Document:

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                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

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                        WELLS FARGO BANK NORTHWEST, N.A.

                                     Trustee

                                       and

                            A/P I DEPOSIT CORPORATION
                                     Seller

                 -----------------------------------------------

                                 TRUST AGREEMENT

                            Dated as of June 20, 2001

                 -----------------------------------------------

                                  $300,000,000

             Amtrak/Pennsylvania Station Lease Finance Trust - 2001,
           Lease-Backed Commercial Mortgage Pass-Through Certificates,
                                   Series 2001

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                                TABLE OF CONTENTS

                                                                          PAGE

ARTICLE I DEFINITIONS........................................................1
      Section 1.01.     Definitions..........................................1
      Section 1.02.     Certificateholders' Request..........................9
      Section 1.03.     Form of Documents Delivered to Trustee...............9
      Section 1.04.     Acts of Holders.....................................10

ARTICLE II CONVEYANCE AND ACQUISITION OF TRUST PROPERTY;
      ISSUANCE OF CERTIFICATES..............................................11
      Section 2.01.     Conveyance of Trust Property........................11
      Section 2.02.     Issuance of Certificates: Acquisition of Mortgage
                        Loans...............................................12
      Section 2.03.     Acceptance by Trustee...............................12
      Section 2.04.     Mortgage File Certification.........................12
      Section 2.05.     Limitation of Powers................................12

ARTICLE III THE CERTIFICATES................................................13
      Section 3.01.     Form, Denomination and Execution of Certificates....13
      Section 3.02.     Authentication of Certificates......................16
      Section 3.03.     Registration of Transfer and Exchange of
                        Certificates........................................16
      Section 3.04.     Mutilated, Destroyed, Lost or Stolen Certificates...18
      Section 3.05.     Persons Deemed Owners...............................19
      Section 3.06.     Cancellation........................................19
      Section 3.07.     Limitation of Liability for Payments................19
      Section 3.08.     Delivery of Rule 144A Information...................19

ARTICLE IV DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS..................20
      Section 4.01.     The Account.........................................20
      Section 4.02.     Distributions from the Certificate Account..........20
      Section 4.03.     Special Payments and Adjustment to Aggregate
                        Subtenant Rental Payments...........................21
      Section 4.04.     Investment of Amounts Held by Trustee...............22
      Section 4.05.     Payment of the Certificates.........................22

ARTICLE V DEFAULT...........................................................22
      Section 5.01.     Events of Default...................................22
      Section 5.02.     Incidents of Sale of Mortgage Loan..................23
      Section 5.03.     Judicial Proceedings Instituted by Trustee..........23
      Section 5.04.     Control by Certificateholders.......................24
      Section 5.05.     Waiver of Past Defaults.............................25
      Section 5.06.     Right of Certificateholders to Receive Payments
                        Not to Be Impaired..................................25
      Section 5.07.     Certificateholders May Not Bring Suit Except under
                        Certain Conditions..................................25
      Section 5.08.     Remedies Cumulative.................................26

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ARTICLE VI THE TRUSTEE......................................................26
      Section 6.01.     Certain Duties and Responsibilities.................26
      Section 6.02.     Certain Rights of Trustee...........................27
      Section 6.03.     Not Responsible for Recitals, Certificates or
                        Mortgage Loan.......................................28
      Section 6.04.     May Hold Certificates...............................29
      Section 6.05.     Money Held in Trust.................................29
      Section 6.06.     Compensation, Reimbursement and Indemnification.....29
      Section 6.07.     Corporate Trustee Required; Eligibility.............30
      Section 6.08.     Resignation and Removal; Appointment of Successor...31
      Section 6.09.     Acceptance of Appointment by Successor..............32
      Section 6.10.     Merger, Conversion, Consolidation or Succession to
                        Business............................................32
      Section 6.11.     Money for Certificate Payments to Be Held in Trust..32
      Section 6.12.     Registration of Mortgage Loan in Trustee's Name.....32
      Section 6.13.     Representations and Warranties of Trustee...........33
      Section 6.14.     Withholding Taxes; Information Reporting............33
      Section 6.15.     Trustee's Liens.....................................34
      Section 6.16.     Co-Trustees.........................................34

ARTICLE VII ADMINISTRATIVE RESPONSIBILITIES OF THE TRUSTEE..................35
      Section 7.01.     Notices and Reports by the Trustee..................35
      Section 7.02.     Method of Notice....................................37
      Section 7.03.     Uniform Commercial Code Statements..................37
      Section 7.04.     Tax Returns.........................................38
      Section 7.05.     Copies of Mortgage Loan Documents...................38

ARTICLE VIII SUPPLEMENTAL TRUST AGREEMENTS..................................38
      Section 8.01.     Supplemental Trust Agreements Without Consent of
                        Certificateholders..................................38
      Section 8.02.     Supplemental Trust Agreements with Consent of
                        Certificateholders..................................38
      Section 8.03.     Documents Affecting Immunity or Indemnity...........39
      Section 8.04.     Execution of Supplemental Trust Agreements..........39
      Section 8.05.     Effect of Supplemental Trust Agreements.............39
      Section 8.06.     Reference in Certificates to Supplemental Trust
                        Agreements..........................................40

ARTICLE IX AMENDMENTS TO MORTGAGE LOAN DOCUMENTS............................40
      Section 9.01.     Amendments and Supplements to Mortgage Loan
                        Documents...........................................40

ARTICLE X TERMINATION OF TRUST; RELEASE OF MORTGAGE LOAN DOCUMENTS..........40
      Section 10.01.    Termination of the Trust............................40
      Section 10.02.    Release of Mortgage Loan Documents. Defeasance
                        Deposit.............................................40

ARTICLE XI REDEMPTION.......................................................41
      Section 11.01.    Optional and Mandatory Redemption...................41
      Section 11.02.    Pro Rata Redemption.................................41
      Section 11.03.    Notice of Redemption................................41

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      Section 11.04.    Effect of Notice of Complete Redemption of All
                        Outstanding Certificates, Etc.......................42

ARTICLE XII MISCELLANEOUS PROVISIONS........................................42
      Section 12.01.    Benefits of Trust Agreement.........................42
      Section 12.02.    Certificates Nonassessable and Fully Paid; No Legal
                        Title to Trust Property in Certificateholders.......42
      Section 12.03.    Notices.............................................42
      Section 12.04.    Governing Law.......................................44
      Section 12.05.    Severability of Provisions..........................44
      Section 12.06.    Effect of Headings and Table of Contents............44
      Section 12.07.    Successors and Assigns..............................44
      Section 12.08.    Counterparts........................................44
      Section 12.09.    Tax Treatment.......................................44
      Section 12.10.    Intention of Parties................................45

EXHIBIT A-1    -  Form of Restricted Global Certificate
EXHIBIT A-2    -  Form of Temporary Global Certificate
EXHIBIT A-3    -  Form of Regulation S Global Certificate
EXHIBIT B      -  Form of Mortgage Note Endorsement
EXHIBIT C      -  Mortgage Loan Schedule
EXHIBIT D      -  List of Mortgage Loan Documents
EXHIBIT E      -  Form of Mortgage File Certification
EXHIBIT F      -  Form of Transferee Certificate
EXHIBIT G      -  Schedule of Base Rent Payments to the Sublease
EXHIBIT H      -  Additional Documents and Instruments Held by the Trustee
EXHIBIT I-1    -  Semi-Annual Rent Receipt Notice
EXHIBIT 1-2    -  Notice of Non-Receipt of Rent

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      This TRUST AGREEMENT (this "TRUST AGREEMENT"), dated as of June 20, 2001,
is made with respect to the formation of the Amtrak/Pennsylvania Station Lease
Finance Trust - 2001 (the "TRUST"), between A/P I Deposit Corporation, a
Delaware corporation (the "SELLER"), and Wells Fargo Bank Northwest, N.A., a
national banking association, as trustee (the "TRUSTEE").

                                   WITNESSETH:

      WHEREAS, the Mortgage Loan (as such term and certain other capitalized
terms used herein are defined below) is secured by the lease of the Borrower,
and by the leasehold estate created by such lease (the "Prime Lease"), in a
portion of the improvements commonly known as Pennsylvania Station located in
the City and State of New York ("Penn Station");

      WHEREAS, the Borrower as tenant under the Prime Lease will enter into the
Sublease with the Subtenant for use and occupancy of Penn Station;

      WHEREAS, pursuant to ARTICLE II hereof the Seller will deposit and sell
the Mortgage Loan to the Trust and the Trust shall purchase the Mortgage Loan
from the Seller in exchange for the issuance and sale and delivery of the
Certificates to the Seller and the Trustee shall hold the Mortgage Loan in trust
for the benefit of the Certificateholders;

      WHEREAS, the parties, upon the execution and delivery of this Trust
Agreement, hereby declare the creation of this Trust for the benefit of the
Certificateholders, and the Certificateholders by their respective acceptances
of the Certificates join in the creation of the Trust with the parties and agree
to be bound by the terms of the Trust Agreement; and

      WHEREAS, to facilitate the sale of the Mortgage Loan to the Trust and the
purchase of the Mortgage Loan by the Trust, the Trustee is undertaking to
perform certain administrative and ministerial duties hereunder in exchange for
the payment of the Annual Trustee Fee under and pursuant to the terms hereof.

      NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

      SECTION 1.01. DEFINITIONS. For all purposes of this Trust Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

            (a) the terms used herein that are defined in this Article have the
      meanings assigned to them in this Article, and include the plural as well
      as the singular;

            (b) all references in this Trust Agreement to designated "Articles,"
      "Sections" and other subdivisions are to the designated Articles, Sections
      and other subdivisions of this Trust Agreement; and

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            (c) the words "herein," "hereof" and "hereunder" and other words of
      similar import refer to this Trust Agreement as a whole and not to any
      particular Article, Section or other subdivision.

      "ACT" shall mean when used with respect to any Holder, the definition
specified in SECTION 1.04(a).

      "ADDITIONAL RENT" shall have the meaning assigned thereto in the Sublease.

      "AFFILIATE" of any specified Person, shall mean any other Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"CONTROL" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "CONTROLLING" and "CONTROLLED" have meanings correlative to the
foregoing.

      "AMTRAK" shall mean National Railroad Passenger Corporation, a District of
Columbia corporation, and its successors and assignors.

      "ANNUAL TRUSTEE FEE" shall mean the annual fee agreed upon by the Seller
and the Trustee which the Trustee in its individual capacity shall receive with
respect to the administration of the Certificates and the performance in the
ordinary course of its duties under this Trust Agreement, which shall be equal
to $5,000 per year or a pro rated amount thereof in respect of a partial year.

      "APPLICABLE PROCEDURES" shall mean all applicable rules and procedures of
the Depository and Clearstream or Euroclear applicable to transfers by their
respective participants.

      "ASSIGNMENT OF LEASES AND RENTS" shall mean an absolute assignment of the
Mortgagor's interest in the Sublease and any other leases of the Mortgaged
Property and the rents, issues and profits of the Mortgaged Property pursuant to
the Assignment of Leases and Rents effective June 20, 2001, as such Assignment
of Leases and Rents shall be executed and delivered with respect to the
Mortgaged Property.

      "ASSIGNMENT OF MORTGAGE" shall mean a duly executed assignment of Mortgage
and assignment of Assignment of Leases and Rents, notice of transfer or
equivalent instrument in recordable form sufficient under the laws of the
jurisdiction where the Mortgaged Property is located to reflect of record the
Seller's sale of the Mortgage to the Trustee and shall be in substantially the
form set forth as EXHIBIT I to the Certificate Purchase Agreement.

      "AVOIDABLE TAX" shall have the meaning specified in SECTION 6.08(d).

      "BASE RENT" shall mean rent paid by the Subtenant under the Sublease,
including, without limitation, rent paid by the Subtenant under SECTION 2 of the
Sublease, whether or not such payments are expressly characterized as
constituting "rent."

      "BENEFICIAL OWNER" shall mean with respect to a Global Certificate, the
Person who is the beneficial owner of such Certificate as reflected on the books
of the Depository or on the

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books of a Person maintaining an account with such Depository (directly as a
Depository Participant or indirectly through a Depository Participant, in
accordance with the rules of such Depository). The Trustee shall have the right
to require, as a condition to acknowledging the status of any Person as a
Beneficial Owner under this Agreement, that such Person provide evidence at its
expense of its status as a Beneficial Owner hereunder.

      "BORROWER" shall mean PSL, and any Transferee thereof under a Permitted
Transfer (as such terms are defined in the Mortgage).

      "BUSINESS DAY" shall mean any day other than (a) a Saturday or Sunday, or
(b) a day on which banking institutions in the states of New York or Utah are
authorized or obligated by law or executive order to be closed.

      "CASUALTY" shall mean any act or occurrence of any kind or nature
resulting in damage, loss or destruction to the Mortgaged Property.

      "CERTIFICATE" shall mean any one of the certificates executed and
authenticated by the Trustee, substantially in the form of EXHIBIT A hereto.

      "CERTIFICATE ACCOUNT" shall mean the account or accounts created and
maintained pursuant to SECTION 4.01(a).

      "CERTIFICATE PRINCIPAL BALANCE" shall mean with respect to the
Certificates on any date of determination thereof, an amount equal to (a) the
Original Certificate Principal Balance, reduced by (b) the sum of (i) the
principal portion of each Scheduled Payment actually made on and with respect to
the Certificates and (ii) the principal portion of each Realized Loss Payment
and the Foreclosure Proceeds, which are received on and with respect to the
Certificates.

      "CERTIFICATE PURCHASE AGREEMENT" shall mean the Certificate Purchase
Agreement dated as of June 20, 2001, among the Seller, the Trustee and the
purchasers identified therein.

      "CERTIFICATE REDEMPTION DATE" shall have the meaning specified in SECTION
11.03.

      "CERTIFICATEHOLDER" shall mean the Person in whose name a Certificate is
registered in the Register.

      "CLEARSTREAM" shall mean Clearstream Banking, societe anonyme, or its
successor.

      "CLOSING DATE" shall mean June 20, 2001.

      "CODE" shall have the meaning specified in SECTION 7.04.

      "COMMISSION" shall mean the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, as
amended.

      "CORPORATE TRUST OFFICE" shall mean the office of the Trustee in the city
at which at any particular time its corporate trust business shall be
principally administered which as of the

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Closing Date is located at Wells Fargo Bank Northwest, N.A., MAC U1254-031, 79
South Main Street, Salt Lake City, UT 84111 Attn: Corporate Trust Services.

      "DEFEASANCE DEPOSIT" shall have the meaning assigned thereto in the
Mortgage Note.

      "DEPOSITORY" or "DTC" shall mean the Depository Trust Company or a
successor appointed by the Transfer Agent and Registrar (which appointment shall
be at the direction of the Depositor if the Depositor is legally able to do so).

      "DEPOSITORY PARTICIPANT" shall mean a Person for whom, from time to time,
the Depository effects book-entry transfers and pledges of securities deposited
with the Depository.

      "DIRECTION" shall have the meaning specified in SECTION 1.04(c).

      "DISTRIBUTION COMPLIANCE PERIOD" shall mean July 30, 2001.

      "DISTRIBUTION DATE" shall mean with respect to distributions of Scheduled
Payments, the 15th day (or if such 1st day is not a Business Day, the next
succeeding Business Day) of each December and June, starting with December 15,
2001, for so long as the Certificates are outstanding.

      "ELIGIBLE ACCOUNT" shall mean an account with the Trustee, or with the
trust department of a commercial bank or with any banking institution the long
term debt rating of which is at least "A" as ascribed by Standard & Poor's
Ratings Services, a Division of The McGraw-Hill Companies, Inc., or "A2" as
ascribed by Moody's Investors Service, Inc., and is an FDIC insured institution.

      "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
amended.

      "EUROCLEAR" shall mean the Brussels, Belgium office of Morgan Guaranty
Trust Company of New York, as operator of the Euroclear System, or its successor
in such capacity.

      "EVENT OF DEFAULT" shall mean an event described in SECTION 5.01.

      "FORECLOSURE EVENT" shall mean the exercise of remedies under the Mortgage
including, without limitation, any prepayment of the Mortgage Loan during the
continuation of an Event of Default under the Mortgage Note, or the foreclosure
or liquidation of the Mortgage Loan upon an Event of Default, whether through
the sale or assignment of the Mortgage Loan, trustee's sale, foreclosure sale or
otherwise, or the sale of the Mortgaged Property if the Mortgaged Property is
acquired in satisfaction of the Mortgage.

      "FORECLOSURE PROCEEDS" shall mean all cash and other consideration
received in connection with a Foreclosure Event net of all reasonable expenses
incurred in connection therewith.

      "FRACTIONAL UNDIVIDED INTEREST" shall mean the fractional undivided
interest in the Trust that is evidenced by a Certificate.

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      "GLOBAL CERTIFICATES" shall mean the collective reference to the
Restricted Global Certificates, the Temporary Global Certificates and the
Regulation S Global Certificates.

      "HOLDER" shall mean a Certificateholder.

      "INDIVIDUAL CERTIFICATE" shall mean any Certificate in a definitive, fully
registered physical form without interest coupons.

      "INSTITUTIONAL HOLDER" shall mean any of the following Persons: (a) any
bank, savings and loan association, savings institution, trust company or
national banking association, acting for its own account or in a fiduciary
capacity, (b) any charitable foundation, (c) any insurance company, (d) any
fraternal benefit society, (e) any pension, retirement or profit-sharing trust
or fund within the meaning of Title I of ERISA or for which any bank, trust
company, national banking association or investment adviser registered under the
Investment Advisers Act of 1940, as amended, is acting as trustee or agent, (f)
any investment company or business development company, as defined in the 1940
Act, (g) any small business investment company licensed under the Small Business
Investment Advisers Act of 1958, as amended, (h) any broker or dealer registered
under the Securities Exchange Act of 1934, as amended, or any investment adviser
registered under the 1940 Act, as amended, (i) any government, any public
employees' pension or retirement system, or any other government agency
supervising the investment of public funds, (j) any other entity all of the
equity owners of which are Institutional Holders or (k) any other Person which
may be within the definition of "qualified institutional buyer" as such term is
used in Rule 144k as from time to time in effect, promulgated under the
Securities Act.

      "INSURANCE PAYMENT EVENT" shall mean the payment under any lender's title,
hazard or other insurance policy, including without limitation any payment in
connection with a Casualty, other than the receipt of proceeds to be applied to
the restoration or repair of the Mortgaged Property or released to the Mortgagor
in accordance with and pursuant to the terms and provisions of the Mortgage.

      "INSURANCE PAYMENT PROCEEDS" shall mean all cash and other consideration
received by the Trustee in connection with an Insurance Payment Event.

      "INVESTMENT COMPANY ACT" shall mean the Investment Company Act of 1940, as
amended.

      "LATE CHARGE PAYMENT" shall mean all default interest, late charges and
other payments made under the Mortgage Note as a result or consequence of any
payment made thereunder after the due date thereof, including without
limitation, interest imposed thereunder at the Default Rate (as defined in the
Mortgage) or the maximum amount permitted by applicable law; PROVIDED, HOWEVER,
that a "Late Charge Payment" shall not include such payments made under the
Mortgage Note if such payments are paid in connection with a Foreclosure Event.

      "LATE CHARGE PAYMENT DISTRIBUTION DATE" shall mean the Business Day
immediately succeeding the date of receipt by the Trustee of a Late Charge
Payment.

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      "MAJORITY CERTIFICATEHOLDERS" shall mean, subject to SECTION 1.04(c), the
holders of Certificates evidencing Fractional Undivided Interests aggregating
not less than a majority in interest in the Trust.

      "SEMI-ANNUAL AMORTIZATION" shall have the meaning specified in SECTION
4.02(a).

      "MORTGAGE" shall mean that certain Leasehold Mortgage, Assignment of
Leases and Rents and Security Agreement effective June 20, 2001 from the
Mortgagor, as amended or supplemented in accordance with its terms.

      "MORTGAGE FILE" shall mean the file of originally executed and delivered
Mortgage Loan Documents maintained by the Trustee as part of the Trust Property
which on the Closing Date shall include the items described on EXHIBIT D hereto.

      "MORTGAGE FILE CERTIFICATION" shall have the meaning assigned thereto in
SECTION 2.04.

      "MORTGAGE LOAN" shall mean the Mortgage Loan described on the Mortgage
Loan Schedule, evidenced by the Mortgage Note, and secured, in part, by the
Mortgage which is the subject of this Trust Agreement and includes, without
limitation, the Mortgage File, Scheduled Payments, Special Payments and all
other rights, benefits, proceeds and obligations arising from and in connection
with the Mortgage Loan. The Mortgage Loan originally subject to this Trust
Agreement is identified on the Mortgage Loan Schedule.

      "MORTGAGE LOAN DOCUMENTS" shall mean the mortgage documents listed in
EXHIBIT D hereto pertaining to the Mortgage Loan, and any additional documents
required to be included as Mortgage Loan Documents pursuant to this Trust
Agreement.

      "MORTGAGE LOAN SCHEDULE" shall mean the schedule containing certain
information regarding the Mortgage Loan and distributions on the Certificates
substantially in the form attached hereto as EXHIBIT C.

      "MORTGAGE NOTE" or "NOTE" shall mean the note or other evidence of the
indebtedness of the Mortgagor secured by the Mortgage.

      "MORTGAGE NOTICE" shall mean any notice, report, request, demand,
certificate, statement, financial statement or other instrument or communication
received by the Trustee under and pursuant to the terms of any Mortgage Loan
Document from the Mortgagor or its representatives, trustees, owners or agents.

      "MORTGAGED PROPERTY" shall mean the property both real and otherwise,
securing repayment of the debt evidenced by the Mortgage Note, consisting of
property described in the Mortgage.

      "MORTGAGOR" shall mean the obligor on the Mortgage Note.

      "OPINION OF COUNSEL" shall mean a written opinion of legal counsel who may
be such counsel as may be designated by the Person required to deliver or cause
the delivery of such opinion whether or not such counsel is an employee of the
Person required to deliver or cause the

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delivery of such opinion and who shall be reasonably acceptable to the recipient
or recipients of such opinion.

      "ORIGINAL CERTIFICATE BALANCE" shall mean $300,000,000.

      "OUTSTANDING" when used with respect to Certificates, shall mean, as of
any date of determination, all Certificates theretofore authenticated and
delivered under this Trust Agreement, except:

            (a) Certificates theretofore cancelled by the Trustee; and

            (b) Certificates in exchange for or in lieu of which other
      Certificates have been authenticated and delivered pursuant to this Trust
      Agreement.

      "PERSON" shall mean any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

      "PSL" shall mean Penn Station Leasing, LLC, a Delaware limited liability
company, and its permitted successors and assignors.

      "REALIZED LOSS PAYMENT" shall mean all Insurance Payment Proceeds received
by the Trustee relating to the Mortgaged Property.

      "REGISTER" shall mean the register maintained pursuant to SECTION 3.03.

      "REQUEST" shall have the meaning specified in SECTION 1.02.

      "REQUIRED CERTIFICATEHOLDERS" shall mean the holders of Certificates
evidencing Fractional Undivided Interests aggregating not less than 66-2/3% in
interest in the Trust.

      "RESPONSIBLE OFFICER" shall mean the chairman or vice-chairman of the
board of directors or trustees, the chairman or vice-chairman of the executive
or standing committee of the board of directors or trustees, the president, the
chairman of the committee on trust matters, any vice-president, any second
vice-president, the secretary, any assistant secretary, the treasurer, any
assistant treasurer, the cashier, any assistant cashier, any trust officer or
assistant trust officer, the comptroller and any assistant comptroller of the
Trustee; and also means, with respect to a particular corporate trust matter,
any duly authorized officer to whom such matter is referred because of his or
her knowledge of and familiarity with the particular subject.

      "SCHEDULED PAYMENT" shall mean with respect to a Distribution Date, the
scheduled semi-annual payment of principal and/or interest on the Mortgage Note
(other than the portion of any such payment which may constitute a Late Charge
Payment or a Special Payment but including, without limitation, any such
semi-annual payment which is made from a Defeasance Deposit) due from the
Mortgagor on the related due date, which is payable by the Mortgagor from
time-to-time under the terms of the Mortgage Note (as such may be modified from
time-to-time following the Closing Date pursuant to the terms and conditions
hereof) and applicable law.

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      "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

      "SELLER" shall mean A/P I Deposit Corporation, a Delaware corporation.

      "SPECIAL DISTRIBUTION DATE" shall mean the Business Day immediately
succeeding the date of receipt by the Trustee of a Special Payment.

      "SPECIAL PAYMENT EVENT" shall mean an event which could give rise to the
payment of a Special Payment.

      "SPECIAL PAYMENTS" with respect to the Mortgage Loan shall mean (a)
Foreclosure Proceeds, (b) Insurance Payment Proceeds, and (c) any other payment
of principal and/or interest on, or any other amount in respect of, the Mortgage
Loan (other than Scheduled Payments and Late Charge Payments).

      "SPECIFIED INVESTMENTS" shall mean (a) direct obligations of the United
States of America and agencies thereof for which the full faith and credit of
the United States is pledged, (b) obligations fully guaranteed by the United
States of America, (c) federal funds, or demand or time deposits in,
certificates of deposit issued by, or bankers' acceptances of, any depository
institution, trust company or national banking association incorporated or doing
business under the laws of the United States of America or one of the States
thereof having combined capital and surplus and retained earnings of at least
$500,000,000 and whose long-term certificates of deposit are rated "A" or better
by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
Inc. or "A" or better by Moody's Investors Service, Inc. (including the Trustee
if such conditions are met), (d) repurchase agreements with any financial
institution having a combined capital and surplus of at least $750,000,000 and
whose long-term certificates of deposit are rated "A" or better by Standard &
Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. or "A" or
better by Moody's Investors Service, Inc. fully collateralized by obligations of
the type described in clauses (a) through (c) above; and (e) investments in any
mutual fund, investment trust or other collective investment trust, the assets
of which are limited to the investments specified in clauses (a) though (d)
above, including any such funds or investment trusts as may be managed or
administered by the Trustee or any of its affiliates; PROVIDED that if all of
the above investments are unavailable, the entire amount to be invested may be
used to purchase Federal funds from an entity described in (c) above; and
PROVIDED FURTHER that no investment shall be eligible as a "Specified
Investment" unless the final maturity is no later than the date that the monies
invested are required to be used to make the payment required under Article IV
of this Trust Agreement.

      "SUBLEASE" shall mean with respect to the Mortgaged Property, that certain
Facility Sublease dated as of June 20, 2001, between PSL, as landlord, and the
Subtenant, as tenant, and all exhibits, addenda and further amendments thereto.

      "SUBLEASE EVENT OF DEFAULT" shall mean any event of default under (and as
defined in) the Sublease.

      "SUBLEASE NOTICE" shall mean any notice, report, request, demand,
certificate, statement, financial statement or other instrument or communication
received by the Trustee under and pursuant to the terms of the Sublease from the
Subtenant or the Mortgagor, as the case may be.

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      "SUBTENANT" shall mean Amtrak, and its successors and assigns.

      "TRANSFER AGENT AND REGISTRAR" shall have the meaning specified in
SECTION 3.03(a) hereof and shall initially be the Trustee.

      "TRUST" shall mean the Amtrak/Pennsylvania Station Lease Finance Trust -
2001, created by this Trust Agreement, the estate of which consists of the Trust
Property.

      "TRUST AGREEMENT" shall mean this Trust Agreement, including all exhibits
and supplements hereto, and all amendments hereof and thereof.

      "TRUST PROPERTY" shall mean the Mortgage Loan held as the property of the
Trust created hereby, all proceeds therefrom and all monies at any time paid
thereon and all monies due and to become due thereunder, and all funds from time
to time deposited in the Certificate Account and all proceeds therefrom.

      "TRUSTEE" shall mean the institution executing this Trust Agreement as
Trustee, or its successor in interest, and any successor trustee appointed as
provided herein.

      "TRUSTEE FEE DATE" shall mean June 15th in each year through and including
the June 15th occurring immediately prior to the final distribution of amounts
payable to the Certificateholders pursuant to this Agreement.

      "TRUSTEE'S LIENS" shall have the meaning specified in SECTION 6.15.

      "UCC-1 FINANCING STATEMENT" shall mean a UCC-1 Financing Statement filed
in the appropriate public office to perfect the lien of the original holder of
the Mortgage Loan on the Mortgaged Property.

      "YIELD MAINTENANCE PAYMENT" shall mean a payment in respect of a
Make-Whole Premium (as defined in the Mortgage Loan).

      SECTION 1.02. CERTIFICATEHOLDERS' REQUEST. Upon any application or
request by the Majority Certificateholders to the Trustee to take any action
under any provision of this Trust Agreement, the Majority Certificateholders
shall furnish to the Trustee an instrument in writing (a "REQUEST")
describing the action such Certificateholders request the Trustee to take
and, upon the Trustee's request, an Opinion of Counsel to the effect that
such action is permitted under the terms of this Trust Agreement. The Trustee
shall be entitled to rely on the genuineness of such Request as set forth in
SECTION 6.02(a) and shall be entitled to the indemnification provided by
SECTION 6.06(e) hereof when duly acting in accordance with any Request.

      SECTION 1.03. FORM OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by
or covered by the opinion of only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters and any such Person may certify or give an opinion as to such
matters in one or several documents.

                                       9
<Page>

      Any Opinion of Counsel stated to be based on the opinion of other counsel
shall be accompanied by a copy of such other opinion.

      Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Trust Agreement, they may, but need not, be consolidated
and form one instrument.

      SECTION 1.04. ACTS OF HOLDERS.

      (a) Any direction, consent, waiver or other action provided by this Trust
Agreement to be given or taken by Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are received by the Trustee. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Trust Agreement and conclusive in favor of
the Trustee if made in the manner provided in this Section.

      (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the certificate of any notary public or
other officer of any jurisdiction authorized to take acknowledgments of deeds or
administer oaths that the Person executing such instrument acknowledged to him
the execution thereof, or by an affidavit of a witness to such execution sworn
to before any such notary or such other officer and where such execution is by
an officer of a corporation or association or a member of a partnership or
limited liability company, on behalf of such corporation, association,
partnership or limited liability company, such certificate or affidavit shall
also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other reasonable manner which the
Trustee deems sufficient.

      (c) In determining whether the Holders of the requisite Fractional
Undivided Interests of Certificates outstanding have given any direction,
consent or waiver (a "DIRECTION") or any Request under this Trust Agreement,
Certificates owned by the Subtenant, the Seller, the Trustee or any Affiliate of
any such Person, if any, shall be disregarded and deemed not to be Outstanding
under this Trust Agreement for purposes of any such determination. In
determining whether the Trustee shall be protected in relying upon any such
Direction or any such Request, only Certificates which the Trustee knows to be
so owned by any of the aforementioned Persons shall be so disregarded.
Notwithstanding the foregoing, (i) if any such Person owns 100% of the
Certificates Outstanding, such Certificates shall not be so disregarded as
aforesaid, and (ii) if any amount of Certificates so owned by any such Person
have been pledged in good faith, such Certificates shall not be disregarded as
aforesaid if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Certificates and that the pledgee
is the Subtenant, the Seller, the Trustee, or any Affiliate of any such Persons
and such pledgee provides adequate security or indemnity to the Trustee. Any
Direction delivered by the Certificateholders shall be provided to the Trustee
in writing.

                                       10
<Page>

      (d) Any Direction or other action by the Holder of any Certificate shall
bind the Holder of every Certificate issued upon the transfer thereof or in
exchange therefor or in lieu thereof, whether or not notation of such action is
made upon such Certificate.

      (e) Except as otherwise provided in SECTION 1.04(c), Certificates owned
by or pledged to any Person shall have an equal and proportionate benefit
under the provisions of this Trust Agreement, without preference, priority,
or distinction as among all of the Certificates.

                                   ARTICLE II
                  CONVEYANCE AND ACQUISITION OF TRUST PROPERTY;
                            ISSUANCE OF CERTIFICATES

      SECTION 2.01. CONVEYANCE OF TRUST PROPERTY.

      (a) The Seller, concurrently with the execution and delivery hereof,
does hereby sell, transfer, assign, set over, and otherwise convey to the
Trustee without recourse all the right, title and interest of the Seller in
and to the Trust Property for the benefit of the Certificateholders. The
Seller covenants and agrees to take any such action as the Trustee may
reasonably request to further convey any interest in any item of the Trust
Property to the Trustee and to provide such further assurances as the Trustee
may reasonably request to vest in this Trust all its right, title and
interest in the Trust Property. The transfer of the Trust Property and the
related rights and property accomplished hereby is absolute and,
notwithstanding SECTION 12.10, is intended by the parties to constitute a
sale.

      (b) In connection with such assignment, the Seller does hereby deliver to,
and deposit with, the Trustee each of the documents or instruments with respect
to the Mortgage Loan listed on EXHIBIT D which shall constitute the Mortgage
File for the Mortgage Loan subject to SECTION 2.01(c).

      (c) Simultaneously with the sale of the Mortgage Loan, the Seller shall
deliver to the Trustee the original of the Mortgage Note, properly endorsed
to the Trust in the form set forth in EXHIBIT B. In addition, the Seller
shall, promptly upon receipt thereof, deliver to the Trustee with respect to
the Mortgage Loan: (i) the original recorded Mortgage; (ii) the original
recorded Assignment of Leases and Rents and a copy of the original Sublease;
(iii) the original recorded UCC-1 Financing Statement; (iv) the original
recorded Assignment of Mortgage to the Trustee; and (v) the original policy
of title insurance.

      (d) The Seller shall promptly cause to be recorded, at its own expense in
the appropriate public office for real property records, the Assignment of
Mortgage, referred to in CLAUSE (c)(iv) above. In the event that any such
Assignment of Mortgage is lost or returned unrecorded because of a defect
therein, the Seller shall prepare a substitute Assignment of Mortgage or cure
such defect, as the case may be, and cause such Assignment of Mortgage to be
recorded and delivered in accordance with this SECTION 2.01.

      (e) The Seller shall deliver to the Trustee on the Closing Date a list
setting forth, as of the Closing Date, the amount of the Base Rent payable
pursuant to the Sublease conveyed to the Trustee under this Article II, attached
hereto as EXHIBIT G.

                                       11
<Page>

      SECTION 2.02. ISSUANCE OF CERTIFICATES: ACQUISITION OF MORTGAGE LOANS.
Upon direction of the Seller and the satisfaction of the closing conditions
with respect to the purchase of the Mortgage Loan to be purchased on the
Closing Date, the Trustee shall execute, authenticate and deliver
Certificates on the Closing Date to the Seller or its designees equaling in
the aggregate 100% of the Fractional Undivided Interest in the Trust,
evidencing the entire ownership of the Trust. The Trustee shall execute,
authenticate and deliver the Certificates on the Closing Date, in authorized
denominations and in such Fractional Undivided Interests designated by the
Seller, so as to result in the issuance by the Trust of Certificates in an
aggregate equal to 100% of the Fractional Undivided Interest. Except as
provided in SECTIONS 3.03 and 3.04, the Trustee shall not execute or deliver
Certificates in an aggregate amount in excess of 100% of the Fractional
Undivided Interest in the Trust.

      SECTION 2.03. ACCEPTANCE BY TRUSTEE. The Trustee, upon the execution
and delivery of this Trust Agreement, acknowledges its receipt of the
Mortgage Loan and the Mortgage File related thereto transferred to the Trust
pursuant to SECTION 2.01 hereof and declares that the Trustee holds and will
hold such Mortgage Loan and Mortgage File related thereto, together with all
other property constituting the Trust Property, for the benefit of all
present and future Certificateholders, upon the trusts herein set forth. By
its payment for and acceptance of each Certificate issued to it hereunder,
each initial Certificateholder thereby joins in the creation of the Trust and
agrees to be bound by the terms of this Trust Agreement.

      SECTION 2.04. MORTGAGE FILE CERTIFICATION. Upon execution and delivery of
this Trust Agreement, the Trustee shall examine the Mortgage File in its
possession, and shall deliver to the Seller and the initial Certificateholders a
certification (the "MORTGAGE FILE CERTIFICATION") in the form set forth as
EXHIBIT E hereto. Within 120 days after the Closing Date, the Trustee shall
provide a confirmation to the Seller of receipt or non-receipt of recorded
Assignments of Mortgage and of those items described in the Mortgage File which
were not delivered to the Trustee upon the execution and delivery of this Trust
Agreement. In giving the certifications required above, the Trustee shall be
under no obligation or duty to inspect, review or examine any such documents,
instruments, securities or other papers to determine whether they or the
signatures thereon are valid, legal, genuine, enforceable, in recordable form or
appropriate for their represented purposes, or that they are other than what
they purport to be on their face, or to determine whether any Mortgage File
should include any assumption agreement, modification agreement, consolidation
agreement, extension agreement, assignment of leases, UCC financing statement,
guaranty, written assurance or substitution agreement or any other document or
instrument not set forth in SECTION 2.01(c).

      The Trustee or its authorized agents shall retain possession and custody
of the Mortgage File in accordance with and subject to the terms and conditions
set forth herein.

      SECTION 2.05. LIMITATION OF POWERS. The Trust is constituted solely for
the purpose of acquiring the Mortgage Loan, and, except as set forth herein, the
Trustee is not authorized or empowered to substitute any other mortgage loans
for the Mortgage Loan, to acquire any other investments or engage in any other
activities and, in particular, notwithstanding any other provision in this Trust
Agreement, the Trustee is not authorized or empowered to do anything that would
cause the Trust to be classified as an association taxable as a corporation, as
a taxable

                                       12
<Page>

mortgage pool or otherwise to fail to qualify as a "grantor trust" as described
in Sections 671 through 679 of the Code for federal income tax purposes.

      It is the intention of the parties hereto that this Trust be classified
for United States federal income tax purposes as a grantor trust. The provisions
of this Agreement shall be interpreted to further this intention of the parties.

                                   ARTICLE III
                                THE CERTIFICATES

      SECTION 3.01. FORM, DENOMINATION AND EXECUTION OF CERTIFICATES.

      (a) The Certificates consist of Class A Certificates. The Certificates
shall be in registered form without coupons and shall be substantially in the
forms attached hereto as EXHIBITS A-1, A-2 AND A-3, respectively, with such
omissions, variations and insertions as are permitted by this Trust Agreement,
and may have such letters, numbers or other marks of identification and such
legends or endorsements printed, lithographed or engraved thereon, as may be
required to comply with any law or with rules or regulations pursuant thereto,
or with the rules of any securities exchange on which the Certificates may be
listed, or to conform to any usage in respect thereof, or as may, consistently
herewith, be prescribed by the Trustee or by the officer executing such
Certificates, such determination by said officer to be evidenced by such officer
signing the Certificates.

      The Certificates shall be printed, lithographed or engraved or produced by
any combination of these methods or may be produced in any other manner
permitted by the rules of any securities exchange on which the Certificates may
be listed, all as determined by the officer executing such Certificates, as
evidenced by such officer's execution of such Certificates.

      The Certificates shall be issued in minimum denominations of $1,000,000
and integral multiples of $1,000 in excess thereof.

      (b) Class A Certificates to be issued in book-entry form and sold to
Qualified Institutional Buyers within the meaning of, and in reliance on,
Rule 144A under the Securities Act or to Accredited Investors pursuant to
Regulation D under the Securities Act will be represented by a permanent
global Certificate, in fully registered form without interest coupons (each a
"RESTRICTED GLOBAL CERTIFICATE"), substantially in the form set forth in
EXHIBIT A-1, with such legends as may be applicable thereto as set forth in
this Agreement, and shall be deposited on behalf of the purchasers of the
Class A Certificates represented thereby with a custodian for DTC, and
registered in the name of Cede & Co. as DTC's nominee, authenticated by the
Trustee in the manner set forth in SECTION 3.01(h).

      (c) Class A Certificates to be offered and sold outside the United
States in offshore transactions in reliance on Regulation S under the
Securities Act, will initially be represented by a temporary global
Certificate, in fully registered form without interest coupons (each a
"TEMPORARY GLOBAL CERTIFICATE"), substantially in the form set forth in
EXHIBIT A-2, which shall be deposited on behalf of the purchasers of the
Class A Certificates represented thereby with a custodian for, and registered
in the name of a nominee of, DTC, for the accounts of Morgan Guaranty Trust
Company of New York, Brussels office, as operator of Euroclear, and for

                                       13
<Page>

Clearstream, authenticated by the Trustee in the manner set forth in SECTION
3.01(h). Interests in the Temporary Global Certificate will be exchangeable,
in whole or in part, for interests in a permanent global Certificate, in
fully registered form without interest coupons, substantially in the form of
EXHIBIT A-3 (each a "REGULATION S GLOBAL CERTIFICATE"), in accordance with
the provisions of the Temporary Global Certificate and this Agreement.
Interests in the Regulation S Global Certificate will be exchangeable for
Individual Certificates in accordance with the provisions of the Regulation S
Global Certificate and this Agreement.

      The Global Certificates shall in all respects be entitled to the same
benefits under this Agreement as Individual Certificates authenticated and
delivered hereunder.

      The Global Certificates shall be issued as one or more certificates
registered in the name of a nominee designated by the Depository, and Beneficial
Owners shall hold interests in the Global Certificates through the book-entry
facilities of the Depository in the minimum denominations and aggregate
denominations and Classes as set forth above.

      (d) Except insofar as pertains to any Individual Certificate, the
Registrar and Transfer Agent and the Trustee may for all purposes (including the
making of payments due on the Global Certificates and the giving of notice to
Holders thereof) deal with the Depository as the authorized representative of
the Beneficial Owners with respect to the Global Certificates for the purposes
of exercising the rights of Certificateholders hereunder. The rights of
Beneficial Owners with respect to Global Certificates shall be limited to those
established by law and agreements between such Beneficial Owners and the
Depository and the Depository Participants. Beneficial Owners of Global
Certificates shall not be entitled to physical certificates for the Global
Certificates as to which they are the Beneficial Owners. Requests and directions
from, and votes of the Depository as Holder of the Global Certificates shall be
handled in accordance with Applicable Procedures and shall not be deemed
inconsistent if they are made with respect to different Beneficial Owners. The
Transfer Agent and Registrar may establish a reasonable record date in
connection with solicitations of consents from or voting by Certificateholders
and give notice to the Depository of such record date. Without the written
consent of the Depositor and the Transfer Agent and Registrar, no Global
Certificate may be transferred by the Depository except to a successor
Depository that agrees to hold the Global Certificates for the account of the
Beneficial Owners.

      (e) The Global Certificates (i) shall be delivered by the Transfer Agent
and Registrar to the Depository or, pursuant to the Depository's instructions on
behalf of the Depository to, and deposited with, the Trustee, and in either case
shall be registered in the name of Cede & Co. and (ii) shall bear a legend
substantially to the following effect:

            "Unless this certificate is presented by an authorized
            representative of The Depository Trust Company, a New York
            corporation ("DTC"), to the Transfer Agent and Registrar for
            registration of transfer, exchange or payment, and any certificate
            issued is registered in the name of Cede & Co. or in 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

                                       14
<Page>

            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."

      The Global Certificates may be deposited with such other Depository as the
Transfer Agent and Registrar may from time to time designate (which designation
shall be at the direction of the Depositor if the Depositor is legally able to
do so), and shall bear such legend as may be appropriate.

      (f) If (i) the Depository advises the Trustee in writing that the
Depository is no longer willing, qualified or able properly to discharge its
responsibilities as Depository, and the Trustee is unable to locate a qualified
successor, (ii) the Depositor or the Trustee, at its sole option, elects to
terminate the book-entry system through the Depository with respect to all or
any portion of any Class of Certificates or (iii) after the occurrence of an
Event of Default, Beneficial Owners representing not less than a majority in
Certificate Principal Balance of the Global Certificates then outstanding advise
the Depository through Depository Participants in writing that the continuation
of a book-entry system through the Depository is no longer in the best interest
of Beneficial Owners, the Trustee shall notify all Beneficial Owners, through
the Depository of the occurrence of such event and the availability of
Individual Certificates to Beneficial Owners requesting them. Upon surrender to
the Trustee of Global Certificates by the Depository, accompanied by
registration instructions from the Depository for registration of transfer, the
Trustee shall issue the Individual Certificates. Neither the Trustee, the
Transfer Agent and Registrar nor the Depositor shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in delivery of such instructions. Upon the issuance of Individual Certificates,
the Trustee, the Transfer Agent and Registrar, and the Depositor shall recognize
the Holders of Individual Certificates as Certificateholders hereunder.

      (g) If the Trustee or its agents has instituted or has been directed to
institute any judicial proceeding in a court to enforce the rights of the
Certificateholders under the Certificates, and the Trustee has been advised by
counsel that in connection with such proceeding it is necessary or appropriate
for the Trustee to obtain possession of the Certificates, the Trustee may in its
sole discretion determine that the Certificates represented by the Global
Certificates shall no longer be represented by such Global Certificates. In such
event, the Trustee or the Authenticating Agent will execute and authenticate and
the Transfer Agent and Registrar will deliver, in exchange for such Global
Certificates, Individual Certificates (and if the Trustee or the Certificate
Custodian has in its possession Individual Certificates previously executed, the
Authenticating Agent will authenticate and the Transfer Agent and Registrar will
deliver such Certificates) in an aggregate principal amount equal to the
principal amount of such Global Certificates.

      (h) The Certificates shall be executed on behalf of the Trustee by manual
or facsimile signature of a Responsible Officer of the Trustee. Certificates
bearing the manual or facsimile signature of an individual who was, at the time
when such signature was affixed, authorized to sign on behalf of the Trustee
shall be valid and binding obligations of the Trustee, notwithstanding that such
individual has ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such office at the date of such
authentication and

                                       15
<Page>

delivery. No Certificate shall be entitled to any benefit under this Trust
Agreement, or be valid for any purposes, unless there appears on such
Certificate a certificate of authentication substantially in the form set forth
in EXHIBIT A-1, A-2 or A-3 hereto executed by the Trustee by manual signature,
and such certificate upon any Certificate shall be conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

      SECTION 3.02. AUTHENTICATION OF CERTIFICATES. The Trustee shall
authenticate and deliver the Certificates on the Closing Date in accordance
with the terms of SECTION 2.02.

      SECTION 3.03. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

      (a) The Trustee shall cause to be kept at its principal office a
register (the "REGISTER") in which the Trustee shall provide for the
registration, transfer, and exchange of Certificates as herein provided (the
Trustee in such capacity, the "TRANSFER AGENT AND REGISTRAR"). The names and
addresses of the Holders of the Certificates, the transfers of the
Certificates and the names and addresses of the transferees of the
Certificates shall be registered in the Register; PROVIDED, HOWEVER, in no
event shall the Transfer Agent and Registrar be required to maintain in its
certificate register the names of Beneficial Owners. The Person in whose name
any Certificate is so registered shall be deemed and treated as the sole
owner and Holder thereof for all purposes of this Agreement and the Transfer
Agent and Registrar and the Trustee and any agent of any of them shall not be
affected by any notice or knowledge to the contrary. An Individual
Certificate is transferable or exchangeable only upon the surrender of such
Certificate to the Transfer Agent and Registrar at the Corporate Trust Office
together with an assignment and transfer (executed by the Holder or his duly
authorized attorney), subject to the requirements of this SECTION 3.03. Upon
request of the Trustee, the Transfer Agent and Registrar shall provide the
Trustee with the names, addresses and Fractional Undivided Interests of the
Holders.

      Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office or such other office or agency as the Trustee may
designate, the Trustee shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate Fractional Undivided Interest.

      At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of authorized denominations of a like aggregate Fractional
Undivided Interest, upon surrender of the Certificates to be exchanged at the
office set forth in the immediately preceding paragraph. Whenever any
Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Certificates that the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly executed
by the Holder thereof or his attorney duly authorized in writing.

      No service charge shall be made to a Certificateholder for any
registration of transfer or exchange of Certificates, but the Transfer Agent and
Registrar shall require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                                       16
<Page>

      (b) No transfer of any Certificate shall be made unless that transfer is
made pursuant to an effective registration statement under the Securities Act
and effective registration or qualification under applicable state securities
laws, or is made in a transaction which does not require such registration or
qualification. If any such transfer of a Certificate is to be made without
registration or qualification, then, as a condition to the registration of any
such transfer, the Transfer Agent and Registrar shall require, in order to
assure compliance with such laws, receipt of either: (i) a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
EXHIBIT F hereto; or (ii) an Opinion of Counsel reasonably satisfactory to the
Transfer Agent and Registrar and the Seller to the effect that such transfer may
be made without registration under the Securities Act and the Trust will not
become an investment company within the meaning of the 1940 Act as a result of
such transfer (which Opinion of Counsel shall not be an expense of the Trust or
of the Seller or of the Trustee or of the Transfer Agent and Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based.

      The preceding provisions of this SECTION 3.03 notwithstanding:

                  (A) An owner of a beneficial interest in a Restricted Global
            Certificate may transfer such interest to a QIB, without the
            provision of written certification, if the transfer is in the form
            of a beneficial interest in a Restricted Global Certificate in a
            transaction pursuant to Rule l44A.

                  (B) An owner of a beneficial interest in a Restricted Global
            Certificate may transfer such interest in the form of a beneficial
            interest in the Regulation S Global Certificate only if such owner
            has provided the Trustee with written certification in the form of
            EXHIBIT F hereto that such transfer is being made in accordance with
            Regulation S; PROVIDED, HOWEVER, that if the exchange or transfer
            occurs prior to the expiration of the Distribution Compliance
            Period, the newly issued interest will be in the form of an interest
            in the Temporary Global Certificate and will be held through
            Euroclear or Clearstream.

                  (C) Prior to the expiration of the Distribution Compliance
            Period an owner of a beneficial interest in a Temporary Global
            Certificate may transfer such interest in the form of a beneficial
            interest in a Restricted Global Certificate only if such owner has
            provided the Trustee with written certification in the form of
            EXHIBIT F hereto to the effect that, among other things, the
            Certificates are being transferred to a Person whom the transferor
            reasonably believes is a QIB purchasing for its own account or the
            account of a QIB in a transaction meeting the requirements of Rule
            l44A and in accordance with all applicable securities laws of the
            states of the United States and other jurisdictions. After the
            expiration of the Distribution Compliance Period, an owner of a
            beneficial interest in a Temporary Global Certificate or a
            Regulation S Global Certificate may exchange or transfer such
            interest in the form of a beneficial interest in a Restricted Global
            Certificate without the provision of a written certification but in
            compliance with the other requirements of the preceding sentence and
            based upon the

                                       17
<Page>

            representations of the transferee set forth in a Restricted Global
            Certificate. After the expiration of the Distribution Compliance
            Period, holders of beneficial interests in a Temporary Global
            Certificate may transfer such interests to interests in the
            Regulation S Global Certificate upon certification that the offer
            and sale are taking place outside the United States and the
            transferee is not a U.S. person. The Transferor shall notify the
            Trustee promptly of the expiration of the Distribution Compliance
            Period.

                  (D) An owner of a beneficial interest in a Temporary Global
            Certificate may transfer such interest in the form of a beneficial
            interest in the Temporary Global Certificate without the provision
            of written certification; PROVIDED, HOWEVER, that interests in the
            Temporary Global Certificates may be held only through Euroclear and
            Clearstream.

      None of the Seller, the Trustee or the Transfer Agent and Registrar is
obligated to register or qualify the Certificates or the Trust under the
Securities Act, the 1940 Act or any state securities law or to take any action
not otherwise required under this Trust Agreement to permit the transfer of any
Certificate without registration or qualification.

      As a condition to the purchase of any Certificate, each prospective
transferee of a Certificate shall (A) make the representations and warranties
set forth in Section 3.3 of the Certificate Purchase Agreement and (B) be deemed
to have represented and shall represent that such prospective transferee is
acquiring the Certificates for the purpose of investment and not with a view to
the distribution thereof, and that such prospective transferee has no present
intention of selling, negotiating or otherwise disposing of the Certificates; it
being understood, however, that the disposition of such transferee's property
shall at all times be and remain within its control. Each transfer of a
Certificate shall be made in compliance with the terms and provisions of this
SECTION 3.03(b).

      SECTION 3.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If(a)
any mutilated Certificate is surrendered to the Transfer Agent and Registrar,
or the Transfer Agent and Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate and (b) there is delivered
to the Transfer Agent and Registrar such security, indemnity or bond, as may
be required by the Transfer Agent and Registrar to save it harmless, then, in
the absence of notice to the Transfer Agent and Registrar that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
Fractional Undivided Interest. If any original Certificateholder or any
subsequent Institutional Holder with owned assets of at least $500,000,000 or
a net worth of at least $25,000,000 is the owner of any such lost, stolen or
destroyed Certificate, then the affidavit of an authorized officer of such
owner, setting forth the fact of loss, theft or destruction and of its
ownership of such Certificate at the time of such loss, theft or destruction
shall be accepted as satisfactory evidence thereof and no further indemnity
shall be required as a condition to the execution and delivery of a new
Certificate other than the written agreement of such owner to indemnify the
Transfer Agent and Registrar. In connection with the issuance of any new
Certificate under this SECTION 3.04, the Transfer Agent and Registrar shall
require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including

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the fees and expenses of the Transfer Agent and Registrar) connected
therewith. Any duplicate Certificate issued pursuant to this SECTION 3.04
shall constitute conclusive evidence of the appropriate Fractional Undivided
Interest in the Trust, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

      SECTION 3.05. PERSONS DEEMED OWNERS. Prior to due presentation of a
Certificate for registration of transfer, the Trustee and the Transfer Agent
and Registrar shall treat the person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to SECTION 4.02 and for all other purposes whatsoever,
and the Trustee shall not be affected by any notice to the contrary.

      SECTION 3.06. CANCELLATION. All Certificates surrendered for payment,
registration of transfer or exchange shall, if surrendered to any Person that is
a party hereto other than the Trustee, be delivered by such Person to the
Transfer Agent and Registrar for cancellation. No Certificates shall be
authenticated in lieu of or in exchange for any Certificates cancelled as
provided in this Section, except as expressly permitted by this Trust Agreement.
All cancelled Certificates held by the Transfer Agent and Registrar shall be
destroyed.

      SECTION 3.07. LIMITATION OF LIABILITY FOR PAYMENTS. All payments or
distributions made to Certificateholders under this Trust Agreement shall be
made only from the Trust Property and only to the extent that the Trustee shall
have sufficient income or proceeds from the Trust Property to make such payments
in accordance with the terms of ARTICLE IV of this Trust Agreement. Each Holder
of a Certificate, by its acceptance of such Certificate, agrees that it will
look solely to the distributions with respect to income and proceeds from the
Trust Property to the extent available for distribution to the Holder thereof as
provided in this Trust Agreement. Nothing in this Trust Agreement shall be
construed as an agreement, or otherwise creating an obligation, of the Seller or
the Trustee to pay any of the principal and interest due from time to time in
respect of the Certificates if there is insufficient income or proceeds from the
Trust Property.

      SECTION 3.08. DELIVERY OF RULE 144A INFORMATION. So long as the
Certificates constitute "restricted securities" within the meaning of Rule
144(a)(3) under the 1933 Act and the Seller is not subject to the information
requirements of the Securities Exchange Act of 1934, as amended, the Holder
or Beneficial Owner of any Certificate and any prospective purchaser of such
Certificate or an interest therein designated by such Holder or Beneficial
Owner, will have the right to obtain from the Seller and the Trustee
information required under Rule 144A(d)(4) of the 1933 Act ("Rule 144A
Information"). The Seller will be required to furnish to the Trustee, upon
request, any such information in the possession of the Seller. The Trustee
shall cooperate with the Seller in furnishing such information pursuant to
this Section, but shall not be responsible for the sufficiency of the
information so furnished, and shall not be obligated to deliver any Rule 144A
Information under this SECTION 3.08 if such information is not in its
possession.

                                       19
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                                   ARTICLE IV
                          DISTRIBUTIONS; STATEMENTS TO
                               CERTIFICATEHOLDERS

      SECTION 4.01. THE ACCOUNT.

      (a) The Trustee shall establish and maintain on behalf of the
Certificateholders an Eligible Account designated as the "Certificate
Account." The Trustee shall hold the Certificate Account in trust for the
benefit of the Certificateholders and shall make withdrawals therefrom only
as provided in this Trust Agreement. On each day when a Scheduled Payment is
made under the Mortgage Note to the Trustee, as holder of the Mortgage Loan,
the Trustee upon receipt shall promptly deposit the aggregate amount of such
Scheduled Payment in the Certificate Account. In the event that any Scheduled
Payment is made on and in respect of the Mortgage Loan prior to the due date
thereof, such amount shall be deposited by the Trustee into the Certificate
Account pursuant to the terms hereof and distributed on the Distribution Date
to which such Scheduled Payment relates. Any investment earnings on such
amounts in the Certificate Account shall be included in the Certificate
Account and distributed pursuant to the terms of SECTION 4.02(a).

      (b) On each day when a Late Charge Payment is made under the Mortgage
Note to the Trustee, as holder of the Mortgage Loan, the Trustee upon receipt
shall promptly deposit the aggregate amount of such Late Charge Payment in
the Certificate Account.

      (c) On each day when a Special Payment is made under the Mortgage Note
to the Trustee, as holder of the Mortgage Loan, the Trustee upon receipt
shall promptly deposit the aggregate amount of such Special Payment in the
Certificate Account.

      (d) The Trustee shall distribute, promptly upon receipt, any indemnity
payment received by it under and pursuant to the Mortgage Loan Documents or
any other payment not required to be deposited in the Certificate Account
directly to the Person entitled thereto. The Trustee may make withdrawals
from the Certificate Account of funds deposited in such Certificate Account
in error and distribute such funds directly to the Person entitled thereto.

      SECTION 4.02. DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT.

      (a) On each Distribution Date or as soon thereafter as the Trustee has
received the payment of the Scheduled Payments due on the Mortgage Loan or
otherwise due under the Mortgage, the Trustee shall withdraw (no later than
one Business Day following receipt thereof if received after a Distribution
Date) from the Certificate Account the following amounts in the following
priority: (i) to pay the Trustee in its individual capacity the net amount of
compensation and other payments set forth in SECTION 4.02(b); (ii)
thereafter, to distribute to the Certificateholders the amounts remaining on
deposit in the Certificate Account following payment of the Trustee
compensation set forth in clause (i) above. There shall be so distributed to
each Certificateholder such Certificateholder's pro rata share (based on the
aggregate Fractional Undivided Interest held by such Certificateholder) of
such amount to be so distributed in the manner and method and to the account
of such Certificateholder as set forth in SECTION 4.05.

                                       20
<Page>

      (b) The Trustee shall distribute on each Trustee Fee Date to the Trustee
in its individual capacity as compensation for its administration of the Trust
Property in the ordinary course of its duties set forth herein, the Annual
Trustee Fee less any amounts distributed to the Trustee in the prior twelve
months in respect of earnings from amounts in the Certificate Account invested
pursuant to SECTION 4.04.

      (c) On each Late Charge Payment Distribution Date with respect to any Late
Charge Payment, the Trustee shall distribute to the Certificateholders out of
the Certificate Account the entire amount deposited therein pursuant to SECTION
4.01(b). There shall be so distributed to each Certificateholder such
Certificateholder's pro rata share (based on the aggregate Fractional Undivided
Interest held by such Certificateholder) of the aggregate amount of Late Charge
Payments in the Certificate Account in the manner and method and to the account
of such Certificateholder as set forth in SECTION 4.05.

      (d) On each Special Distribution Date with respect to any Special
Payment, the Trustee shall distribute out of the Certificate Account the
entire amount of such Special Payment deposited therein pursuant to SECTION
4.01(c) pursuant to the terms of this SECTION 4.02(d). There shall be so
distributed to the Trustee (prior to any distribution under this SECTION
4.02(d) to the Certificateholders) an amount equal to the costs and expenses
incurred by it under and pursuant to SECTION 6.06(a)(ii) and, if applicable,
SECTION 6.06(b), (c), (d) and (e). Thereafter, the funds remaining of any
Special Payment shall be so distributed to each Certificateholder in amounts
equal to such Certificateholder's pro rata share (based on the aggregate
Fractional Undivided Interest held by such Certificateholder) of the
aggregate amount remaining of such Special Payment in the manner and method
and to the account of such Certificateholder as set forth in SECTION 4.05.

      (e) The Seller shall provide the Trustee with the information contained on
SCHEDULE 2 to EXHIBIT C electronically in a timely manner. If the Mortgage Loan
is prepaid or its principal balance reduced prior to the maturity date thereof,
the Seller shall prepare a substitute SCHEDULE 2 to EXHIBIT C in a timely manner
and deliver such information to the Trustee both electronically and by mail.

      SECTION 4.03. SPECIAL PAYMENTS AND ADJUSTMENT TO AGGREGATE SUBTENANT
RENTAL PAYMENTS. The Trustee shall cause notice of each Special Payment to be
forwarded to each Certificateholder in the manner and method as set forth in
SECTION 12.03. Such notice shall be forwarded as soon as practicable after
the Trustee has received a Special Payment or otherwise has become aware that
a Special Payment is to be made by the Mortgagor. Notices made by the Trustee
pursuant to this SECTION 4.03 shall set forth:

            (i) the Special Distribution Date;

            (ii) the outstanding principal amount of the Mortgage Note;

            (iii) the amount of the Special Payment for each Certificateholder;

            (iv) the reason for the Special Payment; and

            (v) if applicable, a copy of the report described in this SECTION
4.03.

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<Page>

      SECTION 4.04. INVESTMENT OF AMOUNTS HELD BY TRUSTEE. Any money received
by the Trustee pursuant to this Article IV representing a payment which is
not to be promptly distributed shall be held by the Trustee as part of the
Trust Property and shall be invested, to the extent practicable, by the
Trustee from time to time in Specified Investments (to the extent such
investments are reasonably available). Any investment made in Specified
Investments pursuant to this SECTION 4.04 shall be in such Specified
Investments having maturities not later than the date that such moneys are
required to be used to make the payment required under this ARTICLE IV on the
applicable date of such payment and the Trustee shall hold any such Specified
Investments until maturity. The Trustee shall have no liability with respect
to any loss resulting from any investment made by it pursuant to this SECTION
4.04, other than by reason of its willful misconduct or gross negligence (or
ordinary negligence in connection with the handling of funds). All income and
earnings from such investments net of the Trustee's reasonable actual
expenses in making such investment, shall be retained by the Trustee and any
losses, net of earnings and such reasonable fees and expenses, shall be
charged against the principal amount invested. If any default occurs in the
making of a payment due under any Specified Investment, or if a default
occurs in any other performance required under any Specified Investment, the
Trustee shall provide notice thereof to the Certificateholders and may take
such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate proceedings.

      SECTION 4.05. PAYMENT OF THE CERTIFICATES.

      (a) All amounts payable on and with respect to the Certificates shall be
payable at the principal office of the Trustee, in lawful money of the United
States of America.

      (b) Notwithstanding the provisions of the preceding paragraph (a), if
any Holder of the Certificates provides written notice to the Trustee (such
written notice from each Holder described on SCHEDULE 1 to the Certificate
Purchase Agreement shall be deemed to have been delivered pursuant to this
SECTION 4.05(b)) stating that the provisions of this SECTION 4.05(b) shall
apply, the Trustee shall make all payments on and with respect to the
Certificates before 2:00 P.M. New York, New York time on the date of
scheduled payment therefor by wire transfer of immediately available federal
funds to such bank in the continental United States as set forth in SCHEDULE
1 to the Certificate Purchase Agreement in the case of the Holders described
therein or as shall be specified in writing to the Trustee by any other
Holder. All payments so made shall be valid and effectual to satisfy and
discharge the liability upon such Certificate to the extent of the sums so
paid. The Trustee is authorized to act in accordance with the foregoing
provisions and shall not be liable or responsible to any such Holder for any
act or omission on the part of such Holder in connection therewith.

                                    ARTICLE V
                                     DEFAULT

      SECTION 5.01. EVENTS OF DEFAULT. If any default beyond applicable
notice and grace periods under the terms of the Mortgage (an "EVENT OF
DEFAULT") shall occur and be continuing, then, and in each and every case, so
long as such Event of Default shall be continuing, the Trustee may, and upon
the direction of the Majority Certificateholders shall, declare the unpaid
principal amount of the Mortgage Loan and accrued interest thereon to be due
and payable

                                       22
<Page>

under, and in accordance with the provisions of, the Mortgage.
Notwithstanding anything to the contrary provided in this SECTION 5.01, upon
an Event of Default specified in SECTION 7.1.5 of the Mortgage, the unpaid
principal amount of the Mortgage Loan and accrued interest thereon shall be
automatically due and payable thereunder. In addition, if an Event of Default
shall have occurred and be continuing under the Mortgage, the Trustee may, or
upon the direction of the Majority Certificateholders, the Trustee (or an
agent of the Trustee engaged by the Trustee selected with the consent of the
Majority Certificateholder) shall, in accordance with the Mortgage, exercise
the remedies provided in SECTION 4 of the Mortgage.

      In addition, after an Event of Default shall have occurred and be
continuing, upon the direction of the Majority Certificateholders, the Trustee
shall, by such officer or agent as it may appoint, sell, convey, transfer and
deliver the Mortgage Loan, without recourse to or warranty by the Trustee or any
Certificateholder, to any Person. In any such case, the Trustee shall sell,
assign, contract to sell or otherwise dispose of and deliver the Mortgage Loan
in one or more lots at public or private sale or sales, at any location or
locations as directed by the Majority Certificateholders, all upon such terms
and conditions as the Majority Certificateholders may reasonably deem advisable
and at such prices as the Majority Certificateholders may reasonably deem
advisable, for cash. The Trustee shall give notice to the Certificateholders
promptly after any such sale.

      SECTION 5.02. INCIDENTS OF SALE OF MORTGAGE LOAN. Upon any sale of all or
any part of the Mortgage Loan made either under the power of sale given under
this Trust Agreement or otherwise for the enforcement of this Trust Agreement,
the following shall be applicable:

      (a) CERTIFICATEHOLDERS AND TRUSTEE MAY PURCHASE THE MORTGAGE LOAN. Any
Certificateholder, the Seller, the Trustee in its individual or any other
capacity or any other Person may bid for and purchase the Mortgage Loan, and
upon compliance with the terms of sale, may hold, retain, possess and dispose of
the Mortgage Loan in their or its or his own absolute right without further
accountability.

      (b) RECEIPT OF TRUSTEE SHALL DISCHARGE PURCHASER. The receipt of the
Trustee or of the officer making such sale shall be a sufficient discharge to
any purchaser for his purchase money, and, after paying such purchase money and
receiving such receipt, such purchaser or his personal representative or assigns
shall not be obliged to see to the application of such purchase money, or be in
any way answerable for any loss, misapplication or non-application thereof.

      (c) APPLICATION OF MONEYS RECEIVED UPON SALE. Any moneys collected by the
Trustee upon any sale made either under the power of sale given by this Trust
Agreement or otherwise for the enforcement of this Trust Agreement, shall be
applied as provided in SECTION 4.02(d).

      SECTION 5.03. JUDICIAL PROCEEDINGS INSTITUTED BY TRUSTEE.

      (a) TRUSTEE MAY BRING SUIT. If there shall be a failure to make payment of
the principal of, premium, if any, or interest on the Mortgage Loan, or if there
shall be any failure to pay Base Rent under the Sublease when due and payable,
then the Trustee shall be, to the extent permitted by and in accordance with the
terms of the Mortgage Loan Documents, entitled and empowered to institute any
suits, actions or proceedings at law, in equity or otherwise, for the

                                       23
<Page>

collection of the sums so due and unpaid on the Mortgage Loan or after
consultation with Mortgagor (which consultation shall not be deemed to impair or
affect in any way the exercise of any remedies with respect thereto) under the
Sublease and shall, to the extent directed by the Majority Certificateholders
and at the expense of the Trust, prosecute any such claim or proceeding to
judgment or final decree with respect to the whole amount of any such sums so
due and unpaid.

      (b) TRUSTEE MAY FILE PROOFS OF CLAIM; APPOINTMENT OF TRUSTEE AS
ATTORNEY-IN-FACT IN JUDICIAL PROCEEDINGS. The Trustee, as trustee of an express
trust, or as attorney-in-fact for the Certificateholders, or in both capacities
(irrespective of whether distributions on the Certificates shall then be due and
payable, or the payment of the principal on the Mortgage Loan shall then be due
and payable, as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand to the relevant
obligor for the payment of overdue principal, premium, if any, or interest on
the Mortgage Loan), shall be entitled and empowered to and shall, to the extent
directed by the Majority Certificateholders, file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee and of the Certificateholders allowed in any receivership,
insolvency, bankruptcy, liquidation, readjustment, reorganization or any other
judicial proceedings relative to the Subtenant, the Mortgagor or the Seller,
their respective creditors or property. Any receiver, assignee, trustee,
liquidator, sequestrator (or similar official) in any such judicial proceeding
is hereby authorized by each Certificateholder to make payments in respect of
such claim to the Trustee, and in the event that the Trustee shall consent to
the making of such payments directly to the Certificateholders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. Nothing
contained in this Trust Agreement shall be deemed to give to the Trustee any
right to accept or consent to any plan of reorganization or otherwise by action
of any character in any such proceeding to waive or change in any way any right
of any Certificateholder.

      SECTION 5.04. CONTROL BY CERTIFICATEHOLDERS. The Majority
Certificateholders shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee under this Trust Agreement,
including any right of the Trustee as holder of the Mortgage Loan, PROVIDED
that:

            (a) such direction shall not be in conflict with any rule of law or
      with this Trust Agreement and would not involve the Trustee in personal
      liability or expense,

            (b) such direction shall not cause the Trustee to determine that the
      action so directed would be unjustly prejudicial to the Certificateholders
      not taking part in such direction,

            (c) the Trustee may take any other action deemed proper by the
      Trustee which is not inconsistent with such direction, and

            (d) the Majority Certificateholders shall have provided to the
      Trustee such indemnity for the reasonable costs, expenses and liability
      associated with any such action as the Trustee may reasonably require.

                                       24
<Page>

      If the Trustee shall not have received instructions or a Direction from
the Majority Certificateholders with respect to the exercise of any remedy
available to the Trustee or the exercise of any trust or power conferred on the
Trustee under this Trust Agreement within 21 Business Days after request
therefor from the Trustee, the Trustee shall, subject to instructions thereafter
delivered by the Majority Certificateholders, take such action, or refrain from
taking such action, and then shall use the same degree of care and skill in
connection therewith as may be commercially reasonable under such circumstances.

      SECTION 5.05. WAIVER OF PAST DEFAULTS. The Majority Certificateholders may
on behalf of all Certificateholders waive any past default hereunder and its
consequences or may instruct the Trustee to waive any past default under the
Mortgage Loan and its consequences, except a default:

            (a) in the deposit of any Scheduled Payment or Special Payment
      under SECTION 4.01 or in the distribution of any payment under SECTION
      4.02 on the Certificates, or

            (b) in the payment of the principal of, premium, if any, or interest
      on the Mortgage Loan unless such default is cured in full, or

            (c) in respect of a covenant or provision hereof which under ARTICLE
      IX hereof cannot be modified or amended without the consent of the
      Certificateholder of each Outstanding Certificate affected.

      Upon any such waiver, such default shall cease to exist with respect to
this Trust Agreement, and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose of this Trust Agreement; but no such waiver
shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon. Upon any such waiver, the Trustee shall waive such
Event of Default under the Mortgage Loan.

      SECTION 5.06. RIGHT OF CERTIFICATEHOLDERS TO RECEIVE PAYMENTS NOT TO BE
IMPAIRED. Anything in this Trust Agreement to the contrary notwithstanding,
including, without limitation, SECTION 5.07 hereof, the right of any
Certificateholder to receive distributions of payments required pursuant to
SECTION 4.02 hereof on the Certificates when due, or to institute suit for
the enforcement of any such payment on or after the applicable Distribution
Date or Special Distribution Date, shall not be impaired or affected without
the consent of such Certificateholder.

      SECTION 5.07. CERTIFICATEHOLDERS MAY NOT BRING SUIT EXCEPT UNDER CERTAIN
CONDITIONS. A Certificateholder shall not have the right to institute any suit,
action or proceeding at law or in equity or otherwise with respect to this Trust
Agreement, for the appointment of a receiver or for the enforcement of any other
remedy under this Trust Agreement, unless:

            (a) such Certificateholder previously shall have given written
      notice to the Trustee of a continuing Event of Default;

            (b) the Majority Certificateholders shall have requested the Trustee
      in writing to institute such action, suit or proceeding and shall have
      offered to the Trustee indemnity as provided in SECTION 6.02(d);

                                       25
<Page>

            (c) the Trustee shall have refused or neglected to institute any
      such action, suit or proceeding for 30 days after receipt of such notice,
      request and offer of indemnity; and

            (d) no direction inconsistent with such written request has been
      given to the Trustee during such 30-day period by the Majority
      Certificateholders.

      It is understood and intended that no one or more of the
Certificateholders shall have any right in any manner whatever hereunder or
under the Certificates to (i) surrender, impair, waive, affect, disturb or
prejudice any property which is part of the Trust Property or the lien of the
Mortgage on any property subject thereto or the rights of the
Certificateholders, (ii) obtain or seek to obtain priority over or preference to
any other such Holder or (iii) enforce any right under this Trust Agreement,
except in the manner herein provided and for the equal, ratable and common
benefit of all the Certificateholders subject to the provisions of this Trust
Agreement.

      SECTION 5.08. REMEDIES CUMULATIVE. Every remedy given hereunder to the
Trustee or to any of the Certificateholders shall not be exclusive of any other
remedy or remedies, and every such remedy shall be cumulative and in addition to
every other remedy given hereunder or now or hereafter given by statute, law,
equity or otherwise.

                                   ARTICLE VI
                                   THE TRUSTEE

      SECTION 6.01. CERTAIN DUTIES AND RESPONSIBILITIES.

      (a) The Trustee undertakes (i) except during the continuance of an Event
of Default actually known to the Trustee, to perform such duties as are
specifically set forth in this Trust Agreement, and no implied covenants or
obligations shall be read into this Trust Agreement against the Trustee; and
(ii) while an Event of Default actually known to the Trustee shall have occurred
and be continuing, to exercise such of the rights and powers as are vested in it
by this Trust Agreement to the extent directed by the Majority
Certificateholders, and to use the same degree of care and skill in connection
therewith as may be commercially reasonable under such circumstances.

      (b) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Trust Agreement; but in the case of any
such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of
this Trust Agreement; PROVIDED, HOWEVER, that the Trustee shall not be
responsible for the accuracy or content of any such certificate or opinion.

      (c) No provision of this Trust Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

            (i) this SECTION 6.01(c) shall not be construed to limit the effect
      of SECTION 6.01(a);

                                       26
<Page>

            (ii) the Trustee shall not be liable for any error of judgment made
      in good faith by a Responsible Officer of the Trustee, unless it shall be
      proved that the Trustee was negligent in ascertaining the pertinent facts;

            (iii) the Trustee shall not be liable with respect to any action
      taken or omitted to be taken by it in good faith in accordance with the
      direction of the Majority Certificateholders with which the Trustee is
      required by the provisions hereof to comply;

            (iv) if an Event of Default shall have occurred and is continuing,
      the Trustee shall not be under any obligation to take any action under
      this Trust Agreement which may tend to involve it in any expense or
      liability, the payment of which within a reasonable time is not, in its
      reasonable opinion, assured to it by the security afforded to it by the
      terms of this Trust Agreement, unless and until requested in writing so to
      do by the Majority Certificateholders and furnished, from time to time as
      it may require, with reasonable security and indemnity; and

            (v) if an Event of Default shall have occurred and is continuing,
      whenever it is provided in this Trust Agreement that the Trustee consent
      to any act or omission by any Person or that the Trustee exercise its
      discretion in any manner, the Trustee shall seek the written acquiescence
      of the Majority Certificateholders and, unless written evidence of such
      acquiescence has been received by the Trustee, it shall be fully justified
      in refusing so to consent or so to exercise its discretion.

      (d) Whether or not herein expressly so provided, every provision of this
Trust Agreement relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section.

      (e) ADDITIONAL DUTIES AND RESPONSIBILITIES. In order to secure and protect
the Trust's interest in the Mortgage Loan and the interest of the
Certificateholders therein, the Trustee shall, to the limited extent described
herein, receive and disburse payments on the Mortgage Loan, make payments on the
Certificates, serve as custodian of the Mortgage Loan Files and establish
certain accounts as specified herein, and the Trustee shall collect, distribute
and identify funds in respect of such additional funds solely in the manner it
is directed. Notwithstanding the Trustee's performance of these functions, the
Trustee's duties shall be performed solely for the benefit of the
Certificateholders.

      (f) ADDITIONAL DOCUMENTS AND INSTRUMENTS TO BE HELD BY THE TRUSTEE. In
addition to the Mortgage File held by the Trustee pursuant to the provisions of
Article II hereof, the Trustee shall within 90 days after the Closing Date,
acknowledge receipt of each of the documents and instruments identified in
EXHIBIT H annexed hereto and shall hold such documents and instruments for the
benefit of the Certificateholders.

      SECTION 6.02. CERTAIN RIGHTS OF TRUSTEE. Except as otherwise provided
in SECTION 6.01:

      (a) the Trustee may rely and shall be protected in acting or refraining
from acting in reliance upon any resolution, certificate, statement, instrument,
opinion, report, notice, Request, Direction, consent, order, bond, debenture or
other paper or document reasonably believed by it to be genuine and to have been
signed or presented by the proper party or parties;

                                       27
<Page>

      (b) whenever in the administration of this Trust Agreement the Trustee
shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon a Direction of the Majority Certificateholders;

      (c) the Trustee may consult with counsel and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reasonable reliance thereon;

      (d) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Trust Agreement at the request or direction of
any of the Certificateholders pursuant to this Trust Agreement, unless such
Certificateholders shall have offered to the Trustee reasonable security or
indemnity against the cost, expenses and liabilities which might be incurred by
it in compliance with such request or direction, and the right of the Trustee to
perform any discretionary act enumerated in this Trust Agreement shall not be
construed as a duty;

      (e) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, Request, Direction, consent, order, bond, debenture or
other paper or document; and

      (f) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.

      SECTION 6.03. NOT RESPONSIBLE FOR RECITALS, CERTIFICATES OR MORTGAGE
LOAN. The recitals contained herein and in the Certificates, except the
certificates of authentication, shall not be taken as the statements of the
Trustee, and the Trustee assumes no responsibility for their correct Section
Subject to SECTION 6.13, the Trustee makes no representations as to the
validity or sufficiency of this Trust Agreement, the Mortgage Loan Documents,
the Mortgage Loan or the Certificates, except that the Trustee hereby
represents and warrants that this Trust Agreement has been, and each
Certificate will be, executed and delivered by one of its officers who is
duly authorized to execute and deliver such document on its behalf.

      The Trustee shall at no time have any responsibility or liability for
or with respect to the legality, validity and enforceability of the Mortgage,
the Mortgage Loan, or the Sublease, or the perfection and priority of any
item of the Trust Property (other than filings required by SECTION 7.03) or
the maintenance of any such perfection and priority (other than filings
required by SECTION 7.03) or for or with respect to the sufficiency of the
Trust Property or its ability to generate the payments to be distributed to
Certificateholders under this Trust Agreement, including, without limitation:
the existence, condition and ownership of the Mortgaged Property; the
existence and enforceability of any hazard insurance thereon; the validity of
the assignment of the Mortgage Loan to the Trustee or of any intervening
assignment; the completeness of the Mortgage Loan; the performance or
enforcement of the Mortgage Loan; the compliance by the Seller or any other
Person (other than the Trustee) with any warranty or representation made
under this Trust Agreement or in any related document or the accuracy of any
such warranty or representation;

                                       28
<Page>

the acts or omissions of the Seller or the Mortgagor; or any action by the
Trustee taken at the instruction of the requisite percentage of
Certificateholders.

      SECTION 6.04. MAY HOLD CERTIFICATES. The Trustee, in its individual or any
other capacity, may become the owner or pledgee of Certificates. Furthermore,
the Trustee may transact any banking or trust business with the Seller or any of
its respective affiliates.

      SECTION 6.05. MONEY HELD IN TRUST. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
herein or by law and the Trustee shall not have any liability for interest upon
any such moneys except as provided for herein.

      SECTION 6.06. COMPENSATION, REIMBURSEMENT AND INDEMNIFICATION.

      (a) The Trustee agrees:

            (i) to pay, or cause to be paid, out of the Trust Property to
itself in its individual capacity in accordance with the terms and provisions
of SECTION 4.02, the Annual Trustee Fee for all services rendered by it
hereunder in the ordinary course of the administration of the Trust other
than services described in clause (b) below (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust); and

            (ii) except as otherwise expressly provided herein, after the
      occurrence of an Event of Default or a Special Payment Event, to
      reimburse, or cause to be reimbursed from monies on deposit in the
      Certificate Account, the Trustee upon its request for all reasonable
      out-of-pocket expenses, disbursements and advances incurred or made by the
      Trustee in accordance with any provision of this Trust Agreement relating
      to the administration of that portion of the Trust by the Trustee which is
      the subject of an Event of Default or a Special Payment Event (including
      the reasonable compensation and the expenses and disbursements of such
      agents, representatives, experts and counsel as the Trustee may reasonably
      employ in connection with the exercise and performance of its powers and
      duties in connection therewith), except any such expense, disbursement or
      advance as may be attributable to its negligence, willful misconduct or
      bad faith or as may be incurred due to the Trustee's breach of its
      representations and warranties set forth in SECTION 6.13; PROVIDED that it
      is understood and agreed that the Trustee shall have a lien prior to the
      Certificates upon funds held in the Certificate Account for such permitted
      costs and expenses.

      (b) Any Opinion of Counsel which is requested by the Trustee (i) prior to
the occurrence of an Event of Default shall be delivered at the expense of the
Trustee and (ii) after the occurrence and continuation of an Event of Default
shall be delivered at the expense of the Trust and paid for in accordance with
the terms and provisions of SECTION 4.02(d).

      (c) Prior to the occurrence and continuance of an Event of Default, all
Uniform Commercial Code filings described in SECTIONS 7.03 and 12.10(b) shall
be made at the expense of the Trustee and after the occurrence and
continuance of an Event of Default, such filings shall be made at the expense
of the Trust.

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      (d) In addition, the Trustee shall be entitled to reimbursement from, and
shall have a lien prior to the Certificates upon, all property and funds held or
collected by the Trustee in its capacity as Trustee for any tax incurred without
negligence, bad faith or willful misconduct, on its part, arising out of or in
connection with the acceptance or administration of the Trust created hereby
(other than any tax attributable to the Trustee's compensation for serving as
such), including any costs and expenses incurred in contesting the imposition of
any such tax. If the Trustee reimburses itself for any such tax it will within
30 days mail a brief report setting forth the circumstances thereof to all
Certificateholders as their names and addresses appear in the Register.

      (e) The Trustee and any director, officer, employee or agent of the
Trustee shall be indemnified by the Trust Property and held harmless against
any claim, loss, liability or expense (including reasonable attorneys' fees
and expenses) incurred in connection with any claim or legal action,
including any pending or threatened claim or legal action relating to the
acceptance or administration of its trusts and duties hereunder or the
Certificates, other than (i) allocable overhead, (ii) expenses or
disbursements incurred or made by or on behalf of the Trustee in the normal
course of the Trustee's performing its routine duties in accordance with any
of the provisions hereof, (iii) any expense or liability specifically
required to be borne by the Trustee pursuant to the terms hereof, or (iv) any
claim, loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of its duties hereunder or by
reason of reckless disregard of its obligations and duties hereunder or by
reason of its failure to use ordinary care in receiving, handling or
disbursing funds, or as may arise from a breach of any representation,
warranty or covenant of the Trustee made herein or in the Certificate
Purchase Agreement. The provisions of this SECTION 6.06(e) survive the
termination of this Trust Agreement or the resignation or removal of the
Trustee hereunder.

      (f) It is understood and agreed by the Seller and the
Certificateholders that the payment of the compensation, fees and expenses of
the Trustee pursuant to the terms and conditions of this SECTION 6.06 shall
have the right of payment prior to the payments hereunder to the
Certificateholders.

      SECTION 6.07. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

      (a) There shall at all times be a Trustee hereunder which shall be an
institution organized and doing business under the laws of the United States of
America or of any state, authorized under such laws to exercise corporate trust
powers, having a combined capital, surplus and undivided profits of at least
$250,000,000 (or the obligations and liabilities of which are irrevocably and
unconditionally guaranteed by an affiliated Person having a combined capital,
surplus and undivided profits of at least $250,000,000), and subject to
supervision or examination by federal or state authority. In addition to the
foregoing, the Trustee shall be a bank (as such term is defined in the 1940
Act). If such institution publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital, surplus
and undivided profits of such institution shall be deemed to be its combined
capital, surplus and undivided profits as set forth in its most recent report of
condition so published.

                                       30
<Page>

      (b) The Trustee shall at no time, directly or indirectly, through one or
more intermediaries, control, be controlled by, or be under common control with,
the Trust or with any person involved in the organization or operation of the
Trust.

      (c) The Trustee shall at no time offer or provide credit or credit
enhancement to the Trust.

      (d) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

      SECTION 6.08. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

      (a) No resignation or removal of the Trustee and no appointment of a
successor trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor trustee under SECTION 6.09.

      (b) The Trustee may resign at any time by giving written notice thereof to
the Certificateholders and the Seller. If an instrument of acceptance by a
successor trustee shall not have been delivered to the Certificateholders within
30 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a
successor trustee.

      (c) The Trustee may be removed at any time by Act of the Majority
Certificateholders delivered to the Trustee for cause or by Act of the Required
Certificateholders without cause. Such Act shall specify the date when such
removal shall take effect, but in no event shall the date of such removal be
sooner than 30 days following notice to the Trustee.

      (d) If a Responsible Officer of the Trustee shall obtain actual knowledge
of an Avoidable Tax (as hereinafter defined) which has been or is likely to be
asserted, the Trustee shall promptly notify the Certificateholders thereof and
shall, within 30 days of such notification, resign hereunder unless within such
30-day period the Trustee shall have received notice that the Certificateholders
have agreed to pay such tax. The Majority Certificateholders shall promptly
appoint a successor trustee in a jurisdiction where there are no Avoidable
Taxes. As used herein an "AVOIDABLE TAX" means a state or local tax: (i) upon
(A) the Trust, (B) the Trust Property, (C) Holders of the Certificates or (D)
the Trustee for which the Trustee is entitled to seek reimbursement from the
Trust Property, and (ii) which would be avoided if the Trustee were located in
another state, or jurisdiction within a state, within the United States. A tax
shall not be an "Avoidable Tax" if the Certificateholders shall have agreed to
pay, and shall pay, such tax.

      (e) If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of the Trustee for any reason, the
Majority Certificateholders shall promptly appoint a successor trustee. The
successor trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the Trustee. If no successor trustee shall have been so
appointed as provided above and accepted appointment in the manner hereinafter
provided, any Certificateholder who has been a bona fide Holder of a Certificate
for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor trustee.

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      (f) The successor trustee shall give notice of the resignation and removal
of the Trustee and appointment of the successor trustee by mailing written
notice of such event by first-class mail, postage prepaid, to the Seller and the
Holders of Certificates as their names and addresses appear in the Register.
Each notice shall include the name of such successor trustee and the address of
its corporate trust office which shall be the Corporate Trust Office.

      SECTION 6.09. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. Every successor
trustee appointed hereunder shall execute, acknowledge and deliver to the
Certificateholders and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on request of the successor trustee
and at its expense, such retiring Trustee shall execute and deliver an
instrument transferring to such successor trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its lien, if any, provided for in SECTION
6.06. Upon request of any such successor trustee and at the successor
trustee's expense, the retiring Trustee and such successor trustee shall
execute and deliver any and all instruments containing such provisions as
shall be necessary or desirable to transfer and confirm to, and for more
fully and certainly vesting in, such successor trustee all such rights,
powers and trusts.

      No successor trustee shall accept its appointment unless at the time of
such acceptance such successor trustee shall be qualified and eligible under
this Article.

      SECTION 6.10. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.
Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, PROVIDED such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Certificates shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Certificates so authenticated with the same
effect as if such successor trustee had itself authenticated such Certificates.

      SECTION 6.11. MONEY FOR CERTIFICATE PAYMENTS TO BE HELD IN TRUST. All
moneys deposited with the Trustee for the purpose of any payment on Certificates
shall be deposited and held in trust for the benefit of the Holders of the
Certificates entitled to such payment. Moneys so deposited and held in trust
shall constitute a separate trust fund for the benefit of the Holders of the
Certificates with respect to which such money was deposited.

      SECTION 6.12. REGISTRATION OF MORTGAGE LOAN IN TRUSTEE'S NAME. The Trustee
agrees that the Mortgage Loan and Specified Investments, if any, shall be held
in the name of the Trustee or its nominee and held by the Trustee, or, if not so
held, the Trustee or its nominee shall be reflected as the owner of the
Specified Investments, as the case may be, in the register of the issuer of such
Specified Investments. In no event shall the Trustee knowingly invest in, or
hold,

                                       32
<Page>

the Mortgage Loan or Specified Investments in a manner that would cause the
Trust not to have the ownership interest in the Mortgage Loan or Specified
Investments under the applicable provisions of the Uniform Commercial Code in
effect where the Trustee holds the Mortgage Loan or Specified Investments, or
other applicable law then in effect.

      SECTION 6.13. REPRESENTATIONS AND WARRANTIES OF TRUSTEE. The Trustee
hereby represents and warrants that:

            (a) the Trustee is a national banking association duly organized,
      validly existing, and in good standing under the laws of the United States
      of America;

            (b) the Trustee has full power, authority and legal right under the
      laws of the United States pertaining to its banking and trust powers to
      execute, deliver, and perform this Trust Agreement and the Certificate
      Purchase Agreement and has taken all necessary action to authorize the
      execution, delivery, and performance by it of this Trust Agreement and the
      Certificate Purchase Agreement;

            (c) the execution, delivery and performance by the Trustee of this
      Trust Agreement and the Certificate Purchase Agreement will not contravene
      any law, rule or regulation of the State of Utah or any United States
      governmental authority or agency regulating the Trustee's banking or trust
      powers or any judgment or order applicable to or binding on the Trustee
      and will not contravene or result in any breach of, or constitute a
      default under, the Trustee's articles of association or by-laws or the
      provision of any indenture, mortgage, contract or other agreement to which
      it is a party or by which it or any of its properties is bound;

            (d) the execution, delivery and performance by the Trustee of this
      Trust Agreement and the Certificate Purchase Agreement will not require
      the authorization, consent, or approval of, the giving of notice to, the
      filing or registration with, or the taking of any other action in respect
      of, any United States or Utah governmental authority or agency regulating
      the banking and trust activities of the Trustee;

            (e) this Trust Agreement and the Certificate Purchase Agreement have
      been duly executed and delivered by the Trustee and constitute the legal,
      valid, and binding agreements of the Trustee, enforceable in accordance
      with their respective terms, PROVIDED that enforceability may be limited
      by applicable bankruptcy, insolvency, reorganization, moratorium or
      similar laws affecting the rights of creditors generally and general
      principles of equity; and

            (f) the Trustee does not control, is not controlled by and is not
      under common control with, directly or indirectly through one or more of
      its intermediaries, the Trust or with any person involved in the
      organization or operation of the Trust; and the Trustee has not offered or
      provided credit or credit enhancement to the Trust.

      SECTION 6.14. WITHHOLDING TAXES; INFORMATION REPORTING. The Trustee, as
trustee of a grantor trust, shall exclude and withhold from each distribution of
principal, premium, if any, and interest and other amounts due hereunder or
under the Certificates any and all withholding taxes applicable thereto as
required by law. The Trustee agrees to act as such withholding agent

                                       33
<Page>

and, in connection therewith, whenever any present or future taxes or similar
charges are required to be withheld with respect to any amounts payable in
respect of the Certificates, to withhold such amounts and timely pay the same to
the appropriate authority in the name of and on behalf of the holders of the
Certificates, that it will file any necessary withholding tax returns or
statements when due, and that, as promptly as possible after the payment
thereof, it will deliver to each holder of a Certificate appropriate
documentation showing the payment thereof, together with such additional
documentary evidence as such holders may reasonably request from time to time.
The Trustee agrees to file any other information reports as it may be required
to file under United States law.

      SECTION 6.15. TRUSTEE'S LIENS. The Trustee, in its individual capacity,
agrees that it will at its own cost and expense promptly take any action as may
be necessary to duly discharge and satisfy in full any mortgage, pledge, lien,
charge, encumbrance, security interest or claim ("TRUSTEE'S LIENS") on or with
respect to the Trust Property which is either (a) attributable to the Trustee in
its individual capacity and which is unrelated to the transactions contemplated
by this Trust Agreement, the Certificate Purchase Agreement or the other
Mortgage Loan Documents, or (b) attributable to the Trustee as trustee hereunder
or in its individual capacity and which arise out of acts or omissions of or by
the Trustee which are prohibited by this Trust Agreement.

      SECTION 6.16. CO-TRUSTEES. At any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust Property
may at the time be located, the Seller and the Trustee jointly shall have the
power and shall execute and deliver all instruments, to appoint one or more
Persons approved by the Trustee, to act as co-trustee or co-trustees, jointly
with the Trustee, or separate trustee or separate trustees, of all or any part
of the Trust Property, and to vest in such Person or Persons, in such capacity,
such title to the Trust Property or any part thereof, and such rights, powers,
duties, trusts or obligations as the Seller and the Trustee may consider
necessary or desirable. If the Seller shall not have joined in such appointment
within 15 days after the receipt by it of a written request so to do, or in case
an Event of Default shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment.

      No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under SECTION 6.07 herein and
no notice to Certificateholders of the appointment of co-trustee(s) or
separate trustee(s) shall be required. The fees and expenses of any
co-trustee or separate trustee shall be an expense of the Trust. In the case
of any appointment of a co-trustee or separate trustee pursuant to this
SECTION 6.16, all rights, powers, duties and obligations conferred or imposed
upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly,
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed (whether as Trustee hereunder or
successor to the Trustee hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Property
or any portion thereof in any such jurisdiction) shall be exercised and
performed by such separate trustee or co-trustee at the direction of the
Trustee.

      No trustee hereunder shall be held personally liable by reason of any act
or omission of any other trustee hereunder. The Trustee may at any time accept
the resignation of or remove

                                       34
<Page>

any separate trustee or co-trustee. Any notice, request or other writing given
to the Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
Trust Agreement and the conditions of this ARTICLE VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Trust Agreement and specifically including every
provision of this Trust Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Trustee. Every such instrument
shall be filed with the Trustee.

      Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Trust Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                                  ARTICLE VII
                 ADMINISTRATIVE RESPONSIBILITIES OF THE TRUSTEE

      SECTION 7.01. NOTICES AND REPORTS BY THE TRUSTEE.

      (a) NOTICE OF EVENT OF DEFAULT. In the event the Trustee shall have actual
knowledge of an Event of Default, as promptly as practicable after, and in any
event within three Business Days after the Trustee's actual knowledge of the
occurrence of any such Event of Default, the Trustee shall transmit by facsimile
to the extent that a valid telecopy number has been provided to the Trustee
(with a confirmation copy by a recognized overnight delivery carrier) notice of
such event to the Mortgagor and the Certificateholders. For all purposes of this
Trust Agreement, in the absence of actual knowledge on the part of a Responsible
Officer, the Trustee shall not be deemed to have knowledge of any Event of
Default (except that upon the failure of a Subtenant to pay any installment of
Base Rent under the Sublease when due, the Trustee shall be deemed to have
knowledge of such Event of Default) unless notified in writing by a
Certificateholder, the Mortgagor or the Subtenant.

      (b) NOTICE OF SUBLEASE EVENT OF DEFAULT. In the event the Trustee shall
have actual knowledge of a Sublease Event of Default, as promptly as practicable
after, and in any event within three Business Days after the Trustee's actual
knowledge of the occurrence of any such Sublease Event of Default, the Trustee
shall transmit by facsimile to the extent that a valid telecopy number has been
provided to the Trustee (with a confirmation copy by a recognized overnight
delivery carrier) notice of such event to the Mortgagor and the
Certificateholders. For all purposes of this Trust Agreement, in the absence of
actual knowledge on the part of a Responsible Officer, the Trustee shall not be
deemed to have knowledge of any Sublease Event of Default (except the failure of
the Subtenant to pay any installment of Base Rent under the Sublease when due,
the Trustee shall be deemed to have knowledge of such Event of Default) unless
notified in writing by a Certificateholder, the Mortgagor or the Subtenant.

                                       35
<Page>

      (c) NOTICE TO SUBTENANT UNDER THE SUBLEASE. The Trustee shall deliver a
written notice to the Subtenant under the Sublease of the following events, in
accordance with the notice provisions set forth in SECTION 6.4 of the Sublease,
which notice shall specifically describe the action which is the subject of the
notice:

            (i) if any installment of Base Rent or Additional Rent has not been
      received by the Trustee by the 10th Business Day after the date of the
      notice delivered by the Trustee; and

            (ii) on failure by the Subtenant to perform and observe, or a
      violation or breach of, any other provision of the Sublease of which the
      Trustee has actual knowledge.

      (d) NOTICE TO MORTGAGOR UNDER THE MORTGAGE LOAN DOCUMENTS. The Trustee
shall promptly deliver a written notice to the Mortgagor under the Mortgage of
the following events, in accordance with the notice provisions set forth in
SECTION 5.3 of the Mortgage, which notice shall specifically describe the action
which is the subject of the notice:

            (i) within three (3) Business Days after it receives each Subtenant
      rental payment, the Trustee shall give a Semi-Annual Rent Receipt Notice
      in the form attached hereto as EXHIBIT I-1 to the parties named therein;

            (ii) if any installment of Base Rent has not been received by the
      Trustee by the date which is two (2) Business Days before the related
      Distribution Date;

            (iii) if any portion of the Debt (as defined in the Mortgage) has
      not been received by the Trustee on or before the due date therefor
      pursuant to the Mortgage and the Mortgage Note;

            (iv) if the Trustee has actual knowledge that any of the Taxes or
      Other Charges (as such terms are defined in the Mortgage) are due and
      payable pursuant to the Mortgage and are not paid prior to delinquency;

            (v) if the Trustee has actual knowledge that the Policies (as
      defined in the Mortgage) are not in full force and effect;

            (vi) if the Mortgagor breaches the provisions of SECTION 2.9 or 2.10
      of the Mortgage and the Trustee has actual knowledge thereof;

            (vii) if the Mortgagor shall default in the observance or
      performance of any other term, covenant or condition of the Mortgage Note,
      the Mortgage, or any other Mortgage Loan Document and the Trustee has
      actual knowledge thereof;

            (viii) if the Mortgagor fails to remedy any such default described
      in CLAUSE (ix) above which pursuant to the terms of SECTION 4.1 of the
      Mortgage is permitted to be cured and the Mortgagor does not effectuate
      such cure within the terms of said SECTION 4.1 by the thirtieth day after
      the notice in clause (ix) above had been delivered pursuant to SECTION 4.1
      of the Mortgage and the Trustee has actual knowledge of such failure to
      remedy or cure;

                                       36
<Page>

            (ix) if any Event of Default shall have occurred, the Trustee shall
      deliver a notice to the Mortgagor demanding payment by the Mortgagor of a
      sum equal to the Default Rate (as defined in the Mortgage Note) of the
      unpaid principal balance of the Mortgage Note as a default rate computed
      from the date of occurrence of such Event of Default to and including the
      date of the earlier to occur of the cure of such Event of Default or the
      actual receipt and collection of the Debt pursuant to the Mortgage Note.

      (e) SPECIFIED INVESTMENTS QUARTERLY REPORT. Upon request of any
Certificateholder, the Trustee shall distribute to the Certificateholders
written confirmation of the Specified Investments made by the Trustee during the
fiscal quarter immediately preceding such request including the type and amount
of such investment made and the earnings received therefrom.

      (f) COPIES OF SUBLEASE NOTICES AND MORTGAGE NOTICES. The Trustee will
furnish or cause to be furnished to the Mortgagor and each Certificateholder
promptly upon receipt thereof duplicates or copies of each Sublease Notice and
each Mortgage Notice furnished to the Trustee under any Mortgage Loan Document
to the extent the same shall not have been otherwise directly distributed to the
Mortgagor and the Certificateholders, pursuant to the express provision of any
Mortgage Loan Document.

      (g) RELIANCE. The Trustee shall be entitled to assume that all payments
required to be made under the Mortgage Loan and the Sublease have been fully and
timely made upon the Trustee's timely receipt of the full amount of the payment
specified in EXHIBIT C to the Mortgage Loan.

      (h) REQUIRED DISCLOSURE TO CERTIFICATEHOLDERS AND PROSPECTIVE PURCHASERS
OF CERTIFICATES. Upon the request of a Certificateholder, the Trustee shall
provide to such Certificateholder and any prospective purchaser of such
Certificates designated by the Certificateholder all information required under
Rule 144A, as amended or interpreted by the Commission or other administrative
or judicial body with competent jurisdiction, to assure the availability of the
safe harbor provisions of that rule to the transactions contemplated by this
Agreement and the Certificate Purchase Agreement; PROVIDED that such
Certificateholder shall specify the information requested in detail and PROVIDED
FURTHER that the Trustee shall only be required to provide such information if
the Trustee has such information in its possession or it can be obtained by the
Trustee without undue hardship. By way of example and without limiting the
foregoing, such information may include descriptions of the terms of the
Certificates and distributions thereon and information pertaining to the
Mortgage Loan.

      SECTION 7.02. METHOD OF NOTICE. Unless otherwise specifically set
forth, all notices and communications to be delivered by the Trustee pursuant
to SECTION 7.01 to each Certificateholder shall be delivered in the manner
provided in SECTION 12.03 to each Certificateholder at its address set forth
in the Register.

      SECTION 7.03. UNIFORM COMMERCIAL CODE STATEMENTS. The Trustee shall file
all filings necessary to maintain the effectiveness of the Uniform Commercial
Code filings specifically described in SCHEDULE 3 to EXHIBIT C necessary under
the Uniform Commercial Code as in effect in any relevant jurisdiction to
continue perfection of the Trustee's ownership of and

                                       37
<Page>

security interest in the Trust Property including, without limitation, the
filings described in SECTION 12.10(b) hereof.

      SECTION 7.04. TAX RETURNS. The Trustee shall prepare and sign on behalf of
the Trust and file in a timely manner with the appropriate governmental
authorities any tax returns the Trust is required to file pursuant to applicable
federal, state or local tax laws. To the extent authorized under the Internal
Revenue Code of 1986, as amended (the "CODE"), and the regulations promulgated
thereunder, each Holder of a Certificate hereby irrevocably appoints and
authorizes the Trustee to be its attorney-in-fact for purposes of signing any
tax returns required to be filed on behalf of the Trust.

      Within a reasonable period of time after the end of each calendar year,
the Trustee shall prepare, or cause to be prepared, and the Trustee shall
forward, or cause to be forwarded, upon request, to each Person who at any time
during the calendar year was the Holder of a Certificate, a statement setting
forth the amount of distributions with respect to principal and allocable to
interest aggregated for such calendar year or applicable portion thereof during
which such Person was a Certificateholder. Such obligation of the Trustee shall
be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code.

      SECTION 7.05. COPIES OF MORTGAGE LOAN DOCUMENTS. Certificateholders may
request a photocopy of any Mortgage Loan Document from the Trustee which
photocopy will be provided by the Trustee at the expense of the Trustee. The
Trustee shall provide such copies to the requesting Certificateholder within ten
(10) Business Days of the request thereof.

                                  ARTICLE VIII
                          SUPPLEMENTAL TRUST AGREEMENTS

      SECTION 8.01. SUPPLEMENTAL TRUST AGREEMENTS WITHOUT CONSENT OF
CERTIFICATEHOLDERS. Without the consent of the Certificateholders, the
Trustee (subject to SECTION 8.03) and the Seller shall, at any time and from
time to time, enter into one or more agreements supplemental hereto, in form
satisfactory to the Trustee, to cure any ambiguity, to correct or supplement
any provision herein which may be defective or inconsistent with any other
provision herein or to make any other provisions with respect to matters or
questions arising under this Trust Agreement; PROVIDED that any such action
shall not adversely affect the interests of the Certificateholders.

      SECTION 8.02. SUPPLEMENTAL TRUST AGREEMENTS WITH CONSENT OF
CERTIFICATEHOLDERS. With the consent of or upon the Direction of the Majority
Certificateholders, by Act of said Holders delivered to the Trustee and the
Seller, the Trustee (subject to SECTION 8.03) and the Seller shall enter into
an agreement or agreements supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
of this Trust Agreement or of modifying in any manner the rights and
obligations of the Holders of the Certificates under this Trust Agreement
PROVIDED, HOWEVER, that the Trustee shall not be required to execute or agree
to any agreement that would create additional obligations or responsibilities
of the Trustee without adequate compensation therefor and; PROVIDED FURTHER,
that no such supplemental agreement shall, without the consent of the Holder
of each Outstanding Certificate affected thereby:

                                       38
<Page>

            (a) except as expressly permitted by this Trust Agreement change in
      any manner the amount of, or delay the timing of, any receipt by the
      Trustee of payments on the Mortgage Loan or distributions that are
      required to be made herein on any Certificate, or change any date of
      payment on any Certificate, or change the place of payment where, or the
      coin or currency in which, any Certificate is payable, or impair the right
      to institute suit for the enforcement of any such payment or distribution
      on or after the Distribution Date or Special Distribution Date applicable
      thereto; or

            (b) permit the disposition of the Mortgage Loan or the Trust
      Property except as permitted by this Trust Agreement, or otherwise deprive
      any Certificateholder of the benefit of the ownership of the Mortgage Loan
      or the Trust Property; or

            (c) reduce the percentage of the aggregate Fractional Undivided
      Interests of the Trust which is required for any such supplemental
      agreement, or reduce such percentage required for any waiver (of
      compliance with certain provisions of this Trust Agreement or certain
      defaults hereunder and their consequences) provided for in this Trust
      Agreement; or

            (d) reduce the percentage of the aggregate Fractional Undivided
      Interests of the Trust which is required to either (i) amend, modify,
      waive or supplement any of the Mortgage Loan Documents or (ii) direct the
      Trustee to initiate any of the remedies as provided in this Trust
      Agreement; or

            (e) modify any of the provisions of SECTION 2.05 or this SECTION
      8.02 or SECTION 5.05, except to increase any such percentage or to
      provide that certain other provisions of this Trust Agreement cannot be
      modified or waived without the consent of the Holder of each Outstanding
      Certificate.

      At least thirty days prior to the execution by the Trustee of any
supplemental indenture or agreement pursuant to the provisions of Section
8.01 or SECTION 8.02, the Trustee shall give written notice, setting forth in
general terms the substance of such supplemental indenture together with a
copy thereof, mailed in the manner provided in SECTION 12.03 to each
Certificateholder at its address set forth in the Register.

      SECTION 8.03. DOCUMENTS AFFECTING IMMUNITY OR INDEMNITY. If in the
opinion of the Trustee any document required to be executed by it pursuant to
the terms of SECTION 8.01 or SECTION 8.02 affects any interest, right, duty,
immunity or indemnity in favor of the Trustee under this Trust Agreement, the
Trustee may in its discretion decline to execute such document.

      SECTION 8.04. EXECUTION OF SUPPLEMENTAL TRUST AGREEMENTS. In executing,
or accepting the additional trusts created by, any supplemental agreement
permitted by this Article or the modifications thereby of the trusts created
by this Trust Agreement, the Trustee shall be entitled to receive, and
(subject to SECTION 6.01) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental agreement
is authorized or permitted by this Trust Agreement.

      SECTION 8.05. EFFECT OF SUPPLEMENTAL TRUST AGREEMENTS. Upon the execution
of any supplemental agreement under this Article, this Trust Agreement shall be
modified in accordance

                                       39
<Page>

therewith, and such supplemental agreement shall form a part of this Trust
Agreement for all purposes; and every Holder of Certificates theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

      SECTION 8.06. REFERENCE IN CERTIFICATES TO SUPPLEMENTAL TRUST AGREEMENTS.
Certificates authenticated and delivered after the execution of any supplemental
agreement pursuant to this Article may bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental agreement; and, in
such case, suitable notation may be made upon Outstanding Certificates after
proper presentation and demand.

                                   ARTICLE IX
                      AMENDMENTS TO MORTGAGE LOAN DOCUMENTS

      SECTION 9.01. AMENDMENTS AND SUPPLEMENTS TO MORTGAGE LOAN DOCUMENTS. In
the event that the Trustee, as holder of the Mortgage Loan in trust for the
benefit of the Certificateholders, receives a request for a consent to any
waiver, consent, amendment, modification, waiver or supplement under any
Mortgage Loan Document, the Trustee shall promptly send a notice of such
proposed consent, amendment, modification, waiver or supplement, to each
Certificateholder. The Trustee shall request from the Certificateholders,
Directions as to (a) whether or not to take or refrain from taking any action
under such Mortgage Loan Document and, (b) whether or not to give or execute any
waivers, consents, amendments, modifications or supplements to such Mortgage
Loan Document. The Trustee shall take such action with respect to such Mortgage
Loan Document as set forth in the Directions delivered by the Required
Certificateholders; PROVIDED THAT the Trustee shall not be obligated to consent
to any proposed consent, amendment, modification, waiver or supplement of any
Mortgage Loan Document that would create any additional obligations or
responsibilities of the Trustee.

                                    ARTICLE X
            TERMINATION OF TRUST; RELEASE OF MORTGAGE LOAN DOCUMENTS

      SECTION 10.01. TERMINATION OF THE TRUST. The respective obligations and
responsibilities of the Trustee created hereby and the Trust created hereby
shall terminate upon the final and irrevocable distribution to all
Certificateholders of all amounts required to be distributed to them pursuant to
this Trust Agreement and the Certificates and the payment of all other
out-of-pocket and other expenses incurred by the Trustee or any of the
Certificateholders in connection with the administration or enforcement of the
Mortgage Loan Documents; PROVIDED, HOWEVER, that in no event shall the Trust
created hereby continue beyond the expiration of 2l years from the death of the
last survivor of the descendants of George Herbert Walker Bush, former President
of the United States, living on the date of this Trust Agreement. Upon such
payment and discharge, and the estate, right, title and interest of the Trustee
and the Certificateholders therein shall thereupon cease, terminate and become
void and shall be deemed released.

      SECTION 10.02. RELEASE OF MORTGAGE LOAN DOCUMENTS. DEFEASANCE DEPOSIT. If
the Mortgage Note shall be defeased in accordance with and pursuant to the terms
and conditions set forth therefor in the Mortgage Note, the Trustee shall, at
the expense of the Mortgagor, do, execute, acknowledge and deliver each and
every deed, conveyance, transfer and release necessary or proper to evidence the
release of the Mortgage Loan Documents (other than the

                                       40
<Page>

Mortgage Note), whereupon the Mortgage Loan Documents (other than the
Mortgage Note) shall be released from the Trust hereof.

                                   ARTICLE XI
                                   REDEMPTION

      SECTION 11.01. OPTIONAL AND MANDATORY REDEMPTION. Each Certificate shall
be subject to mandatory redemption in whole or in part prior to maturity upon
the following: (i) a prepayment of the Mortgage Note required by the occurrence
of an Event of Loss or an Event of Eminent Domain; (ii) the prepayment of the
Mortgage Note upon certain events resulting in the termination of the Sublease
and acceleration of the Mortgage Loan, (iii) the prepayment of the Mortgage Note
upon the occurrence of certain events of default with respect to the Mortgage
Loan and an acceleration of the Mortgage Loan; and (iv) a voluntary prepayment
of the Mortgage Note by the Borrower. A Yield Maintenance Payment will be
payable in the event of a prepayment described in clauses (ii), (iii) and (iv)
above.

      SECTION 11.02. PRO RATA REDEMPTION. Whenever the Certificates at any time
outstanding are to be redeemed in part and not in full, the Certificates shall
be redeemed on a pro rata basis based on the initial Certificate Principal
Balance of each such Certificate. The Trustee is authorized to round to the
nearest $1,000 the amount to be redeemed from each Holder.

      For purposes of this Trust Agreement, unless the context otherwise
requires, all provisions relating to the redemption of Certificates shall
relate, in the case of any Certificates redeemed or to be redeemed only in part,
to the portion of the principal amount of such Certificates which has been or is
to be redeemed.

      SECTION 11.03. NOTICE OF REDEMPTION. At least 5 days but not more than 30
days before a redemption of the Certificates, the Trustee shall mail or cause to
be mailed, by first class mail, a notice of redemption to all Holders at their
registered addresses.

      The notice shall state:

            (a) the Distribution Date on which the Certificates are to be
      redeemed (the "Certificate Redemption Date");

            (b) that, unless the Trustee defaults in making such redemption
      payment, interest on Certificates called for redemption ceases to accrue
      on and after the Certificate Redemption Date;

            (c) the aggregate principal amount of the Certificates that are
      being redeemed, the redemption price therefor and the portion of the
      principal amount of each Certificate to be redeemed in part, if any; and

            (d) that no representation is made as to the correctness or accuracy
      of the CUSIP number, if any, listed in such notice or printed on the
      Certificates.

      For so long as the book-entry system through DTC is in effect with respect
to the Certificates, the Trustee shall mail notices of redemption to DTC, its
nominee or its successors.

                                       41
<Page>

      Any failure of DTC to convey any such notice to direct participants, any
      failure of direct participants to convey any such notice to any indirect
      participants or any failure of any direct participant or indirect
      participant to convey any such notice to any beneficial owner will not
      affect the validity of the redemption of the Certificates called for
      redemption.

      SECTION 11.04. EFFECT OF NOTICE OF COMPLETE REDEMPTION OF ALL OUTSTANDING
CERTIFICATES, ETC.

            (a) Once notice of redemption is mailed in accordance with SECTION
      11.03, Certificates called for redemption become due and payable on the
      Certificate Redemption Date.

            (b) On and after the Certificate Redemption Date, interest shall
      cease to accrue on the Certificates. If any Certificates called for
      redemption shall not be so paid upon surrender for redemption, interest
      shall be paid on the unpaid principal, from such Certificate Redemption
      Date until such principal is paid, and to the extent lawful on any
      interest not paid on such unpaid principal, in each case at the rate
      provided in the Certificates.

                                  ARTICLE XII
                            MISCELLANEOUS PROVISIONS

      SECTION 12.01. BENEFITS OF TRUST AGREEMENT. Nothing in this Trust
Agreement or in the Certificates, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, and the
Holders of Certificates, any benefit or any legal or equitable right, remedy
or claim under this Trust Agreement.

      SECTION 12.02. CERTIFICATES NONASSESSABLE AND FULLY PAID; NO LEGAL
TITLE TO TRUST PROPERTY IN CERTIFICATEHOLDERS. Certificateholders shall not
be personally liable for obligations of the Trust, the Fractional Undivided
Interests represented by the Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever, and
Certificates upon authentication thereof by the Trustee pursuant to SECTION
3.02 are and shall be deemed fully paid. No Certificateholder shall have any
right (except as expressly provided herein) to vote or in any manner
otherwise control the operation and management of the Trust Property, the
Trust established hereunder, or the obligations of the parties hereto, nor
shall anything set forth herein, or contained in the terms of the
Certificates, be construed so as to constitute the Certificateholders from
time to time as partners or members of an association. Any right expressly
provided herein to the Certificateholders, including, without limitation, the
right to vote shall be exercised by each Certificateholder in its own sole
discretion.

      The Certificateholders shall not have legal title to any part of the
Trust Property. No transfer, by operation of law or otherwise, of any right,
title and interest of the Certificateholders in and to the Trust Property
hereunder shall operate to terminate this Trust Agreement or the trusts
hereunder or entitle any successor or transferee of the Certificateholder to
an accounting or to the transfer to it of legal title to any part of the
Trust Property.

      SECTION 12.03. NOTICES. All notices and other communications provided for
hereunder shall be in writing (including facsimile) and telecopied, if the
sender on the same day sends a

                                       42
<Page>

confirming copy of such notice by a recognized overnight delivery service
(charges prepaid), or sent by courier, charges prepaid, for delivery at the
following address (or at such other address as shall be designated by such party
in a written notice to the other Persons listed below):

      (a)   if to the Seller, to

            A/P I Deposit Corporation
            do Global Securitization Services, LLC
            400 West Main Street
            Suite 338
            Babylon, New York 11702
            Attention:  President
            Telephone:  631.587.4700
            Facsimile No.:  212.302.8767

      (b)   if to the Trustee, to:

            Wells Fargo Bank Northwest, N.A.
            MAC U1254-03l
            79 South Main Street
            Salt Lake City, UT 84111
            Attention:  Corporate Trust Services
            Facsimile No.:  801.246.5053

      (c)   if to a Certificateholder, to its address specified in SCHEDULE 1 to
the Certificate Purchase Agreement.

      (d)   if to the Borrower:

            Penn Station Leasing LLC
            60 Massachusetts Avenue, N.E.
            Washington, D.C. 20002
            Attention:  Dale Stein
            Telephone:  202.906.3311
            Facsimile:  202.906.2174

            with a copy concurrently to:

            Latham & Watkins
            885 Third Avenue
            New York, NY  0022
            Attention:  Kevin C. Blauch, Esquire
            Telephone:  212.906.1241
            Facsimile:  212.751.4864

Unless otherwise stated herein, all such notices and communications shall be
effective (i) if sent by courier, when delivered by hand on the day of delivery
or (ii) if telecopied, when received

                                       43
<Page>

(provided such receipt is (A) verified by a telephone call to the recipient or
(B) confirmed by a transmission report evidencing successful transmission).

      SECTION 12.04. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY,
THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS
APPLIED IN THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW
OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION
OTHER THAN SUCH STATE.

      SECTION 12.05. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions, or terms of this Trust Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions,
or terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Trust Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Trust Agreement or
the Trust, or of the Certificates or the rights of the Holders thereof.

      SECTION 12.06. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

      SECTION 12.07. SUCCESSORS AND ASSIGNS. All covenants, agreements,
representations and warranties in this Trust Agreement by the Trustee and the
Seller shall bind and, to the extent permitted hereby, shall inure to the
benefit of and be enforceable by their respective successors and assigns,
whether so expressed or not.

      SECTION 12.08. COUNTERPARTS. For the purpose of facilitating the execution
of this Trust Agreement and for other purposes, this Trust Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

      SECTION 12.09. TAX TREATMENT.

      (a) This Trust was formed, and shall be operated, solely for the purpose
of protecting and conserving the Certificateholders respective beneficial
interests in the Trust Property and is intended to qualify as a grantor trust
for federal income tax purposes as described in Sections 671 through 679 of the
Code. Nothing contained in this Trust Agreement shall authorize the Trustee to
conduct business for profit on behalf of the Certificateholders or to reinvest
payments received from the Mortgagor for the benefit of the Certificateholders
under the Mortgage (other than the temporary investment of funds pending the
scheduled distribution thereof to the Certificateholders as authorized by
ARTICLE IV).

      (b) For United States federal income tax purposes, it is the intention
that the Mortgage Loan will be treated, and the Trustee, and each
Certificateholder agrees to treat the Mortgage Loan, as direct indebtedness of
the Borrower, and interest and other income arising thereunder shall be treated
as from sources within the United States.

                                       44
<Page>

      SECTION 12.10. INTENTION OF PARTIES.

      (a) It is the express intent of the parties hereto that the conveyance
of the Mortgage Loan and related property to the Trustee, for the benefit of
the Certificateholders, by the Seller as provided in SECTION 2.01 be, and be
construed as, an absolute sale of the Mortgage Loan and related property. It
is, further, not the intention of the parties that such conveyance be deemed
a pledge of the Mortgage Loan and related property by the Seller to the
Trustee to secure a debt or other obligation of the Seller. However, in the
event that, notwithstanding the intent of the parties, such conveyance is
held not to be an absolute sale of the Mortgage Loan or any related property,
or the Mortgage Loan or any related property is for any other reason held to
be the property of the Seller, then:

            (i) This Trust Agreement shall be deemed to be a security agreement;

            (ii) The conveyance provided for in SECTION 2.01 shall be deemed to
      be a grant by the Seller to the Trustee of, and the Seller hereby grants
      to the Trustee, for the benefit of the Certificateholders, a security
      interest in all of the Seller's right, title, and interest, whether now
      owned or hereafter acquired, in and to:

                  (A) All accounts, contract rights, general intangibles,
            chattel paper, instruments, documents, money, deposit accounts,
            certificates of deposit, goods, letters of credit, advices of
            credit, investment property and uncertificated securities consisting
            of, arising from or relating to any of the property described in
            CLAUSES (1)-(2) below: (1) the Mortgage Loan (including, without
            limitation, the Mortgage Note, the Mortgage, the related security
            agreements, and the related title, hazard and other insurance
            policies) identified on SCHEDULE 1 to the Mortgage Loan Schedule,
            together with all payments and other collections with respect
            thereto after the Closing Date (other than Scheduled Payments of
            principal and interest due on or before the Closing Date) and all
            other documents contained in the related Mortgage Files; and (2) the
            Certificate Account, including, without limitation, all funds and
            investments therein and all income from the investment of funds
            therein (including any accrued discount realized on liquidation of
            any investment purchased at a discount);

                  (B) All accounts, contract rights, general intangibles,
            chattel paper, instruments, documents, money, deposit accounts,
            certificates of deposit, goods, letters of credit, advices of
            credit, investment property, uncertificated securities, and other
            rights arising from or by virtue of the disposition of, or
            collections with respect to, or insurance proceeds payable with
            respect to, or claims against other Persons with respect to, all or
            any part of the collateral described in CLAUSE (A) above (including
            any accrued discount realized on liquidation of any investment
            purchased at a discount); and

                  (C) All cash and non-cash proceeds of the collateral described
            in CLAUSES (A) AND (B) above;

                                       45
<Page>

            (iii) The possession by the Trustee of the Mortgage Note, the
      Mortgage, the Sublease and such other goods, letters of credit, advices of
      credit, instruments, money, documents, chattel paper or certificated
      securities shall be deemed to be "possession by the secured party," or
      possession by a purchaser or a person designated by him or her, for
      purposes of perfecting the security interest pursuant to the Uniform
      Commercial Code (including, without limitation, Sections 9-305 and 9-115
      thereof) as in force in each relevant jurisdiction; and

            (iv) Notifications to Persons holding such property, and
      acknowledgments, receipts or confirmations from Persons holding such
      property, shall be deemed to be notifications to, or acknowledgments,
      receipts or confirmations from, financial intermediaries, bailees or
      agents (as applicable) of the Trustee for the purpose of perfecting such
      security interest under applicable law.

      (b) The Trustee shall, to the extent consistent with this Trust Agreement
and upon Direction of the Majority Certificateholders or the Seller, take such
reasonable actions as may be necessary to ensure that, if this Trust Agreement
were deemed to create a security interest in the property described above, such
security interest would be a perfected security interest of first priority under
applicable law and will be maintained as such throughout the term of the Trust
Agreement. The Trustee shall file all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial
Code as in effect in any relevant jurisdiction to perfect the Trustee's security
interest in such property, including, without limitation, continuation
statements. In connection herewith, the Trustee shall have all of the rights and
remedies of a secured party and creditor under the Uniform Commercial Code as in
force in the relevant jurisdiction.

      (c) The Seller shall not take any action inconsistent with the Trust's
ownership of the Mortgage Loan.

                                       46
<Page>

            IN WITNESS WHEREOF, the Seller and the Trustee have caused this
Trust Agreement to be duly executed by their respective officers and their
respective seals, duly attested, to be hereunto affixed, all as of the day and
year first above written.

                                    WELLS FARGO BANK NORTHWEST, N.A., as
                                    Trustee

                                    By
                                       ---------------------------------------
                                       Name:    ARGE PAVLOS
                                             ---------------------------------
                                       Title:   TRUST OFFICER
                                             ---------------------------------

<Page>

Accepted and agreed to as
of the date first written above.

                                    A/P I Deposit Corporation, as Seller

                                    By ________________________________
                                       Name:  Andrew L. Stidd
                                       Title: President<Page>

                                                                    Exhibit 10.2

                           LOAN AND SECURITY AGREEMENT

                            Dated as of June 20, 2001

                                 by and between

                           PENN STATION LEASING, LLC,
                      a Delaware limited liability company
                               having an office at
              60 Massachusetts Avenue, N.E., Washington, D.C. 20002
                                  ("BORROWER")

                                       and

                           A/P I DEPOSIT CORPORATION,
                             a Delaware corporation,
                               having an office at
              1301 Avenue of the Americas, New York, New York 10019
                                   ("LENDER")

================================================================================
<Page>

                                TABLE OF CONTENTS

1.    DEFINITIONS............................................................2

2.    TERMS OF LOAN.........................................................17

      2.1.  Loan and Note...................................................17
      2.2.  Interest and Principal..........................................17
      2.3.  No Deferral.....................................................17
      2.4.  Repayment on Maturity Date......................................17
      2.5.  Borrower's Note.................................................18
      2.6.  Application of Payments.........................................18
            2.6.1. Order of Application.....................................18
            2.6.2. Exceptions...............................................18
      2.7.  Reversal of Payments............................................19
      2.8.  Prepayment......................................................19
      2.9.  No Revolver.....................................................19
      2.10. Manner and Timing of Payments...................................19
      2.11. Late Charge.....................................................20
      2.12. Taxes...........................................................20
            2.12.1. No Deductions for General Taxes.........................20
            2.12.2. Transaction Taxes.......................................20
            2.12.3. Right to Contest........................................20
            2.12.4. Indemnification.........................................20
            2.12.5. Survival................................................21
      2.13. Mortgage Defeasance.............................................21
            2.13.1. Scheduled Defeasance Payments...........................21
            2.13.2. Defeasance..............................................21
            2.13.3. Defeasance Collateral...................................21
            2.13.4. Conditions..............................................22
      2.14. Reserve Account.................................................22
            2.14.1. Reserve Account.........................................22
            2.14.2. Substitution............................................23

3.    CONDITIONS TO LOAN....................................................23

      3.1.  Note............................................................23
      3.2.  Formation, Organization, Etc....................................23
      3.3.  Opinion of Counsel..............................................24
      3.4.  Security Documents..............................................24
      3.5.  Title Insurance.................................................24
      3.6.  Environmental Assessment Reports................................24
      3.7.  Insurance.......................................................24
      3.8.  Financial Information...........................................24
      3.9.  No Violations...................................................24
      3.10. Licensing.......................................................24

                                       i
<Page>

      3.11. Leases..........................................................24
      3.12. Collection Account..............................................24
      3.13. Other Documents and Deliveries..................................24

4.    Security For Obligations..............................................24

      4.1.  Grant of Security Interest......................................24
      4.2.  Further Documentation...........................................25
      4.3.  Security Agreement; UCC Remedies................................25
      4.4.  Security for Obligations........................................25
            4.4.1. Mortgage.................................................25
            4.4.2. Collateral and Security Documents........................25
      4.5.  Security Interest in Accounts...................................25

5.    Borrower's Representations and Warranties.............................25

      5.1.  Due Organization................................................25
      5.2.  Authorization and Enforceability................................26
      5.3.  No Material Litigation..........................................26
      5.4.  Compliance with Law.............................................26
      5.5.  No Conflict.....................................................26
      5.6.  Ownership.......................................................26
      5.7.  Place of Business...............................................27
      5.8.  Financial Statements............................................27
      5.9.  Accurate and Complete...........................................27
      5.10. Not Usurious....................................................27
      5.11. No Fraud........................................................27
      5.12. ERISA...........................................................27
      5.13. Security Interest...............................................27
      5.14. Solvency........................................................28
      5.15. Single Purpose Entity...........................................28
      5.16. No Contracts....................................................28
      5.17. Physical Condition..............................................28
      5.18. No Condemnation or Other Events.................................28
      5.19. No Flood Hazards................................................28
      5.20. Access..........................................................28
      5.21. Utility Services................................................29
      5.22. Investment Company Act..........................................29
      5.23. Margin Regulations..............................................29
      5.24. Leases..........................................................29
      5.25. No Leasing Commissions..........................................29
      5.26. Taxes; Elections................................................29
      5.27. Brokers.........................................................30
      5.28. Employment, Labor and Management Agreements.....................30
      5.29. Opinion of Counsel..............................................30
      5.30. Contracts.......................................................30

                                       ii
<Page>

6.    Borrower's Covenants..................................................30

      6.1.  Protection of Collateral........................................30
      6.2.  Compliance......................................................30
      6.3.  Books and Records...............................................30
      6.4.  Access..........................................................31
      6.5.  Insurance.......................................................31
            6.5.1. Required Insurance Coverage..............................31
            6.5.2. Lender as Additional Insured.............................32
            6.5.3. Policy Requirements......................................32
            6.5.4. Mandatory Policy Provisions..............................32
            6.5.5. No Separate Insurance....................................33
            6.5.6. Lender's Right to Procure Insurance......................33
      6.6.  Casualty........................................................33
            6.6.1. Losses and Adjustment....................................33
            6.6.2. Application of Proceeds Below Immaterial Loss
                     Threshold..............................................34
            6.6.3. Application of Proceeds at or Above Immaterial Loss
                     Threshold..............................................34
            6.6.4. Disbursement Mechanisms; Restoration.....................35
            6.6.5. Disbursement Documentation...............................35
      6.7.  Condemnation....................................................36
            6.7.1. Notice of Proceedings....................................36
            6.7.2. Disbursement of Proceeds.................................36
            6.7.3. Partial Taking...........................................36
            6.7.4. Sale Before Receipt of Proceeds..........................37
      6.8.  Audit and Inspection............................................37
      6.9.  No Relocation...................................................37
      6.10. Financial Statements............................................37
      6.11. Notification of Lender..........................................37
            6.11.1. Default or Event of Default.............................37
            6.11.2. Litigation..............................................38
            6.11.3. Loan-Related Litigation.................................38
            6.11.4. Transfers...............................................38
      6.12. Conduct of Business.............................................38
      6.13. Restrictive Covenants...........................................38
            6.13.1. Transfer................................................38
            6.13.2. Organizational Documents................................39
            6.13.3. Dissolution.............................................39
            6.13.4. Other Indebtedness......................................39
            6.13.5. New Leases..............................................39
            6.13.6. Major Leases............................................39
            6.13.7. Rents...................................................39
            6.13.8. Certain Restrictions....................................39
            6.13.9. Security Instruments....................................39
            6.13.10. Permitted Transfers....................................40
      6.14. No Impairment of Security Required..............................40
      6.15. Environmental Documents.........................................40
      6.16. Defense of Lien.................................................40

                                      iii
<Page>

      6.17. Further Assurances..............................................41
            6.17.1. Correction of Errors....................................41
            6.17.2. Notice of Inaccuracies..................................41
            6.17.3. Further Documentation...................................41
      6.18. SPE Covenants...................................................41
      6.19. Mergers, Etc....................................................41
      6.20. Taxes...........................................................41
      6.21. SEC Filings.....................................................41
            6.21.1. Lender Consent..........................................41
            6.21.2. Copies of Filings.......................................42
      6.22. Employee Plans..................................................42
      6.23. Effect of Payment and Performance...............................42
      6.24. Use.............................................................42
      6.25. Contracts.......................................................42
      6.26. No Obligation of Lender; Borrower Remains Liable................42
      6.27. Offering of Interests...........................................43
      6.28. Collection Account..............................................43

7.    Events of Default and Remedies........................................43

      7.1.  Definition......................................................43
            7.1.1. Nonpayment...............................................43
            7.1.2. Nonpayment of Money other than Debt Service
                     (Principal and Interest)...............................43
            7.1.3. Representations and Warranties...........................43
            7.1.4. Nonmonetary Default......................................43
            7.1.5. Financial Matters........................................43
            7.1.6. Invalidity...............................................44
            7.1.7. Other Loan Documents.....................................44
            7.1.8. Transfer.................................................44
            7.1.9. Breach of SPE Covenants..................................44
            7.1.10. Prime Lease.............................................44
            7.1.11. Facility Sublease.......................................44
      7.2.  Acceleration....................................................44
      7.3.  Additional Remedies.............................................45
            7.3.1. Set-Off..................................................45
            7.3.2. Default Interest Rate....................................45
            7.3.3. UCC Remedies.............................................45
            7.3.4. Real Property Foreclosure................................46
            7.3.5. Possession of Mortgaged Property.........................46
            7.3.6. Delivery of Mortgaged Property...........................47
            7.3.7. Lockbox..................................................47
            7.3.8. Miscellaneous............................................48
      7.4.  No Oral Waivers.................................................48
      7.5.  Waiver of Automatic Stay........................................48
      7.6.  Direct Payment of Rent..........................................49

                                       iv
<Page>

8.    Nonrecourse...........................................................49

      8.1.  Generally.......................................................49
      8.2.  Lender's Security...............................................49

9.    Miscellaneous.........................................................50

      9.1.  Trustee.........................................................50
      9.2.  Term of Agreement...............................................51
      9.3.  Effectiveness of Representations and Warranties.................51
      9.4.  Expenses and Attorneys' Fees....................................51
            9.4.1. Closing Costs............................................51
            9.4.2. Post Closing Costs.......................................51
      9.5.  Agents, Etc.....................................................52
      9.6.  No Lender Obligations...........................................52
      9.7.  Parties.........................................................52
      9.8.  Notices.........................................................53
            9.8.1. Lender...................................................53
            9.8.2. Borrower.................................................53
      9.9.  Entire Agreement; Amendments....................................53
      9.10. Governing Law...................................................54
      9.11. Indemnification.................................................54
            9.11.1. Brokerage...............................................54
            9.11.2. Generally...............................................54
      9.12. Jury Trial Waiver, Jurisdiction.................................55
            9.12.1. Jury Trial..............................................55
            9.12.2. New York Jurisdiction...................................55
      9.13. Conflicts.......................................................55
      9.14. Date of Performance.............................................56
      9.15. No Waiver; Remedies.............................................56
      9.16. Severability....................................................56
      9.17. Injunctive Relief...............................................56
      9.18. Relationship of Parties.........................................56
            9.18.1. Lender's Role...........................................56
            9.18.2. No Partnership..........................................57
      9.19. Regulatory Requirements.........................................57
      9.20. Interpretation..................................................57
      9.21. Consent.........................................................58
      9.22. Counterparts....................................................58
      9.23. Waiver of Counterclaims.........................................58
      9.24. Offsets, Counterclaims, and Defenses............................58
      9.25. Estoppel Certificates...........................................58
      9.26. Usury Savings...................................................58
      9.27. Sale or Assignment by Lender....................................59

                                       v
<Page>

ATTACHMENTS

Index of Defined Terms
Exhibit A   -  Prime Lease
EXHIBIT B   -  Rent Roll
EXHIBIT C   -  Amortization
EXHIBIT D   -  Form of Irrevocable Direction Letter

                                       vi
<Page>

                           LOAN AND SECURITY AGREEMENT

            This LOAN AND SECURITY AGREEMENT (together with all Exhibits hereto,
as the same may be amended, modified and restated from time to time, this
"AGREEMENT"), dated as of June 20, 2001 (the "CLOSING DATE"), is entered into by
and between PENN STATION LEASING, LLC, a Delaware limited liability company,
having an office at 60 Massachusetts Avenue, N.E., Washington, D.C. 20002
(together with its successors and assigns, "BORROWER") and A/P I DEPOSIT
CORPORATION, a Delaware corporation, having an office at 1301 Avenue of the
Americas, New York, New York 10019 (together with its successors and assigns,
"LENDER").

                               W I T N E S S E T H

            WHEREAS, Borrower is the tenant under the lease described on EXHIBIT
"A" attached hereto and made a part hereof (the "PRIME LEASE") demising to
Borrower the Leased Premises (hereinafter defined), which Leased Premises is a
portion of the railroad station commonly known as Pennsylvania Station; and

            WHEREAS, Borrower desires to obtain from Lender, and Lender desires
to advance to Borrower, on the Closing Date, all in accordance with and upon
compliance with the terms and conditions of this Agreement, a secured loan (the
"LOAN") in the aggregate amount of Three Hundred Million and 00/100 Dollars
($300,000,000) (the "LOAN AMOUNT"); and

            WHEREAS, Lender would not be willing to make, and would not be
obligated to make, the Loan to Borrower unless Borrower granted to Lender the
security interests and other rights provided for under this Agreement and the
other Security Documents (hereinafter defined); and

            WHEREAS, to induce Lender to make the Loan, Borrower desires to
enter into this Agreement and the other Security Documents; and

            WHEREAS, on the Closing Date, Borrower is delivering to Lender the
following additional documentation:

            1. PROMISSORY NOTE. A Promissory Note, dated as of the Closing
Date and executed and delivered by Borrower (as the same may be modified,
amended, consolidated or extended, the "NOTE"), evidencing and representing
Borrower's obligation to repay the Loan;

            2. MORTGAGE. Leasehold Mortgage, Assignment of Leases and Rents
and Security Agreement, dated as of the Closing Date and executed and delivered
by Borrower to encumber the Mortgaged Property (hereinafter defined) to secure
payment of (a) the entire principal amount of the Note and (b) any and all other
sums payable pursuant to the Note and the Mortgage and any other indebtedness
arising under the Loan Documents (as the same may be modified, amended,
consolidated, restated, refinanced or extended, the "MORTGAGE"); and
<Page>

            3. ASSIGNMENT OF LEASES. An Assignment of Leases and Rents, dated
the Closing Date and executed and delivered by Borrower and relating to the
Leased Premises (as the same may be modified, amended, restated, or extended,
the "ASSIGNMENT OF LEASES").

            NOW, THEREFORE, in consideration of the foregoing Recitals and to
induce Lender to make the Loan, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Lender and
Borrower agree as follows:

1.          DEFINITIONS.

            The following capitalized terms shall have the meanings set forth
below. In addition, certain other capitalized terms are defined elsewhere in
this Agreement (whether before or after the first usage of such term), as more
fully described in the "Index of Defined Terms" following the signature page.

            "ACCELERATED MATURITY DATE" means the date as of which Borrower is
required to pay or repay the Obligations in full pursuant to the Loan Documents,
because an Event of Default has occurred and the Obligations have become
immediately due and payable automatically, or Lender has elected by notice to
Borrower to exercise its rights under the Loan Documents to require the
immediate payment or repayment in full of the Obligations.

            "ACCOUNTING PRINCIPLES" wherever the character or amount of any item
of income or expense or of any asset or liability, contingent or otherwise, is
required to be determined, or where any consolidation or other accounting
computation is required to be made for purposes of this Agreement, means
generally accepted accounting principles as in effect in the United States on
the Closing Date and as amended from time to time.

            "ACCOUNTS" means all "accounts," as such term is defined in UCC ss.
9-106, now or hereafter owned by, or pledged to, Borrower, whether or not any
such account has been earned by performance, including all accounts, accounts
receivable and contract rights.

            "AFFILIATE" of any specified Person means a Person that:

            (i) directly, or indirectly through one or more intermediaries,
Controls, is Controlled by or is under common Control with such specified
Person;

            (ii) is a partner, member, beneficiary of a trust or other owner of
any stock or other evidence of beneficial ownership in such specified Person or
an Affiliate of such specified Person within the meaning of clause (i) above; or

            (iii) is related by blood as a second cousin or closer relative (or
spouse thereof) to such specified Person or an Affiliate of such specified
Person within the meaning of clause (i) or clause (ii) above.

            "AGREEMENT" is defined in the preamble (opening paragraph) hereof.

            "ASSIGNMENT OF LEASES" has the meaning ascribed thereto in the 5th
Recital hereof.

                                       2
<Page>

            "BANKRUPTCY CODE" means Title 11 of the United States Code, as the
same may be amended or modified from time to time, or any successor statute or
law.

            "BORROWER'S REPRESENTATIVE" means an officer of Borrower, or if
Borrower is a partnership or limited liability company, then one of its general
partners or members or managers or an officer thereof, involved in or
responsible for Borrower's asset management, which officer is duly authorized to
take action and execute certificates on behalf of Borrower as evidenced by the
appearance of such officer's name and signature on a list of officers furnished
to Lender by Borrower (or by written agreement with Lender), as such list may be
amended or supplemented from time to time by notice to Lender. Borrower's
Representative is initially Dale M. Stein.

            "BUSINESS DAY" means any day other than a Saturday, Sunday or day on
which commercial banks in New York are authorized or permitted to be closed.

            "CASUALTY" means any damage or destruction affecting the Leased
Premises, or any part of the Leased Premises, whether from fire or other cause.

            "CERTIFICATES" means those certain lease-backed commercial mortgage
pass-through certificates being issued in connection with the making of the Loan
by Lender.

            "CLEAN-UP" means the removal, remediation and/or elimination of, or
other response to, the presence or Release of any Hazardous Substance at, in,
under or otherwise affecting the Leased Premises that is necessary to comply
with Environmental Laws and satisfactory to all applicable governmental
agencies.

            "CLOSING DATE" is defined in the preamble (opening paragraph) of
this Agreement.

            "COLLATERAL" means all of Borrower's right, title and interest in,
to and under, and any and all benefits accruing to Borrower from, the following:

            (i) all Leases and rents and other income arising therefrom;

            (ii) all Accounts, chattel paper, Equipment, General Intangibles,
Goods, Instruments and Inventory;

            (iii) any other property of any character described in any UCC- 1
financing statement executed by Borrower as debtor in favor of Lender as secured
party;

            (iv) the Contracts; and

            (v) all Proceeds of the foregoing Collateral.

            "CONCOURSE AREA A" shall mean a volume of space located on "Level A"
from the floor of "Level A" up to certain heights therein, as indicated on
"Exhibit A" to the Prime Lease (such volume of space constituting a portion of
Block 781, Lots 1 and 2, and of the subsurface of West 33rd Street), as more
particularly described in the Prime Lease.

                                       3
<Page>

            "CONCOURSE AREA B" shall mean a volume of space located on "Level B"
from the floor of "Level B" up to certain heights therein, as indicated on
"Exhibit B" to the Prime Lease (such volume of space constituting a portion of
Block 781, Lots 1 and 2), as more particularly described in the Prime Lease.

            "CONDEMNATION PROCEEDS" means, in the event of a Taking with respect
to the Leased Premises, the proceeds in respect of such Taking less any
reasonable third party out-of-pocket expenses incurred in connection with the
Taking or in collecting such proceeds thereof.

            "CONTAMINATION" means the presence or Release of any Hazardous
Substance at, in, under or otherwise affecting the Leased Premises that (a)
violates any Environmental Law, or (b) is in concentrations that would require
Clean-Up under any Environmental Law.

            "CONTRACT INTEREST RATE" means a fixed rate of interest equal to
nine and one quarter percent (9.25%) per annum as the same may be increased
pursuant to the provisions of SECTION 2.2 hereof.

            "CONTRACTS" means all of Borrower's right, title and interest,
whether now owned or hereafter acquired, in, to and under all Major Contracts to
which Borrower is a party executed in connection with the acquisition,
construction, operation and management of the Leased Premises (including
agreements for the sale, lease or exchange of goods or other property, and/or
the performance of services), or any portion thereof, and all material licenses,
permits, variances and certificates used in connection with the operation of the
Leased Premises (including business licenses, state health department licenses,
licenses to conduct business, certificates of need and all such other permits,
licenses and rights, obtained from any Governmental Authority or private Person
concerning ownership, operation, use or occupancy of the Leased Premises).

            "CONTROL" means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person,
whether through the ownership of equity interests, by contract or otherwise.

            "CORRESPONDENT BANK" means, as of the date hereof, __________, and
thereafter such other correspondent bank as Borrower may designate from time to
time, provided that such bank is a federal or state chartered depository
institution or trust company whose commercial paper, short term debt obligations
or other short term deposits (or, in the case of a depository institution or
trust company that is the principal subsidiary of a holding company, the
commercial paper, short term debt obligations or other short term deposits of
such holding company) are rated by the Rating Agencies not less than BBB - (or
the equivalent). If Borrower changes the designation upon notice to Lender of
the Correspondent Bank, then the parties shall reasonably cooperate with each
other to transition all bank accounts from the outgoing Correspondent Bank to
the incoming Correspondent Bank, and to continue Lender's security interests in
such bank accounts. Borrower acknowledges and agrees that so long as Lender is
the Correspondent Bank Borrower may not designate another correspondent bank.

            "CREDIT FACILITY" shall mean a clean, irrevocable, unconditional,
transferable letter of credit, which has not been encumbered or pledged in any
manner other than in favor of Lender, payable on sight draft only, entitling
Lender to draw thereon in New York, New York,

                                       4
<Page>

issued by a domestic bank the long-term unsecured debt rating of which at the
time such letter of credit is delivered and throughout the term of such letter
of credit is not less than "BBB-" (or the equivalent). If any Credit Facility is
not renewed or replaced with another Credit Facility prior to the date that is
thirty (30) days prior to its expiration, Lender shall be entitled to draw upon
the balance of the Credit Facility and deposit the amount so drawn in the
Reserve Account to be applied as provided in SECTION 2.14.2.

            "DEFAULT" means any condition or event that with the giving of
notice or the lapse of time or both would become an Event of Default.

            "DEFAULT RATE" means a per annum rate of interest equal to the
Contract Interest Rate plus 5% per annum, but the Default Rate shall never
exceed the Usury Limit.

            "DEPOSITORY ACKNOWLEDGEMENT" means an acknowledgement from the
Deposit Bank to the Lender acknowledging the Lender's security interest in the
Collection Account, which acknowledgment shall be in form reasonably acceptable
to Lender.

            "DISCOUNTED VALUE" means the amount obtained by discounting all
remaining scheduled semi-annual payments with respect to the principal amount of
the Loan being prepaid, from their respective scheduled due dates to the date of
prepayment, in accordance with accepted financial practice and at a discount
factor (applied semi-annually) equal to the Reinvestment Yield.

            "ENVIRONMENTAL ASSESSMENT REPORT" means an environmental engineering
report (Phase I) the content of which is reasonably acceptable to Lender,
conducted by a qualified environmental consultant and in a manner both of which
are satisfactory to Lender. Such Environmental Assessment Report shall in
Lender's reasonable judgment constitute an appropriate inquiry concerning the
existence of Hazardous Substances on the Leased Premises, and the past or
present use or Release of any Hazardous Substances at or from the Leased
Premises. Such report shall by its terms or by separate letter allow reliance
thereon by Lender, and successor(s) or assign(s) of Lender.

            "ENVIRONMENTAL INDEMNITY AGREEMENT" means that certain Environmental
Indemnity Agreement, dated as of the date hereof, by and between Landlord, as
indemnitor, and Lender, as indemnitee.

            "ENVIRONMENTAL LAWS" means all federal, state and local laws,
statutes, ordinances and regulations, now or hereafter in effect, and in each
case as amended or supplemented from time to time, and any judicial or
administrative interpretation thereof, including any applicable judicial or
administrative order, consent decree or judgment, relative to the Leased
Premises, relating to the regulation and protection of human health, safety,
the environment and natural resources (including ambient air, surface water,
groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic
species and vegetation). Environmental Laws include the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended
(42 U.S.C. Section 9601 ET SEQ.) ("CERCLA"); the Hazardous Material
Transportation Act, as amended (49 U.S.C. Section 1801 ET SEQ.); the Federal
Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. Section 136
ET SEQ.); the Resource Conservation and Recovery Act, as amended (42

                                       5
<Page>

U.S.C. Section 6901 ET SEQ.) ("RCRA"); the Toxic Substance Control Act, as
amended (15 U.S.C. Section 2601 ET seq.); the Clean Air Act, as amended (42
U.S.C. Section 7401 ET SEQ.); the Federal Water Pollution Control Act, as
amended (33 U.S.C. Section 1251 ET SEQ.); and any and all regulations
promulgated thereunder, and all analogous state and local counterparts or
equivalents and any statutes requiring governmental notification or approval
of any transfer of ownership.

            "EQUIPMENT" shall mean, collectively, all fixtures and personal
property, now or hereafter owned by Borrower or in which Borrower has or shall
acquire an interest, now or hereafter located on, attached to or contained in
and used or usable in connection with the Leased Premises, and shall also mean
and include all machinery, apparatus, heating, lighting, plumbing, ventilating,
air cooling and air conditioning equipment; elevators, escalators and hoists;
washroom, toilet and lavatory equipment; communication systems and public
address equipment; fire prevention and extinguishing equipment; electronic data
processing equipment, telecommunications equipment and all proceeds thereof and
as well as all additions to, substitutions for, replacements of or accessions to
any of the items recited as aforesaid and all attachments, components, parts
(including spare parts) and accessories, whether installed thereon or affixed
thereto, and wherever located, now or hereafter owned by Borrower and used or
intended to be used in connection with, or with the operation of, the Leased
Premises, all regardless of whether the same are located on the Leased Premises
or are located elsewhere (including in warehouses or other storage facilities or
in the possession of or on the premises of a bailee, vendor or manufacturer) for
purposes of manufacture, storage, fabrication or transportation and all
extensions and replacements to, and proceeds of, any of the foregoing, but
exclusive of those items which are property of tenants of the Leased Premises or
owned by a third party contractor or any other third party.

            "EQUITY INTERESTS" means the Member's interest in Borrower.

            "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended.

            "EXTERNALLY CAUSED PREPAYMENT" means any prepayment of the Loan
resulting from the application of Insurance Proceeds or Condemnation Proceeds in
accordance with the provisions hereof or any prepayment of the Loan pursuant to
SECTION 9.26 hereof.

            "FACILITY SUBLEASE" means the Facility Sublease, dated as of the
date hereof, by and between the National Railroad Passenger Corporation, as
subtenant, and Borrower, as sublandlord.

            "FRA" means the Federal Railroad Administration of the United
States Department of Transportation.

            "GENERAL INTANGIBLES" means all "general intangibles," as such
term is defined in UCC Section 9-106, now or hereafter owned by, or pledged
to, Borrower, including all franchises, patents, know-how, inventories,
trademarks, service marks, trademark or service mark licenses, customer
lists, other intellectual property and licenses, copyrights, judgments,
choses in action, computer programs and all general intangibles that
represent the right to receive money.

                                       6
<Page>

            "GOODS" means all "goods," as defined in Section 9-105 of the
UCC, now or hereafter owned by, or pledged to, Borrower including all things
that are movable at the time the security interest attaches or that are
fixtures as provided in 9-313 of the UCC, but does not include money,
documents, Instruments, Accounts, chattel paper, General Intangibles, or
minerals or the like before extraction.

            "GOVERNMENTAL AUTHORITY" means any federal, state, regional, local
or other political subdivision thereof with jurisdiction and any Person with
jurisdiction exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government. Governmental Authority
includes the United States of America; the State of New York; and any political
subdivision of any of the foregoing.

            "GUARANTY" means that certain Agreement and Guaranty, dated as of
the date hereof, from Landlord, as guarantor, to and for the benefit of Lender
and its permitted assigns thereunder.

            "HAZARDOUS SUBSTANCES" means any hazardous or toxic waste, hazardous
or toxic substance or material, pollutant, contaminant, chemical substances or
materials and all other dangerous substances or materials defined, listed or
described as such in, or governed by, any Environmental Law (including
urea-formaldehyde, polychlorinated biphenyls in excess of legally permitted
amounts, friable asbestos or asbestos-containing materials, nuclear or
radioactive material or waste, radon, explosives, corrosives, known carcinogens,
petroleum or crude oil or any fraction thereof, natural gas, liquefied natural
gas, synthetic gas, biologically hazardous agents, pesticides and herbicides),
and any other waste, substance, material, pollutant or contaminant, that is
currently or may in the future be defined, listed or described as such under any
Environmental Law or that could subject an owner or operator of property to any
Regulatory Actions or Third Party Claims.

            "IMMATERIAL LOSS THRESHOLD" means $75,000,000.

            "INDEBTEDNESS" means, with respect to any Person, all obligations
for borrowed money and/or the deferred purchase price of property, individually
or in the aggregate, contingent or otherwise, of such Person, or to which such
Person is subject, or that in accordance with Accounting Principles should be
reflected in the Person's balance sheet as liabilities, including: (i) all
liabilities secured by the Mortgage, pledge or lien on the Person's property;
(ii) all obligations created or arising under any conditional sale or other
title retention agreement or arrangement; (iii) all guaranties, endorsements
(other than endorsements made in connection with items deposited for collection
in the ordinary course of business) and all other direct or indirect contingent
obligations for borrowed money or to maintain the solvency of another Person;
(iv) all capitalized lease obligations; and (v) routine trade credit.

            "INDEMNIFIED PARTY" means Lender, together with all officers,
agents, directors, representatives, loan correspondents, attorneys, advisers,
engineers, consultants, and participants of Lender and any other person engaged
by or otherwise working on behalf of Lender.

            "INDEPENDENT DIRECTOR" means, with respect to any Person, any
individual who is not at the time of initial appointment nor has been at any
time during the preceding five (5) years

                                       7
<Page>

and shall not be at any time while serving: (a) a stockholder, director (other
than as an independent director), officer, employee, partner or member of such
Person or any Affiliate of such Person; (b) a customer, supplier or other person
who purchases any goods or services from or derives any revenues from its
activities with such Person or any Affiliate of such Person; (c) a person or
other entity controlling or under common control with any such stockholder,
member, partner, customer, supplier or other person; (d) an attorney or counsel
to such Person or any of its Affiliates or (e) a member of the immediate family
of any such stockholder, director, officer, employee, member, partner, customer,
supplier or other person.

            "INSOLVENCY LAWS" means all applicable present or future state and
federal laws governing bankruptcy, reorganization, insolvency of debtors, relief
of debtors or the rights of creditors generally, including the Bankruptcy Code
and laws relating to fraudulent conveyances and fraudulent transfers.

            "INSTRUMENTS" means all "instruments," as defined in UCC Section
9-105.

            "INSURANCE PROCEEDS" means, in the event of a Casualty, the proceeds
received under any insurance policy.

            "INTEREST RATE" means from time to time the rate of interest then
payable with respect to the Loan, either the Contract Interest Rate or the
Default Rate, as applicable.

            "INVENTORY" means all "inventory," as defined in UCC Section
9-109(4), of every type and description and all documents of title covering
such inventory now or hereafter owned by, or pledged to, Borrower, including
all goods, merchandise and other personal property held for sale, lease or
exchange, or that are furnished or are to be furnished under contracts of
sale, whether or not held on consignment, or that constitute raw materials,
work-in-process, returned goods or materials used or consumed or to be used
or consumed in Borrower's business, or in the processing, shipping and
transporting of the same, and all finished goods.

            "LATE CHARGE" means a charge equal to Four Percent (4%) of any
amount that is both (a) due and owing to Lender under any Loan Document, and (b)
not received by Lender on or before the date when such amount became due.

            "LANDLORD" means the National Railroad Passenger Corporation,
d/b/a Amtrak.

            "LEASED PREMISES" means, collectively, Mortgagor's right, title and
interest under the Prime Lease in and to Concourse Area A and Concourse Area B
as provided therein.

            "LEASES" means all subleases, underlettings, concession agreements,
licenses and other occupancy agreements entered into by Borrower, that now or
hereafter may affect the Leased Premises or any portions thereof and any and all
guarantees, modification, renewals and extensions thereof and all rights to
damages and other rights and remedies against tenants under the Leases.

            "LEASING GUIDELINES" means, in connection with a future Lease, the
following restrictions and limitations except as waived in writing by Lender in
its sole discretion:

                                       8
<Page>

      o     MINOR LEASES. If such Lease is a Minor Lease, then such Lease
            complies with the following leasing criteria:

--------------------------------------------------------------------------------
Rental              At least 80% of fair market value, which may be evidenced by
                    a letter from a nationally recognized leasing broker, a copy
                    of which Borrower shall deliver to Lender upon request by
                    Lender
--------------------------------------------------------------------------------
Escalations         Operating costs over a commercially reasonable base
--------------------------------------------------------------------------------
Form of lease       Substantially consistent with existing leases
--------------------------------------------------------------------------------

            AND

      o     MAJOR LEASES. If such Lease is a Major Lease, then Lender has
            approved such Major Lease and the Major Tenant, in Lender's
            reasonable discretion.

            "LENDER'S ENGINEER" means such engineering or architectural firm
from time to time selected by Lender to perform the services of "Lender's
Engineer" as set forth in this Agreement.

            "LOAN" shall have the meaning set forth in the recitals to this
Agreement.

            "LOAN AMOUNT" shall have the meaning set forth in the recitals to
this Agreement.

            "LOAN DOCUMENTS" means this Agreement, the Note, the Security
Documents, and all other documents, instruments and agreements that secure,
evidence, or guaranty this Agreement, the Loan, as such documents, instruments,
and agreements may be modified, amended, extended, restated or refinanced from
time to time, and all other documents, instruments, certificates and affidavits
that may now or hereafter be given as further security for or as evidence of the
Loan.

            "MAJOR CASUALTY" means a Casualty where the Restoration Cost exceeds
$75,000,000.

            "MAJOR CONTRACT" means a Contract where the amounts to be paid
thereunder exceed $500,000 per annum, unless such Major Contract may be
terminated on thirty days notice without penalty in which event such Major
Contract shall not be deemed to be a Major Contract.

            "MAJOR LEASE" means any lease (including any office lease or any
retail lease) demising more than 50,000 rentable square feet in the Leased
Premises.

            "MAKE-WHOLE PREMIUM" means an amount equal to the excess, if any, of
(x) the Discounted Value of the remaining scheduled semi-annual payments that
would have been payable after the date of prepayment had no prepayment occurred
with respect to the principal amount of the Loan being prepaid over (y) the
principal amount being prepaid, PROVIDED that the Make-Whole Premium may in no
event be less than zero. Such Make-Whole Premium amount

                                       9
<Page>

shall be calculated by Lender and the accuracy of the calculation shall be final
absent manifest error.

            "MATERIAL ADVERSE EFFECT" means a material adverse effect on the use
or operations of the Leased Premises or the condition (financial or otherwise)
of Borrower, in all cases, as compared with all such items as of the Closing
Date.

            "MATERIAL LITIGATION" means any action, suit, proceeding,
litigation, arbitration, or other proceeding, including any of the foregoing
pending before any governmental agency, that would, if determined adversely to
Borrower, have a Material Adverse Effect.

            "MATURITY DATE" means the earlier to occur of: (a) the Scheduled
Maturity Date, or (b) the Accelerated Maturity Date.

            "MEMBER" means Borrower's members or partners, as the case may be,
together with their permitted successors and assigns.

            "MINOR LEASE" means any Lease that is not a Major Lease.

            "MORTGAGE" has the meaning ascribed thereto in the 5th Recital
hereof.

            "MORTGAGED PROPERTY" means all the "Mortgaged Property" as defined
in the Mortgage, together with any other improvements, personal property and
other collateral constituting security for the Loan pursuant to, and as more
fully described in, the Mortgage at any time.

            "NEW LEASE" means a Lease that has been unconditionally executed and
delivered by and between Borrower and a New Tenant and either (a) is acceptable
to and approved by Lender in its sole discretion or (b) complies with the
Leasing Guidelines.

            "NEW TENANT" means a new tenant under a New Lease affecting the
Leased Premises, which tenant did not (and whose Affiliate did not) previously
occupy the Leased Premises or any portion thereof.

            "NORTHEAST CORRIDOR BUSINESS AND ASSETS" means the strategic
business unit of Landlord that operates intercity and commuter trains serving
large urban centers and high-density areas from Virginia to eastern Canada in
large part on Landlord-owned trackage and provides electric power propulsion,
signaling, dispatching and right-of-way maintenance services for all users of
such trackage in such area, including other commuter transit services such as
the Southeastern Pennsylvania Transportation Authority and New Jersey Transit
Corporation, which business unit is commonly known as the "Northeast Corridor,"
and the assets thereof.

            "NOTE" has the meaning ascribed thereto in the 5th Recital hereof.

            "OBLIGATIONS" means all covenants, agreements, obligations and
liabilities of Borrower to Lender, now existing or hereafter incurred under,
arising out of or in connection with any Loan Document, including Borrower's
obligation to repay the Loan as well as Borrower's obligation to reimburse any
Protective Advances.

                                       10
<Page>

            "ORGANIZATIONAL AGREEMENT" means Borrower's operating agreement or
other organizational agreement, identified as follows, as amended from time to
time consistent with this Agreement:

      o     Limited Liability Company Agreement of Borrower, dated as of the
            date hereof.

            "PAYMENT DATE" means: (a) the fourteenth day of December and June
commencing with December 14, 2001; and (b) the Maturity Date. If a date that
would otherwise be a Payment Date is not a Business Day, then such Payment Date
shall be the immediately preceding Business Day. Notwithstanding any of the
foregoing, Lender may, from time to time, upon reasonable notice, change the
semi-annual Payment Date, in which case the parties shall make appropriate
adjusting payments.

            "PERMITTED ENCUMBRANCES" means (a) liens for real estate and
personal property taxes and vault charges and all other taxes, levies and other
similar charges levied by a Governmental Authority on the Leased Premises not
yet due and payable or to the extent that nonpayment thereof is expressly
permitted by this Agreement; (b) future liens for property taxes and assessments
not then delinquent; (c) liens, restrictions, encumbrances and other exceptions
listed in the title insurance policy issued in connection with the Leased
Premises insuring Lender in this transaction and accepted by Lender and set
forth in the Title Policy and approved by Lender; (d) the Security Documents;
(e) in the case of liens arising after the Closing Date, statutory liens of
carriers, warehousemen, mechanics, materialmen and other similar liens arising
by operation of law, that are incurred in the ordinary course of business
subject to the other provisions hereof and discharged by the Borrower by
payment, bonding or otherwise within 45 days after the filing thereof or that
are being contested in good faith; (f) liens arising from reasonable and
customary purchase money financing of personal property and equipment leasing to
the extent the same are created in the ordinary course of business; (g) all
easement, rights-of-way, restrictions and other similar charges or non-monetary
encumbrances against real property that do not materially and adversely affect
(i) the ability of the Borrower to pay any of its obligations to any person as
and when due, (ii) the marketability of title to the Leased Premises, or (iii)
the use or operation of the Leased Premises; (h) rights of existing and future
tenants, as tenants only, pursuant to the leases of the Leased Premises; and (i)
any other liens or other matters approved by Lender or Lender's counsel in
writing or permitted pursuant to the terms of this Agreement (e.g. rights of the
Long Island Railroad Company and New Jersey Transit Corporation).

            "PERMITTED INDEBTEDNESS" means (a) the Obligations; and (b)
Borrower's incurrence of routine trade payables in connection with the Leased
Premises provided all of such routine trade payables (i) are not secured and do
not result in any lien being placed on the Leased Premises, (ii) are incurred in
the ordinary course of business of Borrower, (iii) are not more than 60 days
past due and (iv) do not exceed $150,000 at any one time.

            "PERMITTED INVESTMENTS" means any one or more of the following
obligations or securities acquired at a purchase price of not greater than par:

                                       11
<Page>

            (a) obligations of, or obligations fully guaranteed as to payment
of principal and interest by, the United States of America or any agency or
instrumentality thereof provided such obligations are backed by the full faith
and credit of the United States of America;

            (b) obligations of the following United States of America government
sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the
Farm Credit System (consolidated systemwide bonds and notes), the Federal Home
Loan Banks (consolidated debt obligations), the Federal National Mortgage
Association (debt obligations), the Student Loan Marketing Association (debt
obligations), the Financing Corp. (debt obligations), and the Resolution Funding
Corp. (debt obligations);

            (c) federal funds, unsecured certificates of deposit, time deposits,
bankers' acceptances and repurchase agreements with maturities of not more than
365 days of any bank, the short-term obligations of which are rated at least
"A-1" (or its equivalent) by one of the Rating Agencies;

            (d) certificates of deposit, demand or time deposits, federal
funds or banker's acceptances issued by any depository institution or trust
company incorporated under the laws of the United States of America or of any
state thereof and subject to supervision and examination by federal and/or state
banking authorities, which investments are fully insured by the Federal Deposit
Insurance Corp.;

            (e) debt obligations with maturities of not more than 365 days and
a long-term debt rating of at least "A-" (or its equivalent) by one of the
Rating Agencies;

            (f) commercial paper (including both non-interest-bearing discount
obligations and interest-bearing obligations payable on demand or on a specified
date not more than one year after the date of issuance thereof) with maturities
of not more than 270 days and that is rated at least "A-1" (or its equivalent)
by one of the Rating Agencies; and

            (g) institutional money market mutual funds (the "FUND"), so long
as the Fund's primary objective is to maintain net asset value of $1.00 and the
asset mix consists of only securities set forth herein or their equivalent.

            "PERSON" means any individual, corporation, partnership, joint
venture, limited liability company, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof or any other person.

            "PLAN" means an employee benefit plan, as defined in Section 3(3) of
ERISA, that Borrower maintains, contributes to, or has an obligation to
contribute to on behalf of participants employed by Borrower (excluding any
so-called 401(k) plan).

            "PRIME LEASE" means the Prime Lease, dated as of the date hereof, by
and between the National Railroad Passenger Corporation, as landlord, and
Borrower, as tenant.

            "PRINCIPAL AMOUNT" means the aggregate principal amount of the Loan
outstanding from time to time.

                                       12
<Page>

            "PROCEEDS" means all "proceeds," as defined in UCC Section
9-306(1), including all proceeds of mortgage insurance, hazard insurance and
title insurance policies relating to the Leased Premises, cash, Accounts,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights
of payment of any and every kind, and other forms of obligations and
receivables that may at any time constitute all or part or are included as
proceeds of the Collateral.

            "PROJECTED RESTORATION DATE" means the date by which Lender's
Engineer has determined it is reasonable to believe that Restoration will be
completed. Lender's Engineer shall assume a reasonable force majeure period (at
least three (3) months for a Major Casualty).

            "PROTECTIVE ADVANCE" means any amount advanced by Lender as Lender
shall deem appropriate in Lender's sole and absolute discretion to cure or
attempt to cure any default by Borrower under any Loan Document.

            "RATING AGENCIES" means Standard & Poor's  Rating Services and
Moody's Investor Service, Inc.

            "RATING AGENCY CONFIRMATION" means a confirmation from the Rating
Agencies that (i) with respect to a Defeasance, delivery of the Defeasance
Collateral and furnishing of a Mortgaged Property Release or (ii) with respect
to any transfer under SECTION 6.13 except as provided therein, such event will
not result in the withdrawal or downgrade of the rating then assigned to the
Certificates by the Rating Agencies.

            "REGULATORY ACTIONS" means any claim, demand, action or proceeding
brought or instituted by any Governmental Authority or agency in connection with
any Environmental Law, including civil, criminal and administrative proceedings.

            "REINVESTMENT YIELD" means, with respect to the principal amount of
the Loan being prepaid, 0.50% over the yield to maturity implied by (a) the
yields reported, as of 10:00 A.M. (New York City time) on the second Business
Day preceding the date of prepayment, on the display designated as "Page PX1" on
the Bloomberg Financial Markets Commodities News Screen (or such other display
as may replace it) for actively traded U.S. Treasury securities having a
maturity equal to the Remaining Average Life of the principal amount being
prepaid, or (b) if such yields are not reported as of such time or the yields
reported as of such time are not ascertainable, the Treasury Constant Maturity
Series Yields reported, for the latest day for which such yields have been so
reported as of the second Business Day preceding the date of prepayment, in
Federal Reserve Statistical Release H.15 (519) (or any comparable successor
publication) for actively traded U.S. Treasury securities having a constant
maturity equal to the Remaining Average Life of the principal amount being
prepaid as of date of prepayment. Such implied yield will be determined, if
necessary, by (i) converting U.S. Treasury bill quotations to bond-equivalent
yields in accordance with accepted financial practice and (ii) interpolating
linearly between (1) the actively traded U.S. Treasury security with the
maturity closest to and greater than the Remaining Average Life and (2) the
actively traded U.S. Treasury security with the maturity closest to and less
than the Remaining Average Life.

                                       13
<Page>

            "RELEASE" means the intentional or unintentional spilling, leaking,
dumping, pouring, pumping, emptying, seeping, disposing, discharging (including
the abandonment or discharging of barrels, containers or other receptacles,
whether open or closed, containing any Hazardous Substances), emitting,
depositing, injecting, leaching, escaping, or any other release or threatened
release, however defined, of any material Hazardous Substance.

            "REMAINING AVERAGE LIFE" means, the number of years (calculated to
the nearest one-twelfth year) obtained by dividing (a) the principal amount of
the Loan being prepaid, into (b) the product obtained by multiplying (i) the
principal component of each remaining scheduled semi-annual payment with respect
to the principal being prepaid by (ii) the number of years (calculated to the
nearest one-half year) that will elapse between the date of prepayment and the
scheduled due date of such remaining semi-annual payment.

            "RENT ROLL" means the rent roll for the Leased Premises (including a
schedule showing all free rent and rent abatements), as of the Closing Date, a
copy of which is attached hereto as EXHIBIT "B" and made a part hereof.

            "REQUIRED RESTORATION FUND BALANCE" means, from time to time, 100%
of the Restoration Cost.

            "RESERVE ACCOUNT" means an account established with Correspondent
Bank, at Borrower's sole cost and expense, designated the Reserve Account, which
Reserve Account is being funded on the Closing Date with the amount set forth in
the closing statement for the Loan. The only party authorized to make
withdrawals from such account shall be Lender (or its designees).
Notwithstanding the foregoing, unless and until the occurrence and continuance
of an Event of Default, interest earned on the Reserve Account shall be
disbursed to Borrower monthly.

            "RESTORATION" means the restoration, rebuilding, and reconstruction
of the Leased Premises to substantially their condition as it existed before the
Casualty, free and clear of all liens or claims for lien, except Permitted
Encumbrances.

            "RESTORATION COST" means the estimated cost of Restoration, as
determined by Lender's Engineer from time to time, free and clear of all liens
or claims for lien, except Permitted Encumbrances.

            "RESTORATION FUND" means the sum of the following amounts held by
Lender: (a) Insurance Proceeds (to be paid in a lump sum or to be disbursed over
time in a manner satisfactory to Lender); (b) cash; and (c) the value of any
other security delivered by or on behalf of Borrower and satisfactory to Lender
in its sole and absolute discretion.

            "SCHEDULED MATURITY DATE" means June 14, 2017.

            "SECURITY DOCUMENTS" means each document or instrument now or
hereafter securing the Loan or any portion thereof, including the Mortgage; the
Assignment of Leases; UCC-1 financing statements; and this Agreement to the
extent that this Agreement constitutes a security agreement for purposes of the
UCC.

                                       14
<Page>

            "SINGLE-PURPOSE ENTITY" means a limited liability company or other
Person approved by Lender that was formed or organized solely for the purpose of
holding, directly, the ownership (or the leasehold) interest in the Leased
Premises; does not engage directly or indirectly in any business other than that
arising out of entering into this Agreement and the other Loan Documents and the
ownership, management, leasing, construction, operation and maintenance of the
Leased Premises or business ancillary thereto; does not have any assets other
than those related to its interest in the Leased Premises; does not issue,
create or assume any Indebtedness other than Permitted Indebtedness; has its own
separate books, records and accounts, in each case separate and apart from the
books, records and accounts of any other Person; does not commingle its assets
with the assets of any other Person; does not guarantee any obligations of any
Person, except as expressly permitted or required under this Agreement; and
complies with all the SPE Covenants.

            "SNDA" means the Subordination and Non-Disturbance Agreement, dated
the date hereof, by and between the National Railroad Passenger Corporation, as
subtenant, and Lender, as lender, relating to the Facility Sublease.

            "SPE COVENANTS" as to any Person shall mean that:

            LEGALLY SEPARATE. Such Person shall remain a legally separate
entity, independent of any other entity. Without limiting the generality of the
foregoing, such Person shall take such actions as shall be reasonably required
in order that:

            SHARED EXPENSES. Such Person shall not incur any material indirect
or overhead expenses for items shared between such Person and any other entity,
other than shared items of expenses such as incidental office space, legal,
auditing and other professional services, all of which shall be allocated to the
extent practical on the basis of actual use or the value of services rendered,
and otherwise on a basis reasonably related to the actual use or the value of
services rendered, it being understood that Borrower shall pay all expenses
owing by Borrower relating to the preparation, negotiation, execution and
delivery of the Loan Documents (and any amendments, modifications or supplements
thereto), including legal, commitment, agency and other fees;

            ACCOUNTING AND MANAGEMENT OF LIABILITIES. Such Person shall account
for and manage its liabilities separately from those of every other entity,
including payment of all payroll and administrative expenses and taxes (other
than taxes that are determined or required to be determined on a consolidated or
combined basis) from its own assets;

            RECORDS. Such Person shall maintain records, books of account and
stationery separate from those of any other entity;

            ASSETS. Such Person's assets shall be maintained in a manner that
facilitates their identification and segregation from those of any other entity;

            TRANSACTION TERMS. Any transaction between such Person and any other
entity shall be the type of transaction that would be entered into by a prudent
Person in the position of such Person and shall be on terms that are at least as
favorable as may be obtained from a Person that is not an Affiliate;

                                       15
<Page>

            DEBTS. Such Person shall not be, nor shall it hold itself out to be,
responsible for the debts of any other Person;

            COLLATERAL. Such Person shall not provide any of its assets as
collateral for the benefit of any other entity; nor shall such Person allow any
lien to be taken on any of its assets for the benefit of any other Person;

            USE OF FUNDS. Such Person shall use its funds solely for its own
partnership or limited liability company purposes, as the case may be, and use
only its own funds (including contributed capital and loan proceeds) for such
purposes, and maintain its own separate bank accounts and employment
relationships;

            DEALINGS WITH AFFILIATES. Such Person shall deal with its Affiliates
solely on an arm's length basis, and provide services to and obtain services
from (and transact any other business with) any such Affiliates based only on
written agreements in its own name; and

            CERTAIN PROCEEDINGS. Under its organizational documents, such Person
shall at all times have at lease one (1) Independent Director and shall be
incapable of commencing any proceeding under any Insolvency Law so long as the
Loan has not been paid in full without the consent of all directors, including
the Independent Director.

            "STATE" means the State of New York.

            "TAKING" means a taking or voluntary conveyance during the term
hereof of all or part of the Leased Premises, or any interest therein or right
accruing thereto or use thereof, as the result of, or in settlement of, any
condemnation or other eminent domain proceeding by any Governmental Authority
affecting the Leased Premises or any portion thereof whether or not the same
shall have actually been commenced.

            "THIRD PARTY CLAIMS" means any claims, actions, demands or
proceedings (other than Regulatory Actions) based on negligence, trespass,
strict liability, nuisance, toxic tort or detriment to health or welfare or any
other cause of action due to Contamination, and whether or not seeking costs,
damages, penalties, expenses or other remedies, brought by any person other than
a Governmental Authority or agency.

            "TITLE COMPANY" shall mean Fidelity Title Insurance Company and
Stewart Title Insurance Company.

            "TITLE POLICY" means a policy of title insurance for the Mortgage,
issued by Title Company, insuring the Mortgage as a first mortgage subject only
to the Permitted Encumbrances, with such affirmative insurance, endorsements and
reinsurance arrangements as Lender shall require.

            "TRUSTEE" means Wells Fargo Bank Northwest, N.A., or such
replacement or successor as Lender, or Borrower in accordance with the
provisions of SECTION 9.1, shall designate from time to time.

                                       16
<Page>

            "UCC" means the Uniform Commercial Code in effect from time to time
in New York, or, as appropriate, the state in which the Collateral or Borrower's
principal office is located, or where Borrower was formed.

            "USURY LIMIT" means an annual rate of interest equal to the maximum
rate (if any) permitted under applicable law at the time taking into account the
nature and size of the Loan and the status of Borrower and Lender. If no such
maximum rate exists at a particular time, then references to Usury Limit shall
be disregarded.

      2.    TERMS OF LOAN.

            2.1. LOAN AND NOTE. Subject to the terms and conditions of the Loan
Documents, Lender agrees to advance the Loan to Borrower. On or about the
Closing Date, at Borrower's request Lender is advancing to Title Company, on
account of the Loan, for Borrower's benefit, the entire Loan Amount minus the
sum of (i) the actual out of pocket third-party expenses incurred by Lender in
connection with the underwriting, origination, and funding of the Loan, and (ii)
the fees and expenses of Lender's counsel. Borrower acknowledges receipt of the
entire Loan Amount.

            2.2. INTEREST AND PRINCIPAL. On each Payment Date, Borrower shall
make payments of interest and principal in the amount(s) required pursuant to
EXHIBIT "C" annexed hereto and made a part hereof. The parties acknowledge and
agree that in the event that a Demand Registration (as such term is defined in
the Registration Rights Agreement entered into as of the date hereof (the
"REGISTRATION AGREEMENT")) is not filed on or prior to the Required Filing Date
(as defined in the Registration Agreement) and/or such Demand Registration is
not effective within two hundred seventy (270) days after the Required Filing
Date, then, in either of such events, the then current Contract Interest Rate
shall be increased by 25 basis points (.25%). From and after the date the
Contract Interest Rate is increased, Borrower shall, from and after such date,
pay interest and principal based on such increased interest rate. Accordingly,
EXHIBIT "C" annexed hereto shall be modified to reflect such increase(s), it
being understood and agreed that the rate of amortization shall remain constant.
Interest shall accrue through the close of business on the preceding day on the
outstanding balance of the Loan at a rate per annum equal to the Contract
Interest Rate in effect from time to time, computed on the basis of a "360-day
year" consisting of 12 months of 30 days each month. Such phrase, as used
throughout this Agreement, means that in computing interest for the subject
period, the interest rate shall be multiplied by a fraction, the denominator of
which is 360 and the numerator of which is 180. Interest shall commence when and
only when Lender has disbursed the Loan proceeds to Title Company for the
closing, but any such disbursement shall not be deemed to constitute Lender's
acknowledgment that all closing conditions have been satisfied.

            2.3. NO DEFERRAL. On each Payment Date, Borrower shall pay all
interest then accrued on account of the Loan and Borrower shall have no right to
defer or accrue payment of any interest.

            2.4. REPAYMENT ON MATURITY DATE. Borrower shall repay in full the
entire outstanding principal balance of the Loan, together with all accrued but
unpaid interest thereon as calculated through and including the Maturity Date,
and all other Obligations and other sums

                                       17
<Page>

that may be payable under or with respect to the Loan or the Loan Documents, on
the Maturity Date, which obligation shall be secured by the Security Documents.
Lender shall not be required to notify Borrower of the Maturity Date.

            2.5. BORROWER'S NOTE. Borrower's obligation to pay the principal of
and interest on the Loan and all other amounts due under the Loan Documents
shall be evidenced by the Note, duly executed and delivered by Borrower on the
Closing Date. The Note shall be payable as to principal, interest and all other
amounts due under the Loan Documents, as specified in this Agreement, with a
final maturity on the Maturity Date. Lender is hereby authorized to endorse on
the schedule attached to the Note (or on a continuation of such schedule
attached to the Note and made a part thereof) an appropriate notation evidencing
the date and amount of each payment of principal, interest or other amounts due
under the Loan Documents, in respect thereof. Such schedule shall, absent
manifest error, constitute prima facie evidence of the accuracy of the
information contained therein. Lender shall have the right to have the Note
subdivided, by exchange for promissory notes of lesser denominations or
otherwise, upon written request to Borrower and, in such event, Borrower shall
promptly execute additional or replacement Notes. At no time shall the aggregate
original principal amount of the Note (including additional or replacement Notes
in substitution therefor) exceed the Loan Amount.

            2.6. APPLICATION OF PAYMENTS.

                  2.6.1. ORDER OF APPLICATION. Any payments made by Borrower
with respect to the Loan shall be applied in the following order of priority
(unless specified otherwise by Lender), subject to the Payment Priority
Exceptions:

                          2.6.1.1. CERTAIN CHARGES. To pay (i) first, all
outstanding Late Charges; and (ii) second, all outstanding costs and expenses
incurred by Lender (other than Late Charges) and unreimbursed Protective
Advances, together with interest thereon at the Default Rate.

                          2.6.1.2. INTEREST. To pay accrued but unpaid interest
on the principal balance of the Loan.

                          2.6.1.3. REMAINING PRINCIPAL. To repay the principal
amount of the Loan together with any prepayment premium contemplated by this
Agreement.

                          2.6.1.4. OTHER. To pay any other sums then due and
payable to Lender.

                  2.6.2. EXCEPTIONS. Notwithstanding anything to the contrary in
the Loan Documents, Borrower and Lender agree as follows with respect to the
priority of application of any payments made at any time with respect to the
Loan (the "PAYMENT PRIORITY EXCEPTIONS"):

                          2.6.2.1. EVENT OF DEFAULT. If any Event of Default has
occurred and is continuing, then Lender may apply any payments in such order and
to such items as Lender shall deem appropriate in Lender's sole and absolute
discretion.

                                       18
<Page>

                          2.6.2.2. FAILURE TO SPECIFY. If Lender fails to
specify how any payment has been applied, then Lender may specify such
application thereafter at any time by written notice to Borrower.

                          2.6.2.3. SPECIFICATION BY BORROWER. Borrower shall
have no right, power or authority to specify how payments shall be applied.

                          2.6.2.4. LIMITATION OF LIABILITY. Lender's liability
for any failure to apply payments in the order required by this Agreement shall
be limited to an obligation to reapply payments in the order required.

            2.7. REVERSAL OF PAYMENTS. To the extent that Borrower makes any
payment to Lender or Lender receives any payment or proceeds of any Collateral
for Borrower's benefit, which payment or proceeds or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be repaid to a trustee, receiver or any other party under any
Insolvency Law, then to the extent of such payment or proceeds received, the
Obligations or part thereof intended to be satisfied shall be revived and
continued in full force and effect, as if Lender had not received such payment
or proceeds.

            2.8. PREPAYMENT. The Loan is closed to prepayment in whole or in
part, during the period commencing on the date hereof and ending immediately
prior to June 14, 2006. Thereafter, Borrower may prepay the Loan in whole, or in
part, but only: (a) where expressly required by the Loan Documents or (b) if:
(1) such prepayment occurs on a Payment Date, (2) Borrower has given Lender at
least 10 Business Days prior written notice of such prepayment, and (3) such
prepayment is in an amount equal to or greater than $50,000,000. Every payment
of principal of the Loan before the Scheduled Maturity Date, other than on
account of the required amortization hereunder or an Externally Caused
Prepayment, shall be deemed to constitute a prepayment of the Loan.
Simultaneously with any such prepayment of the Loan, Borrower shall pay Lender a
Make-Whole Premium calculated upon the amount of Borrower's prepayment. In
addition, if at the time of such prepayment the Loan is closed to prepayment,
Borrower shall pay, in addition to all other amounts outstanding under the Loan
Documents, a prepayment premium equal to three percent (3%) of the outstanding
balance of the Loan. Borrower's obligation to pay such Make-Whole Premium shall
constitute an Obligation and shall be secured by all the Security Documents.

            2.9. NO REVOLVER. To the extent that Borrower has paid or repaid any
portion of the Loan, Borrower shall not be entitled to reborrow such sum.

            2.10. MANNER AND TIMING OF PAYMENTS. Borrower shall make each
payment required by this Agreement (including repayment of the Loan in full on
the Maturity Date) not later than 12:00 p.m. (New York City time) on the day
when due in lawful money of the United States of America in immediately
available funds actually received by Lender. For any payment of interest or
principal on the Loan as to which Lender actually receives good funds after
12:00 p.m., interest at the Interest Rate shall continue to accrue on such
amount so paid through the next Business Day. Any payment made by Borrower by
wire transfer or other immediately available funds and actually received by
Lender before 12:00 p.m. (New York City time) on a Business Day shall be deemed
to have been received and cleared by Lender on the date of

                                       19
<Page>

receipt. If a payment is received by Lender after 12:00 p.m. (New York City
time) on a Business Day, then such payment shall be deemed to have been received
and cleared by Lender on the next Business Day.

            2.11. LATE CHARGE. If Borrower fails to pay any payment due under
this Agreement on the date such payment is due and payable, then Borrower shall
pay Lender a Late Charge with respect to such payment.

            2.12. TAXES.

                  2.12.1. NO DEDUCTIONS FOR GENERAL TAXES. Any and all payments
by Borrower hereunder or under the Note or otherwise with respect to the Loan
shall be made free and clear of and without deduction for any and all present or
future taxes, levies, imposts, deductions, charges or withholdings, and all
liabilities with respect thereto (excluding taxes imposed on or measured by the
net income of Lender, which taxes shall be the sole responsibility of Lender)
(all such non-excluded taxes, levies, imposts, deductions, charges, withholdings
and liabilities being hereinafter referred to as "GENERAL TAXES"). If Borrower
shall be required by law to deduct any General Taxes from or in respect of any
sum payable hereunder or under the Note, (i) the sum payable shall be increased
as may be necessary so that after making all required deductions (including
deductions applicable to additional sums payable by Borrower to Lender on
account of General Taxes) Lender receives an amount equal to the sum it would
have received had no such deductions been made, (ii) Borrower shall make such
deductions, and (iii) Borrower shall pay the full amount deducted to the
relevant taxing or other authority in accordance with applicable law. Borrower
shall be entitled to any refunds, credits, or other reimbursements issued by any
taxing or other authority and actually received by Lender and resulting from any
amounts so paid by Borrower.

                  2.12.2. TRANSACTION TAXES. In addition, Borrower agrees to pay
any present or future stamp or documentary taxes or any other sales, transfer,
excise, mortgage recording or property taxes, charges or similar levies that
arise from any payment made hereunder or under the Note or from the execution,
delivery, registration or recordation (if any) of, or otherwise with respect to,
this Agreement, the Note or any other Loan Documents (hereinafter referred to as
"TRANSACTION TAXES").

                  2.12.3. RIGHT TO CONTEST. Borrower shall have the right to
contest any General Taxes and/or Transaction Taxes (collectively, "TAXES")
provided that nonpayment of such Taxes shall not, in Lender's reasonable
judgment, materially adversely affect Lender's liens on the Leased Premises
(including the enforceability or priority thereof).

                  2.12.4. INDEMNIFICATION. Borrower shall indemnify Lender for
the full amount of Taxes (including any Taxes imposed by any jurisdiction on
account of any amounts payable by Borrower pursuant to Borrower's obligations
under this Agreement with respect to Taxes) paid or payable by Lender and any
liability (including penalties, interest, and expenses) arising therefrom or
with respect thereto. This indemnification shall be paid within ten (10) days
from the date Lender provides Borrower with written demand for payment.

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                  2.12.5. SURVIVAL. Without prejudice to the survival of any
other agreement of Borrower hereunder, the agreements and obligations of
Borrower relating to payment of Taxes shall survive the payment in full of all
Obligations.

            2.13. MORTGAGE DEFEASANCE.

                  2.13.1. SCHEDULED DEFEASANCE PAYMENTS. Provided no Event of
Default exists, and subject to the satisfaction of the terms and conditions of
this Section, Borrower may elect, at any time during the term hereof to obtain a
release (the "MORTGAGED PROPERTY RELEASE") of the Mortgaged Property from the
lien of the Mortgage (and any UCC financing statement) by delivering to Lender
(a "DEFEASANCE"), as security for the payment of all interest and principal due
and to become due pursuant to the Note through the Maturity Date, plus the
principal balance of the Note scheduled to be outstanding on the Maturity Date
and any and all Trustee fees required under SECTION 9.1, Defeasance Collateral
(as defined herein) sufficient, through the scheduled payment of interest and
principal in accordance with its terms (without consideration of any
reinvestment of interest therefrom), to provide for payments prior, but as close
as possible, to all successive payment dates after the Defeasance Date (as
defined herein) through and including the Maturity Date, and in amounts equal to
or greater than the scheduled payment of interest and principal due under the
Note, including the principal balance of this Note scheduled to be outstanding
on the Maturity Date ("SCHEDULED DEFEASANCE PAYMENTS").

                  2.13.2. DEFEASANCE. As a condition precedent to a Defeasance,
and prior to the delivery of any Mortgaged Property Release, Borrower shall have
complied with all of the following:

            (1) Borrower shall provide not less than ten (10) days prior written
notice to Lender specifying a Payment Date upon which it intends to effect a
Defeasance hereunder (the "DEFEASANCE DATE").

            (2) All accrued and unpaid interest on the principal balance of the
Note to and including the Defeasance Date and all other sums due under this
Note, and the Mortgage shall be paid in full prior to the Defeasance Date.

            (3) Borrower shall have delivered to Lender a certificate reasonably
satisfactory to Lender given by Borrower's independent certified public
accountant (which accountant shall be satisfactory to Lender) certifying that
the Defeasance Collateral shall generate amounts semi-annually equal to or
greater than the Scheduled Defeasance Payments.

            (4) Borrower shall execute and deliver to Lender, a pledge and
security agreement reasonably satisfactory to Lender creating a first priority
lien on the Defeasance Collateral (a "DEFEASANCE SECURITY AGREEMENT").

            (5) Borrower shall deliver a Rating Agency Confirmation.

                  2.13.3. DEFEASANCE COLLATERAL. The term "DEFEASANCE
COLLATERAL" as used herein shall mean a portfolio of Government Securities (as
defined in SECTION 2(a)(16) of the Investment Company Act of 1940), each of
which shall be duly endorsed by the holder thereof as directed by Lender or
accompanied by a written instrument of transfer in form and substance

                                       21
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reasonably satisfactory to Lender (including, without limitation, such
instruments as may be required by the depository institution holding such
securities or by the issuer thereof, as the case may be, to effectuate
book-entry transfers and pledges through book-entry facilities of such
institution) in order to perfect upon the delivery of the Defeasance Collateral
the first priority security interest therein in favor of the Lender in
conformity with all applicable state and federal laws governing the granting of
such security interests. Borrower shall authorize and direct that the payments
received from such obligations shall be made directly to Lender or Lender's
designee and applies to satisfy the obligations of the Borrower or, if
applicable, the Defeasance Obligor, under the Note.

                  2.13.4. CONDITIONS. Upon Borrower's compliance with all of the
conditions of Defeasance and a release set forth in this SECTION 2.14, Lender
shall release the Mortgaged Property from the lien of the Mortgage (and any UCC
financing statement). All costs and expenses of Lender incurred in connection
with the Defeasance and Mortgaged Property Release, including, without
limitation, Lender's counsel's reasonable fees and expenses and recording fees
and charges and Rating Agencies fees and expenses, shall be paid by Borrower
simultaneously with the delivery of the release documentation.

            2.14. RESERVE ACCOUNT

                  2.14.1. RESERVE ACCOUNT. Lender shall direct Correspondent
Bank to hold the Reserve Account in an account which shall be named "Penn
Station Leasing, LLC, for the benefit of A/P I Deposit Corporation" and shall be
under the sole dominion and control of Lender, subject only to Lender's
obligation to cause Correspondent Bank to comply with Borrower's investment
instructions, on the terms and conditions and as more fully set forth herein,
with respect to the amounts held in the Reserve Account. Borrower shall have no
right to withdraw or direct the release of any funds from the Reserve Account.
If an Event of Default occurs and is continuing, Lender shall apply funds in the
Reserve Account to make any payment that Borrower failed to make under any of
the Loan Documents and, upon such application, the Event of Default which gave
rise to Lender's application of funds in the Reserve Account shall be deemed
cured. In the event that Lender shall apply any portion of the Reserve Account
as provided herein, Borrower may, but shall not be obligated to, replenish the
Reserve Account from time to time, in which event Lender shall have the
obligation to continue to apply funds in the Reserve Account to make any payment
that Borrower has failed to make as provided herein. If Borrower has paid and
performed all Obligations, then Lender shall release the Reserve Account to
Borrower. Any interest earned on the Reserve Account shall be applied: (a)
first, at Borrower's election, to be deposited into the Reserve Account to
replenish the same to the extent, if any, funds were applied from the Reserve
Account in accordance with the provisions hereof; (b) second, provided that no
Event of Default exists and is continuing, to be automatically disbursed monthly
to Borrower; and (c) if an Event of Default exists and is continuing, then to be
paid to Lender to be applied to the Obligations; any such interest earnings
shall be reported as income of Borrower. Lender shall have no liability for any
loss of funds in the Reserve Account. Anything to the contrary contained herein
notwithstanding, Borrower shall have the right to reasonably direct
Correspondent Bank regarding the manner in which the Reserve Account shall be
invested, provided however that: (i) such investments shall be made solely in
Permitted Investments; (ii) neither Lender nor Correspondent Bank shall have any
responsibility for the creditworthiness, yield, return, potential loss of
principal, or any other

                                       22
<Page>

investment characteristics of any Permitted Investments selected by Borrower;
(iii) Borrower shall pay all costs, expenses, and commissions associated with
investment of the Reserve Account in Permitted Investments; (iv) Lender may
limit the total amount of individual Permitted Investments to no more than a
total of four at any one time; and (v) Lender may limit the frequency of
investment instructions to no more than one per calendar month and may require
at least five (5) Business Days prior notice of such instructions. At any time
when Borrower has not provided investment instructions pursuant to this Section,
Lender shall direct Correspondent Bank to invest the Reserve Account in
Permitted Investments reasonably selected by Lender. Lender shall notify
Borrower of the account number of the Reserve Account and the bank where the
Reserve Account is held, and any change in the foregoing. Lender shall have no
liability for any loss of funds invested at Lender's direction if such funds are
invested in Permitted Investments.

                  2.14.2. SUBSTITUTION. Notwithstanding anything to the contrary
contained in SECTION 2.14.1, in lieu of all (or any part) of the deposits to the
Reserve Account required hereunder, Borrower may deliver to Lender a Credit
Facility in an amount equal to the amount then held in the Reserve Account (or
the difference between the amount required to be deposited in the Reserve
Account and the amount so deposited therein), in form and substance reasonably
acceptable to Lender. Lender shall draw upon the Credit Facility in the same
manner and with the same effect as if the amounts so drawn therefrom were
sourced from the Reserve Account. In the event that the long-term unsecured debt
rating of the issuer of the Credit Facility is no longer rated at least "BBB-"
(or the equivalent), Lender shall provide written notice of such downgrade to
Borrower. Borrower may, but shall not be obligated to, replace such Credit
Facility (the "DOWNGRADED CREDIT FACILITY") with a new Credit Facility that
fully complies with the definition of such term in the amount of the balance of
the Downgraded Credit Facility. If Borrower fails to replace the Downgraded
Credit Facility with a new Credit Facility pursuant to the preceding sentence
within ten (10) days after receipt of written notice from Lender of such
downgrade, Lender shall be entitled to draw upon the entire balance of the
Downgraded Credit Facility and deposit the amounts so drawn in the Reserve
Account to be applied as provided in SECTION 2.14.1.

      3.    CONDITIONS TO LOAN.

            As conditions to Lender's making the Loan and disbursing the Loan
proceeds, Borrower shall execute, deliver and/or provide to Lender the
following, all of which shall be in form and substance satisfactory to Lender in
Lender's sole and absolute discretion:

            3.1. NOTE. The Note.

            3.2. FORMATION, ORGANIZATION, ETC. Borrower's: (a) documents
evidencing organization, authority and the issuance of all necessary internal
consents and approvals for the Loan and the Loan Documents; (b) certificates of
good standing and qualification to do business issued by the jurisdiction of
organization and the state where the Leased Premises is located; and (c)
amendments, if any, to the Organizational Agreement as necessary to require
Borrower to comply with the SPE Covenants.

                                       23
<Page>

            3.3. OPINION OF COUNSEL. An opinion of counsel for: (a) matters of
State law; (b) enforceability of Loan Documents; and (c) substantive
consolidation as required by Lender's counsel.

            3.4. SECURITY DOCUMENTS. The Mortgage and all other Security
Documents as required by Lender for the Mortgaged Property and the Collateral.

            3.5. TITLE INSURANCE. The Title Policy.

            3.6. ENVIRONMENTAL ASSESSMENT REPORTS. Environmental Assessment
Reports for the Leased Premises.

            3.7. INSURANCE. Certificates of hazard insurance and liability
insurance as required by SECTION 6.5 hereof.

            3.8. FINANCIAL INFORMATION. Such financial information as Lender
shall require.

            3.9. NO VIOLATIONS. Lender shall have determined that the making of
the Loan shall not cause Lender to be in violation of applicable law and
regulations.

            3.10. LICENSING. Evidence satisfactory to Lender that all requisite
certificates of occupancy, and other material licenses, certificates, approvals
or consents required by any regulatory authority having jurisdiction over the
Leased Premises have been issued and maintained and that there is no litigation,
action, citation, injunctive proceeding, or like matter pending or threatened
with respect to the validity of such matters if adversely decided would have a
Material Adverse Effect.

            3.11. LEASES. A schedule of leases and current certified Rent Roll.

            3.12. COLLECTION ACCOUNT. Evidence satisfactory to Lender of the
establishment with a financial institution acceptable to Lender (a "DEPOSIT
BANK") of a collection account (the "COLLECTION ACCOUNT"), which shall be an
account with a separate and unique identification number and entitled "Penn
Station Leasing, LLC, with a security interest therein granted to A/P I Deposit
Corporation as the Lender pursuant to a Loan and Security Agreement, dated as of
June 20, 2001, between Penn Station Leasing, LLC and A/P I Deposit Corporation,
as Lender." Borrower shall cause the Deposit Bank to deliver to Lender a fully
executed Depository Acknowledgment.

            3.13. OTHER DOCUMENTS AND DELIVERIES. Such other documents,
deliveries, certificates and other items as Lender shall reasonably require for
the Leased Premises and the Loan and similar to those that lenders require in
loan transactions similar to the transactions contemplated by this Agreement.

      4.    SECURITY FOR OBLIGATIONS.

            4.1. GRANT OF SECURITY INTEREST. As security for the prompt and
complete payment and performance when due of the Obligations, Borrower hereby
presently and

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<Page>

unconditionally conveys, assigns, mortgages, pledges, hypothecates, transfers
and delivers to Lender, and grants to Lender a continuing security interest in,
all Collateral.

            4.2. FURTHER DOCUMENTATION. Borrower shall execute and deliver all
documents and instruments necessary or appropriate to evidence and perfect
Lender's security interest in the Collateral, including additional Security
Documents as required and any and all financing statements and other documents
and instruments as may be reasonably required by Lender and similar to those
that lenders require in loan transactions similar to the transactions
contemplated by this Agreement.

            4.3. SECURITY AGREEMENT; UCC REMEDIES. This Agreement shall
constitute a security agreement under the UCC. Lender shall have, with respect
to the Collateral, all of the rights, remedies, powers and privileges of a
secured party under UCC Article 9, and all rights, remedies, powers and
privileges set forth in the Loan Documents.

            4.4. SECURITY FOR OBLIGATIONS. Borrower's obligation to (re)pay the
Obligations shall be secured by, among other things:

                  4.4.1. MORTGAGE. The Mortgage; and

                  4.4.2. COLLATERAL AND SECURITY DOCUMENTS. All other Collateral
and all other Security Documents.

            4.5. SECURITY INTEREST IN ACCOUNTS. As additional security for
Borrower's payment of the Obligations and performance of all other covenants and
conditions required on the part of Borrower to be observed or performed
hereunder and under the other Loan Documents, Borrower hereby pledges to and
grants to Lender a continuing security interest in the Accounts. Without
limiting any other rights or remedies of Lender under the Security Documents or
applicable law, if an Event of Default occurs and is continuing then Lender may
retain the Accounts and apply them against the Obligations in whatever order
Lender sees fit, other than with respect to the Reserve Account, for which
separate provision is made pursuant to SECTION 2.14 hereof.

      5.    BORROWER'S REPRESENTATIONS AND WARRANTIES.

            As an inducement to Lender to enter into this Agreement and to make
the Loan, Borrower represents and warrants to Lender as follows, each of which
representations and warranties shall be deemed to be made, both as of the
Closing Date and at all times thereafter until the outstanding balance of the
Loan (including principal, interest, and other charges) is paid in full, both as
to Borrower and the Leased Premises.

            5.1. DUE ORGANIZATION. Borrower is a Single-Purpose Entity duly
organized, validly existing and in good standing under the laws of a State of
the United States and (i) is authorized to do business in all jurisdictions in
which qualification is necessary, (ii) has all requisite power and authority to
own its property and conduct its business as conducted and as contemplated
hereunder and to enter into and perform its obligations under this Agreement and
all other documents and instruments contemplated hereby, and (iii) holds all
material licenses,

                                       25
<Page>

certificates and permits from all governmental authorities necessary for the
conduct of business as contemplated hereby.

            5.2. AUTHORIZATION AND ENFORCEABILITY. The execution and delivery of
the Loan Documents, and the performance of all obligations hereunder and
thereunder, (i) have been duly authorized by all necessary company action of
Borrower, and (ii) do not and shall not require any consent or approval of,
notice to or any action by, any Person or, if required, such consents or
approvals have been obtained. The Loan Documents constitute legal, valid and
binding obligations of Borrower, enforceable against Borrower in accordance with
their terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

            5.3. NO MATERIAL LITIGATION. No Material Litigation is pending, or
to the knowledge of Borrower, presently threatened, at law or in equity, or
before or by any Person, including any Governmental Authority.

            5.4. COMPLIANCE WITH LAW. Neither Borrower nor the Leased Premises
is in violation of or in default under any applicable laws or regulations that
would result in a Material Adverse Effect. Borrower is not in violation or
default under any material order, writ, injunction, demand or decree of any
court or any other Governmental Authority. Borrower is not in violation or
default under any indenture, agreement or other instrument to which it is a
party or by which its properties are bound that would result in a Material
Adverse Effect. All licenses, permits, and certificates of occupancy necessary
for the operation of the Leased Premises as currently operated and for the legal
occupancy of the Leased Premises have been obtained and are in full force and
effect and have not been revoked or the failure to obtain such permits would not
result in a Material Adverse Effect. Borrower has received no notice of any
intended or threatened revocation of any of the items described in the preceding
sentence that would result in a Material Adverse Effect.

            5.5. NO CONFLICT. The Borrower's execution and delivery of the Loan
Documents, and performance of its obligations hereunder and thereunder do not
and shall not: (i) violate or result in a breach by Borrower of, or constitute a
default under, or conflict with, or cause any acceleration of, any obligation
under any indenture, deed of trust, document, agreement or instrument to which
Borrower is a party or by which it or its property may be bound; (ii) violate
(A) the charter document or Organizational Agreement of Borrower or (B) any
provision of applicable law, regulation or order, including the provisions of
any federal or state tax or securities laws and any applicable rule, regulation,
order, writ, injunction or decree of any court or Governmental Authority; or
(iii) result in the creation or imposition of any lien or encumbrance of any
nature whatsoever upon any property or assets of Borrower, other than those
created pursuant to the Security Documents.

            5.6. OWNERSHIP. Borrower is the sole owner and holder of the
tenant's interest in the Prime Lease and the leasehold estate created thereby,
subject only to Permitted Encumbrances. Borrower has full power and authority to
grant a security interest in the Mortgaged Property without the consent of any
other Person. There are no security interests, liens or encumbrances on the
Collateral, other than Permitted Encumbrances.

                                       26
<Page>

            5.7. PLACE OF BUSINESS. Borrower's principal place of business is
located at 60 Massachusetts Avenue, N.E., Washington, D.C. 20002. Borrower keeps
its books and records at such address.

            5.8. FINANCIAL STATEMENTS. All financial statements that Borrower
has submitted to Lender or submits to Lender after the Closing Date were or
shall be (as applicable) true and correct in all material respects and as of the
respective dates of such financial statements, fairly present the respective
financial conditions and results of operations of Borrower as of the dates
indicated and the results of operations and changes in financial position, if
any, for the periods therein specified, and are correct and complete. All such
financial statements were or shall be, as applicable, prepared in accordance
with Accounting Principles. All PRO FORMA financial statements submitted by
Borrower to Lender that purport to show future financial results were, or shall
be, as applicable, a fair and reasonable forecast (but shall not be deemed a
guaranty) of the results of future operations based upon facts known or
reasonably predicted based upon known facts by the preparer thereof, as of the
respective dates of such PRO FORMA statements.

            5.9. ACCURATE AND COMPLETE. This Agreement and all financial
statements, schedules, reports, information, applications, data, opinions,
certificates, confirmations, applications, affidavits, agreements and other
materials submitted to Lender in connection with or in furtherance of the Loan,
this Agreement, other Loan Documents, or other documents so submitted by or on
behalf of Borrower, to Borrowers' best knowledge, fully and fairly stated the
matters with which they purported to deal and neither knowingly misstated any
material fact nor, separately or in the aggregate, omitted or failed to state
any material fact necessary to make the statements made therein not misleading.

            5.10. NOT USURIOUS. The indebtedness evidenced by the Loan,
including interest, fees and charges provided for herein, is a business loan;
the Loan is an exempted transaction under the Truth in Lending Act, 15 U.S.C.
Section 1601 ET SEQ.; and the Loan does not, and when disbursed shall not,
violate the provisions of any consumer credit laws or usury laws of any
Governmental Authority.

            5.11. NO FRAUD. No fraud by Borrower or any Affiliate of Borrower
has occurred in the negotiation of this Agreement or other documents related to
the consummation of the transactions contemplated by this Agreement.

            5.12. ERISA. There are no Plans with respect to Borrower nor is
Borrower subject to any claim or lien by reason of any Plan.

            5.13. SECURITY INTEREST. The Security Documents constitute and
create a valid and continuing lien on and security interest in the Collateral in
favor of Lender, prior to all other liens and rights of others, except Permitted
Encumbrances, and is enforceable as such as against creditors of and purchasers
from Borrower and as against any owner of the real property where any of the
Equipment is located, any purchaser of such real property and any present or
future creditor obtaining a lien on such real property, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors' rights generally and by
general principles of equity (regardless of whether such

                                       27
<Page>

enforceability is considered in any proceeding in equity or at law). All action
necessary or desirable to protect and perfect such security interest in each
item of the Collateral has been duly taken.

            5.14. SOLVENCY. Borrower is, and after consummation of the
transactions contemplated by this Agreement and the other Loan Documents, shall
be, solvent. For the purpose of this paragraph "solvent" means (i) the fair
value of the property of Borrower is greater than the total amount of
liabilities, including contingent liabilities, of Borrower, (ii) the amount that
will be required to pay the probable liabilities of Borrower on its debts as
they become absolute and matured shall not be greater than the fair value of the
assets of Borrower at such time, (iii) Borrower is able to realize upon its
assets and pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business, (iv) Borrower does
not intend to, and does not believe that it shall, incur debts or liabilities
beyond its ability to pay as such debts and liabilities mature, and (v) Borrower
is not engaged in a business or a transaction, and is not about to engage in a
business or a transaction, for which Borrower's property would constitute
unreasonably small capital after giving due consideration to prevailing
practices in the industry in which Borrower is engaged. In computing the amount
of any contingent liability at any time, it is intended that such liability
shall be computed at the amount that, in light of all the facts and
circumstances existing at such time, represents the amount that might reasonably
be expected to become an actual or matured liability. Borrower has a positive
net worth and is solvent.

            5.15. SINGLE PURPOSE ENTITY. Borrower is not engaged in any joint
venture, business or partnership whatsoever other than the ownership and
operation of the Leased Premises. Borrower is and shall be at all times be a
Single Purpose Entity.

            5.16. NO CONTRACTS. Borrower does not own or hold, and is not
obligated under or a party to, any purchase option, right of first refusal to
purchase or any other contractual right to purchase, acquire, sell, assign or
dispose of the Leased Premises or any portion thereof except the Prime Lease.

            5.17. PHYSICAL CONDITION. All components of the Leased Premises and
the heating, ventilation, air conditioning, plumbing, electrical, mechanical,
sewer, waste water, storm water, systems and facilities included therein or
serving the foregoing in any way, are in working order and repair except where
the failure thereof would not result in a Material Adverse Effect.

            5.18. NO CONDEMNATION OR OTHER EVENTS. Borrower has not received
notice, nor does Borrower have any knowledge, of any pending, threatened or
contemplated condemnation proceeding affecting a material portion of the Leased
Premises or of any sale or other disposition of the Leased Premises in lieu of
condemnation.

            5.19. NO FLOOD HAZARDS. No portion of the Leased Premises is located
in a special flood hazard area as designated by any Governmental Authority.

            5.20. ACCESS. Except as may be identified as a specific exception in
the Title Policy, the Leased Premises has access to and from a public street and
roadway that is adequate for its intended use.

                                       28
<Page>

            5.21. UTILITY SERVICES. All utility services (e.g., water, electric,
telecommunication, gas, sewer, etc.) are available and operational in sufficient
size and capacity for the operation of the Leased Premises for its intended use
except in the case where the lack thereof would not result in a Material Adverse
Effect.

            5.22. INVESTMENT COMPANY ACT. Borrower is not required to register
as an "investment company" under the Investment Company Act of 1940, as amended.
The making of the Loan by Lender, the application of the proceeds and repayment
thereof by Borrower and the consummation of the transactions contemplated by
this Agreement and the other Loan Documents shall not violate any applicable
provision of such Act or any applicable rule, regulation or order issued by the
Securities and Exchange Commission thereunder that is binding on Borrower.

            5.23. MARGIN REGULATIONS. Borrower does not own any "margin
security," as that term is defined in Regulations U of the Board of Governors of
the Federal Reserve System (the "FEDERAL RESERVE BOARD"), and the proceeds of
the Loan shall be used only for the purposes contemplated hereunder. The Loan
shall not be used, directly or indirectly, for the purpose of purchasing or
carrying any margin security, for the purpose of reducing or retiring any
indebtedness that was originally incurred to purchase or carry any margin
security or for any other purpose that might cause any of the loans under this
Agreement to be considered a "purpose credit" within the meaning of Regulations
T, U or X of the Federal Reserve Board. Borrower shall not take or permit any
agent acting on its behalf to take any action that might cause this Agreement or
any document or instrument delivered pursuant hereto to violate any regulation
of the Federal Reserve Board.

            5.24. LEASES. The Rent Roll is true, correct and complete in all
material respects and lists all Leases affecting the Leased Premises or any
portion thereof, and (except to the extent waived by Lender) accurately sets
forth the following information for each Lease: (i) the name of the tenant; (ii)
monthly rental (or the method of computation thereof) and the date through which
rent has been paid and any security deposit; and (iii) term, including any
renewal or extension options. No Person has any possessory interest in the
Leased Premises or right to occupy the same except under, and pursuant to, the
provisions of the Leases (and subleases thereunder). Each Lease listed in the
Rent Roll is a valid lease in accordance with its terms and there are no
material defaults thereunder by either party thereto. No rent or other income
from such Leases has been pledged, assigned or otherwise transferred or
encumbered, except pursuant to the Assignment of Leases.

            5.25. NO LEASING COMMISSIONS. Borrower owes no leasing commissions
in connection with any Leases in effect (or that have previously been executed
and delivered but are not yet in effect) as of the Closing Date.

            5.26. TAXES; ELECTIONS. All federal, state and local tax returns,
reports and statements required to be filed by Borrower, if any, have been filed
with the appropriate Governmental Authorities in all jurisdictions in which such
returns, reports and statements are required to be filed, and all taxes and
other impositions, if any, have been timely paid prior to the date on which any
fine, penalty, interest, late charge or loss may be added thereto for
non-payment thereof.

                                       29
<Page>

            5.27. BROKERS. Except for Credit Lyonnais Securities (USA), Inc.
(whose fees and commissions shall be the sole responsibility of Borrower),
Borrower has not dealt with any broker or mortgage banker or finder in
connection with the Loan.

            5.28. EMPLOYMENT, LABOR AND MANAGEMENT AGREEMENTS. No employment,
consulting or management agreements cover Borrower's management or the
management of the Leased Premises. No collective bargaining agreements or other
labor agreements cover any employees of Borrower.

            5.29. OPINION OF COUNSEL. The opinion(s) of Borrower's counsel being
delivered to Lender on the Closing Date in connection with the Loan is/are being
delivered by Borrower's counsel to Lender at Borrower's request and Lender is
entitled to rely thereon and to be an addressee of such opinion(s).

            5.30. CONTRACTS. Borrower has not sold, assigned, transferred,
mortgaged or pledged any of Borrower's rights and interests in or under the
Major Contracts to any person other than Lender and has not executed any other
document or instrument that might prevent or limit Lender from operating under
or realizing the benefits of the terms, conditions and provisions of this
Agreement.

      6.    BORROWER'S COVENANTS.

            Borrower covenants and agrees with Lender (such covenants and
agreements to remain in full force and effect until all Obligations have been
paid and performed in full) as follows:

            6.1. PROTECTION OF COLLATERAL. Borrower shall appear in and defend
any action or proceeding that may affect its title to or Lender's interest in
the Leased Premises.

            6.2. COMPLIANCE. Borrower shall perform all its obligations under
all Loan Documents, when and as such performance is required under the Loan
Documents, and shall pay and perform all obligations under the Loan. If Borrower
fails to perform its obligations under the preceding sentence, then without
limiting Lender's other remedies, Lender shall have the right, but not the
obligation, after 30 days' notice to Borrower and Borrower's continued failure
to perform such obligation(s) during such period (provided that no such notice
shall be required with respect to any obligation which, if unpaid, may in
Lender's reasonable determination have a Material Adverse Effect), to make a
Protective Advance to cure or attempt to cure such default. Borrower shall
within five (5) Business Days after demand repay such Protective Advance (which
obligation shall constitute an Obligation for purposes of this Agreement),
together with interest thereon at the Default Rate from the date of payment to
and including the date of repayment. Failure to make such payment within such
period after notice shall constitute an Event of Default.

            6.3. BOOKS AND RECORDS. Borrower shall maintain at its principal
place of business full, true and accurate books and records concerning its
business, including the Leased Premises.

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<Page>

            6.4. ACCESS. Lender and any of its officers, employees and/or agents
shall have the right to inspect the Leased Premises as frequently as Lender
determines to be reasonably appropriate, (i) at any time without notice if (y)
an Event of Default exists, or (z) there is an emergency currently existing at
the Leased Premises, to be inspected in Lender's reasonable judgment, and (ii)
during normal business hours upon reasonable notice and subject to the rights of
tenants.

      6.5.  INSURANCE.

                  6.5.1. REQUIRED INSURANCE COVERAGE. Borrower shall maintain or
cause to be maintained the following insurance policies and coverage on the
Leased Premises:

                          6.5.1.1. PROPERTY INSURANCE. Property insurance
against all loss customarily included under so called "All Risk" policies
including flood, earthquake, vandalism, and malicious mischief, boiler and
machinery, and such other insurable hazards as, under good insurance practices,
from time to time are insured against for other property and buildings similar
to the Leased Premises in nature, use, location, height, and type of
construction. Such insurance policy shall also insure against the additional
expense of demolition and increased cost of construction because of the
enforcement of laws regulating reconstruction at the time of rebuilding
following a loss. The amount of such "All Risk" insurance shall be not less than
the greater of (a) one hundred percent (100%) of the replacement cost value of
the Leased Premises, calculated as if the Leased Premises could be fully
restored at its present location and (b) the Principal Amount. Each such
insurance policy shall contain an agreed amount (the "COINSURANCE WAIVER") and
replacement cost value endorsement and shall cover all tenant improvements and
betterments that Borrower is required to insure in accordance with the Prime
Lease. If the insurance required under this paragraph is not obtained by blanket
insurance policies, the insurance policy shall be endorsed to also provide
guaranteed building replacement cost. Lender shall be named "Loss Payee" on a
standard mortgagee endorsement and be provided not less than 30 days advance
notice of change in coverage, cancellation or non-renewal.

                          6.5.1.2. FLOOD INSURANCE. If any portion of the Leased
Premises is located within an area designated as "flood prone" or a "special
flood hazard area" (as defined under the regulations adopted under the National
Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973),
flood insurance shall be provided, in an amount not less than what other
commercial lenders require of other owners of other property and buildings
similar to the Leased Premises be insured for but not in excess of the maximum
limit of coverage available under the Federal Flood Insurance plan with respect
to the Leased Premises and otherwise only to the extent economically reasonable.

                          6.5.1.3. BOILER AND MACHINERY INSURANCE. Comprehensive
boiler and machinery insurance covering all mechanical and electrical equipment
against physical damage, improvements loss and covering, without limitation, all
tenant improvements and betterments which Borrower is required to insure
pursuant to the Prime Lease on a replacement cost basis.

                          6.5.1.4. BUILDER'S RISK INSURANCE. During any period
of repair or restoration the cost of which shall be in excess of $5,000,000, if
not covered by the property

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<Page>

insurance otherwise maintained by Borrower, builder's "Risk" insurance in an
amount equal to but not less than the full insurable value of the work then
being performed.

                          6.5.1.5. GENERAL PUBLIC LIABILITY INSURANCE. General
public liability insurance, including commercial general liability insurance;
owned (if any), hired and non-owned auto liability; and umbrella liability
coverage for personal injury, bodily injury, death, accident and property
damage, providing in combination no less than $100,000,000 per occurrence or in
the aggregate, on an annual basis. The policies described in this paragraph
shall cover elevators, escalators, independent contractors, contractual
liability (covering, to the maximum extent permitted by law, Borrower's
obligation to indemnify Lender as required under this Agreement), and products
and completed operations liability coverage.

                  6.5.2. LENDER AS ADDITIONAL INSURED. All public liability
insurance shall name Lender as "Additional Insured" either on a specific
endorsement or under a blanket endorsement satisfactory to Lender.

                  6.5.3. POLICY REQUIREMENTS. All policies of insurance required
by this Agreement (i) shall be issued by an insurer that has a claims paying
ability rating of not less than A:X or better by AM Best, (ii) shall name Lender
(and Trustee, if applicable, for the benefit of Lender), as additional insureds
as their interests may appear and contain a standard noncontributory mortgagee
clause naming Lender or Trustee on behalf of Lender as the party to which all
payments made by such insurance company shall be paid, (iii) shall be maintained
throughout the term of the Loan without cost to Lender, (iv) shall contain such
provisions as Lender deems reasonably necessary or desirable to protect its
interest (including endorsements providing that neither Borrower, Lender nor any
other party shall be a co-insurer under said policies and that Lender shall
receive at least thirty (30) days prior written notice of any modification,
reduction or cancellation), (v) shall contain a waiver of subrogation against
Lender and (vi) shall be reasonably satisfactory in form and substance to Lender
and reasonably approved by Lender as to amounts, form, risk coverage,
deductibles, loss payees and insureds. Notwithstanding the above, the policies
of insurance required by this Agreement may be written by so-called "captive"
insurance company(ies) of the Landlord under the Prime Lease, provided that the
risk is reinsured with insurers that have a claims paying ability rating of not
less than A:X by A.M. Best. Borrower shall pay or cause to be paid the premiums
for such policies as the same become due and payable. Copies of said policies,
certified as true and correct by Borrower, or insurance certificates thereof,
shall be delivered to Lender prior to the expiration of the current policies.
Not later than fifteen (15) Business Days prior to the expiration date of each
of the policies, Borrower will deliver to Lender satisfactory evidence of the
renewal of each policy. Any insurance coverage required by this Agreement may be
effected under a blanket policy or policies covering the Leased Premises and
other property and assets not constituting a part of the Leased Premises.

                  6.5.4. MANDATORY POLICY PROVISIONS. Each insurance policy
shall contain a provision whereby the insurer: (i) agrees that such policy shall
not be canceled or terminated, the coverage, deductible, and limits of such
policy shall not be modified, other provisions of such policy shall not be
modified if such policy, after giving effect to such modification, would not
satisfy the requirements of this Agreement, and such policy shall not be
canceled or fail to be renewed, without in each case, at least 30 days' prior
written notice to Lender, (ii) waives any

                                       32
<Page>

right to claim any premiums and commissions against Lender, provided that the
policy need not waive the requirement that the premium be paid in order for a
claim to be paid to the insured and (iii) provides that Lender is permitted to
make payments to effect the continuation of such policy upon notice of
cancellation due to non-payment of premiums, PROVIDED, HOWEVER, that all
expenses incurred by Lender in connection with such action shall be paid by
Borrower. In the event any insurance policy (except for general public and other
liability insurance) shall contain breach of warranty provisions, such policy
shall provide that with respect to the interest of Lender, such insurance policy
shall not be invalidated by and shall insure Lender regardless of (A) any act,
failure to act or negligence of or violation of warranties, declarations or
conditions contained in such policy by any named insured, (B) the occupancy or
use of the Leased Premises for purposes more hazardous than permitted by the
terms thereof, or (C) any foreclosure or other action or proceeding taken by
Lender pursuant to any provision of this Agreement or any other Loan Document.

                  6.5.5. NO SEPARATE INSURANCE. Borrower shall not carry
separate insurance, concurrent in kind or form or contributing in the event of
loss, with any insurance required under this Agreement; PROVIDED, HOWEVER, that
notwithstanding the foregoing, Borrower may carry insurance not required under
this Agreement if any such insurance affecting the Leased Premises shall be for
the mutual benefit of Borrower and Lender, as their respective interests may
appear, and shall be subject to all other requirements of this Agreement.

                  6.5.6. LENDER'S RIGHT TO PROCURE INSURANCE. Notwithstanding
anything to the contrary contained herein, if at any time Lender is not in
receipt of written evidence that all insurance required hereunder is maintained
in full force and effect, Lender shall have the right (but not the obligation),
upon notice to Borrower, to take such action after five (5) days after the
mailing of such notice as Lender deems necessary to protect Lender's interest in
the Leased Premises, including the obtaining of such insurance coverage as
Lender shall deem appropriate, and all expenses incurred by Lender in connection
with such action shall constitute Protective Advances.

      6.6.  CASUALTY.

                  6.6.1. LOSSES AND ADJUSTMENT. If a Major Casualty shall occur,
then Borrower shall give prompt notice thereof to Lender. In the case of a
Casualty covered by any insurance policy required by this Agreement, Lender
shall allow Borrower to agree with the insurance company or companies on the
amount to be paid upon the loss; PROVIDED, that Borrower may adjust losses
aggregating not in excess of the Immaterial Loss Threshold without Lender's
consent provided such adjustment is carried out in a commercially reasonable and
timely manner; PROVIDED, FURTHER, that if at the time of the settlement of such
claim any Event of Default has occurred and is continuing, then Lender shall be
entitled to settle and adjust such claim without the consent of Borrower. In any
such case where Insurance Proceeds are in excess of the Immaterial Loss
Threshold, Lender shall and is hereby authorized to collect and issue a receipt
for any such Insurance Proceeds subject to and to the extent provided for in
this Agreement. The reasonable expenses incurred by Lender in the adjustment and
collection of Insurance Proceeds shall be secured by the Mortgage and shall be
reimbursed by Borrower to Lender upon demand therefor.

                                       33
<Page>

                  6.6.2. APPLICATION OF PROCEEDS BELOW IMMATERIAL LOSS
THRESHOLD. If the Restoration Cost is less than the Immaterial Loss Threshold,
then provided that no Event of Default shall have occurred and be continuing,
the Insurance Proceeds shall be paid to Borrower. Borrower shall hold such
Insurance Proceeds in trust to be applied first to the Restoration Cost. Upon
completion of Restoration and payment of the Restoration Cost, Borrower may
retain any remaining Insurance Proceeds.

                  6.6.3. APPLICATION OF PROCEEDS AT OR ABOVE IMMATERIAL LOSS
THRESHOLD. If the Restoration Cost equals or exceeds the Immaterial Loss
Threshold, then the Insurance Proceeds shall be applied to Restoration, but only
if the conditions set forth below are satisfied or waived by Lender. If such
conditions are not satisfied or waived by Lender, then Lender may apply all
Insurance Proceeds to repay the Obligations. The conditions for the use of the
Insurance Proceeds for Restoration shall consist of the following, the
satisfaction of which shall be determined by Lender in consultation with
Lender's Engineer, and all of which must remain satisfied at all times until
completion of Restoration:

      o     EXPENSES. The Restoration Fund shall first be applied to pay for
            Lender's reasonable costs and expenses, including the reasonable
            fees of Lender's Engineer.

      o     RESTORATION FUND. The balance of the Restoration Fund shall equal or
            exceed the Required Restoration Fund Balance. (To the extent that
            the Restoration Fund at any time exceeds the Required Restoration
            Fund Balance, Borrower shall be entitled to withdraw such excess so
            long as no Event of Default shall have occurred and be continuing.)

      o     FACILITY SUBLEASE. The Facility Sublease shall remain in full force
            and effect during and after the completion of the Restoration
            without abatement of rent.

      o     DEFAULT. No Event of Default has occurred and is continuing.

      o     COMPLETION. The Projected Restoration Date shall be no later than 18
            months after the adjustment of the insurance claim for the Casualty
            (Borrower shall diligently prosecute such adjustment to the extent
            this Agreement permits Borrower to do so).

      o     MATURITY. The Projected Restoration Date shall be no later than 3
            months before the Scheduled Maturity Date. (For this purpose, the
            parties may in their sole and absolute discretion agree to an
            extension of the Scheduled Maturity Date. This condition shall be
            applied taking into account any such agreed extension.)

      o     CAPABLE OF RESTORATION. The Leased Premises may legally be restored
            to enable the Leased Premises to be used and occupied in
            substantially the same manner as existed immediately before the
            Casualty.

      o     CONTRACTING ARRANGEMENTS. In the case of a Major Casualty only,
            Borrower shall have engaged as construction manager or general
            contractor a nationally recognized construction company with
            substantial experience in the State.

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<Page>

                  6.6.4. DISBURSEMENT MECHANISMS; RESTORATION. The Restoration
Fund (to the extent it consists of cash) shall be held in a segregated account
by Lender and (so long as no uncured Event of Default shall exist and be
continuing) be applied to the cost of Restoration, in the manner set forth
below. Interest on the account shall constitute income of Borrower and be
deposited in the Restoration Fund, subject to Borrower's right to withdraw
excess funds from the Restoration Fund from time to time in accordance with this
Agreement. Borrower covenants to restore, repair, replace or rebuild the Leased
Premises to be at least comparable to the (x) use to which it was devoted, (y)
economic suitability and efficiency (operations and maintenance), and (z) other
material characteristics, as existed immediately before the Casualty, all to be
effected in accordance with all applicable law, ordinances, and codes, and plans
and specifications approved in advance by Lender, such approval not to be
unreasonably withheld or delayed. Borrower shall accomplish such Restoration
with diligence and continuity, subject to force majeure. Borrower shall pay all
costs (and shall deposit the total thereof with Lender in advance as necessary
to cause the Restoration Fund to comply with this Agreement at all times) of
such Restoration in excess of the Insurance Proceeds made available under this
Agreement. The Restoration Fund shall constitute additional Collateral. Borrower
hereby grants Lender a security interest in the Restoration Fund and agrees to
execute such documentation as Lender shall require to evidence such security
interest. If an Event of Default occurs during Restoration, then at any time
when such Event of Default has not been cured Lender may at its option apply the
Restoration Fund to the Obligations. After such application of the Restoration
Fund, even if Borrower cures the Event of Default Borrower shall have no right
to require Lender to reverse such application of the Restoration Fund, provided
that, after such application, the Event of Default shall be deemed waived.

                  6.6.5. DISBURSEMENT DOCUMENTATION. If Borrower is entitled to
reimbursement out of the Restoration Fund, the Restoration Fund (and any
Insurance Proceeds released from time to time by the insurance carrier) shall be
disbursed from time to time (at least once a month), provided that the
conditions to Restoration continue to be satisfied at all times, upon Lender or
Lender's Engineer being furnished with (A) evidence reasonably satisfactory to
it of the then-current Restoration Cost, (B) any amount then required to be
deposited into the Restoration Fund to comply with the conditions of this
Agreement, and (C) such architect's certificates, waivers of lien, contractor's
sworn statements, title insurance endorsements, bonds and other evidences of
cost, payment and performance of the foregoing Restoration as Lender or Lender's
Engineer may reasonably require and approve. Lender may, in any event, require
that all plans and specifications, if any, for such restoration, repair,
replacement and rebuilding be submitted to and approved by Lender or Lender's
Engineer prior to commencement of work, such approval not to be unreasonably
withheld or delayed. Lender may retain Lender's Engineer to inspect any
Restoration work and review Borrower's request for payments and Borrower shall,
within fifteen (15) days after demand by Lender, reimburse Lender for the
reasonable fees and disbursements of Lender's Engineer. No payment made prior to
the final completion of Restoration shall exceed ninety percent (90%) of the
value of the work performed from time to time (except for Restoration work on a
trade by trade basis in which event, payment may be made in full upon the
completion of such work by each trade); funds other than Insurance Proceeds
shall be disbursed prior to disbursement of such proceeds; and, at all times,
the undisbursed balance of the Restoration Fund shall equal or exceed the
Required Restoration Fund Balance. Any surplus that may remain out of the
Restoration Fund after completion and payment of Restoration in compliance with
this Agreement shall be paid to Borrower provided

                                       35
<Page>

that (a) no Event of Default has occurred and is continuing and (b) after such
application Borrower shall remain in full compliance with the Loan Documents.
Otherwise, such balance shall be paid to Lender to be applied against the Loan.
In no case shall any such application reduce or postpone any payments otherwise
required pursuant to this Agreement, other than the final payment on the Note.

            6.7. CONDEMNATION.

                  6.7.1. NOTICE OF PROCEEDINGS. Borrower shall promptly give
Lender written notice of the actual or threatened commencement of any proceeding
for a Taking (regardless of magnitude) and shall deliver to Lender copies of any
and all papers served in connection with such proceedings. Lender is hereby
irrevocably appointed as Borrower's attorney-in-fact, coupled with an interest,
with exclusive power to collect, receive and retain any Condemnation Proceeds
for said Taking. With respect to any compromise or settlement in connection with
such proceeding, Lender will jointly with Borrower compromise and reach
settlement unless at the time of such Taking any Event of Default has occurred
and is continuing, in which event Lender may compromise and reach settlement
without the consent of, but upon consultation with, Borrower. Notwithstanding
the foregoing provisions of this paragraph, provided no Event of Default then
exists, Borrower is authorized to negotiate, compromise and settle in a
commercially reasonable manner, without participation by Lender, Condemnation
Proceeds of up to the Immaterial Loss Threshold in connection with any Taking.
Notwithstanding any Taking, Borrower shall continue to pay the Obligations at
the time and in the manner provided for in this Agreement and the other Loan
Documents and the Obligations shall not be reduced except in accordance
therewith.

                  6.7.2. DISBURSEMENT OF PROCEEDS. Subject to the other terms
and provisions of this Agreement, in the event of a Taking that renders the
Leased Premises physically or economically unsuitable in the reasonable judgment
of Lender for the use to which it was devoted before the Taking, Borrower shall
cause the Condemnation Proceeds to be paid directly to Lender, and Lender may
elect in its sole discretion to apply any such Condemnation Proceeds to the
Restoration Cost or to the reduction or discharge of the Obligations, whether or
not then due and payable. Any balance remaining after such application shall be
paid to Borrower.

                  6.7.3. PARTIAL TAKING. With respect to a Taking in part, which
means any Taking that does not render the Leased Premises physically or
economically unsuitable in the reasonable judgment of Lender for the use to
which it was devoted before the Taking, Borrower shall cause the Condemnation
Proceeds to be deposited with Lender, to be applied to the cost of repairing,
replacing, restoring or rebuilding the Leased Premises in the same manner as
Insurance Proceeds are applied in accordance with the other provisions of this
ARTICLE 6. Notwithstanding the foregoing, if the estimated cost of repairing,
replacing, restoring, and/or rebuilding the Leased Premises is less than the
Immaterial Loss Threshold, then provided that no Event of Default shall have
occurred and be continuing, the Condemnation Proceeds shall be paid to Borrower.
Borrower shall hold such Condemnation Proceeds in trust to be applied first to
the costs of such repairs, replacements, restoration and/or rebuilding. Upon
completion thereof and payment therefor, Borrower may retain any remaining
Condemnation Proceeds.

                                       36
<Page>

                  6.7.4. SALE BEFORE RECEIPT OF PROCEEDS. If the Leased Premises
is sold, through foreclosure or otherwise, before Lender receives any such
Condemnation Proceeds to which it is entitled hereunder, Lender shall have the
right, whether or not a deficiency judgment on the Note shall have been sought,
recovered or denied, to have reserved in any foreclosure decree a right to
receive said award or payment, or a portion thereof sufficient to pay the
Obligations.

            6.8. AUDIT AND INSPECTION. Borrower shall permit Lender or its
authorized representatives, or, after the occurrence and continuance of an Event
of Default, an independent certified public accountant of Lender's choosing,
during normal business hours, to audit, inspect and copy such books and records
and files of account of Borrower as pertain to the Collateral and the Leased
Premises, and to discuss the business, operations, and financial and other
conditions of Borrower, and the Leased Premises, with officers or employees of
Borrower or Borrower's Representative, PROVIDED, that, so long as no uncured
Event of Default shall exist and be continuing, Lender shall provide reasonable
notice to Borrower of each such audit or inspection. (For purposes of this
Agreement, any audit of Borrower's finances, as conducted by Lender, its
authorized representative or an independent certified public accountant of its
choosing, shall constitute an "AUDIT" and may not, prior to an Event of Default,
be performed more often than once during any calendar year, but this shall not
limit the frequency of any inspections by Lender.) Borrower shall pay Lender's
reasonable third party out of pocket expenses in connection with Audits of
Borrower conducted at reasonable intervals. Nothing in this Section limits
Lender's rights under any other provision of this Agreement or any other Loan
Document.

            6.9. NO RELOCATION. Borrower shall not change the location of its
principal place of business or its books and records relating to the Collateral
without giving Lender at least 30 days' prior written notice of any such change
of address and shall, before implementing the change, deliver to Lender such new
UCC-1 financing statements as Lender shall have reasonably required.

            6.10. FINANCIAL STATEMENTS. Borrower shall furnish or cause to be
furnished to Lender within the lesser of (i) 120 days after the end of each
fiscal year of Borrower, or (ii) 21 days after receipt by Borrower of such
information in final form, a copy of the financial statements, consisting of
balance sheets, income statements and cash flow statements as of the end of such
fiscal year and financial statements of Member(s) for such fiscal year, all in
detail similar to that which was furnished to Lender in connection with the
funding of the Loan by Lender and prepared in accordance with Accounting
Principles and audited by a "Big Five" or other independent certified public
accountant approved by Lender, which approval shall not be unreasonably
withheld; and all fully and fairly stating the matters with which they purport
to deal and without omitting or failing to state any material fact necessary to
make the statements made therein not misleading.

            6.11. NOTIFICATION OF LENDER. Borrower shall promptly after Borrower
has obtained knowledge thereof notify Lender in writing of any:

                  6.11.1. DEFAULT OR EVENT OF DEFAULT. Default or Event of
Default;

                                       37
<Page>

                  6.11.2. LITIGATION. Commencement of Material Litigation and,
upon Lender's request from time to time, the status thereof;

                  6.11.3. LOAN-RELATED LITIGATION. Claim, demand or legal
proceeding, whether threatened or filed, against Borrower that arises from or
relates to the Loan;

                  6.11.4. TRANSFERS. Transfer of any Equity Interest in
Borrower;

            6.12. CONDUCT OF BUSINESS. Borrower shall: (i) do or cause to be
done all things necessary to preserve, maintain, renew and keep in force and
effect its existence as a limited liability company and all of its material
rights, licenses, permits and franchises; (ii) conduct its business in an
orderly and regular manner; (iii) comply with all applicable laws and
governmental regulations if noncompliance would have a Material Adverse Effect
and with the terms of any indenture, contract or other instrument to which it
may be a party or under which it or its properties may be bound if noncompliance
would have a Material Adverse Effect, except where contested in good faith and
by appropriate proceedings diligently pursued; (iv) continue to conduct its
business substantially as now conducted or as otherwise permitted under this
Agreement; and (v) preserve all the remainder of its property, in use or useful
in the conduct of its business and keep the same in good repair, working order
and condition (taking into consideration ordinary wear and tear) and from time
to time make, or cause to be made, all appropriate repairs, renewals and
replacements, betterments and improvements thereto consistent with past
practices, so that the business carried on in connection therewith may be
properly and advantageously conducted at all times.

            6.13. RESTRICTIVE COVENANTS. Except as expressly provided herein,
Borrower shall not directly or indirectly, do or permit to be done any of the
following (such prohibitions, collectively, the "RESTRICTIVE COVENANTS"):

                  6.13.1. TRANSFER. Do or permit to be done any of the following
(collectively, the "TRANSFER PROHIBITION"):

                          6.13.1.1. SALE OR ASSIGNMENT. Sell, convey, assign (by
operation of law or otherwise), transfer, lease (other than for occupancy in
compliance with the Loan Documents or with Lender's prior written consent),
abandon or otherwise dispose of, directly or indirectly, by operation of law or
otherwise, any element of the Prime Lease and the Facility Sublease or the
material items or elements of the Mortgaged Property or any right or interest
therein (except as required by law or in connection with a Permitted
Encumbrance), unless (i) Borrower shall have delivered a Rating Agency
Confirmation in connection therewith, (ii) such items or elements are replaced
with an item or element of same or similar usefulness, (iii) such item or
element is no longer useful by reason of other cost or labor saving devices
acquired by Borrower, or (iv) Borrower at the time of such sale, assignment,
transfer, lease, abandonment or other disposition is entitled to and does obtain
the release of such Mortgaged Property from Lender's liens under the Security
Documents;

                          6.13.1.2. FURTHER ENCUMBRANCE. Further encumber,
create, assume, suffer to exist, alienate, hypothecate or grant a security
interest in or grant a lien, charge or any other interest whatsoever in or with
respect to the Mortgaged Property (whether superior

                                       38
<Page>

or inferior to the liens of the Security Documents) in favor of any Person
except for or in connection with Permitted Encumbrances;

                          6.13.1.3. CHANGES IN MEMBERSHIP STRUCTURE. Change its
limited liability company structure;

                          6.13.1.4. EQUITY TRANSFERS. Unless Borrower shall have
delivered a Rating Agency Confirmation in connection therewith, make, permit or
allow any Person (whether or not within Borrower's control) to make any sale,
assignment, transfer, conveyance, pledge or encumbrance of any stock,
partnership interest, membership interest, or other equity interest in Borrower
(or of any direct or indirect member of Borrower, or of any other entity that
directly or indirectly, through any number of tiers of ownership, owns any
equity interest in Borrower), or the sale or creation of any additional
membership interest;

                  6.13.2. ORGANIZATIONAL DOCUMENTS. Modify or amend its
organizational documents in any respect;

                  6.13.3. DISSOLUTION. Dissolve, liquidate or discontinue its
business or merge or consolidate with any other Person;

                  6.13.4. OTHER INDEBTEDNESS. Incur any Indebtedness other than
Permitted Indebtedness;

                  6.13.5. NEW LEASES. Enter into any New Lease except in full
compliance with the Loan Documents;

                  6.13.6. MAJOR LEASES. Amend, modify, waive, cancel, terminate
or accept the surrender of any Major Lease;

                  6.13.7. RENTS. Discount any rents or collect any rents for a
period of more than one month in advance under or in connection with a Major
Lease;

                  6.13.8. CERTAIN RESTRICTIONS. Enter into any agreement,
undertaking or document of any kind that limits, restricts, or prohibits
Borrower from entering into any amendment or modification of any Loan Document
or that requires a third party's consent or approval as to any such amendment or
modification except with respect to the FRA and under the SNDA; or

                  6.13.9. SECURITY INSTRUMENTS. Execute, as debtor, any
conditional bill of sale, chattel mortgage or other security instrument covering
any furniture, furnishings, fixtures and equipment, intended to be incorporated
in the Leased Premises or the appurtenances thereto, or covering articles of
personal property placed in the Mortgaged Property or purchase any of such
furniture, furnishings, fixtures and equipment so that ownership of the same
will not vest unconditionally in Borrower, free from encumbrances on delivery to
the Leased Premises. The preceding prohibition shall not be deemed to apply to:
(a) equipment leases entered into in the ordinary course of business consistent
with real estate industry practices for similar buildings; (b) replacement
equipment leases on comparable terms; or (c) liens or encumbrances in favor of
the FRA.

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<Page>

                  6.13.10. PERMITTED TRANSFERS.

            The preceding Restrictive Covenants shall not prohibit or be or be
deemed to apply to, nor require the delivery of a Rating Agency Confirmation
(except with respect to clause (iii) below, for which a Rating Agency
Confirmation shall be required) or the consent of Lender with respect to, and,
accordingly, Transfer Prohibition shall not include or apply to, as applicable,
the following:

                  (i) The direct or indirect sale, conveyance, transfer,
            assignment (by operation of law or otherwise) or other disposition,
            directly or indirectly, by operation of law or otherwise, of all or
            substantially all of the business and assets of the Member(s) of the
            Borrower;

                  (ii) The direct or indirect sale, conveyance, transfer,
      assignment (by operation of law or otherwise) or other disposition,
      directly or indirectly, by operation of law or otherwise, of all or
      substantially all of the interests in Borrower by reason of the sale,
      merger, consolidation, or amalgamation of the Member(s) of Borrower,
      including, without limitation, redemption of the stock of the Member(s) of
      Borrower, or other similar transaction with respect to the Member(s) of
      Borrower; or

                  (iii) A successor in interest to Borrower pursuant to or in
      connection with, directly or indirectly, the direct or indirect sale,
      conveyance, transfer, assignment (by operation of law or otherwise) or
      other disposition, directly or indirectly, by operation of law or
      otherwise, of the Northeast Corridor Business and Assets, provided that as
      a result of such transfer the ownership interest in Borrower shall be the
      same, direct or indirect, as the ownership interest of the owner of the
      Northeast Corridor Business and Assets.

            6.14. NO IMPAIRMENT OF SECURITY REQUIRED. If Lender elects to
accelerate the Obligations on account of a violation of any Transfer
Prohibition, then Lender shall have no obligation to allege or demonstrate any
impairment of its security and may pursue any legal or equitable remedies for
default in such payment of the Obligations upon Lender's acceleration thereof
without making any such allegation or showing.

            6.15. ENVIRONMENTAL DOCUMENTS. Borrower shall provide Lender with a
copy of each and every material environmental document relating to the Leased
Premises received after the Closing Date, promptly upon Borrower's receipt,
preparation or filing (as the case may be) of such environmental document.

            6.16. DEFENSE OF LIEN. If the validity or priority of any lien of
Lender arising under the Security Documents, or of any rights, titles, security
interests or other interests created or evidenced hereby shall be challenged or
if any legal proceedings are instituted with respect thereto, Borrower shall
give prompt written notice thereof to Lender and, at Borrower's own cost and
expense, shall diligently endeavor to cure any defect that may be developed or
claimed, and shall take all necessary and proper steps for the defense of such
legal proceedings, and, if Borrower fails to do so, Lender (whether or not named
as a party) after 15 days' notice to Borrower, is hereby authorized and
empowered to take such additional steps as in its judgment

                                       40
<Page>

and discretion may be necessary or proper for the defense of any such legal
proceedings or the protection of the validity or priority of this Agreement and
the rights, titles, security interests and other interests created or evidenced
hereby, and all expenses so incurred of every kind and character shall be a
demand Obligation owing by Borrower and shall bear interest from the date of
expenditure until paid at the Default Rate.

            6.17. FURTHER ASSURANCES. Borrower shall promptly:

                  6.17.1. CORRECTION OF ERRORS. Notify Lender of, and correct
promptly, any defect, error or omission that may be discovered in the contents
of this Agreement or in any other instrument executed in connection herewith or
in the execution or acknowledgment thereof;

                  6.17.2. NOTICE OF INACCURACIES. Notify Lender of any
inaccuracy or breach of any material representation or warranty made by Borrower
the effect of which would result in a Material Adverse Effect; and

                  6.17.3. FURTHER DOCUMENTATION. Execute, acknowledge, deliver
and record or file such documents or instruments (including further security
agreements, financing statements, continuation statements and notices to
depositories), in form and substance reasonably satisfactory to the parties
hereto and take such actions and do such further acts, as may be reasonably
necessary, desirable or proper to carry out more effectively the purposes of
this Agreement and to subject to the security interests hereof and of the other
Security Documents any property intended by the terms hereof or thereof to be
covered hereby and thereby, including any renewals, additions, substitutions,
replacements or appurtenances to the Collateral and/or the Leased Premises.
Borrower shall promptly pay all out-of-pocket costs of Lender connected with any
of the foregoing.

            6.18. SPE COVENANTS. Borrower shall comply with all of the material
SPE Covenants and shall at all times continue to be a Single-Purpose Entity.

            6.19. MERGERS, ETC. Borrower shall not directly or indirectly, by
operation of law or otherwise, merge with, consolidate with, acquire all or
substantially all of the assets or capital stock of, or otherwise combine with,
any Person, except as permitted pursuant to the provisions of SECTION 6.13.

            6.20. TAXES. Borrower shall file all federal, state, and local tax
returns, reports, and statements required to be filed by Borrower, if any, with
the appropriate Governmental Authorities in all jurisdictions in which such
returns, reports and statements are required to be filed and shall pay all taxes
and other impositions, if any, prior to the date on which any fine, penalty,
interest, late charge or loss may be added thereto for nonpayment thereof.

            6.21. SEC FILINGS.

                  6.21.1. LENDER CONSENT. Except with respect to that certain
Registration Rights Agreement, dated as of the date hereof, by and between
Lender and Trustee, Borrower shall obtain Lender's consent to any reference to
Lender, the Loan or any other transactions between Borrower or Lender (other
than with respect to the identity of Lender and/or the terms of the Loan,
whether by abstracting the terms thereof or a listing of the specific terms)
that may

                                       41
<Page>

be contained in any registration statement filed by Borrower under the
Securities Act of 1933, as amended, or any report (including any prospectus)
filed by Borrower under the Securities Exchange Act of 1934, as amended and any
other disclosure document in connection with any public or private offering of
securities by Borrower and any amendments thereof, prior to its distribution and
prior to the effectiveness of any offering contemplated thereby. Lender's
approval rights as aforesaid shall be for Lender's own purposes only and Lender
shall have no liability with respect to such materials and shall not be
obligated to advise Borrower of any matters regarding such materials that may
come to Lender's attention.

                  6.21.2. COPIES OF FILINGS. Borrower shall furnish to Lender:
(i) promptly after the filing thereof with the Securities and Exchange
Commission, a copy of each report, notice or other filing, if any, by Borrower;
and (ii) a copy of each written communication received by Borrower from or
delivered by Borrower to (A) the Securities and Exchange Commission or (B) any
holder of publicly held equity or subordinated debt of Borrower or any Affiliate
of Borrower, in each case promptly after each such receipt or delivery.

            6.22. EMPLOYEE PLANS. Borrower shall not adopt any Plan, or
otherwise be a party to (or subject to any claim or lien by reason of) any Plan,
without the prior written consent of Lender.

            6.23. EFFECT OF PAYMENT AND PERFORMANCE. Upon Borrower's full
payment and performance of the Obligations, Lender shall satisfy the Loan
Documents and release all the Security Documents and release (or return, as
applicable) to Borrower or as Borrower shall reasonably instruct any remaining
amounts then being held in the Reserve Account or the Collection Account (or a
Credit Facility), at no cost to Borrower, except that Borrower shall, at the
time of such satisfaction and as a condition thereto, reimburse Lender's
reasonable attorneys' fees (or a reasonable estimate of such attorneys' fees as
provided by Lender's counsel) in connection therewith.

            6.24. USE. Borrower shall use and operate the Leased Premises only
as a retail and ancillary office complex.

            6.25. CONTRACTS. Borrower shall perform and observe, in a timely
manner, all material covenants, conditions, obligations and agreements of
Borrower under the Major Contracts and shall suffer or permit no delinquency on
its part to exist under any Major Contract.

            Without the prior written consent of Lender, Borrower shall not
cancel, terminate, amend, supplement or modify any Major Contract unless
replaced with a Contract of same or similar usefulness.

            Borrower shall exercise all commercially reasonable efforts to
enforce or secure the performance of each and every material obligation,
covenant, condition and agreement to be performed by the manager, licensor,
grantor or other contracting party under the Major Contracts.

            6.26. NO OBLIGATION OF LENDER; BORROWER REMAINS LIABLE. Nothing
contained herein shall operate or be construed to obligate Lender to perform any
of the terms, covenants or conditions in any Contract or otherwise to impose any
obligation upon Lender with respect to the

                                       42
<Page>

Contracts. The exercise by Lender of any of the rights and remedies hereunder
shall not release Borrower from any of its duties or obligations under the
Contracts.

            6.27. OFFERING OF INTERESTS. Borrower and its Affiliates shall
comply with all applicable requirements of Governmental Authorities in offering,
selling, and marketing membership interests in Borrower or any constituent
entity of Borrower, including all tax, investment, and securities laws of all
Governmental Authorities.

            6.28. COLLECTION ACCOUNT. Borrower shall maintain the Collection
Account established pursuant to SECTION 3.12 hereof.

      7.    EVENTS OF DEFAULT AND REMEDIES.

            7.1. DEFINITION. The occurrence of each or any of the following
events shall constitute an event of default ("EVENT OF DEFAULT") hereunder
(whatever the reason for such event and whether it is voluntary or involuntary,
or within or beyond the control of Borrower, or is effected by operation of law
or pursuant to any judgment or order of any court or any order, rule or
regulation of any Person):

                  7.1.1. NONPAYMENT. If Borrower fails to pay any payment of
debt service (principal and interest) as required under the Loan Documents;

                  7.1.2. NONPAYMENT OF MONEY OTHER THAN DEBT SERVICE (PRINCIPAL
AND INTEREST). If Borrower fails to pay any amount other than on account of
regular payments of debt service (interest and principal) from time to time
owing under any of the Loan Documents within 30 days after written notice to
Borrower that the same is due;

                  7.1.3. REPRESENTATIONS AND WARRANTIES. If any material
representation or warranty made in this Agreement or any other Loan Document
shall have been false or misleading in any material respect when made unless
such inaccuracy is curable and is actually cured within 30 days of receipt of
notice to Borrower or Borrower shall have commenced curative action within 30
days of receipt of such notice;

                  7.1.4. NONMONETARY DEFAULT. If Borrower or any obligor under
any of the Loan Documents defaults in the performance of, or otherwise breaches,
any agreement, obligation or covenant in the Loan Documents (other than an
obligation to pay or deposit money) and such breach or default continues for 30
days after written notice to Borrower specifying such default or breach, or such
longer period (but in no event longer than 180 days after receipt of Lender's
notice of such default) as shall be reasonably required to cure such breach or
default, so long as Borrower shall have commenced curative action within 30 days
of receipt of such notice and shall thereafter diligently and continuously
proceed to cure such breach or default, and shall actually cure such breach or
Default within 180 days after receipt of Lender's notice of default;

                  7.1.5. FINANCIAL MATTERS. The occurrence of any of the
following (an "INSOLVENCY EVENT OF DEFAULT"):

                          7.1.5.1. VOLUNTARY PROCEEDINGS. If Borrower commences
insolvency or bankruptcy proceedings, or admits in writing its inability to pay
its debts as they

                                       43
<Page>

mature, or makes an assignment for the benefit of its creditors, or applies for
or consents to the appointment of a trustee, custodian or receiver for any
portion of its properties;

                          7.1.5.2. APPOINTMENT OF TRUSTEE. If a trustee,
custodian or receiver is appointed (other than upon the application or with the
consent of Lender) for Borrower or any portion of its properties, and such
appointment is not dismissed within 120 days;

                          7.1.5.3. INVOLUNTARY PROCEEDINGS. If any bankruptcy,
reorganization, arrangement, insolvency, readjustment, liquidation, dissolution
or other proceeding for relief under any Insolvency Laws and either (a) Borrower
acquiesces in such proceedings or (b) such proceedings continue without being
dismissed for 120 days after the institution thereof;

                  7.1.6. INVALIDITY. If Borrower asserts in writing that any
material provision of any Loan Document has ceased (other than by reason of
payment and performance thereof in full) to be a valid and binding obligation of
Borrower, or any material provision thereof is declared to be null and void by a
competent court;

                  7.1.7. OTHER LOAN DOCUMENTS. The occurrence of any Event of
Default or other default, beyond applicable notice and grace period (if any),
under any other Loan Document;

                  7.1.8. TRANSFER. Any violation of any Transfer Prohibition or
any other attempted transfer, assignment, or further mortgaging or encumbrance
by Borrower, whether direct or indirect, of its rights, privileges or duties
with respect to the Leased Premises (including any of the rents, issues or
profits therefrom) or under the Loan Documents, or if there shall be any change
in the direct or indirect ownership of Borrower, in each case except as
expressly permitted by the Loan Documents or in any Leases made in compliance
with this Agreement;

                  7.1.9. BREACH OF SPE COVENANTS. Any breach of any of any of
the material SPE Covenants;

                  7.1.10. PRIME LEASE. If (a) Borrower shall fail to observe or
perform any material term, covenant, condition or agreement in the Prime Lease
beyond any cure period contained therein, (b) the Prime Lease is cancelled or
terminated for any reason or (c) if the Prime Lease is amended or modified
without the prior consent of Lender; or

                  7.1.11. FACILITY SUBLEASE. If (a) any "Event of Default" (as
defined in the Facility Sublease) occurs under the Facility Sublease, (b) the
Facility Sublease is cancelled or terminated for any reason or (c) the Facility
Sublease is amended or modified without the prior consent of Lender.

            7.2. ACCELERATION. Upon the occurrence of any Event of Default, upon
written notice to Borrower, Lender may declare (A) the entire outstanding
principal balance of the Loan, (B) all accrued and unpaid interest on the Loan
and (C) all other Obligations to be immediately due and payable, whereupon such
amounts shall become forthwith due and payable, without presentment, demand,
protest, or other notice of any kind, all of which are hereby expressly

                                       44
<Page>

waived, anything contained herein or in the Note to the contrary
notwithstanding. Notwithstanding the foregoing, upon the occurrence of any
Insolvency Event of Default, the Loan shall become automatically and immediately
due and payable, both as to principal and all interest and other amounts due
thereunder, Borrower hereby waiving presentment, demand, protest, or notice
(except as expressly required by the definition of "Event of Default") of any
kind.

            7.3. ADDITIONAL REMEDIES. In addition to Lender's rights to require
immediate repayment of the Loan, upon the occurrence of an Event of Default,
Lender also may, by written notice to Borrower, exercise any and all rights,
powers or remedies in any combination whatsoever, available hereunder or under
any Loan Document or otherwise at law or in equity, including:

                  7.3.1. SET-OFF. The right to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time
held by or for the account of Lender to any indebtedness at any time owing to
Lender to the credit or for the account of Borrower against any and all of the
Obligations of Borrower, irrespective of whether Lender shall have made any
demand under this Agreement, the Note or any other Loan Documents. Lender agrees
to notify Borrower promptly (if legally permitted) after any such set-off and
application made by Lender, provided that the failure to give such notice shall
not affect the validity of such set-off and application or entitle Borrower to
any other rights or remedies.

                  7.3.2. DEFAULT INTEREST RATE. From and after the occurrence of
any Event of Default, and continuing (both before and after judgment) until the
earlier of (i) the event which gave rise to the Event of Default has been cured
or waived or (ii) all Obligations have been paid in full, all Obligations shall
bear interest at the Default Rate.

                  7.3.3. UCC REMEDIES. The right to exercise all rights and
remedies of a secured party under the UCC. Without limiting the generality of
the foregoing, Borrower expressly agrees that in any such event Lender, without
demand of performance or other demand, advertisement or notice of any kind
(except the notice specified below of time and place of public or private sale)
to or upon Borrower or any other Person (all and each of which demands,
advertisements and/or notices are hereby expressly waived), may forthwith
collect, receive, appropriate and realize upon the Collateral, or any part
thereof, and/or may forthwith sell, lease, assign, grant options to purchase, or
sell or otherwise dispose of and deliver the Collateral (or contract to do so),
or any part thereof, in one or more parcels at public or private sale or sales,
at any exchange broker's board or at any of Lender's offices or elsewhere at
such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. Lender shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, to purchase the whole or any part of the Collateral so sold, free
of any right or equity of redemption in Borrower, which right or equity is
hereby expressly waived and released. Borrower recognizes that Lender may be
unable to effect a public sale of certain of the Mortgaged Property by reason of
the provisions contained in the Securities Act of 1933, as amended, and
applicable state securities laws, and therefore may be compelled to resort to
one or more private sales to a restricted group of purchasers. Borrower
acknowledges that such private sales may result in prices and other terms less
favorable to the seller than if such sales were public, and agrees that any such
private sale shall be deemed to

                                       45
<Page>

have been made in a commercially reasonable manner. Borrower further agrees, at
Lender's request, to assemble the Mortgaged Property, make it available to
Lender at places that Lender shall select that shall be reasonably convenient to
Lender and Borrower, whether at Borrower's Leased Premises or elsewhere. The net
proceeds of any such collection, recovery, receipt, appropriation, realization
or sale, after deducting all reasonable costs and expenses of every kind
incurred therein or incidental to the care, safekeeping or otherwise of any or
all of the Mortgaged Property or in any way relating to the rights of Lender
hereunder, including reasonable attorneys' fees and legal expenses, shall be
applied by Lender to the payment in whole or in part of the Obligations, in such
order as Lender may elect, and only after the payment by Lender of any other
amount required by any provision of law, including UCC ss. 9-504(l)(c), need
Lender account for the surplus, if any, to Borrower. To the extent permitted by
applicable law, Borrower waives all claims, damages, and demands against Lender
arising out of the repossession, retention or sale of the Mortgaged Property.
Borrower agrees that Lender need not give more than five Business Days' notice
(which notification shall be deemed given when mailed, postage prepaid,
addressed to Borrower at its address in the opening paragraph of this Agreement)
of the time and place of any public sale or of the time after which a private
sale may take place and that such notice is reasonable notification of such
matters.

                  7.3.4. REAL PROPERTY FORECLOSURE. To the extent permitted by
law, the right to foreclose or exercise any power of sale, and to sell, in
accordance with the applicable laws of the jurisdiction in which the Leased
Premises is located, any portion thereof consisting of real property at public
auction, upon such terms and conditions, in such parcels, at such times and
places, and after such previous public advertisement as Lender shall deem
advantageous and proper and as required by all applicable laws, and to convey
any item of the Mortgaged Property, upon compliance with the terms of the sale
thereof, to and at the cost of the purchaser or purchasers thereof (who shall
not be required to see to the application of the purchase money paid by such
purchaser or purchasers) and to hold and apply the proceeds of sale of any item
of such Mortgaged Property, which proceeds are to be applied in accordance with
the provisions of any applicable law, but in the absence thereof, as follows:
first, to pay all costs, charges and expenses incurred by Lender in connection
with the sale of such item of Mortgaged Property, including the cost, if any, of
obtaining possession of such item or of conducting any sale of such item of
Mortgaged Property, including reasonable counsel fees to the attorneys
representing Lender; second, to discharge all taxes, levies and assessments,
with costs and interest relating thereto if they have priority over the lien of
the security interest granted in the Security Documents or this Agreement;
third, to pay the Obligations secured by the Security Documents, with interest
and other charges accrued thereon; and fourth, to pay the remainder, if any, of
the proceeds to the party legally entitled thereto or its assigns; PROVIDED,
HOWEVER, that Borrower's right to receive such remainder shall not be limited by
any inheritance, devise, conveyance, assignment or lien of or upon Borrower's
equity, without actual notice thereof prior to distribution.

                  7.3.5. POSSESSION OF MORTGAGED PROPERTY. The right to take
possession of the Mortgaged Property or any part thereof, at any time, without
notice and without regard to the adequacy or inadequacy of the Mortgaged
Property as security for the debt secured hereby or the solvency of Borrower or
any other party or parties liable for the payment of such debt, and to perform
any acts, including the rental, management and operation of any part or all of
the Leased Premises that Lender deems necessary or advisable in order to
conserve the Mortgaged Property,

                                       46
<Page>

and to collect and receive all rents, issues and profits relating to the Leased
Premises, including those past due as well as those accruing thereafter. Lender
shall be entitled as a matter of right, without regard to the value of the
Mortgaged Property as security for the amount due or the solvency of Borrower or
any other party or parties liable for the payment of such amount, without any
notice to Borrower or to any other party or parties (the right to any such other
notice being hereby expressly waived) (unless otherwise required by law), to the
appointment of a receiver with full and complete power and authority to enter
upon the Leased Premises relating to any item of Mortgaged Property to employ
security guards to protect any improvements from depredation, damage or injury
and to preserve and protect the personal property therein, to continue any and
all outstanding contracts, or, at Lender's sole option, to enter into a new
contract or contracts for the construction and completion of any improvements
thereon, to use the architects' and engineers' plans, drawings and
specifications therefor, and to pay or discharge all debts, obligations and
liabilities incurred thereby and all mechanics' or other liens affecting the
Mortgaged Property. Lender or any receiver appointed in accordance herewith also
may take possession of, and for these purposes use, any and all personal
property included in the Mortgaged Property and owned and used by Borrower in
the operation, construction, marketing, sale, rental or leasing thereof or any
part thereof. The expenses (including Lender's and receiver's fees, reasonable
counsel fees and out of pocket costs and agent's compensation) incurred pursuant
to the powers herein contained shall be secured by the Security Documents. After
payment of all such costs and expenses, Lender or receiver shall apply all rents
and other proceeds collected by Lender or receiver to reduce the Obligations
secured hereby in such order as Lender determines. The right to enter and take
possession of the Mortgaged Property, to manage, operate and deal with the same,
to collect the rents, issues and profits thereof, whether by a receiver or
otherwise, shall be in addition to, and not in limitation of, any other right or
remedy hereunder or afforded by law, and may be exercised concurrently with any
such other right or remedy or independently hereof. Lender and any receiver (as
the case may be) shall be liable to account only for rents and profits, and
other proceeds actually received, respectively, by Lender and such receiver.

                  7.3.6. DELIVERY OF MORTGAGED PROPERTY. Upon the occurrence of
an Event of Default, Borrower shall immediately deliver to Lender all Mortgaged
Property, if any, in the possession or control of Borrower.

                  7.3.7. LOCKBOX. Not later than two (2) Business Days after
receipt of written notice from the Lender that an Event of Default has occurred
and is continuing and Lease revenues are required to be directly deposited into
the Collection Account, Borrower shall deliver to each tenant under a Lease an
irrevocable direction letter in the form attached as EXHIBIT "D" to this
Agreement requiring the tenant to pay all rents and money received under Leases
and Proceeds thereof owed to Borrower directly to the Collection Account.
Borrower shall provide to Lender proof of such delivery. In addition, while any
such Event of Default is continuing, Borrower shall deliver an irrevocable
direction letter in such form to each tenant under a new Lease entered into
after the date of receipt of such notice and prior to the commencement of such
Lease. If, while any such Event of Default is continuing, a tenant under a Lease
forwards such rents, money or Proceeds to Borrower rather than directly to the
Collection Account, Borrower shall (i) deliver an additional irrevocable
direction letter to the tenant and make other commercially reasonable efforts to
cause the tenant to forward such rents, money or Proceeds directly to the
Collection Account and (ii) immediately deposit in the Collection Account such

                                       47
<Page>

rents, money or Proceeds. Borrower shall not have any right to withdraw any
funds from the Collection Account, which shall be under the sole dominion and
control of the Lender. Notwithstanding the foregoing, Lender shall direct
Deposit Bank to invest the Collection Account in Permitted Investments
reasonably selected by Lender. Any interest earned on such funds shall be
deposited in the Collection Account to be applied to pay any of Borrower's
obligations hereunder.

                  7.3.8. MISCELLANEOUS. Upon the occurrence of an Event of
Default, Lender may immediately, and without expiration of any grace period
beyond that required to create an Event of Default, enforce payment of all
Obligations of Borrower and exercise any and all remedies granted to it
hereunder and under any other Loan Document. If, at any time after the principal
of the Note shall have become due and payable as a result of any declaration of
acceleration and before any judgment or decree for the payment of the monies so
due, or any part thereof, shall have been entered, all Obligations then owed to
Lender shall have been duly paid, and every other Default and Event of Default
shall have been made good, waived or cured, then and in every such case Lender
may, by written notice to Borrower (at Lender's sole and absolute option, with
Lender being under no obligation whatsoever), rescind and annul such declaration
and its consequences; PROVIDED, HOWEVER, that no such rescission or annulment
shall extend to or affect any subsequent Default or Event of Default or impair
any right consequent thereon.

            7.4. NO ORAL WAIVERS. Borrower recognizes that, in general,
borrowers that experience difficulties in honoring their loan obligations, in an
effort to inhibit or impede lenders from exercising the rights and remedies
available to lenders pursuant to mortgages, notes, or other instruments
evidencing or affecting loan transactions, frequently present in court the
argument, without merit, that some loan officer or administrator of the lender
made an oral modification or made some statement that could be interpreted as an
extension or modification or amendment of one or more debt instruments and that
the borrower relied to its detriment upon such "oral modification of the loan
document." For that reason, and in order to protect Lender from such allegations
in connection with the transaction contemplated by this Agreement, Borrower
acknowledges that this Agreement and any other Loan Document can be extended,
modified or amended only in writing executed by Lender and Borrower and that
none of the rights or benefits of Lender can be waived permanently except in a
written document executed by Lender. Borrower further acknowledges that no
officer or administrator of Lender has the power or the authority from Lender to
make an oral extension or modification or amendment of any such instrument or
agreement on behalf of Lender. Borrower expressly covenants not to rely on any
such oral extension or modification.

            7.5. WAIVER OF AUTOMATIC STAY. IF BORROWER SHALL (I) FILE A PETITION
WITH ANY COURT OF COMPETENT JURISDICTION OR BE THE SUBJECT OF ANY PETITION UNDER
THE BANKRUPTCY CODE, (II) BE THE SUBJECT OF ANY ORDER FOR RELIEF ISSUED UNDER
THE BANKRUPTCY CODE, (III) FILE OR BE THE SUBJECT OF ANY PETITION SEEKING ANY
REORGANIZATION, ARRANGEMENT, COMPOSITION, READJUSTMENT, LIQUIDATION,
DISSOLUTION, OR SIMILAR RELIEF UNDER ANY INSOLVENCY LAW, (IV) HAVE SOUGHT OR
CONSENTED TO OR ACQUIESCED IN THE APPOINTMENT OF ANY TRUSTEE, RECEIVER,
CONSERVATOR, OR LIQUIDATOR FOR ALL OR SUBSTANTIALLY ALL OF ITS ASSETS, OR (V) BE
THE SUBJECT OF ANY ORDER, JUDGMENT, OR DECREE

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ENTERED BY ANY COURT OF COMPETENT JURISDICTION APPROVING A PETITION FILED
AGAINST BORROWER FOR ANY REORGANIZATION, ARRANGEMENT, COMPOSITION, READJUSTMENT,
LIQUIDATION, DISSOLUTION, OR SIMILAR RELIEF UNDER ANY INSOLVENCY LAW, THEN,
LENDER SHALL THEREUPON BE ENTITLED TO OBTAIN, AND BORROWER TO THE FULLEST EXTENT
PERMITTED BY LAW, IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO GRANT LENDER,
IMMEDIATE RELIEF FROM ANY AUTOMATIC STAY IMPOSED BY SECTION 362 OF THE
BANKRUPTCY CODE, OR OTHERWISE, ON OR AGAINST THE EXERCISE OF THE RIGHTS AND
REMEDIES WHICH WOULD OTHERWISE BE AVAILABLE TO LENDER AS PROVIDED IN THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENTS AND AS OTHERWISE PROVIDED BY LAW. TO THE
EXTENT PERMITTED BY LAW, BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT TO OBJECT TO SUCH RELIEF.

            7.6. DIRECT PAYMENT OF RENT. Without limiting any other right or
remedy of Lender under the Loan Documents, if any Event of Default shall have
occurred and be continuing, then Lender may give notice to any or all tenants
directing them to pay their rent to Lender, or as Lender shall direct, and not
to Borrower. If Lender gives any such notice to any tenant(s), then Borrower
shall not give any notice inconsistent with Lender's notice, or otherwise
interfere with Lender's collection of all rental income from the Leased
Premises.

      8.    NONRECOURSE.

            8.1. GENERALLY. Subject to the qualifications below, Lender shall
not enforce the liability and obligation of Borrower to perform and observe the
obligations contained in the Note, this Agreement, the Mortgage or the other
Loan Documents by any action or proceeding wherein a money judgment shall be
sought against Borrower, unless, except as expressly reserved to Lender in
clause (g) of SECTION 8.2, the judgment in any such action or proceeding shall
be enforceable against Borrower only to the extent of Borrower's interest in the
Mortgaged Property (including the rents, issues and profits relating thereto),
the Collateral, and any other collateral given to Lender, and Lender, by
accepting the Note, this Agreement, the Mortgage and the other Loan Documents,
agrees that it shall not sue for, seek or demand any deficiency judgment against
Borrower or its direct or indirect partners or members in any such action or
proceeding under or by reason of or in connection with the Note, this Agreement,
the Mortgage or the other Loan Documents except, to the extent permitted by
applicable law, for any deficiency judgment that shall be enforced solely
against or collected solely from the Mortgaged Property (including the rents,
issues and profits relating thereto), the Collateral, or any other collateral
given to Lender.

            8.2. LENDER'S SECURITY. Notwithstanding anything to the contrary
contained in SECTION 8.1, nothing contained in this Agreement shall be deemed to
(a) constitute a waiver, release or impairment of any obligation evidenced or
secured by any of the Loan Documents; (b) impair the right of Lender to name
Borrower as a party defendant in any action or suit for foreclosure and sale
under the Mortgage; (c) affect the validity or enforceability of the
Environmental Indemnity Agreement or the Guaranty or any of the rights and
remedies of

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<Page>

Lender thereunder; (d) impair the right of Lender to obtain the appointment of a
receiver; (e) impair the enforcement of the Assignment of Leases; (f) constitute
a prohibition against Lender to seek a deficiency judgment against Borrower in
order to fully realize the security granted by the Mortgage or to commence any
other appropriate action or proceeding in order for Lender to exercise its
remedies against the Mortgaged Property; or (g) constitute a waiver of the right
of Lender to enforce the liability and obligation of Borrower (but not its
limited partners), by money judgment or otherwise, to the extent of any loss,
damage, cost, expense, liability, claim or other obligation incurred by Lender
(including attorneys' fees and costs reasonably incurred), but excluding
consequential damages, arising out of or in connection with (but only to the
extent of) the following:

                  (i) fraud, gross negligence or willful misconduct by
      Borrower in connection with the Loan;

                  (ii) the misappropriation by Borrower of any Proceeds, rents,
      issues or profits relating to the Leased Premises or other revenues from
      the Leased Premises, except to the extent such funds are applied to the
      payment of operating expenses of the Leased Premises or to pay amounts due
      under the Loan Documents; and

                  (iii) the amount of any security deposits collected with
      respect to the Leased Premises which are not delivered to Lender upon a
      foreclosure of the Mortgaged Property or action in lieu thereof, except to
      the extent any such security deposits were applied in accordance with the
      terms and conditions of any of the Leases or pursuant to applicable law
      prior to the occurrence of the Event of Default that gave rise to such
      foreclosure or action in lieu thereof.

Notwithstanding anything to the contrary in this Agreement or any of the Loan
Documents, Lender shall not be deemed to have waived any right which Lender may
have under SECTION 506(a), 506(b), 1111(b) or any other provision of the
Bankruptcy Code to file a claim for the full amount of the Indebtedness secured
by the Mortgage or to require that all collateral shall continue to secure all
of the Indebtedness owing to Lender in accordance with the Loan Documents.

      9.    MISCELLANEOUS.

            9.1. TRUSTEE. Lender shall have the right without the consent of
Borrower to enter into a servicing agreement with the Trustee, pursuant to which
the Trustee shall be appointed to service and administer the Loan, in accordance
with the terms hereof. Notwithstanding the foregoing, so long as an Event of
Default shall not have occurred and be continuing, Borrower may, from time to
time, request Lender to consider the appointment of a successor Trustee for
cause or without cause. Trustee may receive, hold, disburse, and otherwise
administer any funds otherwise contemplated by the Loan Documents to be
received, held, disbursed and otherwise administered by Lender. Lender shall
promptly notify Borrower if Lender shall elect to so appoint the Trustee, and
thereafter all notices and other communications from Borrower to Lender shall be
delivered to the Trustee with a copy concurrently delivered to Lender, and any
notice, direction or other communication from the Trustee to Borrower shall

                                       50
<Page>

have the same force and effect as a notice, direction or communication from
Lender. Borrower shall be solely responsible for the fees of the Trustee.

            9.2. TERM OF AGREEMENT. This Agreement shall continue in full force
and effect, and the security interests granted hereby and the duties, covenants
and liabilities of Borrower hereunder and all the terms, conditions and
provisions hereof relating thereto shall continue to be fully operative until
the Note has been paid in full and all Obligations of Borrower and, at Lender's
option, all duties and responsibilities to Lender arising from the Loan
Documents have been paid or satisfied in full. Wherever the Loan Documents refer
to the "term" of the Loan or of the Loan Documents, such reference shall be
deemed to refer to the period from the Closing Date until this Agreement has
terminated pursuant to the preceding sentence.

            9.3. EFFECTIVENESS OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made by Borrower in the Loan Documents, and in
any certificate or other instrument delivered by Borrower or on its behalf
pursuant to this Agreement or any other Loan Document, shall survive, and
continue in effect following, the execution and delivery of this Agreement and
the Note, the expiration or other termination of this Agreement and the
surrender of possession of the Collateral to Lender or as Lender may direct,
irrespective of any investigation made by Lender or on its behalf.

            9.4. EXPENSES AND ATTORNEYS' FEES.

                  9.4.1. CLOSING COSTS. Regardless of whether the transactions
contemplated by this Agreement are consummated or completed, Borrower shall pay
all reasonable, out-of-pocket third party closing expenses and expenses incurred
in carrying out its obligations under this Agreement and any Loan Document,
including the fees and disbursements of its counsel, all costs of title
insurance, all costs to prepare and record documents and instruments required by
this Agreement, all Transaction Taxes relating to the Loan or the Loan
Documents, and all reasonable fees of engineers and other consultants engaged by
Lender.

                  9.4.2. POST CLOSING COSTS. If, at any time or times,
regardless of the existence of an Event of Default, Lender shall employ counsel,
engineers, or other advisors for advice or other representation or shall incur
reasonable legal or other costs and expenses in connection with:

                          9.4.2.1. MODIFICATIONS. Any amendment, modification,
or waiver, or consent with respect to, any of the Loan Documents, or the
processing of any request to approve any matter that requires Lender's approval.

                          9.4.2.2. DISPUTES. Any litigation, contest, dispute,
suit, proceeding or action (whether instituted by Lender, Borrower or any other
Person) in any way relating to the Leased Premises, Borrower, any Affiliate of
Borrower, any of the Loan Documents or any other agreements to be executed or
delivered in connection herewith;

                          9.4.2.3. ENFORCEMENT. Any attempt to enforce any
rights of Lender against Borrower or any other Person that may be obligated to
Lender by virtue of any of the Loan Documents;

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<Page>

                          9.4.2.4. ADVICE. The obtaining by Lender of any advice
in connection with the administration of the Loan or Lender's rights under the
Loan Documents,

                          9.4.2.5. COLLATERAL. Any attempt to verify, protect,
collect, sell, liquidate or otherwise dispose of the Leased Premises; or

                          9.4.2.6. REMEDIES AND COLLECTIONS. Any other exercise
of remedies, collection of amounts due under any of the Loan Documents, or
protection of the security for the obligations, or the enforcement of any
covenant or agreement by Borrower, under the Note or other Loan Documents,

then, and in each and any such event, the reasonable attorneys' and other
parties' fees arising from such services, including those of any trial court
proceedings, appellate proceedings, bankruptcy proceedings, arbitration
proceedings and mediation proceedings and all reasonable expenses, costs,
charges and other fees incurred by such counsel and others in any way or respect
arising in connection with or relating to any of the events or actions described
in this Section shall be payable, on demand, by Borrower to Lender and shall be
additional Obligations. Without limiting the generality of the foregoing, such
reasonable expenses, costs, charges and fees may include: paralegal fees, costs
and expenses; accountants' fees, costs and expenses; expert witness fees and
appraisers' fees; court costs and expenses; photocopying and duplicating
expenses; court reporter fees, costs and expenses; telephone charges; air
express charges; secretarial overtime charges; and expenses for travel, lodging
and food paid or incurred in connection with the performance of such legal
services. All such costs, charges, expenses and fees shall be payable on demand
and subject to Late Charges.

            9.5. AGENTS, ETC. Lender may exercise any or all of Lender's rights
or remedies under the Loan Documents through any agent, representative,
designee, nominee, subsidiary, or servicer as designated by Lender from time to
time.

            9.6. NO LENDER OBLIGATIONS. Notwithstanding anything to the contrary
in any Loan Document, Borrower shall remain liable to observe and perform all
the conditions and obligations to be observed and performed by it with respect
to all Collateral, all in accordance with and pursuant to the terms and
provisions of the Collateral. Lender shall have no obligation or liability by
reason of or arising out of this Agreement or the assignment by Borrower to
Lender of the Loan and the Leased Premises pursuant to the Loan Documents.
Lender shall not be required or obligated in any manner to perform or fulfill
any of the obligations of Borrower under or pursuant to the Loan Documents, to
make any payment, to make any inquiry as to the nature or the sufficiency of any
payment received by it or the sufficiency of any performance by Borrower, or to
present or file any claim or to take any action to collect or enforce any
performance or the payment of any amounts that may have been assigned to
Borrower or to which Borrower may be entitled at any time or times.

            9.7. PARTIES. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include each of such parties
individually as well as in the aggregate and to include the successors and
assigns of each such party, and all representations, covenants, provisions and
agreements made by or on behalf of Borrower in this Agreement shall inure to the
benefit of the successors and assigns of Lender; PROVIDED, HOWEVER, that without
the

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<Page>

written consent of Lender, Borrower shall neither assign nor delegate any of its
rights, privileges or duties arising under this Agreement, other than as set
forth herein, and any such attempted or purported assignment or delegation
without such prior written consent shall be null and void AB INITIO.

            9.8. NOTICES. Unless otherwise provided for herein, all notices and
other communications required or permitted hereunder shall be in writing and
shall be deemed to have been duly given (a) when delivered, if sent by
registered or certified mail (return receipt requested), (b) when delivered, if
delivered personally, or (c) on the following Business Day, if sent by overnight
mail or overnight courier (for which purpose, "overnight" means delivery on the
next Business Day), in each case to the parties at the following addresses (or
at such other addresses as shall be specified by like notice, but Borrower shall
at all times and in all cases have the same address and the same designated
notice recipient(s), all of which may be changed simultaneously by appropriate
notice):

                  9.8.1. LENDER. If to Lender, at:

                        See Preamble (Opening Paragraph) of this Agreement

                        with a copy to:

                        Wells Fargo Bank Northwest, N.A.
                        79 South Main Street
                        Salt Lake City, Utah 84111
                        Attention:  Corporate Trust Services

                  9.8.2. BORROWER. If to Borrower, at:

                        See Preamble (Opening Paragraph) of this Agreement

                        with a copy to:

                        Latham & Watkins
                        885 Third Avenue, Suite 1000
                        New York, New York 10022
                        Attention: William Voge, Esq.

The giving of any notice required hereunder may be waived in writing by the
party entitled to receive such notice. Failure or delay in delivering copies of
any notice, demand, request, consent, approval, declaration or other
communication within any corporation or firm to the persons designated to
receive copies thereof shall in no way adversely affect the effectiveness of
such notice, demand, request, consent, approval, declaration or other
communication.

            9.9. ENTIRE AGREEMENT; AMENDMENTS. This Agreement, including all
Loan Documents, and all Exhibits and Schedules to the foregoing, and other
agreements referred to herein and therein, constitute the entire agreement
between and among the parties hereto relating to the subject matter hereof,
incorporate or rescind all prior agreements and understandings between and among
the parties hereto relating to the subject matter hereof, cannot be changed or

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<Page>

terminated orally, and shall be deemed effective as of the date executed and
delivered both by Lender and by Borrower. No amendment or waiver of any
provision of this Agreement, the Note or any related document shall be effective
unless the same shall be in writing and signed by the party against whom such
amendment or waiver is to be enforced, and then such waiver and consent shall be
effective only in the specific instance and for the specific purpose for which
given.

            9.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE
INTERNAL LAWS (AND NOT THE LAWS RELATING TO CONFLICT OF LAWS) OF THE STATE OF
NEW YORK, EXCEPT TO THE EXTENT THAT THE SAME MAY BE SUPERSEDED BY FEDERAL LAW;
PROVIDED HOWEVER, THAT WITH RESPECT TO THE PROVISIONS HEREIN THAT RELATE TO THE
PERFECTION, PRIORITY OR ENFORCEMENT OF LIENS ON THE LEASED PREMISES, THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE JURISDICTION IN WHICH THE LEASED
PREMISES IS LOCATED.

            9.11. INDEMNIFICATION.

                  9.11.1. BROKERAGE. Borrower agrees to indemnify, defend and
save harmless each Indemnified Party, from and against any and all loss,
liability, expense or damage of any kind or nature and from any suits, claims,
or demands, including legal fees and expenses on account of brokerage
commissions or finder's fees claimed by any broker or other party in connection
with the transactions contemplated hereby arising by reason of Borrower's
actions.

                  9.11.2. GENERALLY. To the fullest extent permitted by law,
Borrower agrees to indemnify, protect, hold harmless and defend Lender from and
against any and all losses, liabilities, suits, actions, obligations, fines,
damages, judgments, penalties, claims, causes of action, charges, costs and
expenses (including reasonable attorneys' fees, disbursements and court costs
prior to trial, at trial and on appeal) which may be imposed on, incurred or
paid by, or asserted against Lender by reason or on account of, or in connection
with, (i) any willful misconduct of Borrower or any Event of Default hereunder,
(ii) the construction or alteration of the Leased Premises, (iii) any negligence
of Borrower or any tenant of the Leased Premises or any part thereof, or any of
their respective agents, contractors, subcontractors, servants, directors,
officers, employees, licensees or invitees, or (iv) any accident, injury, death
or damage to any person or property occurring in, on or about the Leased
Premises or any street, drive, sidewalk, curb or passageway adjacent thereto.
Any amount payable to Lender under this Section shall be due and payable upon
demand therefor and receipt by Borrower of a statement from Lender setting forth
in reasonable detail the amount claimed and the basis therefor. Borrower's
obligations under this Section shall not be affected by the absence or
unavailability of insurance covering the same or by the failure or refusal of
any insurance carrier to perform any obligation on its part under any such
policy of insurance. If any claim, action or proceeding is made or brought
against Lender, its officers, agents or employees by reason of any of the
matters set forth in this Section, and provided Borrower is given prompt written
notice thereof, Borrower shall defend the Lender by counsel reasonably
acceptable to the Lender, and "attorneys' fees" shall include both reasonable
attorneys' fees and paralegals' fees and expenses. In the event the Borrower
shall fail to protect and defend the Lender, its officers, agents or employees
as required pursuant to this Section, then the Lender may undertake to protect
and defend itself, its officers,

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<Page>

agents or employees and the Borrower shall pay to the Lender, upon demand, all
costs and expenses incurred by the Lender in connection therewith, including
without limitation, all such attorneys' fees and disbursements. The obligations
on the part of Borrower contained in this Section shall survive the payment in
full of the Loan. The foregoing provisions of this Section to the contrary
notwithstanding, Borrower shall not be liable for any loss or damage if and to
the extent caused by or resulting from the gross negligence, willful misconduct
or intentional breach by Lender.

            9.12. JURY TRIAL WAIVER, JURISDICTION.

                  9.12.1. JURY TRIAL. BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY
IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE THAT MAY ARISE OUT OF THIS
AGREEMENT, THE COLLATERAL OR ANY MATTER RELATED THERETO OR BY REASON OF ANY
OTHER CAUSE OR DISPUTE OF ANY KIND OR NATURE BETWEEN BORROWER AND LENDER.

                  9.12.2. NEW YORK JURISDICTION. Borrower and Lender hereby
agree that any state or federal court sitting in the County of New York, State
of New York shall have nonexclusive jurisdiction to hear and determine any
claims or disputes between Borrower and Lender pertaining directly or indirectly
to this Agreement or to any matter arising therefrom. Borrower expressly submits
and consents in advance to such jurisdiction in any action or proceeding
commenced in such courts, hereby waiving personal service of the summons and
complaint, or other process or papers issued therein, and agreeing that service
of such summons and complaint, or other process or papers, may be made by
registered or certified mail addressed to Borrower at the address of Borrower
set forth in this Agreement, with simultaneous copies by the same means to those
persons entitled to receive copies of notices under this Agreement. Should
Borrower fail to appear or answer any summons, complaint, process or papers so
served within 30 days after the mailing thereof, it shall be deemed in default
and an order or judgment may be entered against it as demanded or prayed for in
such summons, complaint, process or papers. The choice of forum set forth in
this paragraph shall not be deemed to preclude the enforcement of any judgment
obtained in such forum or the taking of any action under this Agreement to
enforce the same in any appropriate jurisdiction. To the extent that Borrower or
any Member thereof has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or
otherwise), with respect to Borrower's or any Member's property, Borrower and
each Member thereof hereby unconditionally and irrevocably waives such immunity
in respect of its obligations under this Agreement, the Note and/or the Loan
Documents. The foregoing consent, in advance, to the jurisdiction of the above
mentioned courts is a material inducement for Lender to make the Loan. Each
Member of Borrower, by executing the Note and this Agreement, unconditionally
and irrevocably consents to and ratifies the terms of this paragraph.

            9.13. CONFLICTS. In the event of any conflict between the provisions
of this Agreement and those of any of the other Loan Documents, other than the
Note, or any other

                                       55
<Page>

agreement relating to the Loan, the provisions of this Agreement shall govern,
except as otherwise indicated herein.

            9.14. DATE OF PERFORMANCE. If the date for the performance of any
term, provision or condition (monetary or otherwise) under this Agreement or the
other Loan Documents shall happen to fall on a day that is not a Business Day,
then the date for the performance of such term, provision or condition shall be
extended to the next succeeding Business Day immediately thereafter occurring,
with interest on the Principal Amount at the Interest Rate provided in this
Agreement to such next succeeding Business Day if such term, provision or
condition shall result in the extension of any monetary payment due to Lender.
Notwithstanding the foregoing, this paragraph does not modify the definition of
Payment Date.

            9.15. NO WAIVER; REMEDIES. No failure on the part of Lender to
exercise, and no delay by Lender in exercising, any right under this Agreement,
the Note or any other Loan Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any right under this Agreement or any related
document preclude any other or further exercise thereof or the exercise of any
other right. The remedies provided in this Agreement, the Note and the Loan
Documents are cumulative and not exclusive of any remedies provided by law.

            9.16. SEVERABILITY. Whenever possible, each provision of this
Agreement and the Loan Documents shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement
or the Loan Documents shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement and the Loan Documents, and the parties
shall endeavor to agree upon a replacement provision having an economic effect
substantially equivalent to that of the provision that was ineffective or
invalid.

            9.17. INJUNCTIVE RELIEF. Borrower recognizes that, in the event
Borrower fails to perform, observe or discharge any of its obligations or
liabilities under this Agreement, any remedy at law may prove to be inadequate
relief to Lender; therefore, Borrower agrees that Lender, if Lender so requests,
shall be entitled to temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages.

            9.18. RELATIONSHIP OF PARTIES.

                  9.18.1. LENDER'S ROLE. This Agreement provides for the making
of a loan by Lender, in its capacity as a lender, to Borrower, in its capacity
as a borrower, and for the payment of interest and repayment of principal by
Borrower to Lender. The relationship between Lender and Borrower is limited to
that of creditor/secured party and debtor/borrower. The provisions herein for
delivery of financial statements are intended solely for the benefit of Lender
to protect its interests as creditor in assuring payments of interest and
repayment of principal, and nothing contained in this Agreement shall be
construed as permitting or obligating Lender to act as a financial or business
advisor or consultant to Borrower, as permitting or obligating Lender to control
Borrower or to conduct Borrower's operations, as creating any fiduciary
obligation on the part of Lender to Borrower or as creating any joint venture,
partnership, agency, or other relationship between the parties hereto other than
as explicitly and

                                       56
<Page>

specifically stated in this Agreement. Borrower acknowledges that it has had the
opportunity to obtain the advice of experienced counsel of its own choosing in
connection with the negotiation and execution of this Agreement and to obtain
the advice of such counsel with respect to all matters contained herein,
including the provisions in this Agreement relating to waiver of trial by jury
and choice of forum. Borrower further acknowledges that it is experienced with
respect to financial and credit matters and has made its own independent
decision to apply to Lender for credit and to execute and deliver this
Agreement.

                  9.18.2. NO PARTNERSHIP. In no event shall Lender be considered
a partner or joint venturer with Borrower by virtue of making the Loan, entering
into this Agreement, accepting the Note, or any of the other Loan Documents or
accepting payments thereunder or exercising any rights thereunder. Nothing
contained in this Agreement or any other Loan Document is intended, nor shall it
be construed, to render either Borrower or Lender liable or responsible for the
debts or obligations of the other. Lender's rights of approval, prior consent,
comment or review set forth in this Agreement or any other Loan Documents are
provided solely for the purpose of protecting Lender's security interest in its
lien upon the Collateral and to assure Lender that it shall receive accurate and
fair payment of all principal and interest payable to it. All conditions to the
obligations of Lender set forth in this Agreement and all Loan Documents and all
rights of Lender set forth herein are imposed solely and exclusively for the
benefit of Lender and its assigns and no other person shall have standing to
require satisfaction of such conditions in accordance with their terms or be
entitled to assume that Lender shall enforce any of its rights hereunder. Any or
all of such conditions and rights may be freely waived in whole or in part by
Lender at any time if in its sole discretion Lender considers it advisable to do
so. Without limitation of the foregoing, Lender is not and shall not be
considered such a partner or joint venturer on account of Lender becoming a
mortgagee in possession or exercising any other remedial rights under this
Agreement or any Loan Document or available at law or in equity.

            9.19. REGULATORY REQUIREMENTS. Borrower shall, from time to time,
deliver such documents, information, certificates, consents, forms and other
items, in form and substance reasonably satisfactory to Borrower, as shall be
reasonably necessary from time to time to enable Lender to comply with any and
all regulatory requirements of any Governmental Authority to which Lender is
subject.

            9.20. INTERPRETATION. This Agreement shall not be interpreted "for"
or "against" either party, both parties recognizing that this Agreement has been
reviewed and negotiated by sophisticated business persons represented by
competent counsel. All section headings have been inserted for convenience of
reference only and shall not affect any construction or interpretation of this
Agreement. All exhibits attached to this Agreement are incorporated by reference
in, and made a part of, this Agreement. Wherever this Agreement refers to any
document, such reference shall refer to such document together with all
amendments, modifications, extensions, renewals, restatements, refinancings,
replacements, and substitutions thereof, except (at Lender's option) any of the
foregoing that are not expressly permitted by the Loan Documents or otherwise do
not comply with the Loan Documents. Terms defined in the plural or the singular
may be used in the singular or the plural and shall have the same meaning in
either case, all in accordance with normal principles of English grammar. Words
such as "include," "including," and "such as" shall

                                       57
<Page>

be interpreted in each case as if followed by the words "without limitation,"
except where the context clearly requires otherwise.

            9.21. CONSENT. If Borrower shall seek the approval by or consent of
Lender under any Loan Document and Lender shall fail or refuse to give such
consent or approval, Borrower shall not be entitled to any damages for any
withholding or delay of such approval or consent by Lender, it being intended
that Borrower's sole remedy shall be to bring an action for an injunction or
specific performance which remedy for injunction or specific performance shall
be available only in those cases where Lender has expressly agreed in any Loan
Document not to unreasonably withhold or delay its consent or approval.

            9.22. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

            9.23. WAIVER OF COUNTERCLAIMS. Borrower hereby waives the right to
assert any counterclaim in any action or proceeding brought against it by
Lender.

            9.24. OFFSETS, COUNTERCLAIMS, AND DEFENSES. Any assignee of Lender's
interest in and to this Agreement, the Note, the Mortgage and the other Loan
Documents shall take the same free and clear of all offsets, counterclaims or
defenses that are unrelated to this Agreement, the Note, the Mortgage and the
other Loan Documents that Borrower may otherwise have against any assignor or
this Agreement, the Note, the Mortgage and the other Loan Documents, and no such
unrelated counterclaim or defense shall be interposed or asserted by Borrower in
any action or proceeding brought by any such assignee upon this Agreement, the
Note, the Mortgage and other Loan Documents and any such right to interpose or
assert any such unrelated offset, counterclaim or defense in any such action or
proceeding is hereby expressly waived by Borrower.

            9.25. ESTOPPEL CERTIFICATES. Borrower and Lender shall at any time
and from time to time upon not less than 10 days' prior written notice by Lender
or Borrower, as applicable, execute, acknowledge and deliver to the party
specified in such notice, a statement, in writing, certifying that this
Agreement is unmodified and in full force and effect (or if there have been
modifications, that the same, as modified, is in full force and effect and
stating the modifications hereto); stating whether or not, to the knowledge of
such party, any Default or Event of Default has occurred and is then continuing,
and, if so, specifying each such Default or Event of Default; and setting forth
such other information and confirmations as the requesting party shall
reasonably require.

            9.26. USURY SAVINGS. Notwithstanding anything in this Agreement or
in any other Loan Document to the contrary, no provision of this Agreement or of
any Loan Document shall require the payment, or permit the collection, of
interest or fees to the extent that receipt of such interest or fees would be
contrary to the provisions of any applicable law limiting the maximum rate of
interest or fees that may be charged or collected by Lender or cause Lender to
collect interest in excess of the Usury Limit. To the extent that Borrower shall
have made interest payments, and Lender shall have inadvertently accepted
interest payments in excess of

                                       58
<Page>

the amount permitted by law, the amount of the excess shall be applied by Lender
as an optional prepayment of principal of the Loan. It is the express intent of
the parties hereto that Borrower not pay and Lender not receive, directly or
indirectly, interest in excess of the Usury Limit. All sums paid, or agreed to
be paid, by Borrower for the use, forbearance, detention, taking, charging,
receiving or reserving of the Obligations evidenced hereby shall, to the maximum
extent permitted by applicable law, be amortized, prorated, allocated and spread
throughout the full term of the Loan until payment in full so that the rate or
amount of interest on account of such Obligations does not exceed the Usury
Limit from time to time in effect and applicable to such Obligations for so long
as such Obligations is outstanding.

            9.27. SALE OR ASSIGNMENT BY LENDER. At any time, Lender (a) may
sell, assign or transfer all or a portion of its rights and obligations under
this Agreement, and (b) participate or syndicate all or any portion of the Loan
with other lending institutions. In addition, Lender's rights under this
Agreement shall be assignable to any Federal Reserve Bank (including as
collateral security under Regulation A and any operating circular issued by such
Federal Reserve Bank, and the Loan and the Loan Documents shall be fully
transferable as provided in such Regulation and such circulars) and as otherwise
necessary or appropriate in order to comply with the banking or other
regulations of any Governmental Authority. Borrower shall reasonably cooperate
with Lender, at Lender's expense, and sign any and all reasonably required
documents, in form and substance reasonably satisfactory to Borrower (but in no
event shall such documents increase the Obligations or decrease Lender's
obligations) (including modifications to the Loan Documents), in connection with
any potential sale, assignment, transfer, participation or syndication of all or
a portion of Lender's rights and obligations under this Agreement, provided that
no such documents shall increase the Obligations or reduce Borrower's rights or
otherwise adversely affect it.

                                       59
<Page>

            IN WITNESS WHEREOF, Borrower and Lender have entered into this
Agreement as of the Closing Date.

                                BORROWER:

                                PENN STATION LEASING, LLC,
                                a Delaware limited liability company

                                By:
                                    ---------------------------------
                                    Name:  Dale M. Stein
                                    Title: Officer

                                LENDER:
                                ------

                                A/P I DEPOSIT CORPORATION,
                                a Delaware corporation

                                By:
                                    ---------------------------------
                                    Name:
                                    Title:
<Page>

                             INDEX OF DEFINED TERMS

Accelerated Maturity Date .........................................          2
Accounting Principles .............................................          2
Accounts ..........................................................          2
Affiliate .........................................................          2
Agreement .........................................................       1, 2
Assignment of Leases ..............................................          2
Audit .............................................................         37
Bankruptcy Code ...................................................          3
Borrower ..........................................................          1
Borrower's Representative .........................................          3
Business Day ......................................................          3
Casualty ..........................................................          3
CERCLA ............................................................          5
Certificates ......................................................          3
Clean-up ..........................................................          3
Closing Date ......................................................       1, 3
Coinsurance Waiver ................................................         31
Collateral ........................................................          3
Collection Account ................................................         24
Concourse Area A ..................................................          3
Concourse Area B ..................................................          4
Condemnation Proceeds .............................................          4
Contamination .....................................................          4
Contract Interest Rate ............................................          4
Contracts .........................................................          4
Control ...........................................................          4
Correspondent Bank ................................................          4
Credit Facility ...................................................          4
Default ...........................................................          5
Default Rate ......................................................          5
Defeasance ........................................................         21
Defeasance Collateral .............................................         21
Defeasance Date ...................................................         21
Defeasance Security Agreement .....................................         21
Deposit Bank ......................................................         24
Depository Acknowledgment .........................................          5
Discounted Value ..................................................          5
Downgraded Credit Facility ........................................         23
Environmental Assessment Report ...................................          5
Environmental Indemnity Agreement .................................          5
Environmental Laws ................................................          5
Equipment .........................................................          6
Equity Interests ..................................................          6
ERISA .............................................................          6
Event of Default ..................................................         43
Externally Caused Prepayment ......................................          6
Federal Reserve Board .............................................         29
FRA ...............................................................          6
Fund ..............................................................         12
General Intangibles ...............................................          6
General Taxes .....................................................         20
Goods .............................................................          7
Governmental Authority ............................................          7
Guaranty ..........................................................          7
Hazardous Substances ..............................................          7
Immaterial Loss Threshold .........................................          7
include ...........................................................         57
including .........................................................         57
Indebtedness ......................................................          7
Indemnified Party .................................................          7
Insolvency Event of Default .......................................         43
Insolvency Laws ...................................................          8
Instruments .......................................................          8
Insurance Proceeds ................................................          8
Interest Rate .....................................................          8
Inventory .........................................................          8
Landlord ..........................................................          8
Late Charge .......................................................          8
Leased Premises ...................................................          8
Leases ............................................................          8
Leasing Guidelines ................................................          8
Lender ............................................................          1
Lender's Engineer .................................................          9
Loan ..............................................................       1, 9
Loan Amount .......................................................       1, 9
Loan Documents ....................................................          9
Major Casualty ....................................................          9
Major Contract ....................................................          9
Major Lease .......................................................   6, 9, 12
Make-Whole Premium ................................................          9
Material Adverse Effect ...........................................         10
Material Litigation ...............................................         10
Maturity Date .....................................................         10
Member ............................................................         10
Minor Lease .......................................................         10
Mortgage ..........................................................      1, 10
Mortgaged Property ................................................         10
Mortgaged Property Release ........................................         21
New Lease .........................................................         10
New Tenant ........................................................         10
Northeast Corridor Business and Assets ............................         10
Note ..............................................................      1, 10
Obligations .......................................................         10
Organizational Agreement ..........................................         11
Payment Date ......................................................         11
Payment Priority Exceptions .......................................         18
Permitted Encumbrances ............................................         11
Permitted Indebtedness ............................................         11
Permitted Investments .............................................         11
Person ............................................................         12
Plan ..............................................................         12
Principal Amount ..................................................         12
Proceeds ..........................................................         13
Projected Restoration Date ........................................         13
Protective Advance ................................................         13
Rating Agencies ...................................................         13
Rating Agency Confirmation ........................................         13
RCRA ..............................................................          6
Regulatory Actions ................................................         13
Reinvestment Yield ................................................         13
Release ...........................................................         14
Remaining Average Life ............................................         14
Rent Roll .........................................................         14
Required Restoration Fund Balance .................................         14
Reserve Account ...................................................         14
Restoration .......................................................         14
Restoration Cost ..................................................         14
Restoration Fund ..................................................         14
Restrictive Covenants .............................................         38
Scheduled Defeasance Payments .....................................         21
Scheduled Maturity Date ...........................................         14
Security Documents ................................................         14
Single-Purpose Entity .............................................         15
SNDA ..............................................................         15
SPE Covenants .....................................................         15
State .............................................................         16
such as ...........................................................         57
Taking ............................................................         16
Taxes .............................................................         20
Third Party Claims ................................................         16
Title Company .....................................................         16
Title Policy ......................................................         16
Transaction Taxes .................................................         20
Transfer Prohibition ..............................................         38
Trustee ...........................................................         16
UCC ...............................................................         17
Usury Limit .......................................................         17

                                       ii
<Page>

                                    EXHIBIT A

                           DESCRIPTION OF PRIME LEASE

That certain Prime Lease, dated as of the date hereof, by and between National
Railroad Passenger Corporation, as landlord, and Penn Station Leasing, LLC, as
tenant.
<Page>

                                    EXHIBIT B

                                    RENT ROLL
                                 (See Next Page)
<Page>

                                    EXHIBIT C

                         REQUIRED AMORTIZATION PAYMENTS
                                 (See Next Page)
<Page>

                                    EXHIBIT D

                      FORM OF IRREVOCABLE DIRECTION LETTER
                                 (See Next Page)
<Page>

                          IRREVOCABLE DIRECTION LETTER

                            Penn Station Leasing, LLC
                  c/o National Railroad Passenger Corporation
                          60 Massachusetts Avenue, N.E.
                             Washington, D.C. 20002

                                _______ ___, 200_

CERTIFIED MAIL
RETURN RECEIPT REQUESTED

[Tenant name]
-------------------------

-------------------------

-------------------------

      Re:  PAYMENT OF RENT DIRECTLY INTO COLLECTION ACCOUNT
           ------------------------------------------------

Dear Tenant:

            Please be advised that on and after the date hereof, all rental
payments under your lease for a portion of the premises located at Pennsylvania
Station, New York, New York, shall be made by mail, postage pre-paid, addressed
in one of the following manners:

            US MAIL INSTRUCTIONS:

            ----------------------

            ----------------------

            ----------------------

            ----------------------

            OVERNIGHT MAIL INSTRUCTIONS:

            ----------------------

            ----------------------

            ----------------------

            ----------------------

            OR WIRING INSTRUCTIONS:

            ----------------------

            ----------------------

            ----------------------

            ----------------------
<Page>

            This notice may not be revoked, modified or cancelled in any way,
and any purported revocation, modification or cancellation shall be null, void
and of no force or effect, unless accompanied by written confirmation and
approval signed by A/P I Deposit Corporation ("LENDER"), as lender, or its
successors or assigns under that certain Loan and Security Agreement, dated as
of June __, 2001, by and between the undersigned and Lender.

                                    Very truly yours,

                                    PENN STATION LEASING, LLC, a Delaware
                                    limited liability company

                                        By:
                                            ----------------------------------
                                            Name:
                                            Title:

RECEIPT ACKNOWLEDGED AND TERMS
AGREED TO BY:
[Name of Tenant]

By: ______________________________
    Name: ________________________
    Title: _______________________

                                       ii

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