Document:

exv4w1

Exhibit 4.1

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO NISOURCE FINANCE CORP. AND NISOURCE
INC. OR THEIR AGENT OR AGENTS FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

			
	 	 	 
	No.: 1

CUSIP No.: 65473QAX1

ISIN No.: US65473QAX16
	 	$400,000,000

5.95% Notes due 2041

          NiSource Finance Corp., an Indiana corporation, promises to pay to Cede & Co, or registered
assigns, the principal sum of Four Hundred Million Dollars on June 15, 2041.

          Interest Payment Dates: June 15 and December 15, commencing December 15, 2011.

          Record Dates: June 1 and December 1 (whether or not a Business Day).

 

 

          Additional provisions of this Note are set forth on the other side of this Note.

Dated: June 10, 2011

	 	 	 	 	 
	 	NISOURCE FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	David J. Vajda 	 
	 	 	Title:  	Vice President, Treasurer and 
Chief
Risk Officer 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Gary W. Pottorff 	 
	 	 	Title:  	Corporate Secretary 	 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Notes of the series

referred to in the within-mentioned Indenture.

	 	 	 	 	 
	THE BANK OF NEW YORK MELLON,

as Trustee

 
	By:  	 	 
	 	Authorized Officer 	 
	 	 

 

 

	 	 	 	 	 

5.95% Notes due 2041

1. Interest

          NiSource Finance Corp., an Indiana corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises
to pay interest on the principal amount of this Note at the rate per annum shown above. The
Company will pay interest semiannually on June 15 and December 15 of each year, commencing December
15, 2011. Interest on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from June 10, 2011. Interest will be computed on the basis
of a 360-day year of twelve 30-day months. The Company will pay interest on overdue principal and
premium at the above rate and will pay interest on overdue installments of interest at such rate to
the extent lawful.

2. Method of Payment

          The Company will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the June 1 and December 1 (whether or not a
Business Day) next preceding the Interest Payment Date even if Notes are canceled after the Record
Date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to
collect principal payments. The Company will pay principal and interest in money of the United
States that at the time of payment is legal tender for payment of public and private debts.
Payments in respect of the Notes represented by a Global Note (including principal, premium, if
any, and interest) will be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company.

3. Guarantee

          NiSource Inc., a Delaware corporation and parent of the Company, will fully and
unconditionally guarantee to each Holder of the Notes and to The Bank of New York Mellon (as
successor in interest to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)),
as Trustee (the “Trustee”) under the Indenture (as defined below) and its successors all the
Obligations of the Company under the Notes, including the due and punctual payment of the principal
of, premium, if any, and interest, if any, on the Notes (the “Security Guarantee”). The Security
Guarantee applies whether the payment is due at Stated Maturity, on an Interest Payment Date or as
a result of acceleration, redemption or otherwise. The Security Guarantee includes payment of
interest on the overdue principal of, premium, if any, and interest, if any, on the Notes (if
lawful) and all other Obligations of the Company under the Indenture. The Security Guarantee will
remain valid even if the Indenture is found to be invalid. NiSource Inc. is obligated under the
Security Guarantee to pay any guaranteed amount immediately after the Company’s failure to do so.

 

 

4. Paying Agent and Security Registrar

          Initially, the Trustee will act as Paying Agent and Security Registrar. The Company may
appoint and change any Paying Agent or Security Registrar without notice to the Holders. The
Company may act as Paying Agent or Security Registrar.

5. Indenture

          The Company issued the Notes under an Indenture dated as of November 14, 2000, among the
Company, NiSource Inc. and the Trustee (as supplemented, the “Indenture”) and pursuant to an
Officers’ Certificate of the Company dated June 10, 2011 (the “Officer’s Certificate”). The
terms of the Notes include those stated in the Indenture and the Officer’s Certificate and those
made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. sections
77aaa-77bbbb) as in effect on the date of the Officer’s Certificate (the “Act”). Capitalized terms
used herein and defined in the Indenture but not defined herein have the meanings ascribed thereto
in the Indenture. The Notes are subject to all such terms, and Holders of Notes are referred to
the Indenture and the Act for a statement of those terms.

          The Notes are senior unsecured obligations of the Company. The Notes issued on the Issue Date
will be treated as a single class for all purposes under the Indenture. The Indenture contains
covenants that limit the ability of the Company, NiSource Inc. and their Subsidiaries (other than
Utilities) to incur additional indebtedness and create liens on assets unless the total amount of
all the secured debt would not exceed 10% of Consolidated Net Tangible Assets. These covenants are
subject to important exceptions and qualifications.

6. Optional Redemption

          Prior to December 15, 2040, the Company may redeem all or part of the Notes at any time at its
option at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being
redeemed plus accrued and unpaid interest thereon to the Redemption Date or (2) the Make-Whole
Amount for the Notes being redeemed.

          On or after December 15, 2040, the Company may redeem the Notes at any time in whole or from
time to time in part, at its option, at a redemption price equal to 100% of the principal amount of
the Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.

          For purposes of this provision:

          “Make-Whole Amount” means the sum, as determined by a Quotation Agent, of the present values
of the principal amount of the Notes to be redeemed, together with scheduled payments of interest
(exclusive of interest to the Redemption Date) from the Redemption Date to the Stated Maturity of
the Notes, in each case discounted to the Redemption Date on a semi-annual basis, assuming a
360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus accrued and

 

 

unpaid interest on the principal amount of the Notes being redeemed to the Redemption Date.

          “Adjusted Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15 (519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining term of the Notes,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any
successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date, in each case calculated on the third Business Day preceding the Redemption Date, plus 0.30%.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term from the Redemption Date to
the Stated Maturity of the Notes that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the
Notes.

          “Comparable Treasury Price” means, with respect to any Redemption Date, if clause (ii) of the
definition of Adjusted Treasury Rate is applicable, the average of three, or such lesser number as
is obtained by the Company, Reference Treasury Dealer Quotations for such Redemption Date.

          “Quotation Agent” means the Reference Treasury Dealer selected by the Company.

          “Reference Treasury Dealer” means a primary U.S. Government securities dealer selected by the
Company.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by a Reference Treasury Dealer, of the bid and
asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its
principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

 

 

7. Notice of Redemption

          If the Company is redeeming less than all the Notes at any time, the Trustee will select the
Notes to be redeemed using a method it considers fair and appropriate. Notice of redemption will
be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date
to each Holder of Notes to be redeemed in accordance with Section 106 of the Indenture. Notes in
denominations larger than $1,000 principal amount may be redeemed in part but only in integral
multiples of $1,000. The Company will not know the exact Redemption Price until three Business
Days before the Redemption Date. Therefore, the notice of redemption will only describe how the
Redemption Price will be calculated. If money sufficient to pay the Redemption Price of and
accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Paying Agent on or before the Redemption Date and certain other conditions are
satisfied, on and after such Redemption Date interest will cease to accrue on such Notes (or such
portions thereof) called for redemption.

8. Additional Notes

          The Company may, without the consent of the Holders of the Notes, create and issue Additional
Notes ranking equally with the Notes in all respects, including having the same CUSIP number, so
that such Additional Notes shall be consolidated and form a single series with the Notes and shall
have the same terms as to status, redemption or otherwise as the Notes. No Additional Notes may be
issued if an Event of Default has occurred and is continuing with respect to the Notes.

9. Denominations; Transfer; Exchange

          The Notes are in registered form without coupons in denominations of $1,000 principal amount
and integral multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the
Indenture. The Security Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture. The Security Registrar need not register the transfer or exchange of any Notes
selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the
Note not to be redeemed) for a period of 15 days before a selection of Notes to be redeemed.

10. Persons Deemed Owners

          The registered Holder of this Note may be treated as the owner of it for all purposes.

11. Unclaimed Money

          If money for the payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Company at its request. After any such payment,
Holders entitled to the money must look only to the

 

 

Company and not to the Trustee, the Paying Agent or NiSource Inc., as guarantor, for payment.

12. Satisfaction and Discharge

          Under the Indenture, the Company can terminate its obligations with respect to the Notes not
previously delivered to the Trustee for cancellation when those Notes have become due and payable
or will become due and payable at their Stated Maturity within one year or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for giving notice of
redemption. The Company may terminate its obligations with respect to the Notes by depositing with
the Trustee, as funds in trust dedicated solely for that purpose, an amount sufficient to pay and
discharge the entire indebtedness on the Notes. In that case, the Indenture will cease to be of
further effect and the Company’s obligations will be satisfied and discharged with respect to the
Notes (except as to the Company’s obligations to pay all other amounts due under the Indenture and
to provide certain Officers’ Certificates and Opinions of Counsel to the Trustee). At the expense
of the Company, the Trustee will execute proper instruments acknowledging the satisfaction and
discharge.

13. Amendment, Waiver

          Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Notes may
be amended with the written consent of the Holders of at least a majority in principal amount
outstanding of the Notes and (ii) any default or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount outstanding of the Notes.
Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the
Company and the Trustee shall be entitled to amend the Indenture to cure any ambiguity, omission,
defect or inconsistency, or to evidence the succession of another Person as obligor under the
Indenture, or to add to the Company’s or NiSource Inc.’s covenants or to surrender any right or
power conferred on the Company or NiSource Inc. under the Indenture, or to add events of default,
or to secure the Notes, or to evidence or provide for the acceptance or appointment by a successor
Trustee or facilitate the administration of the trusts under the Indenture by more than one
trustee, or to effect assumption by NiSource Inc. or one of its Subsidiaries of the Company’s
obligations under the Indenture, or to conform the Indenture to any amendment of the Trust
Indenture Act.

14. Defaults and Remedies

          Under the Indenture, Events of Default include: (i) default by the Company in the payment of
any interest upon any Note and the continuance of such default for 60 days; (ii) default by the
Company in the payment of principal of or any premium on any Note when due at Stated Maturity, on
redemption, by declaration or otherwise, and the continuance of such default for three Business
Days; (iii) default by the Company or NiSource Inc. in the performance of or breach of any covenant
or warranty in the Indenture and continuance of such default for 90 days after written notice to
the Company or NiSource Inc. from the Trustee or to the Company, NiSource Inc. and

 

 

the Trustee from the Holders of at least 33% in principal amount of the Outstanding Notes;
(iv) default by the Company or NiSource Capital Markets, Inc. under any bond, debenture, note or
other evidence of indebtedness for money borrowed by the Company or NiSource Capital Markets, Inc.,
or the Company or NiSource Capital Markets, Inc. defaults under any mortgage, indenture or
instrument under which there may be issued, secured or evidenced indebtedness constituting a
failure to pay in excess of $50,000,000 of the principal or interest when due and payable, subject
to certain cure rights; (v) the guarantee by NiSource Inc. ceases to be in full force and effect or
is disaffirmed or denied (other than according to its terms), or is found to be unenforceable or
invalid; or (vi) certain events of bankruptcy, insolvency or reorganization of the Company,
NiSource Capital Markets, Inc. or NiSource Inc. If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 33% in principal amount of the Notes may declare all the
Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of
Default which will result in the Notes being due and payable immediately upon the occurrence of
such Events of Default.

          Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security
satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of
the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders notice of any continuing default (except a default in payment of principal or
interest) if it determines that withholding notice is in the interest of the Holders.

15. Trustee Dealings with the Company

          Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal
with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee.

16. No Recourse Against Others

          A director, officer, employee or stockholder, as such, of the Company, NiSource Inc. or the
Trustee shall not have any liability for any obligations of the Company under the Notes or the
Indenture, or any obligations of NiSource Inc. under the Security Guarantee or the Indenture, or
for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Notes and the Security Guarantee.

17. Authentication

          This Note shall not be valid until an authorized signatory of the Trustee (or an
Authenticating Agent) manually signs the certificate of authentication on the other side of this
Note.

 

 

18. Abbreviations

          Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

19. CUSIP, ISIN and Common Code Numbers

          Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the
Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. To the extent
such numbers have been issued, the Company has caused ISIN and Common Code numbers to be similarly
printed on the Notes and has similarly instructed the Trustee. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

20. Governing Law.

          THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK, WITHOUT GIVING EFFECT TO CONTRARY CONFLICT OF LAWS OR CHOICE OF LAWS PROVISIONS OF THE
STATE OF NEW YORK OR ANY OTHER JURISDICTION.

          The Company will furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture. Requests may be made to:

          NiSource Finance Corp.

          801 East 86th Avenue

          Merrillville, Indiana 46410

          Attention: Corporate Secretary

          Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Indenture.

 

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to

 

 

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s soc. sec. or tax I.D. No.)

and
irrevocably appoint
______________________ agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

	 	 	 	 	 	 	 	 	 

	Date:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	  	 
	 	 	Sign exactly as your name appears on
the other side of this Note. 
	 	 	 	 
	 

Signature Guarantee:

	 	 	 	 	 

	 
	 

	 	 	 	 
	Signature must be guaranteed

	 	 	 	Signature

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Security Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

 

 

SECURITY GUARANTEE

          NiSource Inc. irrevocably and unconditionally guarantees the Obligations of NiSource Finance
Corp., an Indiana corporation (the “Company”) under the 5.95% Notes due 2041 (the “Notes”) of the
Company, including that (i) the principal of, premium, if any, and interest on the Notes shall be
promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of, premium, if any, and interest on the Notes, if
lawful, and all other Obligations of the Company to the Holders or the Trustee shall be promptly
paid in full or performed, and (ii) in case of any extension of time of payment or renewal of any
Notes or any such other Obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed, NiSource Inc. shall be obligated to pay or perform the same immediately.

          The obligations of NiSource Inc. to the Holders and to the Trustee pursuant to this Security
Guarantee and the Indenture are expressly set forth in Article Fifteen of the Indenture, and
reference is hereby made to such Indenture for the precise terms of this Security Guarantee.

          No stockholder, employee, officer, director or incorporator, as such, past, present or future,
of NiSource Inc. shall have any liability under this Security Guarantee by reason of his or its
status as such stockholder, employee, officer, director or incorporator.

          This Security Guarantee shall remain in full force and effect and continue notwithstanding any
petition filed by or against the Company for liquidation or reorganization.

          This Security Guarantee shall not be valid or obligatory for any purpose until the certificate
of authentication on the Note upon which this Security Guarantee is noted shall have been executed
by the Trustee under the Indenture by the manual signature of one of its authorized officers.

          THE TERMS OF ARTICLE FIFTEEN OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

 

          Capitalized terms used herein have the same meanings given in the Indenture unless otherwise
indicated.

	 	 	 	 	 
	 	NISOURCE INC.

 	 
	 	By:  	 	 
	 	 	Name:  	David J. Vajda 	 
	 	 	Title:  	Vice President, Treasurer
and Chief Risk
Officer 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Vincent V. Rea 	 
	 	 	Title:  	Assistant Treasurerexv4w23

Exhibit
4.23

PURCHASE AND SALE AGREEMENT

Between

SAHN EAGLE LLC,

a Delaware limited liability company,

as SELLER,

and

SOUFUN HOLDINGS LIMITED

a Cayman Islands company,

as PURCHASER

Property:

72 Wall Street,

New York, New York

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	1. DEFINITIONS
	 	 	4	 
	2. PURCHASE AND SALE
	 	 	7	 
	3. DUE DILIGENCE; ACCESS
	 	 	8	 
	4. PURCHASE PRICE AND DEPOSIT
	 	 	11	 
	5. STATUS OF TITLE
	 	 	16	 
	6. TITLE INSURANCE; LIENS
	 	 	17	 
	7. APPORTIONMENTS
	 	 	20	 
	8. PROPERTY NOT INCLUDED IN SALE
	 	 	22	 
	9. COVENANTS OF SELLER
	 	 	22	 
	10. CONDOMINIUM STRUCTURE
	 	 	24	 
	11. ASSIGNMENTS BY SELLER AND ASSUMPTIONS BY PURCHASER; EMPLOYEES
	 	 	27	 
	12. CONDITIONS TO CLOSING.
	 	 	30	 
	13. CONDITION OF THE PROPERTY, PURCHASER INDEMNITY
	 	 	33	 
	14. SELLER’S REPRESENTATIONS.
	 	 	35	 
	15. PURCHASER’S REPRESENTATIONS.
	 	 	38	 
	16. DAMAGE AND DESTRUCTION
	 	 	40	 
	17. CONDEMNATION
	 	 	42	 
	18. BROKERS AND ADVISORS
	 	 	43	 
	19. TAX REDUCTION PROCEEDINGS
	 	 	43	 
	20. TRANSFER TAXES AND TRANSACTION COSTS
	 	 	44	 
	21. DELIVERIES TO BE MADE ON THE CLOSING DATE
	 	 	45	 
	22. CLOSING DATE
	 	 	46	 
	23. NOTICES
	 	 	47	 
	24. DEFAULT BY PURCHASER OR SELLER
	 	 	48	 
	25. FIRPTA COMPLIANCE
	 	 	51	 
	26. ENTIRE AGREEMENT
	 	 	51	 
	27. AMENDMENTS
	 	 	51	 
	28. WAIVER
	 	 	51	 
	29. PARTIAL INVALIDITY
	 	 	51	 
	30. SECTION HEADINGS
	 	 	52	 
	31. GOVERNING LAW
	 	 	52	 
	32. PARTIES; ASSIGNMENT AND RECORDING
	 	 	52	 
	33. CONFIDENTIALITY AND PRESS RELEASES
	 	 	53	 
	34. FURTHER ASSURANCES
	 	 	54	 

 

 

	 	 	 	 	 
	 	 	Page	 
	35. THIRD PARTY BENEFICIARY
	 	 	54	 
	36. JURISDICTION AND SERVICE OF PROCESS
	 	 	54	 
	37. WAIVER OF TRIAL BY JURY
	 	 	54	 
	38. MISCELLANEOUS
	 	 	55	 
	39. ATTORNEYS’ FEES
	 	 	56	 
	40. EXCULPATION
	 	 	56	 
	41. SURVIVAL
	 	 	56	 

	 	 	 
	Exhibits	 	 
	Exhibit A

	 	Description of the Land
	Exhibit B

	 	Letter of Intent
	Exhibit C

	 	[Reserved]
	Exhibit D

	 	Form of Assignment and Assumption of Union Contract
	Exhibit E

	 	Form of Deed
	Exhibit F

	 	Form of Bill of Sale
	Exhibit G

	 	Form of FIRPTA Affidavit
	Exhibit H

	 	Form of Omnibus Assignment and Assumption Agreement
	Exhibit I

	 	Form of Assignment and Assumption of Contracts
	Exhibit J

	 	Additional Condominium Provisions

	 	 	 
	Schedules	 	 
	Schedule 3(a)

	 	List of Property Information
	Schedule 5(b)

	 	[Reserved]
	Schedule 8

	 	Excluded Property
	Schedule 14(a)(iii)

	 	List of Contracts
	Schedule 14(a)(iv)

	 	Litigation
	Schedule 14(a)(vi)

	 	List of Employees
	Schedule 14(a)(ix)

	 	Open Tax Years

3

 

     THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) made as of December 23, 2010 (the
“Effective Date”) between SAHN EAGLE LLC, a Delaware limited liability company
(“Seller”), and SOUFUN HOLDINGS LIMITED, a Cayman Islands company (“Purchaser”).

W I T N E S S E T H :

     WHEREAS, Seller is the owner and holder of the fee simple estate in and to that certain plot,
piece and parcel of land (the “Land”) known as 72 Wall Street, New York, New York and more
particularly described in Exhibit A, together with the building and all other improvements
(the “Building”) located on the Land;

     WHEREAS, Seller and Purchaser have agreed that Seller will convert the Land and Building into
a condominium regime comprised of two units: Unit 1 and Unit 2 (each, a “Unit” and,
together, the “Condominium”). “Unit 1” shall consist of (a) the portion of the
Building formerly occupied by the United States Post Office (the “Post Office”) including
the cellar, ground floor and second, third and fourth floors, (b) the portion of floors six, seven
and eight of the Building that are directly above the footprint of the portion of the Building
formerly occupied by the Post Office, (c) together with a twenty-six and seven tenths percent
(26.7%) undivided interest in the Common Elements (as hereinafter defined) appurtenant thereto and
(d) the pedestrian bridge connecting the Building and that certain property owned by Seller and
located at 70 Pine Street, New York, New York (the “Bridge”). “Unit 2” shall
consist of that portion of the Land and Building located at 72 Wall Street that is not included in
Unit 1, together with a seventy-three and three tenths percent (73.3%) undivided interest in the
Common Elements appurtenant thereto, as well as certain limited common elements which exclusively
service Unit 2, such as certain elevators and equipment and machinery within Unit 2, and that
portion of the basement lying below the footprint of Unit 2, all upon and subject to the terms and
conditions set forth herein (collectively, the “Premises”). The Units shall be as
designated in the Condominium Instruments (as hereinafter defined); and

     WHEREAS, Seller desires to sell to Purchaser the Property (as hereinafter defined) which shall
include, when established, the Premises (i.e., Unit 2), and Purchaser desires to purchase the
Property from Seller, upon and subject to the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
herein contained, the parties hereto covenant and agree as follows:

1. DEFINITIONS.

	 	 	 

	Actual Knowledge

	 	Section 14(c)
	Agreement

	 	Preamble
	Anti-Money Laundering Laws

	 	Section 15(a)(vii)
	Apportionment Date

	 	Section 7(a)
	Asbestos

	 	Section 13(c)
	Bridge

	 	Recitals

4

 

	 	 	 

	Broker

	 	Section 18(a)
	Building

	 	Recitals
	Building Engineers

	 	Section 11(b)(i)
	Business day

	 	Section 4(g)
	Casualty Election Date

	 	Section 16(c)
	Chicago Title

	 	Section 4(a)
	Chicago Title Commitment

	 	Section 5(b)
	Closing

	 	Section 22
	Closing Date

	 	Section 22
	Code

	 	Section 25
	Commitment

	 	Section 6(a)
	Common Elements

	 	Section 10(b)
	Condominium

	 	Recitals
	Condominium Association

	 	Section 10(b)
	Condominium Instruments

	 	Section 10(b)
	Contract Deposit

	 	Section 4(b)
	Contracts

	 	Section 11(a)(i)
	Day

	 	Section 4(g)
	DBSWPA

	 	Section 11(b)(i)
	Default Rate

	 	Section 7(h)
	Deposit

	 	Section 4(b)
	Diligence Party

	 	Section 14(c)
	Disclosed Survey Items

	 	Section 5(a)
	Disclosure Parties

	 	Section 33(a)
	Due Diligence Period

	 	Section 3(b)
	Employees

	 	Section 14(a)(vi)
	Environmental Laws

	 	Section 13(c)
	ERISA

	 	Section 15(a)(v)
	Escrow Agent

	 	Section 4(b)
	Escrow Agreement

	 	Section 4(a)
	Excluded Property

	 	Section 8
	Existing Survey

	 	Section 5(a)
	Existing Title Policy

	 	Section 5(b)
	Final Adjustment Statement

	 	Section 7(g)
	Financial Institution

	 	Section 15(a)(vi)
	FIRPTA

	 	Section 25
	Force Majeure Event

	 	Section 38(d)
	Hazardous Materials

	 	Section 13(c)

5

 

	 	 	 

	Intangible Personalty

	 	Section 2(a)
	Labor Laws

	 	Section 11(b)(ii)
	Land

	 	Recitals
	Letter of Credit

	 	Section 4(c)
	Limitation Period

	 	Section 14(b)
	LOC Issuer

	 	Section 4(c)
	LOI

	 	Section 3(b)
	LOI Deposit

	 	Section 4(a)
	Minimum Amount

	 	Section 24(c)
	Notice of Breach

	 	Section 14(b)
	Notices

	 	Section 23
	OFAC

	 	Section 15(a)(vi)
	Objection Cut Off Date

	 	Section 6(b)
	Outside Closing Date

	 	Section 12(c)
	Patriot Act

	 	Section 15(a)(vii)
	PCBs

	 	Section 13(c)
	Permits

	 	Section 2(a)
	Permitted Assignee

	 	Section 32(a)
	Permitted Encumbrances

	 	Section 5
	Person

	 	Section 15(a)(vi)
	Personalty

	 	Section 2(a)
	Post-Closing Damage Cap

	 	Section 24(c)
	Post Office

	 	Recitals
	Premises

	 	Recitals
	Property

	 	Section 2(a)
	Property Information

	 	Section 3(a)
	Property Taxes

	 	Section 7(a)(i)
	Protected Information

	 	Section 3(a)
	Purchase Price

	 	Section 4
	Purchaser

	 	Preamble
	Purchaser Party

	 	Section 15(a)(vi)
	Purchaser Qualification

	 	Section 12(a)(i)
	Purchaser’s Objection Notice

	 	Section 6(b)
	Purchaser’s Representatives

	 	Section 3(b)
	Remedy

	 	Section 6(b)
	Representation

	 	Section 14(a)
	Seller

	 	Preamble
	Seller Knowledge Individual

	 	Section 14(a)

6

 

	 	 	 

	Seller Parties

	 	Section 3(e)
	Seller Qualification

	 	Section 12(b)(i)
	Seller’s Actual Knowledge

	 	Section 14(a)
	Seller’s Broker

	 	Section 18(a)
	Seller’s Representative

	 	Section 3(b)
	Specially Designated Nationals and Blocked Persons

	 	Section 15(a)(vi)
	Suit Deadline

	 	Section 14(b)
	Survival Date

	 	Section 41(a)
	Taking

	 	Section 17(a)
	Tax Certiorari Proceeding

	 	Section 20
	Tax Year

	 	Section 19
	Title Company

	 	Section 6(a)
	Title Objections

	 	Section 6(b)
	Title Policy

	 	Section 6(a)
	Transfer Taxes

	 	Section 20(a)
	Transfer Tax Laws

	 	Section 20(a)
	Union Contract

	 	Section 11(b)(i)
	Unit 1

	 	Recitals
	Unit 1 Development Date

	 	Section 11(c)
	Unit 2

	 	Recitals
	U.S. Person

	 	Section 15(a)(vi)
	Utilities

	 	Section 7(d)
	Violations

	 	Section 6(d)

2. PURCHASE AND SALE.

     (a) Seller shall sell, assign and convey to Purchaser, and Purchaser shall purchase and assume
from Seller, subject to the terms and conditions of this Agreement, all of Seller’s right, title
and interest in and to (i) the Premises; (ii) the fixtures, furnishings, furniture, equipment,
machinery, appliances and other personal property owned by Seller, located at and attached to the
Premises and used in and necessary for the operation of the Premises (collectively, the
“Personalty”), subject to depletions, replacements or additions thereto in the ordinary
course of business of the Property; (iii) subject to Section 11(b) (Employees; Union
Contract), all of Seller’s right, title and interest in, to and under the Union Contract; (iv) all
transferable permits, licenses, registrations, approvals, and certificates, now or hereafter issued
by any governmental agency exclusively in connection with the Premises and the Personalty
(excluding any such permits, licenses, registrations, approvals and certificates relating to the
Bridge) (collectively, the
“Permits”); (v) all transferable warranties, guarantees, building plans, site plans
and other intangible rights relating exclusively to the Premises (collectively, the “Intangible
Personalty”); and (vi) subject to Section 11(c), the right to use future development
rights, including any air rights and transferrable development rights, appurtenant to the Land as a
whole. The items described in clauses (i) through (vi) above are sometimes referred to
hereinafter, collectively, as

7

 

the “Property;” provided that, any fixtures to be identified
as Common Elements (as hereinafter defined) or limited Common Elements in the Condominium
Instruments (as defined in Section 10 below) shall not be a part of the Property.

     (b) The parties hereto acknowledge and agree that the value of the Personalty is de
minimis and that no part of the Purchase Price is allocable thereto.

3. DUE DILIGENCE; ACCESS.

     (a) Prior hereto, Seller has delivered, or otherwise made available, as appropriate, to
Purchaser, for Purchaser’s review, to the extent such items were in Seller’s possession or control,
copies of each of the Contracts and Permits, financial books and records, service agreements,
management agreements, environmental and engineering reports, title insurance policies, plans and
specifications, land title surveys, union contracts and other materials identified on Schedule
3(a) attached hereto (collectively, the “Property Information”); it being acknowledged
and agreed that Seller shall have no obligation to deliver or make available any Protected
Information. “Protected Information” means any one or more of the following: any internal
valuation records, personnel records, all internal communications, including projections and
internal memoranda or materials, budgets, reports, strategic plans, internal analyses, computer
software, submissions relating to internal approvals, information that is considered privileged,
confidential or proprietary by Seller, information protected by the attorney-client privilege or
work product doctrine, and financial information pertaining to the Seller, its members or any
affiliates. Purchaser shall keep such Property Information confidential, subject to Purchaser’s
right to disseminate Property Information to or among the parties listed in Section 33
(Confidentiality and Press Releases), and subject to the restrictions set forth in Section
33 (Confidentiality and Press Releases).

     (b) Purchaser hereby acknowledges that it and its agents, employees, consultants, inspectors,
appraisers, engineers and contractors (collectively, “Purchaser’s Representatives”) have
been provided the Property Information pursuant to the paragraph entitled “Property Materials”
contained in that certain letter of intent dated as of November 18, 2010, by and between Seller and
Purchaser (the “LOI”), a copy of which is attached as Exhibit B hereto. The terms
of such Paragraph shall continue in effect through the Effective Date, and all understandings and
agreements heretofore or simultaneously had between the parties regarding the delivery of Property
Information are superseded by this Agreement. The terms of the LOI, including such Paragraph, are
hereby terminated as of the Effective Date. During the period commencing on the Effective Date,
and ending at 5:00 p.m. Eastern (local New York, New York) time on December 15, 2010 (the “Due
Diligence Period”), subject to the terms and conditions of this Section 3, Purchaser
and Purchaser’s Representatives shall have the ongoing right and non-exclusive license to enter the
Premises at reasonable times after prior notice to
Hyun Shim (“Seller’s Representative”) for the purpose of conducting environmental,
engineering and other physical inspections and tests of the Premises as Purchaser has deemed
necessary or desirable, at Purchaser’s cost and expense, to determine whether the Premises is
suitable for Purchaser’s purposes. In connection with such access, Purchaser and Purchaser’s
Representatives shall assume all risk associated with the current condition of the Premises.

8

 

     (c) In conducting any inspection of the Premises or otherwise accessing the Premises,
Purchaser and Purchaser’s Representatives shall at all times comply with all laws and regulations
of all applicable governmental authorities, and 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 written consent of Seller’s Representative, or (ii) damage the Premises. Seller
may from time to time establish reasonable rules of conduct for Purchaser and Purchaser’s
Representatives in furtherance of the foregoing. Purchaser shall schedule and coordinate all
inspections, including, without limitation, any environmental tests, with Seller’s Representative
and shall give Seller’s Representative at least two (2) business days’ prior notice thereof.
Seller shall be entitled to have a representative present at all times during each such inspection
or other access. In the event of any physical damage to the Property or Seller’s equipment or
facilities which Purchaser or any of Purchaser’s Representatives cause in connection with any
inspections or access to the Premises, Purchaser shall, at Seller’s election, promptly restore or
repair such damage substantially to its condition existing before such damage, or pay to Seller on
demand the out-of-pocket cost of repairing and restoring any damage which Purchaser or Purchaser’s
Representatives shall cause to the Property, and such obligation of Purchaser shall survive any
termination of this Agreement. If Purchaser does not pay to Seller such cost within six (6)
business days’ demand by Seller, Purchaser shall pay to Seller such cost with interest at the
Default Rate. In the event Purchaser shall become entitled under any other provision of this
Agreement to a return of the Deposit, the cost of any such repair or restoration not completed or
paid (including, if applicable, the additional interest at the Default Rate as provided for in the
immediately preceding sentence) shall be withheld from the Deposit and paid to Seller before any
remaining balance of the Deposit is returned to Purchaser. 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 and its other access shall be at the sole expense of
Purchaser. In the event that the Closing hereunder shall not occur for any reason whatsoever,
Purchaser shall: (A) 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 Purchaser or Purchaser’s Representatives or for Purchaser’s benefit which are in the
possession or control of Purchaser or Purchaser’s Representatives, and (B) promptly return to
Seller copies of all due diligence materials delivered by Seller to Purchaser or, at Seller’s
election, confirm in writing to Seller that Purchaser has destroyed all copies and abstracts
thereof. Purchaser shall and shall cause Purchaser’s Representatives, and any others who gain
access to the due diligence materials through Purchaser or Purchaser’s Representatives, to treat
all such due diligence materials as confidential and proprietary to Seller, and shall not disclose
to others, other than to any Disclosure Parties (as hereinafter defined), during the term of this
Agreement (or thereafter in the event that the Closing hereunder shall not occur) any such due
diligence materials whether verbal or written, or any description whatsoever which may come within
the knowledge of Purchaser, Purchaser’s Representatives, or such other parties, unless, in each
instance, Purchaser obtains the prior written consent of Seller. 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 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 consent shall not be unreasonably withheld, conditioned or
delayed). If such consent is given, in the event of any physical damage to the Property or

9

 

Seller’s equipment or facilities which Purchaser or any of Purchaser’s Representatives cause in
connection with such boring, drilling or invasive testing, Purchaser shall, at Seller’s election,
either promptly restore or repair such damage substantially to its condition existing before such
damages, or pay to Seller on demand the cost of repairing and restoring any borings or holes
created or any other damage as aforesaid, and in the event Purchaser shall become entitled under
any other provision of this Agreement to a return of the Deposit, the cost of any such repair or
restoration not completed or paid shall be withheld from the Deposit and paid to Seller before any
remaining balance of the Deposit is returned to Purchaser. Any liens against the Premises, or any
portion thereof, arising from the performance of services by third-party contractors in connection
with Purchaser’s due diligence activities shall be removed by Purchaser as promptly as practicable
and in any event not later than thirty (30) business days after Purchaser shall have been notified
of the filing of such liens. The provisions of this Section 3(c) shall survive the Closing
or any termination of this Agreement until the Survival Date set forth in Section 41
(Survival) hereof.

     (d) Prior to conducting any physical inspection or testing at the Premises, other than mere
visual examination, including without limitation, boring, drilling and sampling of soil, Purchaser
shall obtain and maintain and shall cause the applicable Purchaser’s Representatives under its
control who are not otherwise covered by Purchaser’s insurance to obtain and maintain, at its
expense, commercial general liability insurance, including a contractual liability endorsement, and
personal injury liability coverage, with Seller and its managing agent, if any, as additional
insureds, from an insurer reasonably acceptable to Seller, which insurance policies must have
limits for bodily injury and death of not less than Five Million Dollars ($5,000,000) (Ten Million
Dollars ($10,000,000) in the case of any boring, drilling or any other invasive testing) for any
one occurrence and not less than Five Million Dollars ($5,000,000) (Ten Million Dollars
($10,000,000) in the case of any boring, drilling or any other invasive testing) for property
damage liability for any one occurrence, and statutory Worker’s Compensation insurance. Prior to
making any entry upon the Premises, Purchaser shall furnish to Seller a certificate of insurance
evidencing the foregoing coverages and naming Seller and the Seller Parties as an additional
insureds. Such insurance coverage limits shall not limit, or be construed as a limitation on,
Purchaser’s liability hereunder.

     (e) Purchaser shall indemnify and hold Seller and its disclosed or undisclosed, direct and
indirect shareholders, officers, directors, trustees, partners, principals, members, employees,
agents, affiliates, parent companies, related companies, representatives, consultants, accountants,
contractors and attorneys or other advisors, and any successors or assigns of the foregoing
(collectively with Seller, “Seller Parties”) harmless from and against any and all losses,
costs, damages, liens, claims, liabilities or expenses (including, but not limited to, reasonable
attorneys’ fees, court costs and disbursements) incurred by any of the Seller Parties arising from
or by reason of Purchaser’s and/or Purchaser’s Representatives’ (i) access to, or inspection of,
the Premises, (ii) any tests, inspections or other due diligence conducted by or on behalf of
Purchaser, or (iii) breach of the terms or provisions of this Section 3. The provisions of
this
Section 3(e) shall survive the Closing or any termination of this Agreement until the
Survival Date set forth in Section 41 (Survival) hereof.

     (f) If for any reason whatsoever, in Purchaser’s sole and absolute discretion, Purchaser
elects not to proceed with the transaction contemplated by this Agreement, then

10

 

Purchaser may
terminate this Agreement by giving written notice to Seller and Escrow Agent by the end of the Due
Diligence Period, in which event, (i) subject to the terms of this Agreement, Escrow Agent shall
promptly return the Deposit to Purchaser; and (ii) the parties shall have no further rights or
obligations under this Agreement, except for any obligations that expressly survive termination.
If Purchaser fails to notify Seller in writing before 5:00 p.m. Eastern (local New York, New York)
time on the last day of the Due Diligence Period that Purchaser has elected to so terminate this
Agreement, then Purchaser shall be deemed to have elected not to terminate this Agreement in
accordance with the terms and conditions of the preceding sentence and this Agreement shall remain
in full force and effect.

     (g) Seller agrees that within two weeks following the Effective Date of this Agreement, Seller
shall either (i) confirm that Purchaser did not cause any damage to the Building during Purchaser’s
due diligence investigations and that nothing has arisen which would trigger a right of
indemnification of Seller by Purchaser or (ii) provide Purchaser with a written notice explaining
in reasonable detail any damage to the Building caused by Purchaser during Purchaser’s due
diligence investigations.

4. PURCHASE PRICE AND DEPOSIT.

     The purchase price to be paid by Purchaser to Seller for the Property (the “Purchase
Price”) is FORTY SIX MILLION AND 00/100 Dollars ($46,000,000.00), payable in United States
dollars as follows:

     (a) Purchaser and Seller acknowledge that simultaneous with executing the LOI, Purchaser
deposited with Chicago Title Insurance Company, as escrow agent (“Chicago Title”), the
amount of One Million and No/100 Dollars ($1,000,000.00) in the form of cash (together with any
interest earned thereon, the “LOI Deposit”) pursuant to that certain Escrow Agreement dated
as of November 18, 2010, by and between Seller, Purchaser and Chicago Title (the “Escrow
Agreement”).

     (b) By no later than 5:00 p.m. Eastern (local New York, New York) time on December 20, 2010,
Purchaser shall deposit with Commonwealth Land Title Insurance Company (“Escrow Agent”) an
additional amount of Four Million Six Hundred Thousand and No/100 Dollars ($4,600,000.00) (together
with any interest earned thereon, the “Contract Deposit”). The Contract Deposit shall be
in the form of (1) a letter of credit satisfying the provisions of Section 4(c) below or
(2) cash, effected by wire transfer of immediately available good funds to an account designated by
Escrow Agent. Notwithstanding the foregoing, Seller and Purchaser agree to issue joint
instructions to Chicago Title to transfer the LOI Deposit to Escrow Agent pursuant to the terms of
the Escrow Agreement and, thereafter, the LOI Deposit shall be (1) applied towards the Contract
Deposit for all purposes hereunder, such that Purchaser shall only be
required to deliver an additional Three Million Six Hundred Thousand and No/100 Dollars
($3,600,000) to Escrow Agent, (2) subject to all of the terms and conditions herein and (3) held
and disbursed by Escrow Agent pursuant to Section 4(c) and Section 4(d) below.
Purchaser hereby agrees that Purchaser shall be responsible, at its sole cost and expense, for all
fees and other amounts charged by Chicago Title for holding the LOI Deposit and for undertaking any
title work with respect to the transaction contemplated by this Agreement. If Purchaser shall fail
to deposit the entire Contract Deposit by 5:00 p.m. Eastern (local New York, New York) time on

11

 

December 20, 2010, Seller may, at any time prior to Purchaser’s deposit of the Contract Deposit,
terminate this Agreement, in which event (i) either Chicago Title or Escrow Agent, whichever is
then holding the LOI Deposit, shall, following written demand from Seller, promptly deliver the LOI
Deposit to Seller; and (ii) the parties shall have no further rights or obligations under this
Agreement, except for any obligations that expressly survive termination. As used herein, the term
“Deposit” shall mean (a) prior to Purchaser’s delivery of the Contract Deposit in
accordance with the terms hereof, the LOI Deposit, and (b) from and after Purchaser’s delivery of
the Contract Deposit in accordance with the terms hereof, the Contract Deposit, together with all
interest earned thereon. The Deposit shall be non-refundable; provided, however, that the Deposit
(or the appropriate allocable portion thereof) shall be refundable to Purchaser if Purchaser
terminates this Agreement in accordance with the provisions of this Agreement that expressly
provide for a return of the Deposit or a specified portion thereof to Purchaser upon such
termination.

     (c) At the election of Purchaser, the Contract Deposit (or any portion thereof) may be in the
form of one or more irrevocable standby letters of credit issued by a financial institution that is
a member of the New York Clearing House Association with a branch located in Manhattan, New York
and is otherwise acceptable to Seller and Escrow Agent in their reasonable discretion (“LOC
Issuer”) in a form acceptable to Seller and Escrow Agent in their reasonable discretion in
favor of Escrow Agent as beneficiary, available for drawing by Escrow Agent at Seller’s direction
upon presentation of only a sight draft (such letter(s) of credit, if any, together with any
renewal or replacement thereof conforming to the applicable requirements of this Agreement,
collectively, the “Letter of Credit”). The Letter of Credit, if any, shall have an initial
expiration date which is no earlier than six (6) months from the Effective Date, and each renewal
or replacement Letter of Credit shall have an initial expiration date which is no earlier than six
(6) months from the date issued. If the Letter of Credit, if any, has not been renewed or replaced
in either case by the forty-fifth (45th) day prior to its expiration date, or LOC Issuer has
indicated that it will not renew the Letter of Credit (of which fact Escrow Agent will notify
Seller as soon as practicable, provided that Escrow Agent shall have no liability for its failure
to so notify Seller), then Seller may direct Escrow Agent to draw down on the Letter of Credit and
hold the proceeds thereof, without any further instruction from or notice to either party (and
notwithstanding any objection from Purchaser to such draw down and delivery of proceeds). If
Escrow Agent so draws down the Letter of Credit and holds such proceeds, such proceeds shall be
held in an interest bearing account at a financial institution selected by Escrow Agent as the
Deposit (or applicable portion thereof) in accordance with the terms of this Agreement, and all
references to the Deposit shall be deemed to include any such proceeds so drawn. If Purchaser and
Seller cannot agree upon the issuer of a letter of credit or the form or substance of such letter
of credit, the Deposit shall be in cash.

     (d) From and after the Effective Date of this Agreement, the provisions of the Escrow
Agreement shall be superseded by the provisions of this Agreement, including this Section
4, which shall govern Escrow Agent’s obligations with respect to the Deposit.

          (i) Escrow Agent shall deliver the Deposit to Seller or to Purchaser, as the case may be,
under the following conditions:

12

 

               (1) Upon and subject to the occurrence of the Closing, Escrow Agent shall (i) if the Deposit
is in the form of cash, apply the Deposit to the satisfaction of the Purchase Price, and (ii)
return any portion of the Deposit that is in the form of a Letter of Credit to Purchaser; or

               (2) Escrow Agent shall deliver the Deposit to Seller (and to the extent the Deposit is in the
form of a Letter of Credit, Seller may in its sole discretion direct Escrow Agent to draw down the
funds available under the Letter of Credit and disburse the proceeds thereof to Seller) following
receipt by Escrow Agent of written demand therefor from Seller stating that Seller is entitled to
the Deposit under this Agreement, or that Seller has terminated this Agreement, provided Purchaser
shall not have subsequently given written notice of objection in accordance with the provisions set
forth below; or

               (3) Subject to the terms of this Agreement, the Deposit shall be returned to Purchaser
following receipt by Escrow Agent of written demand therefor from Purchaser stating that Seller has
defaulted in the performance of its obligations under this Agreement or that this Agreement was
terminated under circumstances entitling Purchaser to the return of the Deposit, and specifying the
Section of this Agreement which entitles Purchaser to the return of the Deposit, in each case
provided Seller shall not have given written notice of objection in accordance with the provisions
set forth below; or

               (4) The Deposit shall be delivered to Purchaser or Seller as directed by joint written
instructions of Seller and Purchaser.

          (ii) Upon the giving of a written demand for the Deposit by Seller or Purchaser, pursuant to
Section 4(d)(i)(2) or Section 4(d)(i)(3) above, Escrow Agent shall promptly give a
copy of such demand to the other party. The other party shall have the right to object to the
delivery of the Deposit, by giving written notice of such objection to Escrow Agent at any time
within six (6) business days after such party’s receipt of the copy of such demand from Escrow
Agent, but not thereafter. Such notice shall set forth the basis (in reasonable detail) for
objecting to the delivery of the Deposit. Upon receipt of such notice of objection, Escrow Agent
shall promptly give a copy of such notice to the party who filed the written demand. If the Escrow
Agent does not timely receive a written objection from the other party to the proposed payment, the
Escrow Agent is hereby authorized to make such delivery. If Escrow Agent shall have timely
received such notice of objection, Escrow Agent shall continue to hold the Deposit until (x) Escrow
Agent receives joint written notice from Seller and Purchaser directing the delivery of the
Deposit, in which case Escrow Agent shall then deliver the Deposit in accordance with said
direction, or (y) litigation is commenced between Seller and Purchaser, in which case Escrow Agent
shall place the Deposit with the clerk of the court in which said litigation is pending, or (z)
Escrow Agent takes such affirmative steps as Escrow Agent may elect, at Escrow
Agent’s option, in order to terminate Escrow Agent’s duties hereunder, including but not
limited to depositing the Deposit in court and commencing an action for interpleader, the costs
thereof to be borne by whichever of Seller or Purchaser is the losing party in such interpleader
action, as determined by a final non-appealable order of such court.

          (iii) Escrow Agent may rely and act upon any instrument or other writing reasonably believed
by Escrow Agent to be genuine and purporting to be signed and presented

13

 

by any person or persons
purporting to have authority to act on behalf of Seller or Purchaser, as the case may be, and shall
not be liable for any damages or claims incurred by Seller or Purchaser in connection with the
performance of any duties imposed upon Escrow Agent by the provisions of this Agreement, except for
those resulting from Escrow Agent’s own gross negligence, willful misconduct or breach of its
obligations hereunder. Escrow Agent shall have no duties or responsibilities except those set
forth herein. Escrow Agent shall not be bound by any modification, cancellation or rescission of
this Agreement unless the same is in writing and signed by Purchaser and Seller, and, if Escrow
Agent’s duties hereunder are affected, unless Escrow Agent shall have given prior written consent
thereto. To the extent that the Deposit is in the form of a Letter of Credit, Escrow Agent shall
have no liability for (A) the expiration or termination of the Letter of Credit while being held by
Escrow Agent or the failure of the LOC Issuer to renew the Letter of Credit, whether or not the LOC
Issuer provided Escrow Agent with notice that the Letter of Credit is not going to be renewed and
whether or not Escrow Agent provided a copy of any such notice to the parties hereto, (B) the
failure of Escrow Agent to request a draw on the Letter of Credit prior to the expiration of the
Letter of Credit if Seller does not request such draw at least forty-five (45) days prior to the
expiration date of the Letter of Credit but not more than sixty (60) days prior to such expiration
date, (C) the failure of Escrow Agent to present the Letter of Credit to the LOC Issuer or
otherwise timely draw on the Letter of Credit as the result of any court action or imposition of
any law which stays or restricts Escrow Agent’s ability to draw on the Letter of Credit or if any
threat of litigation or claim is made against Escrow Agent in connection with drawing on the Letter
of Credit, (D) the failure of Escrow Agent to present the Letter of Credit for drawing because the
LOC Issuer is no longer in business or otherwise ceases to have a branch location in Manhattan, New
York, or (E) the failure of the LOC Issuer to honor Escrow Agent’s draw request for any reason or
no reason following Escrow Agent’s proper presentation of the Letter of Credit to the LOC Issuer.
Escrow Agent shall be reimbursed by Seller and Purchaser for any reasonable out-of-pocket expenses
(including reasonable legal fees and disbursements of outside counsel), including all of Escrow
Agent’s reasonable out-of-pocket fees and expenses with respect to any interpleader action incurred
in connection with this Agreement, and such liability shall be joint and several; provided, that,
as between Purchaser and Seller, the prevailing party in any dispute over the Deposit shall be
entitled to reimbursement by the losing party of any such expenses paid to Escrow Agent. In the
event that Escrow Agent shall be uncertain as to Escrow Agent’s duties or rights hereunder, or
shall receive instructions from Purchaser or Seller that, in Escrow Agent’s opinion, are in
conflict with any of the provisions hereof, Escrow Agent shall be entitled to hold the Deposit and
may decline to take any other action. After delivery of the Deposit in accordance herewith, Escrow
Agent shall have no further liability or obligation of any kind whatsoever.

          (iv) Escrow Agent shall have the right at any time to resign upon thirty (30) days’ prior
notice to Seller and Purchaser. Seller and Purchaser shall jointly select a successor
Escrow Agent and shall notify Escrow Agent of the name and address of such successor Escrow
Agent within ten (10) business days after receipt of notice from Escrow Agent of its intent to
resign. If Escrow Agent has not received notice of the name and address of such successor Escrow
Agent within such period, Escrow Agent shall have the right to select on behalf of Seller and
Purchaser a bank or trust company licensed to do business in the State of New York and having a
branch located in New York City to act as successor Escrow Agent hereunder or to place the Deposit
with a court of competent jurisdiction. Upon notice from Seller and Purchaser

14

 

of their appointment
of a successor Escrow Agent, Escrow Agent shall deliver the Deposit to such successor Escrow Agent
selected hereunder, provided such successor Escrow Agent shall execute and deliver to Seller and
Purchaser an assumption agreement whereby it assumes all of Escrow Agent’s obligations hereunder.
Upon the delivery of the Deposit and such assumption agreement, the successor Escrow Agent shall
become the Escrow Agent for all purposes hereunder and shall have all of the rights and obligations
of the Escrow Agent hereunder, and the resigning Escrow Agent shall have no further
responsibilities or obligations hereunder.

          (v) Subject to the provisions of Section 4(d)(iii), Seller and Purchaser each hereby
agrees to jointly and severally indemnify, defend and hold harmless Escrow Agent from and against
any and all loss, cost, damage, expense and reasonable attorneys’ fees actually incurred by Escrow
Agent arising out of it acting as the Escrow Agent hereunder, other than to the extent arising from
Escrow Agent’s gross negligence, willful misconduct or breach of its obligations hereunder.

          (vi) Escrow Agent shall deliver the Letter of Credit to Seller or Purchaser, as applicable,
pursuant to the terms of Section 4(c) hereof.

          (vii) Escrow Agent is not a party to, and is not bound by, or charged with notice of any
agreement out of which this escrow may arise, other than this Agreement or the Escrow Agreement.

          (viii) Escrow Agent is acting solely as a stakeholder and depository, and is not responsible
or liable in any manner whatever for the sufficiency, correctness, genuineness, or validity of the
subject matter of the escrow, or for the identity or authority of any person executing or
depositing it.

          (ix) [Intentionally Omitted].

          (x) The provisions of this Section 4(d) shall survive the Closing or termination of
this Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

          (xi) Purchaser and Seller reserve the right, at any time and from time to time, to substitute
a new escrow agent in place of Escrow Agent.

          (xii) Other than Seller and Purchaser, none of the Seller Parties or Purchaser Parties shall
have any liability to Escrow Agent in connection with the performance of Section 4 of this
Agreement, and Escrow Agent hereby waives any and all claims against any and all of such parties
arising out of, or in any way connected with, the provisions of this Agreement to which Escrow
Agent has consented, agreed and acknowledged.

     (e) If Seller has directed Escrow Agent to draw down the Letter of Credit and has received the
proceeds thereof as provided under Section 4(c), then at the Closing, Seller shall be
entitled to retain the proceeds of the Letter of Credit so drawn down, and Purchaser shall deliver
the balance of the Purchase Price (i.e., the Purchase Price less the proceeds of the Letter
of Credit so drawn down and retained by Seller) to Seller by wire transfer of immediately available
funds to the bank account(s) designated by Seller.

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     (f) All monies payable by Purchaser under this Agreement, unless otherwise specified in this
Agreement, shall be paid by Purchaser causing such monies to be wire transferred in immediately
available federal funds at such bank account or accounts designated by Seller, and divided into
such amounts designated by Seller as may be required to facilitate the consummation of the
transactions contemplated by this Agreement.

     (g) As used in this Agreement, the term “business day” shall mean every day other than
Saturdays, Sundays, all days observed by the federal or New York State government as legal
holidays, all days on which commercial banks in New York State are required by law to be closed,
and all days when because of emergencies that may arise commercial banks or New York City courts
are closed. Any reference in this Agreement to a “day” or a number of “days”
(other than references to a “business day” or “business days”) shall mean a
calendar day or calendar days.

5. STATUS OF TITLE.

     Subject to the terms and provisions of this Agreement, the Premises shall be sold, assigned
and conveyed by Seller to Purchaser, and Purchaser shall accept and assume same, subject only to
the following (collectively, the “Permitted Encumbrances”):

     (a) the state of facts disclosed (the “Disclosed Survey Items”) on that certain (i)
survey performed by Gerald T. O’Buckley, dated March 18, 2003 with respect to the Premises (the
“Existing Survey”), and any further state of facts which are not Disclosed Survey Items as
a current survey or private inspection of the Premises would disclose (provided, that such further
state of facts do not materially and adversely affect the current use of the Premises);

     (b) the standard printed exclusions from coverage contained in the ALTA 2006 form of owner’s
title policy currently in use in New York, with the standard New York endorsement, Items 2, 3, 5
and 6 identified on Schedule B of the Owner’s Policy of Title Insurance by Madison Title Agency,
LLC on behalf of Old Republic National Title Insurance Company dated August 26, 2009 (Policy Number
OX-08121524) (the “Existing Title Policy”) and Items 1, 2, and 3 identified on Schedule B
of the Certificate for Title Insurance issued by Chicago Title Insurance Company dated November 23,
2010 (Title Number: 3110-00336) (the “Chicago Title Commitment”);

     (c) any liens, encumbrances or other title exceptions approved or waived in writing by
Purchaser or as otherwise provided in this Agreement, it being agreed that Purchaser’s execution of
this Agreement constitutes its approval in writing of the items identified in this Section
5;

     (d) any liens, encumbrances or other title exceptions that will be extinguished upon transfer
of the Property;

     (e) Property Taxes (as hereinafter defined) which are a lien but not yet due and payable
(subject to proration in accordance with Section 7 (Apportionments));

     (f) any laws, rules, regulations, statutes, ordinances, orders or other legal requirements
affecting the Premises, including, without limitation, all zoning, land use, building

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and
environmental laws, rules, regulations, statutes, ordinances, orders or other legal requirements,
including landmark designations and all zoning variance and special exceptions, if any, subject to
Seller’s obligation to cure certain Violations pursuant to Section 5(i);

     (g) all covenants, restrictions and utility company rights, easements and franchises relating
to electricity, water, steam, gas, telephone, sewer or other service or the right to use and
maintain poles, lines, wires, cables, pipes, boxes and other fixtures and facilities in, over,
under and upon the Premises, provided that, in the case of any of the foregoing items which shall
not be of record, the same do not materially adversely affect the present use of the Premises;

     (h) any installment not yet due and payable of assessments imposed after the Effective Date
and affecting the Premises or any portion thereof;

     (i) all Violations (as hereinafter defined) now or hereafter issued or noted, it being agreed,
however, that Seller shall cure, on or prior to the Closing, any Violations, now or hereafter noted
or issued (A) which have imposed, or shall at any time prior to the Closing impose, criminal
liability on the owner of the Premises or (B) which have imposed, or shall, at any time prior to
the Closing impose, pursuant the New York City Administrative Code, civil liability in the maximum
amount of $10,000 on the owner of the Premises;

     (j) consents by or for the benefit of Seller or any former owner of all or a portion of the
Premises for the erection of any structure or structures on, under or above any street or streets
on which the Premises may abut;

     (k) 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 Premises or any adjoining property;

     (l) all liens, encumbrances, and other defects or exceptions to title insurance coverage
caused by (i) Purchaser, (ii) any of Purchaser’s Representatives, or (iii) Seller or its
representatives at Purchaser’s, or any Purchaser’s Representative’s, request; and

     (m) the Condominium Documents (hereinafter defined).

6. TITLE INSURANCE; LIENS.

     (a) Purchaser may elect to order, at its sole cost and expense, a commitment for an owner’s
policy of title insurance for the Property (the “Commitment”), and if so, Purchaser shall
order the Commitment from Commonwealth Land Title Insurance Company (the “Title Company”),
and Purchaser may elect to obtain a current ALTA/ACSM as-built survey for the Property prepared by
licensed surveyors. Purchaser shall direct the Title Company and the surveyor, if applicable, to
deliver copies of the title insurance commitment, including copies of all title exceptions
described therein, and the survey for the Property, respectively, to Seller simultaneously with
delivery of the same to Purchaser. At the Closing, Purchaser may elect to obtain, at Purchaser’s
sole cost and expense, an owner’s title insurance policy for the Premises insuring Purchaser in the
amount of the Purchase Price (the “Title Policy”) and, if Purchaser

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makes such election,
Purchaser shall purchase the Title Policy from the Title Company. In addition, Purchaser may elect
to purchase customary endorsements to the Title Policy, provided, however, that the availability of
any endorsements shall not be a condition to Closing or a basis for delay or extension of the
Closing Date. Purchaser shall have no right to object to any Permitted Exceptions.

     (b) If the Commitment, any revision or update thereof or any update of the Existing Survey
discloses exceptions to title that were not known to Purchaser or caused by Purchaser or
Purchaser’s Representatives during the Due Diligence Period, and that are not Permitted
Encumbrances, that would cause title to the Property to be uninsurable or would render title
unmarketable or constitute a monetary lien or judgment on the Property, or encumbers the Property
adversely (each, a “Title Objection” and collectively, the “Title Objections”),
Purchaser shall so notify Seller (“Purchaser’s Objection Notice”) in writing (a) on or
before the tenth (10th) business day after receipt of same if received by Purchaser on
or before the tenth (10th) business day before the Closing Date, (b) on or before one
(1) business day prior to the Closing Date if received by Purchaser less than ten (10) business
days before the Closing Date (but prior to the Closing Date) or (c) on the Closing Date if
Purchaser becomes learns in writing of same on the Closing Date (each such date, the “Objection
Cut Off Date”), time being of the essence. In the event Purchaser timely shall so notify
Seller of any Title Objections, Seller shall have the right, but not the obligation, until the
Closing Date (and may adjourn the Closing Date for such reasonable periods) to have each such Title
Objection (i) insured over, (ii) removed, or (iii) corrected (each as selected by Seller, a
“Remedy”) (in the case of (i) or (iii), to the reasonable satisfaction of Purchaser, but
subject to Section 6(c) below); provided, however, that nothing herein shall require Seller
to (I) bring any action or proceeding to remove any Title Objection or (II) take any steps, or
incur any expense to remove any Title Objections (except that Seller shall be obligated to remove
(A) the mortgages or deeds of trust identified on the Commitment and created by Seller, Items 7,
14, 15 and 16 set forth on Schedule B to the Chicago Title Commitment, Items 1 and 2 set forth on
the Mortgages Schedule to the Chicago Title Commitment and any emergency repair liens recorded
against the Land, (B) those exceptions which are the result of Seller’s willful, wrongful and
intentional actions and any and all monetary liens voluntarily placed by Seller against the
Property after the date of the Chicago Title Commitment in violation of this Agreement, and (C) any
other Title Objection that is removable by the payment of money and would cost not more than One
Hundred Thousand Dollars and 00/100 ($100,000.00), in the aggregate, to remove, and except that
Seller agrees to use commercially reasonable efforts to cooperate with the Title Company to remove
as exceptions Items 4, 5, 6 and 8 set forth on Schedule B to the Chicago Title Commitment). Seller
agrees to notify Purchaser within six (6) business days of Seller’s receipt of Purchaser’s
Objection Notice
whether Seller elects to endeavor to Remedy all or any of the Title Objections raised in
Purchaser’s Objection Notice (other than those Title Objections Seller is obligated to remove
pursuant to this Section 6(b)). Failure of Seller to give such notice within such
six (6) business day period shall be deemed an election by Seller not to cure such objection(s).
If Seller at or prior to the Closing Date (as the same may be extended), either (x) does not elect
to Remedy a Title Objection, or (y) having elected to Remedy a Title Objection for any reason
whatsoever does not do so, the same shall not constitute a default by Seller hereunder, provided
that Purchaser may at its sole and exclusive option within six (6) business days after Seller fails
to elect to Remedy such a Title Objection or, with respect to any Title Objection that Seller fails
to Remedy after having elected to do so, on the Closing Date (as the same may be adjourned) either

18

 

(1) terminate this Agreement and receive a return of the Deposit (and Seller and Purchaser shall
jointly instruct Escrow Holder to promptly return the Deposit to Purchaser) and Seller shall have
no further liability or obligation to Purchaser hereunder nor shall Purchaser have any further
liability or obligation to Seller hereunder, except for such obligations as are specifically stated
in this Agreement to survive the termination of this Agreement, or (2) elect to accept title to the
Property as it then is without any reduction in, abatement of, or credit against the Purchase Price
and such exceptions shall be deemed Permitted Encumbrances; if Purchaser fails to timely make
either such election, Purchaser shall be deemed to have elected option (2). Notwithstanding
anything to the contrary contained herein, in no event shall the Seller have any liability to the
Purchaser on account of any title exceptions, defects or other title matters affecting the
Property.

     (c) Notwithstanding anything herein to the contrary, Seller shall be deemed to have removed or
corrected each Title Objection that is not a Permitted Encumbrance if, in Seller’s discretion and
at Seller’s sole cost and expense, Seller either (a) takes such actions as are necessary to
eliminate (of record or otherwise, as appropriate) such Title Objection, (b) causes the Title
Company to insure over or remove such exception that is not a Permitted Encumbrance as an exception
to title in the Title Policy or affirmatively insure against the same, or (c) delivers to the Title
Company (i) its own funds (or directs that a portion of the Purchase Price be delivered) in an
amount needed to fully discharge any such exception with instructions for the Title Company to
apply such funds to fully discharge any such exception, and (ii) if required by the Title Company,
such instruments, in recordable form, as are necessary to enable the Title Company to discharge
such exception of record. Purchaser shall have no right to direct the Title Company to apply any
portion of the Purchase Price to cure a Title Objection without Seller’s prior written approval.

     (d) Purchaser agrees to purchase the Premises “as is, where is” and with all faults and
defects, and Seller shall not be obligated to perform any capital work or other work or repairs
whatsoever, and subject to any and all notes or notices of violations of law, or municipal
ordinances, orders, designations or requirements whatsoever noted in or issued by any federal,
state, municipal or other governmental department, agency or bureau or any other governmental
authority having jurisdiction over the Premises (collectively, “Violations”), or any
condition or state of repair or disrepair or other matter or thing, whether or not noted, which, if
noted, would result in a Violation being placed on the Premises. Seller shall have no duty to
remove or comply with or repair any condition, matter or thing whether noted or not, which, if
noted, would result in a Violation being placed on the Premises. Seller shall have no duty to
remove or comply with or repair any of the aforementioned Violations, or other conditions, and
Purchaser shall accept the Premises subject to all such Violations, the existence of any conditions
at the
Premises which would give rise to such Violations, if any, and any governmental claims arising
from the existence of such Violations, in each case without any abatement of or credit against the
Purchase Price. The foregoing provisions of this Section 6(d) are subject to Seller’s
obligation to cure Violations pursuant to Section 5(i).

     (e) If the Title Company shall be unwilling to remove any Title Objections which another major
national title insurance company selected by Seller (either directly or through an agent) would be
willing to remove, then Seller shall have the right to substitute such major national title
insurance company for the Title Company, provided that if Purchaser elects not to use such major
national title insurance company, such Title Objections which such major

19

 

national title insurance
company would be willing to remove shall not constitute Title Objections and shall be deemed
Permitted Encumbrances.

7. APPORTIONMENTS.

     (a) The following shall, to the extent applicable to the Premises or otherwise required under
the Condominium Instruments (as hereinafter defined) to be paid by the owners of the Units, be
apportioned between Seller and Purchaser, as of 11:59 p.m. on the day (the “Apportionment
Date”) immediately preceding the Closing Date on the basis of the actual number of days of the
month which shall have elapsed as of the Closing Date and based upon the actual number of days in
the month and a 365 day year; and shall be borne by Seller before the Apportionment Date:

          (i) real estate taxes, sewer rents and taxes, water rates and charges, vault charges and
taxes, business improvement district taxes and assessments and any other governmental taxes,
charges or assessments levied or assessed against the Premises (collectively, “Property
Taxes”) (it being understood that “Property Taxes” shall not include any fines or
interest for late payment, Transfer Taxes or New York City Commercial Rent or Occupancy Taxes), on
the basis of the respective periods for which each is assessed or imposed, to be apportioned in
accordance with Section 7(b);

          (ii) fuel, if any, as estimated by Seller’s supplier, at current cost, together with any sales
taxes payable in connection therewith, if any (a letter from Seller’s fuel supplier shall be
conclusive evidence as to the quantity of fuel on hand and the current cost therefor);

          (iii) prepaid fees for licenses and other permits assigned to Purchaser at the Closing Date;

          (iv) any amounts prepaid or payable by the owner of all or a portion of the Property under the
Contracts;

          (v) wages and fringe benefits (including, without limitation, vacation pay, sick days, health,
welfare, pension and disability benefits) and other compensation payable to all Building Engineers;
and

          (vi) such other items, if any, as are customarily apportioned in real estate closings of
commercial properties in the City of New York, State of New York.

     (b) Property Taxes shall be apportioned on the basis of the fiscal period for which assessed.
If the Closing Date shall occur before an assessment is made or a tax rate is fixed for the tax
period in which the Closing Date occurs, the apportionment of such Property Taxes based thereon
shall be made at the Closing Date by applying the tax rate for the preceding year to the latest
assessed valuation, but, promptly after the assessment and/or tax rate for the current year are
fixed, the apportionment thereof shall be recalculated and Seller or Purchaser, as the case may be,
shall make an appropriate payment to the other within ten (10) business days based on such
recalculation. If as of the Closing Date the Premises or any portion thereof shall be affected by
any special or general assessments which are or may become payable in installments of which the
first installment is then a lien and has become payable, Seller shall pay the unpaid

20

 

installments
of such assessments which are due prior to the Closing Date and Purchaser shall pay the
installments which are due on or after the Closing Date.

     (c) If there are water meters at the Property, the unfixed water rates and charges and sewer
rents and taxes covered by meters, if any, shall be apportioned (i) on the basis of an actual
reading done within thirty (30) days prior to the Apportionment Date, or (ii) if such reading has
not been made, on the basis of the last available reading. If the apportionment is not based on an
actual current reading, then upon the taking of a subsequent actual reading, the parties shall,
within ten (10) business days following notice of the determination of such actual reading,
readjust such apportionment and Seller shall deliver to Purchaser or Purchaser shall deliver to
Seller, as the case may be, the amount determined to be due upon such readjustment.

     (d) Charges for all electricity, steam, gas and other utility services (collectively,
“Utilities”) shall be billed to Seller’s account up to the Apportionment Date and, from and
after the Apportionment Date, all Utilities serving the Premises shall be billed to Purchaser’s
account and all Utilities serving the Common Elements and limited Common Elements of the
Condominium and any other equipment or facilities shared by the owners of the Units shall be billed
to the Condominium Association (as hereinafter defined). If for any reason such changeover in
billing is not practicable as of the Closing Date as to any Utility, such Utility shall be
apportioned on the basis of actual current readings or, if such readings have not been made, on the
basis of the most recent bills that are available. If any apportionment is not based on an actual
current reading, then upon the taking of a subsequent actual reading, the parties shall, within ten
(10) business days following notice of the determination of such actual reading, readjust such
apportionment and Seller shall promptly deliver to Purchaser, or Purchaser shall promptly deliver
to Seller, as the case may be, the amount determined to be due upon such adjustment.

     (e) [Intentionally Omitted].

     (f) Purchaser shall have no right to receive any rental insurance proceeds, if any, which
relate to the period prior to the Closing Date and, if any such proceeds are delivered to
Purchaser, Purchaser shall, within six (6) business days following receipt thereof, pay the same to
Seller.

     (g) At or prior to the Closing, Seller and/or its agents or designees will prepare and furnish
to Purchaser a preliminary closing statement which will show the net cash balance of the Purchase
Price to be paid to Seller at the Closing pursuant to Section 4 (Purchase Price and
Deposit), reflecting the adjustments and prorations provided for in this Agreement. Not later than
ninety (90) days after the Closing Date, Seller and Purchaser will jointly prepare a final
adjustment statement reasonably satisfactory to Seller and Purchaser in form and substance (the
“Final Adjustment Statement”) setting forth the final determination of the adjustments and
prorations provided for herein and setting forth any items which are not capable of being
determined at such time (and the manner in which such items shall be determined and paid). The net
amount due Seller or Purchaser, if any, by reason of adjustments as shown in the Final Adjustment
Statement, shall be paid in cash by the party obligated therefor within ten (10) business days
following that party’s receipt of the approved Final Adjustment Statement. The adjustments,
prorations and determinations agreed to by Seller and Purchaser in the Final

21

 

Adjustment Statement
shall be conclusive and binding on the parties hereto except for any items which are not capable of
being determined at the time the Final Adjustment Statement is agreed to by Seller and Purchaser,
which items shall be determined and paid in the manner set forth in the Final Adjustment Statement
and except for other amounts payable hereunder pursuant to provisions which survive the Closing
Date. Prior to and following the Closing Date, each party shall provide the other with such
information as the other shall reasonably request (including, without limitation, access to the
books, records, files, ledgers, information and data with respect to the Premises during normal
business hours upon reasonable advance notice, but excluding Protected Information) in order to
make the preliminary and final adjustments and prorations provided for herein.

     (h) If any payment to be made under this Section 7 shall not be paid when due
hereunder, and such nonpayment shall continue for more than thirty (30) days after notice from the
other party, the same shall bear interest (which shall be paid together with the applicable payment
hereunder) from the date due until so paid at a rate per annum equal to the Prime Rate (as such
rate may vary from time to time) as reported in The Wall Street Journal plus 5% (the “Default
Rate”). To the extent a payment provision in this Section 7 does not specify a period
for payment, then for purposes hereof such payment shall be due within ten (10) business days of
the date such payment obligation is triggered.

     (i) The provisions of this Section 7 shall survive the Closing until the Survival Date
set forth in Section 41 (Survival) hereof.

8. PROPERTY NOT INCLUDED IN SALE.

     Notwithstanding anything to the contrary contained herein but subject to the apportionment
provisions of Section 7 (Apportionments), it is expressly agreed by the parties hereto that
the items set forth on Schedule 8 attached hereto shall not be included in the Property to
be sold to Purchaser hereunder (collectively, the “Excluded Property”).

9. COVENANTS OF SELLER.

     (a) During the period from the Effective Date until the Closing Date, Seller shall:

          (i) be permitted to enter into any agreements with respect to all or any portion of the
Property provided that such agreements expire by their terms on or prior to the Closing Date or, in
accordance with their terms, would not be effective following the Closing Date, or, in the case of
Contracts, be deemed in good faith to be necessary by Seller to respond to an emergency at the
Premises;

          (ii) [Intentionally Omitted];

          (iii) maintain in full force and effect full replacement cost insurance with respect to the
Property with no more than a $50,000 deductible amount per occurrence (or replacements continuing
similar coverage) (provided, that Seller may make commercially reasonable modifications to such
insurance policies if such modifications do not (A) materially reduce or adversely affect the
insurance coverage existing as of the Effective Date or (B) result in an increased premium
thereunder);

22

 

          (iv) pay all Property Taxes prior to the imposition of fines, penalties and interest for late
payment;

          (v) furnish Purchaser with a copy of any Contract or amendment or modification of any
Contract, in each case entered into by Seller pursuant to the provisions of Section 9(b),
within two (2) business days after same is executed and delivered by all parties thereto; and

          (vi) perform any actions, including preparing, filing and/or recording necessary documents
against the Land and the Building to establish a Condominium, subject to Section 10.

     (b) During the period from the Effective Date until the Closing Date, Seller shall not, to the
extent the same would be binding on or affect the Premises or any owner thereof after the Closing
Date, except as permitted under Section 9(a), without Purchaser’s prior approval, which
approval (except as otherwise provided in this Section 9(b)) shall not be unreasonably
withheld, conditioned or delayed:

          (i) enter into any new leases, licenses or occupancy agreements for any portion of the
Premises;

          (ii) amend or modify (other than non-material amendments or modifications, or amendments or
modifications that are non-binding after Closing) or renew any of the Contracts or enter into any
new Contracts;

          (iii) voluntarily subject the Premises to any additional liens, encumbrances or easements that
are not Permitted Encumbrances (it being understood that the recording, filing or
placing of a lien or encumbrance on the Premises by a third party shall not constitute a
voluntary act of Seller even if arising from an act or omission of Seller unless such act or
omission of Seller was taken (or omitted to be taken) in bad faith and with the principal purpose
of causing the Premises to become subject to the applicable lien or encumbrance); or

          (iv) Hire employees or undertake capital improvements (except in the case of an emergency).

     (c) Whenever in Section 9(b) Seller is required to obtain Purchaser’s approval with
respect to any transaction described therein, Purchaser shall, within ten (10) business days after
receipt of Seller’s request therefor, notify Seller of its approval or disapproval of same and,
provided Seller’s request states in bold text “PURCHASER’S FAILURE TO RESPOND TO THIS REQUEST
WITHIN TEN (10) BUSINESS DAYS AFTER RECEIPT THEREOF BY PURCHASER SHALL BE DEEMED TO BE PURCHASER’S
APPROVAL OF THE REQUEST”, if Purchaser fails to notify Seller of its disapproval within said
ten (10) business day period with the reasonable basis therefor, Purchaser shall be deemed to have
approved same.

     (d) Seller agrees that in the event that The City of New York Department of Transportation or
other applicable governmental authority legally and validly terminates that certain Revocable
Consent Agreement between The City of New York Department of Transportation and American
International Realty Corp. recorded as Instrument Number

23

 

2009070700073001001E11BA with the New York
City Department of Finance Office of the City Registrar as assigned by that certain Assignment
between American International Realty Corp. and Seller recorded as Instrument Number
2010022600130001001EEFDA, Seller (or the then-current owner of Unit 1) shall be responsible, at no
cost to Purchaser, to demolish the Bridge and repair the Building where such Bridge was connected
to the Building, all as shall be more particularly set forth in the Condominium Instruments.

10. CONDOMINIUM STRUCTURE

     (a) On, or at Seller’s election before, the Closing Date, and at Seller’s sole cost and
expense, Seller shall convert the Building into a commercial condominium form of ownership
comprised of Unit 1 and Unit 2. The Condominium Instruments (as hereinafter defined) creating the
Condominium shall be prepared by Seller’s counsel, subject to Purchaser’s reasonable approval, and
condominium plats and plans shall be prepared by engineers and architects selected by Seller, in
cooperation with Purchaser and Purchaser’s counsel, and shall be subject to Purchaser’s reasonable
approval. Seller and Purchaser shall endeavor to cause the Condominium to be created and the
Building to be renovated to the extent feasible such that each Unit can operate as a functionally
separate and distinct Unit, except for certain to be identified infrastructure that will serve both
Units, and such that each Unit’s occupants will have no access to the other Unit except as provided
in the Condominium Instruments. Seller agrees to deliver to Purchaser a copy of any Condominium
Instrument required to be submitted for filing, recordation and/or approval by the State of New
York’s Attorney General’s Office or other applicable governing authority no later than ten (10)
days before any such submission and shall reasonably cooperate with Purchaser to incorporate
Purchaser’s reasonable comments to any such documents. Whenever in this Section 10(a)
Seller is required to obtain Purchaser’s approval or seek Purchaser’s input, Purchaser shall,
within ten (10) days after receipt of Seller’s
request therefor, notify Seller of its approval or disapproval of same and provide any
required input and, provided Seller’s request states in bold text “PURCHASER’S FAILURE TO
RESPOND TO THIS REQUEST WITHIN TEN (10) DAYS AFTER RECEIPT THEREOF BY PURCHASER SHALL BE DEEMED TO
BE PURCHASER’S APPROVAL OF THE REQUEST WITHOUT PURCHASER’S INPUT”, if Purchaser fails to notify
Seller of its disapproval with the reasonable basis therefor or fails to provide any input within
said ten (10) day period, Purchaser shall be deemed to have approved same.

     (b) Seller and Purchaser each agree to be bound by the terms of the Condominium Instruments,
including, without limitation, paying condominium charges, maintenance payments, and observing all
of the rules and regulations of the unit owners’ association, condominium board of managers or
other governing body of the Condominium (the “Condominium Association”). As used herein,
the term “Condominium Instruments” shall include the declaration of condominium, bylaws,
intake forms, plats, plans, Attorney General’s submissions and approvals, and any other documents
promulgated in connection with the foregoing. Except as provided in this Agreement, the
Condominium Instruments shall contain customary and standard provisions for similar condominium
projects. Purchaser shall cooperate with Seller in reviewing and approving the Condominium
Instruments, including, without limitation, negotiating the terms and provisions of the Condominium
Instruments diligently and in good faith. The ultimate arbiter of whether the Condominium
Instruments are fair, reasonable and customary shall be an attorney or engineer approved by Seller
and Purchaser,

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each party agreeing to act reasonable in its approval of such attorney or engineer;
provided, that such attorney or engineer shall have at least ten (10) years of experience in
creating condominium regimes in New York City and/or in resolving disputes arising under
declarations of condominium and condominium bylaws in New York City and that neither such attorney
or engineer, nor such attorney’s or engineer’s firm, shall have represented or worked for either
party within the last five years in any matter, whether related or unrelated. The cost to retain
any such attorney or engineer shall be shared equally by Seller and Purchaser. Notwithstanding the
foregoing, the Condominium Instruments shall provide for the following: (i) that, notwithstanding
the allocation of percentage interests in the Common Elements based on the Units’ square footage or
other measure, the Unit 1 owner shall, at all times, have twenty-six and seven tenths percent
(26.7%) of the votes in the Condominium Association, provided, however, that Exhibit J
attached hereto contains a list of decisions that cannot be taken by the Unit Owners, the
Condominium Association or the Board of Directors of the Condominium Association, as applicable,
without the consent of the owner of Unit 1, (ii) that Seller shall have the ability to construct
its planned open space/plaza improvements and other improvements to portions of Unit 1, including
the use of up to a maximum of twenty-six and seven tenths percent (26.7%) of the development rights
to the extent necessary, in connection with the development of Unit 1 for a mix of retail, cultural
and/or educational uses as well as basement parking below the footprint of Unit 1 solely for the
benefit of Unit 1 and its invitees, and an elevator providing access from Unit 1 to the Bridge, and
to enter into leases with tenants of its choosing in connection therewith, all subject to
Section 11(c) and without the consent of the Purchaser (or subsequent owner of Unit 2) or
the Condominium Association; provided that, any such construction or renovations to Unit 1
(including the initial improvements and any subsequent tenant improvements in connection with the
leasing activities at Unit 1) shall not affect the Common Elements to the extent that any building
or construction permits are required to commence such construction or renovations (in which case
the Condominium Association’s
consent would be required in accordance with Section 10(f)) except for any
construction or renovations that affect the exterior façade or walls, interior walls or ceilings
included within the Common Elements, which construction or renovations may be undertaken without
the consent of Seller (or any subsequent owner of Unit 2) but with advance written notice thereof,
in which event Purchaser (or subsequent owner of Unit 2) shall, at no out of pocket expense to
Purchaser (or subsequent owner of Unit 2), execute and deliver any applications requested by Seller
(or subsequent owner of Unit 1) necessary for any building or construction permits or other
approvals or authorizations necessary for such construction or renovation; (iii) that, subject to
Section 11(c), Purchaser shall have the ability to construct improvements within Unit 2,
which may include parking facilities; provided that any such construction to Unit 2 shall not
affect the Common Elements to the extent that any building or construction permits are required to
commence such construction or renovations (in which case the Condominium Association’s reasonable
consent would be required); (iv) procedures regarding the reasonable cooperation and coordination
of any such construction by the respective Unit owners; (v) Seller to be allocated twenty-six and
seven tenths percent (26.7%), and Purchaser to be allocated seventy-three and three tenths percent
(73.3%), of the cost of maintenance of the Condominium Common Elements; (vi) a mutual right of
first refusal for the owner of each Unit to buy the other owner’s Unit in the event such other
owner elects in its sole discretion to sell its Unit; (vii) that the subdivision of each Unit will
be permitted, provided, that owners of a subdivided Unit will only be eligible to vote for the
Board members allocated to such Unit; (viii) Seller shall have the right

25

 

to use twenty-six and
seven tenths percent (26.7%) of the roof of the Building and to access the roof of the Building for
purposes of inspecting, maintaining and repairing certain building system components and equipment
currently located or to be located on the roof, such components and equipment to become either
Common Elements or limited Common Elements benefitting Unit 1 as shall be set forth in more detail
in the Condominium Instruments, provided, that the installation of any additional equipment for the
benefit of Unit 1 and any access to the roof for such installation or for any inspections, repairs
or maintenance of any building system components or equipment benefitting Unit 1 (except in the
event of an emergency) shall be subject to the approval of the Condominium Association, such
determination to be made in good faith and such approval not to be unreasonably withheld,
conditioned or delayed; (ix) Purchaser shall have the right to access the basement of the Building
for purposes of inspecting, maintaining and repairing certain building system components currently
located in the basement, such components to become Common Elements or limited Common Elements
benefitting Unit 2 as shall be set forth in more detail in the Condominium Instruments; (x) in the
event Purchaser elects to construct additional floors on top of the Building, Purchaser shall have
the right to relocate, at Purchaser’s sole cost and expense, the roof equipment owned or
benefitting Unit 1 to the new roof constructed by Purchaser, provided that Purchaser shall act
reasonably with respect to avoiding the interruption of the services provided to Unit 1 by the
equipment to be relocated and (xi) such other provisions set forth on Exhibit J hereto.
Disputes arising under the Condominium Instruments that cannot be resolved by mediation shall be
resolved by arbitration.

     (c) For purposes of this Agreement “Common Elements” shall mean and include the
following: (i) the Land; (ii) the foundations, columns, girders, beams, supports, main walls, roofs
(except to extent Seller and Purchaser agree that Purchaser shall have sole and exclusive use of
any portion of any roof), halls, corridors, lobbies, stairs, stairways, fire escapes and entrances
and exits of the Building; (iii) the basements, cellars, yards, gardens, recreational or community
facilities, parking areas and storage spaces; (iv) the premises for the lodging or use of janitors
and other persons employed for the operation of the property; (v) central and appurtenant
installations for services such as power, light, gas, hot and cold water, heating, refrigeration,
air conditioning and incinerating; (vi) the elevators, escalators, tanks, pumps, motors, fans,
compressors, ducts and in general all apparatus and installations existing for common use; (vii)
such facilities as may be designated as common elements in the Condominium Instruments; and (viii)
all other parts of the Land or Building necessary or convenient to its existence, maintenance and
safety, or normally in common use. Further, the parties agree that the Condominium Instruments
will also identify those limited Common Elements that are intended to be restricted to the use of
the owner of one of the Units, but not both, such as certain stairwells, balconies, reserved
parking spaces and any elevator within such owner’s Unit.

     (d) Each of Purchaser and Seller acknowledge that the creation of the Condominium will be
subject to approval of applicable governmental authorities. Establishment of the Condominium,
acceptance of the Condominium plan by the applicable governmental authorities and the recordation
of the declaration of condominium shall be conditions precedent to both Purchaser’s and Seller’s
obligation to close hereunder, but Seller’s failure or inability to do so shall not constitute a
default by Seller under this Agreement. The parties agree that the recordation of the declaration
of condominium may occur concurrently with the Closing hereunder in satisfaction of this
Section 10(d) unless the practice in New York City is that such

26

 

declaration shall be
recorded prior to the Closing, in which event this Section 10(d) shall be satisfied by
compliance with such practice.

     (e) Only Seller shall bear and pay the costs and expenses incurred in creating and recording
the Condominium Instruments, including, without limitation, the fees of the counsel, architects and
engineers selected by Seller to prepare the Condominium Instruments and underlying plats and plans,
but excluding, however, the fees of Purchaser’s counsel incurred in reviewing and negotiating the
Condominium Instruments and underlying plats and plans, which fees shall solely be the obligation
of Purchaser.

     (f) Whenever Seller (or a subsequent owner of Unit 1) is required to obtain the approval of
the Condominium Association pursuant to clause (ii) of Section 10(a), the Condominium
Association shall, within eight (8) business days after receipt of Seller’s (or a subsequent owner
of Unit 1’s) request therefor, notify Seller (or such subsequent owner of Unit 1) of its approval
or disapproval of same and provide any required input and, provided Seller’s (or such subsequent
owner of Unit 1’s) request states in bold text “CONDOMINIUM ASSOCIATION’S FAILURE TO RESPOND TO
THIS REQUEST WITHIN EIGHT (8) BUSINESS DAYS AFTER RECEIPT THEREOF BY THE CONDOMINIUM ASSOCIATION
SHALL BE DEEMED TO BE THE CONDOMINIUM ASSOCIATION’S APPROVAL OF THE REQUEST WITHOUT THE CONDOMINIUM
ASSOCIATION’S INPUT”, if the Condominium Association fails to provide notice of its disapproval
with the reasonable basis therefor or fails to provide any input within said eight (8) business day
period, the Condominium Association shall be deemed to have approved same. If the Condominium
Association is deemed to have approved such request, Seller (or the subsequent Unit 1 owner) shall
have the right to execute any applications for building or construction permits or other approvals
or authorizations necessary for such construction or renovation on behalf of the Condominium
Association as its attorney-in-fact.

11. ASSIGNMENTS BY SELLER; EMPLOYEES.

     (a) Assignment. On the Closing Date as set forth in Section 21 (Deliveries to
Be Made on the Closing Date), Seller agrees to assign to the Condominium Association, pursuant to
the instruments referenced in the applicable clauses of Section 21 (Deliveries to Be Made
on the Closing Date), without recourse, representation or warranty (except as expressly set forth
in this Agreement), all of Seller’s right, title and interest in, and the Condominium Association
will assume Seller’s obligations accruing on and after the Closing Date under, the following
documents and other items:

          (i) to the extent transferable, the service, maintenance, supply and other agreements relating
to the operation of any Common Elements or limited Common Elements created as part of the
Condominium or other equipment or facilities shared by the owners of the Units, together with all
modifications and amendments thereof and supplements relating thereto (collectively,
“Contracts”) which are then in effect and not terminated as of the Closing Date; and

          (ii) the transferable Permits and other transferable Intangible Personalty, if any, relating
exclusively to the Common Elements or limited Common Elements created as part

27

 

of the Condominium or
to other equipment or facilities shared by the owners of the Units (all as shall be set forth and
identified in the Condominium Instruments).

     (b) Employees; Union Contracts.

          (i) On the Closing Date as set forth in Section 21 (Deliveries to Be Made on the
Closing Date), Seller agrees to assign to the Condominium Association, without recourse,
representation or warranty, all of Seller’s right, title and interest in, and the Condominium
Association shall assume Seller’s obligations accruing on and after the Closing Date under (or
cause a third party service contractor to assume), the Union Contract (as defined below) with
respect to the Employees listed on Schedule 14(a)(vi) (and any replacements thereof) who
are shown on such Schedules as being employed by CB Richard Ellis (the “Building
Engineers”) and offer employment (or cause a third party service contractor to offer
employment) to the Building Engineers as of the Closing Date on substantially the same terms and
conditions as the Building Engineers were employed immediately prior to the Closing Date. On the
Closing Date, Seller and the Condominium Association shall enter into an Assignment and Assumption
of Union Contract in the form attached hereto as Exhibit D. As used herein, “Union
Contract” shall mean that certain 2008 Commercial Building Agreement between Local 32BJ Service
Employees International Union and The Realty Advisory Board On Labor Relations, Inc., effective
January 1, 2008. Prior to Closing, Seller shall comply with its obligations as a predecessor
employer under the Displaced Building Service Workers Protection Act (§22-505 of the Administrative
Code of New York) (the “DBSWPA”) and provide Purchaser with the disclosure required under
the Act. Notwithstanding the foregoing, if Purchaser does not want the Condominium Association to
assume the Union Contract, Purchaser may make such election so long as it is responsible for and
assumes all liabilities whatsoever with respect to those obligations set forth in Section
11(b)(ii) below.

          (ii) The Condominium Association shall be solely responsible for, and shall assume (or
Purchaser, if Purchaser elects that the Condominium Association not assume the Union Contract,
hereby assumes) all liabilities whatsoever with respect to, any and all (A) salaries payable to any
Building Engineer for the period from and after the Closing Date, (B) all benefits and relevant
plan contributions attributable to the period from and after the Closing payable to or in respect
of any Building Engineer, (C) benefit continuation, severance and/or termination payments relating
to any Building Engineer that may be payable as a result of Condominium Association not assuming
(or causing a third party service contractor to assume) the Union Contract as of the Closing Date
or not employing (or causing a third party service contractor to employ) any Building Engineer as
of the Closing Date on substantially the same terms and conditions as such Building Engineer was
employed immediately prior to the Closing Date or the termination of employment of any Building
Engineer on or after the Closing Date, and (D) notices, payments, fines or assessments due,
assessed or imposed pursuant to any federal, state or local laws, rules or regulations with respect
to (x) the employment, discharge or layoff of any Building Engineer from and after the Closing Date
or (y) the failure by Condominium Association to assume (or cause a third party service contractor
to assume) the Union Contract or to offer employment (or cause a third party service contractor to
offer employment) to any Building Engineer on substantially the same terms and conditions as such
Building Engineer was employed immediately prior to the Closing Date, including, but not limited
to, such liability as arises under the Worker Adjustment and Retraining Notification Act

28

 

(both federal and New York State),
Section 4980B of the Code (COBRA) and any rules or regulations as have
been issued in connection with any of the foregoing. Both Seller and Purchaser agree to comply
with the DBSWPA and to cause the Condominium Association to comply with the provisions of the
DBSWPA with respect to transfer of ownership or control of the Building. The Condominium
Association shall agree (or Purchaser, if it elects that the Condominium Association not assume the
Union Contract, hereby agrees) to indemnify and defend Seller and the other Seller Parties against,
and agrees to hold them harmless from any and all claims, losses, damages and expenses (including,
without limitation, reasonable attorneys’ fees and expenses) and other liabilities and obligations
(including, without limitation, all withdrawal liability), incurred, suffered, imposed or assessed
as a result of any claim by any Building Engineer (or other representative thereof, including,
without limitation, any union that represents or claims to represent Building Engineers or any fund
trustee) that arises under federal, state or local statute (including, without limitation, Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in
Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with
Disabilities Act of 1990, ERISA (as hereinafter defined), the Multi Employer Pension Plan
Amendments Act of 1980, the Displaced Building Service Workers Protection Act of the City of New
York, and all other statutes regulating the terms and conditions of employment), under any
regulation or ordinance, under the common law or in equity (including any claims for wrongful
discharge or otherwise) (collectively, the “Labor Laws”), or under any policy, agreement
(including, without limitation, the Union Contracts), understanding or promise, written or oral,
formal or informal, if and to the extent such claim arises from or as a result of (x) the sale of
the Premises contemplated under this Agreement, and (y) either (I) the failure by the Condominium
Association to assume (or cause a third party service contractor to assume) the Union Contract or
(II) the failure by the Condominium Association to offer employment (or cause a third party service
contractor to offer
employment) to or employ any Building Engineer on substantially the same terms and conditions
as such Building Engineer was employed immediately prior to the Closing Date.

          (iii) The provisions of this Section 11(b) shall survive the Closing until the
Survival Date set forth in Section 41 (Survival) hereof.

     (c) Development Rights. Following the Closing Date, Seller agrees to cooperate with
Purchaser to make available to Purchaser, without recourse, representation or warranty (except as
expressly set forth in this Agreement), all of Seller’s right to implement and utilize any
development rights appurtenant to the Land; provided, however, that the Condominium Instruments
shall provide that (i) Seller (or a subsequent Unit 1 owner) shall have the right to develop or
redevelop Unit 1 utilizing up to a maximum amount of twenty-six and seven tenths percent (26.7%) of
the development rights appurtenant to the Building and Land without Purchaser’s (or such subsequent
Unit 2 owner’s) approval or consent, subject to clause (ii) of Section 10(b), provided that
Seller (or subsequent Unit 1 owner) has commenced the planning and design of, and received approval
from the applicable governmental authorities for, such development or redevelopment work by the
date which is six years following the Closing Date (the “Unit 1 Development Date”), (ii) so
long as Seller (or a subsequent Unit 1 owner) has commenced the planning and design of, and
received approval from the applicable governmental authorities for, such development or
redevelopment work prior to the Unit 1 Development Date, Purchaser (and any subsequent owner of
Unit 2) may not use or transfer Unit 1’s twenty-six and seven tenths percent (26.7%) of the
development rights in a manner that may restrict Seller’s
(or

29

 

a future Unit 1 owner’s) ability to
develop or redevelop Unit 1 as described in Section 10(b) and that (iii) in the event
Purchaser (or any future owner of Unit 2) sells or otherwise transfers any such development rights
prior to the Unit 1 Development Date, including without limitation any air rights, the then-current
owner of Unit 1 shall be entitled to receive a twenty-six and seven tenths percent (26.7%) share in
the sales proceeds as shall be set forth in the Condominium Instruments. The provisions of this
Section 11(c) shall survive the Closing until the Survival Date set forth in Section
41 (Survival) hereof.

12. CONDITIONS TO CLOSING.

     (a) Conditions to Obligations of Seller. The obligation of Seller to effect the
Closing shall be subject to the fulfillment (or written waiver by Seller) at or prior to the
Closing Date of the following conditions:

          (i) Representations and Warranties. The representations and warranties of Purchaser
contained in this Agreement shall be true and correct in all material respects as of the Closing
Date, as though made at and as of the Closing Date, except to the extent a Representation expressly
states that it is made as of a specified date, in which case such Representation shall be deemed
remade on the Closing Date as if made on and as of such specified date. Notwithstanding the
foregoing, Seller shall have no right to terminate this Agreement if any Representation made by
Purchaser on the Effective Date or to be restated as of the Closing or other date shall not be true
and correct in all material respects and (A) such inaccuracy is due to any condition or matter is
not within Purchaser’s control, or (B) such inaccuracy is due to any action taken, or any omission,
by or on behalf of Purchaser in accordance with or permitted by the provisions of this Agreement,
or (C) any such
Representation was known by Seller or its agents as of the last day of the Due Diligence
Period to be false or incorrect in any material respect; provided, that, if there are any other
modifications or qualifications of those Representations not described in the preceding clauses
(A), (B) and (C) of this Section 12(a)(i) that may be necessary to make such
Representations true and correct (any such other modification or qualification, a “Purchaser
Qualification”) in all material respects as remade on and as of the Closing (or, in the case of
a Representation that by its terms is made as of a specified date or the Effective Date, as of such
date), Seller shall have no right, remedy or claim against Purchaser, unless (w) in the case of
Purchaser Qualifications resulting from circumstances that can be cured by the payment of money,
the aggregate cost of correcting all such circumstances, exceeds the Minimum Amount or (x) in the
case of Purchaser Qualifications resulting from circumstances that cannot readily be corrected with
the payment of money, such circumstances are not corrected within six (6) business days, it being
agreed that any uncured circumstances that, when taken together with all prior such costs
identified by Seller, in the aggregate, do not exceed the Minimum Amount shall be deemed
immaterial, shall not be a Purchaser Qualification and Seller shall have no remedy therefor.

          (ii) Performance of Obligations. Purchaser shall have paid the Purchase Price in
full, executed, acknowledged (if applicable) and/or delivered all documents required to be
executed, acknowledged (if applicable) and/or delivered by Purchaser hereunder on the Closing Date;
and in all material respects performed all other material obligations required to be performed by
it under this Agreement on or prior to the Closing Date.

30

 

          (iii) Condominium. The Condominium shall have been created in accordance with the
terms of Section 10 above, including without limitation, acceptance for filing by the State
of New York’s Attorney General and any other applicable governmental authority, including the New
York City Department of Buildings’ issuance of a new certificate of occupancy for each of the
Units, such the whole building except Unit 1 and the Common Elements and any limited Common
Elements may be lawfully conveyed to Purchaser in fee simple, and the recordation of the
declaration of condominium. Seller agrees that the recordation of the declaration of condominium
may occur concurrently with the Closing hereunder in satisfaction of this Section
12(a)(iii) unless the practice in New York City is that such declaration shall be recorded
prior to the Closing, in which event this Section 12(a)(iii) shall be satisfied by
compliance with such practice.

     (b) Conditions to Obligations of Purchaser. The obligations of Purchaser to effect
the Closing shall be subject to the fulfillment (or written waiver by Purchaser) at or prior to the
Closing Date of the following conditions:

          (i) Representations and Warranties. The Representations of Seller contained in
Section 14(a) shall be true and correct in all material respects as of the Closing Date, as
though made at and as of the Closing Date, except to the extent a Representation expressly states
that it is made as of a specified date, in which case such Representation shall be deemed remade on
the Closing Date as if made on and as of such specified date. Notwithstanding the foregoing,
Purchaser shall have no right to terminate this Agreement and there shall be no reduction in the
Purchase Price if any Representation made by Seller on the Effective Date or to be restated as of
the Closing or other date shall not be true and correct in all material respects and (A) such
inaccuracy is due to any condition or matter is not within Seller’s control, or (B) such inaccuracy
is due to any action taken, or any omission, by or on behalf of Seller in accordance with or
permitted by the provisions of this Agreement, or (C) any such Representation was known by
Purchaser or its agents as of the last day of the Due Diligence Period to be false or incorrect in
any material respect; provided, that, if there are any other modifications or qualifications of
those Representations not described in the preceding clauses (A), (B) and (C) of this Section
12(b)(i) that may be necessary to make such Representations true and correct (any such other
modification or qualification, a “Seller Qualification”) in all material respects as remade
on and as of the Closing (or, in the case of a Representation that by its terms is made as of a
specified date or the Effective Date, as of such date), Purchaser shall have no right, remedy or
claim against Seller, unless the sum of (w) in the case of Seller Qualifications resulting from
circumstances that can be cured by the payment of money, the aggregate cost of correcting all such
circumstances, plus (x) in the case of Seller Qualifications resulting from circumstances that
cannot readily be corrected with the payment of money, the aggregate diminution in the value of the
Property, exceeds the Minimum Amount, it being agreed that any uncured circumstances involving net
costs and/or impairments to value that, when taken together with all prior such costs and
impairments to value identified by Seller (after giving credit for any credits or cash payments
made by Seller to offset the effect of those costs and impairments to value), in the aggregate, do
not exceed the Minimum Amount shall be deemed immaterial, shall not be a Seller Qualification and
Purchaser shall have no remedy therefor.

          (ii) Performance of Obligations. Seller shall have executed, acknowledged (if
applicable) and/or delivered all documents required to be executed, acknowledged (if applicable)

31

 

and/or delivered by Seller hereunder on the Closing Date and Seller shall in all material respects
performed all other material obligations required to be performed by Seller under this Agreement on
or prior to the Closing Date.

          (iii) Condominium. The Condominium shall have been created in accordance with the
terms of Section 10 above, including without limitation, acceptance for filing by the State
of New York’s Attorney General and any other applicable governmental authority, including the New
York City Department of Buildings’ issuance of a new certificate of occupancy for each of the
Units, such that Unit 2 may be lawfully conveyed to Purchaser in fee simple, subject only to the
Permitted Encumbrances, and the recordation of the declaration of condominium. Purchaser agrees
that the recordation of the declaration of condominium may occur concurrently with the Closing
hereunder in satisfaction of this Section 12(b)(iii) unless the practice in New York City
is that such declaration shall be recorded prior to the Closing, in which event this Section
12(b)(iii) shall be satisfied by compliance with such practice.

     (c) Failure of Condition. If the conditions set forth in Section 12(a)
(Conditions to Obligations of Seller), including without limitation the condition set forth in
Section 12(a)(ii), or the conditions set forth in Section 12(b) (Conditions to
Obligations of Purchaser) are not satisfied or waived on or before the Closing Date by the party
entitled to waive such condition, either party may, provided that such party is not then in default
under this Agreement, extend the Closing Date for a period not to exceed thirty (30) days to allow
such conditions set forth in Sections 12(a) (Conditions to Obligations of Seller) and
12(b) (Conditions to Obligations of Purchaser) to be satisfied, it being agreed that the
inability of either party to satisfy a condition to Closing prior to the initial Closing Date shall
not be considered a default by the party failing to satisfy such condition unless such inability
results from the breach of such party’s express
obligations hereunder. If the conditions set forth in Section 12(a) (Conditions to
Obligations of Seller) are not satisfied by the expiration of such 30-day period or if neither
party elects such an extension, either party may terminate this Agreement by written notice to the
other, and Seller shall, subject to Section 24(a) and Section 24(b), be entitled to
the Deposit and/or to pursue its remedies set forth in Section 24(a) (Purchaser Defaults)
hereof. If the conditions set forth in Section 12(b) (Conditions to Obligations of
Purchaser) are not satisfied by the expiration of such 30-day period or if either party does not
elect such extension, either party may terminate this Agreement by written notice to the other, and
Purchaser shall, subject to Section 24(a), be entitled to receive a return of the Deposit.
Notwithstanding the foregoing, if the unsatisfied closing condition is the failure to establish the
Condominium because of governmental delay or because the parties are continuing in good faith to
negotiate the Condominium Instruments, Seller and Purchaser shall each have the option to elect to
extend the Closing Date, from time to time until such date that is five (5) business days following
the receipt by both parties of notice that all governmental approvals for the creation of the
Condominium have been received, provided, however, in no event shall the Closing Date be extended
beyond April 30, 2011 (the “Outside Closing Date”), in which event either party may
terminate this Agreement and preserve its right to receive the Deposit and/or pursue its other
remedies as set forth in the preceding two sentences.

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13. CONDITION OF THE PROPERTY, INDEMNITIES

     (a) PURCHASER HEREBY ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
NEITHER SELLER NOR ANY OTHER SELLER PARTY, NOR ANY OTHER PERSON ACTING ON BEHALF OF SELLER, NOR ANY
PERSON OR ENTITY WHICH PREPARED OR PROVIDED ANY OF THE MATERIALS REVIEWED BY PURCHASER IN
CONDUCTING ITS DUE DILIGENCE, NOR ANY SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING PARTIES, HAS MADE
OR SHALL BE DEEMED TO HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER
EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE (INCLUDING WITHOUT LIMITATION WARRANTIES OF
HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT TO THE PROPERTY,
THE PERMITTED USE OF THE PROPERTY OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE
THERETO OR THE COMPLIANCE BY THE PROPERTY THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR
ASSOCIATED WITH THE PROPERTY, OR OTHERWISE RELATING TO THE PROPERTY OR THE TRANSACTIONS
CONTEMPLATED HEREIN. PURCHASER FURTHER ACKNOWLEDGES THAT, EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES OF SELLER EXPRESSLY SET FORTH IN SECTION 14(a), ALL MATERIALS WHICH HAVE BEEN
PROVIDED BY ANY OF THE SELLER PARTIES HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION,
EXPRESSED OR IMPLIED AS TO THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR
COMPLETENESS AND PURCHASER SHALL NOT HAVE ANY RECOURSE AGAINST SELLER OR ANY OF THE OTHER SELLER
PARTIES IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS THEREFROM. PURCHASER IS ACQUIRING THE
PROPERTY BASED SOLELY ON ITS OWN INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY AND NOT
IN RELIANCE ON ANY INFORMATION
PROVIDED BY SELLER, OR ANY OF THE OTHER SELLER PARTIES, EXCEPT FOR THE REPRESENTATIONS
EXPRESSLY SET FORTH HEREIN. PURCHASER EXPRESSLY DISCLAIMS ANY INTENT TO RELY ON ANY SUCH MATERIALS
PROVIDED TO IT BY SELLER IN CONNECTION WITH ITS DUE DILIGENCE AND AGREES THAT IT SHALL RELY SOLELY
ON ITS OWN INDEPENDENTLY DEVELOPED OR VERIFIED INFORMATION.

     (b) PURCHASER ACKNOWLEDGES AND AGREES THAT, SUBJECT TO, AND EXCEPT AS EXPRESSLY SET FORTH IN,
THIS AGREEMENT, IT IS PURCHASING THE PROPERTY IN ITS “AS IS” CONDITION AS OF THE EFFECTIVE
DATE AND “WITH ALL FAULTS AND DEFECTS” AS OF SUCH DATE, BASED UPON THE CONDITION (PHYSICAL
OR OTHERWISE) OF THE PROPERTY AS OF THE DATE OF THIS AGREEMENT, SUBJECT TO REASONABLE USE, WEAR AND
TEAR AND NATURAL DETERIORATION BETWEEN THE EFFECTIVE DATE AND THE CLOSING AND, ALSO SUBJECT TO THE
PROVISIONS OF SECTIONS 16 AND 17 OF THIS AGREEMENT, LOSS BY CONDEMNATION OR FIRE OR
OTHER CASUALTY. PURCHASER ACKNOWLEDGES AND AGREES THAT ITS OBLIGATIONS UNDER THIS AGREEMENT SHALL
NOT BE SUBJECT TO ANY FINANCING CONTINGENCY OR OTHER CONTINGENCY OR SATISFACTION OF CONDITIONS
EXCEPT AS

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OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT AND PURCHASER SHALL HAVE NO RIGHT TO
TERMINATE THIS AGREEMENT OR RECEIVE A RETURN OF THE DEPOSIT EXCEPT AS EXPRESSLY PROVIDED FOR IN
THIS AGREEMENT.

     (c) Notwithstanding anything to the contrary set forth in this Agreement, Seller makes no
warranty with respect to the presence of Hazardous Materials (as hereinafter defined) on, above or
beneath the Premises (or any parcel in proximity thereto) or in any water on or under the Premises.
Purchaser’s closing hereunder shall be deemed to constitute an express waiver of Purchaser’s right
to cause Seller to be joined in any action brought under any Environmental Laws (as hereinafter
defined). The term “Hazardous Materials” means (i) those substances included within the
definitions of any one or more of the terms “hazardous materials,” “hazardous
wastes,” “hazardous substances,” “industrial wastes,” and “toxic
pollutants,” as such terms are defined under the Environmental Laws, or any of them, (ii)
petroleum and petroleum products, including, without limitation, crude oil and any fractions
thereof, (iii) natural gas, synthetic gas and any mixtures thereof, (iv) 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”), (v) polychlorinated biphenyl (“PCBs”) or PCB-containing
materials or fluids, (vi) radon, (vii) any other hazardous or radioactive substance, material,
pollutant, contaminant or waste, and (viii) any other substance with respect to which any
Environmental Law or governmental authority requires environmental investigation, monitoring or
remediation. The term “Environmental Laws” means all federal, state and local laws,
statutes, ordinances and regulations, now or hereafter in effect, in each case as amended or
supplemented from time to time, including, without limitation, all applicable judicial or
administrative orders, applicable consent decrees and binding judgments relating to the regulation
and protection of human health, safety, the environment and natural resources (including, without
limitation, ambient air, surface, water, groundwater, wetlands, land surface or subsurface strata,
wildlife, aquatic species and
vegetation), including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (42 U.S.C. §§ 9601 et seq), the Hazardous
Material Transportation Act, as amended (49 U.S.C. §§ 1801 et seq), the Federal Insecticide,
Fungicide, and Rodenticide Act, as amended (7 U.S.C. §§ 136 et seq), the Resource Conservation and
Recovery Act, as amended (42 U.S. §§ 6901 et seq), the Toxic Substance Control Act,
as amended (15 U.S.C. §§ 2601 et seq), the Clean Air Act, as amended (42 U.S.C. §§ 7401 et
seq), the Federal Water Pollution Control Act, as amended (33 U.S.C. §§ 1251 et
seq), the Occupational Safety and Health Act, as amended (29 U.S.C. §§ 651 et seq), the Safe
Drinking Water Act, as amended (42 U.S.C. §§ 300f et seq), Environmental Protection Agency
regulations pertaining to Asbestos (including, without limitation, 40 C.F.R. Part 61, Subpart M,
the United States Environmental Protection Agency Guidelines on Mold Remediation in Schools and
Commercial Buildings, the United States Occupational Safety and Health Administration regulations
pertaining to Asbestos including, without limitation, 29 C.F.R. Sections 1910.1001 and 1926.58),
applicable New York State and New York City statutes and the rules and regulations promulgated
pursuant thereto regulating the storage, use and disposal of Hazardous Materials, the New York City
Department of Health Guidelines on Assessment and Remediation of Fungi in Indoor Environments and
any state or local counterpart or equivalent of any of the foregoing, and any related federal,
state or local transfer of ownership notification or approval statutes. Except with respect to any
claims arising out of any breach of covenants,

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representations or warranties set forth in
Section 14(a) or the fraudulent acts of Seller or any other Seller Party, Purchaser, for
itself and its agents, affiliates, successors and assigns, hereby releases and forever discharges
Seller and the other Seller Parties from, and covenants not to sue or include in any suit Seller or
the other Seller Parties with respect to, any and all rights, claims and demands at law or in
equity, whether known or unknown at the time of this Agreement, which Purchaser has or may have in
the future, arising out of the physical, environmental, economic or legal condition of the
Property, including, without limitation, any claim for indemnification or contribution arising
under any Environmental Law.

     (d) In addition to Purchaser’s indemnification obligations elsewhere in this Agreement,
Purchaser hereby agrees to indemnify Seller and the other Seller Parties against, and to hold
Seller and the other Seller Parties harmless from and against all claims, demands, causes of
action, losses, damages, debts, liabilities, costs and expenses (including, without limitation,
reasonable attorneys’ fees and disbursements) incurred by Seller and the other Seller Parties in
connection with or arising out of (i) claims made on or after the Closing Date with respect to the
Property by third parties relating to the ownership, maintenance, environmental condition or
operation of the Property and attributable to events occurring during Purchaser’s ownership of the
Property; or (ii) any representation or warranty made by Purchaser in this Agreement being false or
misleading in any material respect of which false or misleading nature Seller had no knowledge as
of the Closing. Notwithstanding anything to the contrary contained in this Agreement, Purchaser’s
indemnity obligations under this Agreement shall not cover punitive or consequential damages other
than punitive damages or consequential damages of any third party for which Seller or any Seller
Party is held responsible.

     (e) Seller hereby agrees to indemnify Purchaser and the other Purchaser Parties against, and
to hold Purchaser and the other Purchaser Parties harmless from and against all claims, demands,
causes of action, losses, damages, debts, liabilities, costs and expenses (including, without
limitation, reasonable attorneys’ fees and disbursements) incurred by
Purchaser and the other Purchaser Parties in connection with or arising out of claims made
prior to the Closing Date with respect to the Property by third parties relating to the ownership,
maintenance, environmental condition or operation of the Property and attributable to events
occurring during Seller’s ownership of the Property.

     (f) The provisions of this Section 13 shall survive termination or the Closing until
the Survival Date set forth in Section 41 (Survival) hereof.

14. SELLER’S REPRESENTATIONS.

     (a) Seller’s Representations. Seller hereby represents and warrants to Purchaser
(each a “Representation” and collectively, the “Representations”) that, as of the
Effective Date:

          (i) Seller is a limited liability company, duly formed and validly existing under the laws of
the State of Delaware. Seller has full power and authority to enter into and perform this
Agreement in accordance with its terms. This Agreement and all documents executed by Seller which
are to be delivered to Purchaser at Closing are, and at the time of Closing will be, duly
authorized, executed and delivered by Seller, and at the time of Closing will be the legal, valid
and binding obligations of Seller enforceable against Seller in accordance

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with their respective
terms, and do not and, at the time of Closing will not, violate Seller’s organizational documents
or any provision of any agreement or judicial order to which Seller or the Property is subject.
Neither the execution, delivery or performance of this Agreement nor the consummation of the
transactions contemplated hereby is prohibited, or requires Seller to obtain any consent,
authorization, approval or registration under, any law, statute, rule, regulation, judgment, order,
writ, injunction or decree which is binding upon Seller, except for any consent, authorization,
approval or registration which has been obtained.

          (ii) There are no leases, licenses or other occupancy agreements demising space at the
Premises. No tenant or occupant has any right or estate in the Premises (including any option to
purchase same). There are no unpaid tenant improvement allowances that any tenant has the right to
draw from the landlord, and there are no unpaid brokerage leasing commissions due any broker in
connection with any lease that the landlord under such lease is obligated to pay pursuant to the
terms thereof.

          (iii) To Seller’s Actual Knowledge, Schedule 14(a)(iii) is a true, correct and
complete list of the Contracts in effect as of the Effective Date. Seller has delivered to
Purchaser, or made available to Purchaser for review, true and complete copies of all Contracts set
forth on Schedule 14(a)(iii).

          (iv) Except for the matters set forth on Schedule 14(a)(iv) there is no action, suit,
litigation, hearing or administrative proceeding pending with respect to all or any portion of the
Premises as to which Seller has received written notice, or, to Seller’s Actual Knowledge, is
threatened with respect to all or any portion of the Premises, in each case which is not or would
not be covered by insurance and which would have a material adverse effect on the use or operation
of the Premises. To Seller’s Actual Knowledge, the litigation styled Young Woo & Assoc., Inc. &
Two Eagles LLC v. Andrew Y. Kim, Index No. 652208/2010 (Sup. Ct. NY) will not bind or burden the
Property after the Closing.

          (v) There are no condemnation or eminent domain proceedings pending as to which Seller has
received written notice, or to Seller’s Actual Knowledge, which are threatened against the
Premises.

          (vi) Schedule 14(a)(vi) is a current list of all employees at the Premises who are
union personnel (collectively, the “Employees”). Except for the Union Contract, there are
no collective bargaining agreements or other union contracts which affect wages, hours or working
conditions of the Building Engineers. Seller has delivered to Purchaser a true, complete and
correct copy of the Union Contract.

          (vii) Seller is not a “foreign person” within the meaning of Sections 1445 and 7701 of
the Internal Revenue Code of 1986, as amended.

          (viii) No voluntary or involuntary bankruptcy proceedings are pending against Seller.

          (ix) Schedule 14(a)(ix) is a true, correct and complete list of the tax years for
which Seller has instituted a tax certiorari proceeding with respect to the Premises and that
remain open or pending.

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          (x) Seller (or an affiliate of Seller) owns title to the Personalty.

          (xi) Seller has not previously filed any plan to convert the Premises to condominium or
cooperative form of ownership.

          (xii) To Seller’s Actual Knowledge, Seller has received no written notice from the New York
State Department of Environmental Protection or any other governmental authority with respect to
the presence of any Hazardous Materials on the Property.

     Any and all uses of the phrase, “to Seller’s Actual Knowledge” or other references to
Seller’s knowledge in this Agreement, shall mean the actual, present, conscious knowledge of Hyun
Shim (the “Seller Knowledge Individual”) as to a fact at the time given without any
investigation or inquiry. Without limiting the foregoing, Purchaser acknowledges that the Seller
Knowledge Individual has not performed and is not obligated to perform any investigation or review
of any files or other information in the possession of Seller, or to 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 Individual or of any
other individual or entity, shall be imputed to the Seller Knowledge Individual.

     (b) Survival of Seller’s Representations. The Representations of Seller contained in
Section 14(a) shall survive the Closing until the Survival Date set forth in Section
41 (Survival) hereof (the “Limitation Period”), subject to the provisions of
Section 24 (Default by Purchaser or Seller). Each such Representation shall automatically
be null and void and of no further force and effect following the expiration of the Limitation
Period unless, on or prior to the expiration of the Limitation Period, Purchaser shall have
provided Seller with a written notice (a “Notice of Breach”) of any alleged breach or
failure of such Representation discovered after Closing and specifying in reasonable detail the
nature of such breach. Purchaser shall commence any action,
suit or proceeding with respect to any breach or failure that is the subject of a Notice of
Breach, if at all, on or before the date that is sixty (60) days after expiration of the Limitation
Period (the “Suit Deadline”). Seller acknowledges and agrees that the resolution of such
action, suit or proceeding may not occur until after the expiration of the Limitation Period, and
the Limitation Period shall be deemed to be tolled with respect to (and only with respect to) any
alleged breach or failure of a Representation of which Seller receives a Notice of Breach before
the expiration of the Limitation Period, provided Purchaser files an action, suit or proceeding
with respect thereto prior to the Suit Deadline. Notwithstanding the foregoing, if Purchaser
proceeds to Closing after Purchaser’s discovery of a breach or failure of a Representation, then
Purchaser shall be deemed to have waived such breach.

     (c) Limitations on Seller’s Representations. The Representations of Seller set forth
in Section 14(a) are subject to the following limitations: (i) subject to the express
provisions of Section 9(b), Seller does not represent or warrant that any particular
Contract will be in force or effect as of the Closing or that the contractors thereunder, as
applicable, will not be in default thereunder, (ii) to the extent that Seller has delivered or made
available to Purchaser or any of Purchaser’s Representatives (each a “Diligence Party” and
collectively, the “Diligence Parties”) any Contracts or other information with respect to
the Property at any time prior to the Effective Date, and such Contracts or other information
contain provisions inconsistent with any of such

37

 

Representations, 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 Actual Knowledge of any information that is contradictory to, and
would constitute the basis of a breach of, any Representation 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 specifying the Representation or condition to
which such information relates, and Purchaser further acknowledges that such Representation or
condition will not be deemed breached in the event Purchaser shall have, prior to Closing, obtained
Actual Knowledge of any information that is contradictory to such Representation or condition 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 or condition. Purchaser shall
not be deemed to have Actual Knowledge that any representation or warranty contained herein is
untrue, inaccurate or breached except to the extent that (1) Purchaser or any Diligence Party has
Actual Knowledge of any fact or information which is inconsistent with such representation or
warranty or (2) this Agreement or any Contracts or other information with respect to the Property
delivered or made available to Purchaser or any Diligence Party contain provisions inconsistent
with any of such representations and warranties. Any and all references to Purchaser’s or any
Diligence Party’s “Actual Knowledge” in this Agreement shall mean the actual, present,
conscious knowledge of Purchaser or any Diligence Party as to a fact at the time given without any
investigation or inquiry. Without limiting the foregoing, Seller acknowledges that Purchaser is
not obligated to perform any investigation or review of any files or other information in the
possession of Seller, or to 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.

15. PURCHASER’S REPRESENTATIONS.

     (a) Purchaser hereby represents and warrants to Seller as of the Effective Date and as of
Closing that:

          (i) Purchaser is a limited liability company duly formed and in good standing under the laws
of the Cayman Islands and is not subject to any law, order, decree, restriction or agreement which
prohibits or would be violated by this Agreement or the consummation of the transactions
contemplated hereby.

          (ii) Purchaser has full power and authority to enter into and perform this Agreement in
accordance with its terms and this Agreement and all documents executed by Purchaser which are to
be delivered to Seller at Closing are, and at the time of Closing will be, duly authorized,
executed and delivered by Purchaser and are, and at the time of Closing will be the legal, valid
and binding obligations of Purchaser, enforceable against Purchaser in accordance with their
respective terms.

          (iii) Neither the execution, delivery or performance of this Agreement nor the consummation of
the transactions contemplated hereby is prohibited, or requires Purchaser to obtain any consent,
authorization, approval or registration under, any law, statute, rule, regulation, judgment, order,
writ, injunction or decree which is binding upon Purchaser.

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          (iv) There are no judgments, orders or decrees of any kind against Purchaser unpaid and
unsatisfied of record, nor any actions, suits or other legal or administrative proceedings pending
or, to Purchaser’s Actual Knowledge, threatened against Purchaser, which would have a material
adverse effect on Purchaser, its financial condition or its ability to consummate the transactions
contemplated by this Agreement.

          (v) Purchaser is not acquiring the Property with the assets of an employee benefit plan (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)), or, if plan assets will be used to acquire the Property, Purchaser will deliver
to Seller at Closing a certificate containing such factual representations as shall permit Seller
and its counsel to conclude that no prohibited transaction would result from the consummation of
the transactions contemplated by this Agreement. Purchaser is not a “party in interest”
within the meaning of Section 3(3) of ERISA with respect to any beneficial owner of Seller.

          (vi) Purchaser is not now nor shall it be at any time prior to or at the Closing an
individual, corporation, partnership, joint venture, association, joint stock company, trust,
trustee, estate, limited liability company, unincorporated organization, real estate investment
trust, government or any agency or political subdivision thereof, or any other form of entity
(collectively, a “Person”) with whom a United States citizen, entity organized under the
laws of the United States or its territories or entity having its principal place of business
within the United States or any of its territories (collectively, a “U.S. Person”), is
prohibited from transacting business of the type contemplated by this Agreement, whether such
prohibition arises under United States law, regulation, executive orders and lists published by the
Office of Foreign Assets Control, Department of the Treasury (“OFAC”) (including those
executive orders and
lists published by OFAC with respect to Persons that have been designated by executive order
or by the sanction regulations of OFAC as Persons with whom U.S. Persons may not transact business
or must limit their interactions to types approved by OFAC “Specially Designated Nationals and
Blocked Persons”) or otherwise. Neither Purchaser nor any Person who owns an interest in
Purchaser (collectively, a “Purchaser Party”) is now nor shall be at any time prior to or
at the Closing a Person with whom a U.S. Person, including a United States Financial Institution as
defined in 31 U.S.C. 5312, as periodically amended (“Financial Institution”), is prohibited
from transacting business of the type contemplated by this Agreement, whether such prohibition
arises under United States law, regulation, executive orders and lists published by the OFAC
(including those executive orders and lists published by OFAC with respect to Specially Designated
Nationals and Blocked Persons) or otherwise.

          (vii) Neither Purchaser nor any Purchaser Party, nor any Person providing funds to Purchaser:
(i) is under investigation by any governmental authority for, or has been charged with, or
convicted of, money laundering, drug trafficking, terrorist related activities, any crimes which in
the United States would be predicate crimes to money laundering, or any violation of any Anti-Money
Laundering Laws (as hereinafter defined); (ii) has been assessed civil or criminal penalties under
any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited in any action
under any Anti-Money Laundering Laws. For purposes of this Section 15(a), the term
“Anti-Money Laundering Laws” shall mean laws, regulations and sanctions, state and federal,
criminal and civil, that: (w) limit the use of and/or seek the forfeiture of proceeds from illegal
transactions; (x) limit commercial transactions with designated countries

39

 

or individuals believed
to be terrorists, narcotics dealers or otherwise engaged in activities contrary to the interests of
the United States; (y) require identification and documentation of the parties with whom a
Financial Institution conducts business; or (z) are designed to disrupt the flow of funds to
terrorist organizations. Such laws, regulations and sanctions shall be deemed to include the USA
PATRIOT Act of 2001, Pub. L. No. 107-56 (the “Patriot Act”), the Bank Secrecy Act, 31
U.S.C. Section 5311 et. seq., the Trading with the Enemy Act, 50 U.S.C. App. Section 1 et. seq.,
the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq., and the sanction
regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and
detection of money laundering in 18 U.S.C. Sections 1956 and 1957.

          (viii) Purchaser is in compliance with any and all applicable provisions of the Patriot Act.

     (b) Survival. The provisions of this Section 15 and the representations and
warranties set forth in such provisions (and all other representations and warranties of Purchaser
contained in this Agreement) shall survive the Closing until the Survival Date set forth in
Section 41 (Survival) hereof.

16. DAMAGE AND DESTRUCTION.

     (a) If all or any part of the Building is damaged by fire or other casualty occurring on or
after the Effective Date and prior to the Closing Date, whether or not such damage affects a
material part of such building, then:

          (i) if the estimated cost of repair or restoration is less than or equal to five percent (5%)
of the Purchase Price and if the estimated time to substantially complete such repair or
restoration is twelve (12) months or less, then neither party shall have the right to terminate
this Agreement and the parties shall nonetheless consummate this transaction in accordance with
this Agreement, without any liability or obligation on the part of Seller by reason of such
destruction or damage, however, Purchaser shall have the right to abate the Purchase Price by the
amount paid for cost of repair or restoration less the amount of any insurance proceeds assigned to
Purchaser pursuant to this Section 16(a)(i) and any deductible required to be paid by
Seller pursuant to Seller’s insurance policy(ies). In such event, Seller shall assign to Purchaser,
by written instrument in form reasonably satisfactory to Seller and Purchaser, all of Seller’s
interest in and to any casualty insurance proceeds under the casualty insurance policies in effect
with respect to the Premises on account of such physical damage or destruction and shall promptly
deliver to Purchaser any such proceeds or awards actually theretofore received by Seller, less any
amounts reasonably and actually expended by Seller to collect any such insurance proceeds or to
remedy any unsafe conditions at the Property or to repair or restore any damages, in no event to
exceed the amount of the loss. In the event such amount spent by Seller shall exceed the amount of
the deductible on such casualty insurance policy, then Purchaser shall deliver such excess amount
to Seller, within six (6) business days of its receipt of any casualty insurance proceeds received
on account of such casualty. Seller shall not settle or compromise any claims related to damage or
destruction by casualty in excess of $2,000,000 without Purchaser’s prior written consent, which
consent shall not be unreasonably withheld, conditioned or delayed.

40

 

          (ii) if the estimated cost of repair or restoration exceeds five percent (5%) of the Purchase
Price or if the estimated time to substantially complete such repair or restoration exceeds twelve
(12) months, Purchaser shall have the option, exercisable on or prior to the Casualty Election Date
(as hereinafter defined), time being of the essence, to terminate this Agreement by delivering
notice of such termination to Seller, whereupon the Deposit shall be returned to Purchaser and this
Agreement shall be deemed canceled and of no further force or effect, and neither party shall have
any further rights or liabilities against or to the other except for such provisions which are
expressly provided in this Agreement to survive the termination hereof. If a fire or other
casualty described in this clause (ii) shall occur and Purchaser shall not timely elect to
terminate this Agreement, then Purchaser and Seller shall consummate this transaction in accordance
with this Agreement, without any abatement of the Purchase Price or any liability or obligation on
the part of Seller by reason of such destruction or damage and, in such event, Seller shall assign
to Purchaser, by written instrument in form reasonably satisfactory to Seller and Purchaser, all of
Seller’s interest in and to any casualty insurance proceeds under the casualty insurance policies
in effect with respect to the Premises on account of such physical damage or destruction and shall
promptly deliver to Purchaser any such proceeds or awards actually theretofore received by Seller,
less any amounts reasonably and actually expended by Seller to collect any such insurance proceeds
or to remedy any unsafe conditions at the Property or to repair or restore any damages, in no event
to exceed the amount of the loss. In the event such amount spent by Seller shall exceed the amount
of the deductible on such casualty insurance policy, then Purchaser shall deliver such excess
amount to Seller, within six (6) business days of its receipt of any casualty insurance proceeds
received on account of such casualty.

     (b) The estimated cost to repair and/or restore and the estimated time to complete
contemplated in Section 16(a) above shall be established by estimates obtained by Seller
from independent contractors, subject to Purchaser’s review and reasonable approval of the same and
the provisions of Section 16(e) below. The Closing Date may be extended up to a maximum
extension of ninety (90) days, as reasonably required to obtain such estimates (including the
resolution of any arbitration required pursuant to Section 16(e) below), determine the
availability and amount of insurance proceeds and to give the notices required under this
Section 16. Seller and Purchaser shall reasonably cooperate and exercise good faith
efforts to obtain damage estimation and insurance proceeds.

     (c) “Casualty Election Date” means the tenth (10th) business day following Seller’s
delivery of the estimates as described in Section 16(a)(ii) and Section 16(b)
above.

     (d) In the event of any fire or other casualty, the Closing Date shall be extended to the
tenth (10th) business day following the Casualty Election Date.

     (e) The provisions of this Section 16 supersede any law applicable to the Premises
governing the effect of fire or other casualty in contracts for real property. Any disputes under
this Section 16 as to the cost of repair or restoration or the time for completion of such
repair or restoration shall be resolved by expedited arbitration before a single arbitrator
acceptable to both Seller and Purchaser in their reasonable judgment in accordance with the rules
of the American Arbitration Association; provided, that if Seller and Purchaser shall fail to agree
on an arbitrator within five (5) days after any such dispute arises, then either party may request
the office of the

41

 

American Arbitration Association located in New York, New York to designate an
arbitrator. Such arbitrator shall be an independent architect or engineer having at least ten (10)
years of experience in the construction of comparable office buildings in New York City. The
determination of the arbitrator shall be conclusive and binding upon the parties. The costs and
expenses of such arbitrator shall be borne equally by Seller and Purchaser.

17. CONDEMNATION.

     (a) If, prior to the Closing Date, any part of the Premises is taken (other than a temporary
taking), or if Seller shall receive an official notice from any governmental authority having
eminent domain power over the Premises of its intention to take, by eminent domain proceeding, any
part of the Premises (a “Taking”), Seller shall promptly notify Purchaser thereof. If the
Taking will result in a material and adverse effect on the Property, then Purchaser shall have the
option, exercisable within ten (10) business days after receipt of notice of such Taking, time
being of the essence, to terminate this Agreement by delivering written notice of such termination
to Seller, whereupon the Deposit shall be returned to Purchaser and this Agreement shall be deemed
canceled and of no further force or effect, and neither party shall have any further rights or
liabilities against or to the other except pursuant to the provisions of this Agreement which are
expressly provided to survive the termination hereof. If a Taking shall occur and (i) the Taking
will not result in a material and adverse effect on the Property, or (ii) the Taking will result in
a material and adverse effect on the Property and Purchaser shall not timely elect to terminate
this Agreement pursuant to the immediately preceding sentence, then
Purchaser and Seller shall consummate the transaction contemplated under, and in accordance
with, this Agreement, without any abatement of the Purchase Price or any liability or obligation on
the part of Seller by reason of such Taking; provided, that Seller shall, on the Closing Date, (i)
assign and remit to Purchaser the net proceeds of any award or other proceeds of such Taking which
may have been collected by Seller as a result of such Taking less the reasonable expenses
(including reasonable attorneys’ fees and expenses) incurred by Seller in connection with such
Taking, or (ii) if no award or other proceeds shall have been collected, deliver to Purchaser an
assignment of Seller’s right to any such award or other proceeds which may be payable to Seller as
a result of such Taking and Purchaser shall reimburse Seller for the reasonable expenses (including
reasonable attorneys’ fees and expenses) incurred by Seller in connection with such Taking.

     (b) The provisions of this Section 17 supersede any law applicable to the Premises
governing the affect of condemnation in contracts for real property. Any disputes under this
Section 17 shall be resolved by expedited arbitration before a single arbitrator acceptable
to both Seller and Purchaser in their reasonable judgment in accordance with the rules of the
American Arbitration Association; provided, that if Seller and Purchaser fail to agree on an
arbitrator within five days after a dispute arises, then either party may request the office of the
American Arbitration Association located in New York, New York to designate an arbitrator. Such
arbitrator shall be an independent architect or engineer having at least ten (10) years of
experience in the construction of comparable office buildings in New York City. The costs and
expenses of such arbitrator shall be borne equally by Seller and Purchaser.

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18. BROKERS AND ADVISORS.

     (a) Purchaser represents and warrants to Seller that Purchaser has not dealt or negotiated
with, or engaged on its own behalf or for its benefit, any broker, finder, consultant, advisor, or
professional in the capacity of a broker or finder (each a “Broker”) in connection with
this Agreement or the transactions contemplated hereby other than The Ariel Group Realty Corp.
(“Seller’s Broker”). Purchaser hereby agrees to indemnify, defend and hold Seller and the
other Seller Parties harmless from and against any and all claims, demands, causes of action,
losses, costs and expenses (including reasonable attorneys’ fees, court costs and disbursements)
arising from any claim for commission, fees or other compensation or reimbursement for expenses
made by any Broker (other than Seller’s Broker) engaged by or claiming to have dealt with Purchaser
in connection with this Agreement or the transactions contemplated hereby.

     (b) Seller represents and warrants to Purchaser that Seller has not dealt or negotiated with,
or engaged on its own behalf or for its benefit, any Broker in connection with this Agreement or
the transactions contemplated hereby other than Seller’s Broker. Seller hereby agrees to
indemnify, defend and hold Purchaser and its direct and indirect shareholders, officers, directors,
partners, principals, members, employees, agents, contractors and any successors or assigns of the
foregoing, harmless from and against any and all claims, demands, causes of action, losses, costs
and expenses (including reasonable attorneys’ fees, court costs and disbursements) arising from any
claim for commission, fees or other compensation or reimbursement for expenses made by any Broker
(including Seller’s Broker) engaged by or
claiming to have dealt with Seller in connection with this Agreement or the transactions
contemplated hereby. Seller shall pay Seller’s Broker a brokerage commission in respect of the
sale of the Premises contemplated under this Agreement pursuant to a separate written agreement
between Seller and Seller’s Broker.

     (c) The provisions of this Section 18 shall survive the Closing or the termination of
this Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

19. TAX REDUCTION PROCEEDINGS.

     Seller may file and/or continue to prosecute an application for the reduction of the assessed
valuation of the Premises or any portion thereof for real estate taxes or a refund of Property
Taxes previously paid (a “Tax Certiorari Proceeding”) to the City of New York for any New
York City tax fiscal year (i.e., the period commencing on July 1 of a calendar year and ending on
June 30 of the next calendar year) (a “Tax Year”). Seller shall have the right to
withdraw, settle or otherwise compromise Tax Certiorari Proceedings affecting real estate taxes
assessed against the Premises (i) for any fiscal period prior to the Tax Year in which the Closing
Date shall occur without the prior consent of Purchaser, and (ii) for the Tax Year in which the
Closing Date shall occur or any Tax Year thereafter, provided Purchaser shall have consented with
respect thereto, which consent shall not be unreasonably withheld or delayed. The amount of any
tax refunds (net of attorneys’ fees and other costs of obtaining such tax refunds) with respect to
any portion of the Premises for the Tax Year in which the applicable Apportionment Date occurs
shall be apportioned between Seller and Purchaser as of such Apportionment Date. If, in lieu of a
tax refund, a tax credit is received with respect to any portion of the Premises for the Tax Year
in which the applicable Apportionment Date occurs, then (x) within thirty (30) days

43

 

after receipt
by Seller or Purchaser, as the case may be, of evidence of the actual amount of such tax credit
(net of attorneys’ fees and other costs of obtaining such tax credit), the tax credit apportionment
shall be readjusted between Seller and Purchaser, and (y) upon realization by Purchaser of a tax
savings on account of such credit, Purchaser shall pay to Seller an amount equal to the savings
realized (as apportioned). All refunds, credits or other benefits applicable to any fiscal period
prior to the Tax Year in which the applicable Apportionment Date shall occur shall belong solely to
Seller, except for amounts due tenants (and Purchaser shall have no interest therein) and, if the
same shall be paid to Purchaser or anyone acting on behalf of Purchaser, the net amount due Seller
shall be paid to Seller within ten (10) days following receipt thereof and, if not timely paid,
with interest thereon from the tenth day following such receipt until paid to Seller at a rate
equal to the Default Rate. Notwithstanding the foregoing, Seller shall promptly notify Purchaser
of the settlement of any such Tax Certiorari Proceedings and provide reasonable evidence of same to
Purchaser upon request. The provisions of this Section 19 shall survive the Closing until
the Survival Date set forth in Section 41 (Survival) hereof.

20. TRANSFER TAXES AND TRANSACTION COSTS.

     (a) At the Closing, Seller and Purchaser shall execute, acknowledge, deliver and file (or
deliver to the Title Company for filing) all such returns (or, if required by ACRIS E-tax
procedures, an electronic version thereof) as may be necessary to comply with Article 31 of the Tax
Law of the State of New York and the regulations applicable thereto, and the New York City Real
Property Transfer Tax Law (Admin. Code Title 11, Chapter 21) and the regulations applicable thereto
(collectively, as the same may be amended from time to time, the “Transfer Tax Laws”). The
transfer taxes payable pursuant to the Transfer Tax Laws in respect of the transactions
contemplated under this Agreement shall collectively be referred to as the “Transfer
Taxes”. Seller shall pay (or cause to be paid) to the appropriate governmental authority all
Transfer Taxes payable, if any, in connection with the consummation of the transactions
contemplated by this Agreement.

     (b) Seller shall be responsible for (i) the costs of its legal counsel, advisors and other
professionals employed by it in connection with the sale of the Property and (ii) one-half of all
escrow and/or closing fees charged by the Title Company or Escrow Agent.

     (c) Purchaser shall also be responsible for (i) the costs and expenses associated with its due
diligence, (ii) the costs and expenses of its legal counsel, advisors and other professionals
employed by it in connection with the sale of the Property, (iii) all premiums and fees for title
examination (including the cost of the any title commitment for an owner’s policy of title
insurance) and title insurance and endorsements obtained and all related charges and survey costs
in connection therewith, (iv) one-half of all escrow and/or closing fees charged by the Title
Company or Escrow Agent, and (v) except as otherwise set forth in Section 10(e), any
recording fees or taxes for documentation to be recorded in connection with the transactions
contemplated by this Agreement.

     (d) The provisions of this Section 20 shall survive the Closing until the Survival
Date set forth in Section 41 (Survival) hereof.

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21. DELIVERIES TO BE MADE ON THE CLOSING DATE.

     (a) Seller’s Documents and Deliveries: On the Closing Date, Seller shall deliver or
cause to be delivered to Purchaser the following:

          (i) a duly executed and acknowledged Bargain and Sale Deed Without Covenants Against Grantor’s
Acts in the form of Exhibit E;

          (ii) a duly executed Bill of Sale in the form of Exhibit F;

          (iii) a duly executed certification as to Seller’s nonforeign status as prescribed in
Section 25 (FIRPTA Compliance), if appropriate, in the form of Exhibit G;

          (iv) a duly executed Assignment and Assumption of Contracts in the form of Exhibit I,
as well as copies of the Contracts then in effect, if any, to the extent in Seller’s possession;

          (v) a duly executed Assignment and Assumption of Union Contract in the form of Exhibit
D;

          (vi) copies of plans and specifications, technical manuals and similar materials relating
exclusively to the Premises to the extent same are in Seller’s possession;

          (vii) originals or, if originals are unavailable, copies, of all books and records relating to
the operation of the Premises and maintained by Seller during Seller’s ownership thereof, to the
extent same are in Seller’s possession;

          (viii) originals or, if originals are unavailable, copies, of all transferable Permits,
licenses and approvals, guarantees and warranties relating exclusively to the ownership, use or
operation of the Property, to the extent same are in Seller’s possession;

          (ix) all site plans, architectural renderings, plans and specifications, as-built plans,
engineering plans and other similar plans or diagrams relating exclusively to the Property, to the
extent same are in Seller’s possession;

          (x) keys and combinations in Seller’s possession relating to the operation of the Premises;

          (xi) complete copies of the Condominium Documents and all approvals obtained in connection
therewith; and

          (xii) A certificate of occupancy or other similar certificate for Unit 2 indicating that Unit
2 is a condominium unit subject to the Condominium.

     Seller shall be deemed to have delivered the items set forth in clauses (vi) through (x) above
if the same are left at the Building on the Closing Date.

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     (b) Purchaser’s Documents and Deliveries: On the Closing Date, Purchaser shall deliver
or cause to be delivered to Seller the following with respect to the Premises:

          (i) payment of the Purchase Price payable in accordance with Section 4(f) at the
Closing by 5:00 P.M., eastern time, on the Closing Date, in the manner required under this
Agreement; and

          (ii) (1) copies of the certificate of formation and internal governing documents of Purchaser,
which documents may be redacted to protect confidential and proprietary information not related to
Purchaser’s authority to execute and deliver this Agreement or consummate the transactions
contemplated by this Agreement, and copies of the resolutions of the managers, board of directors
or other internal governing authority of Purchaser authorizing the execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated by this
Agreement certified as true and correct by the Secretary or Assistant Secretary of Purchaser; (2) a
good standing certificate for Purchaser issued by the jurisdiction of formation of Purchaser, dated
within thirty (30) days of the Closing Date; (3) a good standing certificate for Purchaser issued
by the State of New York (if not formed in the State of New York) dated within thirty (30) days of
the Closing Date; and (4) an incumbency
certificate executed by the Secretary or Assistant Secretary of Purchaser with respect to
those officers of Purchaser executing any documents or instruments in connection with the
transactions contemplated herein.

     (c) Jointly Executed Documents: Seller and Purchaser shall, on the Closing Date, each
execute, acknowledge (as appropriate) and exchange the following documents with respect to the
Premises:

          (i) the returns required under the Transfer Tax Laws, if any, and any other tax laws
applicable to the transactions contemplated herein;

          (ii) an Omnibus Assignment and Assumption Agreement in the form of Exhibit H; and

          (iii) any other affidavit, document or instrument required to be delivered by Seller or
Purchaser or reasonably requested by the Title Company (so long as such request does not add
additional warranties or covenants to Seller), pursuant to the terms of this Agreement or
applicable law in order to effectuate the transfer of title to the Premises.

     (d) The provisions of this Section 21 shall survive the Closing until the Survival
Date set forth in Section 41 (Survival) hereof.

22. CLOSING DATE.

     The closing of the transactions contemplated hereunder (the “Closing”) shall occur,
and the documents referred to in Section 21 (Deliveries to Be Made on the Closing Date)
shall be delivered upon tender of the Purchase Price provided for in this Agreement, at 1:00 P.M.,
eastern time, on June 17, 2011, as such date may be extended pursuant to Section 12
(Closing Conditions), or the date Seller or Purchaser sets for the Closing if Seller or Purchaser
shall elect to extend this date pursuant to the terms of this Agreement (such date, as the same may
be

46

 

adjourned from time to time as provided in this Agreement, being referred to as the “Closing
Date”), but in no event later than the Outside Closing Date, at the offices of Seller’s
attorneys, Pillsbury Winthrop Shaw Pittman LLP, 1540 Broadway, New York, New York 10036, or at such
other location upon which the parties mutually agree. TIME IS OF THE ESSENCE as to the Purchaser’s
obligation to close the transactions contemplated hereunder on or prior to the Closing Date (as the
same may be extended pursuant to an explicit provision of this Agreement).

23. NOTICES.

     All notices, demands, requests or other communications (collectively, “Notices”)
required to be given or which may be given hereunder shall be in writing and shall be sent by (a)
certified or registered mail, return receipt requested, postage prepaid, or (b) national overnight
or international delivery service, or (c) facsimile or e-mail transmission (provided that the
original
shall be simultaneously delivered by national overnight or international delivery service or
personal delivery), or (d) personal delivery, addressed as follows:

	 	 	 

	 

	 	If to Seller:
	 
	 	 
	 

	 	72 Wall Street
	 

	 	New York, New York 10005
	 

	 	Attention:
	 

	 	Facsimile:
	 

	 	E-mail:
	 
	 	 
	 

	 	with copies to:
	 
	 	 
	 

	 	Mr. Jun Gyu Lee
	 

	 	My Asset Investment Management Co., Ltd.
	 

	 	6th floor Donghwa Building
	 

	 	25-5 Yoido-Dong Youngdengpo-Gu
	 

	 	Seoul, Korea
	 

	 	Facsimile: 822-3774-6119
	 

	 	E-mail: jungyu.lee@mai.co.kr
	 
	 	 
	 

	 	and to:
	 
	 	 
	 

	 	Pillsbury Winthrop Shaw Pittman LLP
	 

	 	2300 N Street, NW
	 

	 	Washington, DC 20037
	 

	 	Attention: Hakkyun Kim
	 

	 	Facsimile: (202) 663-8007
	 

	 	E-mail: hakkyun.kim@pillsburylaw.com

47

 

	 	 	 

	 

	 	If to Purchaser:
	 
	 	 
	 

	 	8/F Xihuan Plaza
	 

	 	1 Xizhimenwai Avenue
	 

	 	Xicheng District, Beijing, 100044
	 

	 	Attention: Vincent Mo
	 

	 	Facsimile:
	 

	 	E-mail: vincentmo@soufun.com
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	Leonard H. Hecht
	 

	 	Thomas T. Hecht, P.C.
	 

	 	1270 Avenue of the Americas, Suite 214
	 

	 	New York, New York 10020
	 

	 	Direct Dial: 212-245-5659
	 

	 	Facsimile: 212-956-7432
	 

	 	Email: leonard.hecht@hechtlaw.com
	 
	 	 
	 

	 	If to the Escrow Agent:
	 
	 	 
	 

	 	Commonwealth Title Insurance Corp.
	 

	 	2 Grand Central Tower
	 

	 	140 East 45th Street, 22nd floor
	 

	 	New York, NY 10017
	 

	 	Attention: Christopher J. Bruno, Esq.
	 

	 	Facsimile:
	 

	 	Email:

     Any Notice so sent by certified or registered mail, national overnight or international
delivery service or personal delivery shall be deemed given on the date of receipt or refusal (as
indicated on the return receipt if sent by certified or registered mail), or one (1) business day
after the date of receipt by the national overnight or international delivery service. Any Notice
sent by facsimile transmission shall be deemed given when received as confirmed by the telecopier
electronic confirmation receipt. Any Notice sent by e-mail transmission shall be deemed given when
received as confirmed by electronic confirmation receipt. A Notice may be given either by a party
or by such party’s attorney. Seller or Purchaser may designate, by not less than six (6) business
days’ notice given to the others in accordance with the terms of this Section 23,
additional or substituted parties to whom Notices should be sent hereunder.

24. DEFAULT BY PURCHASER OR SELLER.

     (a) Purchaser Defaults. In the event that Purchaser fails to pay the Purchase Price
on the Closing Date, Purchaser and Seller agree that the actual damages that Seller shall sustain
as a result thereof shall be substantial and shall be extremely difficult and impractical to
determine.

48

 

Purchaser and Seller therefore agree that if Purchaser fails to pay the Purchase Price
on the Closing Date, whether at or prior to the Closing, Seller’s remedy, provided that Seller is
not then in default under this Agreement beyond any applicable notice and cure period, shall be
that Seller may elect to terminate this Agreement, to receive from the Escrow Agent, as full,
complete and valid liquidated damages (and not as a penalty) the Deposit together with any interest
earned thereon from Escrow Agent, and thereafter none of the parties hereto shall have any further
liability or obligation to the other parties hereunder, except for such indemnities, liabilities
and obligations as are expressly stated to survive the termination of this Agreement. Except with
respect to Purchaser’s failure to pay the Purchase Price Purchaser on the Closing Date for which
Seller may elect to terminate this Agreement and receive the Deposit as set forth in the foregoing
provisions of this Section 24(a), Seller agrees not to terminate this Agreement but,
provided that Seller is not then in default under this Agreement beyond any applicable notice and
cure period, Seller shall have all other rights and remedies available at law or in equity in the
event Purchaser fails to perform any or all of the terms, covenants, conditions and agreements to
be performed by Purchaser under the terms of this Agreement or otherwise defaults in any
material respect under this Agreement with respect to its obligations to be performed on or
before the Closing Date, provided that Seller gives Purchaser written notice of any such failure or
default and that Purchaser does not cure or remedy such failure or default within thirty (30) days
following delivery of such notice to Purchaser.

     (b) Seller Pre-Closing Defaults. In the event that on the Closing Date Seller has
defaulted on its material obligations hereunder in any material respect, and provided that
Purchaser was ready, willing, and able to consummate Closing on the Closing Date and was not in
breach in any material respect of this Agreement, then, Purchaser shall be entitled, as its sole
and exclusive remedy, provided that Purchaser is not then in default under this Agreement beyond
any applicable notice and cure period, and Purchaser hereby waives its right to pursue any other
remedy at law or in equity, to either: (a) treat this Agreement as being in full force and effect
and pursue only the remedy of specific performance of the Seller’s obligations to deliver the
documents described in Sections 21(a) and 21(c) hereof; or (b) terminate this
Agreement and receive a return of the Deposit (and the parties shall jointly instruct the Escrow
Agent to promptly return to Purchaser the Deposit) and the reasonable out-of-pocket costs and
expenses incurred by Purchaser in conducting its due diligence investigations, negotiating this
Agreement, preparing for Closing and in obtaining the return of the Deposit, up to, but not more
than, $200,000. If the default by Seller of its obligation to close under this Agreement shall
result from the act of Seller to sell the Property to a third party and provided that Purchaser is
not then in default beyond any applicable notice and cure period,, Purchaser shall be entitled to
receive a return of the Deposit (and the parties shall jointly instruct the Escrow Agent to
promptly return to Purchaser the Deposit) and Seller shall (i) reimburse the reasonable
out-of-pocket expenses incurred by Purchaser in conducting its due diligence investigations,
negotiating this Agreement, preparing for Closing and obtaining the return of the Deposit, up to,
but not more than, $200,000, and (ii) agree not to execute a letter of intent or agreement to sell
the Property to a third party unrelated to Seller for a period of twelve months following the
Effective Date. As a condition precedent to Purchaser’s exercising any right it may have to bring
an action for specific performance hereunder, Purchaser must commence such action for specific
performance within twenty (20) days after the date scheduled for Closing and provide reasonably
sufficient evidence to Seller that Purchaser is ready, willing, and able to consummate Closing,
including without limitation evidence of its ability to fund the Purchase Price. Purchaser agrees
that its failure to

49

 

timely commence such an action for specific performance within such thirty (30)
day period shall be deemed a waiver by it of its right to commence an action for specific
performance as well as a waiver by it of any right it may have to file or record a notice of lis
pendens or notice of pendency of action or similar notice against the Property. In no case shall
Purchaser seek punitive damages or consequential damages. If prior to the Closing Date Purchaser
has or obtains knowledge that Seller has defaulted on its obligations hereunder in any respect, and
Purchaser nevertheless proceeds with the Closing, then the default by Seller as to which Purchaser
shall have such knowledge shall be deemed waived by Purchaser and Seller shall have no liability to
Purchaser or its successors and assigns in respect thereof. Purchaser shall promptly notify Seller
in writing within two (2) business days if Purchaser has or obtains knowledge that Seller has
defaulted on its obligations hereunder in any respect.

     (c) Defaults Discovered Post-Closing. If Purchaser closes the transactions
contemplated by this Agreement and, after the Closing Date but before the applicable Survival Date,
Purchaser discovers a breach of Seller’s representations, warranties, covenants or
indemnities hereunder or under any certificates and other documents executed at, or in
connection with, the Closing, Purchaser shall, provided that Purchaser is not then in default under
this Agreement beyond any applicable notice and cure period, have the right, until the Suit
Deadline, to sue Seller for actual direct damages incurred by Purchaser as a result of such breach
or breaches. However, in any such event or events, Seller shall have no liability to Purchaser for
all or any of such matters individually or in the aggregate in excess of Five Hundred Thousand and
No/100 Dollars ($500,000.00) (the “Post-Closing Damage Cap”) and no claim for breach of a
representation, warranty, covenant or indemnity may be made unless the claims, individually or in
the aggregate, shall be in excess of Ten Thousand and No/100 Dollars ($10,000.00) (the “Minimum
Amount”) after taking into account all prior claims and then only to the extent such claims are
in excess of the Minimum Amount, and then only to the extent of the excess over the Minimum Amount.
Purchaser shall not enter any judgment or collect an amount in excess of the Post-Closing Damage
Cap. Notwithstanding anything contained herein to the contrary, if Purchaser had knowledge of a
default by Seller on the Closing Date and Purchaser elects to close the transaction contemplated
herein, Purchaser shall be deemed to have irrevocably waived such default and Seller shall not have
any liability with respect to such default.

     (d) Limitation on Seller Default. Notwithstanding anything to the contrary, Seller’s
inability to satisfy a condition of this Agreement shall not be considered a default by Seller
hereunder unless such inability results from the breach of Seller’s express obligations hereunder.

     (e) Return of Deposit. Notwithstanding anything to the contrary set forth in this
Agreement, if Purchaser shall be entitled to a return of the Deposit (or portion thereof) pursuant
to the terms of this Agreement, as a condition precedent to Purchaser’s receipt of the Deposit (or
portion thereof), Purchaser shall have complied with the terms and provisions of this Agreement,
including but not limited to Purchaser’s restoration and indemnification obligations set forth in
Section 3 hereof of which Purchaser has received notice pursuant to Section 3(g)
prior to the time Purchaser requests a return of the Deposit.

     (f) Survival. The provisions of this Section 24 shall survive the Closing and
shall survive any termination of this Agreement until the Survival Date set forth in Section
41 (Survival) hereof

50

 

25. FIRPTA COMPLIANCE.

     Seller shall comply with the provisions of the Foreign Investment in Real Property Tax Act (as
amended, “FIRPTA”), Section 1445 of the Internal Revenue Code of 1986 (as amended, the
“Code”). Seller acknowledges that Section 1445 of the Code provides that a transferee of a
United States real property interest must withhold tax if the transferor is a foreign person. To
inform Purchaser that withholding of tax is not required upon the disposition of a United States
real property interest by Seller, Seller hereby represents and warrants that Seller is not a
foreign person as that term is defined in the Code and Income Tax Regulations. On the Closing
Date, Seller shall deliver to Purchaser a certification as to Seller’s non-foreign status in the
form of Exhibit G, and shall comply with any temporary or final regulations promulgated
with respect
thereto and any, relevant revenue procedures or other officially published announcements of
the Internal Revenue Service of the U.S. Department of the Treasury in connection therewith.

26. ENTIRE AGREEMENT.

     This Agreement contains all of the terms agreed upon between Seller and Purchaser with respect
to the subject matter hereof, and all prior agreements, understandings, representations and
statements, oral or written, between Seller and Purchaser are merged into this Agreement. Upon the
execution and delivery of this Agreement, this Agreement shall be binding on Seller and Purchaser
whether or not executed by Escrow Agent. The provisions of this Section 26 shall survive
the Closing or the termination of this Agreement until the Survival Date set forth in Section
41 (Survival) hereof.

27. AMENDMENTS.

     This Agreement may not be changed, modified or terminated, except by an instrument executed by
Seller and Purchaser. The provisions of this Section 27 shall survive the Closing or the
termination of this Agreement until the Survival Date set forth in Section 41 (Survival)
hereof.

28. WAIVER.

     No waiver by either party of any failure or refusal by the other party to comply with its
obligations shall be deemed a waiver of any other or subsequent failure or refusal to so comply.
The provisions of this Section 28 shall survive the Closing or the termination of this
Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

29. PARTIAL INVALIDITY.

     If any term or provision of this Agreement or the application thereof to any person or
circumstance 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 shall be enforced to the fullest extent permitted by law. The
provisions of this Section 29 shall survive the Closing or the termination of this
Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

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30. SECTION HEADINGS.

     The headings of the various sections of this Agreement have been inserted only for the
purposes of convenience, and are not part of this Agreement and shall not be deemed in any manner
to modify, explain, expand or restrict any of the provisions of this Agreement. The provisions of
this Section 30, shall survive the Closing or the termination of this Agreement until the
Survival Date set forth in Section 41 (Survival) hereof.

31. GOVERNING LAW.

     This Agreement shall be governed by the laws of the State of New York without giving effect to
conflict of laws principles thereof. The provisions of this Section 31 shall survive the
Closing or the termination of this Agreement until the Survival Date set forth in Section
41 (Survival) hereof.

32. PARTIES; ASSIGNMENT AND RECORDING.

     (a) This Agreement and the various rights and obligations arising hereunder shall inure to the
benefit of and be binding upon Seller and Purchaser and their respective successors and permitted
assigns; provided, that none of the representations or warranties made by Seller hereunder shall
inure to the benefit of any person or entity that may, after the Closing Date, succeed to
Purchaser’s interest in the Property.

     (b) Purchaser shall not directly or indirectly assign or otherwise transfer this Agreement or
any of its rights hereunder to any person or entity other than a Permitted Assignee (as hereinafter
defined) without Seller’s prior written consent in each instance, which consent may be granted or
withheld in Seller’s sole and absolute discretion. Any change in control of Purchaser or any
transfer of any of the direct or indirect ownership interests in Purchaser, at any level or tier of
ownership, whether in one transaction or a series of transactions, shall constitute an assignment
for purposes of this Section 32. For purposes of this Section 32(b), a
“Permitted Assignee” is an entity established by Purchaser that is (i) controlled by
Purchaser, (ii) where Purchaser has sole authority to make all decisions regarding such entity, and
(iii) where Purchaser owns at least fifty-one percent (51%) of all membership interests, stock or
partnership interests. No assignment shall release Purchaser from his obligations hereunder, which
obligations shall remain the joint and several obligations of Purchaser and its assignee.

     (c) Neither this Agreement nor any memorandum hereof may be recorded without first obtaining
Seller’s and Purchaser’s consent thereto. Seller and Purchaser shall not withhold its respective
consent without legitimate reason. Any breach of the provisions of this Section 32(c) by
Seller or Purchaser shall constitute a default by such party under this Agreement. Purchaser
agrees not to file any lis pendens or other instrument against all or a portion of the Premises in
connection herewith, other than in connection with any action for specific performance by Purchaser
pursuant to the express rights granted to Purchaser under Section 24(b).

     (d) The provisions of Section 32(a) and 32(c) shall survive the Closing or the
termination of this Agreement until the Survival Date set forth in Section 41 (Survival)
hereof.

52

 

The provisions of Section 32(b) shall survive the termination of this Agreement
until the Survival Date set forth in Section 41 (Survival) hereof.

33. CONFIDENTIALITY AND PRESS RELEASES.

     (a) Seller and Purchaser covenant and agree not to communicate the terms or any aspect of this
Agreement and the transactions contemplated hereby to any person or entity and to hold, in the
strictest confidence, the content of any and all information in respect of the Property which is
supplied by Seller to Purchaser or by Purchaser to Seller, without the express written consent of
the other parties; provided, that each of Seller, and Purchaser may, without the consent of the
other parties, disclose the terms of this Agreement and the transactions contemplated hereby (i) to
its partners, members, attorneys, officers, principals, architects, contractors, advisors,
accountants, lenders and potential lenders and investors, agents, employees and consultants
(collectively “Disclosure Parties”) without the express written consent of the other
parties, so long as any such Disclosure Parties to whom disclosure is made shall also agree to keep
all such information confidential in accordance with the terms of this Section 33, and (ii)
if disclosure is required by law or by any governmental authority or by regulatory or judicial
process, or pursuant to any regulations promulgated by the New York Stock Exchange or other public
exchange for the sale and purchase of securities, provided that in such event Seller or Purchaser,
as applicable, shall notify the other party in writing of such required disclosure, exercise all
commercially reasonable efforts to preserve the confidentiality of the confidential documents or
information, as the case may be (including, without limitation, reasonably cooperating with the
other party to obtain an appropriate order or other reliable assurance that confidential treatment
will be accorded such confidential documents or information, as the case may be, by such tribunal),
and disclose only that portion of the confidential documents or information which it is legally
required to disclose. If this Agreement is terminated, such confidentiality shall be maintained
and Seller and Purchaser shall destroy or deliver, or cause to be destroyed or delivered, to Seller
or Purchaser, as applicable, upon request, all documents and other materials, and all copies
thereof, obtained thereby in connection with this Agreement that are subject to such confidence,
with any such destruction confirmed by Seller or Purchaser, as applicable, in writing.
Notwithstanding anything herein to the contrary, the foregoing confidentiality obligations shall
not apply to the extent that any such information is a matter of public record or is provided in
other sources readily available to the real estate industry other than as a result of disclosure by
Seller or Purchaser, as applicable, or the Disclosure Parties.

     (b) [Intentionally Omitted].

     (c) Notwithstanding anything to the contrary contained in this Section 33, Seller (and
its affiliates) shall have the right to share any information relating to or obtained from
Purchaser (or its affiliates) with (i) the Federal Reserve Bank of New York (the “FRBNY”)
or the U.S. Department of the Treasury or their international equivalents and their respective
representatives, (ii) any banking or insurance regulatory authority, or (iii) the U.S. Internal
Revenue Service or
any other tax authority, or their international equivalents, in each case as Seller deems
necessary or advisable in its good faith judgment.

     (d) Notwithstanding anything to the contrary contained in this Section 33, Seller
shall have the right to share any information relating to or obtained from Purchaser (or its
affiliates)

53

 

with such governmental, banking, insurance, tax or other regulatory authorities in the
Republic of Korea as may be required by law or by any such governmental authority in the Republic
of Korea having jurisdiction over Seller or its members; provided, that Seller may disclose only
that portion of such confidential information which it is legally required to so disclose.

34. FURTHER ASSURANCES.

     Seller and Purchaser will do, execute, acknowledge and deliver all and every such further
acts, deeds, conveyances, assignments, notices, transfers and assurances as may be reasonably
required by the other party for carrying out the intentions or facilitating the consummation of
this Agreement. The provisions of this Section 34 shall survive the Closing until the
Survival Date set forth in Section 41 (Survival) hereof.

35. THIRD PARTY BENEFICIARY.

     This Agreement is an agreement solely for the benefit of Seller and Purchaser (and their
permitted successors and/or assigns). No other person, party or entity shall have any rights
hereunder nor shall any other person, party or entity be entitled to rely upon the terms, covenants
and provisions contained herein. The provisions of this Section 35 shall survive the
Closing or the termination of this Agreement until the Survival Date set forth in Section
41 (Survival) hereof.

36. JURISDICTION AND SERVICE OF PROCESS.

     Seller and Purchaser agree to submit to personal jurisdiction in the State of New York in any
action or proceeding arising out of this Agreement and, in furtherance of such agreement, hereby
agree and consent that without limiting other methods of obtaining jurisdiction, any process or
notice of motion or other application to any such court in connection with any such action or
proceeding as described above may be served upon Seller and Purchaser 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 State of New York. Any legal suit, action or other proceeding by Seller or
Purchaser against another party arising out of or relating to this Agreement shall be instituted
only in the Supreme Court of the State of New York, County of New York or the United States
District Court for the Southern District of New York, and each party hereby waives any objections
which it may now or hereafter have based on venue and/or forum non-conveniens of any such suit,
action or proceeding and submits to the jurisdiction of such courts. The
provisions of this Section 36 shall survive the Closing or the termination of this
Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

37. 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, out of or otherwise
relating to this agreement. The provisions of this Section 37 shall survive the Closing or
the termination of this Agreement until the Survival Date set forth in Section 41
(Survival) hereof.

54

 

38. MISCELLANEOUS.

     (a) This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original and all of which, taken together, shall constitute one and the same agreement. Delivery
of an executed counterpart of this Agreement by facsimile transmission, PDF or other means of
electronic transmission, shall be as effective as delivery of a manually executed counterpart
thereof and shall be binding against the party so executing same.

     (b) Any consent or approval to be given hereunder (whether by Seller or Purchaser) shall not
be effective unless the same shall be given in advance of the taking of the action for which
consent or approval is requested and shall be in writing. Except as otherwise expressly provided
herein, any consent or approval requested of Seller or Purchaser may be withheld by Seller or
Purchaser in its sole and absolute discretion.

     (c) Seller shall have the right to structure the sale of the Property as a forward or reverse
exchange thereof for other real property of a like-kind to be designated by Seller (including the
ability to assign this Agreement to an entity established in order to effectuate such exchange
including a qualified intermediary, an exchange accommodation title holder or one or more single
member limited liability companies that are owned by any of the foregoing persons), with the result
that the exchange shall qualify for non-recognition of gain or loss under Section 1031 of the Code,
the Treasury Regulations thereunder and IRS Revenue Procedure 2000-37. The Purchaser shall execute
any and all documents reasonably requested by Seller to effect such exchange, and otherwise assist
and cooperate with Seller in effecting such exchange, provided that (i) any additional reasonable
costs and expenses incurred by Purchaser as a result of structuring such transaction as an
exchange, as opposed to an outright sale, shall be borne by Seller, and (ii) Purchaser shall not
incur any additional liability as a result of structuring such transaction as such an exchange.

     (d) Notwithstanding anything to the contrary in this Agreement, any reference in this
Agreement to time being of the essence shall be subject to extension for a Force Majeure Event.
For purposes of this Agreement, “Force Majeure Event” shall mean only an act of God, fire,
earthquake, flood, or any other natural cause similar to the foregoing, that is not within the
reasonable control of the person seeking the extension or of any of such person’s respective
affiliates or related parties, so long as such act or event, in each case, (i) is not due to the
fault or
negligence of such person or any of such person’s affiliates or related parties, (ii) is not
reasonably foreseeable and avoidable or with reasonable efforts by such person or any of its
respective affiliates or related parties, and (iii) results in a delay in performance by such
person, as applicable, but specifically excluding (A) shortage or unavailability of funds or
financial condition, or (B) changes in market conditions such that payment of any required amounts
under this Agreement is no longer practicable under the circumstances. In addition to the above,
if a Force Majeure Event causes one party to delay its activities hereunder, the other party whose
activities are to follow such initially delayed activity, shall also be deemed to have suffered
from a Force Majeure Event and the date by which such party is obligated to satisfy its applicable
activities shall be delayed for such reasonable amount of time as may be necessary as a result of
such delay.

55

 

     (e) The provisions of this Section 38 shall survive the Closing or the termination of
this Agreement until the Survival Date set forth in Section 41 (Survival) hereof.

39. ATTORNEYS’ FEES.

     In the event of any litigation between the parties hereto to enforce any of the provisions of
this Agreement or any right of either party hereto, the unsuccessful party to such litigation
agrees to pay to the successful party all costs and expenses, including reasonable attorneys’ fees
and disbursements, incurred herein by the successful party in and as part of the judgment rendered
in such litigation. The provisions of this Section 39 shall survive the Closing or the
termination of this Agreement until the Survival Date set forth in Section 41 (Survival)
hereof.

40. EXCULPATION.

     Purchaser agrees that it does not have and will not have any claims or causes of action
against any Seller Party (other than Seller), arising out of or in connection with this Agreement
or the transactions contemplated hereby. Purchaser agrees to look solely to Seller and Seller’s
interest in the Property or, if the Closing has occurred, the net proceeds of the sale (in each
case, subject to the limitations on Seller’s liability set forth in this Agreement) for the
satisfaction of any liability or obligation arising under this Agreement or the transactions
contemplated hereby, or for the performance of any of the covenants, warranties or other agreements
contained herein, and further agrees not to sue or otherwise seek to enforce any personal
obligation against any of Seller’s other assets or properties or any other Seller Parties (or their
assets or properties) with respect to any matters arising out of or in connection with this
Agreement or the transactions contemplated hereby. Without limiting the generality of the
foregoing provisions of this Section 40, 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 the Seller Parties (other than Seller, subject to the foregoing), and hereby
unconditionally and irrevocably releases and discharges such other Seller Parties from any and all
liability whatsoever which may now or hereafter accrue in favor of Purchaser against such other
Seller Parties, in connection with or arising out of this Agreement or the transactions
contemplated hereby. The provisions of this
Section 40 shall survive the Closing or the termination of this Agreement until the
Survival Date set forth in Section 41 (Survival) hereof.

41. SURVIVAL.

     (a) The acceptance by Purchaser from Seller of the Deed referred to in Section 21(a)
above shall be deemed an acknowledgement, for all purposes, of the full performance and discharge
of every representation, agreement and obligation on the part of Seller to be performed by it
pursuant to the provisions of this Agreement, except for the following provisions which are to
survive Closing (or, as applicable, any termination of this Agreement) until the Survival Date and
any other provisions of this Agreement which are specifically stated to survive the Closing (or, as
applicable, any termination of this Agreement). The “Survival Date” shall mean the
following with respect to the Sections set forth below: The following Sections shall survive
indefinitely after Closing (or, as applicable, any termination of this Agreement) subject to the
applicable statute of limitations:

56

 

Section 3(c) and 3(e) (Due Diligence; Access);

Section 4(d) (Purchase Price and Deposit);

Section 10 (Condominium Structure);

Section 11(b) (Employees; Union Contracts);

Section 11(c) (Development Rights)

Section 13 (Condition of Property; Indemnities);

Sections 14(c) (Limitations on Seller’s Representations)

Section 15 (Purchaser’s Representations);

Section 18 (Brokers and Advisors);

Section 19 (Tax Reduction Proceedings);

Section 21 (Deliveries to Be Made on the Closing Date);

Section 24 (Default by Purchaser or Seller);

Section 26 (Entire Agreement);

Section 27 (Amendments);

Section 28 (Waiver);

Section 29 (Partial Invalidity);

Section 30 (Section Headings);

Section 31 (Governing Law);

Section 32(a) and 32(c) (Parties; Assignment and Recording);

Section 35 (Third Party Beneficiaries);

Section 36 (Jurisdiction and Service of Process);

Section 37 (Wavier of Trial by Jury);

Section 38 (Miscellaneous);

Section 39 (Attorneys’ Fees); and

Section 40 (Exculpation).

     (b) The following Sections shall survive indefinitely after any termination of this Agreement
(but shall not survive Closing) subject to the applicable statute of limitations:

     Section 32(b) (Parties; Assignment and Recording); and

     (c) The following Sections shall survive for the period of one (1) year after the Closing
Date:

Section 7 (Apportionment);

Section 20 (Transfer Taxes and Transaction Costs);

Section 33 (Confidentiality); and

Section 34 (Further Assurances).

     (d) The following Section shall survive for the period of ninety (90) days after the Closing
Date:

     Section 14(a) (Seller’s Representations).

57

 

[NO FURTHER TEXT ON THIS PAGE; SIGNATURE PAGE FOLLOWS]

58

 

     IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be executed the day and
year first above written.

	 	 	 	 	 	 	 

	 	 	SELLER:	 	 
	 
	 	 	 	 	 	 
	 	 	SAHN EAGLE LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Lee Jun Gyu	 	 
	 

	 	Name:
	 	Lee
Jun Gyu

	 	 
	 

	 	Title:
	 	Manager

	 	 
	 

	 	 	 	 

	 	 

[Signatures Continue on Following Page]

 

 

	 	 	 	 	 	 	 

	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 
	 	 	SOUFUN HOLDINGS LIMITED,	 	 
	 	 	a Cayman Islands company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Vincent Tianquan Mo	 	 
	 

	 	Name:
	 	Vincent
Tianquan Mo

	 	 
	 

	 	Title:
	 	Executive
Chairman

	 	 
	 

	 	 	 	 

	 	 

 

 

     The undersigned hereby acknowledges, consents and agrees to, and is executing this Agreement
only pursuant to, the provisions of Section 4 and Section 23.

	 	 	 	 	 	 	 

	 	 	COMMONWEALTH LAND TITLE INSURANCE	 	 
	 	 	COMPANY, as Escrow Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christopher
J. Bruno	 	 
	 	 	 	 	 
	 	 
	 

	 	Name:	 	Christopher J.
Bruno	 	 
	 	 	 	 	 
	 	 
	 

	 	Title:	 	Counsel
and Vice President 	 	 
	 	 	 	 	 
	 	 

 

 

EXHIBIT A

Description of the Land

All that certain plot, piece or parcel of land, situate, lying and being in the Borough of
Manhattan, City, County and State of New York, bounded and described as follows:

BEGINNING at the corner formed by the intersection of the southerly side of Pine Street with the
westerly side of Pearl Street;

RUNNING THENCE westerly along the southerly side of Pine Street, 139 feet 6-3/4 inches to the
westerly face of the westerly wall of the building on the premises herein described;

THENCE southerly along a line which forms an angle on its easterly side of with the aid southerly
side of Pine Street of 89 degrees 54 minutes 30 seconds 69 feet 1-3/8 inches to the northerly face
of the northerly wall of the one-story brick extension building on the premises herein described;

THENCE westerly along the northerly face of the northerly wall of the one-story brick extension
building on premises herein described and along the southerly face of the southerly wall of
premises No. 71 Pine Street and along a line forming an angle on its northerly side of with the
said last mentioned course of 90 degrees 59 minutes 30 seconds, 9 feet 5-1/8 inches to the westerly
face of the westerly wall of the said extension building;

THENCE southerly along the westerly face of said westerly wall of said extension building and along
a line which forms an angle on its easterly side with the last course of 89 degrees 23 minutes 30
seconds, 23 feet 5-3/4 inches to the southerly face of the southerly wall of said building, and to
the northerly line of premises adjoining on the south and known as No. 64 Wall Street;

THENCE easterly along the northerly line of premises know as Nos. 64 and 68 Wall Street and along
the southerly face of the southerly walls of the one and three story extension buildings on
premises herein described and along a line which on its northerly side forms an angle of 90 degrees
56 minutes 55 seconds with said last mentioned course, 29 feet 9-1/2 inches to the northeast corner
of premises known as No. 68 Wall Street;

THENCE southerly along the easterly side of said premises knows as No. 68 Wall Street, and along a
line forming an angle on its westerly side with the last mentioned course of 88 degrees, 59 minutes
00 seconds, 1 foot 2-1/2 inches to the northerly side of premises No. 70 Wall Street;

THENCE easterly and along the northerly side of premises no. 70 Wall Street and along the southerly
face of the southerly wall of the building on premises herein and along a line forming an angle of
91 degrees 15 minutes on its southerly side of with the last mentioned course 26 feet 1-1/2 inches
to the westerly face of the westerly wall of the building known as No. 72 Wall Street on the
premises herein described;

A-1 

 

THENCE southerly along the westerly face of the westerly wall of No. 74 Wall Street and on a line
forming an angle on its westerly side with the last mentioned course, 88 degrees 21 minutes 05
seconds, 101 feet 3 inches to the northerly side of Wall Street;

THENCE easterly along the northerly side of Wall Street 89 feet to the corner formed by the
intersection of the northerly side of Wall Street with the westerly side of Pearl Street; and

THENCE northerly along the westerly side of Pearl Street 195 feet 2-1/4 inches to the corner first
above mentioned, at the point or lace of BEGINNING.

A-2 

 

EXHIBIT B

Letter of Intent

[See attached.]

B-1 

 

	LETTER OF INTENT 

(72 Wall Street, New York, New York)

November 18th,
2010

Vincent Tianquan Mo

SouFun Holdings Limited

     Sahn
Eagle LLC (“Seller”) is pleased to submit this Letter of Intent (“LOI”)
with respect to the following:

	 	 	 

	PROPERTY:

	 	The Property means that portion of the land, building and other
improvements located at 72 Wall Street, New York, New York. (with
approximately 196ft-8in of frontage on Pearl Street, 141ft-4in frontage on
Pine Street and 89ft-5in frontage on Wall Street, and a lot size of
approximately 22,014 square feet in Block-Lot: 00040-0001) with the
exception of a to be formed condominium unit comprised of: (i) the
portion of the Property formerly occupied by the United States Post Office
including the cellar, ground floor, second, third and fourth floors; (ii)
the portion of floors six, seven, and eight of the Property that are
directly above the footprint of the Property formerly occupied by the US
Post Office; and (iii) the pedestrian bridge that connects from the
Property to the building located at 70 Pine Street.
	 
	 	 
	PURCHASER:

	 	An entity to be formed and controlled by SouFun Holdings Ltd.
	 
	 	 
	PURCHASE PRICE:

	 	$46,000,000, payable in cash.
	 
	 	 
	LOI DEPOSIT:

	 	Simultaneously with the execution of this LOI, Purchaser shall
deliver to Chicago Title Insurance Company, as escrow agent (“Escrow
Agent”), a good-faith letter of credit or cash deposit in the amount of $
1,000,000 (the “LOI Deposit”), which shall be held in accordance with the
terms of the escrow agreement agreed upon by Seller and Purchaser. In the
event Purchaser delivers the LOI Deposit in the form of a letter of credit,
such letter of credit shall be an unconditional and irrevocable stand by
letter of credit, in a form acceptable to Seller, issued by a bank which is
a member of the New York Clearing House Association and that is otherwise
reasonably acceptable to Seller, naming Escrow Agent as
beneficiary, in the amount of $1,000,000 available for drawing. At any time
prior to December 15, 2010, Purchaser shall have the right, in its sole
discretion, to cancel this LOI and receive a refund of the LOI Deposit,
upon which each party shall be released from any and all obligations and
liabilities to the other hereunder, except

B-2 

 

	 	 	 

	 

	 	for the provisions
hereof that expressly
survive termination of this
LOI, and each party shall be
liable for its own costs and
expenses, including legal
fees. If by 5:00 p.m.
Eastern Standard Time on
December 15, 2010, the LOI
has not been terminated, the
LOI Deposit shall become
non-refundable to Purchaser,
and the LOI Deposit shall,
at Seller’s option, either
be (i) credited against the
Downpayment (hereinafter
defined) or (ii) returned to
Purchaser upon Purchaser’s
payment of the
Downpayment.
	 
	 	 
	CONTRACT:

	 	Seller and Purchaser
shall negotiate a purchase
and sale agreement for the
sale and purchase of the
Property on terms and
conditions mutually
acceptable to Seller and
Purchaser (the “Contract”)
and consistent with this
LOI. Seller’s attorney will
provide draft of the
Contract within 7 (seven)
business days of full
execution and delivery of
this LOI.
	 
	 	 
	CONTRACT DEPOSIT:

	 	With the execution of
the Contract which shall be
no later than December 15,
2010 (time being of the
essence), Purchaser will pay
a non-refundable deposit in
the amount of $4,600,000.00
(the “Downpayment”) to
Escrow Agent, which shall
consist of an unconditional
and irrevocable stand by
letter of credit, in a form
acceptable to Seller, issued
by a bank which is a member
of the New York Clearing
House Association and that
is otherwise reasonably
acceptable to Seller,
naming Escrow Agent as
beneficiary, in the amount
of $4,600,000 available for
drawing (the “Letter of
Credit”). The Downpayment is
subject to adjustment in the
event Purchaser elects to
apply the LOI Deposit
against the Downpayment as
described above. At the
Closing (hereinafter
defined), the Letter of
Credit shall be returned to
Purchaser and shall not be
credited against the
Purchase Price. If a Closing
is not consummated by Seller
and Purchaser on or prior to
February 21, 2011 for any
reason whatsoever other than
a material breach of the
Contract by Seller or the
failure of the Condominium
Structure (hereinafter
defined) to be approved by
the Attorney General of the
State of New York (the
“Attorney General”) or other
required governmental
authority, Seller shall
retain the Downpayment as
liquidated damages and
thereafter each party shall
be released from any and all
obligations and liabilities
to the other hereunder,
except for the provisions
hereof that expressly
survive termination of this
LOI or the Contract.
	 
	 	 
	PROPERTY MATERIALS:

	 	Prior to execution of
the Contract, Seller shall
make available to Purchaser
certain written materials
with respect to the
Property, including,
without limitation,
property studies and
inspection reports (the
“Property Reports”).
Purchaser expressly
acknowledges and agrees
that neither Seller nor any
of its affiliates,
officers, directors,
employees, advisors or
agents, have

B-3 

 

	 	 	 

	 

	 	made or will
be making any
representation or
warranty as to the
content, accuracy
or completeness of
such Property
Reports and Seller
shall have no
liability to
Purchaser
resulting from
Purchaser’s use or
reliance upon the
Property Reports.
Purchaser is
relying entirely on
its own evaluation
of the Property and
is not relying on
any
representations,
warranty, assurance
or statement of any
kind made by
Seller, or any
other person or
entity acting on
behalf of Seller.
Purchaser shall
maintain the
confidentiality of
the Property
Reports in
accordance with the
terms of this LOI
and if this LOI is
terminated for any
reason Purchaser
shall immediately
return all
Property Reports
and due diligence
studies and reports
obtained by
Purchaser to
Seller. The terms
of this Section
shall survive the
termination of this
LOI.
	 
	 	 
	INSPECTION PERIOD:

	 	Following
execution of the
LOI, the Purchaser
shall have a due
diligence period up
to December 15,
2010 (the “Due
Diligence Period”).
If the Contract is
fully executed
prior to December
15, 2010, the
Contract shall
provide for such
Due Diligence
Period but in no
event shall the LOI
Deposit become
refundable after
5:00 p.m. Eastern
Standard Time on
December 15, 2010
unless pursuant to
the “LOI Deposit”
paragraph above.
During the Due
Diligence Period,
Seller will
provide to
Purchaser and
Purchaser’s
consultants and
representatives
access to the
Property at
reasonable times
and upon prior
reasonable notice
for Purchaser to
conduct such
studies, tests and
investigations as
Purchaser requires
to evaluate the
condition of the
Property. Purchaser
shall not conduct
any invasive
testing without
Seller’s prior
consent, not to be
unreasonably
withheld,
conditioned or
delayed.
Purchaser shall
indemnify, defend
and hold harmless
Seller and Seller’s
officers,
directors,
partners,
principals, agents,
consultants,
representatives and
advisors (the
“Seller Parties”)
from and against
all damage, cost,
loss, liens,
claims,
liabilities and
expenses
(including
reasonable
attorney’s fees)
incurred by any
of the Seller
Parties arising out
of such access.
Prior to and during
the period of any
such access
Purchaser agrees to
obtain and maintain
insurance of the
types and amounts
reasonably required
by Seller listing
Seller and any
other Seller Party
requested by Seller
as additional
insureds.
	 
	 	 
	PROPERTY “AS IS”:

	 	Purchaser
will accept the
Property as is,
where is and with
all faults and
defects, and Seller
shall not be
obligated to
perform any capital
improvements or
other work or
repairs whatsoever
thereon.
	 
	 	 
	CLOSING:

	 	The closing
of the conveyance
of the Property
(the “Closing”)
will occur on
February 21, 2011
(the “Closing
Date”); provided,
however, that in
the event that
approval by the
Attorney General or
any other required
governmental
authority to the
creation of

B-4 

 

	 	 	 

	 

	 	the Condominium
Structure is not issued
by the Closing Date, the
Closing Date may be
extended by either party
providing written notice
to the other to the date
which is 5 days after the
date on which the
Attorney General and any
other required
governmental authority
approves the Condominium
Structure but in no
event shall the Closing
take place after April
30, 2011 (the “Outside
Closing Date”). In the
event the Closing has
not taken place by the
Outside Closing Date,
Seller and Purchaser
shall each have the
option to terminate the
Contract upon five
business days’ written
notice to the
other.
	 
	 	 
	TRANSACTION COSTS:

	 	Without
limitation, Purchaser
shall be responsible for
all title examination,
title insurance,
architectural, survey
and recording costs and
expenses. The parties
shall each bear the cost
of their respective
attorneys and other
advisors. Seller
shall bear all
recordation, transfer
costs and expenses and
any filing fees incurred
in connection with
establishing the
Condominium
Structure.
	 
	 	 
	BROKERAGE:

	 	Other than with
respect to a certain
brokerage fee that may
be payable to The Ariel
Group Realty Corp., by
Seller at the Closing
pursuant to a separate
agreement, each of
Purchaser and Seller
represents and warrants
that it has not dealt
with any broker,
consultant, finder or
like agent who might
be entitled to a
commission or
compensation on account
of introducing the
parties hereto, the
negotiation or execution
of this LOI or the
Contract, or the closing
of the transactions
contemplated
hereby.
	 
	 	 
	CONFIDENTIALITY:

	 	Seller and
Purchaser agree to hold
this LOI in strict
confidence and neither
shall disclose either
the existence or
substance of this LOI to
any third party without
the express prior
written consent of
Seller. Purchaser agrees
to hold any information
furnished by any party
comprising Seller or its
agents in strict
confidence and shall not
disclose such
information to any third
party without the
express prior written
consent of Seller.
Notwithstanding the
foregoing, the terms
of this
confidentiality
provision shall not
apply to information
that (i) already is or
becomes generally
available to the public
other than as a result
of a disclosure by
Seller or Purchaser, as
applicable, or its
agents, or (ii) was or
becomes available or
known to Seller or
Purchaser, as
applicable, on a
non-confidential basis
from a source other than
Seller or Purchaser, as
applicable, or its
agents, provided that
such source was not
bound by a
confidentiality
agreement, or
(iii) information
which is
independently developed,
discovered or arrived at
by Seller or Purchaser,
as applicable, or its
representatives.
Notwithstanding the
foregoing, Purchaser
shall be permitted
to disclose the
existence and substance
of this LOI and any
other information
(i)

B-5 

 

	 	 	 

	 

	 	to the extent necessary
or desirable to effectuate the
intent of this LOI (including,
without limitation, to its
attorneys, consultants,
partners, architects,
affiliates, lenders and
accountants), or (ii) as
required by law or judicial
process. The terms of this
Section shall survive the
termination of this LOI for a
period of 180 days.
	 
	 	 
	EXCLUSIVITY

	 	After signing of this
LOI and payment of the LOI
Deposit, Purchaser shall have
the exclusive right to
negotiate to buy the Property
until December 15, 2010.
During such time, Seller and
its agents/brokers shall stop
soliciting, talking,
negotiating, or signing any
document orally or in writing
with other potential buyers or
third parties about the
selling/purchasing/leasing of
the Property.
	 
	 	 
	CONDOMINIUM

	 	After the signing of
this LOI and payment of the
LOI Deposit, Seller shall work
to have the building subjected
to a condominium regime and
the Property converted into a
condominium unit (the
“Condominium Structure”). In
connection with the
preparation of such
condominium documents, Seller
and Purchaser will cooperate
with one another to reasonably
allocate the costs of
maintenance of the condominium
common elements between Seller
and Purchaser. In the event
that the Condominium
Structure has not been
approved by the Attorney
General or any other
required governmental
authority prior to the Closing
date, the Closing date may be
extended as set forth in the
Closing section above. The
condominium documents shall
include a mutual right of
first refusal for Seller and
Purchaser to each have a right
to buy the other’s condominium
unit in the event that the
other elects in its sole
discretion to sell its
condominium unit.

     Other than the Exclusivity, Inspection Period and Confidentiality
provisions above, and this paragraph,
no party to the proposed
transaction will be under any legal obligation with respect to the proposed
transaction or any similar transactions, and no offer, commitment, estoppel,
undertaking or obligation of any nature whatsoever shall exist or be implied
in fact, law or equity, unless and until a formal written Contract providing
for the transaction containing in detailed legal form the terms and
conditions of the transaction has been executed and delivered by all parties
intended to be bound. At any time, subject to the terms of this LOI,
either
Purchaser or Seller may terminate discussions regarding the Property and
decline to negotiate the Contract.

     This LOI may be executed and delivered in any number of counterparts,
each of which shall be an original, but all of which together shall
constitute one instrument. This LOI may be executed and delivered by
facsimile or electronic signature and as such, shall be treated as an
original instrument.

     If this LOI is acceptable to you, please execute the same in the space
provided below and return the signed counterpart to us. If this LOI is not
so executed and returned to us and the LOI

B-6 

 

Deposit is not delivered by November 22, 2010, time being of the essence, then the proposals
set forth herein will be deemed withdrawn and this letter will be of no further force and effect.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

B-7 

 

	 	 	     Please confirm your agreement with the terms of this LOI by signing in the space
provided below and returning to the undersigned a copy of this LOI.

	 	 	 	 	 
	 	Very truly yours,

SAHN EAGLE LLC 

 	 
	 	By:  	/s/
Lee
Jun Gyu
 	 
	 	 	Name:  	Lee Jun Gyu	 
	 	 	Title:  	Manager	 
	 

	 	 	 	 
	AGREED TO BY PURCHASER: 

SouFun Holdings Ltd.

 	 
	By:  	/s/
Vincent Tianquan Mo
 	 
	Name: 	Vincent Tianquan Mo	 
	Title:  	Executive Chairman 	 

B-8 

 

EXHIBIT C

[Reserved]

C-1

 

EXHIBIT D

Form of Assignment and Assumption of Union Contract

        
  On this [          ] day of [  
                  ], 2011, SAHN
EAGLE LLC, a Delaware limited liability company, having an
office at 72 Wall Street, New York, New York 10005 (“Assignor”), in consideration of Ten
Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, hereby assigns to [      
               
                 
  ], a
[               
               
          ], having an office at [ 
                
               
               
             ] (“Assignee”), all
right, title and interest of Assignor in and to that certain collective bargaining agreement and
all agreements, side letters, memoranda of understanding and other documents described in
Schedule A hereto and made a part hereof (collectively, the “Union Contract”)
relating to certain premises located at 72 Wall Street, New York, New York (the
“Premises”).

         
 Assignee hereby expressly assumes all of the obligations imposed upon Assignor under the Union
Contract accruing from and after the date hereof. Assignee hereby agrees to indemnify, hold
harmless and defend Assignor from and against any and all claims, demands, causes of action,
losses, damages, debts, liabilities, costs and expenses (including, without limitation, reasonable
attorneys’ fees and disbursements) incurred by Assignor on account of Assignee’s failure to perform
the obligations assumed by Assignee hereunder. Assignor hereby agrees to indemnify, hold harmless
and defend Assignee from and against all claims, demands, causes of action, losses, damages, debts,
liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and
disbursements) incurred by Assignee in connection with or arising out of claims made prior to the
date hereof with respect to the Union Contract by third parties relating to the ownership,
maintenance or operation of the Property and attributable to events occurring during Assignor’s
ownership of the Property (other than events occurring as the result of any actions of Assignee or
its affiliates, representatives or agents).

       
   Assignee hereby expressly agrees to offer to hire all employees of Assignor employed at the
Premises who are subject to the Union Contract at the then existing wages, hours and working
conditions that they received while employed by Assignor.

          This Assignment and Assumption of Union Contract is made by Assignor without any express or
implied representation or warranty whatsoever.

          This Assignment and Assumption of Union Contract shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

          This Assignment shall be governed by the laws of the State of New York without giving effect
to conflict of laws principles thereof.

          This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an
executed counterpart of this Assignment by facsimile transmission, PDF or other means of electronic
transmission, shall be as effective as delivery of a manually executed counterpart thereof and
shall be binding against the party so executing same.

D-1

 

[signature page follows]

D-2

 

          IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment and Assumption of Union
Contract to be executed as of the date first set forth above.

	 	 	 	 	 	 	 

	 	 	ASSIGNOR:	 	 
	 
	 	 	 	 	 	 
	 	 	SAHN EAGLE LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	 
	 
	 	 	 	 	 	 
	 	 	[CONDOMINIUM ASSOCIATION SIGNATURE

BLOCK TO BE INSERTED]	 	 

D-3

 

SCHEDULE A

(to Assignment and Assumption of Union Contract)

Union Contract

2008 Commercial Building Agreement between Local 32BJ Service Employees International Union and The
Realty Advisory Board On Labor Relations, Inc., effective January 1, 2008

D-4

 

EXHIBIT E

Form of Deed1

BARGAIN AND SALE DEED

WITHOUT COVENANT AGAINST GRANTOR’S ACTS

      
    THIS INDENTURE, made as of the [      
    ] day of [        
             ], 2011, by SAHN EAGLE LLC, a
Delaware limited liability company, having an address at 72 Wall Street, New York, New York 10005
(hereinafter referred to as “Grantor”), to [     
                
                   ], a
[              
               
           ], having an
address at [             
                
                
               ] (hereinafter referred
to as “Grantee”).

      
    WITNESSETH, that Grantor, in consideration of Ten Dollars ($10.00), lawful money of the United
States, paid by Grantee, does hereby grant and release unto Grantee, the heirs or successors and
assigns of Grantee forever:

        
  ALL that certain real property located in New York City, New York, described as “Unit 2” in
the condominium known as [            
                 
           ] (the “Condominium”) in accordance with
those Condominium Instruments creating the Condominium recorded as       
              , among the
land records of the [Office of the City Register, New York County] (the “Condominium
Instruments”).;

       
   TOGETHER WITH the [Common Element Interest] appurtenant to Unit 2 as set forth in the
Condominium Instruments; and

      
    TOGETHER WITH all the appurtenant [Unit 2 Limited Common Elements] that are appurtenant to
Unit 2, all as shown and in accordance with the Condominium Instruments.

        
  AND Grantor, in compliance with Section 13 of the Lien Law, covenants that Grantor will
receive the consideration for 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 improvements at the
Premises and will apply the same first to the payment of the cost of the improvements before using
any part of the total of the same for any other purpose.

[signature page follows]

 

			
	1	 	To be revised after review by local
condominium counsel.

E-1

 

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

	 	 	 	 	 	 	 

	GRANTOR:	 	SAHN EAGLE LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

E-2

 

	 	 	 	 	 	 	 

	STATE OF NEW YORK
	 	)	 	 	 	 
	COUNTY OF NEW YORK
	 	)	 	ss.:

       
   On the            day of  
                
    in the year 2011 before me, the undersigned, personally appeared
                
                
        , personally known to me or proved to me on the
basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the
individual, or the person or entity upon behalf of which the individual acted, executed the
instrument.

	 	 	 

	  

Signature
and Office of individual

taking acknowledgment

	 	 

	 	 	 	 	 	 

	Bargain and Sale Deed

	 	SECTION:
	 	1 	 
	Without Covenant Against Grantor’s Acts

	 	BLOCK:
	 	40 	 
	 

	 	LOT:
	 	1 	 
	 

	 	COUNTY:
	 	New York	 
	 
	 	 	 	 	 
	SAHN EAGLE LLC

	 	STREET
	 	72 Wall Street	 
	 

	 	ADDRESS:
	 	New York, New York	 
	 

	 	 	 	10005 	 
	 
	 	 	 	 	 
	TO
	 	 	 	 	 
	 
	 	 	 	 	 
	[ 
     
              ],
	RETURN BY MAIL TO:	 
	NEW YORK BRANCH

 
	 	 	 

E-3

 

EXHIBIT F

Form of Bill of Sale

       
   SAHN EAGLE LLC, a Delaware limited liability company, having an address at 72 Wall Street, New
York, New York 10005 (“Seller”), in consideration of Ten Dollars ($10.00) and other good
and valuable consideration paid to Seller by [        
                
                ], a
[                
                
        ], having an address at [   
               
               
               
            ] (“Purchaser”), the
receipt and sufficiency of which are hereby acknowledged, hereby sells, conveys, assigns,
transfers, delivers and sets over to Purchaser the Personalty (as defined in that certain Purchase
and Sale Agreement dated [____ ], 2010 between Seller and Purchaser (the “Purchase Agreement”))
other than the Excluded Property (as defined in the Purchase Agreement).

      
    TO HAVE AND TO HOLD unto Purchaser and its successors and assigns to its and their own use and
benefit forever.

      
    This Bill of Sale is made by Seller without recourse and without any expressed or implied
representation or warranty whatsoever.

      
    IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed as of this [__]
day of [          ], 2011.

	 	 	 	 	 	 	 

	 	 	SAHN EAGLE LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

F-1

 

EXHIBIT G

FIRPTA Affidavit

          Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property
interest must withhold tax if the transferor is a foreign person. To inform the transferee that
withholding of tax is not required upon the disposition of a U.S. real property interest by SAHN
EAGLE LLC (“Seller”), the undersigned hereby certifies the following on behalf of the
Seller.

         
      1. Seller is not a foreign corporation, foreign partnership, foreign trust, or foreign estate
(as such terms are defined in the Internal Revenue Code and Income Tax Regulations).

        
       2. Seller’s U.S. employer identification number is [ 
                   ].

         
      3. Seller is not a disregarded entity as defined in § 1.1445-2(b)(2)(iii).

         
      4. Seller’s office is located at [    
                 
                   ].

        
  The undersigned understands that this certification may be disclosed to the Internal Revenue
Service by the transferee and that any false statement contained herein could be punished by fine,
imprisonment, or both.

        
  Under penalties of perjury I declare that I have examined this certification and to the best
of my knowledge and belief it is true, correct and complete, and I further declare that I have
authority to sign this document on behalf of Seller.

	 	 	 	 	 	 	 

	 	 	SAHN EAGLE LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

[     
                
                
   ], 2011

G-1

 

EXHIBIT H

Form of Omnibus Assignment and Assumption Agreement

       
   THIS GENERAL ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”), made and entered
into this [          ] day of [ 
                 
  ], 2011, between SAHN EAGLE LLC, a Delaware limited liability company,
having an address at 72 Wall Street, New York, New York 10005 (“Assignor”) and
[               
                
         ], a [    
                 
                 
  ], having an address at
[               
                
                
             ] (“Assignee”).

W I T N E S S  E T H:

        
  Assignor for Ten Dollars ($10.00), and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, hereby assigns to Assignee all of Assignor’s right,
title and interest in, to and under (i) all books, records, and files owned by Assignor and
relating to the occupancy, use or operation of [Unit 2 in the condominium known as
[                 
                 
      ] (the “Condominium”) pursuant to the Condominium Instruments
creating the Condominium recorded as             
                  
          , among the land records of the [Office of
the City Register, New York County]]2, (ii) the
Permits (as defined in that certain
Purchase and Sale Agreement dated [          ], 2010
 between Assignor and Assignee (the “Purchase
Agreement”)) and (iii) the Intangible Property (as defined in the Purchase Agreement), in all
cases, excluding the Excluded Property (as defined in the Purchase Agreement) (the items set forth
in clauses (i) through (iii) above are hereinafter referred to collectively as the “Property
Matters”).

       
   TO HAVE AND TO HOLD unto Assignee and its successors and assigns to its and their own use and
benefit forever.

       
   Assignee hereby expressly assumes all of the obligations imposed upon Assignor in respect of
the Property Matters accruing from and after the date hereof. Assignee hereby agrees to indemnify,
hold harmless and defend Assignor from and against any and all claims, demands, causes of action,
losses, damages, debts, liabilities, costs and expenses (including, without limitation, reasonable
attorneys’ fees and disbursements) incurred by Assignor on account of Assignee’s failure to perform
the obligations assumed by Assignee hereunder. Assignor hereby agrees to indemnify, hold harmless
and defend Assignee from and against all claims, demands, causes of action, losses, damages, debts,
liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and
disbursements) incurred by Assignee in connection with or arising out of claims made prior to the
date hereof with respect to the Property Matters by third parties relating to the ownership,
maintenance or operation of the Property and attributable to events occurring during Assignor’s
ownership of the Property (other than events occurring as the result of any actions of Assignee or
its affiliates, representatives or agents).

       
   This Agreement is made by Assignor without recourse and without any expressed or implied
representation or warranty whatsoever.

 

	 	 	 
	2	 	Property description to be confirmed.

H-1

 

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

          This Agreement shall be governed by the laws of the State of New York without giving effect to
conflict of laws principles thereof.

          This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an
executed counterpart of this Agreement by facsimile transmission, PDF or other means of electronic
transmission, shall be as effective as delivery of a manually executed counterpart thereof and
shall be binding against the party so executing same.

[signature page follows]

H-2

 

          IN WITNESS WHEREOF, Assignor and Assignee have executed this Omnibus Assignment and Assumption
Agreement as of the date first above written.

	 	 	 	 	 	 	 

	 	 	ASSIGNOR:
	 
	 	 	 	 	 	 
	 	 	SAHN EAGLE LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE:
	 
	 	 	 	 	 	 
	 	 	[PURCHASER’S SIGNATURE BLOCK TO BE INSERTED]

H-3

 

EXHIBIT I

Form of Assignment and Assumption of Contracts

          On this [          ] day of [                    ], 2011, SAHN EAGLE LLC, a Delaware limited liability company, having an
address at 72 Wall Street, New York, New York 10014 (“Assignor”), in consideration of Ten
Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, hereby assigns to [                                        ], a
[                                        ], having an address at [                                
                            ] (“Assignee”),
all right, title and interest of Assignor under all of the Contracts (as defined in that certain
Purchase and Sale Agreement dated [                    ], 2010 between Assignor and SouFun Holdings Limited, Cayman
Islands company (the “Purchase Agreement”)) and listed on Schedule A attached
hereto.

          Assignee hereby expressly assumes all of the obligations imposed upon Assignor under the
Contract accruing from and after the date hereof. Assignee hereby agrees to indemnify, hold
harmless and defend Assignor from and against any and all claims, demands, causes of action,
losses, damages, debts, liabilities, costs and expenses (including, without limitation, reasonable
attorneys’ fees and disbursements) incurred by Assignor on account of Assignee’s failure to perform
the obligations assumed by Assignee hereunder. Assignor hereby agrees to indemnify, hold harmless
and defend Assignee from and against all claims, demands, causes of action, losses, damages, debts,
liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and
disbursements) incurred by Assignee in connection with or arising out of claims made prior to the
date hereof with respect to the Contracts by third parties relating to the ownership, maintenance
or operation of the Property and attributable to events occurring during Assignor’s ownership of
the Property (other than events occurring as the result of any actions of Assignee or its
affiliates, representatives or agents).

          This Assignment and Assumption of Contracts and is made by Assignor without recourse and
without any express or implied representation or warranty whatsoever.

          This Assignment and Assumption of Contracts shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

          This Assignment shall be governed by the laws of the State of New York without giving effect
to conflict of laws principles thereof.

          This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an
executed counterpart of this Assignment by facsimile transmission, PDF or other means of electronic
transmission, shall be as effective as delivery of a manually executed counterpart thereof and
shall be binding against the party so executing same.

[signature page follows]

I-1

 

          IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment and Assumption of
Contracts to be executed as of the date first set forth above.

	 	 	 	 	 	 	 

	 	 	ASSIGNOR:
	 
	 	 	 	 	 	 
	 	 	SAHN EAGLE LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE:
	 
	 	 	 	 	 	 
	 	 	[CONDOMINIUM ASSOCIATION SIGNATURE
 BLOCK TO BE
INSERTED]

I-2

 

SCHEDULE A

(to Assignment and Assumption of Contracts)

Contracts

[To be attached.]

I-3

 

EXHIBIT J

Additional Condominium Provisions

          Additional Condominium Provisions to be included in the Condominium Instruments:

The Condominium shall be governed by an Association of Unit Owners (the “Condominium
Association”), which in turn shall be run by a Board of Directors comprised of 3 directors, two
appointed by the owner of Unit 2 and one appointed by the owner of Unit 1. The management of the
Condominium Association shall be decided by the Board of Directors. The following are a list of
decisions that cannot be taken by the Unit Owners, the Condominium Association or the Board of
Directors of such Association, without the consent of the owner of Unit 1:

	 	1.	 	Amendments to Declaration or By-Laws, except to the extent such amendments do not
adversely affect the then-existing rights of the owner of Unit 1;
	 
	 	2.	 	Termination of Condominium Regime;
	 
	 	3.	 	Elections not to rebuild after damage or destruction, except to the extent such
elections do not affect the owner of Unit 1;
	 
	 	4.	 	Borrowings by the Condominium Association (not the Unit Owners);
	 
	 	5.	 	Building insurance that differs from the original insurance required by the bylaws of
the Condominium Association in place at Closing;
	 
	 	6.	 	Applications for variances and other exceptions and changes from zoning or land use
laws, which if approved or granted, would materially affect Unit 1;
	 
	 	7.	 	Changing any reserve fund originally established for capital improvements, replacement,
and major repairs to Common Elements or establishing any new reserve fund, except as may be
required by applicable law;
	 
	 	8.	 	Special assessments not contemplated by an approved budget, except as required in the
event of an emergency or as otherwise required by applicable law;
	 
	 	9.	 	Any decision to defer necessary maintenance and repair of Common Elements;
	 
	 	10.	 	Changes to the Common Elements that would adversely affect Unit 1;
	 
	 	11.	 	Reduction of parking spaces or changes to parking rules available to or benefitting
Unit 1;
	 
	 	12.	 	Changes to any reciprocal or access easements that benefit Unit 1;
	 
	 	13.	 	Changes to any covenant in the Condominium Instruments that exists for the protection
of Unit mortgagees; and

J-1

 

	 	14.	 	Certain other material and substantial decisions to be reasonably agreed upon by Seller
and Purchaser during the negotiation of the Condominium Instruments.

All defined terms used but not defined in this Exhibit shall have the meaning set forth in the
Purchase and Sale Agreement to which this Exhibit is attached.

J-2

 

SCHEDULE 3(a)

List of Property Information

Those agreements, documents and other materials made available to Purchaser in the due diligence
database.

J-3

 

SCHEDULE 8

Excluded Property

For purposes of the Purchase and Sale Agreement to which this Schedule is attached (the
“Agreement”), “Excluded Property” shall mean (a) any fixtures, furniture,
furnishings, equipment or other personal property (including, without limitation, trade fixtures
in, on, around or affixed to the Building) owned or leased by any tenant, managing agent, leasing
agent, contractor, or employee at the Building other than such items left in the Premises by AIG or
its affiliates, (b) any computer and telecommunications equipment and office supplies and equipment
located in the offices on the 11th floor of the Building currently occupied and used by
Seller, (c) subject to Section 11(c) of the Agreement, any rights, privileges or easements
appurtenant to or used or usable in connection with the ownership and operation of the Land or
Building, including without limitation, all air rights and development rights; (d) any zoning and
development benefits, permits, licenses and approvals that inure to the Land or the Building but
not solely to Unit 1 or Unit 2, (e) any permits, licenses, registrations, approvals and
certificates solely related to Unit 1 or the Bridge, and (f) any Protected Information.

All defined terms used but not defined in this Schedule shall have the meaning set forth in the
Schedule.

 

 

SCHEDULE 14(a)(iii)

List of Contracts

Those Contracts made available to Purchaser in the due diligence database.

 

 

SCHEDULE 14(a)(iv)

Litigation

None.

 

 

SCHEDULE 14(a)(vi)

List of Employees

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Hours Per	 	Accrued Leave	 	 	 	Employed
	Name	 	Position	 	Pay	 	Week	 	(as of 6/22/10)	 	Union	 	by
	Frank Briguglio

	 	Engineer
	 	$36.23/hour base pay
	 	40 hrs (plus

periodic overtime)
	 	Vacation: 13 days
Sick: 8 days
Personal: 1 day
Clinic: 0 days
	 	Local 32BJ
	 	CB Richard Ellis
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Carlo Marietta

	 	Engineer
	 	$32.82/hour base pay
	 	40 hrs (plus

periodic overtime)
	 	Vacation: 11 days
Sick: 7 days
Personal: 1 day
Clinic: 2 days
	 	Local 32BJ
	 	CB Richard Ellis

 

 

SCHEDULE 14(a)(ix)

List of Open Tax Years

	 	 	 
	Open Tax Year	 	Status
	2010/2011 Tax Year

	 	“2010/11 Application to Review the 2010/11 Assessed
Value” is pending with the New York City the Tax
Commission. A hearing has been held before the New
York City Tax Commission, and Seller is waiting for the
commission’s determination.

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