Document:

STOCK
      RESALE RESTRICTION AGREEMENT 

     

    This
      STOCK RESALE RESTRICTION AGREEMENT (the "Agreement") with respect to certain
      stock option award agreements (the "Option Agreements") issued under the
      Aptimus, Inc. 1997 Stock Option Plan (the "Plan") is made and entered into
      as of
      December 23, 2005 (“Effective Date”) by and between Aptimus, Inc., a Washington
      corporation ("Company"), and the employee, director or service provider whose
      name appears in the signature block below ("Holder"). 

    

    A. Holder
      has been granted one or more options (each, an "Option") to acquire shares
      of
      common stock of the Company (the "Shares") in such quantities and at the
      exercise prices set forth in Exhibit
      A
      hereto
      pursuant to the Option Agreements; 

     

    B. The
      Options designated on Exhibit
      A
      are
      fully vested and exercisable by reason of an action of the Company's Board
      of
      Directors, effective December 31, 2005; and 

     

    C. Company
      and Holder wish to impose certain resale restrictions 

    on
      the
      Shares subject to the Options as provided herein on the terms and conditions
      contained herein. 

    

     

    NOW,
      THEREFORE, it is agreed as follows: 

     

    1. Resale
      Restriction.
      Holder
      shall not sell, contract to sell, grant any option to purchase, transfer any
      economic interest in or legal or equitable title to, pledge, encumber,
      hypothecate or otherwise transfer or dispose of (together “Resale Restrictions”)
      all or any portion of the Shares until the Shares have been released from the
      Resale Restrictions as provided herein. 

     

    2. Restricted
      Shares.
      The
      Shares designated "Restricted" on Exhibit
      A
      shall be
      subject to the Resale Restrictions. 

     

    3. Release
      of Restriction.
      The
      Resale Restrictions in respect to the Shares shall lapse, and such Shares shall
      become free of the restrictions imposed by this Agreement, in accordance with
      the schedule set forth on Exhibit
      A
      hereto.

     

    4. Effect
      of Termination.
      Notwithstanding anything in this Agreement to the contrary, in the event
      Holder's employment or service with Company is terminated for any reason, 100%
      of the Shares shall become free from the Resale Restrictions as of the effective
      date of such termination of employment or service, as the case may be.

    

    5. Legend.
      To
      enforce the restrictions contained in this Agreement, Holder understands and
      agrees that Company shall cause the legend set forth below or a legend
      substantially equivalent thereto, to be placed upon any certificate(s)
      evidencing ownership of such Shares, if any, issued prior to the lapse and
      release of the Resale Restrictions in respect to such Shares, together with
      any
      other legends that may be required by Company or by applicable state or federal
      securities laws: 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      ON
      RESALE, AS SET FORTH IN THE RESALE RESTRICTION AGREEMENT BETWEEN THE ISSUER
      AND
      THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE
      PRINCIPAL OFFICE OF THE ISSUER. SUCH RESALE RESTRICTIONS ARE BINDING ON
      TRANSFEREES OF THESE SHARES.

    

    Each
      certificate or certificates including the legend set forth herein shall be
      held
      by the Secretary of the Company or the stock transfer agent or brokerage service
      selected by the Secretary of the Company to provide such services.

    

    6. Stop-Transfer
      Notices.
      Holder
      agrees that, in order to ensure compliance with the restrictions referred to
      herein, Company may issue appropriate “stop transfer” instructions to its
      transfer agent in the event of a breach of the Resale Restrictions by Holder,
      its agents or transferees.

    

    7. Refusal
      to Transfer.
      Company
      shall not be required (i) to transfer on its books any Shares that have
      been sold or otherwise transferred in violation of any of the provisions of
      this
      Agreement, or (ii) to treat as owner of such Shares or to accord the right
      to vote or pay dividends to any holder or other transferee to whom such Shares
      shall have been so transferred.

    

    8. Removal
      of Resale Restrictions.
      After
      the Resale Restrictions with respect to the Shares lapse, upon demand, Company
      shall promptly cause to be issued a certificate or certificates, registered
      in
      the name of Holder or in the name of Holder’s legal representatives,
      beneficiaries or heirs, as the case may be, evidencing such unrestricted Shares
      and shall cause such certificate or certificates to be delivered to Holder
      or
      Holder’s legal representatives, beneficiaries or heirs, as the case may be, free
      of the legend or the stop-transfer order referenced above. If a portion of
      the
      Shares represented by a certificate remain subject to Resale Restrictions,
      the
      Company shall also cause to be issued a certificate representing the portion
      of
      the Shares still subject to Resale Restrictions to be issued with the legend
      and
      subject to the stop-transfer order and retain possession of such Shares until
      such time as the Resale Restrictions in respect thereto have
      lapsed.

    

    9. Miscellaneous.

    

    (a)
       Waiver.
      No
      waiver of any provision of this Agreement shall be valid unless in writing
      signed by the waiving party, nor shall any waiver or failure to enforce any
      right in one instance constitute or be deemed a continuing waiver of that right
      or of any other right under this Agreement in any other instance.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
       Choice
      of Law and Jurisdiction.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Washington without regard to choice or conflict of law principles
      and
      provisions. Venue for any suit or proceeding hereunder shall be in the state
      and
      federal courts sitting in King County, Washington.

    

    (c)
       Savings
      Clause.
      If any
      provision of this Agreement is held to be invalid or unenforceable to any
      extent, it shall nevertheless be enforced to the fullest extent allowed by
      law
      in that and other contexts, and the validity and force of the remainder of
      this
      Agreement shall not be affected.

    

    (d)
       Notices.
      All
      notices required or permitted hereunder shall be given in writing and delivered
      in person, transmitted by facsimile, delivered via overnight courier or sent
      by
      registered or certified mail, postage prepaid and return receipt requested,
      to
      the parties at their respective addresses and facsimile numbers, or to such
      other address/number as a party may subsequently specify in writing. Notice
      shall be deemed effective upon the earlier of actual receipt, which if by
      facsimile shall be deemed conclusively determined by electronic confirmation
      of
      delivery, the next day following deposit with a national commercial delivery
      service if sent by overnight courier, or the third business day after the date
      on which said notice was sent by any other method described above.

    

    (e)
       Complete
      Agreement.
      This
      Agreement comprises the entire agreement between the parties in respect to
      the
      subject matter hereof. It may be changed only by further written agreement,
      signed by both parties. It supersedes and merges within it all prior agreements
      or understandings between the parties, whether written or oral. In interpreting
      or construing this Agreement, the fact that one or the other of the parties
      may
      have drafted this Agreement or any provision shall not be given any weight
      or
      relevance.

    

    (f)
       Attorney’s
      Fees and Costs.
      The
      prevailing party in any claim, suit or proceeding brought to interpret or
      enforce the terms of this Agreement shall be entitled to an award of its
      attorneys fees and costs incurred in every stage of such claim, suit or
      proceeding, including appeal.

    

    DATED
      as
      of the date first above written.

     

    
      	APTIMUS, INC. 	 	HOLDER
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	
            
	 	
              

            	 	 	
              

            
	 	 	 	 	 
	Its:	
              
 	 	Print Name:	
              
 

    

    

        

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

     

    Restricted
      Shares and Restriction Expiration Schedule

    

    

    
      	
              Option
                Agreement Grant No.

            	
              Option
                Grant Date

            	
              Exercise
                Price

            	
              Original
                Shares Granted

            	
              Number
                of Restricted Shares

            	
              Restriction
                Expiration Schedule*

            
	 	 	 	 	 	
              Pursuant
                to option vesting schedule in Option Agreement Grant No. ##

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

    

    

    *
      As such
      expiration schedule may be modified by the terms of that certain Change in
      Control Agreement, if any, and any amendments thereto, by and between Holder
      and
      Company.EXECUTION
      VERSION

    

    

    

    

    FIFTH
      AMENDMENT TO

    MASTER
      REPURCHASE AGREEMENT

    (Wachovia
      Transaction with NRFC WA Holdings, LLC)

    

    

    THIS
      FIFTH AMENDMENT TO MASTER REPURCHASE AGREEMENT,
      dated
      as of February 28, 2006 (this “Amendment
      No. 5”),
      is
      entered into by and among NRFC
      WA HOLDINGS, LLC,
      as a
      seller (“NRFC”)
      and
NRFC
      WA HOLDINGS II, LLC,
      as a
      seller (“NRFC II”
and,
      collectively with NRFC, the “Sellers”),
      WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      as the
      buyer (in such capacity, the “Buyer”),
      and
NORTHSTAR
      REALTY FINANCE CORP.,
      as the
      guarantor (the “Guarantor”),
      and
      consented to by NRFC SUB–REIT CORP.,
      as the
      pledgor (the “Pledgor”),
      WELLS
      FARGO BANK, NATIONAL ASSOCIATION
      (f/k/a
      Wells Fargo Bank Minnesota, N.A.), as the custodian (in such capacity, the
      “Custodian”),
      and
WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      as the
      swap counterparty (in such capacity, the “Swap
      Counterparty”).
      Capitalized terms used and not otherwise defined herein shall have the meanings
      given to such terms in the Repurchase Agreement (as defined below).

    

    

    R E C I T A L S

    

    WHEREAS,
      the
      Seller, the Guarantor and the Buyer are parties to that certain Master
      Repurchase Agreement (including all annexes, exhibits and schedules thereto),
      dated as of July 13, 2005, as amended by that certain First Amendment to
      Master Repurchase Agreement, dated as of August 24, 2005 (“Amendment
      No. 1”),
      that
      certain Second Amendment to Master Repurchase Agreement, dated as of
      September 20, 2005 (“Amendment
      No. 2”),
      that
      certain Third Amendment to Master Repurchase Agreement, dated as of
      September 30, 2005 (“Amendment
      No. 3”),
      that
      certain Omnibus Amendment to Repurchase Documents and Joinder, dated as of
      October 21, 2005 (“Omnibus
      Amendment”),
      and
      that certain Fourth Amendment to Master Repurchase Agreement, dated as of
      October 28, 2005 (“Amendment
      No. 4”)
      (as
      such Master Repurchase Agreement is amended,
      modified, restated, replaced, waived, substituted, supplemented or extended
      from
      time to time,
      including pursuant to Amendment No. 1, Amendment No. 2, Amendment
      No. 3, the Omnibus Amendment, Amendment No. 4 and this Amendment No.
      5, the “Repurchase
      Agreement”);
      

    

    WHEREAS,
      the
      Seller desires to make certain modifications to the Repurchase
      Agreement;

    

    WHEREAS,
      the
      Buyer is willing to modify the Repurchase Agreement as requested by the Seller
      on the terms and conditions specified herein; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      the
      Pledgor, the Custodian and the Swap Counterparty are parties to other Repurchase
      Documents and related agreements that may be affected, directly or indirectly,
      by this Amendment No. 5 and desire to consent to the amendments and
      modifications set forth herein.

    

    NOW
      THEREFORE,
      in
      consideration of the foregoing recitals, and other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties hereto, intending to be legally bound, agree as follows:

    

    Section
      1.  Amendments
      to Repurchase Agreement.
      

    

    (a)   The
      following definitions in Section 1(a)
      of
Annex I
      to the
      Repurchase Agreement are hereby amended and restated in their entirety as
      follows:

    

    (1)  “Eurodollar
      Period:
      With
      respect to any Transaction, (i) initially, the period commencing on the
      Purchase Date with respect to such Transaction and ending on the earlier of
      (x)
      the related Repurchase Date or (y) the first Payment Date following the
      Purchase Date, and (ii) thereafter, each period commencing on the day
      following the last day of the preceding Eurodollar Period applicable to such
      Transaction and ending on the earliest of (x) the related Repurchase Date,
      (y) the date that is one-month thereafter, or (z) the Facility
      Maturity Date.”

    

    (2)  “Maximum
      Amount:
      Means
      (a) during the Temporary Increase Period, $400,000,000 and (b) after
      the Temporary Increase Period, (i) in the event the Seller repays the
      Temporary Increase Indebtedness plus all accrued and unpaid Price Differential
      thereon and all related Breakage Costs on or before the Temporary Increase
      Expiration Date, $150,000,000 and (ii) in the event the Seller does not
      satisfy clause (b)(i) of this definition, $400,000,000; provided,
      however,
      (1) the amounts under clauses (a)
      and
(b)
      of this
      definition shall be reduced by the amount of the Bond Purchase Price outstanding
      under the Bond Purchase Agreement and (2) on and after the Facility
      Maturity Date, the Maximum Amount shall mean the aggregate Purchase Price
      outstanding for all Transactions.”

    

    (3)  “Payment
      Date:
      The
      1st
      day of
      each calendar month, or, if such day is not a Business Day, the next Business
      Day.”

    

    (4)  “Temporary
      Increase Amount:
      $250,000,000.”

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)   Section 24
      of
Annex I
      to the
      Repurchase Agreement is hereby amended and restated as follows:

    

    “Section 24   Temporary
      Increase Period.

    

    During
      the Temporary Increase Period, (a) with respect to Mortgage Assets that are
      eligible for the CDO Securitization and that the Buyer has agreed to purchase
      (other than Over-Advance Assets), the Seller may elect, on or before the related
      Purchase Date by written notice to the Buyer, the Advance Rates and the Pricing
      Spreads reflected on Schedule 1
      to
      Amendment No. 3 (collectively, the “Ramp-Up
      Pricing”)
      in
      lieu of the Advance Rate and Pricing Spreads contained in the Fee Letter that
      are otherwise applicable to such Mortgage Assets (each such Purchased Asset,
      a
“Ramp-Up
      Asset”),
      (b) the Unused Fee shall not accrue on the unused portion of the Temporary
      Increase Amount (but it shall accrue on the unused portion of the Maximum Amount
      in effect prior to Amendment No. 2 (i.e., $150,000,000) subject to the
      terms of the Fee Letter) and (c) a commitment fee shall be payable by the Seller
      to the Buyer on the Temporary Increase Amount only in accordance with
clause (b)(ii)
      of the
      second to last sentence of this Section 24.
      In the
      event the Seller elects the Ramp-Up Pricing for any Purchased Asset and any
      such
      Ramp-Up Assets are not repurchased by the Seller and sold into the CDO
      Securitization on or before the Temporary Increase Expiration Date, (i) the
      Ramp-Up Pricing shall cease to be effective with respect to each such Purchased
      Asset from and after the Temporary Increase Expiration Date and, thereafter,
      the
      Advance Rate and Pricing Spread for each such Purchased Asset shall be the
      applicable Pricing Spread and Advance Rate set forth in the Fee Letter and
      (ii) the Seller shall, on or before the Temporary Increase Expiration Date,
      make principal payments to the Buyer as necessary so that the Purchase Price
      outstanding for each such Ramp-Up Asset is equal to or less than the Purchase
      Price based on the applicable Advance Rate set forth in the Fee Letter. On
      or
      before the Temporary Increase Expiration Date, the Seller shall either
      (a) pay to the Buyer the aggregate outstanding Temporary Increase
      Indebtedness, any accrued Price Differential thereon and any related Breakage
      Costs or (b) provided the CDO Securitization has not closed, (i) the
      Seller shall pay to the Buyer on the Temporary Increase Expiration Date a
      commitment fee in the amount of the product of the Temporary Increase Amount
      and
      48 basis points, (ii) the Maximum Amount shall remain at $400,000,000
      subject to the definition thereof, and (iii) the Unused Fee shall commence
      accruing based on the full amount of the Maximum Amount specified in the
      preceding clause (b)(ii)
      subject
      to the terms of the Fee Letter. Notwithstanding the Buyer’s agreement to this
      Amendment No. 5, including, without limitation, the preceding sentence, the
      Buyer, has, retains and does not waive any of its rights and/or benefits under
      the Repurchase Documents, including without limitation, the ability to determine
      at any time the Asset Value of one or more Purchased Assets.”

    

    Section
      2.  [Reserved].

    

    Section
      3.  Repurchase
      Documents in Full Force and Effect as Modified.

    

    Except
      as
      specifically modified hereby, the Repurchase Documents shall remain in full
      force and effect. All references to the Repurchase Agreement shall be deemed
      to
      mean the Repurchase Agreement as modified by this Amendment No. 5. This
      Amendment No. 5 shall not constitute a novation of the Repurchase
      Agreement, but shall constitute a modification thereof. The parties hereto
      agree
      to be bound by the terms and conditions of the Repurchase Agreement, as modified
      by this Amendment No. 5, as though such terms and conditions were set forth
      herein.

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Section
      4.  Representations. 

    

    Each
      of
      the Sellers, the Guarantor and the Pledgor represents and warrants, as of the
      date of this Amendment No. 5, as follows:

    

    (a)   it
      is
      duly incorporated or organized, validly existing and in good standing under
      the
      laws of its jurisdiction of organization and each jurisdiction where it conducts
      business;

    

    (b)   the
      execution, delivery and performance by it of this Amendment No. 5 is within
      its corporate, company or partnership powers, has been duly authorized and
      does
      not contravene (1) its Governing Documents or its applicable resolutions,
      (2) any Applicable Law or (3) any Contractual Obligation, Indebtedness
      or Guarantee Obligation;

    

    (c)   no
      consent, license, permit, approval or authorization of, or registration, filing
      or declaration with, any Governmental Authority or other Person is required
      in
      connection with the execution, delivery, performance, validity or enforceability
      by or against it of this Amendment No. 5;

    

    (d)   this
      Amendment No. 5 has been duly executed and delivered by it;

    

    (e)   this
      Amendment No. 5, as well as each of the Repurchase Documents as modified by
      this Amendment No. 5, constitutes its legal, valid and binding obligation,
      enforceable against it in accordance with its terms, except as enforceability
      may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar laws affecting the enforcement of creditors’ rights generally or by
      general principles of equity; 

    

    (f)   no
      Default or Event of Default exists or will exist after giving effect to this
      Amendment No. 5; and

    

    (g)   each
      of
      the Repurchase Documents is in full force and effect and neither the Seller,
      the
      Guarantor nor the Pledgor have any defenses, offsets, counterclaims, abatements,
      rights of rescission or other claims, legal or equitable, available to the
      Seller, the Guarantor, the Pledgor or any other Person with respect to this
      Amendment No. 5, the Repurchase Agreement, the Repurchase Documents or any
      other instrument, document and/or agreement described herein or therein, as
      modified and amended hereby, or with respect to the obligation of the Seller
      to
      repay the Obligations and other amounts due under the Repurchase
      Documents.

    

    Section
      5.  Conditions
      Precedent. 

    

    The
      effectiveness of this Amendment No. 5 is subject to the following
      conditions precedent: (i) delivery to the Buyer of this Amendment
      No. 5 duly executed by each of the parties hereto; (ii) payment of all
      reasonable legal fees and expenses of Moore & Van Allen PLLC, as counsel to
      the Buyer, in the amount to be set forth on a separate invoice; and
      (iii) such other documents, agreements or certifications as the Buyer may
      reasonably require. 

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
      6.  Miscellaneous.

    

    (a)   This
      Amendment No. 5 may be executed in any number of counterparts (including by
      facsimile), and by the different parties hereto on the same or separate
      counterparts, each of which shall be deemed to be an original instrument but
      all
      of which together shall constitute one and the same agreement.

    

    (b)   The
      descriptive headings of the various sections of this Amendment No. 5 are
      inserted for convenience of reference only and shall not be deemed to affect
      the
      meaning or construction of any of the provisions hereof.

    

    (c)   This
      Amendment No. 5 may not be amended or otherwise modified, waived or
      supplemented except as provided in the Repurchase Agreement.

    

    (d)   The
      interpretive provisions of Section 1(b)
      of
Annex I
      of the
      Repurchase Agreement are incorporated herein mutadis mutandis.

    

    (e)   This
      Amendment No. 5 represents the final agreement among the parties and may
      not be contradicted by evidence of prior, contemporaneous or subsequent oral
      agreements between the parties. There are no unwritten oral agreements between
      the parties.

    

    (f)   THIS
      AMENDMENT NO. 5 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      AMENDMENT NO. 5 SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS
      CONFLICT OF LAWS PROVISIONS.

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Amendment No. 5 to be executed by their respective
      officers thereunto duly authorized, as of the date first above
      written.

    

    
       

      
        
          	THE SELLERS:	NRFC
                  WA HOLDINGS, LLC,
	 	a
                  Delaware
                  limited liability company
	 	 
	 	By:
/s/
                  Daniel Gilbert
	 	Name:
                  Daniel Gilbert
	 	Title:
                  Executive Vice President
	 	 
	 	Address
                  for
                  Notices:
	 	 
	 	
                  
                    NRFC
                      WA Holdings, LLC

                  

                
	 	
                  c/o
                    NorthStar Realty Finance Corp.

                
	 	
                  527
                    Madison Avenue

                
	 	
                  New
                    York, New York 10022

                
	 	Attention:
	
                  Mark
                    E. Chertok

                
	 	 	
                  Richard
                    McCready

                
	 	 	
                  Daniel
                    R. Gilbert

                
	 	
                  Facsimile
                    No:

                	
                  (212)
                    208-2651

                
	 	 	
                  (212)
                    319-4558

                
	 	
                  Confirmation
                    No.:

                	
                  (212)
                    319-2618

                
	 	 	
                  (212)
                    319-2623

                
	 	 	
                  (212)
                    319-3679

                
	 	 	 
	 	with a
                  copy
                  to:	 
	 	 	 
	 	Paul
                  Hastings
                  Janofsky & Walker LLP
	 	75
                  East
                  55th
                  Street
	 	New
                  York, New
                  York 10022
	 	Attention:           
                  Robert
                  J. Grados, Esq.
	 	Facsimile
                  No.:     (212)
                  230-7830
	 	Confirmation
                  No.:  (212)
                  318-6923

        

      

    

    
       

    

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          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    
      
        	THE SELLERS
                (cont.):	NRFC
                WA HOLDINGS II, LLC,
	 	a
                Delaware
                limited liability company
	 	 
	 	By:
/s/
                Daniel Gilbert
	 	Name:
                Daniel Gilbert
	 	Title:
                Executive Vice President
	 	 
	 	Address
                for
                Notices:
	 	 
	 	
                
                  NRFC
                    WA Holdings II, LLC

                

              
	 	
                c/o
                  NorthStar Realty Finance Corp.

              
	 	
                527
                  Madison Avenue

              
	 	
                New
                  York, New York 10022

              
	 	Attention:
	
                Mark
                  E. Chertok

              
	 	 	
                Richard
                  McCready

              
	 	 	
                Daniel
                  R. Gilbert

              
	 	
                Facsimile
                  No:

              	
                (212)
                  208-2651

              
	 	 	
                (212)
                  319-4558

              
	 	
                Confirmation
                  No.:

              	
                (212)
                  319-2618

              
	 	 	
                (212)
                  319-2623

              
	 	 	
                (212)
                  319-3679

              
	 	 	 
	 	with a copy
                to:	 
	 	 	 
	 	Paul
                Hastings
                Janofsky & Walker LLP
	 	75
                East
                55th
                Street
	 	New
                York, New
                York 10022
	 	Attention:           
                Robert
                J. Grados, Esq.
	 	Facsimile
                No.:     (212)
                230-7830
	 	Confirmation
                No.:  (212)
                318-6923

      

       

    

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      CONTINUED ON FOLLOWING PAGE]

     

    
 

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement 

          (Wachovia/NorthStar)

        

        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    
      	THE GUARANTOR:	NORTHSTAR
              REALTY FINANCE CORP., 
	 	a
              Maryland
              corporation
	 	 
	 	By:
/s/
              Daniel Gilbert
	 	Name:
              Daniel Gilbert
	 	Title:
              Executive Vice President
	 	 
	 	Address
              for
              Notices:
	 	 
	 	
              NorthStar
                Realty Finance Corp.

            
	 	
              527
                Madison Avenue

            
	 	
              New
                York, New York 10022

            
	 	Attention:
	
              Mark
                E. Chertok

            
	 	 	
              Richard
                McCready

            
	 	 	
              Daniel
                R. Gilbert

            
	 	
              Facsimile
                No:

            	
              (212)
                208-2651

            
	 	 	
              (212)
                319-4558

            
	 	
              Confirmation
                No.:

            	
              (212)
                319-2618

            
	 	 	
              (212)
                319-2623

            
	 	 	
              (212)
                319-3679

            
	 	 	 
	 	with a copy
              to:	 
	 	 	 
	 	Paul
              Hastings
              Janofsky & Walker LLP
	 	75
              East
              55th
              Street
	 	New
              York, New
              York 10022
	 	Attention:           
              Robert
              J. Grados, Esq.
	 	Facsimile
              No.:     (212)
              230-7830
	 	Confirmation
              No.:  (212)
              318-6923

    

     

    [SIGNATURES
      CONTINUED ON FOLLOWING PAGE]

    
      
        Amendment
          No. 5 to Master Repurchase Agreement

        (Wachovia/NorthStar)

        
        

        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              	THE BUYER:	WACHOVIA
                      BANK, NATIONAL 
	 	ASSOCIATION,
                      a
                      national banking association
	 	 
	 	By:
/s/
                      Joe Cannon
	 	Name:
Joe
                      Cannon
	 	Title:
                      Vice President
	 	 
	 	
                      
                        Wachovia
                          Bank, National Association

                      

                    
	 	
                      One
                        Wachovia Center, Mail Code: NC0166

                    
	 	
                      301
                        South College Street

                    
	 	
                      Charlotte,
                        North Carolina 28288

                    
	 	Attention:                  
                      Marianne
                      Hickman
	 	Facsimile
                      No.:    
(704)
                      715-0066
	 	Confirmation
                      No.:  (704)
                      715-7818

            

          

        

      

       

    

    [SIGNATURES
      CONTINUED ON FOLLOWING PAGE]

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

    
CONSENTED
      TO BY:

     

    
      
        
          
            	THE PLEDGOR:	NRFC
                    SUB–REIT
                    CORP., 
	 	a
                    Maryland
                    corporation
	 	 
	 	By:
/s/
                    Daniel Gilbert
	 	Name: Daniel
                    Gilbert
	 	Title:
                    Executive Vice President
	 	 
	 	
                    
                      NRFC
                        Sub–REIT
                        Corp.

                    

                  
	 	
                    c/o
                      NorthStar Realty Finance Corp.

                  
	 	
                    527
                      Madison Avenue

                  
	 	
                    New
                      York, New York 10022

                  
	 	Attention:
	
                    Mark
                      E. Chertok

                  
	 	 	
                    Richard
                      McCready

                  
	 	 	
                    Daniel
                      R. Gilbert

                  
	 	
                    Facsimile
                      No:

                  	
                    (212)
                      208-2651

                  
	 	 	
                    (212)
                      319-4558

                  
	 	
                    Confirmation
                      No.:

                  	
                    (212)
                      319-2618

                  
	 	 	
                    (212)
                      319-2623

                  
	 	 	
                    (212)
                      319-3679

                  
	 	 	 
	 	with
                    a copy
                    to:	 
	 	 	 
	 	Paul
                    Hastings
                    Janofsky & Walker LLP
	 	75
                    East
                    55th
                    Street
	 	New
                    York, New
                    York 10022
	 	Attention:           
                    Robert
                    J. Grados, Esq.
	 	Facsimile
                    No.:     (212)
                    230-7830
	 	Confirmation
                    No.:  (212)
                    318-6923

          

           

        

      

    

    [SIGNATURES
      CONTINUED ON FOLLOWING PAGE]

    

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

     

    CONSENTED
      TO BY:

     

    
      
        
          
            
              
                	THE
                        CUSTODIAN: 	WELLS
                        FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:
/s/
                        Karolyn Kleingartner
	 	Name:
                        Karolyn Kleingartner
	 	Title:
                        Corporate Trust Officer
	 	 
	 	
                        
                          Wells
                            Fargo Bank, National Association

                        

                      
	 	
                        CMBS
                          Department

                      
	 	
                        1015
                          10th
                          Avenue SE

                      
	 	
                        Minneapolis,
                          Minnesota 55414

                      
	 	Attention:	Tina
                        Hatfield,
	 	 	Assistant
                        Vice
                        President
	 	Facsimile
                        No.:    
                        	(612)
                        466-5416
	 	Confirmation
                        No.:  	(612)
                        466-5252

              

            

          

        

         

      

    

    [SIGNATURES
      CONTINUED ON FOLLOWING PAGE]

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        S-6

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  	THE SWAP
                          COUNTERPARTY:  	WACHOVIA
                          BANK, NATIONAL 
	 	ASSOCIATION,
                          a
                          national banking association
	 	 
	 	By:
/s/
                          Delene M. Travella
	 	Name:
                          Delene M. Travella
	 	Title:
                          Director
	 	 
	 	
                          
                            Wachovia
                              Bank, National Association

                          

                        
	 	
                          One
                            Wachovia Center, Mail Code: NC0166

                        
	 	
                          301
                            South College Street

                        
	 	
                          Charlotte,
                            North Carolina
                            28202-0600

                        
	 	Attention:	Bruce
                          M. Young, Senior
                          Vice 
	 	 	President,
                          Risk
                          Management
	 	Facsimile
                          No.:    
                          	(704)
                          383-0575
	 	Confirmation
                          No.:  	(704)
                          383-8778

                

              

            

          

        

      

    

     

    
      
        
          Amendment
            No. 5 to Master Repurchase Agreement

          (Wachovia/NorthStar)

        

        
        

      

      
        S-7

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