if any), until the
final determination of the rights of the parties in an appropriate proceeding. If such written authorization is not given or proceedings
for such determination are not begun within thirty (30) days after the date Escrow Agent shall have received written notice of
such dispute, and thereafter diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or proceeding
for leave to deposit the Deposit (together with all interest thereon, if any), in court pending such determination. Escrow Agent
shall be reimbursed for all costs and expenses of such action or proceeding including, without limitation, reasonable attorneys’
fees and disbursements, by the party determined not to be entitled to the Deposit, or if the Deposit is split between the parties
hereto, such costs of Escrow Agent shall be split, pro rata, between Seller and Purchaser, in inverse proportion to the amount
of the Deposit received by each. Upon making delivery of the Deposit (together with interest thereon, if any), in the manner provided
in this Agreement, Escrow Agent shall have no further obligation or liability hereunder.

 

D.Escrow
Agent has executed this Agreement solely to confirm that Escrow Agent has received the Deposit (if the Deposit is made by check,
subject to collection) and will hold the Deposit, in escrow, pursuant to the provisions of this Agreement.

 

		20.	Covenants.

 

A.Seller
agrees that, prior to the Closing, it shall:

 

(i)Not
enter into any new lease of space or other occupancy arrangement or any New Contract, or materially amend or modify the same or
approve any assignment or sublease (to the extent Seller’s approval is required under a Lease), in each case, other than
as contemplated in any such lease without the consent of Purchaser, which consent Purchaser may withhold in its sole discretion,
except that Purchaser shall not unreasonably withhold, condition or delay its consent to (a) amendments and modifications of Leases
which do not amend or modify the economic terms of Leases or otherwise have a material and adverse effect on the enforceability
of the Lease or (b) a request for an assignment or sublease by a Tenant, provided such assignee or sublessee is creditworthy and
otherwise satisfies Purchaser’s then current underwriting guidelines for other buildings substantially similar to the Premises,
unless otherwise set forth in the applicable Lease, or (c) New Contracts which expire or are cancelable prior to the
Closing Date or are cancelable at any time without cause and without penalty on not more than thirty (30) days’ notice, or
(d) renewals, extensions, expansions or consents under Leases which, under the terms of the applicable Lease, (1) do not require
the consent of the lessor thereunder or (2) to which the consent or approval of the lessor shall not be unreasonably withheld and
as to which Seller has no reasonable basis for objecting. If Purchaser fails to respond to a request from Seller for consent to
any action for which Purchaser’s consent is required under this Section 20(A)(i) within three (3) business days after Purchaser’s
receipt of Seller’s written request, Seller shall send a second (2nd) notice within two (2) additional business days. Purchaser’s
consent to such action shall be deemed granted;

 

    	-35-

    	 

    

(ii)Subject
to subsection (v) of this Section 20(A), keep and perform in all material respects all of the obligations to be performed by it
under the Leases (“Landlord’s Lease Obligations”; provided that anything in this Agreement to the contrary
notwithstanding, nothing contained in this Agreement shall prohibit Seller bringing any proceeding by reason of a default under
a Lease or applying a Security Deposit under a Lease (but only after the Tenant shall have vacated its demised premises): (a) in
accordance with the terms of a Lease or (b) by reason of default of a Tenant under its Lease. Notwithstanding anything to the contrary
contained herein, Seller shall have no right to terminate any Lease without the prior written consent of Purchaser, which may be
granted or withheld in Purchaser’s sole discretion; Notwithstanding anything to the contrary contained herein, this Section
20(ii) shall not apply in the event of Purchaser’s default hereunder.

 

(iii)Not
create, incur or suffer to exist any mortgage, deed of trust, lien, pledge or other encumbrance in any way affecting any portion
of the Premises other than a Permitted Encumbrance or the liens encumbering the Premises on the date of this Agreement;

 

(iv)Maintain
the current insurance coverages on the Premises substantially as reflected on the certificates attached as Exhibit “20(A)(iv)”
;

 

(v)Seller
may replace the current Union Employee with another Union Employee so long as the wages and benefits for any replacement Union
Employee are not different in any material respect from the wages and benefits for the replaced Union Employee and Seller shall
pay any severance or transfer fee in connection therewith; and

 

(vi)Operate
the Premises substantially in accordance with past practice; provided, however, that notwithstanding the foregoing, except for
Landlord’s Lease Obligations, Seller may, but shall not be obligated to, make any capital or other repairs, replacements
or improvements to the Improvements. To the extent Seller elects to, or is required to, make any repairs, replacements or improvements
to the Improvements (other than Landlord’s Lease Obligations) and the Purchaser approves same (which approval may be withheld
or granted in its sole discretion), Purchaser shall, on or before the Closing, reimburse Seller for all sums actually expended
by Seller between the date of this Agreement and the Closing Date on account of such repairs, replacements or improvements made
to the Improvements.

 

(vii)Cooperate
with Purchaser, at Purchaser’s cost and expense, both prior to and after the Closing, in connection with any and all reasonable
information requests made by or on behalf of Purchaser, which are required to complete a so-called “Section 314 audit”,
including, but not limited to providing the following (to the extent applicable and in seller’s possession or control or
which Seller can obtain without undue burden on Seller: (a) monthly historical income statements for the Premises for 2011; (b)
monthly historical income statements for the Premises for 2012, year to date; (c) five (5) years of annual historical occupancy
and rent for the Premises; (d) back-up and supporting documents relating to the items set forth herein (such as bills, checks,
etc.); and (e) the most current financial statement for each of the Tenants to the extent such current financial statements are
in the possession of Seller or its managing agent. In addition, Seller shall reasonably cooperate with Purchaser, at Purchaser’s
cost and expense, both prior to and after the Closing, in connection with any and all reasonable information requests made by or
on behalf of Purchaser, provided that such information is in Seller’s possession or control or which Seller can obtain without
undue burden on Seller, relating to the Premises, including the books and records of the Premises. For the avoidance of doubt,
(I) Purchaser acknowledges that Seller acquired the Premises on June 28, 2011 and to the extent such information or documentation
referred to above does not exist or is not in Seller’s possession or control, Seller shall not be required to recreate or
obtain such documentation or information for Purchaser, and (II) Seller acknowledges and agrees that any and all requests for information
or documentation requested from the Purchaser or its affiliates by the Securities and Exchange Commission (“SEC”)
shall be deemed “reasonable” for purposes of this Section 20(A)(vii). The provisions of this Section 20(A)(vii) shall
survive until the third (3rd) year anniversary of the Closing to the extent requests are made of Purchaser by the SEC.

 

    	-36-

    	 

    

B.As used
in this Agreement, “Leasing Costs” shall mean brokerage commissions in connection with any lease (including
commissions and overrides payable to affiliates of Seller of one-full commission, computed at Seller’s affiliates standard
rates, if Seller’s affiliate is the sole broker, and one-half of such a full commission if Seller’s affiliate is a
co-broker (collectively, “Affiliate Leasing Costs”)), out-of-pocket legal fees and expenses incurred in connection
with any lease and all costs and expenses required under a lease to be paid by the landlord thereunder, to or for the benefit of
the tenant thereunder, including, but not limited to, the costs and expenses, or reimbursements, to prepare the space thereunder
for the initial occupancy of the tenant. Seller shall be responsible for all Leasing Costs payable in connection with (x) the initial
term of the Leases entered into prior to the date hereof (including, without limitation, the Must Take Premises set forth in the
Cache, Inc. and Seller shall pay Seller’s Leasing Costs at or prior to Closing. At the Closing, the Seller shall provide
documentation to the Purchaser to substantiate the payment of Leasing Costs. Except as provided below, as to any of Seller’s
Leasing Costs which are credited against the Purchase Price, the Seller hereby agrees to indemnify and hold the Purchaser harmless
from and against any and all liability, court costs, judgment, claim, damage or expense (including, without limitation, reasonable
attorneys’ fees and expenses) in connection with any unpaid Seller’s Leasing Costs. Purchaser shall pay all Leasing
Costs payable in connection with: (i) the Leases entered into on or after the date hereof, including, but not limited to, those
Leases approved in writing by Purchaser (or deemed approved by Purchaser under this Agreement) and leases which are pending as
of the Closing (and executed by Purchaser after the Closing), (ii) all renewals, amendments, modifications, terminations, extensions
and expansions entered into after the date hereof with the written approval of Purchaser (or deemed approval of Purchaser under
this Agreement) or, without Purchaser’s approval, if the lessor’s consent to such action is not required or is not
to be unreasonably withheld under the terms of the applicable Lease (collectively “New Leases”) and the applicable
Leasing Costs are payable in accordance with the express terms of such existing Lease as to any renewals, exercised by a Tenant
for a renewal period commencing after the date hereof and (iii) all renewals, amendments, modifications, extensions and expansions
which have an effective date on or after the date hereof. If on or prior to the Closing Date, Seller shall have paid any Leasing
Costs for which Purchaser is responsible pursuant to this subsection, Purchaser shall reimburse Seller therefor at the Closing
provided that Seller shall supply invoices, statements or commission agreements for all such Leasing Costs. Prior to the Closing,
Seller and Purchaser shall review all pending Leases and related commission agreements and determine the amount of all Leasing
Costs which are payable after the Closing for which Seller is responsible pursuant to this Section 20(B) and the aggregate amount
thereof shall be credited against the Purchase Price at the Closing. If Seller gives Purchaser a credit against the Purchase Price
pursuant to the immediately preceding sentence, then Seller shall be relieved of all liability for Leasing Costs, and Purchaser
shall pay such amounts as they become due, subject to the provisions of Section 7(G). Purchaser hereby agrees to indemnify, defend
and hold Seller harmless from and against any and all liability, loss, cost, judgment, claim, damage or expense (including, without
limitation, reasonable attorneys’ fees and expenses), in connection with Leasing Costs for New Leases and with respect to
the non-payment of any Leasing Costs for which Purchaser has received a credit at the Closing. Purchaser shall not be responsible
for any Affiliate Leasing Costs payable after Closing. The provisions of this Section 20(B) shall survive the Closing.

 

    	-37-

    	 

    

		21.	Transfer Taxes.

 

A.Seller
and Purchaser shall join on the Closing Date in completing, executing, delivering and verifying the returns, affidavits and other
documents required in connection with the taxes imposed under Article 31 of the Tax Law of the State of New York and Title II of
Chapter 46 of the Administrative Code of the City of New York and any other tax payable by reason of delivery and/or recording
of the documents to be delivered at the Closing (collectively, “Conveyance Taxes”). The Conveyance Taxes shall
be paid by Seller.

 

B.Seller,
shall deliver to the Title Insurer at the Closing certified check(s), payable to the order of the appropriate tax collecting agency
or official, in the amount of all Conveyance Taxes. Instead of paying any of such Conveyance Taxes directly, Seller may elect to
offset the amount thereof against the Purchase Price, in which event Purchaser shall pay same for the account of Seller.

 

C.The provisions
of this Article 21 shall survive the Closing.

 

		22.	Non-Liability.

 

Except for the obligations
of Seller to retain the Ceiling as set forth in Section 16(C), Purchaser agrees that it shall look solely to the Premises, and
not to any other assets of Seller, or to the members, managers, directors, officers, employees, shareholders, partners or agents
of Seller or any other person, partnership, corporation or trust, as principal of Seller or otherwise, and whether disclosed or
undisclosed for the performance of any of the covenants or other Agreements contained hereto, to enforce its rights hereunder or
in connection with this Agreement or the transactions contemplated hereby, and that none of the members, managers, directors, officers,
employees, shareholders, partners or agents of Seller or any other person, partnership, corporation or trust, as principal of Seller
or otherwise, and whether disclosed or undisclosed, shall have any personal obligation or liability hereunder, and Purchaser shall
not sue nor otherwise seek to assert any claim or enforce any of its rights hereunder against such party. Without limiting the
generality of the foregoing provisions of this Section 22, Purchaser hereby unconditionally and irrevocably waives any and
all claims and causes of action of any nature whatsoever it may now or hereafter have against such parties, and hereby unconditionally
and irrevocably releases and discharges such parties from any and all liability whatsoever which may now or hereafter accrue in
favor of Purchaser against such party, in connection with or arising out of this Agreement or the transactions contemplated hereby.
The provisions of this Article 22 shall survive the Closing.

 

    	-38-

    	 

    

		23.	Seller’s Inability to Perform; Seller’s Default.

 

If Seller shall be
unable to perform its obligation to convey the Premises to Purchaser in accordance with the terms of this Agreement (other than
by reason of Seller’s Willful Default (as hereinafter defined)), then Purchaser, at its sole option and as its sole and exclusive
remedy, may terminate this Agreement, in which event Escrow Agent shall refund to Purchaser the Deposit (and all interest earned
thereon, if any), and neither party shall thereafter have any further right or obligation hereunder. “Seller’s Willful
Default” shall mean Seller’s willful refusal to perform its obligation to convey the Premises to Purchaser in accordance
with terms of this Agreement, provided: (1) the reasons for such refusal do not include conditions beyond Seller’s control
or the unmarketability of title (subject to Seller’s compliance with its express obligations under Section 10); and (2) Purchaser
has satisfied, or is able to satisfy by the Closing Date all conditions required to be satisfied by it under this Agreement, is
not otherwise in default under this Agreement and is ready, willing and able to perform all of its obligations under this Agreement
and to deliver the Purchase Price due Seller under this Agreement. In the event of Seller’s Willful Default, then Purchaser,
at its sole option and as its sole and exclusive remedy may either (a) terminate this Agreement, in which event Escrow Agent shall
refund to Purchaser the Deposit (and all interest thereon, if any) and Seller shall pay to Purchaser an amount up to One Hundred
$100,000.00 for Purchasers actual, out-of-pocket, third party costs, and neither party shall thereafter have any further right
or obligation hereunder, other than the Surviving Obligations or (b) within forty-five (45) days after any rights of Purchaser
arise due to a Seller’s Willful Default, bring an action in equity against Seller for specific performance. In no event may
Purchaser bring an action against Seller for damages or seek any remedy (whether or not in an action at law or in equity) against
Seller that could require Seller to pay any monies to Purchaser whether characterized as damages or otherwise (except for an action
to compel Escrow Agent to return the Deposit to Purchaser if Purchaser is, in fact, entitled to the return thereof in accordance
with this Agreement). The untruth or inaccuracy of any representation or warranty of Seller or Seller’s noncompliance with
any of its covenants shall not be deemed Seller’s Willful Default, provided Seller has complied with its obligations under
Section 16D(i) with respect thereto.

 

    	-39-

    	 

    

 

 

		24.	Condition of Premises. 

  

A.Except
as otherwise expressly provided herein, Purchaser shall accept the Premises at the Closing in its “as is” condition
as of the date hereof, reasonable wear and tear excepted, and subject to the provisions of Article 18 hereof in the event of a
casualty or condemnation. Except as otherwise expressly provided herein, Seller shall not be liable for any latent or patent defects
in the Premises or bound in any manner whatsoever by any guarantees, promises, projections, operating expenses, set-ups or other
information pertaining to the Premises made, furnished or claimed to have been made or furnished, whether orally or in writing,
by Seller or any other person or entity, or any partner, employee, agent, attorney or other person representing or purporting to
represent Seller. Purchaser acknowledges that neither Seller nor any of the employees, agents or attorneys of Seller have made
and do not make any oral or written representations or warranties whatsoever to Purchaser, whether express or implied, except as
expressly set forth in this Agreement, and, in particular, that, OTHER THAN AS SET FORTH HEREIN, no such representations and warranties
have been made with respect to THE STATUS AND EXTENT OF ANY RIGHTS OF WAY, LEASE, RIGHT OF RETENTION, POSSESSION, LIEN ENCUMBRANCE,
LICENSE, RESERVATION, COVENANT, CONDITION, RESTRICTION OR ANY OTHER MATTER AFFECTING TITLE, the physical, environmental condition
or operation of the Premises (including, but not limited to, (i) STRUCTURAL ELEMENTS, FOUNDATION, ROOF, APPURTENANCES, ACCESS,
LANDSCAPING, PARKING FACILITIES AND THE ELECTRICAL, HVAC, PLUMBING, SEWAGE AND UTILITY SYSTEMS, FACILITIES AND APPLIANCES; (II) THE
QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF SOILS, GROUND WATER AND GEOLOGY, the presence, introduction, HANDLING, GENERATING,
STORING, DISPOSING OF HAZARDOUS MATERIALS or effect of Hazardous Materials at or affecting the Premises, the actual or projected
revenue and expenses of the Premises, the zoning and other laws, regulations and rules or Relevant Environmental Laws applicable
to the Premises or the compliance of the Premises therewith, the current or future real estate tax liability, assessment or valuation
of the Premises, the availability of any financing for the ACQUISITION, alteration, rehabilitation or operation of the Premises
from any source, including, without limitation, any state, city or Federal government or LENDER OR any institutional lender, the
current or future use of the Premises, including, without limitation, the Premises use for residential (including hotel, cooperative
or condominium use) or commercial purposes, the present and future condition and operating state of any and all machinery or equipment
on the Premises and the present or future structural and physical condition of any building or its suitability for rehabilitation
or renovation, the zoning or legal status of the premises, the ownership or state of title of any Personal Property on the Premises,
quantity, quality or condition of the Personal Property or Fixtures or of the labor and material furnished at or to the premises,
the use or occupancy of the Premises or any part thereof, or any other matter or thing affecting or relating to the Premises or
the transactions contemplated hereby, except as specifically set forth in this Agreement. Purchaser has not relied and is not relying
upon any representations or warranties, or upon any statements made in any informational materials with respect to the Premises
provided by Seller or any other person or entity, or any shareholder, employee, agent, attorney or other person representing or
purporting to represent Seller, other than the representations and warranties expressly set forth in this Agreement. The parties
hereto agree that the Personal Property included in this sale, which is or may be attached to or used in connection with the Premises,
has no significant separate value except in conjunction with the Real Property. No part of the Purchase Price is attributable to
the Personal Property. The provisions of this Article 24 shall survive the Closing.

 

    	-40-

    	 

    

B.To Seller’s
Actual Knowledge, Seller has caused the Local Law 11 Work (the “Work”) to be finalized. Seller has requested
that the New York City Department of Buildings (“DOB”) inspect the Work and signoff/approve that the Work has
been completed (“DOB Approval”).

 

(i)If,
prior to the Closing Date, the DOB’s inspection discloses that additional remedial work is required (the “Additional
Remedial Work”), then in that event, Skyline Restoration (or some other third party contractor designated by Seller)
shall submit a bona fide written contract to perform and complete the Additional Remedial Work. A sum in the amount of the contract
price submitted by Skyline Restoration (or such other third party contractor designated by Seller) shall be a credit to Purchaser
against the Purchase Price. At Closing, Seller shall have no further liability in connection with the Additional Remedial Work
and/or obtaining DOB Approval.

 

(ii)In
the event that DOB has not inspected the Work by the Closing Date (or has inspected but has not issued a signoff/approval), then
Seller shall deposit $25,000.00 in escrow with Escrow Agent at Closing in accordance with an escrow agreement in form reasonably
acceptable to and executed by Purchaser, Seller and Escrow Agent. The escrow agreement shall provide that if there is no Additional
Remedial Work required after the inspection, the Escrow Agent shall immediately return the escrow amount to Seller. If Additional
Remedial Work is required and the contract sum referred to in Section 24(B)(i) above is less than $25,000.00, the difference shall
be immediately disbursed by Escrow Agent to Seller and the remaining amount shall be released to Purchaser. If the contract sum
is greater than $25,000.00, Seller shall immediately pay to Purchaser the difference and Escrow Agent shall immediately release
the $25,000.00 to Purchaser. Upon such payment by Seller and/or release of escrow by Escrow Agent, Seller shall have no further
liability in connection with the Additional Remedial Work and/or to obtain DOB Approval. This provision shall survive the Closing
until the required amounts hereunder have been paid and/or released.

 

    	-41-

    	 

    

		25.	Environmental Matters.

 

Without limiting the
generality of Article 24, Purchaser acknowledges that it has had an opportunity to conduct its own investigation of the Premises
with regard to Hazardous Materials and compliance of the Premises with Relevant Environmental Laws. Purchaser is aware (or has
had sufficient opportunity to become aware) of the environmental, biological and pathogenic conditions of, affecting or related
to the Premises and Purchaser agrees to take the Premises subject to such conditions. Purchaser agrees to assume all costs and
liabilities arising out of or in any way connected to the Premises, including, but not limited to those arising out of Hazardous
Materials and Relevant Environmental Laws. Purchaser hereby releases Seller, its principals and affiliates, and their respective
officers, directors, members, managers, partners, agents, employees, successors and assigns, from and against any and all claims,
counterclaims and causes of action which Purchaser may now or in the future have against any of the foregoing parties arising out
of the existence of Hazardous Materials affecting the Premises. The provisions of this Article 25 shall survive the Closing.

 

		26.	Tax Reduction Proceedings.

 

A.If any tax reduction
proceedings in respect of the Real Property relating to any fiscal year ending prior to the fiscal year in which the Closing occurs
are pending at the time of the Closing, Seller reserves and shall have the right to continue to prosecute and/or settle the same.
If any tax reduction proceedings in respect of the Real Property relating to the fiscal year in which the Closing occurs are pending
at the time of the Closing, then Seller reserves and shall have the right to continue to prosecute and/or settle the same, provided,
however, that Seller shall not settle any such proceeding without Purchaser’s prior written consent, which consent shall
not be unreasonably withheld or delayed. Purchaser shall reasonably cooperate with Seller in connection with the prosecution of
any such tax reduction proceedings.

 

B.Any refunds or
savings in the payment of taxes resulting from such tax reduction proceedings applicable to the period prior to the Closing shall
belong to and be the property of Seller, and any refunds or savings in the payment of taxes applicable to the period from and after
the Closing shall belong to and be the property of Purchaser; provided, however, that if any such refund creates an obligation
to reimburse any Tenants for any Overage Rent paid or to be paid, that portion of such refund equal to the amount of such required
reimbursement (after deduction of allocable expenses as may be provided in the Lease to such Tenant) shall, at Seller’s election,
either (i) be paid to Purchaser and Purchaser shall disburse the same to such Tenants or (ii) be paid by Seller directly to the
Tenants entitled thereto. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or savings
shall be apportioned between Seller and Purchaser in proportion to the gross amount of such refunds or savings payable to Seller
and Purchaser, respectively (without regard to any amounts reimbursable to Tenants).

 

C.The provisions
of this Article 26 shall survive the Closing.

 

		27.	Union Agreement; Other Employment Matters.

 

A.Purchaser
acknowledges that the Premises are covered by the Union Agreement. Purchaser or Purchaser’s designee shall on the Closing
Date (i) adopt the Union Agreement and assume the obligations of an employer under the Union Agreement and (ii) offer employment
to and hire one (1) Employee pursuant to the Assumption of Union Agreement subject to Section 27(B) below.

 

    	-42-

    	 

    

B.Commencing
on the date of this Agreement and until the Closing Date, Purchaser shall have the right to negotiate a new union agreement (“NUA”)
and, upon Closing, shall have the NUA executed and delivered at Closing, provided and on condition that the Union Agreement is
terminated. Seller, at Purchaser’s sole cost and expense, shall reasonably cooperate with Purchaser with regard to the NUA.
Purchaser, in connection with the NUA, shall use commercially reasonable efforts to cause the Union to release Seller from its
obligations under the Union Agreement but delivery of the release is not a precondition for Purchaser to enter into the NUA. Notwithstanding
the foregoing, the execution and delivery of the NUA shall not be a condition to Closing and if the NUA is not executed and delivered
at Closing (containing the express termination of the Union Agreement), Purchaser, or an entity designated by Purchaser, shall
execute and deliver at Closing the Assignment and Assumption of Obligations to Employees under Collective Bargaining Agreements
in the form on Exhibit 8(A)(xiv) attached hereto. The provisions of this Article 27 shall survive the Closing.

 

C.ERISA.

 

(i)Seller
has obligations to contribute to the Multiemployer Plan(s) and/or funds listed or referenced in agreements set forth on Exhibit
1(F) (“Seller Multiemployer Plans”). The Seller Multiemployer Plans listed on Exhibit 1(F) that are subject
to Section 4201 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) are herein called
the “Multiemployer Pension Plans”.

 

    	-43-

    	 

    

(ii)With
respect to each such Multiemployer Pension Plan (a) Purchaser shall have an obligation to contribute to such Multiemployer Pension
Plan for substantially the same number of contribution base units for which Seller had an obligation to contribute prior to Closing,
(b) unless a waiver is in effect pursuant to Section 4204(c) of ERISA, Purchaser shall provide to such Multiemployer Pension Plan,
for a period equal to five plan years of such Multiemployer Pension Plan, commencing with the first plan year beginning after the
Closing Date, a bond issued by a corporate surety company that is an acceptable surety for purposes of Section 412 of ERISA, or
an amount held in escrow by a bank or a similar financial institution or such other equivalent form of security permitted for this
purpose in an amount equal to 100% (or 200% in the case that the Multiemployer Pension Plan is in reorganization in the plan year
during which the Closing Date occurs) of the greater of (1) the average annual contribution required to have been made by Seller
with respect to the operations under the Multiemployer Pension Plan for the three plan years preceding the plan year in which the
Closing Date occurs or (2) the annual contribution that Seller was required to have made with respect to the operations under the
Multiemployer Pension Plan for the last plan year of the Multiemployer Pension Plan preceding the plan year in which the Closing
Date occurs, which bond, escrow or security shall be paid to the Multiemployer Pension Plan if the Purchaser withdraws from the
Multiemployer Pension Plan, or fails to make a contribution to the Multiemployer Pension Plan when due, at any time during the
first five plan years of the Multiemployer Pension Plan beginning after the Closing Date, (iii) Purchaser shall notify the Multiemployer
Plan of the transactions contemplated herein and will use its reasonable efforts to satisfy such Multiemployer Pension Plan that
such transactions comply with the terms of Section 4204 of ERISA, and use its reasonable efforts to obtain a variance from the
requirements of Sections 4204(a)(1)(B) and 4204(a)(1)(C) of ERISA from the Multiemployer Pension Plan, and (iv) to the extent required
by such Multiemployer Pension Plan and Section 4204 of ERISA, Seller agrees that, if Purchaser completely or partially withdraws
(within the meaning of Sections 4203 and 4205 of ERISA, respectively) from such Multiemployer Pension Plan during the five plan
years following the Closing Date and does not pay any part of any Withdrawal Liability by reason of such withdrawal, Seller shall
be secondarily liable to the Multiemployer Pension Plan for the Withdrawal Liability that it would have incurred but for the provisions
of this subsection and Section 4204 of ERISA; provided, however, that the preceding clause of this sentence will be void and of
no effect, if the parties obtain a variance from the requirements of Section 4204(a)(1)(C) of ERISA. Purchaser shall reimburse
Seller for any such payment described in Subsection (iv) of this Section 2 within three (3) business days of written request by
Seller. If a waiver is not in effect pursuant to Section 4204(c) of ERISA, Purchaser shall deliver to the Multiemployer Pension
Plan by the first day of the plan year following the Closing Date, with copies to Seller, either the bond or evidence of the establishment
of an escrow described in Subsection (ii) of this Section 2, above. In addition, if Seller is required to provide a bond or an
amount in escrow to the extent required by, and under the circumstances described in, Section 4204(a)(3) of ERISA, the Purchaser
shall pay to Seller the cost of such bond or the amount of such escrow within ten (10) business days prior to the Seller obtaining
such bond or within ten (10) business days prior to the Seller establishing such escrow. The Seller shall not be required to reimburse
the Purchaser for any such costs or amounts. Purchaser agrees to indemnify and hold Seller harmless from and against any and all
losses, costs, liens, claims, liabilities or damages (including, but not limited to, reasonable attorneys’ fees and disbursements)
arising from or relating to a breach of its obligations under this Section 2 or any complete or partial withdrawal liability arising
as a result of this transaction or any act or omission of Purchaser or any affiliate thereof.

 

(iii)The
Purchaser agrees to indemnify and hold harmless Seller from any fees or charges by a Multiemployer Pension Plan for the Multiemployer
Plan to issue an estimate of Seller’s potential withdrawal liability pursuant to Section 101(l) of ERISA if such an estimate
is sought at the request of Purchaser.

 

 

D.The obligations
and undertaking of Purchaser under this Article 27 is a special inducement to Seller to enter into this Agreement without which
Seller would not enter into this Agreement.

 

E.The provisions
of this Article 27 shall survive the Closing.

 

		28.	Notices.

 

All notices, demands
or requests made pursuant to, under or by virtue of this Agreement (in each case, a “Notice”) must be in writing
and sent to the party to which the Notice is being made by nationally recognized overnight courier or delivered by hand with receipt
acknowledged in writing as follows:

 

    	-44-

    	 

    

	To Seller:	 	 
	 	
        c/o East End Capital Partners, LLC

        600 Madison Avenue, 11th Floor

        New York, New York 10022

        Attention: Jonathon Yormak
	 
	with a copy to:	 	 
	 	
        GreenOak Real Estate Advisors

        399 Park Avenue, 22nd Floor

        New York, New York 10022

        Attention: Kevin Robinson
	 
	with a copy to:	 	 
	 	Stephen G. Epstein, Esq.
 c/o Seyfarth Shaw LLP
 620 Eighth Avenue
 New York, New York  10018	 
	To Purchaser:	 	 
	 	
        ARC NY25638001, LLC

        c/o American Realty Capital

        405 Park Avenue, 12th Floor

        New York, New York 10022

        Attention: Jesse Galloway, Esq.

         
	 
	with a copy to:	 	 
	 	
        Donovan LLP

        152 Madison Avenue, 14th Floor

        New York, New York 10016

        Attention: Nicholas T. Donovan, Esq.

         
	 
	To Escrow Agent:	
         

        Chicago Title Insurance Company

        1515 Market Street, Suite 1325,

        Philadelphia, Pennsylvania 19102-1930 Attention:
        Edwin G. Ditlow

         
	 
	 	 	 

All Notices (i) shall
be deemed given upon the date of delivery if delivery is made before 4:00 PM (New York time) and, if delivered later, on the
next business day after delivery of such Notice or the date of refusal to accept delivery of such Notice and (ii) may be given
either by a party hereto or by such party’s attorney set forth above. The address for Notices to any party may be changed
by such party by a written Notice by not less than five (5) days’ notice served in accordance with this Section. Notices
or other communications (including agreements) signed by the attorneys for the respective parties shall be deemed binding upon
the parties so long as the intention for such communications (including email agreements) between the attorneys to be binding is
clearly set forth therein.

 

    	-45-

    	 

    

		29.	Entire Agreement.

 

This Agreement contains
all of the terms agreed upon between the parties with respect to the subject matter hereof, and all agreements heretofore had or
made between the parties hereto are merged in this Agreement which alone fully and completely expresses the agreement of said parties.

 

		30.	Amendments.

 

This Agreement may
not be changed, modified or terminated, nor may any provision hereunder be waived, except by an instrument executed by the parties
hereto.

 

		31.	No Waiver.

 

No waiver by either
party of any failure or refusal to comply with its obligations under this Agreement shall be deemed a waiver of any other or subsequent
failure or refusal to so comply.

 

		32.	Successors and Assigns.

 

This Agreement shall
inure to the benefit of, and shall bind the parties hereto and the heirs, executors, administrators, successors and permitted assigns
of the respective parties.

 

		33.	Partial Invalidity.

 

If any term or provision
of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be
valid and be enforced to the fullest extent permitted by law.

 

		34.	Section Headings; Incorporation of Exhibits.

 

The headings of the
various articles and sections of this Agreement have been inserted only for convenience, and are not part of this Agreement and
shall not be deemed in any manner to modify, explain or restrict any of the provisions of this Agreement. Unless otherwise provided
in this Agreement, any reference in this Agreement to an Exhibit is understood to be a reference to the Exhibits annexed to this
Agreement. All Exhibits annexed to this Agreement shall be incorporated into this Agreement as if fully set forth herein.

 

		35.	Governing Law.

 

This Agreement shall
be governed by, interpreted under and construed and enforced in accordance with, the laws of the State of New York, without reference
to conflicts of laws principles. EACH OF THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF RELATING TO THIS AGREEMENT. Any action brought hereunder shall be brought
in a court of law located in the Borough of Manhattan, City, County and State of New York. The prevailing party in any such litigation
shall be entitled to recovery of all of its fees and expenses (including legal fees) incurred in such action. The parties hereby
agree and consent that without limiting other methods of obtaining jurisdiction, personal jurisdiction over the parties in any
such action or proceeding may be obtained within or without the jurisdiction of any court located in the Borough of Manhattan,
City, County and State of New York and that any process or notice of motion or other application to any such court in connection
with any such action or proceeding may be served upon the parties by registered or certified mail to or by personal service at
the last known address of the parties, whether such address be within or without the jurisdiction of any such court. Purchaser
hereby irrevocably designates Donovan LLP, as its agent for service of process in connection with any matter relating to this Agreement.
Seller hereby irrevocably designates Seyfarth Shaw LLP, as its agent for service of process in connection with any matter relating
to this Agreement.

 

    	-46-

    	 

    

		36.	Confidentiality.

 

A.Except
as may be required by law or in connection with any court or administrative proceeding or required financial disclosures or other
filings with the SEC or other governmental agencies by Purchaser, Purchaser’s affiliates and/or Purchaser’s Representatives,
neither Purchaser nor Purchaser’s Representatives shall issue or cause the publication of any press release or other public
announcement, or cause, permit or suffer any other disclosure which sets forth the terms of the transactions contemplated hereby
(other than to Purchaser’s consultants, advisors, attorneys, accountants, lenders and potential lenders and investors or
potential investors, who, in turn, shall be bound by this Article 36), without first obtaining the written consent of Seller which
shall not be unreasonably withheld. Nothing contained herein shall preclude the parties from issuing customary press releases following
the Closing.

 

B.Purchaser
and Purchaser’s Representatives will treat the information disclosed by Seller or otherwise gained through Purchaser’s
access to the Premises and Seller’s books and records as confidential giving it the same care as Purchaser’s own confidential
information.

 

		37.	No Recording or Notice of Pendency.

 

The parties hereto
agree that neither this Agreement nor any memorandum hereof shall be recorded. Supplementing the other liabilities and indemnities
of Purchaser to Seller under this Agreement, and notwithstanding any other provision of this Agreement (including, without limitation,
any provision purporting to create a sole and exclusive remedy for the benefit of Seller), Purchaser agrees to indemnify and hold
Seller harmless from and against any and all losses, costs, damages, liens, claims, counterclaims, liabilities or expenses (including,
but not limited to, attorneys’ fees, court costs and disbursements) incurred by Seller arising from or by reason of the recording
of this Agreement, any memorandum hereof, or any notice of pendency (unless Purchaser prevails in a final unappealable order against
Seller in the action underlying such notice of pendency) or any other instrument against the Premises. The provisions of this Article
37 shall survive the Closing or any early termination of this Agreement.

 

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		38.	Assignment.

 

Purchaser may not assign
its rights or obligations under this Agreement or transfer any direct or indirect ownership or other interest in Purchaser without
the prior written consent of Seller, and any such assignment made without Seller’s consent shall be void ab initio. Notwithstanding
anything to the contrary contained in this Article 38, Purchaser shall have a right to assign Purchaser’s rights under this
Contract, in whole, but not in part, to one (i) or more entities which is an affiliate or subsidiary of New York Recovery Operating
Partnership, L.P. (the entity to which the rights are assignable may be a trust, limited liability company, limited liability partnership,
limited partnership or a corporation) (including the right to assign the Agreement at Closing to multiple entities provided that
all of the Units shall close simultaneously), provided that (i) Purchaser designates such assignee at least three (3) business
days prior to the Closing Date; (ii) the Closing is not delayed as a result of such assignment, (iii) the assignee of this Contract
assumes in writing, the obligations of Purchaser under this Contract, and (iv) the assignment is made without consideration.

 

		39.	Counterparts.

 

This Agreement may
be executed in any number of counterparts each of which when so executed and delivered shall be deemed to be an original, but all
such counterparts shall constitute one and the same agreement.

 

		40.	No Third Party Beneficiary.

 

The provisions of this
Agreement are not intended to benefit any third parties.

 

		41.	Intentionally deleted.

 

		42.	Business Days.

 

In the event that any
of the dates specified in this Agreement shall fall on a Saturday, a Sunday, or a Federal or New York holiday, then the date of
such action shall be deemed to be extended to the next business day.

 

    	-48-

    	 

    

		43.	Mortgage Loan Assignment. If Purchaser so requests in writing, Seller will reasonably cooperate
with Purchaser and request from its mortgagee that the mortgage presently affecting the Premises which Seller is required to discharge
in accordance with the provisions of this Contract be assigned to Purchaser’s lender, and all original notes, mortgages and
prior assignments in connection therewith and in the possession of Seller’s mortgagee be delivered to Purchaser’s lender
at or prior to the Closing. This cooperation will be at no cost or expense to Seller, and Purchaser shall pay all costs and expenses
associated therewith to Seller’s mortgagee; in addition to which Purchaser shall pay to Seller an amount equal to fifty (50%)
percent of the mortgage recording tax savings achieved by the assignment of the mortgage at Closing, net of the costs payable by
Purchaser to Seller’s lender and Seller’s lender’s attorney in connection therewith. The assignment of mortgage
by the mortgagee shall be without warranty or recourse and any such assignment of the mortgage shall be on mortgagee’s standard
form of assignment of mortgage. Notwithstanding the foregoing, it is expressly understood and acknowledged by Purchaser that this
Contract and Purchaser’s obligations hereunder are not contingent or conditioned upon the completion of such assignment of
mortgage to Purchaser’s lender nor entitle Purchaser to a reduction in the Purchase Price.

 

		44.	Waiver of Trial by Jury.

 

SELLER AND PURCHASER
EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING
IN CONNECTION WITH OR OTHERWISE RELATING TO THIS AGREEMENT. THE PROVISIONS OF THIS ARTICLE 44 SHALL SURVIVE THE CLOSING
OR THE TERMINATION OF THIS AGREEMENT.

 

[Remainder of this page intentionally left
blank]

 

    	-49-

    	 

    

IN WITNESS WHEREOF,
this Agreement has been duly executed by the parties hereto as of the day and year first above written.

  

	 	SELLER:
	 	 
	 	
        EEGO WEST 38 FEE, LLC,

        a Delaware limited liability
        company

	 	 
	 	By: 	/s/ Jonathon Yormak
	 	 	Name: Jonathon Yormak

Title: Authorized Signatory

 

	 	PURCHASER:
	 	 
	 	
        ARC NY25638001, LLC,

        a Delaware limited liability company

	 	 
	 	By: 	/s/ Michael Happel
	 	 	Name:Michael Happel

Title:Authorized Signatory
	 	 	 
	 	The undersigned
has executed this Agreement solely to confirm its acceptance of the duties of Escrow Agent as set forth in Article 19 hereof
and receipt of the Deposit:

 

 

	 	CHICAGO TITLE INSURANCE COMPANY
	 	 
	 	By: 	 
	 	 	
        Name: Edwin Ditlow

        Title: Authorized Signatory

 

 

    	 

    	 

    

Exhibit “1(A)”

 

Description of Land

 

ALL THAT CERTAIN PLOT, PIECE OR PARCEL
OF LAND, SITUATE, LYING AND BEING IN THE BOROUGH OF MANHATTAN CITY, COUNTY AND STATE OF NEW YORK, BOUNDED AND DESCRIBED AS
FOLLOWS:

 

BEGINNING AT A POINT ON THE SOUTHERLY SIDE
OF 38TH STREET DISTANT 200 FEET EASTERLY FROM THE INTERSECTION OF THE SOUTHERLY SIDE OF 38TH STREET
AND THE EASTERLY SIDE OF 8TH AVENUE AND

 

RUNNING THENCE SOUTHERLY PARALLEL WITH
8TH AVENUE 98 FEET 9 INCHES TO THE MIDDLE LINE OF THE BLOCK;

 

THENCE EASTERLY ALONG SAID LINE 75 FEET;

 

THENCE NORTHERLY PARALLEL WITH 8TH
AVENUE 98 FEET 9 INCHES TO THE SOUTHERLY SIDE OF 38TH STREET; AND

 

THENCE WESTERLY ALONG THE SOUTHERLY SIDE
OF 38TH STREET 75 FEET TO THE POINT OR PLACE OF BEGINNING.

 

    	 

    	 

    

Exhibit 1(B)

 

Leases

Stock Lots USA, Inc

Lease: April 17, 2008

Guaranty: April 17, 2008

Rent Credit Letter: June 11, 2009

Rent Credit Letter: January 4, 2010

First Lease Modification and Extension Agreement:
Feburary __, 2011

 

Leather Impact, Inc.

Lease: December 14, 1998

“Good Guy” Guarantee: December
14, 1998 (George Kermelis)

Assignment and Assumption of Lease: February
1, 1999 (Leather Facts Inc. to Leather Impact, Inc.)

Good Guy Clause: February 1, 1999 (Demitri
P. Kermelis)

First Amendment to Lease: January 28, 2003

Second Lease Modification and Extension Agreement:
December 22, 2008

Third Lease Modification Agreement: July 1,
2009

 

Jonathan Apparel, Inc.

Lease: July 18, 1991

Assignment and Assumption of Lease: January
26, 1994 (Tricon Leather Inc. to Wol Cha Kim)

Consent to Assignment: January 26, 1994 (Tricon
Leather Inc. to Wol Cha Kim)

Standard Renewal Agreement: January 26, 1994

Assignment and Assumption of Lease: July 21,
1994 (Moten Mose – Wol Cha Kim to Modern Mood Inc.)

Consent to Assignment: July 21, 1994 (Moten
Mose to Modern Mood Inc.)

Assignment and Assumption of Lease: June 22,
1995 (Modern Mood Inc. to Jonathan Apparel Inc.)

Consent to Assignment: June 22, 1995 (Modern
Mood Inc. to Jonathan Apparel Inc.)

Extension and Modification Agreement: November
1, 1997

“Good Guy” Guarantee: January
20, 1998 (Sun Yun Chung)

Extension and Modification Agreement: May
1, 2004

 

Diana NYC Fabrics, Inc.

Lease: November 13, 1990

Standard Renewal Agreement: December 29, 1995

First Amendment to Lease: November 22, 2000

Assignment and Assumption of Lease: September
26, 2002 (Services Notions & Trimmings Inc to Lin’s Trimming Co., Inc.)

Consent to Assignment: September 26, 2002
(Services Notions & Trimmings Inc to Lin’s Trimming Co., Inc.)

Second Lease Modification and Extension Agreement:
October 27, 2002

Third Lease Modification and Extension Agreement:
September 12, 2012 (Diana NYC Farbrics, Inc, successor-in-interest to Lin’s Trimming Co., Inc.)

 

 

    	 

    	 

    

Shah 38

Lease: July 20, 1988

Standard Renewal Agreement: November 19, 1993

Second Lease Modification: May 4, 1999

Third Lease Modification and Extension Agreement:
December 22, 2001

Assignment and Assumption of Lease: March
27, 2002 (Shah Deli to Shah 38, Inc.)

Consent to Assignment: March 27, 2002 (Shah
Deli to Shah 38, Inc.)

Fourth Lease Modification and Extension Agreement:
October 4, 2004

Fifth Lease Modification and Extension Agreement:
November __, 2009

Guaranty of Lease: November X, 2009 (Paresh
and Parimal Shah)

Sixth Lease Modification and Extension Agreement:
September 20, 2012

 

J’Envie, Inc

Lease: June 14, 2007

Guaranty: June 14, 2007 (Linda Sherman)

First Lease Modification Agreement: January
1, 2009

Second Lease Modification Agreement: March
30, 2009

 

Cache, Inc.

Lease: April 9, 2012

Storage Space License Agreement: July 27,
2012

Commencement Date Agreement: July 30, 2012

 

 

Horizon Imaging, LLC

Lease: January 24, 2008

Guaranty: January 24, 2008 (Svi Simon and
Kenneth Raskin)

First Modification of Lease: June __, 2009

Lease: May 17, 2011

Guaranty: May 17, 2011 (Svi Simon)

Surrender Agreement: May 17, 2011

Amendment of Lease: August 15, 2012

Sub-Lease Agreement: September 12, 2012 (Aaron
Bond, Alex Guzman, A&A Dreams LLC dba NY Artificial)

 

    	 

    	 

    

Variable Graphics, LLC

Lease: May 17, 2011

Surrender Agreement: May 17, 2011

Guaranty: May 17, 2011 (Kenneth Raskin)

 

EnviroNet Systems Inc.

Lease: October 3, 2008

Guaranty: October 3, 2008 (Brent Fleisher)

First Lease Modification Agreement: January
17, 2011

 

Local 1981 UAW, Local 2110 UAW, Local 2320
UAW and Local 7902 UAW

Lease: May 7, 2008

First Lease Modification Agreement: January
15, 2009

 

Gerard Yosca Jewelry, Inc

Lease: August 14, 2008

Guaranty: August 14, 2008 (Gerard Yosca)

 

Geneva Worldwide, Inc.

Lease: December 14, 2011

Commencement Date Letter: April 26, 2012

Tenant Letter: September 20, 2012

Landlord Response Letter: September 24, 2012

 

Union Building Corporation

Lease: April 10, 2008

First Lease Modification Agreement: January
15, 2009

 

Gloria Apparel, Inc.

Lease: February 17, 2011

Guaranty: February 17, 2011 (Yun Lee)

 

Millennia Group L.L.C.

Lease: February 20, 2012

Guaranty: February 20, 2012 (Michael Cipriano
and Scott Bublitz)

Commencement Date Letter: May 24, 2012

 

Insight Research Group USA, Inc.

Lease: May 2, 2012

Commencement Date Agreement: August 24, 2012

 

    	 

    	 

    

Exhibit 1(C) – Schedule of Service
Contracts

 

United Elevator Inspection & Consulting,
Inc.

Comprehensive Vertical Transportation Maintenance
and Repair Agreement: November 8, 2011

 

    	 

    	 

    

Exhibit 1(D)

 

Telecommunications Contracts

 

Exhibit 1(D) – Telecommunications
Contracts

 

Commercial Agreement

Time Warner Entertainment Co. L.P.: November
16, 2010

 

 

 

    	 

    	 

    
 

Exhibit 1(E)

 

Brokerage Agreements

 

Exhibit 1(E) – Brokerage Agreements

 

Newmark & Company Real Estate, Inc.

Exclusive Leasing Agreement: July 1, 2011

 

Jones Lang LaSalle Brokerage, Inc.

Cache Inc. Commission Agreement: April 9,
2012

 

    	 

    	 

    
 

Exhibit 1(F)

 

Union Agreement

 

Local 32BJ, Service Employees International
Union 2008 Independent Loft Agreement: February 14, 2011

OCA Arbitration Request: June 27, 2012

 

 

[See Attached]

 

 

    	 

    	 

    
 

Exhibit “4(A)(i)”

 

Permitted Exceptions

 

 

 

 

    	 

    	 

    
 

 

Exhibit “4(A)(ii)”

 

Title Objections

 

Items 5, 6, 7 and 8 set forth on Schedule
B-II of Seller’s Title Commitment

 

 

    	 

    	 

    
 

Exhibit “8(A)(i)”

 

Form of Bargain and Sale Deed

 

WITHOUT COVENANT AGAINST GRANTOR’S
ACTS

 

	 	
	 	EEGO WEST 38 FEE, LLC

a Delaware limited liability company

 

TO

 

	 	ARC NY 25638001, LLC

a Delaware limited liability company

 

		Address:	536 West 38th Street

New York, New York
	 	 	 
	 	Block: 	787
	 	Lot:	72
	 	County:	New York

 

 

 

RETURN BY MAIL TO:

 

Donovan LLP

152 Madison Avenue, 14th
Floor

New York, New York 10016

Attention: Nicholas T.
Donovan, Esq.

    	 

    	 

    
 

[BARGAIN AND SALE DEED WITHOUT COVENANT
AGAINST GRANTOR’S ACTS THIS INDENTURE, made as of this _____ day of ____________, 2012

 

BETWEEN EEGO WEST 38 FEE, LLC, a Delaware
limited liability company, with offices c/o East End Capital, 600 Madison Avenue, 11th Floor, New York, New York
10022, party of the first part, and [_________________________], a [_________________________], with offices at [________________________],
party of the second part.

 

WITNESSETH, that the party of the first
part, in consideration of ten dollars and other valuable consideration paid by the party of the second part, does hereby grant
and release unto the party of the second part, the heirs or successors and assigns of the party of the second party forever,

 

ALL that certain plot, piece or parcel
of land, with the building and improvements thereon erected, situate, lying and being in the City, County and State of New York,
more commonly known as 256 West 38th Street, New York, New York, and more particularly described on Exhibit A attached hereto and
hereby made part hereof.

 

TOGETHER with all right, title and interest,
if any, of the party of the first part in and to any streets and roads abutting the above described premises to the center lines
thereof; TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises;

 

TO HAVE AND TO HOLD the premises herein
granted unto the party of the second part, the heirs or successors and assigns of the party of the second part forever.

 

AND the party of the first part, in compliance
with Section 13 of the Lien Law, covenants that the party of the first part will receive the consideration of this conveyance and
will hold the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of the
improvement and will apply the same first to the payment of the cost of the improvement before using any part of the total of the
same for any other purpose. The word “party” shall be construed as if it read “parties” whenever the sense
of this indenture so requires.

 

IN WITNESS WHEREOF, the party of the first
part has duly executed this deed the day and year first above written.

 

	IN PRESENCE OF:	EEGO WEST 38 FEE, LLC, 
 A Delaware limited liability company
	 	 
	 	By: 	 
	 	 	Name:

Title: Authorized Signatory

 

    	 

    	 

    
 

 

STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the ______ day of
________ in the year 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared _______________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument.

 

	 	 	 
	 	 	Signature and Office of individual taking acknowledgement

 

 

    	 

    	 

    

Exhibit A

 

Legal Description

 

ALL THAT CERTAIN PLOT, PIECE OR PARCEL
OF LAND, SITUATE, LYING AND BEING IN THE BOROUGH OF MANHATTAN CITY, COUNTY AND STATE OF NEW YORK, BOUNDED AND DESCRIBED AS
FOLLOWS:

 

BEGINNING AT A POINT ON THE SOUTHERLY SIDE
OF 38TH STREET DISTANT 200 FEET EASTERLY FROM THE INTERSECTION OF THE SOUTHERLY SIDE OF 38TH STREET
AND THE EASTERLY SIDE OF 8TH AVENUE AND

 

RUNNING THENCE SOUTHERLY PARALLEL WITH
8TH AVENUE 98 FEET 9 INCHES TO THE MIDDLE LINE OF THE BLOCK;

 

THENCE EASTERLY ALONG SAID LINE 75 FEET;

 

THENCE NORTHERLY PARALLEL WITH 8TH
AVENUE 98 FEET 9 INCHES TO THE SOUTHERLY SIDE OF 38TH STREET; AND

 

THENCE WESTERLY ALONG THE SOUTHERLY SIDE OF
38TH STREET 75 FEET TO THE POINT OR PLACE OF BEGINNING.

 

    	 

    	 

    
 

Exhibit “8(A)(ii)”

 

Form of Bill of Sale

 

KNOW ALL MEN BY THESE PRESENTS,

 

That, subject to the
terms and conditions thereinafter set forth, EEGO West 38 Fee, LLC, a Delaware limited liability company having an address
c/o East End Capital, 600 Madison Avenue, 11th Floor, New York, New York 10022 (“Seller”) for and in consideration
of the sum of Ten Dollars ($10.00), lawful money of the United States, to it in hand paid at or before delivery of these presents
by [_____________________], a [_______________________] having an address at [_______________________] (“Purchaser”),
the receipt of which is hereby acknowledged, has bargained and sold, and by these presents does grant and convey unto Purchaser
its successors and assigns all right, title and interest of Seller in and to all of the fixtures, equipment and other items of
personal property (collectively, the “Personal Property”) attached to or contained in, and utilized in the operation
of, the Building commonly known as 256 West 38th Street, New York, New York.

 

Seller grants and conveys
the Personal Property unto Purchaser without recourse and without representation or warranty of any kind, express or implied (except
to the extent and only for so long as any representation and warranty, if any, regarding the Personal Property is set forth in
the Sale and Purchase Agreement dated as of October __, 2012 (as same may have been modified and amended) between Seller and Purchaser
(the “Agreement”) shall survive the closing of title thereafter, and subject to the limitations contained herein).

 

TO HAVE AND TO HOLD
the same unto Purchaser, its successors and assigns forever.

 

SELLER HAS MADE NO
WARRANTY THAT THE PERSONAL PROPERTY COVERED BY THIS BILL OF SALE IS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE AND THE SAME
IS OLD IN AN “AS IS” “WHERE IS” CONDITION. BY ACCEPTANCE HEREOF, PURCHASE AFFIRMS THAT IT HAS NOT RELIED
ON ANY WARRANTY OF SELLER WITH RESPECT OT THE PERSONAL PROPERTY AND THAT THERE ARE NO REPRESENTATIONS OR WARRANTEES, EXPRESSED,
IMPLIED OF STATUTORY (EXCEPT TO THE EXTENT AND ONLY FOR SO LONG AS ANY REPRESENTATION AND WARRANTY, IF ANY, REGARDING THE PERSONAL
PROPERTY AS SET FORTH IN THE AGREEMENT SHALL SURVIVE THE CLOSING OF TITLE THEREUNDER, AND SUBJECT TO THE LIMITATIONS CONTAINED
THEREIN).

 

This Bill of Sale shall
be governed by and construed in accordance with the laws of the State of New York,

 

This Bill of Sale shall
be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature page follows immediately]

 

    	 

    	 

    
 

 

IN WITNESS WHEREOF,
Seller has caused this instrument to be duly executed this _____ day of ________________, 2012.

 

 

 

	 	ASSIGNOR:
	 	 
	 	EEGO WEST 38 FEE, LLC
 a Delaware limited liability company
	 	 
	 	By: 	 
	 	 	Name:

Title: Authorized Signatory

 

 

	 	ASSIGNEE:
	 	 
	 	[	]
	 	 	 
	 	By: 	 
	 	 	Name:

Title: 

 

    	 

    	 

    
 

EXHIBIT “8(A)(iii)”

 

Form of Assignment and Assumption
of Leases

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASES (this “Assignment”), made as of the ____ day of __________, 2012, between EEGO West 38 Fee, LLC,
a Delaware limited liability company having an address c/o East End Capital, 600 Madison Avenue, 11th Floor, New
York, New York 10022 (“Assignor”) and [________________________________________________], a [_________________________________],
with offices at [_______________________] (“Assignee”):

 

RECITALS

 

WHEREAS, pursuant to
that certain Sale and Purchase Agreement dated ________________, 2012, between Assignor, as seller, and Assignee, as purchaser
(the “Agreement”), Assignor is selling the Premises (as such term is more particularly described in the Agreement)
to Assignee.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Assignment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

1.Assignor hereby
assigns, transfers, set-over, delivers and conveys unto Assignee, it successors and assigns, all of the rights, title, interests,
benefits and privileges of Assignor, as landlord, under the leases (the “Leases”) described in Schedule A annexed
hereto and incorporated herein by this reference, including without limitation all rents, issues and profits arising therefrom,
and all security deposits thereunder (including all interest earned thereon) actually held by Seller (subject to adjustment as
set forth in the Agreement), TO HAVE AND TO HOLD all and singular subject as aforesaid, unto Assignee, its successors and assigns.
This conveyance is made without any recourse and without representation or warranty of any kind, express or implied (except to
the extent and only for so long as any representation and warranty, if any, regarding the Leases as is set forth in the Agreement
shall survive the closing of title thereunder, and subject to the limitations contained therein).

 

2.Assignee assumes
all obligations imposed upon landlord under (i) the assigned lease with Geneva
Worldwide, Inc. (“Geneva”) and the liabilities arising from events occurring before the date hereof, and (ii)
all of the assigned leases (including Geneva) and the liabilities arising from events occurring on or after the date hereof,
to be performed by Assignor, as landlord, under the Leases, for the duration of the respective terms thereof. Without limiting
the generality of the foregoing, the obligations and liabilities assumed by Assignee hereunder shall include, but shall not be
limited to, the obligation to properly apply any advance rental, security deposit or other deposit under any of the Leases, to
the extent such advance rental, security deposit or other deposit has been delivered by Assignor to Assignee or credited to Assignee
concurrently herewith.

 

    	 

    	 

    

3.Assignor agrees
to indemnify and hold Assignee harmless from and against any and all loss, cost, damage, claim, liability or expense accruing under
the Leases relating to the time period prior to the date hereof, except with respect to lease with Geneva. Such indemnification
by Assignor is limited as set forth in Section 16(C) of the Agreement and shall not include any loss, cost, damage, claim, liability
or expense due to the failure of Seller to have kept the Premises (as defined in the Agreement), the building systems or other
improvements or equipment in good order and repair or to make required repairs or improvements thereto (it being agreed that Seller
shall not be obligated to make any such repairs or improvements, and Purchaser hereby expressly agrees that for all purposes of
the Agreement the obligation to make any such repairs or improvements shall be conclusively deemed to have arisen or accrued after
the date hereof.

 

4.Assignee agrees
to indemnify and hold Assignor harmless from and against any and all loss, cost, damage, claim, liability or expense accruing under
(i) the Lease with Geneva relating to the time period prior do the date hereof, and (ii) the Leases (including Geneva) relating
to the time period from and after the date hereof.

 

5.This Assignment
shall be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and
assigns.

 

6.This Assignment
may be signed in multiple counterpart which, when taken together and signed by all parties and delivery to any other party there,
shall constitute a binding Assignment between the parties.

 

7.This Assignment
shall be governed by and construed in accordance with the laws of the State of New York.

 

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

 

    	 

    	 

    

	 	ASSIGNOR:
	 	 
	 	EEGO WEST 38 FEE, LLC,
 a Delaware limited liability company
	 	 
	 	By: 	 
	 	 	Name:

Title: Authorized Signatory

 

 

	 	ASSIGNEE:
	 	 
	 	By: 	 
	 	 	Name:

Title: 

 

    	 

    	 

    
 

 

STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the _____ day of
____________ in the year of 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared ____________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgement

 

STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the _____ day of
____________ in the year of 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared ____________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgement

    	 

    	 

    
 

 

Schedule A

 

    	 

    	 

    
 

EXHIBIT “8(A)(iv)”

 

Form of Assignment and Assumption
of Contracts

 

THIS ASSIGNMENT AND
ASSUMPTION OF CONTRACTS (this “Assignment”), made as of the ____ day of _____________, 2012 between EEGO West 38 Fee,
LLC, a Delaware limited liability company having an address c/o East End Capital, 600 Madison Avenue, 11th Floor, New
York, New York 10022 (“Assignor”) and [_______________________________________], a [___________________], with offices
at [________________________] (“Assignee”):

 

RECITALS

 

WHEREAS, pursuant to
that certain Sale and Purchase Agreement dated ___________, ______, between Assignor, as seller, and Assignee, as purchaser (the
“Agreement”), Assignor is selling the Premises (as such term is more particularly described in the Agreement) to Assignee.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

1.Assignor hereby
assigns, transfers, sets-over, delivers and conveys unto Assignee, its successors and assigns, all of the rights, title, interest,
benefits and privileges of Assignor, as owner, under all of the service, maintenance, supply and other agreements (collectively,
the “Assumed Contracts”) in effect relating to the operation of the Premises and listed on Schedule A annexed
hereto and incorporated herein by this reference, (subject to adjustment as set forth in the Agreement), TO HAVE AND TO HOLD all
and singular subject as aforesaid, unto Assignee. This conveyance is made without recourse and without representation or warranty
of any kind, express or implied (except to the extent and only for so long as any representation and warranty, if any, regarding
the Assumed Contracts as is set forth in the Agreement shall survive the closing of title thereunder, and subject to the limitations
contained therein).

 

2.Assignee hereby
expressly assumes all of the obligations imposed upon the owner of the Premises under the Assumed Contracts which accrue from and
after the date hereof.

 

3.This Assignment
shall be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and
assigns.

 

4.This Assignment
may be signed in multiple counterparts which, when taken together and signed by all parties and delivered to any other party hereto,
shall constitute a binding Assignment between the parties.

 

5.This Assignment
shall be governed by and construed in accordance with the laws of the State of New York.

 

    	 

    	 

    

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

 

 

 

	 	ASSIGNOR:
	 	 
	 	EEGO WEST 38 FEE, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	 
	 	 	Name:

Title: Authorized Signatory

 

 

	 	ASSIGNEE:
	 	 
	 	By: 	 
	 	 	Name:

Title: 

 

 

    	 

    	 

    
STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the _____ day of
____________ in the year of 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared ____________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgement

 

STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the _____ day of
____________ in the year of 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared ____________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

	 	 
	 	Signature and Office of individual taking acknowledgement

 

    	 

    	 

    

 

Schedule A

 

 

    	 

    	 

    
 

EXHIBIT “8(A)(viii)”

 

Form of Tenant Notice Letter

 

_____________, 2012

 

By Certified Mail- Return Receipt
Requested

 

(Name/Address of Tenant)

 

		Re:	Lease for ___________ at _________________, ____________________________

(the “Premises”)

 

Dear Sir or Madam:

 

Please be advised that
effective as of the date of this letter:

 

(1)EEGO West 38
Fee, LLC (“Seller”) has conveyed, all of its right, title and interest in and to the Premises, including its interest
as landlord under your lease, to __________________________, a __________________ having an address at ________________ (“Purchaser”);

 

(2)Purchaser has
assumed the landlord’s obligations under your lease; and

 

Accordingly, you are
hereby notified that all future rent and additional rent payments due under your lease affecting the above-referenced premises,
and any notices, inquiries or requests regarding such lease, should be delivered to:

 

_______________________________________

 

In addition, all unapplied
security deposits held by Seller, if any, together with any interest earned thereon, have been transferred to Purchaser.

 

[Signature page follows immediately]

 

    	 

    	 

    
 

	 	Very truly
yours,
	 	 
	 	EEGO WEST
38 FEE, LLC
	 	 
	 	By: 	 
	 	 	Name:

Title:Authorized Signatory

 

    	 

    	 

    

 

EXHIBIT “8(A)(ix)”

 

Form of Contractor Notice Letter

 

_____________________, 2012

 

By Certified Mail – Return Receipt
Requested

 

(Name/Address of Tenant)

 

		Re:	Contract (the “Contract”) by and between ________________ and _______________ concerning
the property (the “Premises”) located at _____________________.

 

Dear Sir or Madam:

 

Please be advised that
effective as of the date of this letter:

 

(1)EEGO West 38
Fee, LLC (“Seller”), has conveyed all of its right, title and interest in and to the Premises, including all of its
rights and obligations in connection with the Contract, to ______________ having an address _________________ (“Purchaser”);
and

 

(2)Purchaser has
assumed Seller’s obligations under the Contract arising from and after the date hereof.

 

Accordingly, you are
hereby notified that any notices, inquiries or requests regarding the Contract, should be delivered to:

 

______________________________

______________________________

______________________________

______________________________

 

	 	Very truly
yours,
	 	 
	 	EEGO West
38 Fee, LLC
	 	 
	 	By: 	 
	 	 	Name:

Title:Authorized Signatory

 

    	 

    	 

    

 

EXHIBIT “8(A)(xiv)”

 

Form of Assignment and Assumption of
Union Agreement

 

ASSIGNMENT AND ASSUMPTION OF OBLIGATIONS
TO EMPLOYEES UNDER COLLECTIVE BARGAINING AGREEMENTS

 

ASSIGNMENT AND ASSUMPTION OF OBLIGATIONS
TO EMPLOYEES UNDER COLLECTIVE BARGAINING AGREEMENTS (this “Assignment”) made as of the ____ day of ___________, 2012,
between EEGO West 38 Fee, LLC, a Delaware limited liability company having an address c/o East End Capital, 600 Madison Avenue,
11th Floor, New York, New York 10022 (“Assignor”) and [_________________________], a [___________________],
with offices at [______________________] (“Assignee”).

 

W I T NE S S E T H

 

WHEREAS, pursuant to
that certain Sale and Purchase Agreement dated ____________, 2012, between Assignor, as seller, and Assignee, as purchaser (the
“Agreement”), Assignor is selling the Premises (as such term is more particularly described in the Agreement) to Assignee.

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration paid by Assignee to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor hereby assigns, transfers and conveys, without warranty, representation
or covenant, to Assignee all of Assignor’s rights (if any) with respect to the employees at the Premises who are members
of Local 32BJ of the Service Employees International Union.

 

ASSIGNEE HEREBY ACCEPTS
the foregoing assignment and assumes all of the obligations of Assignor (if any) with respect to the employees at the Premises
who are members of Local 32BJ of the Service Employees International Union, accruing from and after the date hereof.

 

This Assignment shall
be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

This Assignment may
be signed in multiple counterpart which, when taken together and signed by all parties and delivered to any other party hereto,
shall constitute a binding Assignment between the parties.

 

This Assignment shall
be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS WHEREOF,
this Agreement has been executed as of the date and year first above written.

 

 

    	 

    	 

    

 

	 	ASSIGNOR:
	 	 
	 	EEGO WEST
38 FEE, LLC
	 	a Delaware
limited liability company
	 	 
	 	By: 	 
	 	 	Name:

Title: Authorized Signatory

 

 

	 	ASSIGNEE:
	 	 
	 	 
	 	 
	 	By: 	 
	 	 	Name:
 Title:

 

    	 

    	 

    

EXHIBIT “(8)(a)(xix)”

 

Form
of Title Affidavit

 

TITLE NOS.: __________________

STATE OF NEW YORK)

) ss:

COUNTY OF NEW YORK)

 

The undersigned, being first duly sworn, deposes
and says:

 

1.________________
is the ___________________ of EEGO West 38 Fee, LLC, a Delaware limited
liability company (“Owner”), is the fee owner of, or has an ownership interest in, the premises commonly known
as and by street address number 256 West 38th Street, New York, New York, and designated as Block 787, Lot 72 on the Tax Map of
the City of New York, State of New York (the “Premises”).

 

2.To Owner’s
actual knowledge, there are no tenants or other parties who are in possession of the Premises, other than tenants, as tenants only,
and no tenant or other third party has an option to purchase or right of first refusal to purchase any of the Premises.

 

3.To
Owner’s actual knowledge, no work has been done upon the above premises by the City of New York nor has any demand been made
by the City of New York for any such work that may result in charges by the New York City Department of Rent and Housing Maintenance,
Emergency Services or charges by the New York City Department for Environmental Protection for water tap closings or any related
work.

 

4.To Owner’s
actual knowledge, no inspection fees, permit fees, elevator(s), sign, boiler or other charges have been levied, charged, created
or incurred that may become tax or other liens pursuant to Section 26-128 (formerly Section 643a-14.0) of the Administrative Code
of the City of New York, as amended by Local Laws 10 of 1981 and 25 of 1984, and Section 27-4029.1 of the Administrative Code of
the City of New York as amended by LL 43 (1988) or any other section of law.

 

5.To Owner’s actual knowledge,
there has been no work performed by any agency of the City of New York to cure problems under the New York City Hazardous Substances
Emergency Response Law.

 

This Affidavit is given to induce First
American Title Insurance Company and Chicago Title Insurance Company to
insure title free and clear of the aforesaid, knowing that it will rely on the truth of the statements herein made.

 

    	-1-

    	 

    
 

	 	EEGO West 38 Fee, LLC,

a Delaware limited liability company

	 	 
	 	By: 	 
	 	 	Name:

Title:
	 	 	 
	 	 	Sworn to before me this

_________ day of ______, 2012.

	 	 	(Notary Public)

 

 

    	-2-

    	 

    

 

EXHIBIT “8(A)(xxiv)”

Form of Master Lease

 

MASTER LEASE AGREEMENT

 

THIS MASTER LEASE AGREEMENT
(this “Agreement”) made as of the ___ day of _________, 2012, by and among ARC
NY25638001, LLC, having an address c/o American Realty Capital, 405 Park
Avenue, 12th Floor, New York, New York 10022 (the "Landlord"), [NOTE: Tenant party to be designated
by Seller], having an address c/o East End Capital, 600 Madison Avenue, 11th Floor, New York, New York 10022
(the "Tenant"), and CHICAGO TITLE INSURANCE COMPANY, having an
address at Suite 1325, 1515 Market Street, Philadelphia, Pennsylvania 19102-1930 (the “Escrow Agent”).

 

W I T N E S S E T H:

 

WHEREAS, EEGO West
38 Fee, LLC (“Seller”), an affiliate of Tenant, as Seller, and Landlord, as Purchaser, have entered into a Purchase
and Sale Agreement dated October ___, 2012, as amended (the “Contract”), pursuant to which Seller agreed to
sell, and Landlord agreed to purchase, among other things, the property commonly known as and by the street address 256 West 38th
Street, New York, New York (the “Property”);

 

WHEREAS, pursuant to
the terms of the Contract, in order for Landlord to receive certain income from the 9th floor and 11th floor
in the building located at the Property (collectively, the “Demised Premises”), the parties hereto agreed to
enter into this Agreement;

 

WHEREAS, Tenant has
agreed to deliver to Landlord, simultaneously with the execution of this Agreement, the First Rent Payment (as hereinafter defined);

 

WHEREAS, Tenant has
agreed to deliver to the Escrow Agent concurrently with the execution of this Agreement an amount equal to Six Hundred Thousand
and 00/100 Dollars ($600,000.00) (the “Master Lease Rent Escrow”) to ensure that funds are available for the
payment of the balance of the Monthly Rent (hereinafter defined) due hereunder, and the parties have agreed that such funds will
be held by the Escrow Agent in accordance with the terms and conditions of this Agreement; and

 

WHEREAS, the Escrow
Agent has agreed to serve as escrow agent, subject to the terms of this Agreement.

 

NOW, THEREFORE, in
consideration of the premises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby covenant and agree as follows:

 

1.The above and foregoing
Recitals, including all defined terms set forth therein, are incorporated into this Agreement. Any initially capitalized terms
which are used, but not otherwise expressly defined in this Agreement will have the meanings specified in the Contract.

 

    	-3-

    	 

    

2.Landlord, for and
in consideration of the rents, covenants and agreements hereinafter reserved, hereby leases, rents, lets and demises to Tenant,
and Tenant hereby takes and hires from Landlord (subject to Section 9 hereof), upon and subject to the terms, covenants and conditions
of this Agreement, the Demised Premises.

 

3.Concurrently with
the execution of this Agreement, Tenant has deposited with the Escrow Agent an amount equal to the Master Lease Rent Escrow (the
“Funds”). The Funds so deposited are to be held and disbursed to Landlord by the Escrow Agent strictly in accordance
with the terms and provisions of this Agreement.

 

4.The Funds will
be held in escrow in an interest bearing account by the Escrow Agent until the Funds are disbursed to Landlord under the terms
of this Agreement. Any interest or other income earned on the Funds pursuant to Section 14(a) hereof will be deposited and may
be commingled with the Funds, and will become a part of the Funds for all purposes hereunder. Notwithstanding anything to the contrary
contained in this Agreement, interest on the Funds will be held for the benefit of Landlord and Landlord will furnish the Escrow
Agent with appropriately completed W-9 forms for this purpose.

 

5.The term (“Term”)
of this Agreement shall commence on the date hereof and shall continue in full force and effect until ___________, 2013 [One
(1) Year] (the “Expiration Date”).

 

6.The fixed minimum
rent payable by Tenant to Landlord for the Demised Premises shall be $600,000.00 for the Term, payable in equal installments of
$50,000.00 (the “Monthly Rent”) payable in full, (x) with respect to the first Monthly Rent payment (the “First
Rent Payment”) on account of the period commencing on the date hereof and ending on _______ [__], 2013, on the date hereof
and (y) with respect to each subsequent Monthly Rent payment, in advance, on the first (1st) day of each calendar month
during the Term (or if such first (1st) day of the calendar month is not a business day, on the next succeeding business
day) covering the period commencing on the first (1st) day of such calendar month and ending on the last day of such
month. Subject to Section 14 below, the Escrow Agent shall, without further notice or instruction, pay and disburse the Monthly
Rent (other than the First Rent Payment, which Tenant shall pay directly to Landlord on the date hereof) from the Master Lease
Rent Escrow to Landlord on the first (1st) day of each calendar month during the Term (or if such first (1st)
day of the calendar month is not a business day, on the next succeeding business day) pursuant to Landlord’s wire instructions
attached hereto as Exhibit A and made a part hereof. Notwithstanding anything to the contrary contained herein, provided
that Tenant has deposited with Escrow Agent the Master Lease Rent Escrow in accordance with the terms hereof, Tenant shall not
be in default, or otherwise liable, for (i) any failure of Escrow Agent to pay and disburse the Monthly Rent from the Master Lease
Rent Escrow to Landlord as required under this Agreement, and (ii) for any obligations or liabilities under this Agreement and/or
with respect to the Demised Premises.

 

7.This Agreement
may not be amended, modified or terminated except pursuant to a written agreement between Landlord and Tenant.

 

8.This Agreement
is subject and subordinate to any and all mortgages which may now or hereafter affect the Demised Premises, and to all renewals,
modifications, amendments, consolidations, replacements or extensions thereof (collectively, the “Mortgage”).

 

    	-4-

    	 

    

9.(a)Landlord
acknowledges and Tenant agrees that Tenant shall not take physical possession of the Demised Premises and shall have no right to
use or occupy any portion of the Demised Premises, or to store any personal property on or in the Demised Premises. Landlord and
Tenant acknowledge and agree that (i) nothing contained herein shall prohibit Landlord from entering into a lease or other occupancy
agreement for all or any portion of the Demised Premises (a “New Lease”), (ii) upon Landlord entering into a New Lease,
the portion of the Property demised thereunder shall be removed from the Demised Premises hereunder (without any abatement or reduction
of Monthly Rent) and (iii) the entering into a New Lease for all or a portion of the Demised Premises shall not limit or reduce
Tenant’s obligation to pay the Monthly Rent hereunder or otherwise affect the Expiration Date hereof.

 

(b)Landlord shall
be obligated to operate, maintain and repair the Demised Premises and any replacements thereto throughout the term of this Agreement,
including, without limitation, compliance with law and Tenant shall have no obligations nor any liability with respect thereto
(including, without limitation, compliance with law, physical condition of the Demised Premises, all orders rules or regulations
of the New York Board of Underwriters on similar body, structural or non-structural repairs or alterations, ordinary or extraordinary
repairs or alterations, obligations with respect to maintenance, repairs or replacements of any nature whatsoever, or the obligation
to maintain insurance, all of which shall be the obligation of Landlord). Landlord shall maintain during the Term, insurance for
the Demised Premises in amounts and with such insurance company(ies) as required under the terms of any loan documents relating
to the Demised Premises or, if none, in a manner consistent with prudent property management practices, in all cases naming Tenant
as an additional insured.

 

10.Tenant shall have
no right to enter into an assignment, sublease, license agreement or other occupancy agreement under this Agreement without the
consent of Landlord, which consent may be granted or withheld in its sole and absolute discretion.

 

11.Tenant shall have
no right to share in, or receive a portion of, any casualty or condemnation awards received by Landlord with respect to the Demised
Premises.

 

12.Intentionally
Deleted.

 

13.All notices, demands,
requests, consents, approvals or other communications required or permitted to be given hereunder or which are given with respect
to this Agreement, in order to constitute effective notice to the other party, shall be in writing and shall be deemed to have
been given when (a) personally delivered with signed delivery receipt obtained, (b) upon receipt, when sent by prepaid reputable
overnight courier or (c) transmitted by email in Portable Document Format (PDF) or other electronic media (followed with hard copy
sent by personal delivery or prepaid reputable overnight courier), in each case addressed as follows (or at such other address
as shall be designated hereunder by notice to the other parties and persons receiving copies, effective upon actual receipt):

 

 

    	-5-

    	 

    
 

	 	If to Tenant, to:	 
	 	 	
        c/o East End Capital Partners, LLC

        600 Madison Avenue, 11th Floor

        New York, New York 10022

        Attention: Jonathon Yormak

        Email: jyormak@eastendcap.com

         
	 
	 	with a copy to:	 
	 	 	
        GreenOak Real Estate Advisors

        399 Park Avenue, 22nd Floor

        New York, New York 10022

        Attention: Kevin Robinson

        Email: robinson@greenoakrealestate.com

         
	 
	 	 	 	 
	 	and to:		 
	 	 	Seyfarth Shaw LLP

620 Eighth Avenue
 New York, New York 10018
 Attention: Stephen G. Epstein, Esq
 Email: sepstein@seyfarth.com	 
	 	If to Landlord, to:	 
	 	 	
        c/o American Realty Capital III,
        LLC

        405 Park Avenue, 15th Floor

        New York, New York 10022

        Attention: Michael Weil

        Email: mweil@arlcap.com
	 
	 	with a copy to:	 
	 	 	
        c/o American Realty Capital III,
        LLC

        405 Park Avenue, 12th Floor

        New York, New York 10022

        Attention: Jesse Galloway

        Email: jgalloway@arlcap.com
	 
	 	and to:	 	 
	 	 	
        Donovan LLP

        152 Madison Avenue, 14th Floor

        New York, New York 10016

        Attention: Nicholas T. Donovan

        Email: Nick@DonovanLLP.com

         

         
	 
	 	If to Escrow Agent, to:	 
	 	 	
        Chicago Title Insurance Company

        1515 Market Street, Suite 1325

        Philadelphia, Pennsylvania 19102-1930

        Attention: Edwin G. Ditlow

        Email: ditlowE@ctt.com
	 
	 	 	 	 	 

 

    	-6-

    	 

    
14.Escrow Provisions.

 

a.Escrow Agent shall
hold the Funds, together with all interest earned thereon, in Escrow Agent’s escrow account at a bank reasonably satisfactory
to Landlord and Tenant, and shall cause the Funds to earn interest at such bank’s then prevailing insured money market rates
on deposits of similar size, or in a federal money market mutual fund. Escrow Agent shall have no liability for any fluctuations
in the interest rate paid by such bank or in such mutual fund on the Funds, and is not a guarantor thereof.

 

b.If Escrow Agent
receives a notice signed by both Landlord and Tenant stating that this Agreement has been terminated or canceled, Escrow Agent
shall deliver the Funds (or remaining balance thereof), together with the interest thereon, as directed therein.

 

c.If Escrow Agent
receives a written request signed by Landlord or Tenant (the “Noticing Party”) stating that this Agreement has
been canceled or terminated and that the Noticing Party is entitled to all or a portion of the Funds, or that the other party hereto
(the “Non-Noticing Party”) has defaulted in the performance of its obligations hereunder and that the Noticing
Party is entitled to all or a portion of the Funds, Escrow Agent shall deliver (by any of the methods of service described in Section
13 above) a copy of such request to the Non-Noticing Party. The Non-Noticing Party shall have the right to object to such request
for the Funds, or portion thereof, by notice of objection delivered to and received by Escrow Agent within seven (7) Business Days
after the date of Escrow Agent’s submitting such copy to the Non-Noticing Party, but not thereafter. If Escrow Agent shall
not have so received a notice of objection from the Non-Noticing Party, Escrow Agent shall deliver the Funds (or portion thereof,
as applicable), together with the interest earned thereon, to the Noticing Party. If Escrow Agent shall have received a notice
of objection within the time herein prescribed, Escrow Agent shall refuse to comply with any requests or demands on it and shall
continue to hold the balance of the Funds, together with any interest earned thereon, until Escrow Agent receives either (a) a
notice signed by both Landlord and Tenant stating who is entitled to the Funds (or remaining portion thereof, as applicable) and
interest or (b) a final order of a court of competent jurisdiction directing disbursement of the Funds and interest in a specific
manner, in either of which events Escrow Agent shall then disburse the Funds (or portion thereof, as applicable), together with
the interest earned thereon, in accordance with such notice or order. Escrow Agent shall not be or become liable in any way or
to any person for its refusal to comply with any such requests or demands until and unless it has received a direction of the nature
described in subdivision (a) or (b) above. Notwithstanding anything to the contrary contained in this Section 14, Tenant shall
have no right to object to the release of the Funds pursuant to the second sentence of Section 6 above, and any notice of objection
shall be disregarded by the Escrow Agent.

 

d.Any notice to Escrow
Agent shall be sufficient only if received by Escrow Agent within the applicable time period set forth herein. All mailings and
notices from Escrow Agent to Landlord and/or Tenant, or from Landlord and/or Tenant to Escrow Agent, provided for herein shall
be addressed to the party to receive such notice at its notice address set forth in Section 13 above (with copies to be similarly
sent to the additional persons therein indicated).

 

    	-7-

    	 

    

e.Notwithstanding
the foregoing, if Escrow Agent shall have received a notice of objection as provided for in Section 14(c) above within the time
therein prescribed, or shall have received at any time before actual disbursement of the Funds a notice signed by either Landlord
or Tenant disputing entitlement to the Funds (or portion thereof, as applicable) or shall otherwise believe in good faith at any
time that a disagreement or dispute has arisen between the parties hereto over entitlement to the Funds (whether or not litigation
has been instituted), Escrow Agent shall have the right, upon notice to both Landlord and Tenant, (a) to deposit the Funds, together
with the interest earned thereon with the Clerk of the Court in which any litigation is pending, and/or (b) to take such reasonable
affirmative steps as it may, at its option, elect in order to terminate its duties as Escrow Agent, including, without limitation,
the depositing of the Funds (or remaining balance thereof, as applicable), together with the interest earned thereon, with a court
of competent jurisdiction and the commencement of an action for interpleader, the costs thereof to be borne by whichever of Landlord
or Tenant is the losing party, and thereupon Escrow Agent shall be released of and from all liability hereunder except for any
previous gross negligence or willful misconduct.

 

f.Escrow Agent shall
not be liable for any error in judgment or any act done or omitted by it in good faith or pursuant to court order, or for any mistake
of fact or law. Escrow Agent shall not incur any liability in acting upon any document or instrument believed thereby to be genuine.
Escrow Agent is hereby released and exculpated from all liability hereunder, except only for willful misconduct or gross negligence.
Escrow Agent may assume that any person purporting to give it any notice on behalf of any party has been authorized to do so. Escrow
Agent shall not be liable for, and Landlord and Tenant hereby jointly and severally agree to indemnify Escrow Agent against, any
loss, liability or expense, including reasonable attorney’s fees paid to retained attorneys, arising out of any dispute under
this Agreement, including the cost and expense of defending itself against any claim arising hereunder.

 

g.The Escrow Agent’s
undertaking to perform its obligations hereunder is made in conjunction with the Escrow Agent’s services in connection with
administering the Closing under the Contract. The Escrow Agent shall not be entitled to receive a separate fee for acting as the
Escrow Agent under this Agreement.

 

15.In the event any
suit is brought to enforce or interpret any term of this Agreement, the prevailing party shall be entitled to recover from the
other party all attorneys’ fees and costs incurred in connection therewith.

 

16.This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of laws
principles.

 

 

17.This Agreement
shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and/or assigns.

 

18.The parties hereto
represent and warrant to each other that they have the respective authority to sign this Agreement and that (a) the person
signing on behalf of the Landlord is duly authorized to bind the Landlord, (b) the person signing on behalf of the Tenant
is duly authorized to bind the Tenant, and (c) the person signing on behalf of the Escrow Agent is duly authorized to bind the
Escrow Agent, to the terms and conditions of this Agreement.

 

    	-8-

    	 

    

19.This Agreement
may be executed in several counterparts, each of which shall be fully effective as an original and all of which together shall
constitute one and the same instrument. The exchange of executed copies of this Agreement by facsimile or Portable Document Format
(PDF) transmission shall constitute effective execution and delivery of this Agreement as to all parties for all purposes, and
the signatures of the parties transmitted by facsimile or Portable Document Format (PDF) shall be deemed to be their original signatures
for all purposes.

 

20.The
parties hereto EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT
OR COUNTERCLAIM ARISING IN CONNECTION WITH OR OTHERWISE RELATING TO THIS AGREEMENT.

 

21.Landlord agrees
to defend, indemnify and save Tenant harmless from and against all losses, damages, costs, suits, claims and expenses (including
reasonable attorney fees and disbursements) whatsoever, foreseen or unforeseen, known or unknown in connection with the Demised
Premises arising during the term of this Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    	-9-

    	 

    

IN WITNESS WHEREOF,
the parties hereto have entered into this Agreement as of the date first above written.

 

	LANDLORD:	 	TENANT:	 
	 	 	 	 	 	 
	ARC NY25638001, LLC	 	 	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	
        Name:

        Title:
	 	 	
        Name:

        Title:
	 
	 	 	 	 	 	 

 

 

THE UNDERSIGNED HEREBY ACKNOWLEDGES
AND AGREES TO BE BOUND BY THE TERMS OF THIS AGREEMENT RELATING TO ESCROW AGENT AND THE MASTER LEASE RENT ESCROW:

 

 

	ESCROW AGENT:	 	 	 	 
	 	 	 	 	 
	CHICAGO TITLE INSURANCE COMPANY	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	
        Name:

        Title:
	 	 	 	 
	 	 	 	 	 	 

  

 

    	 

    	 

    
 

Exhibit
A to form master lease

 

Landlord’s Wire Instructions

 

 

New York Operating Partnership LP 

200 Dryden Rd Suite 1100

Dresher, PA 19025

Phone 215-449-3600

 

Wiring Instructions

 

Capital One Bank

New York, NY 10017

 

Account Name:                New York Operating Partnership
LP

 

Wire ABA Number: 021407912

ACH ABA Number: 065000090

 

Account Number: 7527220631

 

 

Notify: Keith Overton 215-449-3681

 

 

    	-11-

    	 

    
 

EXHIBIT “10”

 

Form of Estoppel Certificate

 

TENANT ESTOPPEL CERTIFICATE

 

THIS TENANT ESTOPPEL
CERTIFICATE (this “Certificate”) is made this ___ day of ________________, 2012 by ________________ (“Tenant”),
to and for the benefit of ____________________ (“Landlord”), any purchaser of the Building or Landlord’s
interest therein, any lenders to the owners of the Building and to any of the owners’ constituent entities, to any lenders
to purchaser and the successors and/or assigns of any of the foregoing.

 

STATEMENT OF FACTS

 

The Tenant is the tenant
under that certain lease, dated as of ____________________, [as amended by _______________] ([as so amended,] the “Lease”,
covering certain premises designated as _______________ located at _____________ (the “Building”), as more particularly
defined and described in the Lease (the “Leased Premises”); and

 

NOW, THEREFORE, Tenant
hereby certifies as follows:

 

1.The Lease has
not been amended, modified or supplemented (except as stated above), is in full force and effect and represents the entire agreement
between Landlord and Tenant as to Tenant’s interest in the Building and the Leased Premises.

 

2.The Lease has
been guaranteed by ____________ (the “Guarantor”) and such guaranty is in full force and effect [If no guarantor,
then this section to be deleted].

 

3.The fixed annual
rent currently payable under the Lease (excluding electricity charges) is $_____________ per annum ($_____________ per month).

 

4.Fixed annual
rent payable under the Lease has been paid through ________________. Tenant is current in the payment of additional rent due and
payable under the Lease. No such rents, additional rents, or other similar sums or charges have been paid for more than one (1)
month in advance of the due date thereof.

 

5.The commencement
date for the Lease occurred on _______________, and the scheduled expiration date for the Lease is _________________.

 

6.The security
deposit currently being held by Landlord under the Lease, whether in the form of cash or otherwise, is _______________.

 

7.Tenant has not
asserted any claim that Landlord is in default or any material obligations under the Lease, and Tenant has no offsets, defenses,
claims, or counterclaims to the payment of rent or other sums, or the performance of any of Tenant’s other obligations, under
the Lease.

 

    	 

    	 

    

8.All base building
and other tenant improvement work to be performed by Landlord under the Lease has be substantially completed in accordance with
the Lease, and all payments due to Tenant under the Lease as a landlord contribution towards Tenant’s work has been paid
in full, except as follows: _____________. [To be deleted if there is no contractual obligation to perform work and/or make
any landlord contribution].

 

9.Tenant has no
right to purchase the Building or any part thereof or any interest therein by right of refusal, rights of first offer or option
or other similar right to purchase. Tenant has no right to lease other space in the Building except as set forth in the Lease.

 

10.No actions,
whether voluntary or otherwise, are pending against Tenant [or Guarantor] under the bankruptcy laws of the United States or any
state and there are no claims or action pending against Tenant [and/or Guarantor] which if decided against Tenant [and/or Guarantor]
would materially and adversely affect Tenant’s [or Guarantor’s] financial condition or ability to perform Tenant’s
[and/or Guarantor’s] obligations under, or in respect of, the Lease.

 

11.This certificate
has been duly authorized, executed and delivered by Tenant.

 

Tenant acknowledges
and agrees that this certificate may be relied upon by, and shall inure to the benefit of, Landlord, any purchaser of the Building
or Landlord’s interest therein, any lenders to the owners of the Building and to any of the owners’ constituent entities,
to any lenders to purchaser and the successors and/or assigns of any of the foregoing.

 

IN WITNESS WHEREOF,
Tenant has executed this Certificate as of the date above first written.

 

	 	
	 	 
	 	By: 	 
	 	 	Name:

Title:
	 	 	 

 

 

    	-13-

    	 

    

Exhibit 16(A)(i)

 

Rent Roll and Rent Arrearages

 

 

    	 

    	 

    
 

Exhibit 16(A)(ii)

 

Union Employee

 

 

32BJ: Cuneyt Ulkugil

 

 

    	 

    	 

    

Exhibit 16(A)(xii)

 

Tax Assessment Reduction Proceedings

 

Open petitions filed with NYC Finance from
Podell, Schwartz, Schecter & Banfield, LLP for the 2011/12 and 2012/13 tax years.

 

 

    	 

    	 

    
Exhibit 16(A)(xiii)

 

Security Deposits

 

Prepared as of September 2012

 

 

	Suite	Tenant	 Security Deposit
	BSMT 02	Stock Lots USA	$6,600.00
	ST01	Leather Impact	$13,313.00
	ST02	Jonathan Apparel, Inc	$7,088.00
	ST03	Shah 38, Inc	$9,500.00
	ST04	Lin's Trimming  Inc	$1,620.00
	0200	J'ENVIE, INC.	$24,000.00
	0500	Horizon Imaging	$17,000.00
	0500	Variable Graphics	$32,473.00
	700R	Local UAW Labor Organization	$26,622.76
	700F	EnvironNet Systems	$25,187.50
	0800	Gerard Yosca Jewelry, Inc	$87,636.68
	1000	Geneva Worldwide, Inc.	$72,968.85
	1200	United Auto Workers Union	$41,250.00
	1301	Gloria Apparel, INC.	$20,556.24
	1300	Millennia Group, LLC	$20,698.00
	 	 	 
	Suite	Tenant	 Letter of Credit
	3, 4, 6	Cache, Inc.	$301,350.00
	1500	Insight Research Group USA Inc.	$111,867.00

 

 

 

    	 

    	 

    
 

EXHIBIT “20(A)(iv)”

 

CERTIFICATES OF INSURANCE

 

 

Insurer: Continental Casualty Company –
POL # RMP 50846936

Insured: EEGO West 38 Fee, LLC

Additional Insured: Arbor Realty Mtg. Securities
Series

Property Insured: 256 West 38th
Street, New York, NY

Effective Date:

4/20/2012

Expiration Date: 4/20/2013EX10.51-ARC NYRR 9.30.2012 10-Q

EXECUTION COPY

Exhibit 10.51
ASSIGNMENT, ASSUMPTION AND ALLOCATION AGREEMENT

This ASSIGNMENT, ASSUMPTION AND ALLOCATION AGREEMENT (this “Agreement”) is entered into as of November 12, 2012, between American Realty Capital New York Recovery REIT, Inc., a Maryland corporation (the “Company”) and New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”, and, together with the Company, the “Parties”).
WITNESSETH
WHEREAS, the Company is the general partner of the OP;
WHEREAS, the Parties desire to effect the assignment, conveyance, transfer and delivery from the Company to the OP all of the Company’s right, title and interest in and to all the Company’s assets (other than (a) any Partnership Interests (as defined in the Third Amended and Restated Agreement of Limited Partnership of the OP, dated as of November 12, 2012, as the same may be amended from time to time (the “OP Agreement”)) held by the Company and (b) any distributions previously paid, now payable or contemplated to be paid to the Company under the terms of the OP Agreement; 
WHEREAS, the Parties desire that the OP should assume and agree to pay, perform and discharge all the Company’s liabilities and obligations (other than any liabilities and obligations of the Company that arise solely in the Company’s capacity as a partner of the OP); and
WHEREAS, the Parties desire to confirm the allocation of capital between the Company and the OP;
NOW, THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
		
	1.
	Assignment of Assets.  The Company hereby assigns, conveys, transfers and delivers to the OP all of the Company’s right, title and interest in and to all the Company’s assets (other than (a) any Partnership Interests (as defined in the OP Agreement) held by the Company and (b) any distributions previously paid, now payable or contemplated to be paid to the Company under the terms of the OP Agreement).  

		
	2.
	Assumption of Liabilities.  The OP hereby assumes and agrees to pay, perform and discharge all the Company’s liabilities and obligations (other than any liabilities and obligations of the Company that arise solely in the Company’s capacity as a partner of the OP). 

		
	3.
	Allocation of Capital.  The Parties hereby confirm that, consistent with the past and current practice of the Parties:  (a) all Assets (as defined in the Company’s Articles of Incorporation, filed with the Maryland State Department of Assessments and Taxation, or other organizational document 

governing the Company, as amended, supplemented or restated from time to time (the “Charter”)) shall be owned directly or indirectly by the OP; (b) the Company shall have no liabilities or obligations (other than any liabilities or obligations of the Company that arise solely in the Company’s capacity as a partner of the OP) that are not assumed by the OP; (c) the Company shall contribute all its capital, including any cash, cash equivalents or property, to the OP pursuant to Article 4 (or any successor provision) of the OP Agreement; provided, that notwithstanding the foregoing clause of this subsection (c), the Company shall not contribute to the OP any distributions paid to the Company under the terms of the OP Agreement; and (d) in connection with any contribution described in subsection (c) above, the OP shall issue Partnership Interests (as defined in the OP Agreement) to the Company pursuant to Article 4 (or any successor provision) of the OP Agreement.
		
	4.
	Further Action.  The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

		
	5.
	Notices.  Any notice, report or other communication (each, a “Notice”) that may arise hereunder shall be in writing unless some other method of giving such Notice is required by the Charter, the OP Agreement or the By-laws of the Company, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses set forth below:

		
	To the Company:
	American Realty Capital New York Recovery REIT, Inc. 
405 Park Avenue 
New York, New York 10022

		
	Attention:  Nicholas S. Schorsch,
	 
Chief Executive Officer

with a copy to:
Proskauer Rose LLP 
Eleven Times Square 
New York, New York 10036 
Attention:  Peter M. Fass, Esq. 
Attention:  James P. Gerkis, Esq.
		
	To the Operating Partnership:
	New York Recovery Operating Partnership, L.P. 
405 Park Avenue 
New York, New York 10022 
Attention:  Nicholas S. Schorsch

with a copy to:
Proskauer Rose LLP 
Eleven Times Square 

New York, New York 10036 
Attention:  Peter M. Fass, Esq. 
Attention:  James P. Gerkis, Esq.
		
	6.
	Governing Law.  The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof.

[Signature page follows]
IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this agreement as of the date first set forth above.
AMERICAN REALTY CAPITAL NEW YORK RECOVERY REIT, INC.
		
	By:
	/s/ Nicholas S. Schorsch     
Name:  Nicholas S. Schorsch 
Title:  Chief Executive Officer

NEW YORK RECOVERY OPERATING PARTNERSHIP, L.P.
By:  American Realty Capital New York Recovery REIT, Inc.
its General Partner
		
	By:
	/s/ Nicholas S. Schorsch     
Name:  Nicholas S. Schorsch 
Title:  Chief Executive Officer

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