Document:

Exhibit 10.24

 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

Reference is made to that
certain Loan and Security Agreement dated as of March 22, 2007 (the “Loan
and Security Agreement”) between the undersigned Primoris Corporation (the “Borrower”)
and LaSalle Bank National Association (the “Bank”). All capitalized terms used
herein without definition shall have the same meanings herein as those terms
have in the Loan and Security Agreement. The Borrower and Bank hereby amend the
Loan and Security Agreement as set forth below.

 

	
  1.

  	
  The definition of “Pledge
  Agreements” in Section 1.1 of the Loan and Security Agreement is hereby
  deleted in its entirety.

  
	
   

  	
   

  
	
  2.

  	
  Section 3.2(a) of the Loan
  and Security Agreement is hereby deleted in its entirety.

  
	
   

  	
   

  
	
  3.

  	
  Section 3.2(b) of the Loan
  and Security Agreement is hereby deleted in its entirety.

  
	
   

  	
   

  
	
  4.

  	
  The current Section 3.2(c)
  of the Loan and Security Agreement shall be renumbered as Section 3.2(b) of
  the Loan and Security Agreement.

  
	
   

  	
   

  
	
  5.

  	
  The current Section 3.2(d)
  of the Loan and Security Agreement shall be renumbered as Section 3.2(b) of
  the Loan and Security Agreement.

  
	
   

  	
   

  
	
  6.

  	
  Section 6.1(c) of the Loan
  and Security Agreement is hereby deleted in its entirety.

  
	
   

  	
   

  
	
  7.

  	
  Section 6.2 of the Loan
  and Security Agreement is hereby deleted and the following is inserted
  therefore:

  
	
   

  	
   

  
	
   

  	
  6.2   Other
  Collateral. In addition, to the extent required by the Bank per Section 8.20
  and Section 12.5(j) hereof, the Obligations are also secured by the Control
  Agreements.

  
	
   

  	
   

  
	
  8.

  	
  Section 8.25 of the Loan
  and Security Agreement is hereby deleted in its entirety.

  

 

Except as specifically
amended herein, the Loan and Security Agreement shall continue in full force
and effect in accordance with its original terms. Reference to this specific
Amendment need not be made in the Loan and Security Agreement or in any other
instrument or document executed in connection therewith, any reference in any
such items to the Loan and Security Agreement being sufficient to refer to the
Loan and Security Agreement as amended hereby.

 

This Amendment may be
executed in counterpart, and by facsimile and by the different parties on
different counterpart signature pages, which taken together shall constitute
one and the same Agreement. This Amendment shall be governed by internal laws
of the State of Illinois.

 

 

Dated as of this 5th day of August,
2007

 

	
   

  	
  LA
  SALLE BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George Linhart

  
	
   

  	
   

  	
  George Linhart

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PRIMORIS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ A. Theeuwes

  
	
   

  	
   

  	
  A. Theeuwes

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief Financial Officer

  

 

2Exhibit 10.25

 

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

Reference is made to that
certain Loan and Security Agreement dated as of March 22, 2007 (the “Loan
and Security Agreement”) between the undersigned Primoris Corporation (the “Borrower”)
and LaSalle Bank National Association (the “Bank”). All capitalized terms used
herein without definition shall have the same meanings herein as those terms
have in the Loan and Security Agreement. The Borrower and Bank hereby amend the
Loan and Security Agreement as set forth below.

 

1.    The
definition of “Change in Control” in Section 1.1 of the Loan and Security
Agreement is hereby deleted and the following is inserted therefore:

 

“ Change in Control”
shall mean if Brian Pratt shall cease to own and control, directly or
indirectly, at least 25% of the outstanding Capital Securities of the Borrower.
For the purpose hereof, the terms “control” or “controlling” shall mean the
possession of the power to direct, or cause the direction of, the management
and policies of the Borrower by contract or voting of securities or ownership
interests.

 

2.    Section 10.1
of the Loan and Security Agreement is hereby deleted in its entirety and the
following is inserted therefore:

 

Tangible Net Worth. As of the end
of each of its fiscal quarters, the Borrower shall maintain Tangible Net Worth
in an amount not less than Thirty-Five Million and 00/100 Dollars
($35,000,000.00). The Tangible Net Worth shall be reset annually commencing
with the Fiscal Year ending December 31, 2009 to increase by Forty Percent
(40%) of the prior Fiscal Year’s Net Income. Investments in any Subsidiary,
Affiliate and third party entity, which is not either (a) Born Heaters
Canada, or (b) a Guarantor, in excess of Ten Million and 00/100 Dollars
($10,000,000.00) shall be deducted from Tangible Net Worth.

 

3.    The first
sentence only of Section 10.4 of the Loan and Security Agreement is hereby
deleted and the following is inserted therefore:

 

The Borrower shall not incur
Capital Expenditures in an amount greater than Twelve Million and 00/100
Dollars ($12,000,000.00) for Fiscal Year 2008 and Eight Million and 00/100
Dollars ($8,000,000.00) for Fiscal Year 2009.

 

4.    The Bank
hereby waives Section 9.4(a) of the Loan and Security Agreement and
consents to the merger (the “Merger”) between the Borrower and Rhapsody
Acquisition Corp. with the surviving entity to be called “Primoris Corporation.”
The Bank’s waiver of Section 9.4(a) of the Loan and Security
Agreement applies to the Merger only and does not constitute a future waiver of
any other merger or consolidation, purchase or other acquisition as described
in Section 9.4(a) of the Loan and Security Agreement. The Bank
further consents to the Borrower’s distribution prior to the Merger of up to
Fifty Million and 00/100 Dollars ($50,000,000.00) of cash to existing
shareholders of the Borrower.

 

 

Except as specifically
amended herein, the Loan and Security Agreement shall continue in full force
and effect in accordance with its original terms. Reference to this specific
Amendment need not be made in the Loan and Security Agreement or in any other
instrument or document executed in connection therewith, any reference in any
such items to the Loan and Security Agreement being sufficient to refer to the
Loan and Security Agreement as amended hereby.

 

This Amendment may be
executed in counterpart, and by facsimile and by the different parties on
different counterpart signature pages, which taken together shall constitute
one and the same Agreement. This Amendment shall be governed by internal laws
of the State of Illinois.

 

Dated as of this 11th day of July, 2008

 

	
   

  	
  LA
  SALLE BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Peterson

  
	
   

  	
   

  	
  Brian Peterson

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PRIMORIS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Schauerman

  
	
   

  	
   

  	
  John P. Schauerman

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Senior Vice President

  

 

2Exhibit 10.1

 

AGREEMENT OF PURCHASE AND SALE

 

THIS AGREEMENT is made and entered into as of this 30th day of July,
2010 (the “Effective Date”), by and between EAST WINDSOR
LIMITED PARTNERSHIP, LLC, a Delaware limited liability company with
an office and principal place of business c/o WRT
MANAGEMENT, INC., with an office and principal place of
business at One Main Street, Whitinsville, MA 01588 (hereinafter referred to as
“Seller”) and SPECIALIZED TECHNOLOGY RESOURCES, INC.,
a Delaware corporation with an office and principal place of business at 10
Water Street, Enfield, CT  06067
(hereinafter referred to as “Buyer”).

 

W I T
N E S S E T H:

 

1.             The Premises.  Reference is made to that certain piece or
parcel of land with a property address of 18 Craftsman Road, East Windsor,
Connecticut, containing, in all, approximately 40.24 acres of land, more or
less, which piece of parcel is shown and designated as Lot 4 on a certain map
or plan entitled “Resubdivision Plan 6 Lot Industrial Subdivision Newberry Road
and Craftsman Road East Windsor, Connecticut Assessor’s Map 15 Blk 19 Lot 12
Zone M-1” prepared by J.R. Russo & Associates, which map or plan is on
file at the office of the East Windsor Town Clerk as Map #3794  (the “Real Property”), as improved by a
commercial warehouse building containing, in all, approximately two hundred
seventy five thousand (275,000) square feet (the “Building”).  Upon and subject to the terms and conditions
set forth in this Agreement, Seller shall sell to Buyer, and Buyer shall
purchase from Seller, all of Seller’s right, title and interest in and to the
Real Property and the Building, more particularly described as set forth below,
and together with the following:

 

(a)           The fee interest of Seller
in the Real Property and the Building;

 

(b)           Any and all fixtures,
easements, hereditaments, contract rights and appurtenances belonging to or
inuring to the benefit of Seller and located on or pertaining to the Real
Property and/or the Building, as applicable; and

 

(c)           An appurtenant right to be
included in the Deed (as hereinafter defined) for the use of Craftsman Road for
the purpose of access to and from the Real Property to Newberry Road and the
public portion of Craftsman Road, which appurtenant right shall continue for so
long as Craftsman Road is not a public right of way.

 

All
of the above is sometimes hereinafter collectively referred to as the “Premises”.

 

2.             Purchase Price.  Subject to adjustments as hereinafter
provided, the purchase price (the “Purchase Price”) for the Premises shall be
Four Million Nine Hundred Thousand and 00/100 Dollars ($4,900,000.00).  Such Purchase Price shall be paid by wire
transfer, bank certified check or other good and immediately available funds as
follows:

 

 

(a)           The sum of One Hundred
Thousand and 00/100 Dollars ($100,000.00) by Buyer’s check, subject to
collection, shall be deposited by Buyer with First American Title Insurance
Company, CityPlace II, 185 Asylum Street, Hartford, Connecticut 06103 (“Escrow
Agent”) upon the full execution and delivery of this Agreement (the amount set
forth in this Subsection (a) herein referred to as the “Initial Deposit”);
to be held and disbursed in accordance with the terms hereof.  If Escrow Agent requires any supplemental or
additional instructions or documents, then Seller and Buyer shall promptly
provide the same consistent with the provisions of this Agreement;

 

(b)           Buyer shall make an
additional deposit in the sum of Three Hundred Thousand and 00/100 Dollars
($300,000.00) with Escrow Agent on or prior to the expiration of the
Contingency Period (as hereinafter defined) (the amount set forth in this
Subsection (b) herein referred to as the “Additional Deposit” and the
Initial Deposit together with the Additional Deposit being herein sometimes
collectively referred to as the “Deposit”).

 

If
and to the extent that the Initial Deposit or the Additional Deposit (as
hereinafter defined) are held or maintained in an interest-bearing account with
or at the direction of the Escrow Agent, then all interest accrued, earned or credited
thereon shall be and become part of the Deposit and shall be held and disbursed
in accordance with the terms of this Agreement. 
If and to the extent any interest accrues, earned or is credited on the
Deposit, such interest shall be applied to the Purchase Price on the Closing
Date for Buyer’s benefit to the same extent that the Deposit, without any such
interest, would be so credited.

 

(c)           The balance of the Purchase
Price, or Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000.00)
subject to closing adjustments shall be paid to Seller at and upon the Closing
(as hereinafter defined) as provided for below.

 

3.             Closing.  Subject to the terms and conditions of this
Agreement, the closing and transfer of title hereunder (the “Closing”) shall
take place at the office of Buyer’s attorney, Murtha Cullina LLP, Cityplace I,
185 Asylum Street, Hartford, Connecticut or at such other place within the
County of Hartford and State of Connecticut as Buyer’s lender, if any, may
require, on or before ten (10) days following the expiration of the
Contingency Period (provided Buyer has not elected to terminate this agreement
as provided for below) as mutually agreed upon by the parties (the “Closing
Date”).  At Buyer’s sole option, Buyer
may designate an earlier  Closing Date
upon five (5) business days prior written notice to Seller.

 

4.             Contingency Period; Buyer’s
Test and Inspection Rights and Remedies.

 

(a)           Buyer shall have a period of
Sixty (60) days from and after the Effective Date hereof (the “Contingency
Period”) to perform, or cause to have performed, such non-invasive and
non-intrusive tests, inspections analyses and examinations (collectively, the “Tests
and Inspections”) as Buyer may desire to evaluate the suitability of the
Premises and the conformance of the same (including the projected economic
performance thereof) with Buyer’s expectations and requirements, including, but
not by way of limitation, the conformity of the Premises with any and all
subdivision and/or resubdivision approvals pertaining thereto as have been
granted by the Town of East Windsor, CT. 
At any time on or before the expiration of the 

 

2

 

Contingency
Period, Buyer, as its sole and exclusive remedy under this Section 4(a),
shall be entitled, by written notice to Seller, to cancel and terminate this
Agreement, for any reason or for no reason at all, by delivery of
written notice to Seller on or before the expiration of the Contingency Period
(time being of the essence).  If the
Buyer has a right to terminate this Agreement and timely an properly exercises
its termination right as provided in this Section 4(a), then, upon such
exercise, the Initial Deposit shall be returned to Buyer by Escrow Agent, Buyer
shall deliver copies of all Tests and Inspections to Seller at no cost to
Seller, and this Agreement shall be and become null and void in all respects,
and each party shall be released from any further obligation to the other
except for those obligations which by their terms survive the Closing or
termination of this Agreement.  Failure
to properly terminate in a timely fashion (time is of the essence with respect
to Buyer’s termination rights) shall be deemed satisfaction of this
contingency.

 

Such
Tests and Inspections may include, but shall not necessarily be limited to:

 

(i)            Environmental and
Structural/Building Systems Tests and Inspections.  Such non-invasive and non-intrusive
investigations of the status of the Premises (including without limitation, the
Real Property and the Building) as Buyer shall deem necessary in order to
determine (i) whether the Premises (or any property adjacent to the
Premises which may pose a threat of contamination to the Premises) contains any
hazardous, toxic or regulated materials, wastes or substances under any
applicable state or federal environmental laws or regulations, including, but
not by way of limitation, whether the Premises, or any portion thereof,
constitutes an “establishment” under the Connecticut Transfer Act; (ii) whether
the physical condition and/or characteristics (including wetlands
investigations) of the Premises are acceptable to Buyer or suitable for Buyer’s
planned uses thereof as a commercial warehouse building; (iii) the
availability, condition and capacity of all utilities (including without
limitation testing of any well and sanitary septic or sewer system serving the
Premises); (iv) the status of governmental approvals with respect to the
Premises, including zoning, subdivision and building approvals (including any
possible designation of the Premises as a non-conforming use); and (v) structural
and building system evaluations of the Building and its appurtenances and
facilities (collectively, together with any other investigations Buyer may
elect to perform, the “Tests and Inspections”).

 

Subject
to the conditions and limitations contained in this Agreement, Buyer and Buyer’s
authorized agents are hereby granted reasonable access to the Premises as shall
be necessary to perform any of the Tests and Inspections pertaining thereto,
and thereafter through the Closing on reasonable prior notice to Seller.  Buyer hereby agrees to cause completion of
any such Tests and Inspections on or before the date which is prior to the
expiration of the Contingency Period.

 

In
the event that Buyer’s environmental consultant recommends a Phase II
Environmental Site Assessment (“Phase II”) and/or Invasive Property Testing (as
hereinafter defined), Buyer shall request Seller’s consent by giving Seller at
least seventy-two (72) hours’ advance written notice of the times and dates of
its proposed entry (the “Notification”) and a detailed written description of
the purpose of the entry, the scope of Buyer’s investigation or testing and the
time periods during which it shall take place. 
Seller shall then approve or disapprove Buyer’s request, such approval
not to be unreasonably withheld, conditioned or

 

3

 

delayed.  If approved, the Contingency Period shall be
extended for an additional period to be mutually agreed upon by the parties as
deemed reasonably necessary for the completion and assessment of such
additional testing based upon the estimates of Buyer’s and Seller’s respective
environmental consultants.  “Invasive
Property Testing” would be any Tests and Inspections that would or might impact
on the physical condition of the Premises such as subsurface testing.  Buyer may not expand the scope of its
Invasive Property Testing without supplemental approval from Seller.

 

As
a condition to Buyer’s entry on the Premises, Buyer agrees (i) to procure
and maintain a policy or policies of commercial liability insurance covering
Seller for any and all claims for damage to the Premises and/or injury to
persons caused by or resulting from the performance of any environmental or
structural/building systems Tests and Inspections, in amounts reasonably
acceptable to Seller, written with a reputable insurance company licensed to do
business in the State of Connecticut, on an occurrence basis; (ii) to
repair and restore the Premises to its prior condition as shall be necessary as
a result of the performance of the Tests and Inspections; (iii) to obtain
all necessary approvals, permits and licenses, will comply with any applicable
statute, regulation or ordinance, and will conduct their Tests and Inspections
in a reasonable and workmanlike manner; (iv) to bear all costs, expenses,
liability and responsibility in connection with the undertaking of the Tests
and Inspections; (v) to provide Seller, without cost to Seller, with
copies of all documents, including maps, surveys, test results and other data
prepared for or delivered to Buyer and relating to or arising from the Tests
and Inspections and including (without limitation) any test results or results
of laboratory analysis and laboratory tests performed on any samples collected
during the Tests and Inspections and any environmental assessment reports, each
within ten (10) days after Buyer receives such materials from the parties
performing such services for Buyer and if Seller so requests (and this can be
done without extra cost to Buyer), the providers of any such maps, surveys,
test results and other reports (“Reports”) relating to or arising from the
Tests and Inspections shall certify such Reports to Seller; and (vi) to
defend, indemnify and hold Seller harmless against any and all liabilities,
losses, claims, demands, damages, assessments, costs and expenses whatsoever,
including (without limitation) reasonable attorneys and consultants fees (both
of which shall be selected by Seller in its sole discretion), and their
disbursements, resulting directly or indirectly from, arising out of, or
relating in any way to the performance of the Tests and Inspections, any
Invasive Property Testing or the presence of Buyer or its contractors,
consultants, employees, agents and subcontractors on the Premises.  The provisions of this Section shall
survive, as an independent obligation, any termination or cancellation of this
Agreement and any sale of the Premises.

 

(ii)           Premises Documentation and
Examination of Terms and Conditions.  Seller shall deliver the following
documentation relating to the Premises to the Buyer, to the extent the same are
in Seller’s possession, on or before that date which is ten (10) days
after the Effective Date: any existing plans and specifications of the
Premises, any warranties for any work or activities undertaken by Seller,
copies of any environmental reports and any traffic reports.  In addition, Seller shall authorize its
surveying/engineering firm to provide Buyer (at Buyer’s expense) with any
documentation in said firm’s possession relating to the Premises.  To the extent Seller provides Buyer with any
property information (including but not limited to any of the documentation set
forth above) Buyer acknowledges that such data and reports are provided

 

4

 

to
Buyer solely as an accommodation to Buyer and Buyer acknowledges and agrees
that (i) Seller is making no representation regarding the condition of the
Premises, environmental or otherwise, or the accuracy or completeness of the
documents or data delivered; and (ii) Buyer is not a party entitled to
rely on any such data.

 

(b)           Title and Survey.  Within thirty (30) days of the Effective Date
hereof (the “Title Examination Period”), Buyer shall perform or cause to be
performed a title examination of the Real Property and obtain, to the extent
desired by Buyer, an A-2 survey (“Buyer’s Survey”) and shall notify Seller not
later than ten (10) days after the expiration of the Title Examination
Period (the “Title Notice Period” and the Title Examination Period plus the
Title Notice Period, collectively, the “Title Contingency Period”) of any
defects in title or matters disclosed by such examination of title and/or Buyer’s
Survey by written notice to Seller which notice (“Title and Survey Notice”)
must specify the reason such matter(s) are not satisfactory and the
curative steps necessary to remove the basis for Buyer’s disapproval.  All matters to which Buyer fails to give a
Title and Survey Notice on or before the expiration of the Title Contingency
Period, or with respect to which a timely Title and Survey Notice is given but
Seller fails to undertake an express obligation to cure as hereinafter provided,
shall be deemed to be approved by Buyer and “Permitted Encumbrances” as
provided below, subject, however, to Buyer’s termination right provided
below.  Except for instruments securing
indebtedness of the Seller, Seller shall have no obligation whatsoever to
expend or agree to expend any funds, to undertake or agree to undertake any
obligations or otherwise to cure or agree to cure any title or survey
objections for which Buyer has properly and timely delivered a Title and Survey
Notice, and Seller shall not be deemed to have any obligation to cure and such
objection unless Seller expressly undertakes such an obligation by a written
notice to or written agreement with Buyer given or entered into on or prior to
that date which is ten (10) days after Seller receives a proper and timely
Title and Survey Notice and which recites that it is in response to a Title and
Survey Notice.

 

Subject
to the Buyer’s termination right as provided in this Section 4, Buyer
shall be deemed to have approved and to have agreed to purchase the Premises
subject to the following: (i) zoning and building regulations, and any and
all provisions of any ordinance, governmental regulation or public or private
law affecting the Premises; (ii) real estate taxes of the Town in which
the Premises are located and any existing municipal assessment commencing with
the payment of the taxes and/or assessment or installment thereof next coming
due following the date of Closing, which taxes and assessment(s) the Buyer
shall, by acceptance of the deed, assume and agree to pay, subject to
adjustment as hereinafter stated; (iii) any state of facts which an
accurate survey of the Premises might disclose, provided the same does not
render the title to the Premises uninsurable; (iv) any and all assessments
for any municipal improvements which may, on or after the date hereof, be
levied against or become a lien on the Premises; (v) such additional
encumbrances and exceptions to title as are set forth on Schedule A annexed
hereto and made a part hereof; and (vi) any matters disclosed, or which
should be disclosed, in the survey and title report to be obtained by Buyer
pursuant to this Section 4 below which are not objected to by Buyer prior
to the end of the Title Contingency Period described above.  All of the foregoing are referred to herein
collectively as “Permitted Encumbrances”.

 

As
to matters affecting title or survey to which Buyer timely and properly
delivers a Title and Survey Notice, the Seller shall promptly and in good faith
seek to cure the stated defect, and 

 

5

 

shall
have the right, on written notice to the Buyer on or before the Closing Date,
to an adjournment of the Closing for a period not exceeding thirty (30) days
within which to cure such stated defect. 
If the Seller shall be unable to convey title to the Buyer at the
Closing, or the adjourned closing, in accordance with the terms of this
Agreement, the Buyer shall have the option of either (i) closing the
transaction on the terms herein provided and accepting, in full satisfaction of
the Seller’s obligation hereunder, such title as the Seller can convey, subject
to such nonconformity, or (ii) cancelling this Agreement, in which event
further claims and obligations between the parties hereto by reason of this
Agreement shall be released and discharged except obligations of Buyer under Section 4(a) above,
and this Agreement shall be deemed terminated.

 

Notwithstanding
anything contained herein to the contrary, the Seller may use any part of the
Purchase Price to secure delivery of any instrument required to enable the
Seller to make conveyance as herein provided. 
If any work has been done or material furnished on the Premises at
Seller’s request (but expressly excluding Buyer’s Tests and Inspections) within
ninety (90) days prior to Closing for which a mechanic’s lien could be claimed
or filed, the Seller agrees to deliver to the Buyer at the closing evidence of
payment of such claims or absolute waivers of mechanic’s lien.  Notwithstanding any provision in this
Agreement to the contrary, in the event Seller shall be unable to obtain a
release of any existing mortgage encumbering the Premises at the time of the
closing from the lending institution holding any such mortgage, or any assignee
thereof, either because said lending institution will not release the mortgage
without first receiving payment or because the lending institution has delayed
in providing the release of mortgage, then Buyer agrees to close title
notwithstanding the absence of the release of mortgage, provided the Seller
furnishes the Buyer, at closing, with (i) a “payoff statement” from the “mortgagee”,
as said terms are defined in Section 49-8a of the Connecticut General
Statutes, (ii) a copy of the check evidencing payment in full of the
unreleased mortgage, and (iii) a letter from Seller’s attorney to Buyer
including an undertaking to forward said check to the aforementioned “mortgagee”;
and further provided that Buyer’s title insurance company will issue a fee and
mortgagee policy of title insurance at no additional premium with no exception
for any such mortgage.

 

5.             Adjustments; Closing
Documents.

 

(a)           At Closing, all property
taxes and utilities, if any, shall be apportioned as of that date in accordance
with the custom of the Hartford County Bar Association.  Should any tax be undetermined on that date,
the last determined tax shall be used for the purpose of apportionment.  Seller shall pay in full any utility
assessments, fees or similar liens applicable to the Premises prior to Closing
and all state and local conveyance taxes applicable to the transaction
hereunder.

 

(b)           Seller shall endeavor to
obtain meter readings on any utilities payable by Seller on the Closing Date,
and if such readings are obtained then Seller shall pay the bills therefor for
the period to the Closing Date.  If
Seller is unable to obtain meter readings as of the Closing Date, utilities
shall be prorated at the Closing Date based upon the most recent utility bills,
and reprorated upon issuance of the actual bills.

 

(c)           All charges and prorations
due to or from Seller under any Ground Lease and any tenant space lease shall
be apportioned as of the Closing Date, including, but not by way

 

6

 

of
limitation, rents, land and building taxes, common area maintenance costs and
insurance premiums.  All security
deposits held by Seller under any space lease shall be transferred to
Buyer.  Seller shall be credited with any
security deposit posted by it under the Ground Lease and shall assign its
rights thereto to Buyer.  In the event
any such charges are incapable of exact computation as of the Closing (or have
not been currently billed by or to Seller with respect to Ground Lessor or any
space tenant), the parties shall make such good faith prorations as are
reasonably possible and shall reconcile accounts as and when exact figures are
or become available.

 

6.             Conditions Precedent to
Closing.

 

(a)           Buyer’s obligation to
purchase the Premises is contingent upon each of the following conditions
precedent being satisfied or waived in writing by Buyer:

 

(i)            Title to the Premises shall
be free and clear of all encumbrances or defects other than Permitted
Encumbrances;

 

(ii)           Buyer’s ability to obtain an
owner’s title insurance policy in the full amount of the Purchase Price from a
title insurance company (the “Title Company”) of Buyer’s choice, at standard
rates, insuring Buyer’s title and interest in the Real Property and the
Building, free and clear of all liens, encumbrances and exceptions except the
Permitted Encumbrances;

 

(iii)          All of Seller’s
representations and warranties are true and correct in all material respects as
if made on and as of the Closing Date;

 

(iv)          Seller has performed all of
its covenants, agreements and obligations under this Agreement;

 

(v)           Seller shall have delivered
all documentation it is required to deliver pursuant to the provisions of Section 10(a),
below; and

 

(vi)          There shall have been no
fire or casualty affecting the Premises which would enable Buyer to cancel this
Agreement in accordance with the terms hereof.

 

If
Seller is unable to satisfy all of the foregoing conditions precedent, Buyer
may waive one or more conditions precedent or terminate this Agreement, in
either event by written notice to Seller within ten (10) business days of
the discovery Seller’s inability to satisfy the subject condition.  If Buyer elects to terminate this Agreement
pursuant to this Paragraph 6, Buyer shall be entitled to a return of the
Deposit by Escrow Agent whereupon all rights and liabilities of the parties
hereto by reason of this Agreement (except those obligations and liabilities
specifically set forth herein to survive termination) shall be deemed at an
end, except that nothing herein contained shall relieve Seller from liability
hereunder for breaches of any conditions which also constitute covenants.

 

7

 

(b)           The obligation of Seller to
sell the Premises and close the transactions contemplated by this Agreement
shall be subject to timely satisfaction or waiver of the following conditions
precedent:

 

(i)            Each representation and
warranty of Buyer contained herein shall be true and correct in all material
respects as if made on and as of the Closing Date.

 

(ii)           Buyer shall have timely
delivered to Escrow Agent the balance of the Purchase Price, subject to
adjustments and prorations pursuant to Section 5 above and all other
closing deliveries required under Section 10(b).

 

(iii)          Buyer shall not then be in
default of any covenant or agreement to be performed by Buyer under this
Agreement.

 

Seller
may waive any of the conditions set forth in this Section 6(b) and proceed
to the Closing.  If the conditions set
forth in this Section 6(b) are not satisfied by Buyer, or waived by
Seller, then this Agreement shall terminate, the Deposit, together with all
interest accrued thereon shall be paid to Seller, and the parties shall have no
further obligations to each other except for such provisions that specifically
survive the termination of this Agreement.

 

7.             Seller’s Representations and
Warranties. Seller hereby represents and warrants as to itself
and the Premises as follows:

 

(a)           Seller has full power and
authority to enter into this Agreement and to assume and perform all its
obligations hereunder, and no further action or approval by Buyer or any third
party is required in order to constitute this Agreement as a binding and
enforceable obligation of Seller, and this Agreement in fact constitutes the
binding and enforceable obligation of Seller;

 

(b)           No petition in bankruptcy
(voluntary or otherwise), assignment for the benefit of creditors, or petition
seeking reorganization or arrangement or other action under Federal or state
bankruptcy laws is pending against or contemplated by Seller;

 

(c)           Seller has not received any
written notice, nor has Seller any actual knowledge, that there is existing or
pending any litigation, arbitration, governmental inquiry claim, condemnation
or sale in lieu thereof, with respect to Seller or any aspect of any of the
Premises or that any such action, suit, arbitration, inquiry, claim,
condemnation or sale has, to Seller’s actual knowledge, been threatened or
asserted;

 

(d)           Seller has not received any
written notice from any governmental authority of any proposed change in any
statute, law, ordinance or regulation which shall adversely affect the
Premises;

 

(e)           Seller has not received any
written notice of any pending public improvements, liens or special assessments
to be made in respect of, or assessed against the Premises by any governmental
authority;

 

8

 

(f)            There are no leases or
licenses permitting the occupancy or use of the Real Property or the Building
or any portion(s) thereof entered into by the Seller; and

 

(g)           To the best of Seller’s
knowledge, Seller has received no written notice from any governmental agency
or authority or sub-division thereof of any violation of any legal requirements
applicable to Seller and/or the Premises, or any portion thereof, including any
Environmental Laws (as hereafter defined). 
As used herein, the term “Environmental Law” shall mean any federal, state
or local laws, ordinances and the regulations, policies or publications
promulgated pursuant thereto, all as amended from time to time, relating to the
environment, health and human safety; and

 

(h)           Seller has no actual
knowledge that the materials delivered or made available to Buyer pursuant to
Paragraph 4(b) above are not true, accurate and complete in all material
respects; and

 

(i)            Seller has not received any
notice, nor has Seller any actual knowledge, that there are Hazardous
Substances located in, on or under the Real Property or the Building; and

 

(j)            Seller shall not store,
manufacture, use or sell any Hazardous Substances on, in, or from the Real
Property or the Building prior to Closing; and

 

(k)           Seller shall comply, and
shall continue to comply, with all requirements imposed by the Town of East
Windsor Planning & Zoning Commission in connection with the
resubdivision approval of the real property of which the Premises are a part.

 

The
representations of the Seller in this Section 7 shall shall survive the
execution and performance of this Agreement and delivery of the Deed for a
period of Twelve (12) months after Closing, provided, however, that the
representations contained in subsection (k) above shall survive for so
long as any requirements imposed upon Seller by the Town of East Windsor
Planning & Zoning Commission relating to the construction and
completion of Craftsman Road have not been satisfied.

 

8.             Representations and
Warranties of Buyer.  Buyer
hereby represents and warrants to Seller as follows:

 

(a)           No other or further action
by, or approval of, any third party is required in order to constitute this
Agreement as a binding and enforceable obligation of Buyer, and this Agreement
in fact constitutes the binding and enforceable obligation of Buyer;

 

(b)           No petition in bankruptcy
(voluntary or otherwise), assignment for the benefit of creditors, or petition
seeking reorganization or arrangement or other action under Federal or state
bankruptcy laws is pending against or contemplated by Buyer; and

 

9

 

(c)           That it is knowledgeable and
experienced with respect to real estate such as the Premises and that it will
conduct such Tests and Inspections as Buyer will deem necessary (subject to the
provisions of Section 4(a) above) and, except as otherwise provided
herein, will rely solely on (i) its own expertise and that of its
consultants, and (ii) its own knowledge of the Premises based on its Tests
and Inspections in purchasing the Premises and consummating the transactions
contemplated by this Agreement.  Except
as otherwise provided herein or in the documents provided pursuant to Section 10(a) below,
Buyer shall assume the risk that adverse matters and physical and environmental
conditions may not have been revealed by Buyer’s Tests and Inspections.  Buyer acknowledges that, upon expiration of
the Contingency Period (provided this Agreement has not been terminated subject
to the terms and conditions of this Agreement), Buyer shall be obligated to accept
the Premises in an “AS IS”, “WHERE IS,” and “WITH ALL FAULTS” condition as of
the date of this Agreement, subject to any and all defects (latent and
apparent), and, except as otherwise provided in this Agreement or in any
documents delivered pursuant to Section 10(a) below, without any
representation or warranty of any manner or type from Seller, expressed or
implied, including without limitation any warranties of merchantability,
habitability, or fitness for a particular purpose.  In particular, except as otherwise provided
in this Agreement, Seller makes no representations or warranties regarding the
physical or environmental condition of the Premises or any part thereof; the
economic value, revenues or expenses of the Premises; zoning; covenants, conditions,
or restrictions; laws, codes, ordinances, regulations and requirements; title
condition; or any other matters whatsoever. 
Seller is not liable or bound in any manner by any oral or written
statements, representations, or information pertaining to the Premises
furnished by Seller, any real estate broker, contractor, agent, employee,
servant or other person, unless the same are specifically set forth in this
Agreement or in a document delivered pursuant to Section 10(a) below
which is executed by Seller. Buyer acknowledges that the Purchase Price
reflects the “As-Is, Where-Is” (as of the date of this Agreement) nature of
this transaction and any faults, liabilities, defects or other adverse matters
that may be associated with the Premises. 
The provisions of this Section 8(e) shall survive the Closing
or sooner termination of this Agreement.

 

9.             Maintenance of the Premises.

 

(a)           Until and through the
Closing Date, Seller shall, at its cost and expense, maintain the Premises in
its present condition, subject to ordinary wear and damage by casualty as
provided in (c) below.

 

(b)           Seller shall promptly notify
Buyer, in writing, if has actual knowledge that any of its representations and
warranties are or become no longer true in any material respect or of any other
material change which has a material adverse effect on the physical condition
or occupancy of the Premises.

 

(c)           Seller shall have and retain
the risk of any loss or damage by fire or other casualty to the Building and
fixtures and improvements on the Premises until the time of delivery of the
Deed (as defined below).  If such loss or
damage occurs and the Seller does not restore such Building and fixtures and
improvements substantially to their former condition then Buyer shall have the
option of (i) terminating this Agreement in which event Buyer shall be
entitled to the return of the Deposit, whereupon the obligations of the parties
under this Agreement shall

 

10

 

end
except for such obligations that specifically survive the termination of this
Agreement, or (ii) of accepting the Deed conveying the Premises in
accordance with the other provisions of this Agreement and receiving from
Seller the payment of all proceeds of insurance moneys received and/or an
assignment of all insurance moneys to be recovered on account of such loss or
damage.  Notwithstanding the foregoing,
in the event the Building is damaged or destroyed to an extent of greater than
25% of its fair market value, Buyer shall have the right to cancel and
terminate this Agreement and shall thereupon be entitled to the return of its
Deposit, such right to be exercised within ten (10) days of its knowledge
or notice given in accordance with Section 9(b), above, that any such
damage or destruction has occurred.

 

10.           Delivery of Documents and
Purchase Price at Closing.

 

(a)           At Closing, Seller shall
deliver (or cause to be delivered) to Buyer possession of the Premises free of
rubbish and debris together with all keys to the Premises and shall deliver (or
cause to be delivered) to Buyer the following items, each executed, witnessed
and acknowledged as appropriate:

 

(i)            A good and sufficient
Connecticut form Warranty Deed of the Real Property and the Building (the “Deed”)
sufficient to convey Seller’s fee interest and ownership in the Real Property
and the Building consistent with the provisions of this Agreement;

 

(ii)           Completed conveyance tax
statements and checks in amounts necessary to pay all real estate transfer or
conveyance taxes due in connection with the conveyance of the Seller’s interest
in the Real Property and the Building hereunder;

 

(iii)          Seller’s affidavit with
respect to tenants and parties in possession and mechanic’s liens or
construction activity on the Premises, sufficient to remove the standard
printed title exceptions with respect thereto;

 

(iv)          Seller’s Certification of
Non-Foreign Status under Section 1445 of the Internal Revenue Code;

 

(v)           Assignments of any
contracts, contract rights and/or general intangibles pertaining to the
Premises being assumed by Buyer pursuant to the terms hereof, if any,

 

(vi)          A copy of executed IRS Form 1099-S
(the “IRS Form 1099S”); and

 

(vii)         Such other typical and
customary documentation as Buyer may reasonably require.

 

(b)           On the Closing Date, Buyer
shall deliver to Seller the following:

 

(i)            The balance of the Purchase
Price due and payable hereunder, which, together with the Deposit to be
delivered to Seller by Escrow Agent, shall constitute the

 

11

 

full Purchase Price payable
pursuant to this Agreement, plus or minus adjustments, as applicable, if at
all, in accordance with the terms hereof; and

 

(ii)           Any additional instruments,
agreements and other documents, duly executed by Buyer and witnessed and/or
acknowledged where appropriate, as are typical and customary for transactions
of the type contemplated by this Agreement and as may be necessary or
appropriate to consummate such transactions.

 

11.           Roadway Construction.

 

From
and after Closing, Seller shall promptly commence and shall diligently
prosecute to completion, at its own cost and expense, the full and complete
construction, to Town of East Windsor standards and requirements for dedication
and acceptance, of the roadway (the “roadway”)leading from the public portion
of Craftsman Road to Newberry Road (approximately 2,700 linear feet).  Seller shall use commercially-reasonable
efforts to complete such construction, weather and the availability of materials
and any applicable permits permitting, as soon as practicable, but shall in any
event complete the construction of the roadway no later than June 30,
2011, subject to force majeure.  Seller shall also use commercially-reasonable
efforts to secure full dedication and acceptance of the same by the Town of
East Windsor in accordance with all applicable Town of East Windsor rules,
regulations and procedures governing the same, which obligation shall be
continuing in nature through and including such dedication and acceptance;
provided however, that Seller shall not be required to seek to compel town
acceptance through legal action .  To the
extent that such construction will, or is likely to, interfere with the Buyer’s
ingress and egress to the Premises, including specifically truck traffic, Seller
shall advise Buyer, in advance, of any such projected interference and the
scheduling of the same, but shall, in any event, schedule such construction
such that ingress and egress shall always be maintained on either the east-west
or the north-south leg of the roadway from the Premises to and from Craftsman
Road and/or Newberry Road, as applicable, and any such interference shall be of
as short a duration as reasonably possible (including the phasing of
construction and maintenance of lane availability), construction requirements
reasonably permitting.

 

At
Closing, the sum of $800,000.00 from the Purchase Price shall be deposited in
escrow with the Escrow Agent in an interest bearing account as security for
Seller’s obligation to construct and complete the roadway (interest thereon
accruing to Seller) (the “Construction Escrow”), pursuant to an Escrow
Agreement reasonably acceptable to, and entered into by Seller, Buyer and
Escrow Agent, to be executed on or before Closing.  Seller shall have the right to draw down on
the Construction Escrow, against invoices and requisitions from its contractor(s) subject
to the reasonable review and approval of Buyer, in payment of the costs of
construction of the roadway (the “Construction Costs”), as incurred.  Buyer’s review and approval of disbursements
from the Construction Escrow shall be limited to a right to object, within 48
hours after receiving a copy of the requisition request, solely on the basis of
a good faith claim that the work for which the disbursement is sought has
either not been performed or has not been performed in accordance with Town
standards. In the event the Construction Costs are in excess of $800,000.00,
Seller shall be responsible for and shall pay the same from its own funds.  At such time as the construction of the
roadway shall have been substantially completed as 

 

12

 

evidenced
by a written confirmation thereof  from
the Town of East Windsor or a certification from Seller’s engineer (other than
any warranty period and formal dedication and acceptance of the same), any
balance of the Construction Escrow shall be released to Seller.  Upon Seller’s request for such release, Buyer
agrees to execute and deliver to Escrow Agent any instrument in writing
consenting to such release within 48 hours of Buyer’s confirmation that the
roadway has been completed in accordance with the foregoing.

 

Until
such time as the roadway has been dedicated to, and accepted by, the Town of
East Windsor as a public street, Seller shall be responsible, at its own cost
and expense, for the continuing maintenance and repair of the same, including
snow plowing and sanding.

 

12.           Default.  If Buyer fails to perform any of its
obligations under this Agreement, Seller’s sole and exclusive remedy shall be
termination of this Agreement and possession of the Deposit, provided, however,
that if all or any portion of the Deposit has not been paid to the Escrow Agent
as provided in this Agreement, the Seller shall have the right and option to
bring suit against the Buyer to recover the Deposit and all interest which has
or should have accrued thereon if such sum had been paid as and when required
by this Agreement.  The parties recognize
and agree that the damages that the Seller would incur by reason of Buyer’s
default hereunder would be impractical, difficult or impossible to determine
and ascertain, that the parties hereto have mutually agreed to agree in advance
to liquidated damages payable in such event and that the parties agree, looking
forward, that the Deposit best approximates the damages Seller will sustain in
such event and will adequately compensate the Seller for any failure of Buyer
to perform its obligation under this Agreement.

 

If
Seller fails to perform any of its obligations under this Agreement and such
failure continues for more than five (5) business days after notice of
such failure is delivered to Seller by Buyer, Buyer SHALL HAVE THE OPTION, in
Buyer’s sole and unfettered discretion to elect any one of the following
remedies:

 

(i)            Paying the balance of the
Purchase Price to the Escrow Agent and seeking specific performance of Seller’s
obligation to convey the Premises to Buyer, together with recovery from Seller
of Buyer’s actual costs and expenses incurred in connection with or by reason
of prosecuting any such action, including reasonable attorneys’ fees; or

 

(ii)           Buyer shall have the right
to terminate of this Agreement.  If the
Buyer elects to terminate this Agreement, the Deposit, together with all
interest thereon shall be returned to Buyer by Escrow Agent, and in addition
thereto, Buyer shall have the right to damages for all loss, costs, damages and
expenses that Buyer has suffered or may suffer by reason of Seller’s breach,
including, but not by way of limitation, all costs and expenses of its due
diligence and its reasonable attorney’s fees; or

 

(iii)          Buyer may waive Seller’s
breach or default and proceed to Closing.

 

Notwithstanding
anything contained in this Agreement to the contrary, in no event shall either
party be liable to the other for any consequential, indirect, punitive or
exemplary damages.

 

13

 

13.           Notices.  Any notice provided for by this Agreement and
any other notice or communication which either party may wish to send to the
other shall be in writing and sent by United States registered or certified
mail, return receipt requested, or Federal Express or other recognized
overnight courier, in a properly sealed envelope and postage prepaid, addressed
to the party to which such notice or communication is intended, at such party’s
address set forth above or at any other address or to any additional person(s),
firm(s) or entity(ies) designated by a party and provided in writing by
such party to the other party by notice complying with this Section.  Any such notice shall be deemed to have been
given upon receipt by the addressee, or upon such addressee’s refusal to accept
delivery, or upon return to sender due to impossibility of delivery.

 

14.           Effect.  This Agreement contains the entire agreement
by and between the parties hereto concerning this transaction, and supersedes
any and all previous agreements, written or oral, between said parties and
concerning this transaction.

 

15.           Survival.  The provisions of this Agreement expressly
stating that they survive the Closing shall survive the Closing and shall not
merge with the Deed to be delivered at the Closing.

 

16.           Modification.  There may be no modification of this
Agreement except in writing and signed by the parties hereto.

 

17.           Assignment.  No right or obligation arising under this
Agreement may be assigned by either party hereto without the prior written
consent of the other party, provided, however that Buyer may assign this
Agreement and the rights of Buyer to take title to the Premises hereunder to
any entity designated by Buyer, freely and without consent, but upon written
notice to Seller.

 

18.           Succession.  The rights and obligations contained herein
shall inure to the benefit of and be binding upon the respective successors and
permitted assigns of the parties hereto.

 

19.           Severability.  It is understood and agreed by the parties
that if any part, term or provision of this Agreement is held by any court to
be invalid, illegal or in conflict with any applicable law, the validity of the
remaining portions or provisions of this Agreement shall not be affected, and
the rights and obligations of the parties shall be construed and enforced as if
this Agreement did not contain the particular part, term or provision held to
be invalid, illegal, or in conflict with any applicable law.  Connecticut law shall govern all provisions
of this Agreement.

 

20.           Brokers.  Buyer and Seller each represent and warrant
to each other that they have dealt with no broker or other real estate agent
with respect to this transaction, other than Cushman & Wakefield of
Connecticut, Inc. (as to Buyer) and CB Richard Ellis — N.E. Partners, LP
(as to Seller) (collectively, the “Brokers”). 
Seller shall pay the commission(s) due to Brokers at Closing, or as
otherwise required by any agreement to which Seller is a party.  Each party hereto (the “indemnifying party”)
agrees to indemnify, defend and hold the other harmless from any claim for a
commission made by any other broker or agent by virtue of dealings had with the
indemnifying party, said indemnity to include reasonable attorney’s fees.

 

21.           Escrow Agent.  Seller and Buyer each hereby appoint First
American Title Insurance Company, CityPlace II, 185 Asylum Street, Hartford, CT  06103 as Escrow Agent (the 

 

14

 

“Escrow
Agent”) to receive, hold and disburse the Initial Deposit, any Additional
Deposit and the Deposit, pursuant to the terms hereof.  By its signature hereto, Escrow Agent hereby
agrees to accept, hold and disburse the Deposit for the account of Seller
and/or Buyer, as applicable, with the Deposit to be maintained by Escrow Agent
in an FDIC insured segregated account identified as such to the reasonable
satisfaction of Seller and Buyer.  Seller
and Buyer agree that Escrow Agent is acting as only a stakeholder and shall be
entitled to conclusively rely upon any written instruction signed by both
Seller and Buyer.  In the event of any
dispute between Seller and Buyer concerning the disposition of the Deposit or
any component thereof, Escrow Agent’s sole responsibility shall be to deposit
the same with a court of competent jurisdiction for a determination of the
rights of the parties with respect thereto, and upon such deposit, Escrow Agent’s
duties and obligations shall come to an end and be deemed fulfilled in all
respects.  Escrow Agent shall use normal
and customary diligence in its care and custody of the Deposit, and shall be
liable hereunder for its gross negligence or willful acts or omissions in its
handling of the Deposit.

 

22.           Attorneys’ Fees. In the event
any suit, action or proceeding is instituted by any party in connection with
the breach, enforcement or interpretation of this Agreement, the prevailing
party therein shall be entitled to the award of reasonable attorneys’ fees and
related costs, in addition to whatever other relief the prevailing party may be
awarded.

 

23.           Counterparts.  This Agreement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
and such counterparts shall together constitute but one and the same Agreement.

 

24.           Review; Interpretation.  Each party to this Agreement has carefully
reviewed this Agreement, is familiar with the terms and conditions hereof, and
was advised by legal counsel of his or its own choice with respect
thereto.  This Agreement is the product
of negotiation among the parties hereto and is not to be interpreted or
construed strictly in favor of (or against) any party hereto.

 

25.           No Partnership or Joint
Venture. Nothing contained in this Agreement shall be construed to create a
partnership or joint venture relationship among Seller and Purchaser.

 

26.           Headings; Constructions.  The headings which have been used throughout this
Agreement have been inserted for convenience of reference only and do not
constitute matter to be construed in interpreting this Agreement.  Words of any gender used in this Agreement
shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural, and vice versa, unless the
context requires otherwise.  The words “herein”,
“hereof” or “hereunder” when used in this Agreement shall refer to the entire
Agreement and not to any particular provision or section.  If the last day of any time period stated
herein shall fall on a day other than a business day, then the duration of such
time period shall be extended so that it shall end on the next succeeding day
which is a business day.

 

27.           Further Acts.  In addition to the acts recited in this
Agreement to be performed by Seller and Buyer, Seller and Buyer agree to
perform or cause to be performed before or after the 

 

15

 

Closing
any and all such further acts as may be reasonably necessary to consummate the
transactions contemplated hereby.

 

28.           Waiver.  The waiver or failure to enforce any
provision of this Agreement shall not operate as a waiver of any future breach
of such provision or any other provision hereof.  No waiver shall be binding unless executed in
writing by the party making the waiver. 
The failure of either party to insist on strict compliance with any of
the terms, covenants, or conditions of this Agreement by the other party shall
not be deemed a waiver of that term, covenant, or condition.

 

IN
WITNESS WHEREOF, the parties have hereunto set their hands and seals, and to a
duplicate instrument of the same tenor, as of the day and year first above
written.

 

	
  Witnesses:

  	
   

  
	
   

  	
  SELLER:

  
	
   

  	
  EAST WINDSOR LIMITED PARTNERSHIP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Leonard Jolles

  
	
   

  	
   

  	
   

  	
  Leonard
  Jolles

  
	
   

  	
   

  	
   

  	
  Its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUYER

  
	
   

  	
  SPECIALIZED
  TECHNOLOGY

  
	
   

  	
  RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
       /s/ Robert S.
  Yorgensen

  
	
   

  	
   

  	
  Name:
  Robert S. Yorgensen

  
	
   

  	
   

  	
  Title:
  Vice President and President-Solar

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  undersigned hereby accepts its

  designation as Escrow Agent hereunder

  and acknowledges receipt from Buyer

  of the Initial Deposit in the amount of

  $100,000.00. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
      Name:

  	
   

  	
   

  
	
   

  	
      Title

  	
   

  	
   

  
	
  Date:  July 30,
  2010

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

16

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