Document:

Ground Lease Agreement

 
Exhibit 10.19

 

 
GROUND LEASE AGREEMENT 
 
BETWEEN 
 
COX COMMUNICATIONS, INC. 
 
Landlord 
 
AND 
 
CROW-ATLANTA RETAIL, LTD. 
 
Tenant 
 
Atlanta, Georgia 
 
October 4, 1982 
 

 
GROUND LEASE
AGREEMENT 
BETWEEN 
COX COMMUNICATIONS, INC. 
AND 
CROW-ATLANTA RETAIL, LTD. 
 
TABLE OF CONTENTS 
 

	 	  	 	  	 Page

	 ARTICLE I – GRANT AND TERM OF LEASE
	  	 1

	
	 1.1  
	  	 Lease of Land
	  	 1

	 1.2  
	  	 Habendum
	  	 1

	 1.3  
	  	 Term
	  	 1

	
	 ARTICLE II – AUTHORITY AND COVENANT OF QUIET ENJOYMENT
	  	 1

	 2.1  
	  	 Landlord’s Authority
	  	 1

	 2.2  
	  	 Tenant’s Authority
	  	 1

	 2.3  
	  	 Covenant of Quiet Enjoyment
	  	 2

	
	 ARTICLE III – RENTS
	  	 2

	
	 3.1  
	  	 Ground Rental
	  	 2

	 3.2  
	  	 Percentage Rental
	  	 2

	 3.3  
	  	 Statement of Percentage Rental
	  	 3

	 3.4  
	  	 Landlord’s Objection to Statement
	  	 3

	 3.5  
	  	 Additional Rents
	  	 3

	 3.6  
	  	 Books and Records
	  	 4

	 3.7  
	  	 Place of Payment
	  	 4

	 3.8  
	  	 Taxes and Impositions
	  	 4

	 3.9  
	  	 Advances by Landlord on Tenant’s Behalf
	  	 4

	 3.10
	  	 Interest and Attorneys’ Fees
	  	 4

	 3.11
	  	 Net Lease
	  	 4

	 3.12
	  	 Appraisal of Premises
	  	 4

	 3.13
	  	 Space for Transmission Facilities
	  	 5

	
	 ARTICLE IV – CONSTRUCTION OF CENTER AND PARKING
	  	 6

	
	 4.1  
	  	 Minimum Requirements
	  	 6

	 4.2  
	  	 Approval of Engineer, Architect and Contractor
	  	 6

	 4.3  
	  	 Construction
	  	 6

	 4.4  
	  	 Assurances of Completion
	  	 7

	 4.5  
	  	 No Liens
	  	 7

	 4.6  
	  	 Securing of Financing and Licenses
	  	 8

	 4.7  
	  	 No Interference With Tower Facilities
	  	 8

	 4.8  
	  	 Utility Lines
	  	 8

	 4.9  
	  	 As-Built Drawings
	  	 9

	 4.10
	  	 Unavoidable Delay
	  	 9

	 4.11
	  	 Construction in Phases
	  	 9

	 4.12
	  	 Construction By Assignees and Subtenants
	  	 9

	 4.13
	  	 Tax Benefits of Improvements
	  	 9

	 4.14
	  	 Use of Premises With Adjacent Land
	  	 9

	
	 ARTICLE V – PARKING FACILITIES
	  	 10

 

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	 ARTICLE VI – TOWER AND TRANSMISSION FACILITIES
	  	 10

	
	 6.1  
	  	 Signal Transmission and Blanketing
	  	 10

	 6.2  
	  	 Fencing
	  	 10

	 6.3  
	  	 Ground System
	  	 10

	 6.4  
	  	 Transmission Lines
	  	 10

	 6.5  
	  	 Other Necessary Actions
	  	 11

	 6.6  
	  	 Supervision and Costs
	  	 11

	 6.7  
	  	 Landlord’s Right of Entry and Repair
	  	 11

	 6.8  
	  	 Existing Transmission Facilities
	  	 11

	
	 ARTICLE VII – ALTERATIONS AND REPLACEMENTS
	  	 11

	
	 7.1  
	  	 Landlord’s Consent
	  	 11

	 7.2  
	  	 Manner of Alterations
	  	 12

	 7.3  
	  	 No Subordination
	  	 12

	
	 ARTICLE VIII – CONDEMNATION
	  	 12

	
	 8.1  
	  	 Definitions
	  	 12

	 8.2  
	  	 Division of Award
	  	 12

	 8.3  
	  	 Condemnation of Less Than a Substantial Portion
	  	 12

	 8.4  
	  	 Condemnation of a Substantial Portion
	  	 13

	 8.5  
	  	 Tenant’s Award in Trust
	  	 13

	
	 ARTICLE IX – USE
	  	 13

	
	 9.1  
	  	 Shopping Center and Parking
	  	 13

	 9.2  
	  	 Governmental Requirements
	  	 13

	 9.3  
	  	 Abatement of Deleterious Uses
	  	 13

	 9.4  
	  	 Name
	  	 14

	 9.5  
	  	 No Discrimination
	  	 14

	 9.6  
	  	 Permits, Licenses and Easements
	  	 14

	 9.7  
	  	 No Abandonment
	  	 14

	
	 ARTICLE X – MAINTENANCE AND REPAIRS
	  	 14

	
	 10.1  
	  	 Tenant’s Obligations
	  	 14

	 10.2  
	  	 Landlord’s Rights
	  	 14

	
	 ARTICLE XI – DAMAGE OR DESTRUCTION
	  	 15

	
	 11.1  
	  	 Tenant’s Obligations
	  	 15

	 11.2  
	  	 Manner of Repair and Restoration
	  	 15

	 11.3  
	  	 Failure of Tenant to Repair
	  	 15

	
	 ARTICLE XII – INSURANCE
	  	 15

	
	 12.1  
	  	 Prior to Construction and During the Term
	  	 15

	 12.2  
	  	 During Construction
	  	 16

	 12.3  
	  	 After Completion of Construction
	  	 16

	 12.4  
	  	 Form
	  	 16

	 12.5  
	  	 Waivers of Subrogation
	  	 16

	 12.6  
	  	 Effect of Compliance
	  	 17

	 12.7  
	  	 Blanket Policies of Insurance
	  	 17

	 12.8  
	  	 Index of Amounts
	  	 17

	 12.9  
	  	 Insurance Proceeds
	  	 17

	 12.10
	  	 Obligation of Tenant to Restore
	  	 17

	 12.11
	  	 Holding of Funds in Trust
	  	 17

	
	 ARTICLE XIII – INDEMNIFICATION
	  	 18

 

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	 ARTICLE XIV – ASSIGNMENT AND SUBLETTING
	  	 18

	
	 14.1  
	  	 Permitted Subleases
	  	 18

	 14.2  
	  	 Tenant’s Covenants with Respect to Subleases
	  	 19

	 14.3  
	  	 Assignment by Tenant
	  	 19

	 14.4  
	  	 Assignment by Landlord
	  	 19

	
	 ARTICLE XV – DEFAULT – FORFEITURE –
TERMINATION
	  	 19

	
	 15.1  
	  	 Equitable Relief
	  	 19

	 15.2  
	  	 Event of Default
	  	 19

	 15.3  
	  	 Cure by Leasehold Mortgagee
	  	 20

	 15.4  
	  	 Landlord’s Rights Upon Default
	  	 20

	 15.5  
	  	 Effect of Termination
	  	 20

	 15.6  
	  	 Performance of Tenant’s Obligations by Landlord
	  	 20

	
	 ARTICLE XVI – ARBITRATION
	  	 21

	
	 ARTICLE XVII – LEASEHOLD MORTGAGE
	  	 21

	
	 17.1  
	  	 Right to Encumber
	  	 21

	 17.2  
	  	 Notice to Landlord
	  	 22

	 17.3  
	  	 Right of Leasehold Mortgage to Cure
	  	 22

	
	 ARTICLE XVIII – TITLE TO IMPROVEMENTS
	  	 23

	
	 18.1  
	  	 During the Term
	  	 23

	 18.2  
	  	 Following the Term
	  	 23

	
	 ARTICLE XIX – SURRENDER OF PREMISES
	  	 23

	
	 ARTICLE XX – ESTOPPEL CERTIFICATES
	  	 23

	
	 ARTICLE XXI – MISCELLANEOUS
	  	 23

	
	 21.1  
	  	 Notices
	  	 23

	 21.2  
	  	 Time of Essence
	  	 24

	 21.3  
	  	 No Waste
	  	 24

	 21.4  
	  	 Holding Over
	  	 24

	 21.5  
	  	 Waiver
	  	 24

	 21.6  
	  	 Severability
	  	 24

	 21.7  
	  	 Rights Cumulative
	  	 24

	 21.8  
	  	 Entire Agreement
	  	 24

	 21.9  
	  	 Successors and Assigns
	  	 24

	 21.10
	  	 Governing Law
	  	 24

	 21.11
	  	 Counterparts
	  	 24

	 21.12
	  	 Relationship of Parties
	  	 24

	 21.13
	  	 Personal Liability of Tenant
	  	 24

	 21.14
	  	 Non-Merger
	  	 24

	 21.15
	  	 Sale by Landlord
	  	 25

	 21.16
	  	 Memorandum of Lease
	  	 25

 
EXHIBIT A – DESCRIPTION OF THE LAND 
 
EXHIBIT B – DESCRIPTION OF TOWER SITE 
 
EXHIBIT C – EXCEPTIONS TO TITLE 
 
EXHIBIT D – STANDARDS FOR TRANSMISSION FACILITIES SPACE 
 
EXHIBIT E – LETTER OF LANDLORD’S CONSULTING ENGINEER 
 
EXHIBIT F – DESCRIPTION OF EXISTING
TRANSMISSION FACILITIES 
 

iii 

 
STATE OF GEORGIA 
 
COUNTY OF DEKALB 
 
GROUND LEASE
AGREEMENT 
 
THIS GROUND LEASE AGREEMENT
entered into this 4th day of October, 1982, by and between COX COMMUNICATIONS, INC., a Georgia corporation (hereinafter referred to as “Landlord”), and CROW-ATLANTA RETAIL, LTD., a Texas limited partnership whose sole general partners are
Allen K. Meredith, J. Donald Childress, Gary Shafer, Harlan R. Crow, J. McDonald Williams and Joel C. Peterson (hereinafter referred to as “Tenant”). 
 
W I T N E S S E T H: 
 
WHEREAS, Landlord is the owner of certain real property, being more particularly described on Exhibit A, attached hereto and by
this reference incorporated herein (hereinafter referred to as the “Land”); 
 
WHEREAS, Landlord is the owner of certain real property adjacent to the Land, more particularly described on Exhibit B, attached hereto and incorporated herein, (hereinafter referred to as the
“Adjoining Land”) on which is located Landlord’s radio transmission tower (hereinafter referred to as the “Tower”); and 
 
WHEREAS, Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, the Land for the construction, maintenance,
operation and leasing of a shopping center as more particularly described hereinafter, (hereinafter referred to as the “Center”), the construction and operation of parking to serve the Center (hereinafter referred to as the
“Parking”) (the Land, the Center, and the Parking being hereinafter collectively referred to as the “Premises”); 
 
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
 
ARTICLE I 
 
GRANT AND TERM OF LEASE 
 
Section 1.1. Lease of Land. For the rent and upon the terms and conditions hereinafter stated, Landlord does let, lease and
demise unto Tenant, and Tenant does let, lease and demise from Landlord, the Land. 
 
Section 1.2. Habendum. To have and to hold the Land together with all privileges and appurtenances thereunto belonging or appertaining and provided for herein unto Tenant for the full
term of this Lease, in accordance with the terms and provisions of this Lease. 
 
Section 1.3. Term. The term of this Lease shall commence on even date herewith (such date being hereinafter referred to as the “Commencement Date”) and shall continue through
the seventy-fifth (75th) anniversary of the Commencement Date unless this Lease shall be sooner terminated as herein provided. 
 
ARTICLE II 
 
AUTHORITY AND COVENANT OF QUIET ENJOYMENT 
 
Section 2.1. Landlord’s Authority. Landlord is a duly organized corporation in good standing under the laws of the
State of Georgia, is not subject to any involuntary proceeding for dissolution or liquidation thereof, and is duly authorized by its shareholders to enter into this Lease with Tenant without obtaining any further consents or approvals from any other
person or entity. 
 
Section 2.2.
Tenant’s Authority. Tenant is a duly formed partnership in good standing under the laws of the State of Texas, is not subject to any proceeding for dissolution or liquidation thereof, and is duly authorized by its partners to enter into
this Lease with Landlord without obtaining any further consents or approvals from any other person or entity. 
 

 
Section
2.3. Covenant of Quiet Enjoyment. Tenant, by paying the rent hereby reserved and by performing and observing the several covenants by it to be kept and performed hereunder, may peaceably hold and enjoy the Land, subject to all the terms
of this Lease, including, without limitation, those title exceptions set forth in Exhibit C, attached hereto and by reference made a part hereof, and to Landlord’s right of entry under Sections 6.7 and 10.2 hereof. 
 
ARTICLE III 
 
RENTS 
 
Section 3.1. Ground Rental. Tenant shall pay to
Landlord, commencing on the earlier of (i) ninety (90) days following the date hereof or (ii) the date on which Tenant is granted a permit by DeKalb County, Georgia to construct the Center and the Parking, and thereafter for each year during the
term of this Lease (each such annual period being hereinafter referred to as a “Rental Year”), without setoff or deduction in any manner whatsoever, an annual rental (hereinafter referred to as the “Ground Rental”), equal to the
following amounts: 
 
(a) For the
first (1st) Rental Year during the term hereof, Tenant shall pay an annual Ground Rental of One Hundred Fifty Thousand and No/100 Dollars ($150,000.00). 
 
(b) For the second (2nd) Rental Year during the term hereof, Tenant shall pay an annual Ground Rental of Three Hundred
Thousand and No/100 Dollars ($300,000.00). 
 
(c) For the third (3rd) Rental Year through the twenty-fifth (25th) Rental Year during the term hereof, Tenant shall pay an annual Ground Rental of Six Hundred Thousand and No/100 Dollars ($600,000.00). 
 
(d) For the twenty-sixth (26th) Rental Year
through the fiftieth (50th) Rental Year during the term hereof, Tenant shall pay an annual Ground Rental equal to twelve percent (12%) of the appraised value of the Land, determined pursuant to Section 3.12 hereof; provided, however, the Ground
Rental due pursuant to this Section 3.1(d) shall not be less than Six Hundred Thousand and No/100 Dollars ($600,000.00) nor more than One Million Two Hundred Thousand and No/100 Dollars ($1,200,000.00). 
 
(e) For the fiftieth (50th) Rental Year
through the end of the term hereof, Tenant shall pay an annual Ground Rental equal to twelve percent (12%) of the appraised value of the Land, determined pursuant to Section 3.12 hereof; provided, however, that the Ground Rental due pursuant to this
Section 3.1(e) shall not be less than the Ground Rental due pursuant to Section 3.1(d) hereof nor more than twice the annual Ground Rental due pursuant to Section 3.1(d) hereof. 
 
The Ground Rental shall be payable in monthly installments (“Monthly Ground Rental”) in advance on the first day of
each calendar month during the term of this Lease for which such Ground Rental is due pursuant to the terms hereof. If the commencement date of the first Rental Year or termination date of this Lease falls on other than the first day of a calendar
month, Monthly Ground Rental shall be prorated for such partial calendar month according to the number of days in such month that this Lease is effective. Such initial partial month during which such proration is made shall be considered an
additional period during which rent is payable pursuant to Section 3.1(a) hereof. 
 
Section 3.2. Percentage Rental (a) In addition to Ground Rental set forth in Section 3.1 hereof, and subject to Sections 3.2(b), 3.2(c), 3.2(d) and 3.2(e) hereof, Tenant shall pay to
Landlord for each calendar year throughout the term of this Lease a percentage rental (hereinafter referred to as the “Percentage Rental”) in the amount of seven percent (7%) of Gross Rental Income, as defined in Section 3.2(b) hereof.

 
(b) For purposes hereof, Gross Rental Income
shall mean any and all gross proceeds received by Tenant from the use and occupancy of the Premises, including, without limitation, (i) any and all rentals, percentage rentals and overage rentals received by Tenant, (ii) any and all charges to
others for taxes, common area maintenance, utility costs and security costs received by Tenant, and (iii) any and all amounts received by Tenant pursuant to any leases, concessions, licenses and operations of all or any portion of the Premises or
any space above the Premises; provided, however, that Gross Rental Income shall not include (i) the amount of any unforfeited security deposits, (ii) any gross proceeds derived by any subtenant of the Premises, except to the extent such are actually
paid to Tenant, (iii) any condemnation award received by Tenant which is used to repair and restore the Premises pursuant to Section 8.3 hereof, (iv) any insurance proceeds received by Tenant which are used to repair and restore the Premises
pursuant to Sections 11.1 and 12.10 hereof, and (v) proceeds of any loans received by Tenant as to the Premises. 
 
(c) Subject to the terms of this Section 3.2(c), no Percentage Rental shall be payable hereunder until Gross Rental Income derived from
the Premises exceeds Two Million Dollars ($2,000,000) for any calendar year; provided, however, 
 

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that at such time as Gross
Rental Income derived from the Premises exceeds said $2,000,000 threshold, Precentage Rental shall then and thereafter be due and payable on all Gross Rental Income, including said $2,000,000; provided, further, that after Gross Rental Income
derived from the Premises exceeds $2,000,000 for any calendar year, Percentage Rental shall be due and payable even though Gross Rental Income thereafter is less than $2,000,000 for any calendar year. If, pursuant to Section 4.11 hereof, Tenant
elects to construct the Center in two phases, for the purpose of determining the threshold amount which shall trigger Tenant’s obligation to pay Percentage Rental, prior to completion of the second phase of the Center, said $2,000,000 shall be
multiplied by a fraction, the numerator of which is equal to the number of square feet contained in the first phase of the Center and the denominator of which is 350,000. From the date of completion (as defined in Section 4.3(f) hereof) of the first
phase of the Center until the date of completion (as defined in Section 4.3(f) hereof) of the second phase of the Center (hereinafter referred to as the “Interim Period”), Percentage Rental shall be payable only after Gross Rental Income
derived from the Premises exceeds such adjusted threshold amount for any calendar year, but after Gross Rental Income exceeds such adjusted threshold amount during the Interim Period, Percentage Rental shall be due and payable even though Gross
Rental Income during the Interim Period is less than such adjusted threshold amount. If there occurs a calendar year in which both the $2,000,000 threshold amount and said adjusted threshold amount are in effect pursuant to the terms hereof
(i.e., the year in which Tenant completes the second phase of the Center, if Tenant has elected to construct the Center in two phases), then the threshold amount for such calendar year shall be the average of said threshold amounts as
prorated over the respective portions of said calendar year. 
 
(d) For purposes of this Section 3.2, any and all amounts shall be deemed to have been received by Tenant if received by any entity which is (i) an entity in which Tenant, any partner of Tenant or any combination of partners of
Tenant retains an ownership interest in excess of twenty percent (20%), (ii) any individual or entity which owns in excess of twenty percent (20%) of Tenant, or (iii) any individual or entity twenty percent (20%) or more of which is owned by the
same entity which owns in excess of twenty percent (20%) of Tenant. 
 
(e) Notwithstanding Section 3.2(c) hereof, the threshold amount referred to in Section 3.2(c) hereof for the first partial calendar year during the term hereof shall be $2,000,000 or the adjusted threshold amount referred to
in Section 3.2(c), as the case may be; provided, however, that if the term hereof expires or is terminated other than on the last day of a calendar year, Percentage Rental (and the relevant threshold amount referred to in Section 3.2(c) hereof)
shall be prorated for such partial calendar year according to the number of days in such calendar year that this Lease is effective. Each calendar year shall be considered an independent accounting period for the purpose of determining the amount,
if any, of Percentage Rental payable hereunder. 
 
Section 3.3. Statement of Percentage Rental. Within ninety (90) days after the expiration of each calendar year during the term hereof and within ninety (90) days after the termination of this Lease, if this Lease is
terminated other than at the end of a calendar year, Tenant shall prepare and deliver to Landlord a statement of Tenant’s Gross Rental Income during the calendar year (or partial calendar year) preceding the due date of such statement, to be
accompanied by an opinion of an independent certified public accountant that such statement has been prepared in accordance with Section 3.2 hereof. The payment of any Percentage Rental due shall be remitted to Landlord along with the submission of
said statement for each calendar year (or partial calendar year) during the term hereof. 
 
Section 3.4. Landlord’s Objection to Statement. If Landlord shall not be satisfied as to the correctness of the statement of Gross Rental Income as submitted by Tenant under Section
3.3 hereof, then Landlord may, upon written notice to Tenant, at its sole expense, have the same audited by an independent certified public accountant, who shall have access to all of Tenant’s books, accounts, and available records necessary to
make a full and complete audit of Gross Rental Income for the Premises. Said audit shall be made at reasonable times during business hours at Landlord’s expense and in a manner which shall not unreasonably interfere with the conduct of
Tenant’s business. At the conclusion of such audit, Landlord shall promptly reveal the results of such audit to Tenant, and if such results differ from Tenant’s statement of Gross Rental Income for such year, any and all conflicts or
inconsistencies shall be resolved by the parties, but if the parties cannot resolve said issues, then said issues shall be submitted to arbitration pursuant to Article XVI. Landlord and Tenant each agree to pay promptly any discrepancy as
conclusively determined by agreement of the parties or by arbitration. Tenant shall reimburse Landlord for the reasonable cost of any such audit if such audit shall establish an understatement of Percentage Rental by Tenant in excess of one percent
(1%) of Percentage Rental for such year. 
 
Section 3.5. Additional Rents. In addition to the rentals specified in Sections 3.1 and 3.2 hereof, any and all of the payments which Tenant is required to make hereunder to or for the benefit of Landlord shall be
deemed to be additional rents. Ground Rental, Percentage Rental and said additional rents payable hereunder shall be deemed rents reserved by Landlord, and any remedies now or hereafter given to Landlord by the laws of the State of Georgia for
collection of such rents shall exist in favor of Landlord, in addition to any rights and remedies specified herein. All such additional rents shall be payable in accordance with the provisions of the respective articles specifying the payment of
such additional rents. 
 

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Section
3.6. Books and Records. Tenant covenants that there will be kept in respect to the business transacted at, in, on, about or from the Premises, and, for a period of at least thirty-six (36) months following the end of each calendar year,
true and accurate books of account and records, conforming to generally accepted cash method accounting principles and showing in detail Gross Rental Income. 
 
Section 3.7. Place of Payment. Each payment to Landlord by Tenant of Ground Rental, Percentage Rental and any additional
rent which is payable directly to Landlord shall be payable at the office of the Landlord at the address appearing in Section 21.1 hereof. 
 
Section 3.8. Taxes and Impositions. Tenant shall pay to the public officer charged with the collection of same, before the
same become delinquent, and shall indemnify and save harmless Landlord from, all taxes, assessments, licenses, excises, imposts, and charges of every sort, foreseen and unforeseen (the “Impositions”), that during the term of this Lease
shall be levied, assessed, charged, or imposed upon the Premises and the Adjoining Land, with such taxes for the first and last years of the term hereof being prorated between Landlord and Tenant based on the portion of the tax year the Premises are
leased by Tenant. Tenant shall pay any new tax of any nature not presently in effect but which may hereafter be levied, assessed or imposed upon the Landlord or the Premises, if such tax shall be based on or arise out of the ownership, use or
operation of the Premises. Tenant shall not have the obligation, however, to pay any income, capital gains or franchise tax or any tax imposed on rentals and revenues received by Landlord hereunder that may be payable by Landlord under any existing
or future tax law of the United States or any other country or of the State of Georgia or any subsidivision thereof, nor shall Tenant be obligated to pay any occupation or use tax which may be assessed against the use of the Adjoining Land for radio
transmission purposes; provided, however, that Tenant shall be responsible for the payment of any future tax levied in lieu of ad valorem property taxes for the Premises and the Adjoining Land. If the imposition of any tax, assessment, license fee,
excise, impost, or charge shall be deemed by Tenant to be improper, illegal, or excessive, Tenant may, at its sole cost and expense (in its own name or in the name of Landlord or both, as it may deem appropriate), dispute and contest the same in
good faith and with due diligence, and in such case such items need not be paid until adjudged to be valid. Upon being adjudged valid, Tenant may continue to contest same; however, prior thereto, Tenant shall first post bond or other security equal
to that amount determined to be due and owing in such adjudication, to be applied by Tenant, or failing to do so, by Landlord, in satisfaction of such amount should such adjudication not be reversed or the case be remanded for further proceedings
upon termination of appeal. Unless so contested by Tenant, all Impositions shall be paid by Tenant within the time provided by law; and, if contested, any such Imposition shall be paid before the issuance of execution on final judgment. Landlord
shall cooperate with Tenant in any such dispute or contest, but at Tenant’s expense. 
 
Section 3.9. Advances by Landlord on Tenant’s Behalf. In case of any default by Tenant in the payment of any Imposition or payment of any other amount herein provided to be paid by
Tenant, or in the procuring insurance as herein provided for, Landlord may, on behalf of Tenant, make such payment or payments or procure any such insurance, and Tenant covenants thereupon on demand to reimburse and pay Landlord any amount
reasonably paid or expended therefor. 
 
Section
3.10. Interest and Attorneys’ Fees. Any amount payable hereunder by Tenant to Landlord and not paid when due shall bear interest at the rate of four percent (4%) in excess of the prime interest rate quoted by Trust Company Bank from
time to time during the period in which any such sum is due and owing (or the maximum rate of interest permitted by Georgia law whichever is the lesser.) If it becomes necessary to bring suit for collection of the rent, and Landlord is successful in
such suit, or of any other sums herein stipulated to be paid or in case the same has to be collected upon demand of an attorney, Tenant agrees to pay such attorneys’ fees as Landlord may reasonably incur. 
 
Section 3.11. Net Lease. It is the purpose and
intent of Landlord and Tenant that the rent provided for herein shall be absolutely net to Landlord so that this Lease shall yield, net to Landlord, but prior to Landlord’s expenses relating to the management of its investment in the Premises,
the net rent specified in Sections 3.1 and 3.2 hereof and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises which may arise and become due during or out of the term of this Lease (other than
Landlord’s management expenses specified above and certain taxes of Landlord which do not relate to the Premises, as specified in Section 3.8 hereof) shall be paid by Tenant, and that Landlord shall be indemnified and held harmless by Tenant
from and against the same. 
 
Section 3.12.
Appraisal of Premises. (a) For the purpose of determining Ground Rental due under Sections 3.1(d) and 3.1(e) hereof, Tenant shall, on or before one hundred eighty (180) days prior to the end of the twenty-fifth (25th) Rental Year or the
fiftieth (50th) Rental Year, as the case may be, deliver to Landlord a written appraisal of the Land (as if it were vacant land to be put to its highest and best use, but not yet developed into an improved state as specified herein) prepared by a
licensed MAI appraiser (hereinafter referred to as “Tenant’s Appraiser”). If Landlord does not object to the value of the Land 
 

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determined by the
Tenant’s Appraiser, then such value shall be used to determine Ground Rental under Section 3.1(d) or Section 3.1(e), as the case may be. If Landlord objects to the value of the Land determined by Tenant’s Appraiser, Landlord shall, on or
before one hundred twenty (120) days prior to the end of the twenty-fifth (25th) Rental Year or the fiftieth (50th) Rental Year, as the case may be, deliver to Tenant a written appraisal of the Land prepared by a licensed MAI appraiser (hereinafter
referred to as the “Landlord’s Appraiser”). If Tenant does not object to the value of the Land determined by the Landlord’s Appraiser, then such value shall be used to determine Ground Rental under Section 3.1(d) or Section
3.1(e), as the case may be. If Tenant objects to the value of the Land determined by Landlord’s Appraiser, then Landlord and Tenant shall direct Landlord’s Appraiser and Tenant’s Appraiser to select a third licensed MAI Appraiser
(hereinafter referred to as the “Final Appraiser”), who shall prepare and deliver to Landlord and Tenant, on or before sixty (60) days prior to the end of the twenty-fifth (25th) Rental Year or the fiftieth (50th) Rental Year, as the case
may be, a written appraisal of the Land. The value of the Land determined by the Final Appraiser shall be used to determine Ground Rental under Section 3.1(d) or Section 3.1(e), as the case may be. 
 
(b) The failure of Tenant to appoint Tenant’s Appraiser
and provide the appraisal hereinabove required in the manner hereinabove required shall give Landlord the right to appoint Landlord’s Appraiser, whose appraisal shall provide the value to be used to determine Ground Rental pursuant to Section
3.1(d) or Section 3.1(e), as the case may be. If Landlord does not appoint Landlord’s Appraiser in the manner hereinabove required, then the appraisal by Tenant’s Appraiser shall determine the value to be used to determine Ground Rental
pursuant to Section 3.1(d) or Section 3.1(e), as the case may be. If Tenant’s Appraiser and Landlord’s Appraiser fail to appoint the Final Appraiser, then such appointment shall be made by the Senior United States District Judge (in term
of service) in Fulton County, Georgia. 
 
(c) The
fees and expenses of Tenant’s Appraiser shall be borne by the Tenant. The fees and expenses of the Landlord’s Appraiser shall be borne by the Landlord. The fees and expenses of the Final Appraiser shall be borne equally by Landlord and
Tenant. 
 
Section 3.13. Space For
Transmission Facilities. As additional consideration for Landlord’s entering into this Lease, Tenant hereby agrees, at Tenant’s sole cost and expense to construct for Landlord on the Adjoining Land a building (the “Transmission
Building”) to house transmission facilities for the Tower (said Transmission Building together with the necessary incidental equipment required for radio transmission being hereinafter referred to as the “Transmission Facilities”). In
connection with the construction and maintenance of the Transmission Building, the following shall govern: 
 
(a) The Transmission Building shall contain approximately 7,000 square feet, on two (2) levels (one of which may be underground, at the
option of Tenant) containing approximately 3,500 square feet each. 
 
(b) Landlord shall provide Tenant with the layout of the Transmission Building, which layout, together with the standards set forth on Exhibit D attached hereto and incorporated herein, shall be used by Tenant to prepare, at
Tenant’s expense, plans and specifications for the Transmission Building, said plans and specifications to be subject to Landlord’s prior written approval in accordance with Section 4.3 hereof. 
 
(c) The construction of the Transmission Building will be
accomplished in such a manner so as not to interfere with the Tower or the transmission therefrom. 
 
(d) Tenant shall, at its expense, cause Landlord’s transmission equipment to be installed in the Transmission Building at the
direction and under the supervision of Landlord. 
 
(e) Tenant shall maintain and keep in good repair the structure, exterior walls and foundation of the Transmission Building, and any reference to the “Premises” in Article X hereof shall be deemed to include said components
of the Transmission Building. Landlord shall maintain the interior of the Transmission Building as well as the Transmission Facilities and the Tower. Tenant shall have all necessary power and authority to enter onto the Adjoining Land for the
purpose of maintaining and repairing the Transmission Building as hereinabove provided for; provided, however, that Tenant shall reasonably coordinate its repair and maintenance schedule with Landlord and shall in no event interfere with the
operation of the Tower or Transmission Facilities. 
 

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ARTICLE IV

 
CONSTRUCTION OF CENTER AND PARKING

 
Section 4.1. Minimum Requirements.
At Tenant’s sole cost and expense, Tenant shall construct on the Land the Center and the Parking, as well as the Transmission Building to be constructed on the Adjoining Land as provided in Section 3.13 above. The Center shall have a net
rentable area of approximately 350,000 square feet. The Parking shall contain a parking area sufficient to comply with zoning ordinances applicable to a shopping center of the size and makeup of the Center. 
 
Section 4.2. Approval of Engineer, Architect and
Contractor. Tenant has engaged Traffic Planning Associates as the civil engineers for the Premises, Weems-Doar as the structural engineers for the Premises and Adams, Shadrik & Davis as the mechanical, plumbing and electrical engineers for
the Premises, and Landlord hereby approves the selection of all such engineers. Tenant has engaged Gary B. Coursey & Associates as the architect for the Premises, and Landlord hereby approves of the selection of such architect. Tenant
anticipates engaging one of T.T. Flagler, Batson-Cook Company or McDevitt and Street as the general contractor for the Premises, and Landlord hereby approves the selection of any of such contractors. Tenant shall have the right to change any of said
engineers, said architect or said contractor for the Premises so long as Tenant has obtained the prior written approval of Landlord, which approval shall not be unreasonably withheld. 
 
Section 4.3. Construction. In connection with the construction of the Center and the Parking,
the following procedures shall be followed by Landlord and Tenant: 
 
(a) Within thirty (30) days following the execution hereof, Tenant shall cause to be prepared, at its expense, a preliminary site plan as to the Center and Parking and shall deliver a copy of said plan to Landlord. Within
thirty (30) days following receipt by Landlord of said preliminary site plan, Landlord shall notify Tenant of Landlord’s approval or disapproval of said plan. Any disapproval of said site plan shall be in writing specifying the reasons for said
disapproval. The disapproval of said preliminary site plan by Landlord shall be resolved between the parties in the manner hereinafter set forth as to resolution of disputes regarding preliminary plans and specifications for the Center.

 
(b) On or before sixty (60) days following the
date hereof, Tenant shall submit to Landlord for Landlord’s approval, preliminary plans and specifications for the construction of the Center and the Parking; provided, however, that if a portion of the Center and/or the Parking is to be
accomplished by a subtenant in accordance with Section 4.12 and Article XIV hereof, the submission of the preliminary plans and specifications with respect to such portion of the Center shall not be required until thirty (30) days after the date of
execution of such sublease, but in no event shall the date of completion of construction set forth in Section 4.3(f) hereof be postponed by the provisions of this sentence. Any notice of disapproval shall be in writing and shall set forth the
grounds for such disapproval. Subject to Section 4.3(d) hereof, following Landlord’s first or any subsequent disapproval, Tenant shall elect (i) to submit revised plans and specifications or (ii) unless the disapproval is because of the adverse
effect, in the opinion of Landlord’s Engineer, which an item in said plans and specifications will have on the Tower, the Transmission Facilities or Landlord’s existing transmission facilities on the Land, to give notice contesting the
reasonableness of Landlord’s disapproval. The contest of reasonableness shall be determined by a Board of Arbitrators selected in the manner governed by the rules set forth in Article XVI hereof. If the reasonableness of Landlord’s
disapproval is sustained, Tenant shall perform as set forth in (i) above; if not sustained, the plans and specifications submitted shall be considered approved. 
 
(c) Final plans and specifications shall be delivered by Tenant to Landlord no later than sixty (60) days
after approval of preliminary plans and specifications and shall substantially conform to the preliminary plans and specifications as previously approved by Landlord. Changes from preliminary plans and specifications shall be considered to be within
the scope of the preliminary plans and specifications if they are not substantial or if they are made in order to comply with reasonable requirements of a leasehold mortgagee or of a governmental agency or official in connection with an application
for a permit or approval; provided, however, that no such changes shall, in any event, without Landlord’s prior written approval, adversely affect the Tower, the Transmission Facilities, Landlord’s existing transmission facilities on the
Land or the quality, size and income producing capacity of the building and other improvements constituting the Center and the Parking. Landlord additionally acknowledges that for practical reasons it is common practice for numerous changes to be
made to plans and specifications during the course of the construction of improvements, and any such changes made for expediency in construction and which do not adversely affect the Tower, the Transmission Facilities, Landlord’s existing
transmission facilities on the Land or the quality, size or income producing capacity of the building and other improvements constituting the Center and the Parking shall not constitute a breach of Tenant’s obligations hereunder. 
 
(d) Notwithstanding anything else in this Section 4.3 to the
contrary, Landlord shall have the right to withhold approval of Tenant’s preliminary or final site plan and Tenant’s preliminary or final plans and specifications if, in the opinion of Cohen and Dippell, P.C., Consulting Engineers (who,
together with any consulting engineering firm which Landlord hereafter 
 

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designates in lieu of or in
addition to said firm, is hereinafter referred to as “Landlord’s Engineer”), any matter shown in such plans would have an adverse effect on the Tower, the Transmission Facilities or Landlord’s existing transmission facilities,
including, without limitation, the quality of the signal transmitted thereby. 
 
(e) Tenant shall coordinate the construction of the Transmission Building with the construction of the Center and the Parking so long as Landlord has timely submitted a layout for the construction of
the Transmission Building. Assuming timely submission by Landlord of said layout, construction of the Transmission Building shall be completed at such time as to allow Landlord to complete the Transmission Facilities in coordination with completion
of the Center and the Parking. 
 
(f) Subject to
postponement because of Unavoidable Delay, construction on the Center and the Surface Parking shall be commenced no later than sixty (60) days after the approval by Landlord of final plans and specifications or sixty (60) days after the resolution
of any dispute described above, whichever is later, and shall be completed (that is, a certificate of occupancy being issued by the appropriate governmental entity for the Premises, excluding subtenant finish work) on or before June 30, 1984.

 
(g) The provisions of this Section 4.3 to the
contrary notwithstanding, the failure of Tenant to perform its construction obligations as set forth in this Section 4.3 shall not give Landlord the right to terminate this Lease (except for the failure to comply with its obligations with respect to
the same for commencement of construction and the requirement of approvals prior to commencement of construction, for which Landlord shall have the right to terminate this Lease), but Tenant shall pay over to Landlord upon demand a sum equal to One
Thousand Dollars ($1,000) times the number of days from June 30, 1984, until the date on which Tenant receives a certificate of occupancy for the Premises (excluding subtenant finish work) said sum being hereinafter referred to as the “Late
Fee”); provided, however, that if, pursuant to Section 4.11 hereof, Tenant elects to construct the Center in two phases, and Tenant fails to perform its construction obligations as set forth in this Section 4.3 with respect to the first phase
of such construction, Tenant shall pay over to Landlord upon demand the Late Fee as adjusted by multiplying same by a fraction, the numerator of which is equal to the number of square feet contained in the first phase of the Center and the
denominator of which is 350,000, and if Tenant fails to perform such construction obligations with respect to the second phase of construction, Tenant shall pay over to Landlord upon demand the Late Fee as adjusted by multiplying same by a fraction,
the numerator of which is 350,000 less the number of square feet in the first phase of the Center and the denominator of which is 350,000. Landlord and Tenant hereby acknowledge that Landlord’s damages as a result of Tenant’s failure to
perform its construction obligations as set forth in this Section 4.3 will be difficult to ascertain and that the Late Fee, as the same may be adjusted, constitutes a reasonable liquidation thereof. Said sum is intended not as a penalty, but as full
liquidated damages pursuant to Ga. Code Ann. §20-1402. 
 
(h) In no event shall Tenant begin construction on the Land prior to procuring Landlord’s approval of said final plans and specifications. 
 
(i) In connection with Landlord’s rights of approval and
disapproval granted pursuant to this Section 4.3, Landlord’s failure to give notice of disapproval in the manner specified in this Section 4.3 shall be conclusively deemed to constitute approval of such plans and specifications as submitted;
provided, however, that if, upon the expiration of the respective approval periods set forth above, Tenant has not received a response from Landlord, such plans shall not be deemed to have been approved by Landlord until five (5) days following
receipt by Landlord of an additional notice and request for approval of such plans. 
 
Section 4.4. Assurances of Completion. Prior to beginning construction on the Premises, Tenant shall furnish to Landlord reasonable evidence of the availability of financing which is
adequate to defray the estimated construction costs for the Center, the Parking and the Transmission Facilities. 
 
Section 4.5. No Liens. The Center, the Parking and all work required to be performed by Tenant pursuant to Sections 3.13 and
6.8 (b) hereof shall be erected and completed by Tenant free of all liens and claims against Landlord’s right, title and interest in the Premises; and Tenant agrees that no such lien or claim of any contractor, sub-contractor, mechanic,
laborer, material men, or any other person whomsoever involved with such erection and completion of the Premises shall attach to Landlord’s right, title, or interest in and to the Premises. If, at any time during the term of this Lease, any
lien is filed in the Office of the Clerk of the Superior Court of DeKalb County, Georgia, against Landlord’s right, title and interest in the Premises or any element thereof purporting to be for labor or material furnished or to be furnished to
Tenant (or anyone holding by, under or through Tenant) or for any other reason (other than acts of Landlord), Tenant shall discharge same or cause same to be discharged of record within twenty (20) days after the date Tenant receives notice from
Landlord or otherwise that such lien was filed unless Tenant shall dispute and contest same within said time period in good faith and with due diligence, and in such case such lien need not be discharged until adjudged to be valid. Upon being
adjudged valid, Tenant may continue to contest same; provided, that prior to so contesting same, however, Tenant shall first post, with the Clerk of Superior Court of DeKalb County, Georgia, or with such title company or other entity as shall be
reasonably approved by Landlord, bond or other security equal to 
 

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that amount determined to be
due and owing in such adjudication, to be applied by Tenant, or failing to do so, by Landlord in satisfaction of such amount should such adjudication not be reversed or the case be remanded for further proceedings upon termination of appeal; and, in
any event, Tenant shall pay such amount before any execution upon Landlord’s right, title and interest in the Premises. Notice is hereby given that Tenant is not the agent of Landlord and has no authority to contract in Landlord’s name,
and Landlord shall not be liable for any labor or materials furnished or to be furnished to Tenant and that no mechanics’ or other lien for any such labor or materials shall attach to or affect the reversionary, remainder or other estate or
interest of Landlord in and to the Premises. 
 
Section 4.6. Securing of Financing and Licenses. 
 
(a) In the event Tenant shall be unable to obtain on or before January 1, 1983, after diligent pursuit thereof, a commitment or commitments for construction financing for the construction of the
Center, the Surface Parking and the Transmission Building, then Tenant, at its option, shall have the right to terminate this Lease and all obligations hereunder thereafter accruing, upon the giving of written notice to Landlord within fifteen (15)
days after the above date. The Land shall immediately be surrendered to Landlord in the same condition as on the date hereof, and this Lease shall terminate. In such event, Tenant shall deliver to Landlord copies of all preliminary and/or final
plans ordered by Tenant. 
 
(b) In the event Tenant
does not close the construction loan as to the Premises referred to in Section 4.6(a) on or before March 1, 1983, after having attempted with all reasonable diligence and in good faith to close such loan, then Tenant, at its option, shall have the
right to terminate this Lease and all obligations hereunder thereafter accruing, upon the giving of written notice to Landlord on or before March 15, 1983. The Land shall immediately be surrendered to Landlord in the same condition as on the date
hereof, and this Lease shall thereupon terminate. In such event, Tenant shall deliver to Landlord immediately upon such termination copies of all preliminary and/or final plans ordered by Tenant. 
 
(c) In the event Tenant shall be unable to obtain, after
diligent pursuit thereof, on or before January 1, 1983, any, all, or any combination of the licenses, permits, or other authorizations required by any governmental or other authority having power to regulate construction on the Premises, then
Tenant, at its option, shall have the right, upon the giving of written notice to Landlord on or before January 15, 1983, to terminate this Lease and all obligations hereunder thereafter accruing. The Land shall immediately be surrendered to
Landlord, and this Lease shall thereupon terminate. In such event, Tenant shall deliver to Landlord immediately upon such termination, copies of all preliminary and/or final plans ordered by Tenant. 
 
(d) If Tenant has not obtained or accomplished the respective
items referred to in Sections 4.6(a), 4.6(b) and 4.6(c) hereof on or before January 1, 1985, March 1, 1985 or January 1, 1985, respectively, then, at any time on or before January 15, 1985, March 15, 1985 or January 15, 1985, respectively, Landlord
shall have the option to terminate this Lease and all obligations thereafter accruing. The Land shall thereupon be surrendered to Landlord in the same condition as on the date hereof, and this Lease shall thereupon terminate. In such event, Tenant
shall deliver to Landlord immediately upon such termination copies of all preliminary and/or final plans ordered by Tenant. 
 
(e) Tenant shall not commence construction on the Land prior to having obtained all applicable licenses and permits for the Premises and
unless Tenant elects itself to finance construction of the improvements on the Land, having closed the construction loan referred to in Section 4.6(a). 
 
Section 4.7. No Interference With Tower Facilities. Tenant shall cause construction of the Center and the Parking (including
site development work) to proceed in such a manner as not to interfere with the operation of the Tower, Landlord’s existing transmission facilities referred to in Section 6.8 hereof, or any auxiliary facilities on the Adjoining Land. In this
connection, however, the parties hereto understand that Tenant will be required to remove a portion of the existing ground system (as described in Section 6.3 hereof), but Landlord anticipates that so long as at least three-fourths of the system is
in place and not being disturbed at any one time, no disruption will be caused. Additionally, the parties hereto understand that cranes and similar types of machinery and equipment will be necessary in the construction of the Center and the Parking
and anticipate that so long as any of such items which exceed twenty-five (25) feet in height are properly grounded, no undue interference with broadcasting from the Tower, said existing transmission facilities, and said auxiliary facilities on the
Adjoining Land will result. In order to minimize any disruption of construction of the Center and the Parking and any interference with the Tower, said existing transmission facilities, and said auxiliary facilities, the parties agree to cooperate
on a regular basis so that each will be informed of the various requirements of the other so that advance plans can be made. 
 
Section 4.8. Utility Lines. In connection with Landlord’s right of approval as to plans and specifications, Landlord
and Tenant acknowledge that their respective intent is that all portions of water, gas, electricity, sewage, and other utility lines which may be located within the Premises and not within concealed spaces or the exterior walls of any structure or

 

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enclosed area, or otherwise
generally not in public view, be installed wholly underground, unless prohibited by law, except for hydrants, standpipes, meters, control valves and other similar items customarily required to be erected above ground. 
 
Section 4.9. As-Built Drawings. Upon completion
of Tenant’s construction on the Premises, as well as completion of any alteration of the Premises pursuant to Article VII hereof or any restoration or reconstruction of the Premises pursuant to Articles VIII or XI hereof, Tenant shall deliver
to Landlord an “as-built” survey of the Premises and a complete set of “as-built” plans and specifications of the Center, the Parking and the Transmission Building. 
 
Section 4.10. Unavoidable Delay. Each party hereto shall be excused from performing any of its
obligations or undertakings provided in this Lease so long as the performance of such obligation is prevented or delayed by any cause which is beyond the control of such party, including but not limited to such of the following as may be beyond the
control of such party: war, civil commotion, acts of God, strikes, labor disturbances, governmental restrictions, regulations or interferences imposed after the fact, fire or other casualty or any other cause, whether similar or dissimilar to the
foregoing, not within the control of such party; provided, however, that no party shall be entitled to relief under this Section 4.10 by reason of any event unless such party shall have given the other party notice of such event and the nature of
such in writing within thirty (30) days after (i) the occurrence of such event or (ii) the point in time when such event or events cause a delay. Any delay or cause excusing performance pursuant to the terms of this Section is referred to in this
Lease as an “Unavoidable Delay” and shall not constitute an event of default. 
 
Section 4.11. Construction in Phases. Landlord hereby acknowledges that Tenant may desire to construct the Center in two independent phases. If Tenant elects to construct the Center in
two phases, then this Article IV shall apply to both phases of construction except that (i) the square footage in Section 4.1 shall refer to the total square footage of both phases; (ii) if any of the engineers, architect or general contractor for
Phase II is different from that specified in Section 4.2 hereof, then the identity of same shall be subject to the prior approval of Landlord, which approval shall not be unreasonably withheld; (iii) the date by which Tenant must submit to Landlord
the preliminary site plan for Phase II pursuant to Section 4.3 shall be thirty (30) days following notification by Tenant to Landlord of its desire to construct Phase II; (iv) the date in Section 4.3 by which Tenant must submit a copy of preliminary
plans and specifications for the construction of Phase II of the Center and the Surface Parking shall be sixty (60) days following approval by Landlord of the preliminary site plan for said Phase II; (v) the date of completion of construction of
Phase II set forth in Section 4.3(f) shall be the fifth (5th) anniversary of the date hereof; and (vi) none of Section 4.6 (except Section 4.6 (e)) shall apply to Phase II. 
 
Section 4.12. Construction By Subtenants. It is understood and agreed by Landlord and Tenant
that Tenant may assign or delegate its rights or obligations as to construction of portions of the Center to “Freestanding Subtenants,” as defined in Section 14.1 hereof, pursuant to the terms of Article XIV hereof. It is recognized that
such action may be necessary in order to attract subtenants which demand free standing buildings from which to conduct business. In the event Tenant so sublets part of the Land, such subtenant shall comply with all terms of this Lease to the extent
applicable to such subleased space, including, without limitation, the provisions of this Article IV (except all of Section 4.6 other than Section 4.6(e)) and the provisions of Article VI hereof. 
 
Section 4.13. Tax Benefits of Improvements.
Landlord acknowledges and agrees that any and all depreciation and/or amortization for federal or state tax purposes relating to any and all improvements to the Premises and any and all additions thereto, substitutions therefor, fixtures therein and
furnishings thereof shall be deductible exclusively by Tenant during the term of this Lease. Tenant shall also be entitled to such depreciation and/or amortization to the extent it relates to the Transmission Building as constructed by Tenant.

 
Section 4.14. Use of Premises With
Adjacent Land. It is understood and agreed by Landlord that the Premises may be used by Tenant or a subtenant of Tenant (which has been approved by Landlord in accordance with Article XIV hereof) in common with adjacent or nearby premises, and
Landlord hereby consents to such use so long as the portion of any such development lying on the Land shall be subject to the terms of this Lease. In addition, if any improvements constructed by a subtenant of Tenant lie both on the Land and on
property adjacent to the Land, Tenant shall, prior to entering into any such sublease, provide Landlord with assurances satisfactory to Landlord that, upon the expiration of the term hereof or, if Landlord has terminated this Lease pursuant to the
terms hereof and such sublease has continued in effect in accordance with Section 14.1(d) hereof, upon the expiration of the term of said sublease or the termination of said sublease following a default by such subtenant, the rights of all persons
or entities whomsoever other than Landlord in the portion of said improvements located on the Land shall cease and Landlord shall have the right, but not the obligation to alter, seal off or demolish the portion of said improvements located on the
Land at the expense of such subtenant. 
 

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ARTICLE V

 
PARKING FACILITIES 
 
At all times during the term of this Lease, Tenant shall
maintain all parking space in the Premises sufficient to comply with applicable zoning laws and other governmental regulations relating to the use then being made of the Premises. 
 
ARTICLE VI 
 
TOWER AND TRANSMISSION FACILITIES 
 
Section 6.1. Signal Transmission and Blanketing. It is the agreement of the parties hereto that, subject to the rights and
limitations otherwise set forth in this Lease, Tenant shall develop the Land and occupy and use the Premises for such purposes and in such manner so as (a) not to interfere with the radio signal transmission from the Tower situated on the Adjoining
Land and the Transmission Facilities or otherwise interfere with the operation of or damage or disturb the Tower or the Transmission Facilities or substantially adversely affect Landlord’s use of the Adjoining Land for broadcasting purposes;
(b) not to violate any law, statute, charter, ordinance, rule, regulation or requirement of any governmental authority, whether federal, state, county, city or municipal or otherwise (including, without limitation, the Federal Communications
Commission) relating to the Tower or the Transmission Facilities; and (c) to minimize the signal blanketing problems that could reasonably be anticipated to be experienced within the Premises due to high signal levels in telephone circuits and
electronic equipment within the Premises. Consistent with the foregoing, Tenant shall cause any steel and wire in the ceilings of any buildings constructed on the Land to be bonded and tied to the steel and wire in the walls and floors of such
buildings. Further, Tenant shall follow (i) the requirements set forth in the letter, dated October 7, 1981 to Radio Station WSB from Landlord’s Engineer, which letter is attached hereto as Exhibit E and incorporated herein, and (ii) any
reasonable requirements set forth in any subsequent written communication from Landlord’s Engineer which is delivered to Tenant. Landlord shall have the right to require Tenant, at Tenant’s expense, to take any action which is necessary in
order to cause compliance with the provisions of this Section 6.1; provided, however that if such action relates to a matter concerning construction of the Center or the Parking which has previously been approved by Landlord in accordance with
Section 4.3 hereof, such action shall be subject to the following matters: 
 
(A) such action shall be at Landlord’s sole cost and expense; 
 
(B) such action shall be limited to such action which is reasonably necessary considering the magnitude of the interference with
Landlord’s radio transmission from the Tower and/or the Transmission Facilities and the extent of disruption of Tenant’s use of the Premises; and 
 
(C) such action shall be conducted at such times and in such manner so as to limit any interference with permitted uses of the Premises to
the maximum extent possible, considering the circumstances. 
 
Section 6.2. Fencing. Tenant shall, using first-class materials, cause to be installed and maintained between the Land and the Adjoining Land, in a professional and workmanlike manner, fencing at least eight (8) feet
high and such other security devices as Landlord deems reasonably necessary or appropriate to prevent unauthorized persons from entering into the Adjoining Land and to protect the Tower and all equipment located thereon or thereabout from damage,
sabotage or vandalism. 
 
Section 6.3.
Ground System. It is understood by Tenant that it is essential to the proper transmission of radio signals from the Tower and the Transmission Facilities for an adequate ground system to be in place on the Premises at all times. During
construction of the Center and the Parking, the ground system shall be maintained in the manner set forth in Section 4.7 hereof, and Tenant shall replace the existing ground system with a new system of copper ground wire radials of a quality equal
to or greater than the existing ground system. Thereafter, subject to the provisions of Section 6.7 hereof, the ground system shall be maintained by Tenant in accordance with the plans and specifications approved by Landlord in connection with the
construction of the Center and the Parking. In any event, to protect persons on the Premises against electrical injury, Tenant shall cause all steel structures and fences on the Premises to be bonded and shall tie the frame of such structures and
fences to the copper ground wire radials. 
 
Section 6.4. Transmission Lines. Prior to commencement of construction of any improvements on the Land, Tenant shall cause to be replaced and buried underground the transmission lines which extend from the existing
transmitter building situated on the Land to the Tower, in order to protect persons on the Land from injury and the transmission lines from accidental damage or vandalism. 
 

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Section
6.5. Other Necessary Actions. In addition to the constraints specified in this Article VI, Tenant shall comply with such other constraints and take such other actions as Landlord or Landlord’s Engineer deem reasonably necessary to
protect Landlord’s Tower and Transmission Facilities from, or to avoid interference with transmission due or related to, Tenant’s development of or other activities on the Land. 
 
Section 6.6. Supervision and Costs. All the work contemplated by this Article VI shall, to the
extent deemed reasonably necessary or appropriate by Landlord or Landlord’s Engineer, be performed under the supervision and to the satisfaction of Landlord or Landlord’s Engineer, and all the costs of such work (including the cost of
supervision by Landlord’s Engineer), shall be borne by Tenant. 
 
Section 6.7. Landlord’s Right of Entry and Repair. In the event that any part of the guy cables or guy anchors supporting the Tower, any part of the copper ground wire radials referred to in Section 6.3
hereof, any part of the transmission lines referred to in Section 6.4 hereof or any other component related to Landlord’s broadcasting operations from the Tower and Transmission Facilities is situated upon or lies within the Land, then Landlord
shall have the right to enter upon the Land at all times, at Landlord’s expense, to maintain, repair or replace such part, including, without limitation, (a) the right to break up the paving of the Parking in order to repair any underground
cable systems used in connection with the Tower or the Transmission Facilities and (b) the right to enter into or upon any buildings comprising a part of the Center which serve as support for the guy cables supporting the Tower to repair or replace
same. In the event that any damage to such part arises by reason of casualty referred to in Article XI hereof or by reason of an action by Tenant, Tenant shall be obligated to pay or reimburse Landlord for the cost of any reasonably necessary repair
or replacement of such part; provided, however, that Tenant shall not be obligated to repair or replace any such part if the damage thereto arises out of negligence on the part of Landlord or the employees, representatives or agents of Landlord or
is the result of mere deterioration. 
 
Section
6.8. Existing Transmission Facilities. (a) Tenant hereby acknowledges that Landlord’s existing transmission facilities are located on the Land (said location being more particularly shown on Exhibit F, attached hereto and
incorporated herein) and that, following completion of the Transmission Building and the Transmission Facilities, Landlord will need a period of time in which to test the Transmission Facilities and to transfer Landlord’s broadcasting
operations from the existing facilities to the new Transmission Facilities. Landlord hereby reserves, until ninety (90) days following such time as construction of the Transmission Building and installation of the Transmission Facilities are
completed pursuant to Article IV hereof, unrestricted use of the portion of the Premises on which said existing transmission facilities lie as well as unrestricted access to said existing transmission facilities. 
 
(b) In addition, Tenant shall pay all costs incurred by
Landlord in the transfer of its broadcasting operations to the Transmission Building and the installation of the Transmission Facilities, including, without limitation all costs of installing lines to run from the Tower to the Transmission
Facilities and of providing all utilities to the Transmission Facilities. 
 
ARTICLE VII 
 
ALTERATIONS AND REPLACEMENTS 
 
Section 7.1. Landlord’s Consent Tenant shall have the right to alter, add to, demolish, or reconstruct the Center and the Parking only if Tenant is not in default under this Lease and, with respect to a
“material change,” only if Tenant has obtained the express written consent of Landlord, which consent shall not be unreasonably withheld. Tenant shall not be required to obtain Landlord’s consent with respect to (a) any alteration or
reconstruction of interior subtenant space located in the Center, or (b) alterations or additions other than “material changes”, (including, without limitation, the erection, installation, maintenance and operation on the Premises of such
equipment, trade fixtures, fixtures and signs as Tenant may deem advisable). For the purposes of this Article VII, a “material change” shall be an alteration or addition to the Center which (i) will cause a material deviation in the
exterior appearance of the Center and Parking from that shown by the final plans for the improvements then on the Premises approved by Landlord pursuant to Article IV hereof, (ii) will materially lessen the quality of material or workmanship of the
Center and the Parking, (iii) will violate any term of this Lease, (iv) will cause the value or the income-producing capability of the Center to be significantly less than that shown by said final plans, or (v) will adversely affect the Tower or the
Transmission Facilities, including, without limitation, the quality of the signal transmitted thereby. In any event, all such construction, installations, alterations and additions shall be effected in compliance with applicable governmental laws,
ordinances and regulations and the requirements set forth in Article VI hereof. Any building and other improvements constructed on the Premises shall be the property of Landlord upon the termination of this Lease; provided, however, that all
property (other than fixtures used in or necessary to the operation of the improvements on the Premises) that can be removed without structural injury to any buildings and improvements and trade fixtures shall remain, so long as Tenant is not in
default hereunder, the property of Tenant, and Tenant may remove such property so long as Tenant repairs any damage to the Premises caused by such removal. 
 

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Section
7.2. Manner of Alterations. With respect to a “material change,” for the purpose of permitting Landlord to satisfy itself that the Premises after the proposed “material change” will comply with the requirements of this
Lease, Tenant shall deliver to Landlord architectural plans and specifications of the work at least sixty (60) days before the beginning of such change, alteration or demolition which plans and specifications shall meet the standards set forth in
Section 4.3 hereof. Landlord shall have the right to approve or disapprove said plans and specifications as set forth in Section 4.3 hereof to the extent applicable to the portion of said improvements with respect to which action is being taken
pursuant to this Article VII. Thereupon, Tenant shall proceed with such change or alteration pursuant to the provisions of Sections 4.3, 4.4, 4.5, 4.6(e), 4.7, 4.8, 4.9, 4.10, 4.13 and 4.14 hereof, to the extent applicable to the portion of said
improvements with respect to which action is being taken pursuant to this Article VII. 
 
Section 7.3. No Subordination. In no event shall Landlord be required to subordinate its fee simple interest in the Premises to the lien of any encumbrance placed on the Premises in
connection with Tenant’s financing of any such demolition, addition, alteration, or restoration. 
 
ARTICLE VIII 
 
CONDEMNATION 
 
Section 8.1. Definitions. (a) The terms “condemnation,” “any condemnation” or “condemn” shall mean any taking or takings for any public or quasi-public use under any governmental
law, ordinance or regulation by any right of eminent domain or by the granting, conveying or private sale pursuant to the threat thereof, at any time or cumulatively from time to time. 
 
(b) The taking of a “substantial portion” of the Premises shall mean the taking of such portion of
the Premises as (i) shall render (as determined by agreement of both Landlord and Tenant or, failing agreement on the issue, by arbitration pursuant to Article XVI hereof) the untaken portion of the Premises to be economically or operationally
insufficient to support the operation of a shopping center comparable to that operated on the Premises prior to such condemnation or (ii) shall cause the condemned portion of the Land (whether taken in one or in more than one condemnations since the
date hereof) to exceed twenty-five percent (25%) of the total area of the Land (as it exists on the date hereof). 
 
Section 8.2. Division of Award. (a) If during the term of this Lease, the Premises, or any portion thereof, are condemned or
taken by the United States, the State of Georgia or any subdivision or municipality thereof, or any corporation, public or private, or by any other body having the power of eminent domain, or on behalf of which the power of eminent domain may be
exercised, the court in such condemnation proceedings shall be requested to make separate awards to Landlord and Tenant as to their respective interests in the Premises, and Landlord and Tenant agree to request such action by the court. This Section
8.2 (a) shall be construed as superseding any statutory provisions now in force or hereafter enacted concerning condemnation proceedings to the extent permitted by law. 
 
(b) In the event that Landlord and Tenant are unable to obtain separate awards with respect to their
respective interests in the Premises, then the single award shall be fairly and equitably apportioned between Landlord and Tenant to reflect their respective interests in the Premises. The portion of the award to be received by Landlord shall be
based upon the taking of or injury to the fee simple estate in the Land including the rentals payable hereunder, and there may be taken into consideration the fact that the buildings and other improvements on the Land will belong to Landlord upon
the expiration of the term of this Lease. The portion of the award to be received by Tenant shall be based upon the taking and reduction of Tenant’s leasehold estate created by this Lease, the taking of any building and other improvements
constructed or placed by Tenant on the Land, loss or interruption of business and the cost of any restoration or repair necessitated by such taking or condemnation. Such values shall be determined as of the time of condemnation by agreement of the
parties or by arbitration in the manner set out in Article XVI of this Lease. Landlord and Tenant agree that, in the event they are unable to obtain separate awards, there shall be no settlement of any condemnation award or proceeding without the
consent of any leasehold mortgagee, it being understood, however, that any such leasehold mortgagee shall have rights only in Tenant’s portion of the award. 
 
Section 8.3. Condemnation of Less Than a Substantial Portion. If any condemnation of the
Premises results in the taking of less than a substantial portion of the Premises or if Tenant does not elect to terminate this Lease following the taking of a substantial portion of the Premises, then this Lease shall continue in full force and
effect; provided, however, that Ground Rental shall abate in the proportion that the number of square feet of any building forming a part of the Premises which is taken or is rendered unusable by such taking and which cannot be replaced bears to the
number of square feet contained in the entire building or group of buildings forming a part of the Premises immediately prior to such taking. Tenant, with its award and any other necessary funds of Tenant, shall promptly repair and reconstruct any
of the Premises damaged or diminished by such 
 

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condemnation so as to provide
buildings and improvements on the land of the same general appearance and quality as prior to such condemnation, unless Tenant obtains Landlord’s consent to the change in use of the Premises pursuant to Article IX hereof, and Tenant shall
repair and reconstruct and add to the Parking (if possible) to the extent necessary to provide parking as required by Article V hereof. 
 
Section 8.4. Condemnation of a Substantial Portion. If any condemnation results in the taking of a substantial portion of
the Premises, Tenant may terminate this Lease within ninety (90) days following such condemnation. If Tenant does not elect to terminate this Lease, Tenant, with its award and any other necessary funds of Tenant, shall promptly repair and
reconstruct any of the Premises damaged or diminished by such condemnation so as to provide buildings and improvements on land of the same general appearance and quality as prior to such condemnation, unless Tenant obtains Landlord’s consent to
the change in use of the Premises pursuant to Article IX hereof, and Tenant shall repair and reconstruct and add to the Parking (if possible) to the extent necessary to provide parking as required by Article V hereof. If Tenant so elects to
terminate this Lease, then the term hereof shall cease as of the date title is transferred by reason of such proceeding (or sale), and all rentals shall be paid up to the date of termination, and the parties hereto shall thereupon have no further
obligation to each other hereunder. In such event, all awards payable to Tenant, as described in Section 8.2 hereof, shall be free from any interest of Landlord pursuant to the terms of this Lease, and all awards payable to Landlord, as described in
Section 8.2 shall be free from any interest of Tenant pursuant to the terms of this Lease. 
 
Section 8.5. Tenant’s Award in Trust. Unless Tenant terminates this Lease pursuant to Section 8.4 hereof, all condemnation proceeds payable to Tenant hereunder shall be paid to
permits, licenses, easements and other authorizations required by any governmental or other body claiming jurisdiction with respect to any zoning requests or construction work on the Premises, (b) any grants for easements for electric, telephone,
gas, water, sewer, drainage, access and such other public and private utilities and facilities as may be reasonably necessary or desirable in the operation of the Premises or any improvements erected thereon, and (c) any requests for easements or
other rights, including air rights to be obtained from any governmental entity having jurisdiction over the Premises. Nothing in this Section 9.6, however, shall obligate Landlord to join in any matter referred to herein which matter (i) is not in
accordance with the final plans and specifications for the Premises approved by Landlord pursuant to Article IV hereof, (ii) would extend beyond the term of this Lease unless such matter is in accordance with the final plans and specifications for
the Premises approved by Landlord pursuant to Article IV hereof, or (iii) would, in the opinion of Landlord’s Engineer, adversely affect the Tower or Transmission Facilities, including, without limitation, the quality of the signal transmitted
thereby. 
 
ARTICLE IX 
 
USE 
 
Section 9.1. Shopping Center and Parking.
Subject in all events to Article VI hereof, Tenant shall use, operate and manage the premises only as a first-class retail shopping center (including hotel, motel and related purposes and incidental office purposes) and shall utilize the Premises
for no other purpose without the prior written consent of Landlord, which shall not be unreasonably withheld; provided, however, that Landlord’s consent shall not be deemed unreasonably withheld if withheld because (a) in the opinion of
Landlord’s Engineer, there would be an adverse effect on the Tower or Transmission Facilities, including, without limitation, the quality of the signal transmitted thereby, as a result of such proposed use or (b) Tenant refuses to pay a Ground
Rental and/or Percentage Rental, with respect to the use of the part of the premises proposed to be changed, commensurate with current market rate for such proposed use in the Atlanta, Georgia metropolitan area. 
 
Section 9.2. Governmental Requirements. Tenant
shall, at Tenant’s own cost and expense, obtain any and all licenses and permits necessary for its construction on, and use of, the Premises. Tenant shall, at its own cost and expense, also comply with all lawful requirements, rules,
regulations and ordinances of all legally constituted authorities existing from time to time during the term hereof applicable to the Premises and the use thereof, including, without limitation, all valid governmental orders and directives for the
correction, prevention and abatement of nuisances in, upon or connected with the Premises; provided, however, that Tenant, in its discretion, shall have the right in good faith to contest any such orders or directives, and Tenants shall not be
obligated to comply unless and until such order or directive has been finally determined to be valid and enforceable. 
 
Section 9.3. Abatement and Deleterious Uses. Notwithstanding anything else to the contrary herein, the parties hereto
acknowledge that the broadcasting operations of Landlord on the Adjoining Land are of overriding importance to all that is contained herein. If at any time during the term hereof, based on a report by landlord’s Engineer (unless an emergency
exists whereupon no regret by Landlord’s Engineer is necessary) determines in good faith that the Premises are being used, or conditions have arisen or been created thereon, in such a way as to adversely affect Landlord’s interest in or
use of the Tower of the Transmission Facilities for broadcasting purpose, including, without limitation, the quality of the signal transmitted thereby, or Landlord’s occupancy and quiet enjoyment of the Tower of the Transmission Facilities,
then, subject to the other terms and provisions of the Lease, Tenant shall, upon receipt of notice thereof from Landlord, immediately cause such uses to cease and 
 

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such conditions to be abated
or removed at Tenant’s sole cost and expense, unless the conditions giving rise to such interference were caused by Landlord or its agents or employees or such conditions relate to matters caused by the construction of the center of the Parking
which had been previously approved by Landlord in accordance with Section 4.3, in which event such remedial action shall be at Landlord’s sole cost and expense. Additionally, id Landlord has given its prior written approval of any specific use
being made of the Premises or any specific equipment being used within the Premises, then Landlord shall have no right to require Tenant or any subtenant to cease to use the Premises in such manner. 
 
Section 9.4. Name. Tenant shall not use the name
“COX”, the letters “WSB”, the numbers “98” or “750” (or any other call letters or frequency hereafter used by what is now Radio station WSB) or any combination of same in the name of the Center and/or the name
which Tenant uses for its business on the Premises. 
 
Section 9.5. No Discrimination. Tenant covenants, by and for itself, its successors and assigns, and all persons claiming under or through it that there shall be no discrimination against or segregation of any person or
group of persons, on account of sex, race, color, creed, national origin, or ancestry in the leasing, subleasing, transferring, use or enjoyment of the Premises, nor shall Tenant, or any person claiming under or through Tenant, establish or permit
any such practice or practices of discrimination or segregation with reference to the selection, location, number, use of occupancy of tenants, lessees, sublessees, subtenants or vendees in the Premises; provided, however, that, in the event Tenant
shall violate the provisions of the section 9.5, Landlord’s sole remedies shall be (a) to enjoy Tenant from the continuation or repetition of such violation and (b) to sue Tenant for Landlord’s damages arising out of such violation.

 
Section 9.6. Permits, Licenses and
Easements. Landlord agrees, promptly upon request of Tenant but without cost to landlord to join in (a) any and all applications for permits, licenses, easements and other authorizations required by any governmental or other body claiming
jurisdiction with respect to any zoning requests or construction work on the Premises, (b) any grants for easements for electric, telephone, gas, water, sewer, drainage, access and such other public and private utilities and facilities as may
reasonably necessary or desirable in the operation of the Premises or any improvements erected thereon, and (c) any requests for easements or other rights, including air rights to be obtained from any governmental entity having jurisdiction over the
Premises. Nothing in this Section 9.6, however, shall obligate Landlord to join in any matter referred to herein which matter (i) is not in accordance with the final plans and specifications for the Premises approved by Landlord pursuant to Article
IV hereof, (ii) would extend beyond the term of this Lease unless such matter is in accordance with the final plans and specifications for the Premises approved by Landlord pursuant to Article IV hereof, or (iii) would, in the opinion of
Landlord’s Engineer, adversely affect the Tower of Transmission Facilities, including, without limitation, the quality of the signal transmitted thereby. 
 
Section 9.7. No Abandonment. Tenant shall in good faith seek to sublease as much of the Center as is possible in order to
produce maximum Gross Rental Income from the Premises. In no event shall Tenant abandon the Premises. 
 
ARTICLE X 
 
MAINTENANCE AND REPAIRS 
 
Section 10.1. Tenant’s Obligations. Tenant shall, at all times and at its expense, keep the Premises in good order, condition, and repair. Landlord shall not be required to make any
repairs or improvements to the Premises during the term of this Lease or in any manner to supply maintenance for the Premises. If at any time during the term of this Lease, any addition, alteration, change, repair, or other work of any nature,
structural or otherwise, shall be required or ordered or become necessary on account of any governmental regulation now in effect or hereafter adopted, passed, or promulgated or on account of any other reason with respect to any improvements
hereafter placed on the Premises, Tenant promptly shall make such changes regardless of when the same shall be incurred or become due, and the entire cost thereof shall be the liability of Tenant; and in no event shall the Landlord be called upon to
contribute thereto or do or pay for any work of any nature whatsoever on the Premises. All repairs of the Premises required to be made by Tenant hereunder shall be at least equal in quality and class to the original work on the Premises performed by
Tenant pursuant to Article IV hereof. Tenant shall perform such maintenance or repair in such a manner as not to interfere with Landlord’s radio signal transmission from the Tower and the Transmission Facilities situated on the Adjoining Land
or otherwise interfere with the operation of or damage or disturb the Tower or the Transmission Facilities, and in such a manner as not to otherwise adversely affect Landlord’s interest in or use of the Adjoining Land for broadcasting purposes
or Landlord’s occupancy and quiet enjoyment of the Adjoining Land or any portion thereof. 
 
Section 10.2. Landlord’s Rights. In addition to Landlord’s rights under Section 6.7 hereof, Landlord may enter the Premises at reasonable times to inspect the Premises in order
to determine whether Tenant is complying with its obligations under this Lease and to take any actions authorized pursuant to this Lease, including but not limited to, Landlord’s self-help remedies contained in Section 15.6, but shall have no
obligation to do so. Landlord shall exercise its rights under this 
 

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Section 10.2 in such a manner
as to limit interference with Tenant’s activities on the Premises to a level as minimal as is reasonably necessary, considering the circumstances. 
 
ARTICLE XI 
 
DAMAGE OR DESTRUCTION 
 
Section 11.1. Tenant’s Obligations. In the event of damage to or destruction of any or all of the improvements
constituting a part of the Premises by fire or other casualty, Tenant covenants immediately to notify Landlord of such damage or destruction. Notwithstanding such damage or destruction, this Lease shall continue in full force and effect with no
reduction in rentals due hereunder, and Tenant, at Tenant’s expense, shall promptly repair and restore such improvements substantially to their condition immediately prior to the casualty. 
 
Section 11.2. Manner of Repair and Restoration.
For the purpose of permitting Landlord to satisfy itself that the repair and restoration of the Premises will comply with the requirements of this Lease, Tenant shall deliver to Landlord architectural plans and specifications of the work no later
than ninety (90) days following the date Tenant has obtained all necessary permits for said reconstruction (with Tenant being obligated to apply for such permits promptly after such damage or destruction and to proceed diligently with such
application process thereafter), which plans and specifications shall meet the standards set forth in Section 4.3 hereof. Thereupon, Tenant shall diligently proceed with such repair and restoration pursuant to the provisions of Sections 4.3 (except
as to the dates set forth therein which for the purposes hereof shall be deemed to be a reasonable time), 4.5, 4.6(e), 4.7, 4.8, 4.10, 4.11, 4.12, 4.13 and 4.14 hereof and shall complete such repair or restoration, subject to postponement by reason
of Unavoidable Delay, no later than twelve (12) months following the approval by Landlord of said plans and specifications pursuant to Article IV hereof. 
 
Section 11.3. Failure of Tenant to Repair. In the event Tenant shall fail to complete the repair or restoration of the
Premises within one (1) year following approval by Landlord of the final plans and specifications for such repair and restoration, then Tenant shall pay over to Landlord, upon demand from time to time, a sum equal to (i) X divided by 365 multiplied
by the number of days from the expiration of such one (1) year period to the date on which Tenant receives a certificate of occupancy for the Premises as restored (excluding subtenant finish work) (the “Delay Period”) multiplied by 1.25,
where X= the average annual Percentage Rental paid by Tenant to Landlord for the two (2) calendar years immediately preceding the year in which such damage or destruction occurs, less (ii) the amount of any Percentage Rental actually received
by Landlord for the Delay Period. Landlord and Tenant hereby acknowledge that Landlord’s damages as a result of Tenant’s failure to complete such work within such time will be difficult to ascertain and that the aforesaid sum constitutes a
reasonable liquidation thereof. Said sum is intended not as a penalty, but as full liquidated damages pursuant to Ga. Code Ann. §20-1402. If, however, Tenant shall fail to complete such repair or restoration work (including
failure to complete caused by the inadequacy of insurance proceeds available for such work) prior to thirty (30) months following approval by Landlord of the final plans and specifications for such repair and restoration, such failure shall
constitute an event of default as set forth in Article XV hereof. Upon termination by Landlord of this Lease pursuant to a default hereunder, and failure by any Leasehold Mortgagee, as defined in Section 17.1, to exercise its option to enter into a
new lease pursuant to Section 17.3, any insurance monies, together with any and all interest or earnings thereon, held by Landlord, Tenant or any Leasehold Mortgagee shall immediately thereupon become the property of Landlord; and Tenant, or any
Leasehold Mortgagee, as the case may be, shall immediately pay over to Landlord upon demand any such funds, including said interest, then in its possession, and neither Tenant nor any such Leasehold Mortgagee shall have any further claim whatsoever
to said funds, including said interest. 
 
ARTICLE
XII 
 
INSURANCE 
 
Section 12.1. Prior to Construction and During the
Term. Upon commencement of and at all times during the term hereof, Tenant shall obtain and maintain in effect (or cause to be obtained and maintained in effect): 
 
(a) Comprehensive General Liability insurance (including Premises-Operations Liability,
Independent Contractors’ Protective Liability, Contractual Liability [including liability with respect to any indemnification clause in this lease], Completed Operations Liability, Broad Form Property Damage coverage; not excluding
“blasting or explosion,” “collapse” or “underground” coverage and also including all three groups of Personal Injury Liability) against claims for personal injury, bodily injury, death or property damage, occurring as
the result of the occupancy and use of the Premises or any portion thereof by Tenant, or any Subtenant (as hereafter defined) of a portion of the Premises, or as the result of any activities on the Premises by Tenant or any Subtenant or by the
employees, agents or contractors of Tenant or any Subtenant or by the invitees or licensees of Tenant or any Subtenant or by any other person, or as the result of any conditions arising on the Premises or created thereon by any person 
 

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(including,
without limitation, Landlord or the employees or agents of Landlord), or as the result of ice which has fallen from the Tower or from the guy cables supporting the Tower, which insurance shall be in such amounts as may, from time to time, be
reasonable in view of the amounts customarily maintained in connection with development projects substantially similar to the one contemplated hereunder occurring in the area in which the Premises are located, but in no event less than Five Hundred
Thousand Dollars ($500,000) per occurrence and per policy year in connection with bodily injury including death, and Five Hundred Thousand Dollars ($500,000) per occurrence and per policy year for damage to property, or One Million Dollars
($1,000,000) combined single limit and in no event less than Five Hundred Thousand Dollars ($500,000) per policy year for personal injuries; and 
 
(b) Excess Liability insurance in such amount as may, from time to time, be reasonable in view of the amount customarily
maintained in connection with development projects substantially similar to the one contemplated hereunder occurring in the area in which the Premises are located (with added allowance for the proximity of the Tower to the Premises), but in no event
less than Ten Million Dollars ($10,000,000) in respect of personal injury, bodily injury, death and property damage arising out of one occurrence and per policy year. 
 
Section 12.2. During Construction. Upon commencement of construction on the Premises, Tenant
shall obtain and maintain in effect (or cause to be obtained and maintained in effect) with respect to improvements constructed on the Premises, until their completion, Builders’ Risk insurance on an “All Risks” basis (excluding the
risk of damage to foundations and footings and excluding the perils of earthquake and flood), in an amount equal to the full cost of the improvements constructed on the Premises. 
 
Section 12.3. After Completion of Construction. Except as otherwise expressly provided
hereinbelow, after the completion of the construction of any improvements on the Premises, Tenant shall obtain and maintain in effect (or cause to be obtained and maintained in effect) with respect to such improvements, until the expiration of the
term hereof: 
 
(a) Fire, Extended
Coverage and Vandalism insurance (excluding the risk of damage to foundations and footings) in an amount equal to the then full replacement cost of such improvements; 
 
(b) Prior to the installation in such improvements and operation of any steam boilers and
steam piping, Boiler Insurance with respect thereto in such amount in respect of any one accident as may, from time to time, be reasonable in view of the amount customarily maintained in connection with development projects substantially similar to
the one contemplated hereunder, occurring in the area in which the Premises are located, but in no event less than Five Hundred Thousand Dollars ($500,000); and 
 
(c) During any period in which Tenant or any Subtenant conducts or permits activities or
brings, operates or permits equipment on or about the Premises involving unusual hazards, such unusual hazard insurance as may be reasonably sufficient to cover the risks incidental to such hazards; provided, however, that Landlord’s demand for
unusual hazard insurance shall not constitute a waiver of Landlord’s right, if Landlord would otherwise have such right, to demand the removal, cessation or abatement of such hazards. 
 
Section 12.4. Form. All insurance policies maintained by Tenant hereunder shall be with
insurance carriers which have, according to the most current Best’s Insurance Reports, a general rating of at least “A” and a financial rating of at least Class 15, and all such policies shall name Landlord (including any holder of a
mortgage or deed to secure debt encumbering Landlord’s interest in the Land and the Adjoining Land) and Tenant as insured as their respective interests may appear. Also, all such policies shall provide that no cancellation or nonrenewal of such
policies shall be effective until at least thirty (30) days after receipt of notice thereof by Landlord and by any holder of a mortgage or deed to secure debt encumbering Landlord’s interest in the Land and the Adjoining Land. Further, Tenant
shall use its best efforts to obtain policies which provide (except for a loss under liability policies) that Landlord and Tenant shall participate in the adjustment of claims. Prior to the time that such policies are required to be effective
hereunder, and thereafter not less than ten (10) days prior to the expiration dates of the expiring policies required hereunder, Tenant shall deliver to Landlord, in a form reasonably satisfactory to Landlord, originals or certified copies of the
policies or renewal policies, or certificates of insurance with respect to such policies, or binders, as the case may be, required by this Lease. 
 
Section 12.5. Waivers of Subrogation. Tenant shall use its best efforts to obtain from each of the insurers under all
policies of insurance required hereunder a waiver of all rights of subrogation which the insurers under such policies might otherwise have against Landlord, said waiver to be in writing and for the express benefit of Landlord. 
 

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Section
12.6. Effect of Compliance. In no event shall compliance by Tenant with Sections 12.1 through 12.5 hereof release Tenant from any other obligations of Tenant under this Lease or be construed as giving Tenant or employees or agents of
Tenant the right to engage in, permit or suffer any activity or conduct otherwise prohibited by this Lease. 
 
Section 12.7. Blanket Policies of Insurance. All insurance policies maintained by Tenant hereunder may at any time during
the term hereof be under blanket policies of insurance covering liabilities and properties other than those specified herein and covering insured’s other than Tenant and Landlord, provided such policies otherwise comply with all the provisions
of this Article XII. 
 
Section 12.8.
Index of Amounts. The amounts of liability and excess liability insurance required to be maintained by Tenant pursuant to this Article XII shall be increased at the beginning of each Rental Year hereunder following the first Rental Year
hereunder by multiplying the required amounts in effect on the date hereof by an amount equal to the “CPI” at the time of such adjustment, divided by the “CPI” in effect on the date hereof. The term “CPI” as used herein
shall mean “Consumer Price Index, U.S. City Average, All Items (1967 = 100)” issued by the U.S. Bureau of Labor Statistics; if the Consumer Price Index published by the U.S. Bureau of Labor Statistics is discontinued, then the Consumer
Price Index published by the U.S. Department of Commerce shall be used; and if the U.S. Department of Commerce Index is discontinued, then Landlord and Tenant shall, in good faith, agree on a suitable substitute. 
 
Section 12.9. Insurance Proceeds. Landlord
(including any holder of a mortgage or deed to secure debt encumbering Landlord’s interest in the Land and the Adjoining Land), Tenant and, at the request of Tenant, any Leasehold Mortgagee, as defined in Article XVII hereof, shall be insured,
as their respective interests may appear, under any policy or policies of insurance required to be obtained and maintained by Tenant in accordance with this Article XII. Except as provided in Section 11.3 hereof, the proceeds of any such insurance
shall be payable to Landlord, as trustee for the benefit of Landlord and Tenant, or, if required by the provisions of any deed to secure debt encumbering the Premises pursuant to Article XVII hereof, to such Leasehold Mortgage as trustee for the
benefit of Landlord and Tenant. Such funds shall be held in trust for the purpose of defraying the cost of rebuilding or repairing, as the case may be, the portion of the Premises so damaged or destroyed. Upon completion of such rebuilding or repair
of the Premises so damaged or destroyed, any unexpended funds received from such trustee, including any interest thereon, shall inure to and become the property of Tenant, provided that no default exists hereunder; provided, further, that the
unexpended funds going to Tenant pursuant to this Section shall constitute “gross proceeds” under Section 3.2(b) hereof. 
 
Section 12.10. Obligation of Tenant to Restore. Except as provided in Section 11.3 hereof, all insurance monies resulting
from a loss of or damage to the Premises are to be security for the obligation of Tenant to repair and restore the Premises, will be held in trust for such purpose and, in the event of a default hereunder by Tenant and failure of any Leasehold
Mortgagee, as defined in Article XVII hereof, to exercise its right to cure such event of default, Landlord shall be entitled to an immediate payment of the insurance monies from the insurance company or any party holding the insurance proceeds as
trustee or otherwise. 
 
Section 12.11.
Holding of Funds in Trust. Wherever in this Lease Landlord or the holder of any mortgage, deed to secure debt or other security instrument is required to hold funds in trust, the following provisions shall apply: 
 
(a) Such holder (hereinafter referred to as the
“Trustee”) shall hold such funds in commercial paper investments, U.S. government securities, certificates of deposit or other interest-bearing investments or accounts. 
 
(b) In performing any of its duties hereunder, the Trustee shall not incur any liability to any one for any
damages, losses or expenses, except for willful default or breach of trust, nor shall it incur any such liability with respect (i) to any action taken or omitted in good faith upon advice of its counsel or counsel for Landlord or Tenant given with
respect to any questions relating to the duties and responsibilities of the Trustee under this Lease, or (ii) to any action taken or omitted in reliance upon any instrument, including but not limited to any written notice or instruction provided for
in this Lease, not only as to its due execution and the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained herein, which the Trustee shall in good faith believe to be genuine and to have
been signed or presented by a proper person or persons. 
 
(c) Landlord and Tenant hereby agree to indemnify and hold harmless the Trustee against any and all losses, claims, damages, liabilities and expenses, both ordinary and extraordinary, including costs of investigation and counsel fees
and disbursements, which may be imposed upon or incurred by the Trustee in connection with its activities as Trustee hereunder, including, without limitation, any litigation or other proceeding arising from this Lease or involving the subject matter
hereof, and the Trustee may withhold from any funds held by it hereunder any amounts for which indemnity is agreed hereunder. 
 

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(d) In the
event of a dispute between any of the parties hereto, the Trustee shall be entitled to tender into the registry or custody of the Superior Court of DeKalb County, Georgia, all or any portion of the funds held by it in trust pursuant to this Lease,
together with such pleadings as it deems appropriate, and shall thereupon be discharged from all further duties and liabilities under this Lease with respect to such funds. 
 
(e) In no event shall the Trustee be responsible for failure to collect insurance proceeds or any other
proceeds which it must hold in trust under this Lease. 
 
(f) Subject to Section 12.11(c) hereof, the Trustee shall disburse funds upon the written request of any person authorized by Tenant and Landlord. 
 
ARTICLE XIII 
 
INDEMNIFICATION 
 
Tenant agrees to indemnify, hold harmless and defend Landlord from and against any and all demands, claims and causes of actions for
injury to person, loss of life, damage to or loss of use of property (including, without limitation, the Adjoining Land or the Land or any portion thereof), from and against any and all penalties, fines and prosecutions, and from and against any and
all suits for abatement of any public or private nuisance, as well as any costs or expenses (including, without limitation, reasonable attorneys’ fees) incurred in connection with any such demand, claim, cause of action, penalty, fine,
prosecution and suit (hereinafter collectively referred to as any “Demands”), whether or not asserted during or after the term hereof, occurring as the result of the occupancy and use of the Premises or any portion thereof by Tenant or any
Subtenant, or as the result of any activities on the Premises by Tenant or any Subtenant or by the employees, representatives, agents or independent contractors of Tenant or any Subtenant or by the invitees or licensees of Tenant or any Subtenant or
by any other person, or as the result of actions by Landlord or employees, representatives or agents of Landlord which are made necessary due to any interference with the operation of the Tower of the Transmission Facilities or due to damage or
disturbance to the same arising out of or in connection with Tenant’s development of the Land, or as the result of any conditions arising on the Premises due to any of the foregoing activities or actions, or as the result of any failure by
Tenant to perform or comply with any of the terms and conditions contained in this Lease or to comply with any applicable law, statute, charter, ordinance, rule, regulation or requirement of any governmental authority, whether federal, state,
county, city or municipal or otherwise with respect to the use or occupancy of or activities, actions or conditions on the Premises, or as the result of the entry by Tenant or any Subtenant or by the employees, representatives, agents or independent
contractors of Tenant or any Subtenant or by the invitees or licensees of Tenant or any Subtenant upon the Adjoining Land from the Premises or any portion thereof (unless at the invitation of Landlord) arising out of or in connection with
Tenant’s development of the Land; provided, however, that Tenant shall not be obligated to indemnify; hold harmless and defend Landlord against any Demand arising out of an intentional tort or negligence on the part of Landlord or the
employees, representatives or agents of Landlord. Landlord shall, within fifteen (15) days after Landlord becomes aware of any Demand, give Tenant written notice thereof. In the event that Landlord fails, within such period of time, to give Tenant
such notice, such failure shall be deemed to be only a release by Landlord of those obligations of Tenant hereunder which could have reasonably been avoided had such notice been duly given. In the event that Tenant fails to promptly and diligently
defend any Demand, Landlord shall be entitled, but not obligated, to assume the entire defense thereof, and Tenant shall be liable for all reasonable expenses incurred by Landlord in connection with said defense (including, without limitation,
reasonable attorneys’ fees). Tenant further agrees to repair any damage to the Premises or any portion thereof, arising out of any of the causes described above in this Article XIII; provided, however, that Landlord shall pay or reimburse
Tenant for the cost of repairing any such damage arising out of an intentional tort or negligence on the part of Landlord or the employees, representatives or agents of Landlord. 
 
ARTICLE XIV 
 
ASSIGNMENT AND SUBLETTING 
 
Section 14.1. Permitted Subleases. (a) Tenant shall have the right, at any time during the term hereof, to sublet any
portion of the Premises to subtenants or permit any portion of the Premises to be occupied or used by licensees or concessionaires (herein such sublessees, licensees or concessionaires are collectively referred to as “Subtenants”). For
purposes hereof, a Subtenant shall be deemed to include a subtenant of part (but not all) of the Land for the purpose of constructing a free-standing building on a portion of the Land, such subtenant being hereinafter referred to as a
“Freestanding Subtenant;” provided, however, that the right of Tenant to sublet to a Freestanding Tenant shall be subject to the provisions of Section 14.3 hereof, except for the first sentence thereof. 
 

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(b) If an
event of default, as defined in this Lease, shall occur while the Premises or any part thereof be subleased, Landlord in addition to any other remedies herein provided or provided by law, shall have the right (while such event of default remains
uncured) to collect directly from any and all Subtenants all rents becoming due to Tenant under such sublease and apply such rent against any sums due to Landlord by Tenant hereunder. No direct collection by Landlord from any such Subtenant shall be
construed to constitute a novation or release of Tenant from the further performance of any of Tenant’s obligations hereunder. It is understood and agreed, however, that the provisions of this Article XIV and the provisions of Section 15.5
hereof notwithstanding, if this Lease is terminated prior to the expiration date hereof provided in Section 1.3, any permitted sublease then in existence of space in excess of 5,000 square feet or with a term in excess of ten(10) years or with
respect to which such Subtenant has expended in excess of $50.00 per square foot for subtenant improvements shall continue as if said Subtenant had entered into a Lease or operating agreement with the Landlord on the same terms and conditions as
those contained in said Subtenant’s agreement with Tenant, provided only that such Subtenent(s) attorn to Landlord. 
 
Section 14.2. Tenant’s Covenants with Respect to Subleases. Tenant hereby agrees that all subleases shall be subject to
the terms and conditions of this Lease to the extent applicable to such subleased space, including, without limitation, the provisions of Article IV (except all of Section 4.6 other than Section 4.6(e) and the provisions of Article VI hereof. Tenant
further agrees that Tenant shall not collect more than one (1) month’s rent in advance under any sublease, not including any security deposit. 
 
Section 14.3. Assignment by Tenant. (a) Subject to Section 14.3(b) hereof and Tenant’s right to sublet a portion of the
Premises to a Freestanding Tenant, Tenant shall not have any right to assign its interest in this Lease or the Premises prior to completion of the development contemplated by Article IV hereof, except for an assignment to a leasehold mortgagee as
security for its loan. At any time after such completion, however, in addition to Tenant’s right to assign as security its interest in this Lease or the Premises or any portion thereof under Section 17.1 hereof, Tenant shall have the right
otherwise to assign all of such interest, if Tenant obtains Landlord’s prior written approval thereof, which approval shall not be unreasonably withheld. Such assignment shall be reasonable if (a) Landlord is reasonably satisfied that such
assignee has sufficient financial capacity and management expertise to enable it to comply with each and every obligation of Tenant hereunder and (b) such assignee of Tenant assumes all of Tenant’s obligations hereunder; provided, however that
Landlord may disapprove any prospective assignee whose contemplated uses of the Premises would not, in the good faith determination of Landlord or Landlord’s Engineer, meet the requirements and conditions set forth in Articles VI and IX hereof;
provided further that, notwithstanding any such assignment, Tenant shall not be released from its liability, if any, for the obligations of the Tenant hereunder. 
 
(b) Landlord’s consent to an assignment of Tenant’s interest hereunder shall not be necessary if
the assignment is to a partnership or other entity in which Tenant or the principals of Tenant retain an ownership interest (determined without regard to income, loss or cash preferences acquired by other owners) of at least fifty percent (50%).

 
Section 14.4. Assignment by
Landlord. Landlord shall have the right, at all times during the term hereof, to hypothecate, encumber or assign (as security or otherwise) its interests in the Premises and the Adjoining Land or any portion thereof; provided, however, that
Landlord shall not encumber any such interest unless the holder of such encumbrance agrees to accept such assignment or encumbrance subject to Landlord’s obligations under this Lease and agrees to recognize Tenant’s right, title and
interest in the Premises. If Landlord assigns its interest hereunder (other than as security) to any assignee who does not propose to use the Adjoining Land for broadcasting purposes, such assignment shall terminate Landlord’s rights set forth
in Article VI and Section 9.3 hereof. 
 
ARTICLE XV

 
DEFAULT – FORFEITURE –
TERMINATION 
 
Section 15.1.
Equitable Relief. This lease is granted on the condition that, if an event of default, as defined in Section 15.2, shall occur and if a default shall thereafter occur in accordance with the terms and provisions hereof, this Lease may be
terminated by Landlord as hereinafter provided in Section 15.4 hereof, and Landlord may, in addition to any other remedies at law or in equity provided elsewhere in this Lease, enjoin Tenant from the continuation or repetition of any such event of
default. 
 
Section 15.2. Event of
Default. (a) There shall be an event of default as herein defined if and when 
 
(i) there shall have been a failure by Tenant to pay Ground Rental or Percentage Rental to Landlord pursuant to the terms
hereof; 
 
(ii) there shall have
been a failure by Tenant to pay as required herein any item of additional rent; or 
 

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(iii) Tenant shall fail to keep, observe, perform, carry out and execute in every particular the covenants, agreements, obligations and conditions set out in this Lease. 
 
(b) Before a default shall ripen from or out of any of the foregoing events of default, Tenant and any
Leasehold Mortgagee shall have been given: 
 
(i) A notice in writing of the failure to pay, when due, any amounts due hereunder at least ten (10) days in advance of the effective date of a default; or 
 
(ii) A notice in writing of any other event of default hereunder, setting forth the manner in
which such event of default may be cured, at least thirty (30) days in advance of the effective date of a default; provided, however, if the event of default cannot be cured within said thirty (30) day period, such event of default shall not ripen
into a default hereunder if Tenant commences to cure said event within said thirty (30) day period and diligently proceeds to cure such event within a reasonable time thereafter. 
 
(c) The acceptance of rent or other performance while such default exists shall not constitute a waiver of
Landlord’s right to terminate pursuant to Section 15.4 hereof as to any subsequent failure to so observe or perform the obligations of Tenant hereunder. 
 
Section 15.3. Cure by Leasehold Mortgagee. Notwithstanding anything else herein, if an event of default shall have occurred,
in addition to any Leasehold Mortgagee’s rights under Section 17.3 hereof, the Leasehold Mortgagee shall have the right to cure such event of default on behalf of Tenant prior to the time that Landlord has terminated this Lease pursuant to
Section 15.4 hereof and any such party electing so to cure shall give Landlord immediate written notice of its intent so to cure. 
 
Section 15.4. Landlord’s Rights Upon Default. A default as defined in Section 15.2 of this Lease having occurred, then
and in any such event Landlord shall have the right, at its election, to pursue either of the following remedies, but not before five (5) days following the giving of an additional notice to Tenant: 
 
(a) As Tenant’s legal representative, without terminating
this Lease, to enter upon, take possession of and rent the Premises at the best price obtainable by reasonable effort without advertisement and by private negotiations and for any term and on such conditions as Landlord deems proper. Upon each such
reletting, all rentals received by Landlord shall be applied first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any loss and expense of such reletting, including brokerage fees
and attorneys fees and costs of any alterations or repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable
hereunder. 
 
(b) To terminate this Lease by
written notice which notice shall state the date as of which this Lease is thereby terminated, which date shall not be earlier than the date of such notice, and to enter into and upon the Premises and take possession of the same, and the Landlord
may hold and retain the said Premises as of its first or former estate. The election by Landlord to pursue the remedy set forth in Section 15.4(a) above shall in no way preclude Landlord from thereafter exercising its right to terminate this Lease
pursuant to this Section 15.4(b). 
 
Section
15.5. Effect of Termination. Except as provided in Section 14.1(b) hereof, upon the termination of this Lease by Landlord pursuant to Sections 11.4 or 15.4 hereof, all rights of the Tenant, and of all persons whomsoever claiming by
through or under Tenant, whether by grant, assignment, deed to secure debt, mortgage, deed of trust, sublease, foreclosure proceedings or other conveyance or encumbrance, to the Premises, and any fixtures attached thereto, shall eoinstanti, wholly
cease and terminate, except as provided in Article XVII hereof; and the Premises, and any improvements and fixtures attached thereto shall thence-forward constitute and belong to and be the absolute property of the Landlord, the Landlord’s
successors or assigns, without further act or conveyance, and without liability to make compensation to the Tenant or to anyone whatever, and free and discharged from this Lease and all and every lien, encumbrance and charge of any character created
or attempted to be created by the Tenant at any time. It is further expressly understood and agreed that upon termination of this Lease by Landlord pursuant to Section 15.4 hereof, the rights of Tenant, or any affiliate, joint venturer, partner, or
shareholder thereof, to any fee, commission or similar compensation for the procurement of any sublease of all or part of the Premises shall wholly cease and terminate, and Landlord shall be released and relieved from any further liability
whatsoever therefor. 
 
Section 15.6.
Performance of Tenant’s Obligations By Landlord. (a) In addition to Landlord’s rights pursuant to Section 6.7 hereof, if Tenant fails to perform any covenant or agreement contained in this Lease, Landlord may, in addition to any
other remedies at law or in equity or elsewhere in this Lease provided, immediately or at any time thereafter upon ten (10) days prior written notice to Tenant perform the same for the account of Tenant. If Landlord does so and thereby incurs

 

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expense or liability or pays
out money or if Landlord should be compelled to pay any monies, penalties, fines or damages or incurs any liability because of any default on Tenant’s part, then and in any or either of such events the monies, penalties, fines or damages so
paid and the expenses and liabilities so incurred shall constitute additional rent due hereunder, for the purpose of this Article XV. Tenant agrees that neither the Landlord nor any person acting on its behalf shall be liable for any loss or damage
resulting to Tenant by the exercise of the rights granted under this Section 15.6. 
 
(b) If Landlord under any provisions of this Lease exercises any option or right conferred upon it to expend monies or
incur expenses or liabilities and such monies and expenses or the cost of discharging such liabilities are under the provisions of this Lease to be paid by or charged against the Tenant, such monies and expenses and costs incurred shall also
constitute additional rent due hereunder, for the purposes of this Article XV. 
 
(c) If Landlord reasonably expends any money for attorneys’ fees, costs and expenses in any proceedings growing out of or occasioned by a default of Tenant under the provisions of this Lease, such
money so expended shall also constitute additional rent due hereunder, for the purposes of this Article XV. 
 
ARTICLE XVI 
 
ARBITRATION 
 
If the parties are unable to agree on any matter which, in accordance with the terms of this Lease, is to be settled by arbitration, then such arbitration proceeding shall be conducted in the following manner: 
 
(a) A party shall notify the other in writing of the exact
matter in dispute and of the name of the arbitrator appointed by the party giving such notice. Within fifteen (15) days after receipt of such notice, the party so receiving it shall, in writing, notify the other party of an arbitrator appointed by
it. Within thirty (30) days after the appointment of the second arbitrator, the arbitrators so appointed shall determine the matter in dispute or, failing so to do, shall jointly appoint a third arbitrator. If the two arbitrators are unable to
determine the matter in dispute or agree upon a third arbitrator within thirty (30) days after the appointment of the second arbitrator, then both parties or either of them shall immediately, by petition of the Senior Judge of the Superior Court of
DeKalb County, Georgia, request the appointment of five (5) persons, each of whom shall be qualified to serve as a third arbitrator, and none of whom shall have any interest in or be in any way affiliated with or related to either party as a
stockholder, officer, employee, or agent of any party or a relative of any such person. From the five (5) persons thus appointed, Landlord and Tenant shall, within fifteen (15) days after such appointment, alternately strike two names each, Tenant
striking one first. The remaining person shall act as the third arbitrator. If either party shall fail or refuse to appoint an arbitrator within the time provided, then the other party shall be entitled to appoint an arbitrator for such party
failing or refusing to appoint an arbitrator, and any arbitrator so appointed shall be considered as having been appointed by the party so failing or refusing to appoint an arbitrator. If either party shall fail or refuse within the time provided to
strike from the list of the five (5) persons appointed by the court as set forth above, the other party shall proceed to select the third arbitrator from said list. 
 
(b) After a third arbitrator has been appointed as provided above, the arbitrators shall hold such meetings
as any party may reasonably request and, at such meetings, hear and consider any evidence which a party desires to present. Within thirty (30) days after the appointment of the third arbitrator, the arbitrators shall make their determinations.

 
(c) All determinations made by the arbitrators
shall be in writing, signed by at least two arbitrators and shall be a condition precedent to the institution of legal proceedings in a court of law by either party. 
 
(d) Each party shall pay the fees and expenses of the arbitrator appointed by it. The fees and expenses of
the third arbitrator shall be divided equally between Landlord and Tenant. 
 
ARTICLE XVII 
 
LEASEHOLD MORTGAGE 
 
Section 17.1. Right to Encumber. (a) Tenant shall have the right during the term hereof to encumber by deed to secure debt, mortgage, deed of trust, or other instrument in the nature thereof as security for any debt,
all of Tenant’s right, title and interest hereunder in all respects, however, subordinate and inferior to Landlord’s rights, title, privileges, liens, and interest as provided in this Lease; provided, however, that said deed to secure
debt, mortgage, deed of trust or other instrument in the nature thereof shall contain a clause or clauses to the effect that it conveys to the mortgagee, trustee or grantee (herein referred to as “Leasehold Mortgagee”) as the case may be,
and to the holder of any security issued thereunder, no rights in the Premises 
 

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greater than or extending
beyond the rights of Tenant under this Lease, and that such deed to secure debt, mortgage, deed of trust or other instrument in the nature thereof shall be subject to all and each of the rights of Landlord herein and to all and each of the
conditions, covenants, agreements, and obligations contained in this Lease. 
 
(b) Landlord and Tenant recognize that certain minor changes in the language of this Lease may be requested by such Leasehold Mortgagee, and Landlord agrees to cooperate with Tenant in any negotiations
with such Leasehold Mortgagee and to make such changes hereto which Landlord considers in good faith not to be harmful or disadvantageous to its interests hereunder. 
 
Section 17.2. Notice to Landlord. If at any time, and from time to time after the execution and
recording in the Office of the Clerk of Superior Court of DeKalb County, Georgia, of any such deed to secure debt, mortgage, deed of trust, or other instrument in the nature thereof encumbering Tenant’s rights, title and interest hereunder, the
Leasehold Mortgagee shall notify the Landlord in writing that such deed to secure debt, mortgage, deed of trust of other instrument in the nature thereof has been given and executed by the Tenant and shall at the same time furnish the Landlord with
the address to which it desires copies of notices to be mailed, Landlord hereby agrees that it will mail to such party at the address so given a duplicate copy of any and all notices in writing which the Landlord may, from time to time, give or
serve upon the Tenant under the terms of this Lease. It is understood and agreed that no notice by Landlord to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been duly given to the holder of any
leasehold mortgage as provided above. So long as there exists any unpaid loan secured by a leasehold mortgage encumbering all or any part of the Premises but in all events subject to Landlord’s rights under Article XV hereof, Landlord hereby
agrees that Landlord will not accept a surrender of the Premises or a cancellation of this Lease from Tenant prior to the expiration or the termination of this Lease, without the written consent of the holder of such loan and leasehold mortgage.
Additionally, no Leasehold Mortgagee shall become personally liable to perform the obligations of Tenant hereunder. In the event a Leasehold Mortgagee succeeds by foreclosure or deed in lieu of foreclosure to Tenant’s interest in this Lease,
said Leasehold Mortgagee shall have the right to assign its interest hereunder without the restrictions set forth in Section 14.3 hereof, and in the event of said assignment, it shall have no continuing liability hereunder. 
 
Section 17.3. Right of Leasehold Mortgagee to
Cure. To the extent that Tenant may grant the right to any such Leasehold Mortgagee, such Leasehold Mortgagee may, at its option at any time before this Lease shall have been terminated, pay any amount or do any act or thing required of the
Tenant by the terms of this Lease; and all payments so made and all acts or things so done and performed by any such mortgagee shall be as effective to prevent a forfeiture of the rights of the Tenant hereunder as if done or performed by Tenant
instead of by such Leasehold Mortgagee. Such Leasehold Mortgagee may, in addition, at its option, to the extent Tenant may grant the right, enter into a new lease with Landlord; provided, however, that Landlord shall receive written notice of the
exercise of the aforesaid option within thirty (30) days from the termination of this Lease pursuant to a default hereunder. In order for such written notice to remain effective such Leasehold Mortgagee shall pay to Landlord all amounts accrued and
then due and owing to Landlord under this Lease, but for such termination, together with the reasonable expenses incurred by Landlord in terminating this Lease, plus Monthly Ground Rental next coming due, within ten (10) days of receipt by such
Mortgagee of written notice from Landlord of amounts payable as aforesaid; provided, however, that any payments required of Leasehold Mortgagee in connection with said new lease shall be reduced by net income collected by Landlord during the period
for which it is entitled to collect rental income directly from Subtenants. In the event any Leasehold Mortgagee exercises such option then such Mortgagee and Landlord shall thereupon have the obligation to enter into such new lease within thirty
(30) days after the date on which notice of exercise is received by Landlord. Such Leasehold Mortgagee shall reimburse Landlord for all expenses, including reasonable attorneys’ fees actually incurred in connection with the execution of such
new lease. Such new lease shall be effective as of the date of termination of this Lease, shall be for a term corresponding with the remainder of the initial term hereunder, and shall be for the same Ground Rental and Percentage Rental and upon the
same covenants, agreements, terms, conditions, provisions and limitations as this Lease, and shall in all respects be identical to this Lease except for the date thereof, the commencement of the initial term thereunder and the designation of the
parties thereto. Any Leasehold Mortgagee entering into such new lease, as lessee thereunder, shall thereupon acquire all of the rights and assume all of the obligations hereunder of Tenant. Upon the execution and delivery of any such new lease in
accordance with the provisions hereof, any and all subleases which theretofore may have been assigned and transferred to Landlord as a result of the termination of this Lease shall thereupon be assigned and transferred without recourse by Landlord
to the Tenant under such new lease. 
 

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ARTICLE XVIII

 
TITLE TO IMPROVEMENTS 
 
Section 18.1. During the Term. Notwithstanding
any other provisions of this Lease, the Center, the Parking and all other improvements erected on the Premises and all alterations, additions, equipment and fixtures built, made, or installed by Tenant in, on, under, or to the Center and the Parking
or elsewhere on the Premises shall be the sole property of Tenant (except for any auxiliary part of the Tower located on the Land) until the expiration or other termination of the term hereof for any reason whatsoever. 
 
Section 18.2. Following the Term. (a) The
Center, the Parking and all of said other improvements and all of said alterations, additions, equipment, and fixtures (including, without limitation, such items as air conditioning equipment, boilers, furnaces, ducts, elevators escalators, and
lighting fixtures) shall be deemed to be and shall automatically become the property of Landlord, without cost or charge to Landlord, upon the expiration or other termination of the term hereof for any reason whatsoever. 
 
(b) Tenant may, at any time prior to the expiration or other
termination of this Lease and if not in default hereunder, remove from the Premises any and all equipment or fixtures which Tenant has furnished or installed, provided that Tenant shall repair any damage to the Premises caused by the removal of such
fixtures or equipment and provided further that Tenant shall not remove any such equipment or fixtures (such as air conditioning equipment, boilers, furnaces, ducts, elevators, escalators, and lighting fixtures) which are necessary to the operation
of the Center. 
 
ARTICLE XIX 
 
SURRENDER OF PREMISES 
 
Tenant shall, on or before the last day of the term hereof or
on the sooner termination hereof, peaceably and quietly leave, surrender, and yield up unto Landlord the Premises together with all alterations, additions, improvements, equipment, and fixtures (including air conditioning equipment, boilers,
furnaces, ducts, elevators, escalators, and lighting fixtures) which may on that day be in or on the Premises, in good order and repair, ordinary wear and tear, obsolescence and acts of God, excepted. All such operating equipment, computers,
moveable machinery, and other personal property shall be removed by Tenant on or before the last day of the term hereof, and all such property not so removed by Tenant shall be deemed abandoned by Tenant and conveyed to Landlord. 
 
ARTICLE XX 
 
ESTOPPEL CERTIFICATES 
 
Landlord and Tenant agree that any time and from time to time
upon not less than twenty (20) days’ prior written notice by the other or upon request from any Leasehold Mortgagee, Landlord or Tenant will execute, acknowledge, and deliver to the other or to such Leasehold Mortgagee a statement in writing
certifying (a) that this lease is unmodified and in full force and effect (or, if there have been modifications, that this Lease is in full force and effect as modified, with such modifications being identified); (b) the date to which the rental and
other charges have been paid; and (c) that, so far as the certifier knows, if such be the case, there is no default, set-off, defense or other claim against Landlord (or if so, specify the nature of same ) under the provisions of this Lease. It is
intended that any such statement may be relied upon by any person proposing to acquire Landlord’s, Tenant ‘s or Leasehold Mortgagee’s interest, as the case may be, in this Lease or any prospective mortgagee or assignee of any
mortgage, deed to secure debt, deed of trust, or other instrument in the nature thereof upon such interest. 
 
ARTICLE XXI 
 
MISCELLANEOUS 
 
Section 21.1. Notices. All notices required or permitted to be given to Landlord hereunder shall conspicuously bear the legend “NOTICE UNDER COX-CROW GROUND LEASE” on the notice itself and on the
envelope containing the notice, and shall, until contrary instructions are given to Tenant in writing, be effectively given to Landlord when delivered by hand or mailed by registered or certified mail, return receipt requested, to Landlord, 1601
West Peachtree Street Road, N.E., Atlanta, Georgia 30309, Attention: Michael J. Faherty, with copies to each of the Executive Vice President and the Secretary of Landlord. All notices required or permitted to be given to Tenant hereunder shall
conspicuously bear the legend 
 

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“NOTICE UNDER COX-CROW
GROUND LEASE” on the notice itself and on the envelope containing the notice, and shall, until contrary instructions are given to Landlord in writing, be effectively given when mailed by registered or certified mail, return receipt requested,
to Tenant, 100 Galleria Parkway, N.W. Suite 1000, Atlanta, Georgia 30339, Attention: Allen K. Meredith. 
 
Section 21.2. Time of Essence. Time is of the essence of this Lease. 
 
Section 21.3. No Waste. Tenant will neither
commit nor permit waste upon the Premises, except as hereinabove expressly permitted. 
 
Section 21.4. Holding Over. If Tenant remains in possession after the expiration of the term of this Lease without any written agreement of the parties, there shall be no renewal of this
lease by operation of law, and Tenant shall be deemed to occupy the Premises as a tenant at sufferance that is terminable upon one day’s notice from Landlord. In said event, Tenant shall pay a rental at a rate equal to double the sum of the
Ground Rental plus double the average annual Percentage Rental paid by Tenant during the final three (3) years of the term of this Lease. 
 
Section 21.5. Waiver. No failure of Landlord to exercise any power given Landlord hereunder or to insist upon strict
compliance by Tenant with its obligations hereunder, and no custom or practice of the parties at variance with the terms hereof shall constitute a waiver of Landlord’s right to demand exact compliance with the terms hereof. 
 
Section 21.6. Severability. If any term,
covenant, or condition of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease or the application of such term, covenant, or condition to persons or
circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby; and each term, covenant, or condition of this Lease shall be valid and be enforced to the fullest extent permitted by law. 
 
Section 21.7. Rights Cumulative. All rights,
powers and privileges conferred herein upon the parties shall be cumulative but not restrictive to those given by law. 
 
Section 21.8. Entire Agreement. This lease contains the entire agreement of the parties hereto and no representations,
inducements, promises or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. 
 
Section 21.9. Successors and Assigns. The terms of this Lease shall be binding upon and shall inure to the benefit of the
parties hereto, their respective heirs, personal representatives, successors, and assigns. 
 
Section 21.10. Governing Law. This lease shall be governed by the laws of the State of Georgia. 
 
Section 21.11. Counterparts. This lease may be executed in several counterparts, each of which shall be deemed an original,
and such counterparts shall constitute but one and the same instrument. 
 
Section 21.12. Relationship of Parties. No relationship exists between Landlord and Tenant other than landlord and tenant, and the parties hereto expressly declare that, in connection with the activities and
operations contemplated by this Lease, they are neither partners or joint venturers, nor does a debtor-creditor, principal-agent or any other relationship, except as aforesaid, exist between them. 
 
Section 21.13. Personal Liability of Tenant.
Anything herein to the contrary notwithstanding, Tenant or Tenant’s heirs, legal representatives, successors or assigns shall be personally liable and Landlord shall have the right to seek a personal judgment against said parties only as to
rent or other obligations of Tenant occurring prior to the fifth (5th) anniversary of the date of substantial completion of the construction of the Center and Parking, with substantial completion being evidenced by a certificate of occupancy for the
Premises (excluding the subtenant finish work) issued with respect to the Premises by an appropriate governmental entity. After the fifth (5th) anniversary of such date of substantial completion, any claim, demand or course of action by Landlord
against Tenant resulting from Tenant’s failure to comply with the terms and conditions of this lease shall be enforceable solely against Tenant’s interest in the Premises and in this lease, it being intended that no other assets or
property of Tenant shall be subject to levy or sale, or otherwise be subject to any judgment, liability or decree, based upon any claim, demand or course of action above-described. 
 
Section 21.14. Non-Merger. There shall be no merger of this Lease, or of the leasehold estate
created hereby, with a fee estate in and to the Premises by reason of the fact that this Lease, or the leasehold estate created thereby, or any interest in either such estate, may be held directly or indirectly by or for the account of any person
who shall own the fee estate in 
 

-24- 

 
and to the Premises or any
portion thereof, and no such merger shall occur unless and until all persons at the time having an interest in this Lease or the leasehold estate, including any leasehold mortgagees and the holder of any mortgage upon the fee estate in and to the
Premises, shall join in a written instrument effecting such merger. 
 
Section 21.15. Sale by Landlord. At such time as Landlord may wish to sell its interest in the Land or the Adjoining Land, Landlord agrees to notify Tenant of its desire or intention to do so, and Tenant may
submit a proposal to Landlord with respect to Tenant’s purchase of the Land or the Adjoining Land which proposal Landlord may accept or reject. 
 
Section 21.16. Memorandum of Lease. Each of the parties hereto agrees that it will promptly execute in form appropriate for
recording and will cause to be recorded a short form memorandum of the Ground Lease Agreement satisfactory in form and substance and in manner of recordation to the other party. 
 

-25- 

 
IN WITNESS
WHEREOF, Landlord, acting by and through its duly authorized officers, has caused these presents to be executed and its corporate seal to be hereunto affixed, and Tenant, acting by and through its duly authorized general partners, has hereunto set
its hand and affixed its seal on the day, month, and year first above written. 
 

	
	 	 	 	 	 LANDLORD:

	
	 	 	 	 	 COX COMMUNICATIONS,
INC.

	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By
	 	 /s/    JON W. WERLY JR
        

	 	 	 	 	 Its:
	 	 Vice President

	 /s/    JM. JERST

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 Attest:
	 	 /s/    RAYMOND J. TUCKER

	 	 	 	 	 Its:
	 	 SECRETARY

	
	 	 	 	 	 	 	 [CORPORATE SEAL]

	 /s/    JANICE W. WARD

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	 	 	 	 	 TENANT:

	
	 	 	 	 	 CROW-ATLANTA RETAIL
LTD.

	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    ALLEN K. MEREDITH
        

	 	 	 	 	 	 	 Allen K. Meredith
 General Partner

	 /s/    JM. JERST

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    JANICE W. WARD

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    J. DONALD CHILDRESS
        

	 	 	 	 	 	 	 J. Donald Childress
 General Partner

	 /s/    KENNETH HINES

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    LAUREN LEER
MUR

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 Notary Public, Georgia, State at Large
	 	 	 	 	 	 
	 My Commission Expires Feb. 16, 1986
	 	 	 	 	 	 

 

-26- 

 

	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    GARY SHAFER
        

	 	 	 	 	 	 	 Gary Shafer
 General Partner

	 /s/    BARBARA WILLIAMS

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    MARIA BURNS

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    HARLAN R. CROW
        

	 	 	 	 	 	 	 Harlan R. Crow
 General Partner

	 /s/    BARBARA WILLIAMS

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    MARIA BURNS

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    J. MCDONALD
WILLIAMS         

	 	 	 	 	 	 	 J. McDonald Williams
 General Partner

	 /s/    BARBARA WILLIAMS

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    MARIA BURNS

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 Signed, sealed, and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    JOEL C. PETERSON
        

	 	 	 	 	 	 	 Joel C. Peterson
 General Partner

	 /s/    BARBARA WILLIAMS

	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
	 /s/    MARIA BURNS

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 

 

-27- 

 

	 STATE OF GEORGIA
	 	 [SEAL]

	
	 COUNTY OF DEKALB
	 	 

 
AMENDMENT TO GROUND LEASE AGREEMENT 
 
THIS AMENDMENT TO GROUND LEASE AGREEMENT, entered into this 27th day of April, 1983, by and between COX COMMUNICATIONS, INC., a Georgia corporation (formerly Cox Broadcasting Corporation) (hereinafter referred to as
“Landlord”), and CROW-ATLANTA RETAIL, LTD., a Texas limited partnership, whose sole general partners are Allen K. Meredith, J. Donald Childress, Gary Shafer, Harlan R. Crow, J. McDonald Williams, and Joel C. Peterson (hereinafter referred
to as “Tenant”). 
 
W I
T N E S S E T H   THAT: 
 
WHEREAS, Landlord and Tenant entered into that certain Ground Lease Agreement, dated October 4, 1982 (hereinafter referred to as the “Lease”); 
 
WHEREAS, Landlord and Tenant wish to amend the Lease, as more
particularly hereinafter set forth. 
 
NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 
1. 
 
Each term contained in this Amendment, when used herein with an initial capital letter, shall have the same
meaning as ascribed to it in the Lease. 
 
2.

 
Section 3.1(e) of the Lease is
hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
(e) For the fifty-first (51st) Rental Year through the end of the term hereof, Tenant shall pay an annual Ground Rental
equal to twelve percent (12%) of the appraised value of the Land, determined pursuant to Section 3.12 hereof; provided, however, that the Ground Rental due pursuant to this Section 3.1(e) shall not be less than the Ground Rental due pursuant to
Section 3.1(d) hereof nor more than twice the annual Ground Rental due pursuant to Section 3.1(d) hereof. 
 
3. 
 
Section 4.3(b) of the Lease is hereby deleted, and the following is substituted in lieu thereof: 
 
(b) On or before sixty (60) days following the date hereof, Tenant shall submit to Landlord for Landlord’s approval,
preliminary plans and specifications for the construction of the Center and the Parking; provided, however, that if a portion of the Center and/or the Parking is to be accomplished by a subtenant in accordance with Section 4.12 and Article XIV
hereof, the submission of the preliminary plans and specifications with respect to such portion of the Center shall not be required until thirty (30) days after the date of execution of such sublease, but in no event shall the date of completion of
construction set forth in Section 4.3(f) hereof be postponed by the provisions of this sentence. Within thirty (30) days following receipt by Landlord of said preliminary plans and specifications from either Tenant or a subtenant, Landlord shall
notify Tenant of Landlord’s approval or disapproval of said preliminary plans and specifications. Any notice of disapproval shall set forth the grounds for such disapproval. Subject to Section 4.3(d) hereof, following Landlord’s first or
any subsequent disapproval, Tenant shall elect (i) to submit revised plans and specifications or (ii) unless the disapproval is because of the adverse effect, in the opinion of Landlord’s Engineer, which an item in said plans and specifications
will have on the Tower, the Transmission Facilities or Landlord’s existing transmission facilities on the Land, to give notice contesting the reasonableness of Landlord’s disapproval. The contest of reasonableness shall be determined by a
Board of Arbitrators selected in the manner governed by the rules set forth in Article XVI hereof. If the reasonableness of Landlord’s disapproval is sustained, Tenant shall perform as set forth in (i) above; if not sustained, the plans and
specifications submitted shall be considered approved. 

 
4.

 
Section 4.3(f) of the Lease is
hereby deleted, and the following is substituted in lieu thereof: 
 
(f) Subject to postponement because of Unavoidable Delay, construction on the Center and the Surface Parking shall be commenced no later than sixty (60) days after the approval by Landlord of final
plans and specifications or sixty (60) days after the resolution of any dispute described above, whichever is later, and shall be completed (that is, a certificate of occupancy being issued by the appropriate governmental entity for the Premises,
excluding subtenant finish work) on or before June 30, 1984, provided, however, that in the event any Leasehold Mortgagee shall foreclose upon Tenant’s interest hereunder pursuant to the terms of any mortgage, deed of trust, deed to secure
debt, or other encumbrance on Tenant’s leasehold estate hereunder or in the event any Leasehold Mortgagee shall, pursuant to Section 17.3 hereof, enter into a new lease with Landlord following a default by Tenant hereunder, such completion date
shall be extended for a period equal to the number of days from the occurrence of Tenant’s default under such instrument until the date on which such lienholder takes possession of the Premises, whether before or after the actual foreclosure.

 
5. 
 
Section 4.6(d) of the Lease is hereby deleted
in its entirety, and the following is substituted in lieu thereof: 
 
(d) If Tenant has not obtained or accomplished the respective items referred to in Sections 4.6(a), 4.6(b) and 4.6(c) hereof on or before January 1, 1985, March 1, 1985 or January 1, 1985,
respectively, then, at any time on or before January 15, 1985, March 15, 1985 or January 15, 1985, respectively, Landlord shall have the option to terminate this Lease and all obligations thereafter accruing; provided, however, that if Tenant closes
the Construction Loan on the Premises referred to in Section 4.6 (a) on or before March 1, 1985, then such act shall in and of itself terminate Landlord’s right to terminate this Lease on account of Tenant’s failure to obtain the licenses,
permits or authorizations referred to in Section 4.6(c) hereof. The Land shall thereupon be surrendered to Landlord in the same condition as on the date hereof, and this Lease shall thereupon terminate. In such event, Tenant shall deliver to
Landlord immediately upon such termination copies of all preliminary and/or final plans ordered by Tenant. 
 
6. 
 
Section 6.7 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 6.7. Landlord’s Right of Entry and Repair. In the event that any part of the guy cables or guy
anchors supporting the Tower, any part of the copper ground wire radials referred to in Section 6.3 hereof, any part of the transmission lines referred to in Section 6.4 hereof or any other component related to Landlord’s broadcasting
operations from the Tower and Transmission Facilities is situated upon or lies within the Land, then Landlord shall have the right to enter upon the Land at all times, at Landlord’s expense, to maintain, repair or replace such part, including,
without limitation, (a) the right to break up the paving of the Parking in order to repair any underground cable systems used in connection with the Tower or the Transmission Facilities and (b) the right to enter into or upon any buildings
comprising a part of the Center which serve as support for the guy cables supporting the Tower to repair or replace same. In the event that any damage to such part arises by reason of casualty referred to in Article XI hereof or by reason of an
action by Tenant, Tenant shall be obligated to pay or reimburse Landlord for the cost of any reasonably necessary repair or replacement of such part; provided, however, that Tenant shall not be obligated to repair or replace any such part if the
damage thereto arises out of negligence on the part of Landlord or the employees, representatives or agents of Landlord or is the result of mere deterioration. In the event any Leasehold Mortgagee-shall have succeeded by foreclosure or deed in lieu
of foreclosure to Tenant’s leasehold estate hereunder or in the event any Leasehold Mortgagee has, pursuant to Section 17.3 hereof, entered into a new lease with Landlord following a default by Tenant hereunder, such obligation to pay or
reimburse Landlord in the event such damage arises by reason of casualty referred to in Article XI hereof shall be limited to the extent of actual recovery under policies of insurance required pursuant to Article XII hereof, provided the insurance
required by Article XII is then in full force and effect. 
 
7. 
 
Section
8.2(b) of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
(b) In the event that Landlord and Tenant are unable to obtain separate awards with respect to their respective interests
in the Premises, then the single award shall be fairly and equitably apportioned between Landlord and Tenant to reflect their respective interests in the Premises. Subject to Section 8.4 hereof, the portion of the award to be received by 

Landlord shall be based upon the taking of or injury to the fee simple estate in the Land
including the rentals payable hereunder, and there may be taken into consideration the fact that the buildings and other improvements on the Land will belong to Landlord upon the expiration of the term of this Lease. Subject to Section 8.4 hereof,
the portion of the award to be received by Tenant shall be based upon the taking and reduction of Tenant’s leasehold estate created by this Lease, the taking of any building and other improvements constructed or placed by Tenant on the Land,
loss or interruption of business and the cost of any restoration or repair necessitated by such taking or condemnation. Such values shall be determined as of the time of condemnation by agreement of the parties or by arbitration in the manner set
out in Article XVI of this Lease. Landlord and Tenant agree that, in the event they are unable to obtain separate awards, there shall be no settlement of any condemnation award or proceeding without the consent of any leasehold mortgagee, it being
understood, however, that any such leasehold mortgagee shall have rights only in Tenant’s portion of the award. 
 
8. 
 
Section 8.3 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 8.3. Condemnation of Less Than a Substantial Portion. (a) If any condemnation of the Premises
results in the taking of less than a substantial portion of the Premises or if Tenant does not elect to terminate this Lease following the taking of a substantial portion of the Premises, then this Lease shall continue in full force and effect;
provided, however, that Ground Rental shall abate in the proportion that the reasonable value of any building, or portion thereof, forming a part of the Premises which is taken or is rendered unusable by such taking and which cannot be replaced
bears to the reasonable value of the entire building or group of buildings forming a part of the Premises immediately prior to such taking. Tenant, with its award and any other necessary funds of Tenant, shall promptly repair and reconstruct any of
the Premises damaged or diminished by such condemnation so as to provide buildings and improvements on the land of the same general appearance and quality as prior to such condemnation, unless Tenant obtains Landlord’s consent to the change in
use of the Premises to the extent required by Article IX hereof, and Tenant shall repair and reconstruct and add to the Parking (if possible) to the extent necessary to provide parking as required by Article V hereof. Such obligation to repair and
reconstruct shall be binding on any Leasehold Mortgagee which has succeeded to Tenant’s interest hereunder by foreclosure or deed in lieu of foreclosure or which has entered into a new lease with Landlord following a default by Tenant
hereunder, only to the extent the costs of such reconstruction or repairs are covered by Tenant’s portion of the condemnation award; provided, however, that in such event, such Leasehold Mortgagee-shall thereafter use the Premises (or the
portion thereof which has been restored) only for such purposes and in such a manner as not to be in default under this Lease. 
 
(b) If Landlord and Tenant are unable to agree on either or both of the reasonable value of any building or portion
thereof forming a part of the Premises which has been taken or has been rendered unusable by a taking and which cannot be replaced and/or the reasonable value of the entire building or group of buildings forming a part of the Premises immediately
prior to such taking, then such values shall be determined in the manner provided in Article XVI of this Lease. 
 
9. 
 
Section 8.4 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 8.4. Condemnation of a Substantial Portion. If any condemnation results in the taking of a
substantial portion of the Premises, Tenant may, with the prior written consent of any Leasehold Mortgagee then holding a lien or encumbrance on Tenant’s leasehold estate hereunder, give written notice to Landlord, within ninety (90) days
following receipt by Tenant of notice of such condemnation, of Tenant’s election to terminate this Lease. If Tenant does not elect to terminate this Lease, Tenant, with its award and any other necessary funds of Tenant, shall promptly repair
and reconstruct any of the Premises damaged or diminished by such condemnation so as to provide buildings and improvements on land of the same general appearance and quality as prior to such condemnation, unless Tenant obtains Landlord’s
consent to the change in use of the Premises to the extent required by Article IX hereof, and Tenant shall repair and reconstruct and add to the Parking (if possible) to the extent necessary to provide parking as required by Article V hereof. Such
obligation to repair and reconstruct shall not be binding on any Leasehold Mortgagee which has succeeded to Tenant’s interest hereunder by foreclosure or deed in lieu of foreclosure or which has entered into a new lease with Landlord following
a default by Tenant hereunder, to the extent the costs of such reconstruction or repairs are not covered by Tenant’s portion of the condemnation award; provided, however, that in such event, such Leasehold Mortgagee shall thereafter use the
Premises (or the portion thereof which has been restored) only for such purposes and in such a manner as not to be in default under this Lease. If Tenant so elects to terminate this Lease, then the term hereof 

shall cease as of the date title is transferred by reason of such proceeding (or sale),
and all rentals shall be paid up to the date of termination, and the parties hereto shall thereupon have no further obligation to each other hereunder, except that, in addition to that portion of the condemnation award awarded for such taking which
is payable to Landlord pursuant to the terms of Section 8.2(a) or 8.2(b), as the case may be, any portion of said total condemnation award which is attributable to the cost of repair and/or restoration of the Premises necessitated by such taking and
to the taking of any building or any other improvements constructed or placed on the Land shall be the property of Landlord immediately upon such termination by Tenant or by Leasehold Mortgagee, as the case may be, with any portion of said total
condemnation award which is attributable to the taking and reduction of Tenant’s leasehold estate created by this Lease and to the loss or interruption of Tenant’s business on the Premises to be the property of Tenant, regardless of
whether Landlord and Tenant (or Leasehold Mortgagee) have received or are to receive separate awards or have received or are to receive one award. If Tenant or Leasehold Mortgagee, as the case may be, has already received such portion of the
condemnation award attributable to the cost of repair and reconstruction, Tenant or Leasehold Mortgagee, as the case may be, shall deliver such portion of the award to Landlord together with its notice of termination hereof. Subject to the
immediately previous two (2) sentences, upon such termination all awards payable to Tenant, as described in Section 8.2 hereof, shall be free from any interest of Landlord pursuant to the terms of this Lease, and all awards payable to Landlord, as
described in Section 8.2, shall be free from any interest of Tenant pursuant to the terms of this Lease. 
 
10. 
 
Section 8.5 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 8.5. Tenant’s Award in Trust. Unless Tenant terminates this Lease pursuant to Section 8.4
hereof, all condemnation proceeds payable to Tenant hereunder shall be paid to Landlord or, if required by any Leasehold Mortgagee under any leasehold deed of trust, mortgage, or deed to secure debt entered into by Tenant pursuant to Article XVII
hereof in favor of any commercial or savings bank, trust company, savings and loan institution, pension or union fund insurance company, or any lending institution whose loans on real estate are regulated by law, to such Leasehold Mortgage to be
held in trust as security for the obligation, if any, of Tenant to repair and reconstruct the Premises. 
 
11. 
 
Section 9.1 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 9.1. Allowed Uses. Subject to the provisions of this Lease, including, without limitation, Article
VI hereof, Tenant may use, operate and manage the Premises for any lawful purpose, it being the parties’ intent, however, for the Premises to be used initially as a first-class retail shopping center (including hotel, motel and related purposes
and incidental office purposes). In connection with any change in use of the Premises from use as a first-class retail shopping center (including hotel, motel and related purposes and incidental office purposes), the following conditions shall be
prerequisites to such a change of use: 
 
(a) Tenant shall give Landlord written notice of such proposed change at least one hundred twenty (120) days prior to the date of such proposed change; 
 
(b) In the opinion of Landlord’s Engineer, there shall be no adverse effect on the Tower
or the Transmission Facilities by such proposed use, including, without limitation, an adverse effect on the quality of the signal transmitted thereby as a result of such proposed use; 
 
(c) Tenant shall comply with the provisions of Article VII hereof; and 
 
(d) Tenant shall agree pursuant to an
amendment to this Ground Lease Agreement to pay a Ground Rental and/or Percentage Rental with respect to the use of the Premises, or a portion thereof, proposed to be changed, commensurate with the current market rental rate for such proposed use in
the Atlanta, Georgia metropolitan area, it being understood, however; that in no event shall the aggregate amount of such Ground Rental and Percentage Rental be less than the average total rent (including Ground Rental and Percentage Rental) payable
by Tenant to Landlord for the five (5) full calendar years immediately preceding the date of such proposed change. 

 
12.

 
Section 12.2 of the Lease is
hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 12.2. During Construction. Upon commencement of construction on the Premises, Tenant shall obtain
and maintain in effect (or cause to be obtained and maintained in effect) with respect to improvements constructed on the Premises, until their completion, Builders’ Risk insurance on an “All Risks” basis (excluding the risk of damage
to foundations and footings and excluding the perils of earthquake and flood, but including the risk of damage to the guy anchors supporting the Tower, any part of the copper wire radials referred to in Section 6.3 hereof, any part of the
transmission lines referred to in Section 6.4 hereof, or any component related to Landlord’s broadcasting operations from the Tower and Transmission Facilities which is situated upon or lies within the Land), in an amount equal to the full
replacement cost of the improvements constructed on the Premises. 
 
13. 
 
Section
12.3(a) of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
(a) Fire, Extended Coverage and Vandalism insurance (excluding the risk of damage to foundations and footings, but
including the risk of damage to the guy cables or guy anchors supporting the Tower, any part of the copper wire radials referred to in Section 6.3 hereof, any part of the transmission lines referred to in Section 6.4 hereof, or any component related
to Landlord’s broadcasting operations from the Tower and Transmission Facilities which is situated upon or lies within the Land) in an amount equal to the then full replacement cost of such improvements; 
 
14. 
 
Section 12.4 of the Lease is hereby deleted in
its entirety, and the following is substituted in lieu thereof: 
 
Section 12.4. Form. All insurance policies maintained by Tenant hereunder shall be with insurance carriers which have, according to the most current Best’s Insurance Reports, a
general rating of at least “A” and a financial rating of at least Class 15, and-all such policies shall name Landlord (including any holder of a mortgage or deed to secure debt encumbering Landlord’s interest in the Land and the
Adjoining Land) and Tenant (including any Leasehold Mortgagee) as insured as their respective interests may appear. Also, all such policies shall provide that no cancellation or nonrenewal of such policies shall be effective until at least thirty
(30) days after receipt of notice thereof by Landlord and by any holder of a mortgage or deed to secure debt encumbering Landlord’s interest in the Land and the Adjoining Land. Further, Tenant shall use its best efforts to obtain policies which
provide (except for a loss under liability policies) that Landlord and Tenant shall participate in the adjustment of claims. Prior to the time that such policies are required to be effective hereunder, and thereafter not less than ten (10) days
prior to the expiration dates of the expiring policies required hereunder, Tenant shall deliver to Landlord, in a form reasonably satisfactory to Landlord, originals or certified copies of the policies or renewal policies, or certificates of
insurance with respect to such policies, or binders, as the case may be, required by this Lease. 
 
15. 
 
Section 12.9 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 12.9. Insurance Proceeds. Landlord (including any holder of any future mortgage or deed to secure
debt hereafter encumbering Landlord’s interest in the Land and the Adjoining Land), Tenant and any Leasehold Mortgagee shall be insured, as their respective interests may appear, under any policy or policies of insurance required to be obtained
and maintained by Tenant in accordance with this Article XII. Except as provided in Section 11.3 hereof, the proceeds of any such insurance shall be payable to Landlord, as trustee for the benefit of Landlord and Tenant, or, if required by the
provisions of any deed to secure debt encumbering the Premises pursuant to Article XVII hereof, to such Leasehold Mortgage as trustee for the benefit of Landlord and Tenant. Such funds shall be held in trust for the purpose of defraying the cost of
rebuilding or repairing, as the case may be, the portion of the Premises so damaged or destroyed. Upon completion of such rebuilding or repair of the Premises so damaged or destroyed, any unexpended funds received from such trustee, including any
interest thereon, shall inure to and become the property of Tenant, provided that no default exists hereunder; provided, further, that the unexpended funds going to Tenant pursuant to this Section shall constitute “gross proceeds” under
Section 3.2(b) hereof. 

 
16.

 
Section 14.3 of the Lease is
hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 14.3. Assignment by Tenant. (a) Subject to Section 14.3(b) hereof and Tenant’s right to sublet
a portion of the Premises to a Freestanding Tenant, Tenant shall not have any right to assign its interest in this Lease or the Premises prior to completion of the development contemplated by Article IV hereof, except for an assignment to a
Leasehold Mortgagee as security for its loan. At any time after such completion, however, in addition to Tenant’s right to assign as security its interest in this Lease or the Premises or any portion thereof under Section 17.1 hereof, Tenant
shall have the right otherwise to assign all of such interest, if Tenant obtains Landlord’s prior written approval thereof, which approval shall not be unreasonably withheld. Such assignment shall be reasonable if (a) Landlord is reasonably
satisfied that such assignee has sufficient financial capacity and management expertise to enable it to comply with each and every obligation of Tenant hereunder and (b) such assignee of Tenant assumes all of Tenant’s obligations hereunder;
provided, however that the foregoing shall be deemed to impose personal liability upon Tenant or such assignee of Tenant for the obligations of Tenant under this Lease only to the extent provided in Section 21.13 hereof; provided, further, that
Landlord may disapprove any prospective assignee whose contemplated uses of the Premises would not, in the good faith determination of Landlord or Landlord’s Engineer, meet the requirements and conditions set forth in Articles VI and IX hereof;
provided further that, notwithstanding any such assignment, Tenant shall not be released from its liability, if any, for the obligations of the Tenant hereunder. 
 
(b) Landlord’s consent to an assignment of Tenant’s interest hereunder shall not be
necessary if the assignment is to a partnership or other entity in which Tenant or the principals of Tenant retain an ownership interest (determined without regard to income, loss or cash preferences acquired by other owners) of at least fifty
percent (50%). 
 
17. 
 
Section 15.2(b)(i) of the Lease is hereby
deleted in its entirety, and the following is substituted in lieu thereof: 
 
(i) A notice in writing of the failure to pay, when due, any amounts due hereunder, at least ten (10) days in advance of the effective date of a default; or 
 
18. 
 
Section 15.3 of the Lease is hereby deleted in
its entirety, and the following is substituted in lieu thereof: 
 
Section 15.3. Cure by Leasehold Mortgagee. Notwithstanding anything else herein, if an event of default shall have occurred, in addition to any Leasehold Mortgagee’s rights under Section 17.3 hereof, the Leasehold
Mortgagee shall have the right to cure such event of default on behalf of Tenant prior to the time that Landlord has terminated this Lease pursuant to Section 15.4 hereof, and any such party electing so to cure shall give Landlord immediate written
notice of its intent so to cure. 
 
19.

 
Section 15.4 of the Lease is
hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 15.4. Landlord’s Rights Upon Default. A default as defined in Section 15.2 of this Lease having
occurred, then and in any such event Landlord shall have the right, at its election, to pursue either of the following remedies, but not before five (5) days following the giving of additional notices to Tenant and any Leasehold Mortgagee:

 
(a) As Tenant’s legal
representative, without terminating this Lease, to enter upon, take possession of and rent the Premises at the best price obtainable by reasonable effort without advertisement and by private negotiations and for any term and on such conditions as
Landlord deems proper. Upon each such reletting, all rentals received by Landlord shall be applied first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any loss and expense of
such reletting, including brokerage fees and attorneys fees and costs of any alterations or repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as
the same may become due and payable hereunder. 

 
(b) To terminate this Lease by written notice which notice shall state the date as of which this Lease is thereby terminated, which date shall not be earlier than the date of such notice, and to enter into and upon the Premises and
take possession of the same, and the Landlord may hold and retain the said Premises as of its first or former estate. The election by Landlord to pursue the remedy set forth in Section 15.4(a) above shall in no way preclude Landlord from thereafter
exercising its right to terminate this Lease pursuant to this Section 15.4(b). 
 
20. 
 
Section 17.1(a) of the Lease is hereby deleted, and the following is substituted in lieu thereof: 
 
Section 17.1. Right to Encumber. (a) Tenant shall have the right during the term hereof to encumber by deed
to secure debt, mortgage, deed of trust, or other instrument in the nature thereof as security for any debt, all of Tenant’s right, title and interest hereunder in all respects, however, subordinate and inferior to Landlord’s rights,
title, privileges, liens, and interest as provided in this Lease; provided, however, that said deed to secure debt, mortgage, deed of trust or other instrument in the nature thereof shall contain a clause or clauses to the effect that it conveys to
the mortgagee, trustee or grantee (herein referred to as “Leasehold Mortgagee”) as the case may be, and to the holder of any security issued thereunder, no rights in the Premises greater than or extending beyond the rights of Tenant under
this Lease, and that such deed to secure debt, mortgage, deed of trust or other instrument in the nature thereof shall be subject to all and each of the rights of Landlord herein and to all and each of the conditions, covenants, agreements, and
obligations contained in this Lease. Landlord hereby covenants that any mortgage or deed to secure debt encumbering Landlord’s interest in the Land shall be subject to the rights of Tenant and any Leasehold Mortgagee under this Lease.

 
21. 
 
Section 17.2 of the Lease is hereby deleted in
its entirety, and the following is substituted in lieu thereof: 
 
Section 17.2. Notice to Landlord. If at any time, and from time to time after the execution and recording in the Office of the Clerk of Superior Court of DeKalb County, Georgia, of any
such deed to secure debt, mortgage, deed of trust, or other instrument in the nature thereof encumbering Tenant’s rights, title and interest hereunder, the Leasehold Mortgagee shall notify the Landlord in writing that such deed to secure debt,
mortgage, deed of trust of other instrument in the nature thereof has been given and executed by the Tenant and shall at the same time furnish the Landlord with the address to which it desires copies of notices to be mailed, Landlord hereby agrees
that it will mail to such party at the address so given a duplicate copy of any and all notices in writing which the Landlord may, from time to time, give or serve upon the Tenant under the terms of this Lease. It is understood and agreed that no
notice by Landlord to Tenant hereunder shall be deemed to have been duly given unless and until a copy thereof has been duly given to the holder of any leasehold mortgage as provided above. So long as there exists any unpaid loan secured by a
leasehold mortgage encumbering all or any part of the Premises but in all events subject to Landlord’s rights under Article XV hereof, Landlord hereby agrees that Landlord will neither modify or amend this Lease in any respect nor accept a
surrender of the Premises or a cancellation of this Lease from Tenant prior to the expiration or the termination of this Lease, without the written consent of the holder of such loan and leasehold mortgage. Additionally, no Leasehold Mortgagee shall
become personally liable to perform the obligations of Tenant hereunder, whether such Leasehold Mortgagee shall have succeeded by foreclosure or deed in lieu of foreclosure to Tenant’s leasehold estate hereunder or such Leasehold Mortgagee has,
pursuant to Section 17.3 hereof, entered into a new lease with Landlord following a default by Tenant hereunder. In the event a Leasehold Mortgagee-succeeds by foreclosure or deed in lieu of foreclosure to Tenant’s interest in this Lease or in
the event such Leasehold Mortgagee has, pursuant to Section 17.3 hereof, entered into a new lease with Landlord following a default by Tenant hereunder, said Leasehold Mortgagee (but only said Leasehold Mortgagee) shall have the right to assign its
interest hereunder without the restrictions set forth in Section 14.3 hereof, and in the event of said assignment, it shall have no continuing liability hereunder. 
 
22. 
 
Section 17.3 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof:

 
Section 17.3. Right
of Leasehold Mortgagee to Cure. Any Leasehold Mortgagee may, at its option at any time before this Lease shall have been terminated, pay any amount or do any act or thing required of the Tenant by the terms of this Lease; and all payments so
made and all acts or things so done and performed by any such mortgagee shall 

be as effective to prevent a forfeiture of the rights of the Tenant hereunder as if done
or performed by Tenant instead of by such Leasehold Mortgagee. Any such Leasehold Mortgagee may, in addition, at its option, enter into a new lease with Landlord; provided, however, that Landlord shall receive written notice of the exercise of the
aforesaid option within thirty (30) days from the termination of this Lease pursuant to a default hereunder. In order for such written notice to remain effective such Leasehold Mortgagee shall pay to Landlord all amounts accrued and then due and
owing to Landlord under this Lease, but for such termination, together with the reasonable expenses incurred by Landlord in terminating this Lease, plus Monthly Ground Rental next coming due, within ten (10) days of receipt by such Mortgagee of
written notice from Landlord of amounts payable as aforesaid; provided, however, that any payments required of Leasehold Mortgagee in connection with said new lease shall be reduced by net income collected by Landlord during the period for which it
is entitled to collect rental income directly from Subtenants. In the event any Leasehold Mortgagee exercises such option then such Mortgagee and Landlord shall thereupon have the obligation to enter into such new lease within thirty (30) days after
the date on which notice of exercise is received by Landlord. Such Leasehold Mortgagee shall reimburse Landlord for all expenses, including reasonable attorneys’ fees actually incurred in connection with the execution of such new lease. Such
new lease shall be effective as of the date of termination of this Lease, shall be for a term corresponding with the remainder of the initial term hereunder, and shall be for the same Ground Rental and Percentage Rental and upon the same covenants,
agreements, terms, conditions, provisions and limitations as this Lease, and shall in all respects be identical to this Lease except for the date thereof, the commencement of the initial term thereunder and the designation of the parties thereto.
Any Leasehold Mortgagee entering into such new lease, as lessee thereunder, shall thereupon acquire all of the rights and assume all of the obligations hereunder of Tenant, except as otherwise specifically provided in this Lease. Upon the execution
and delivery of any such new lease in accordance with the provisions hereof, any and all subleases which theretofore may have been assigned and transferred to Landlord as a result of the termination of this Lease shall thereupon be assigned and
transferred without recourse by Landlord to the Tenant 
 
23. 
 
Section
21.13 of the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
Section 21.13. Personal Liability of Tenant. Anything herein to the contrary notwithstanding, Tenant or
Tenant’s heirs, legal representatives, successors or assigns (but not any Leasehold Mortgagee which has succeeded to Tenant’s interest hereunder by foreclosure or deed in lieu of foreclosure or which has entered into a new lease with
Landlord following a default by Tenant hereunder) shall be personally liable and Landlord shall have the right to seek a personal judgment against said parties only as to rent or other obligations of Tenant occurring prior to the fifth (5th)
anniversary of the date of substantial completion of the construction of the Center and Parking, with substantial completion being evidenced by a certificate of occupancy for the Premises (excluding the subtenant finish work) issued with respect to
the Premises by an appropriate governmental entity. After the fifth (5th) anniversary of such date of substantial completion, any claim, demand or course of action by Landlord against Tenant resulting from Tenant’s failure to comply with the
terms and conditions of this Lease shall be enforceable solely against Tenant’s interest in the Premises and in this Lease, it being intended that no other assets or property of Tenant shall be subject to levy or sale, or otherwise be subject
to any judgment, liability or decree, based upon any claim, demand or cause of action above-described. 
 
24. 
 
Item 10 contained in Exhibit “C” to the Lease is hereby deleted in its entirety, and the following is substituted in lieu thereof: 
 
10. Easement for ingress and egress contained in Warranty Deed, dated December 18, 1970, from
Cox Broadcasting Corporation to The First National Bank of Atlanta, recorded in Deed Book 2610, Page 560, aforesaid records. 
 
25. 
 
Item 14 contained in Exhibit “C” to the Lease is hereby deleted in its entirety, and the following is substituted in lieu
thereof: 
 
14. Easement for
slope, drainage and driveway contained in Right-of-Way Deed, dated April 22, 1971, from Cox Broadcasting Corporation to State Highway Department of Georgia, recorded in Deed Book 2645, Page 314, aforesaid records. 

 
26.

 
Except as specifically amended by the aforesaid
provisions, the Lease shall remain effective as originally drawn, and the parties hereto hereby ratify and confirm the Lease, as amended hereby, in all respects. 

IN WITNESS WHEREOF, Landlord, acting by and through its duly authorized officers, has
caused these presents to be executed and its corporate seal to be hereunto affixed, and Tenant, acting by and through its duly authorized general partners, has caused these presents to be executed under seal on the day, month, and year first above
written. 
 

	 	 	 	 	 LANDLORD:
	 	 
	
	 Signed, sealed and delivered in the presence of:
	 	 	 	 COX COMMUNICATIONS,
INC.
	 	 
	
	 /s/    DAVID L.
COKE

	 	 	 	   By:
	 	 /s/    JAMES W.
WESLEY        

	 	 
	 Unofficial Witness
	 	 	 	 	 	 James W. Wesley, Jr.,
 Vice President
	 	 
	
	 /s/    JANICE W.
WARD        

	 	 	 	   Attest:
	 	 /s/    RAYMOND J.
TUCKER      

	 	 
	 Notary Public
	 	 	 	 	 	 Raymond J. Tucker,
 Secretary
	 	 
	
	 My Commission Expires:
        
  
  

	 	 	 	 	 	 [CORPORATE SEAL]
	 	 
	 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 
	
	 	 	 	 	 TENANT
	 	 
	
	 Signed, sealed and delivered in the presence of:
	 	 	 	 CROW-ATLANTA RETAIL,
LTD.
	 	 
	
	 /s/    CHARLES N.
WOOD

	 	 	 	 By:
	 	 /s/    ALLEN K. MEREDITH

	 	 (SEAL)

	 Unofficial Witness
	 	 	 	 	 	 Allen K. Meredith,
 General Partner
	 	 
	
	 /s/    SUE
ALDELIN

	 	 	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 
	
	 June 30, 1984

 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 
	
	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 
	
	 /s/    JENNIFER J.
HAELSON

 Unofficial Witness
	 	 	 	 By:
	 	 /s/    J. DONALD CHILDRESS

 J. Donald Childress,
 General Partner
	 	 (SEAL)

	
	 /s/    DIANA C.
DAVIE

	 	 	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 	 	 
	
	 Notary Public, Georgia, State at Large
	 	 	 	 	 	 	 	 
	 My Commission Expires Apr. 11, 1984

 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 

 

	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 	 	 
	
	 /s/    SUE
EDWARDS

	 	 	 	 By:
	 	     /s/    GARY
SHAFER

	 	 (SEAL)

	 Unofficial Witness
	 	 	 	 	 	 Gary Shafer
 General Partner
	 	 
	
	 /s/    MAURICE
MARRIS

	 	 	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 	 	 
	
	 12-31-84

	 	 	 	 	 	 	 	 
	 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 
	
	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 	 	 
	
	 /s/    DEBBIE
GILL

	 	 	 	 By:
	 	     /s/    HARLAN R.
CROW

	 	 (SEAL)

	 Unofficial Witness
	 	 	 	 	 	 Harlan R. Crow
 General Partner
	 	 
	
	 /s/    SUE
EDWARDS

	 	 	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 	 	 
	
	 9-17-84

 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 
	
	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 	 	 
	
	 /s/    DEBBIE
GILL

	 	 	 	 By:
	 	     /s/    J.
MCDONALD WILLIAMS

	 	 (SEAL)

	 Unofficial Witness
	 	 	 	 	 	 J. McDonald Williams,
 General Partner
	 	 
	
	 /s/    SUE
EDWARDS

	 	 	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 	 	 
	
	 9-17-84

	 	 	 	 	 	 	 	 
	 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 

 

 

	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 	 	 
	
	 /s/    SUE
EDWARDS

	 	 	 	 	 	 	 	 
	 Unofficial Witness
	 	 	 	 	 	 	 	 
	
	 /s/    KAREN L.
JMAY

	 	 	 	 By:
	 	     /s/    JOEL C.
PETERSON

	 	 (SEAL)

	 Notary Public
	 	 	 	 	 	 Joel C. Peterson
 General Partner
	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 	 	 
	
	 8-24-85

	 	 	 	 	 	 	 	 
	 [NOTARIAL SEAL]
	 	 	 	 	 	 	 	 

 
STATE OF GEORGIA 
 
COUNTY OF DEKALB 
 
SECOND
AMENDMENT TO GROUND LEASE AGREEMENT AND ASSIGNMENT 
 
This SECOND AMENDMENT TO GROUND LEASE AGREEMENT AND ASSIGNMENT is entered into as of the 27th day of December, 1984 between and among COX COMMUNICATIONS, INC., a Georgia corporation (“Landlord”); CROW-ATLANTA RETAIL, LTD.,
a Texas limited partnership whose sole general partners are Allen K. Meredith, J. Donald Childress, Gary Shafer, Harlan R. Crow, J. McDonald Williams and Joel C. Peterson (“Tenant Assignor”); and ATLANTA NORTHLAKE ASSOCIATES, a Texas
limited partnership whose sole general partner is Crow-Atlanta Retail, Ltd., a Texas limited partnership (“Tenant Assignee”). 
 
STATEMENT OF BACKGROUND 
 
Landlord and Tenant Assignor entered into a certain Ground Lease Agreement, dated October 4, 1982, which was amended by virtue of that
certain Amendment to Ground Lease Agreement dated April 27, 1983 (collectively the “Ground Lease”). The parties wish to further amend the Ground Lease as more particularly set forth herein. Furthermore, the parties wish to provide for an
assignment of the Tenant’s interest under the Ground Lease from Tenant Assignor to Tenant Assignee, together with the assignment by Tenant Assignor to Tenant Assignee of the landlord’s interest in various subleases, leases or space leases
relating to the property described in the Ground Lease. This Second Amendment to Ground Lease Agreement and Assignment is being entered into to accomplish the foregoing. 
 
STATEMENT OF AGREEMENT 
 
For and in consideration of the mutual covenants and agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending the Statement of Background made herein to be an integral part hereof, Landlord, Tenant Assignor and Tenant Assignee have agreed and do hereby agree
as follows: 
 
1. Each term contained in this
Second Amendment to Ground Lease Agreement and Assignment, when used herein with an initial capital letter and not otherwise defined herein, shall have the same meaning ascribed to it in the Ground Lease. 
 
2. Landlord and Tenant Assignor agree that the Ground Lease
shall be amended in the following respect: the Land described on Exhibit “A” to the Ground Lease is hereby deleted in its entirety and in lieu thereof the Land subject to the Ground Lease shall be the real property described on Exhibit
“A”, attached hereto and by reference made a part hereof, the same being a more particular description of said real property. 
 
3. Tenant Assignor hereby assigns, transfers, sets over and conveys absolutely unto Tenant Assignee all of Tenant Assignor’s right,
title, interest, powers, privileges, and benefit in and to the Ground Lease, as amended hereby (references hereinafter to the Ground Lease being construed as meaning and including the Ground Lease as amended hereby) the same being the Tenant’s
interest in and to the Ground Lease, together with any and all interest of Tenant Assignor in and to the Land and any improvements thereon contemplated by or described in the Ground Lease; TO HAVE AND TO HOLD the Ground Lease unto Tenant Assignee
from the date hereof for and during the remainder of the period of the Ground Lease, and any renewals or extensions thereof, subject to the rents, covenants, terms and conditions thereof. 
 
4. Tenant Assignor hereby assigns, transfers, sets over and conveys absolutely unto Tenant Assignee all of
Tenant Assignor’s right, title, interest, powers, privileges and benefit, in and to: (a) a certain Sublease Agreement dated March 5, 1983 by and between Tenant Assignor, as landlord and Marriott Corporation, a Delaware corporation, as tenant,
and (b) all of those leases, subleases or space leases of any of the Land or the improvements thereon heretofore made and entered into or consented to by Tenant Assignor as a landlord, tenant, operator or managing agent of the Land relating to or in
any way connected with the Land or the property or improvements situated on the Land and described in the Ground Lease, including, without limitation, those certain leases identified on Exhibit “B” attached hereto and by reference made a
part hereof (the leases or subleases described in the foregoing subparagraphs (a) and (b) being collectively referred to as the “Subleases”), the same being the Landlord’s interest in and to the Subleases. 
 
5. Tenant Assignor hereby warrants, represents, covenants and
agrees to and with Tenant Assignee that all rents due and payable under the Ground Lease or Subleases conveyed hereunder, have been paid through the date hereof; that 

there exists no right, claim or cause of action against Tenant Assignor under or by virtue of the Ground
Lease or Subleases; that the Ground Lease and Subleases are in full force and effect and no default or event of default exists thereunder, nor is there any occurrence with which notice or the passage of time, or both, could constitute a default or
event of default thereunder. 
 
6. Tenant Assignor
and Tenant Assignee mutually acknowledge and agree that as a result of the execution and delivery of this Second Amendment to Ground Lease Agreement and Assignment, Tenant Assignee shall in no event assume, be or become liable or obligated for any
liability, obligation, duty or debt of Tenant Assignor of any kind or nature, under or by virtue of the Ground Lease or Subleases arising out of or connected with the period of the Ground Lease or Subleases up to and including the date hereof, and
that Tenant Assignee assumes only those obligations under the Ground Lease (including without limitation Section 21.13) and Subleases arising out of or connected with the period of the Ground Lease or Subleases from and after the date hereof. Tenant
Assignor hereby reaffirms its continuing obligations under the Ground Lease, including without limitation said Section 21.13. 
 
7. Landlord hereby consents to the assignment of the Ground Lease and Subleases made herein subject to the terms hereof and thereof, and
confirms that except as set forth herein, the Ground Lease is unmodified. 
 
8. Except as specifically amended by the aforesaid provisions, the Ground Lease shall remain unmodified, in full force, and effective as originally drawn, and the parties hereto hereby ratify and confirm the Ground Lease as
amended and assigned hereby, in all respects. 
 
IN
WITNESS WHEREOF, Landlord acting by and through its duly authorized officers, has caused these presents to be executed and its corporate seal to be hereunto affixed, and Tenant Assignor and Tenant Assignee, acting by and through their duly
authorized general partners, have caused these presents to be executed under seal, as of the day and year first above written. 
 

	 LANDLORD:
	 	 	 	 COX COMMUNICATION,
INC.

	
	 	 	 	 	 	 	 	 	 
	 Signed, sealed and delivered in the presence of:
	 	 	 	 By:
	 	 /s/    RAYMOND J. TUCKER
(SEAL)            

	 	 	 	 	 Title:
	 	 Vice President and Secretary

	
	 /s/    JOHN G.
BOYETTE        

	 	 	 	 Attest:
	 	 /s/    LYNDA J.
STEWART        

	 Witness
	 	 	 	 Its:
	 	 Assistant Secretary

	
	
 Notary Public
	 	 	 	 	 	 [CORPORATE SEAL]

 
My Commission Expires: 
Notary Public, George State At Large 
My Commission Expires Aug. 10,1988 
[NOTARY PUBLIC] 
 
(Signatures continued on next page) 
 

-2- 

 

	 TENANT ASSIGNOR:
	 	 	 	 CROW-ATLANTA RETAIL, LTD.,
 a Texas limited partnership

	
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 By:
	 	 /S/    J. DONALD
CHILDRESS (SEAL)        

	 	 	 	 	 	 	 	 	 Managing General Partner

	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 
	
	 /S/    ALICE
JANE BURTON         

	 	 	 	 	 	 
	 Witness
	 	 	 	 	 	 
	
	 /S/    VIRGINIA
KLODT         

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 
	 	 	 Notary Public, Georgia, State at Large
 My Commission Expires May 11, 1987
 [NOTARY SEAL]
	 	 	 	 	 	 
	
	 TENANT ASSIGNEE:
	 	 	 	 ATLANTA NORTHLAKE
ASSOCIATES,
 a Texas limited partnership

	
	 	 	 	 	 	 	 By:
	 	 CROW-ATLANTA RETAIL,
LTD.
 its general partner

	 Signed, sealed and delivered in the presence of:
	 	 	 	 	 	 
	 	 	 	 	 	 	 By:
	 	 /s/    J. DONALD CHILDRESS
(SEAL)        

	 	 	 	 	 	 	 	 	 Managing General Partner

	 /s/    ALICE JANE
BURTON        

	 	 	 	 	 	 
	 Witness
	 	 	 	 	 	 
	
	 /s/    VIRGINIA
KLODT        

	 	 	 	 	 	 
	 Notary Public
	 	 	 	 	 	 
	
	 My Commission Expires:
	 	 	 	 	 	 
	 	 	 Notary Public, Georgia, State at Large
 My Commission Expires May 11, 1987
 [NOTARY SEAL]
	 	 	 	 	 	 

 

-3- 

 
THIRD
AMENDMENT TO GROUND LEASE AGREEMENT 
 
This
Third Amendment to Ground Lease Agreement (this “Amendment”) is entered into as of the 15th day of
October, 2002, by and between Cox Holdings, Inc. (“Landlord”), successor in interest by merger to Cox Communications, Inc., and Northlake Festival, LLC, a Delaware limited liability company (“Tenant”), successor in
interest by assignment from BSRT Northlake Limited Partnership, an Illinois limited partnership (f/k/a BSRT/M&J Northlake Limited Partnership (“BSRT”). 
 
W I T N E S S E T H: 
 
WHEREAS, predecessors in interest to Landlord and Tenant entered into that certain Ground Lease Agreement
dated October 4, 1982, as amended by that certain Amendment to Ground Lease Agreement dated April 27, 1983, as further amended by that certain Second Amendment to Ground Lease Agreement and Assignment dated December 27, 1984 (as amended, the
“Lease”); and 
 
WHEREAS, Landlord
and Tenant desire to amend the Lease pursuant to the terms set forth herein. 
 
NOW, THEREFORE, for $10.00 in hand paid and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree to amend the Lease as follows: 
 
1. Defined Terms. All capitalized terms which are not
otherwise defined herein shall have the meaning ascribed thereto in the Lease. 
 
2. Gross Rental Income Clarification. The parties hereby confirm that any payments made by any subtenant, licensee or concessionaire which satisfies an obligation of Tenant under the Lease with
respect to the payment of any real property taxes or special assessments, whether assessed against the Land, the improvements located thereon, or both, shall be deemed to be received by Tenant for purposes of Section 3.2 of the Lease and, therefore,
included in the calculation of Gross Rental Income and Percentage Rental. Landlord and Tenant agree that all such tax payments, as referred to in the immediately preceding sentence, shall be included in the Gross Rental Income and no efforts shall
be make to circumvent such designation. 
 
3.
Leasehold Mortgages. 
 
(a)
As of the date hereof, State Street Bank and Trust Company, as trustee under that certain Pooling and Servicing Agreement dated as of December 1, 1997, for Certificateholders of Merrill Lynch Mortgage Investors, Inc. Mortgage Pass-Through
Certificates, Series 1997-C2 (“State Street”), is the sole Leasehold Mortgagee and holder of a leasehold mortgage secured by Tenant’s interest in the Lease (the “State Street Loan”). Tenant hereby agrees that,
so long as any outstanding balance remains under the State Street Loan, Tenant shall not obtain any additional financing other than the State Street Loan which is secured in whole or in part by Tenant’s interest in the Lease and which exceeds
the limitation set forth in paragraph 3(b) hereof without Landlord’s prior written consent (which shall not be unreasonably withheld) and without complying with the applicable provisions of the State Street Loan; provided, however, that nothing
contained herein shall be deemed to cap or limit the amount of indebtedness, including, but not limited to, principal, interest, late charges, costs, expenses, and/or protective advances, that can be secured by the Deed to Secure Debt which
currently secures the State Street Loan and nothing contained herein shall be deemed to limit the ability of State Street to make protective advances under the State Street Loan. 
 
(b) In addition, throughout the term of the Lease, Tenant hereby agrees not to obtain any
financing in lieu of or in addition to the State Street Loan which is secured, in whole or in part, by Tenant’s interest in the Lease such that the sum of all financing secured by Tenant’s interest in the Lease exceeds eighty-five percent
(85%) of the fair market value of Tenant’s interest in the Lease and the Property subject thereto, without first receiving Landlord’s prior written consent (which shall not be unreasonably withheld). For purposes of this subsection, the
“fair market value” shall be determined by Tenant or its lender or proposed lender obtaining an Appraisal prepared by a licensed MAI appraiser (or its then equivalent or 
 

-4- 

greater designation) who has at least ten (10) years’ experience appraising shopping
centers and similar uses. The Appraisal so achieved shall determine the “fair market value” of Tenant’s interest in the Lease and the Property subject thereto. Prior to undertaking such an Appraisal, as called for in the immediately
preceding sentence, Tenant agrees to submit the name of the appraiser so selected by Tenant or its lender or proposed lender to Landlord for its review and approval and Landlord agrees to approve or deny approval within fifteen (15) days after the
Appraiser’s name is so submitted in writing to Landlord for approval. Landlord agrees that it shall not unreasonably withhold or delay its approval of the Appraiser so selected, and if Landlord does not respond to Tenant in writing within said
fifteen (15) day period after receipt of written request for approval, such approval shall be conclusively deemed to have been given. 
 
(c) Nothing contained herein shall be deemed to constitute a waiver of any of State Street’s rights and remedies
under the documents evidencing the State Street Loan, including, but not limited to its rights and remedies with respect to additional financing secured by the Tenant’s interest in the Lease. Tenant acknowledges and agrees that any additional
financing other than the State Street Loan shall be governed by and shall be subject to the terms and conditions of the loan documents evidencing the State Street Loan. Nothing contained herein shall be deemed to limit or restrict the amount of
indebtedness that can be secured by the Deed to Secure Debt which currently secures the State Street Loan or the ability of State Street to make protective advances under the State Street Loan. 
 
4. Effect of Amendment. Except as set forth herein, the
Lease remains unamended and in full force and effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, legal representatives, successors and assigns. This Amendment may be executed in
multiple counterparts, each of which shall be an original and all of which together shall constitute one and the same document. It shall not be necessary that each party execute each counterpart, or that any one counterpart be executed by more than
one party, so long as each party executes at least one counterpart. The signature of any party to any counterpart may be appended to any other counterpart. 
 

-5- 

 
IN WITNESS
WHEREOF, the parties have executed this Amendment as of the date and year first above written. 
 

	 NORTHLAKE FESTIVAL, LLC
	 	 	 	 COX HOLDINGS,
INC.

	
	 By:
	 	 West Coast Realty Investors, Inc.,
 Its sole member
	 	 	 	 	 	 
	
	 By:
	 	 /s/    ALLEN K. MEREDITH
        

	 	 	 	 By:
	 	 /s/    S.A. MERRILL
        

	 	 	 Allen K. Meredith, President
	 	 	 	 Its:
	 	 Secretary

 

	 	 	 	 	 Approved as of this 15 day of
 October, 2002 by:
  
 STATE STREET BANK AND TRUST COMPANY,
 as
Trustee under that certain Pooling and Servicing Agreement dated as of December 1, 1997 for Certificateholders of Merrill Lynch Mortgage Investors, Inc. Commercial Mortgage Pass-Through Certificates, Series 1997-C2

	
	 	 	 	 	 	 	 By:
	 	 GEMSA LOAN SERVICES, L.P. (successor by merger of GE Capital Loan Services, Inc.), as Master Servicer pursuant to the
PSA

	
	 	 	 	 	 	 	 By:
	 	                             /S/    PAT
MCENTEE                      (SEAL)

	 	 	 	 	 	 	 Name:
	 	 Pat McEntee

	 	 	 	 	 	 	 Title:
	 	 Director, Portfolio Management

 
 

-6-<PAGE>

                                                                   Exhibit 10(i)

                             UNITED FINANCIAL, INC.
                        1999 INCENTIVE STOCK OPTION PLAN

     United Financial, Inc., a North Carolina corporation (hereinafter referred
to as the "Corporation"), does herein set forth the terms of the United
Financial, Inc. 1999 Incentive Stock Option Plan (hereinafter referred to as
this "Plan") which was adopted by the Corporation's Board of Directors
(hereinafter referred to as the "Board").

     1. Purpose of the Plan. The purpose of this Plan is to provide for the
grant of Incentive Stock Options (hereinafter referred to as "Option" or
"Options") qualifying for the tax treatment afforded by Section 422 of the
Internal Revenue Code of 1986, as amended, to eligible officers and employees of
the Corporation and its subsidiaries (hereinafter referred to as "Eligible
Employees") who wish to invest in the Corporation's common stock (hereinafter
referred to as "Common Stock"). The Corporation believes that participation in
the ownership of the Corporation by Eligible Employees will be to the mutual
benefit of the Corporation and Eligible Employees. The existence of this Plan
will enhance the Corporation's ability to attract capable individuals to
employment in key employee positions.

     2. Administration of the Plan.

        (a) This Plan shall be administered by the Compensation Committee of
the Board (hereinafter referred to as the "Committee"). The Committee shall
consist of three (3) members of the Board all of whom shall qualify as
disinterested persons as provided in Section 16(b) and the rules and regulations
thereunder of the Securities Exchange Act of 1934, as amended. The members of
the Committee shall be appointed by the Board and shall serve at the pleasure of
the Board, which may remove members from, add members to, or fill vacancies in
the Committee.

        (b) The Committee shall decide to whom Options shall be granted under
this Plan, the number of shares as to which Options shall be granted subject to
the limitations set forth in Paragraph 11 of this Plan, the Option Price (as
hereinafter defined) for such shares and such additional terms and conditions
for such Options as the Committee deems appropriate.

        (c) A majority of the Committee shall constitute a quorum and the acts
of a majority of the members present at any meeting at which a quorum is
present, or acts approved unanimously in writing by the Committee, shall be
considered as valid actions by the Committee.

        (d) The Board may designate any officers or employees of the
Corporation or any subsidiary thereof to assist in the administration of this
Plan. The Board may authorize such individuals to execute documents on its
behalf and may delegate to them such other ministerial and limited discretionary
duties as the Board may deem fit.

<PAGE>

     3. Shares of Common Stock Subject to the Plan. The maximum number of shares
of Common Stock that shall be available initially for Options under this Plan is
[SIXTY-EIGHT THOUSAND NINE HUNDRED THIRTY-NINE (68,939)] shares, subject to
adjustment as provided in Paragraph 15 hereof. Shares subject to Options which
expire or terminate prior to the issuance of the shares of Common Stock shall
again be available for future grants of Options under this Plan.

     4. Eligibility. Options under this Plan may be granted to any Eligible
Employee as determined by the Committee. An individual may hold more than one
Option under this or other plans adopted by the Corporation.

     5. Grant of Options

        (a) The Committee shall authorize that Options for shares of Common
Stock shall be granted to certain Eligible Employees which Options shall be
granted based upon the past service and the continued participation of those
individuals in the operations of the Corporation or its subsidiaries. The
allocation of said Options shall be as determined by a majority vote of the
Committee at one or more meetings called for such purpose.

        (b) Upon the forfeiture of an Option for whatever reason prior to the
expiration of the Option Period (as defined in Paragraph 10 hereof) the shares
of Common Stock covered by a forfeited Option shall be available for the
granting of additional Options to Eligible Employees during the remaining term
of this Plan upon such terms and conditions as may be determined by the
Committee. The number of additional Options to be granted to specific Eligible
Employees during the term of this Plan shall be determined by the Committee as
provided in Paragraph 2(b) hereof.

     6. Vesting of Options

        (a) Options granted under this Plan shall vest and the right of an
Optionee to exercise an Option shall be nonforfeitable in accordance with the
following schedules:

            (i) With respect to the Options which are granted as of the
Effective Date (as hereinafter defined):

                                       2

<PAGE>

     Date When Such Options                        Percentage of Such
         Become Vested                               Options Vested
        ---------------                             ----------------
     Effective Date of Plan                               20%
     First Anniversary of Effective Date                  20%
     Second Anniversary of Effective Date                 20%
     Third Anniversary of Effective Date                  20%
     Fourth Anniversary of Effective Date                 20%

            (ii) With respect to any Options which may be granted after the
Effective Date:

     Date When Such Options                        Percentage of Such
         Become Vested                               Options Vested
        ---------------                             ----------------
     Date of grant                                          20%
     First Anniversary of the date of grant                 20%
     Second Anniversary of the date of grant                20%
     Third Anniversary of the date of grant                 20%
     Fourth Anniversary of the date of grant                20%

        (b) In determining the number of shares of Common Stock under each
Option vested under the above vesting schedules, an Optionee shall not be
entitled to exercise an Option to purchase a fractional number of shares of the
Common Stock. If the product resulting from multiplying the vested percentage
times the Option results in a fractional number of shares of Common Stock, then
an Optionee's vested right shall be to the whole number of shares of Common
Stock disregarding any fractional shares of Common Stock.

        (c) In the event the employment of any Optionee with the Corporation
or its subsidiaries to whom Options are granted under this Plan is terminated
for any reason, other than the Optionee's disability, death, retirement (as
defined in Paragraph 13(b) below), or after a "change in control" of the
Corporation, and such Optionee does not have a 100% vested interest in the
Optionee's Options under this Plan, then any Options which are not vested, based
upon the applicable schedule in Paragraph 6(a) above, shall be forfeited and
shall be available again for grant to Eligible Employees as may be determined by
the Committee.

        (d) In the event that the employment of an Optionee with the
Corporation or its subsidiaries should terminate because of such Optionee's
disability, death, retirement or after a "change in control" of the Corporation
prior to the date when all Options allocated to the Optionee would be 100%
vested in accordance with the applicable schedule in Paragraph 6(a) above, then,
notwithstanding the foregoing schedules in Paragraph 6(a) above, all Options
allocated to such Optionee shall immediately become fully vested and
nonforfeitable. For purposes of this Plan, the term disability shall be defined
in the same manner as such term is defined in Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended. When used in this Plan, the phrase "change in
control" refers to (i) the acquisition by any person, group of

                                       3

<PAGE>

persons or entity of the beneficial ownership or power to vote more than
twenty-five (25%) percent of the Corporation's outstanding stock, (ii) during
any period of two (2) consecutive years, a change in the majority of the Board
unless the election of each new Director was approved by at least two-thirds of
the Directors then still in office who were Directors at the beginning of such
two (2) year period, or (iii) a reorganization, merger, or consolidation of the
Corporation with one or more other banks or entities in which the Corporation is
not the surviving entity, or the transfer of all or substantially all of the
assets or shares of the Corporation to another person or entity.

     7. Option Price

        (a) The price per share of each Option granted under this Plan
(hereinafter called the "Option Price") shall be determined by the Committee as
of the effective date of grant of such Option, but in no event shall the Option
Price be less than 100% of the fair market value of Common Stock on the date of
grant. If an Optionee at the time that an Option is granted owns stock
possessing more than ten (10%) percent of the total combined voting power of all
classes of stock of the Corporation, then the Option Price per share of each
Option granted under this Plan shall be no less than 110% of the fair market
value of Common Stock on the date of grant and such Option shall not be
exercisable more than five (5) years from the date of grant. An Option shall be
considered as granted on the date that the Committee acts to grant such Option
or such later date as the Committee shall specify in an Option Agreement.

        (b) The fair market value of a share of Common Stock shall be determined
as follows: (i) if on the date as of which such determination is being made,
Common Stock being valued is admitted to trading on a securities exchange or
exchanges for which actual sale prices are regularly reported, or actual sale
prices are otherwise regularly published, the fair market value of a share of
Common Stock shall be deemed to be equal to the mean of the closing sale price
as reported on each of the five (5) trading days immediately preceding the date
as of which such determination is made; provided, however, that, if a closing
sale price is not reported for each of the five (5) trading days immediately
preceding the date as of which such determination is made, then the fair market
value shall be equal to the mean of the closing sale prices on those trading
days for which such price is available, or (ii) if on the date as of which such
determination is made, no such closing sale prices are reported, but quotations
for Common Stock being valued are regularly listed on the National Association
of Securities Dealers Automated Quotation System or another comparable system,
the fair market value of a share of Common Stock shall be deemed to be equal to
the mean of the average of the closing bid and asked prices for such Common
Stock quoted on such system on each of the five (5) trading days preceding the
date as of which such determination is made, but if a closing bid and asked
price is not available for each of the five (5) trading days, then the fair
market value shall be equal to the mean of the average of the closing bid and
asked prices on those trading days during the five-day period for which such
prices are available, or (iii) if no such quotations are available, the fair
market value of a share of Common Stock shall be deemed to be the average of the
closing bid and asked prices furnished by a professional securities dealer
making a market in such shares, as selected by the Committee, for the trading
date first preceding the date as of which such determination is made. If the
Committee determines that the price as determined above does not

                                       4

<PAGE>

represent the fair market value of a share of Common Stock, the Committee may
then consider such other factors as it deems appropriate and then fix the fair
market value for the purposes of this Plan.

     8.  Payment of Option Price. Payment for shares subject to an Option may be
made either in cash or, with the approval of the Committee, in other stock of
the Corporation owned by the person to whom such Option was granted or such
other person as may be entitled to exercise such Option. Any shares of the
Corporation's stock that are delivered in payment of the aggregate Option Price
shall be valued at their fair market value, as determined by the Committee, on
the date of the exercise of such Option.

     9.  Terms and Conditions of Grant of Options. Each Option granted pursuant
to this Plan shall be evidenced by a written Incentive Stock Option Agreement
(hereinafter referred to as "Option Agreement") with each Eligible Employee (the
"Optionee") to whom an Option is granted; such agreement shall be substantially
in the form attached hereto as "Exhibit A," unless the Committee shall adopt a
different form and, in each case, may contain such other, different, or
additional terms and conditions as the Committee may determine.

     10. Option Period. Each Option Agreement shall set forth a period during
which such Option may be exercised (hereinafter referred to as the "Option
Period"); provided, however, that the Option Period shall not exceed ten (10)
years after the date of grant of such Option as specified in an Option
Agreement.

     11. Limitation on Grant of Incentive Stock Options. Notwithstanding any
other provision of this Plan, no person shall be granted an Option under this
Plan which would cause such person's "annual vesting amount" to exceed
$100,000.00. With respect to any calendar year, a person's "annual vesting
amount" is the aggregate fair market value of stock subject to incentive stock
options with respect to which such options are first exercisable during such
calendar year. For purposes of the foregoing, the aggregate fair market value of
stock with respect to which incentive stock options are first exercisable during
any calendar year shall be determined by taking into account all such options
granted to such person under all incentive stock option plans of the Corporation
or of any of its parent or subsidiary banks.

     12. Exercise of Incentive Stock Options. An Option shall be exercised by
written notice to the Committee signed by an Optionee or by such other person as
may be entitled to exercise such Option. In the exercise of an Option, the
aggregate Option Price for the shares being purchased may be paid either in cash
or, with the approval of the Committee, in shares of the Corporation's stock
(valued as determined by the Committee as of the date of exercise) or any
combination thereof and the notice of exercise shall specify how payment will be
made. The written notice shall state the number of shares with respect to which
an Option is being exercised and, shall either be accompanied by the payment of
the aggregate Option Price for such shares or shall fix a date (not more than
ten (10) business days from the date of such notice) by which the payment of the
aggregate Option Price will be made. An Optionee shall not exercise an Option to
purchase less than 100 shares, unless the Committee otherwise approves or unless
the partial exercise is for the remaining shares available under such Option. A
certificate or certificates for

                                        5

<PAGE>

the shares of Common Stock purchased by the exercise of an Option shall be
issued in the regular course of business subsequent to the exercise of such
Option and the payment therefor. During the Option Period, no person entitled to
exercise any Option granted under this Plan shall have any of the rights or
privileges of a shareholder with respect to any shares of Common Stock issuable
upon exercise of such Option, until certificates representing such shares shall
have been issued and delivered and the individual's name entered as a
shareholder of record on the books of the Corporation for such shares.

     13. Effect of Termination of Employment.

         (a) In the event of the termination of employment of an Optionee either
by reason of (i) being discharged for cause or (ii) voluntary separation on the
part of such Optionee for a reason other than the Optionee's death, retirement,
or disability, or after a "change in control" of the Corporation (as defined in
Paragraph 6(d)), any Option or Options granted to the Optionee under this Plan,
to the extent not previously exercised or expired, shall immediately terminate.
The phrase "discharged for cause" shall include termination at the sole
discretion of the Board because of such Optionee's personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses), a
final cease and desist order, or material breach of any provision of any
employment agreement that such Optionee may have with the Corporation.

         (b) In the event of the termination of employment of an Optionee as a
result of such Optionee's retirement, such Optionee shall have the right to
exercise any Option or Options granted to the Optionee under this Plan, to the
extent that they have not previously been exercised or expired, for a period of
three (3) months after the date of retirement, but in no event may any Option be
exercised later than the end of the Option Period provided in such Option
Agreement in accordance with Paragraph 10 hereof. For purposes of this Plan, the
term "retirement" shall mean (i) termination of an Optionee's employment under
conditions which would constitute retirement under any tax qualified retirement
plan maintained by the Corporation or any of its subsidiaries or (ii) attaining
age 65.

         (c) In the event of the termination of employment of an Optionee by
reason of such Optionee's disability, such Optionee shall have the right to
exercise any Option or Options held by the Optionee, to the extent that they
previously have not been exercised or expired, at any time within twelve (12)
months after the last date on which such Optionee provides services as an
officer or an employee of the Corporation or its subsidiaries before being
disabled, but in no event may any Option be exercised later than the end of the
Option Period provided in such Option Agreement in accordance with Paragraph 10
hereof. For purposes of this Plan, the term "disability" shall be defined in the
same manner as such term is defined in Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended.

         (d) In the event that an Optionee should die while employed by the
Corporation or any of its subsidiaries, within three (3) months after retirement
or after termination of the Optionee's employment after a change in control, or
within twelve (12)

                                       6

<PAGE>

months after termination of the Optionee's employment by reason of the
Optionee's disability, any Option or Options granted to the Optionee under this
Plan and not previously exercised or expired shall vest and shall be
exercisable, according to their respective terms, by the personal representative
of such Optionee or by any person or persons who acquired such Options by
bequest or inheritance from such Optionee, notwithstanding any limitations
placed on the exercise of such Options by this Plan or an Option Agreement,
immediately in full and at any time within twelve (12) months after the date of
death of such Optionee, but in no event may any Option be exercised later than
the end of the Option Period provided in such Option Agreement in accordance
with Paragraph 10 hereof. Any references herein to an Optionee shall be deemed
to include any person entitled to exercise an Option under the terms of this
Plan after the death of such Optionee under the terms of this Plan.

         (e) In the event of the termination of employment of an Optionee after
a "change in control" of the Corporation (as defined in Paragraph 6(d)), all
Options granted such Optionee under this Plan shall be exercisable at any time
within, to the extent they have not previously been exercised or expired, a
period of three (3) months after the date of termination, but in no event may
any Option be exercised later than the end of the Option Period provided in such
Option Agreement in accordance with Paragraph 10 hereof.

     14. Effect of Plan on Employment Status. The fact that the Committee has
granted an Option to an Optionee under this Plan shall not confer on such
Optionee any right to employment with the Corporation or its subsidiaries or to
a position as an officer or an employee of the Corporation or its subsidiaries,
nor shall it limit the right of the Corporation or its subsidiaries to remove
such Optionee from any position held by the Optionee or to terminate the
Optionee's employment at any time.

     15. Adjustment Upon Changes in Capitalization; Dissolution or Liquidation.

         (a) In the event of a change in the number of shares of Common Stock
outstanding by reason of a stock dividend, stock split, recapitalization,
reorganization, merger, exchange of shares, or other similar capital adjustment,
prior to the termination of an Optionee's rights under this Plan, equitable
proportionate adjustments shall be made by the Committee in (i) the number and
kind of shares which remain available under this Plan and (ii) the number, kind,
and the Option Price of shares subject to unexercised Options under this Plan.
The adjustments to be made shall be determined by the Committee and shall be
consistent with such change or changes in the Corporation's total number of
outstanding shares; provided, however, that no adjustment shall change the
aggregate Option Price for the exercise of Options granted under this Plan.

         (b) The grant of Options under this Plan shall not affect in any way
the right or power of the Corporation or its shareholders to make or authorize
any adjustment, recapitalization, reorganization, or other change in the
Corporation's capital structure or its business, or any merger or consolidation
of the Corporation, or to issue bonds, debentures, preferred or other preference
stock ahead of or affecting Common Stock or the rights thereof, or

                                       7

<PAGE>

the dissolution or liquidation of the Corporation, or any sale or transfer of
all or any part of the Corporation's assets or business.

         (c) Except upon a "change in control" as defined in Paragraph 6(d)
hereof, upon the effective date of the dissolution or liquidation of the
Corporation, this Plan and any Options granted hereunder, shall terminate.

     16. Non-Transferability. Any Option granted under this Plan shall not be
assignable or transferable except, in the case of the death of an Optionee, by
will or by the laws of descent and distribution. In the event of the death of an
Optionee, the personal representative, the executor or the administrator of such
Optionee's estate, or the person or persons who acquired by bequest or
inheritance the rights to exercise such Option, may exercise any Option or
portion thereof to the extent not previously exercised by an Optionee or
expired, in accordance with its terms and prior to the expiration of the
exercise period as specified in Paragraph 13(d) hereof.

     17. Tax Withholding. The employer of a person granted an Option under this
Plan shall have the right to deduct or otherwise effect a withholding of any
amount required by federal or state laws to be withheld with respect to the
grant, exercise or the sale of stock acquired upon the exercise of an Option in
order for the employer to obtain a tax deduction otherwise available as a
consequence of such grant, exercise or sale, as the case may be.

     18. Listing and Registration of Option Shares. Any Option granted under the
Plan shall be subject to the requirement that if at any time the Committee shall
determine, in its discretion, that the listing, registration, or qualification
of the shares covered thereby upon any securities exchange or under any state or
federal law or the consent or approval of any governmental regulatory body is
necessary or desirable as a condition of, or in connection with, the granting of
such Option or the issuance or purchase of shares thereunder, such Option may
not be exercised in whole or in part unless and until such listing,
registration, qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee.

     19. Exculpation and Indemnification. In connection with this Plan, no
member of the Committee shall be personally liable for any act or omission to
act in such person's capacity as a member of the Committee, nor for any mistake
in judgment made in good faith, unless arising out of, or resulting from, such
person's own bad faith, gross negligence, willful misconduct, or criminal acts.
To the extent permitted by applicable law and regulation, the Corporation shall
indemnify and hold harmless the members of the Committee, and each other officer
or employee of the Corporation or of any subsidiary thereof to whom any duty or
power relating to the administration or interpretation of this Plan may be
assigned or delegated, from and against any and all liabilities (including any
amount paid in settlement of a claim with the approval of the Board) and any
costs or expenses (including counsel fees) incurred by such persons arising out
of, or as a result of, any act or omission to act in connection with the
performance of such person's duties, responsibilities, and obligations under
this Plan, other than such liabilities, costs, and expenses as may arise out of,
or result from, the bad faith, gross negligence, willful misconduct, or criminal
acts of such persons.

                                       8

<PAGE>

     20. Amendment and Modification of the Plan. The Board may at any time and
from time to time amend or modify this Plan (including the form of Option
Agreement) in any respect consistent with applicable regulations; provided,
however, that no amendment or modification shall be made that increases the
total number of shares of Common Stock covered by this Plan or effects any
change in the categories of persons who may receive Options under this Plan or
materially increases the benefits accruing to Optionees under this Plan unless
such change is approved by the holders of a majority of shares of Common Stock
present or represented at a shareholders' meeting at which a quorum is present.
Any amendment or modification of this Plan shall not materially reduce the
benefits under any Option theretofore granted to an Optionee under this Plan
without the consent of such Optionee or the transferee thereof in the event of
the death of such Optionee.

     21. Termination and Expiration of the Plan. This Plan may be abandoned,
suspended, or terminated at any time by the Board; provided, however, that
abandonment, suspension, or termination of this Plan shall not affect any
Options then outstanding under this Plan. No Option shall be granted pursuant to
this Plan after ten (10) years from the effective date of this Plan as provided
in Paragraph 22 hereof.

     22. Effective Date. This Plan has been effective since April 20, 1999 (the
"Effective Date").

     23. Captions and Headings; Gender and Number. Captions and paragraph
headings used herein are for convenience only, do not modify or affect the
meaning of any provision herein, are not a part hereof, and shall not serve as a
basis for interpretation or in construction of this Plan. As used herein, the
masculine gender shall include the feminine and neuter, the singular number the
plural, and vice versa, whenever such meanings are appropriate.

     24. Expenses of Administration of Plan. All costs and expenses incurred in
the operation and administration of this Plan shall be borne by the Corporation
or one or more of its subsidiaries.

     25. Governing Law. Without regard to the principles of conflicts of laws,
the laws of the State of North Carolina shall govern and control the validity,
interpretation, performance, and enforcement of this Plan.

     26. Inspection of Plan. A copy of this Plan, and any amendments thereto or
modification thereof, shall be maintained by the Secretary of the Corporation
and shall be shown to any proper person making inquiry about it.

                                       9

<PAGE>

STATE OF NORTH CAROLINA                                                EXHIBIT A
COUNTY OF ALAMANCE

                        INCENTIVE STOCK OPTION AGREEMENT

     THIS INCENTIVE STOCK OPTION AGREEMENT (hereinafter referred to as this
"Agreement") is made and entered into as of this ___ day of __________, ____,
between UNITED FINANCIAL, INC., a corporation (hereinafter referred to as the
"Corporation"), and _____________ a resident of __________ County, North
Carolina (hereinafter referred to as the "Optionee").

     WHEREAS, the Board of Directors of the Corporation (hereinafter referred to
as the "Board") has adopted United Financial, Inc. 1999 Incentive Stock Option
Plan (hereinafter referred to as the "Plan"); and

     WHEREAS, the Plan has been effective since April 20, 1999; and

     WHEREAS, the Plan provides that the Compensation Committee (hereinafter
referred to as the "Committee") of the Board will make available to certain
officers and employees of the Corporation and its subsidiaries (the "Employer")
the right to purchase shares of the Corporation's common stock (hereinafter
referred to as "Common Stock"); and

     WHEREAS, the Committee has determined that the Optionee should be granted
an option to purchase shares of Common Stock under the Plan;

     NOW, THEREFORE, the Corporation and the Optionee agree as follows:

     1. Date of Grant of Option. The date of grant of the option granted under
this Agreement is the ____ day of ____________________, ______________.

     2. Grant of Option. Pursuant to the Plan, the Corporation grants to the
Optionee the right (hereinafter referred to as the "Option") to purchase from
the Corporation all or any part of an aggregate of ___________________________
(______) shares of Common Stock (hereinafter referred to as the "Option Shares")
which shall be authorized but unissued shares.

     3. Vesting of Options.

        (a) Periodic Vesting. Subject to paragraphs 3(b) and 3(c) below, the
Option shall vest and become exercisable in accordance with the following
schedules as applicable:

<PAGE>

            (i) With respect to any Options which are granted under the Plan as
of Effective Date:

Effective Date of the Plan:                                          20% vested
First anniversary of the Effective Date of the Plan:                 40% vested
Second anniversary of the Effective Date of the Plan:                60% vested
Third anniversary of the Effective Date of the Plan:                 80% vested
Fourth anniversary of the Effective Date of the Plan:               100% vested

            (ii) With respect to any Options which may be granted after the
Effective Date:

Date of Grant:                                                       20% vested
First anniversary of the date of grant:                              40% vested
Second anniversary of the date of grant:                             60% vested
Third anniversary of the date of grant:                              80% vested
Fourth anniversary of the date of the grant:                        100% vested

        (b) Fractional Option Shares. In determining the number of Option Shares
vested under the above vesting schedule, an Optionee shall not be entitled to
exercise an Option for a fractional number of Option Shares. If the product
resulting from multiplying the vested percentage times the allocated Option
results in a fractional number of Option Shares, then the Optionee's vested
right shall be to the whole number of Option Shares, disregarding any fractional
number.

        (c) Accelerated Vesting. Notwithstanding paragraph 3(a) above, all
Options previously not vested and subject to forfeiture shall become 100% vested
and the right of the Optionee to exercise such Options shall become
nonforfeitable upon the termination of the employment of the Optionee with the
Employer as a result of the Optionee's death, disability, or retirement (as
defined in paragraph 8(b) below), or after a "change in control" of the
Corporation. For purposes of this Agreement, the term "disability" shall be
defined in the same manner as such term is defined in Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended (the "Code").

        (d) Other Terminations of Employment. In the event any Optionee's
employment with the Employer terminates for any reason, other than the
Optionee's death, retirement, disability, or after a change in control of the
Corporation, and such Optionee does not have a 100% vested interest in the
Option, then any Options that are not vested, based upon the applicable schedule
in paragraph 3(a) above, shall be forfeited and shall be available again for
grant to other officers and employees as may be determined by the Committee.

     4. Option Price. The price to be paid for the Option Shares shall be
_______ and __/100 Dollars ($_____) per share (hereinafter referred to as the
"Option Price") which is the fair market value of the Option Shares as
determined by the Committee as of the date of grant of this Option.

                                       -11-

<PAGE>

     5. When and Extent to which Options may be Exercised. Subject to any
further restrictions in this Agreement, at such time as the Option shall become
exercisable in accordance with this Agreement, the Optionee, in his discretion,
may exercise all or any portion of the Option, subject to paragraphs 3 and 7
hereof. The Option shall terminate as provided in paragraph 8 hereof.

     6. Change in Control. When used herein, the phrase "change in control"
refers to (i) the acquisition by any person, group of persons or entity of the
beneficial ownership or power to vote more than twenty-five (25%) percent of the
Corporation's outstanding stock, (ii) during any period of two (2) consecutive
years, a change in the majority of the Board unless the election of each new
Director was approved by at least two-thirds of the Directors then still in
office who were Directors at the beginning of such two (2) year period or (iii)
a reorganization, merger, or consolidation of the Corporation with one or more
other banks or entities in which the Corporation is not the surviving entity, or
the transfer of all or substantially all of the assets or shares of the
Corporation to another person or entity.

     7. Method of Exercise. The Option shall be exercised by written notice to
the Committee signed by the Optionee or by such other person as may be entitled
to exercise the Option. In the exercise of the Option, the aggregate Option
Price for the shares being purchased may be paid either in cash or, with the
approval of the Committee, in shares of the Corporation's stock (valued as
determined by the Committee as of the date of exercise) or any combination
thereof and the notice of exercise shall specify how payment will be made. The
written notice shall state the number of shares with respect to which the Option
is being exercised and, shall either be accompanied by the payment of the
aggregate Option Price for such shares or shall fix a date (not more than ten
(10) business days from the date of such notice) by which the payment of the
aggregate Option Price will be made. An example of such form of written notice
is attached hereto as Exhibit A. The Optionee shall not exercise the Option to
purchase less than one hundred (100) shares, unless the Committee otherwise
approves or unless the partial exercise is for the remaining shares available
under the Option. A certificate or certificates for the shares of Common Stock
purchased by the exercise of the Option shall be issued in the regular course of
business subsequent to the exercise of the Option and the payment therefor.
During the Option Period, no person entitled to exercise the Option granted
under this Agreement shall have any of the rights or privileges of a shareholder
with respect to any shares of Common Stock issuable upon exercise of the Option,
until certificates representing such shares shall have been issued and delivered
and the individual's name entered as a shareholder of record on the books of the
Corporation for such shares.

                                       -12-

<PAGE>

     8. Termination of Option. The Option shall terminate as follows:

        (a) Except as provided in subparagraphs (b), (c), (d) and (e) below, the
Option granted under this Agreement, to the extent that it has not been
exercised or expired, shall terminate on the earlier of (i) the date that the
Optionee is discharged for cause, (ii) the date the Optionee gives notice that
the Optionee terminates his or her employment with the Employer for a reason
other than retirement, death or disability or after a "change in control" of the
Corporation or (iii) the date which is ten (10) years from the date of grant of
the Option set forth in paragraph 1 hereof. The phrase "discharged for cause"
shall include termination at the sole discretion of the Board of Directors of
the Employer of the Optionee because of the Optionee's personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses) or a
final cease and desist order, or material breach of any provision of any
employment agreement that the Optionee may have with the Employer.

        (b) In the event the Optionee retires prior to the date which is ten
(10) years after the date of grant of the Option, the Optionee shall have the
right to exercise the Option, to the extent that it has not been exercised by
the Optionee or expired, at any time within three (3) months after the date of
retirement, but in no event may the Option be exercised later than ten (10)
years after the date of grant of the Option set forth in paragraph 1 hereof. For
purposes of this Agreement, the term "retirement" shall mean (i) termination of
the Optionee's employment under conditions which would constitute retirement
under any tax qualified retirement plan maintained by the Employer or (ii)
attaining age 65.

        (c) In the event the Optionee becomes disabled prior to the date which
is ten (10) years after the date of grant of the Option, the Optionee shall have
the right to exercise the Option, to the extent that it has not been exercised
by the Optionee or expired, notwithstanding any limitation placed on the
exercise of the Option by the Plan or by this Agreement, immediately in full and
at any time within twelve (12) months after the last date on which the Optionee
provided services as an officer or an employee of the Employer before being
disabled, but in no event may the Option be exercised later than ten (10) years
after the date of grant of the Option set forth in paragraph 1 hereof. For
purposes of this Agreement, the term "disability" shall be defined in the same
manner as such term is defined in Section 22(e)(3) of the Code.

        (d) In the event the Optionee should die while employed by the Employer,
or within three (3) months after retirement or after termination of the
Optionee's employment after a change in control, or within twelve (12) months
after termination of the Optionee's employment by reason of the Optionee's
disability, but prior to the date which is ten (10) years after the date of
grant of the Option, the Option, to the extent it has not been exercised by the
Optionee or expired, shall be exercisable, according to its terms, by the
personal representative, the executor or administrator of the Optionee's estate,
or any person or persons who acquired the Option by bequest or inheritance from
the Optionee, notwithstanding any limitation placed on the exercise of the
Option by the Plan or by this Agreement, immediately in

                                       -13-

<PAGE>

full and at any time within twelve (12) months after the date of death of the
Optionee, but in no event may the Option be exercised later than ten (10) years
from the date of grant of the Option as set forth in paragraph 1 hereof.

         (e) In the event the Optionee's employment with the Employer is
terminated after a "change in control" of the Corporation, the Optionee shall
have the right to exercise the Option to the extent that it has not been
exercised by the Optionee or expired, any time within three (3) months after the
date of termination, but in no event may the Option be exercised later than ten
(10) years after the date of grant of the Options set forth in paragraph 1
hereof.

     9.  Effect of Agreement on Employment Status of Optionee. The fact that the
Committee has granted the Option to the Optionee under this Agreement shall not
confer on the Optionee any right to employment with the Employer or to a
position as an officer or an employee of the Employer, nor shall it limit the
right of the Employer to remove the Optionee from any position held by the
Optionee or to terminate his or her employment at any time.

     10. Listing and Registration of Option Shares.

         (a) The Corporation's obligation to issue shares of Common Stock upon
exercise of the Option is expressly conditioned upon (i) the completion by the
Corporation of any registration or other qualification of such shares under any
state or federal law or regulations or rulings of any government regulatory body
or (ii) the making of such investment representations or other representations
and agreements by the Optionee or any person entitled to exercise the Option in
order to comply with the requirements of any exemption from any such
registration or other qualification of the Option Shares which the Committee
shall, in its sole discretion, deem necessary or advisable. Notwithstanding the
foregoing, the Corporation shall be under no obligation to register or qualify
the Option Shares under any state or federal law. The required representations
and agreements referenced above may include representations and agreements that
the Optionee, or any other person entitled to exercise the Option, (i) is
purchasing such shares on his or her own behalf as an investment and not with a
present intention of distribution or re-sale and (ii) agrees to have placed upon
any certificates representing the Option Shares a legend setting forth any
representations and agreements which have been given to the Committee or a
reference thereto and stating that such shares may not be transferred except in
accordance with all applicable state and federal securities laws and
regulations, and further representing that, prior to making any sale or other
disposition of the Option Shares, the Optionee, or any other person entitled to
exercise the Option, will give the Corporation notice of the intention to sell
or dispose of such shares not less than five (5) days prior to such sale or
disposition.

     11. Adjustment Upon Change in Capitalization; Dissolution or Liquidation.

         (a) In the event of a change in the number of shares of Common Stock
outstanding by reason of a stock dividend, stock split, recapitalization,
reorganization, merger,

                                       -14-

<PAGE>

exchange of shares, or other similar capital adjustment, prior to the
termination of the Optionee's rights under this Agreement, equitable
proportionate adjustments shall be made by the Committee in the number, kind,
and the Option Price of shares subject to the unexercised portion of the Option
granted under this Agreement. The adjustments to be made shall be determined by
the Committee and shall be consistent with such change or changes in the
Corporation's total number of outstanding shares; provided, however, that no
adjustment shall change the aggregate Option Price for the exercise of the
Option granted under this Agreement.

         (b) The grant of the Option under this Agreement shall not affect in
any way the right or power of the Corporation or its shareholders to make or
authorize any adjustment, recapitalization, reorganization, or other change in
the Corporation's capital structure or its business, or any merger or
consolidation of the Corporation, or to issue bonds, debentures, preferred or
other preference stock ahead of or affecting Common Stock or the rights thereof,
or the dissolution or liquidation of the Corporation, or any sale or transfer of
all or any part of the Corporation's assets or business.

         (c) Except upon a change in control as set forth in paragraph 6 hereof,
upon the effective date of the dissolution or liquidation of the Corporation,
the Option granted under this Agreement shall terminate.

     12. Nontransferability. The Option granted under this Agreement shall not
be assignable or transferable except, in the event of the death of the Optionee,
by will or by the laws of descent and distribution. In the event of the death of
the Optionee, the personal representative, the executor or the administrator of
the Optionee's estate, or the person or persons who acquired by bequest or
inheritance the right to exercise the Option may exercise the unexercised Option
or a portion thereof, in accordance with the terms hereof, prior to the date
which is ten (10) years after the date of grant of Option as set forth in
paragraph 1 hereof.

     13. Notices. Any notice or other communications required or permitted to be
given under this Agreement shall be in writing and shall be deemed to have been
sufficiently given when delivered personally or when deposited in the United
States mail as Certified Mail, return receipt requested, properly addressed with
postage prepaid, if to the Corporation, at its principal office at 1128 South
Main Street, Graham, North Carolina 27253, and if to the Optionee, to his or her
last address appearing on the books of the Employer. The Employer and the
Optionee may change their address or addresses by giving written notice of such
change as provided herein. Any notice or other communication hereunder shall be
deemed to have been given on the date actually delivered or as of the third
(3rd) business day following the date mailed, as the case may be.

     14. Construction Controlled by Plan. This Agreement shall be construed so
as to be consistent with the Plan and the provisions of the Plan shall be deemed
to be controlling in the event that any provision hereof should appear to be
inconsistent therewith. The Optionee hereby acknowledges receipt of a copy of
the Plan from the Corporation.

                                       -15-

<PAGE>

     15. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such a manner as to be valid and enforceable under applicable
law, but if any provision of this Agreement is determined to be unenforceable,
invalid or illegal, the validity of any other provisions or part thereof, shall
not be affected thereby and this Agreement shall continue to be binding on the
parties hereto as if such unenforceable, invalid or illegal provision or part
thereof had not been included herein.

     16. Modification of Agreement; Waiver. This Agreement may be modified,
amended, suspended, or terminated, and any terms, representations or conditions
may be waived, but only by written instrument signed by each of the parties
hereto. No waiver hereunder shall constitute a waiver with respect to any
subsequent occurrence or other transaction hereunder or of any other provision
hereof.

     17. Captions and Headings; Gender and Number. Captions and paragraph
headings used herein are for convenience only, do not modify or affect the
meaning of any provision herein, are not a part hereof, and shall not serve as a
basis for interpretation or in construction of this Agreement. As used herein,
the masculine gender shall include the feminine and neuter, the singular number
the plural, and vice versa, whenever such meanings are appropriate.

     18. Governing Law; Venue and Jurisdiction. Without regard to the principles
of conflicts of laws, the laws of the State of North Carolina shall govern and
control the validity, interpretation, performance, and enforcement of this
Agreement. The parties hereto agree that any suit or action relating to this
Agreement shall be instituted and prosecuted in the courts of Alamance County in
the State of North Carolina, and each party hereby does waive any right or
defense relating to such jurisdiction and venue.

     19. Binding Effect. This Agreement shall be binding upon and shall inure to
the benefit of the Corporation, its successors and assigns, and shall be binding
upon and inure to the benefit of the Optionee, his heirs, legatees, personal
representatives, executors, and administrators.

     20. Entire Agreement. This Agreement constitutes and embodies the entire
understanding and agreement of the parties hereto and, except as otherwise
provided hereunder, there are no other agreements or understandings, written or
oral, in effect between the parties hereto relating to the matters addressed
herein.

     21. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed an
original, but all of which taken together shall constitute one and the same
instrument.

                                       -16-

<PAGE>

     IN WITNESS WHEREOF, the Corporation, has caused this instrument to be
executed in its corporate name by its Chairman and attested by its Secretary or
one of its Assistant Secretaries, and its corporate seal to be hereto affixed,
all by authority of its Board of Directors first duly given, and the Optionee
has hereunto set his or her hand and adopted as his or her seal the typewritten
word "SEAL" appearing beside his or her name, all done this the day and year
first above written.

                                    UNITED FINANCIAL, INC.

                                    By: _____________________________________
                                        William M. Griffith, Jr.

ATTEST:

_____________________________________
____________, Corporate Secretary

                                        _________________________________(SEAL)
                                        ____________________, Optionee

                                       -17-

<PAGE>

[CORPORATE SEAL]

                                                          EXHIBIT A

                              NOTICE OF EXERCISE OF
                             INCENTIVE STOCK OPTION

     To:  The Compensation Committee of the Board of Directors of
          United Financial, Inc.

          The undersigned hereby elects to purchase ________ whole shares of
Common Stock of United Financial, Inc. (the "Corporation") pursuant to the
Incentive Stock Option granted to the undersigned in that certain Incentive
Stock Option Agreement between the Corporation and the undersigned dated the
____ day of _______, ____. The aggregate purchase price for such shares is
$____________, which amount is (i) being tendered herewith, (ii) will be
tendered on or before _________________, ____ (cross out provision which does
not apply) in cash and/or stock of the Corporation owned by me, and I request
that a value as of the date of exercise of this Option be placed on any stock
being tendered in payment of the purchase price. The effective date of this
election shall be ____________________, ____, or the date of receipt of this
Notice by the Corporation if later.

          Executed this _____ day of _______________, _______.

                                      _______________________________________
                                      By:  __________________________________

                                      _______________________________________
                                      (Social Security Number)

                                       -18-

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